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Targets For 2023 Achieved: PNE CEO Markus Lesser Continues to Focus on Growth And Transformation Course

Cuxhaven, Germany - 2023 was a very pleasing financial year for PNE AG in operational terms. According to CEO Markus Lesser, the "Scale up" strategy presented in 2017 has paid off and all targets were achieved or in some cases exceeded. PNE is optimistic that it will also achieve the new targets set for 2027.

PNE AG initiated the further development of PNE AG from a traditional project developer to a Clean Energy Solutions Provider early on in 2017. PNE intends to continue this development consistently and expand its own portfolio to 1,500 MW/MWp - plants under construction or in operation - by the end of 2027 in accordance with the "Scale up 2.0" strategy expansion.

Successful financial year 2023

As a result of successful operating business development, total operating performance amounted to EUR 267.8 million (previous year: EUR 243.3 million). According to the company, earnings before interest, taxes, depreciation and amortization (EBITDA) increased to euro 39.9 million (prior year 2022: euro 35.4 million).

PNE AG is thus at the upper end of the guidance range for Group EBITDA of euro 30 to 40 million. The company published its report for the 2023 fiscal year today (March 27, 2024).

"We have delivered and we are moving forward," explains Markus Lesser, CEO of PNE AG. "With the 'Scale up' strategy, we have initiated the further development of PNE AG into a Clean Energy Solutions Provider in 2017. The aim was to broaden the range of business segments, both in terms of technology and of geography. We have all achieved or, in some cases, significantly exceeded the ambitious targets we set ourselves for 2023. We are very proud of that. This is mainly because EBITDA also reached the upper range of the guidance. This was challenging in light of the special market environment."

PNE goal: Consistent expansion of the proprietary portfolio in the wind and solar energy sector

As part of PNE's development into a Clean Energy Solutions Provider, PNE's goal is to push ahead with the expansion of its own-operating portfolio. Following the completion and takeover of further wind farms, the nominal output of the wind farms in own operation increased from 318.9 MW to 369.8 MW in 2023.

According to PNE, further wind farms (a total of approx. 281.3 MW) are under construction in Germany and France and could be taken over into own operation. PNE AG has thus significantly exceeded the target of the "Scale up" corporate strategy of having 500 MW in operation or under construction by the end of 2023. PNE is also very optimistic that it will achieve the further expansion in accordance with the "Scale up 2.0" strategy extension to 1,500 MW/MWp of turbines under construction or in operation by the end of 2027.

Building up hidden reserves - project pipeline on record course

With the development of the wind farm portfolio in its own operations, the PNE Group has created "hidden reserves", which lead to a temporary shift in profits. Due to the investments in own projects, a total of euro 208.4 million in pre-tax profits were eliminated at the PNE Group level by the end of 2023, of which euro 31.4 million in the 2023 fiscal year (prior year: euro 42.5 million). These only have to be taxed when the hidden reserves are released.

The company was able to increase the PNE project pipeline to 19,101 MW (2022: 11,883 MW). Of this, 9,177 MW was attributable to onshore wind energy projects (previous year: 7,587 MW), 7,424 MWp to PV projects (previous year: 4,296 MWp) and 2,500 MW to offshore wind energy projects, according to PNE.

Source: IWR Online, 28 Mar 2024