Half-Year Results 2025: PNE Scores with Project Pipeline – Lower Power Generation Weighs on Results – Permits for Over 489 MW Secured

Cuxhaven (Germany) – PNE AG has shown resilience in the first half of 2025. Despite weak wind conditions, the project developer remains on a growth path. With new permits, the expansion of its own generation portfolio, and a stable project pipeline, the company is laying a solid foundation for the second half of the year.

Weak wind at the beginning of the year impacted PNE AG’s earnings, but the group still delivered a strong operational performance. New permits totaling 489 MW, an owned portfolio of nearly 491 MW, and a slightly expanded pipeline underline the company’s strategic strength. CEO Heiko Wuttke remains optimistic about the coming months.

Weak Wind Conditions Affect Results – Revenues Remain Stable

In the first half of 2025, PNE AG experienced weather-related setbacks in power generation. The first quarter in particular fell well short of expectations, which negatively impacted earnings in the power generation segment.

Despite these challenges, the group achieved a stable total output of €173.8 million (H1 2024: €174.9 million) and revenues of €73.9 million (H1 2024: €60.6 million) in the first six months of 2025. EBITDA came in at €4.7 million, significantly below the prior-year figure of €8.7 million. EBIT fell to –€14.0 million (H1 2024: –€6.9 million). Undiluted earnings per share amounted to –€0.40 (H1 2024: –€0.26).

“We are very confident concerning the second half of the year,” says CEO Heiko Wuttke. Initial project sales in France and Germany at the beginning of Q3 support this outlook.

Project Pipeline Slightly Expanded – Permits for Over 489 MW Issued

PNE is strengthening its market position with a project pipeline that has now grown to 19.0 GW. The onshore wind pipeline remains stable at 9.9 GW, while PV projects have increased slightly to 6.6 GWp. The majority of the pipeline—12.3 GW—is located in international markets. In Germany, project volume stands at around 4.2 GW.

In total, PNE received permits for wind and solar projects with a combined capacity of around 489 MW in the first six months of 2025. This includes eight wind projects with 167.1 MW and a major PV project with 124 MWp, all planned at sites in Germany. As of June 30, 2025, 14 wind farms with over 280 MW were under construction in Germany and France—including two service projects.

Owned Generation Expands – International Services on Growth Path

PNE AG continues to strategically expand its own generation portfolio. With the commissioning of four new wind farms, the IPP portfolio has grown to 490.9 MW (H1 2024: 428.5 MW). Approximately 366 GWh of electricity were generated in the first half of 2025—equivalent to saving around 277,000 tonnes of CO₂e (H1 2024: 380 GWh, 286,000 t CO₂e).

The service business also continues to develop positively. The international operations management reached a managed volume of 2,877 MW. Technical inspections and testing services were successfully expanded, contributing to the stability of recurring revenues.

Outlook: Strong Second Half Expected – Guidance Confirmed

With a well-filled pipeline, rising permit volumes, and a clear strategy, PNE AG remains on track despite short-term weather-related challenges. CEO Wuttke confirms the full-year forecast: “We believe we are well positioned and continue to look to the future with confidence. For this reason, as far as our guidance for our 2025 financial year is concerned, we continue to expect positive Group EBITDA of between EUR 70 million and EUR 110 million.”

Source: IWR Online, 14 Aug 2025