Half-year results: PNE AG reports operational success in H1

Corporate news

Half-year results: PNE AG reports operational success in H1  

• New permits for wind energy and PV projects with total output of 489 MW
• Continued expansion of Group’s own generation portfolio to 491 MW
• Low wind availability squeezes power generation earnings
• Confident basis for H2 2025

Cuxhaven, 14 August 2025 – PNE AG performed well in the first half of 2025 despite adverse wind conditions at the beginning of the year. The Group commissioned a total of four wind farms. The project pipeline was also expanded compared to the end of 2024.

Nevertheless, poor wind conditions during the first quarter exert an evident impact on the earnings. Even though wind conditions in the second quarter were in line with expectations, they were unable to compensate for the very weak first three months. As a consequence, the own wind farms’ power generation was lower than planned, with a corresponding effect on this segment’s result.

For the first half of 2025, the Group reported stable total output of EUR 173.8 million (previous year: EUR 174.9 million), revenues of EUR 73.9 million (previous year: EUR 60.6 million) and earnings before interest, taxes, depreciation and amortisation (EBITDA) of EUR 4.7 million (previous year: EUR 8.7 million). The operating result (EBIT) amounted to EUR -14.0 million in the first half of 2025 (previous year: EUR -6.9 million). Basic earnings per share stood at EUR -0.40 (previous year: EUR -0.26).

“We are very confident concerning the second half of the year,” comments Heiko Wuttke, CEO of PNE AG. “We are currently in the final round of disposal negotiations for many projects both in Germany and on the international markets. We will finalise our project sales in Germany, Poland and France as planned. The second half of the year got off to a very good start with the disposal of project rights to a 14.4 MW wind farm in France in July and the “Sundern-Allendorf” wind farm with capacity of 34 MW at the beginning of August.”

Stable Project pipeline

The overall pipeline of the PNE Group recorded slight growth from 18.9 GW as of 31 December 2024 to 19.0 GW. The wind energy onshore pipeline amounted to 9.9 GW as of the end of the first half of the year (31 December 2024: 9.9 GW). The wind energy offshore pipeline remained unchanged at 2.5 GW, while the PV pipeline contained projects with capacity amounting to 6.6 GWp (31 December 2024: 6.5 GWp). In Germany alone, the pipeline of wind energy onshore and photovoltaic projects amounts to around 4.2 GW. To these are to be added a further 12.3 GW from the international markets.

Rising level of construction activity and further permits

As of 30 June 2025, 14 wind farms with a total capacity of 282.2 MW were under construction in Germany and France. Of these, two wind farms with 68.1 MW are service projects. In the first half of 2025, PNE received permits in Germany in accordance with the German Immission Control Act (BImSchG) for eight further wind energy projects with a potential nominal output amounting to a total of 167.1 MW. Planning permission was also granted for a greenfield photovoltaic project with output of 124 MWp. Overall, the PNE Group, including its international markets, was granted permits for wind energy and photovoltaic projects with total output of around 489 MW.

Expansion of own generation portfolio

With the commissioning of the four wind farms “Herbsleben-Dachwig”, “Stuvenborn Ib”, “Bokel” and “Gnutz West Ib”, the PNE Group has reached further important milestones on its path to becoming a significant independent power producer. The IPP portfolio – in other words, the power generation plants the Group itself operates – now amounts to 490.9 MW including the “Silbitz” wood-fired CHP plant (previous year: 428.5 MW).

A total of around 366 GWh of electricity was generated in the first half of 2025 (previous year: 380 GWh). This cut emissions by around 277,000 tonnes CO₂e (previous year: 286,000 tonnes CO₂e) (source: Federal Environment Agency, 2025).

Service business still on the right track

The expansion of the service business is helping to further increase the share of steady income at PNE AG. In the first six months of 2025, the PNE Group expanded its international business of operations management as well as technical inspections and tests to include additional services. In addition, the order volume in the area of operations management stood at around 2,877 MW (31 December 2024: 2,909 MW).

Guidance confirmed

“PNE has a very well-filled project pipeline. Many projects have reached an advanced stage of development and are about to be commissioned or sold. 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,” notes Heiko Wuttke.

The Half-Year Financial Report 2025 of PNE AG is available here:

PNE, Englisch, H1, 2025

About the PNE Group

The internationally operating PNE Group is listed on the SDAX as well as the TecDAX. For more than 30 years, it has been one of the most experienced project developers in the field of onshore and offshore wind farms. The focus is on the development of wind energy and photovoltaic projects worldwide as well as on power generation with its own wind farms. Its portfolio covers all project planning phases, from site investigation, approval procedures and financing to construction, operation and repowering. As a Clean Energy Solutions Provider, the PNE Group also offers services for the entire life cycle of wind farms and photovoltaic plants, as well as battery storage solutions for more efficient use of renewable energies. The PNE Group is a sought-after partner to industry for solutions used in the refinement of electricity via power-to-X technologies.