PNE AG reported successful operational performance for the 2025 financial year, achieving the highest total operating revenue in the company's history at €376.4 million despite challenging market conditions. The renewable energy developer confirmed profitability in its core business while implementing strategic changes to address evolving market dynamics. Normalized EBITDA, adjusted for special effects, reached €87.0 million, within the original guidance range of €70-110 million. Operating profit (EBIT) stood at €12.9 million, impacted by exceptionally low wind levels and an impairment of the project pipeline.
CEO Heiko Wuttke noted satisfaction with the results given the market environment, highlighting project sales totaling 428 MW and expansion of the company's own generation portfolio to 497 MW during its 30th anniversary year. The company streamlined its project pipeline in response to changed market conditions in international markets including Canada, Spain and Romania. Following this adjustment, the wind energy onshore pipeline comprises projects with total output of 14.6 GW, while the photovoltaic pipeline includes 7.2 GWp. The overall project pipeline now amounts to approximately 23.8 GW, carrying significantly lower risk than before the streamlining. The onshore pipeline is complemented by 2.0 GW of wind energy offshore in Vietnam, with feasibility review scheduled for the first quarter of 2026.
PNE's services segment grew across the entire service portfolio in 2025, with the operations management portfolio expanding by 250 MW. The company marked a successful entry into the battery energy storage system market, signing its first operations management contract for a German BESS park project with output exceeding 100 MW. Overall, the nominal output of wind farms managed by the PNE Group rose to more than 3.1 GW, with nearly 1,000 plants now in operational management.
To address changing market conditions including rising interest rates, falling electricity prices, and increased material costs, PNE launched the "Focus & Deliver" cost and efficiency program. The initiative aims to optimize internal organization while strengthening economic performance, profitability and liquidity. Wuttke emphasized the company's focus on creating a lean, flexible organization concentrated on core competencies and markets that align with PNE's business model and offer attractive profitability.
Beginning with the 2026 financial year, normalized EBITDA will serve as the new key financial metric for PNE AG's guidance. This measure, adjusted for one-off, non-operating effects, is designed to make operating performance transparently visible and improve comparability over time. The company's 2025 financial report is available at https://www.pnegroup.com/fileadmin/user_upload/Finanzberichte_ENG/2025/PNE_Geschaeftsbericht_2025_Englisch_gesch.pdf.
Looking ahead to 2026, PNE anticipates EBITDA of €90-120 million and expects normalized EBITDA to grow to €110-140 million. The company's management and supervisory boards have proposed a dividend of €0.04 per share for the 2025 financial year. With its strategic adjustments and efficiency measures, PNE positions itself to navigate market challenges while maintaining its three-decade track record in renewable energy development.
