PNE still confident about 2024 despite weak 9-mo earnings

German renewables developer and wind power producer PNE AG (ETR:PNE3) on Thursday reported lower earnings before interest, tax, depreciation and amortisation (EBITDA) for the first nine months of 2024 but still kept its full-year guidance unchanged.

The company booked an EBITDA of EUR 6.2 million (USD 6.7m), which dropped from EUR 16.5 million a year before regardless of the slight increase in revenues to EUR 77.6 million. Its consolidated net loss expanded to EUR 49.1 million from EUR 24.9 million a year back.

“The results for the first nine months are not as we expected them to be,” said CEO Per Hornung Pedersen. He added, however, that the company is “confident for the fourth quarter and thus for the full year” given the stable pipeline, project sales, strong winds and several upcoming milestone payments.

PNE attributed the inferior results in January-September to lower winds, which affected electricity output, the delayed commissioning of several wind parks and an unfavourable IFRS valuation. The expected lower electricity prices compared to the previous year had a negative impact on earnings, as well.

At end-September, the German group had 288.6 MW of wind farms under construction in Germany and France. The nominal capacity in its wind and solar PV project pipeline stood at 17,768 MW, against 17,527 MW a year earlier. The company’s portfolio of operational wind farms totalled 412 MW.

PNE still expects positive EBITDA within the EUR 40 million-50 million range for 2024.

(EUR 1.0 = USD 1.078)

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