PNE (PNE3) Q4 2025 earnings summary

Executive summary

• Achieved record total output of EUR 376.4 million in 2025, driven by strong project sales, development, and services, with construction progress in Germany and France.

• Sold 428 MW of projects, completed 215 MW in construction, and secured 1.1 GW in new permits.

• Expanded IPP portfolio to 497 MW (+68 MW), despite weak wind yields in Germany.

• Entered the BESS market with a 100 MW asset management contract and grew service business with high margins.

• Proposed a dividend of EUR 0.04 per share.

Financial highlights

• Normalized EBITDA (adjusted for one-offs) reached EUR 87 million, within guidance; reported EBITDA at EUR 55.3 million due to EUR 28.1 million impairments and EUR -3.6 million Panama deconsolidation.

• Total output increased by 10% to EUR 376.4 million; gross profit at EUR 200.1 million.

• Net debt reduced to EUR 731.3 million; equity ratio at 13.0%, adjusted to 23.4% with hidden reserves.

• Net income after minorities at -EUR 43.1 million; EPS at -EUR 0.56.

• Personnel expenses rose to EUR 64.6 million with 39 more employees; no further headcount growth planned.

Outlook and guidance

• 2026 normalized EBITDA guidance set at EUR 110–140 million, with EUR 20 million expected one-off adjustments.

• Focus on project sales in Germany and Poland; IPP expansion to be consolidated before further growth; exits from Turkey and Canada targeted.

• Cost and OpEx reductions of EUR 20–30 million planned over three years.

• Equity ratio expected to improve in 2026, driven by project sales and EBITDA.

• Emphasis on system and grid-compatible projects in core markets.