PNE AG: Continued success with strong Q2 result

  • Total aggregate output and EBITDA increased significantly
  • Massive growth of wind and PV project development pipeline
  • Expansion of internal portfolio continued

Cuxhaven, August 10, 2022 – PNE AG closed the first half of 2022 very successfully in operational and financial terms. This is the result of the half-year financial report published today.

For the first half of 2022, the Group reports total aggregate output of euro 105.2 million (prior year: euro 93.8 million), revenues of euro 52.1 million (prior year: euro 40.7 million), and earnings before interest, taxes, depreciation and amortisation (EBITDA) of euro 17.5 million (prior year: euro 13.3 million). The reported basic earnings per share of euro 0.14 (prior year: euro 0.01) were positively influenced, in particular, by extraordinary interest income from subsequent measurements of the Group's interest rate swaps and loan liabilities. At the same time, PNE AG was able to strongly expand its pipeline of projects under development (project pipeline) as well as its own portfolio of wind turbines.

Massive growth of wind and photovoltaic project pipeline
In the first half of 2022, PNE AG succeeded in significantly increasing its pipeline of wind and photovoltaic (PV) projects to approx. 9.1 GW/GWp compared to the previous year's value of approx. 6.5 GW/GWp at that time. The acquisition of a majority stake of 51 percent in Coliaenergia ESPAÑA (KOLYA) after the end of the reporting period and the 1,808 MWp contributed by KOLYA as a result have now massively increased the company's total wind and PV pipeline to approx. 11 GW/GWp (as at July 27, 2022).

"Years of continuous implementation of our realignment as a clean energy solutions provider and our strategic investments in our business model are now paying off. Our project pipeline has increased significantly since last summer, our EBITDA result has risen by more than 30 percent compared to the same period last year, we are making great progress in expanding our own operations, and our robust business model enjoys great confidence in the market," said Markus Lesser, CEO of PNE AG. 

Expansion of internal portfolio continued
At the end of the first half of the year, the portfolio of wind farms operated by the company, including the projects "Wahlsdorf" (19.4 MW) and "Gnutz" (8.4 MW), amounted to approx. 261 MW. PNE AG expects to be able to commission further wind farms for its own portfolio this year. A total of 124 MW is currently under construction for PNE's own operations. The approval procedures for further projects are underway. This brings the Group ever closer to its target of expanding its own projects under construction or in operation to up to 500 MW by the end of 2023.

In the first half of 2022, the company's own wind turbines were already producing approx. 268 GWh of clean electricity, saving around 173,000 tonnes of CO2.

Forecast confirmed
Markus Lesser, CEO of PNE AG, summarises: "PNE is fully on track, and we are excellently positioned for further development, although the market environment is becoming more challenging in terms of raw material and purchasing prices as well as delivery times. These, however, will be partially offset by the increase in electricity prices. Based on the results in the first half of 2022, we confirm our target for the full year: We expect Group EBITDA of euro 20 to 30 million in respect of our guidance for the 2022 fiscal year."