PNE AG successfully completed the 2025 financial year from an operational perspective and confirmed its profitability in its core business despite a challenging market environment. Total operating revenue grew to EUR 376.4 million, reaching the highest level in the company's history. EBITDA adjusted to reflect special effects reached EUR 87.0 million, within the original guidance range, while operating profit stood at EUR 12.9 million. The company attributed lower earnings to exceptionally low wind levels and an impairment of the project pipeline.
CEO Heiko Wuttke expressed satisfaction with the results, noting that in the company's 30th anniversary year, PNE completed sales with total output of 428 MW and expanded its own generation portfolio to 497 MW. The company also received permits for 29 wind energy and photovoltaic projects with total output of approximately 1,082 MW. The full financial report for 2025 is available at https://www.pnegroup.com/fileadmin/user_upload/Finanzberichte_ENG/2025/PNE_Geschaeftsbericht_2025_Englisch_gesch.pdf.
PNE implemented significant changes to its project development strategy during 2025, streamlining its project pipeline in response to changed market conditions in international markets including Canada, Spain, and Romania. Following this streamlining, the wind energy onshore pipeline comprises projects with total output of 14.6 GW, while the photovoltaic pipeline stands at 7.2 GWp. The overall project pipeline now amounts to approximately 23.8 GW, including projects in early exploration phases, with the company noting that the pipeline carries significantly lower risk than before the streamlining.
The company's own generation portfolio expanded from 429 MW to 497 MW through completion and acquisition of additional wind farms. PNE is implementing a strategic objective of maintaining a balanced mix between project sales and expansion of its own generation portfolio. In the services segment, PNE grew across its entire service portfolio, with the operations management portfolio expanding by 250 MW. The company marked a successful entry into the battery energy storage system market with its first operations management contract for a German BESS park project with output exceeding 100 MW.
PNE's Board of Management and Supervisory Board proposed a dividend of EUR 0.04 per dividend-entitled share for the 2025 financial year. The company also launched a cost and efficiency program called "Focus & Deliver" with two primary objectives: optimizing internal organization by making structures and processes more efficient, and strengthening economic performance, profitability, and liquidity. The program includes personnel measures that have already been implemented.
Wuttke emphasized that PNE is creating a lean, flexible organization focused on core competencies and markets that align with the company's business model and offer attractive profitability. The company has exited or will exit markets that do not meet return expectations. Beginning with the 2026 financial year, normalized EBITDA will serve as the new key financial metric for PNE AG's guidance, adjusted for one-off, non-operating effects to make operating performance transparently visible and improve comparability over time.
Looking ahead to 2026, PNE anticipates EBITDA between EUR 90 million and EUR 120 million, with normalized EBITDA expected to grow to between EUR 110 million and EUR 140 million. The company considers itself well positioned to meet upcoming challenges through its Focus & Deliver program, viewing market challenges as motivation rather than obstacles. The strategic shift toward core markets and profitability represents a significant evolution for the renewable energy developer as it navigates changing market conditions in the global energy sector.
