PNE keeps 2024 outlook even as H1 net loss widens

"Courtesy of PNE WIND AG"

German renewables developer and wind power producer PNE AG (ETR:PNE3) posted a net loss of EUR 20.2 million (USD 22.2m) in the first half of 2024, expanding its year-ago deficit from EUR 14.1 million, but still confirmed its full-year guidance.

The expanded loss stems from interest expenses from interest rate swaps and loan liabilities, as compared to an interest income booked a year earlier, the company said in its half-year financial report.

Earnings before interest, taxes, depreciation and amortisation (EBITDA) contracted to EUR 8.7 million from EUR 18.1 million a year earlier. Meanwhile, total aggregate output and revenues improved to EUR 174.9 million and EUR 60.6 million, respectively.

“Even if the results in the first half of the year are not yet where we would like to see them, we are confident we will catch up in the second half of the year and achieve our planned result for the full year,” said CEO Per Hornung Pedersen. He added that the prospects for this are “very good” as many projects have reached a high level of maturity and are close to commissioning or sale, which will bring milestone payments in the fourth quarter.

Amounts in EUR millions	H1 2024	H1 2023
Total aggregate output	174.9	116.7
Revenues	60.6	57.1
EBITDA	8.7	18.1
EBIT (loss)	(6.9)	2
Net profit (loss)	(20.2)	(14.1)

At the end of June, PNE had 412 MW of operational assets and 226 MW of wind farms under construction in Germany and France. The company, which in June sold its US business with its 3-GW-plus development pipeline of wind, solar and storage projects, had 17.94 GW of projects in the pipeline after the US divestment.

The German firm reiterated its projections for 2024, guiding for positive EBITDA in the EUR 40 million-50 million.

(EUR 1.0 = USD 1.099)

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