PNE AG Reports Record Revenue in 2025 While Launching Transformation Program for Future Profitability

PNE AG successfully completed the 2025 financial year from an operational perspective and, despite a challenging market environment, confirmed its profitability in its core business. Total operating revenue grew to EUR 376.4 million, thereby reaching the highest level in the Company's history. EBITDA adjusted to reflect special effects reached EUR 87.0 million and thereby lies within the original guidance range. At EUR 55.3 million, EBITDA stands within the range of the guidance adjusted in January 2026. In the 2025 financial year, the Company achieved operating profit of EUR 12.9 million. In addition to an impairment of the project pipeline, exceptionally low wind levels in 2025 also had a negative impact on earnings.

"Given a still challenging market environment, we are satisfied with the results of the 2025 financial year," comments Heiko Wuttke, CEO of PNE AG. "This is evidenced, among other things, by numerous project and project rights sales. In our 30th anniversary year, we completed sales with a total output of 428 MW, both in Germany and internationally. Our own generation portfolio also expanded to 497 MW. In addition, we received permits for 29 wind energy and photovoltaic projects with total output of around 1,082 MW - a promising basis for further success."

At the end of 2025, the PNE Group carried out a streamlining of its project pipeline, which led to the recognition of a corresponding impairment. The reason for this streamlining was significantly changed market conditions, particularly in the international markets of Canada, Spain and Romania. PNE removed projects with a low probability of realisation and low profitability from the pipeline. Following the streamlining, the wind energy onshore pipeline comprises projects with total output of 14.6 GW, and the photovoltaic pipeline comprises projects with total output of 7.2 GWp. As a consequence, the pipeline now carries significantly lower risk than before the streamlining. The onshore pipeline is complemented by 2.0 GW of wind energy offshore in Vietnam, the feasibility of which will be reviewed in the first quarter of 2026.

Following the completion and acquisition of further wind farms, the nominal output of the Group's own operations increased from 429 MW to 497 MW. By expanding its own generation portfolio, PNE is implementing its strategic objective of maintaining a balanced mix between the sale of projects and the expansion of its own generation portfolio. The services segment grew again in 2025 across the entire service portfolio. Further orders received from third-party customers, both in the core market of Germany and internationally, once again strengthened independence in the area of operations management through projects developed by PNE. As a consequence, the operations management portfolio grew by 250 MW. In addition, at the end of the year the first operations management contract was signed for a German battery energy storage system park project with output of more than 100 MW, marking a successful entry into this future-oriented market.

The market environment in the renewable energy sector is changing rapidly at present. Interest rates have risen sharply and electricity prices have fallen significantly. In addition, the costs of machines and materials have increased. Political framework conditions are no longer as consistent as in the past. "To ensure our competitiveness including under the current challenging conditions, we launched a cost and efficiency programme in 2025 under the name 'Focus & Deliver', with two objectives. Firstly, it is intended to optimise the internal organisation by making structures and processes more efficient. Secondly, it is designed to strengthen economic performance, profitability and liquidity. This also includes personnel measures, which we have already implemented," adds Heiko Wuttke.

"We are creating a lean, flexible and agile PNE that focuses on its core competencies. A key lever in this process is focusing on core markets that align with our business model and offer attractive profitability," notes Heiko Wuttke. "PNE has exited, or will exit, markets that do not meet return expectations." From the 2026 financial year onwards, normalised EBITDA will serve as the new key financial metric for the guidance of PNE AG. It is adjusted for one-off, non-operating effects on earnings that are not attributable to the ordinary business activities of the PNE Group. This makes operating performance transparently visible and improves comparability and trend analysis over time.

With its Focus & Deliver programme, PNE considers itself very well positioned to meet the challenges ahead. As in the past 30 years, the Company not only embraces market challenges but also views them as a source of motivation. For this reason, as part of its guidance for the Group for the 2026 financial year, PNE anticipates EBITDA of between EUR 90 million and EUR 120 million as well as growth in normalised EBITDA to between EUR 110 million and EUR 140 million. The report of PNE AG for the 2025 financial year is available here.