Half-year results: PNE AG confirms guidance for 2024

EQS-News: PNE AG / Key word(s): Half Year Results Half-year results: PNE AG confirms guidance for 2024 14.08.2024 / 07:57 CET/CEST The issuer is solely responsible for the content of this announcement. Corporate News

Half-year results: PNE AG confirms guidance for 2024 

• Construction activities for own portfolio, less wind and anticipated lower electricity prices dampen results
• US business sold successfully
• Services segment still on track for success

Cuxhaven,14 August 2024 – For PNE AG, the 2024 fiscal year is going well in operational terms. The large number of projects in construction and construction preparation are paving the way for a successful full year. PNE expects to be able to commission further wind farms for its own portfolio this year.

In the first half of 2024, the Group recorded total aggregate output of euro 174.9 million (prior year: euro 116.7 million), revenues of euro 60.6 million (prior year: euro 57.1 million), earnings before interest, taxes, depreciation and amortisation (EBITDA) of euro 8.7 million (prior year: euro 18.1 million) and undiluted earnings per share of euro -0.26 (prior year: euro -0.18).

In Germany and France, ten wind farms with a total nominal output of 226 MW (prior year: nine wind farms with 183 MW) were under construction at the end of the first quarter of 2024. A further 118 MW was awarded in the first half of the year in the Federal Network Agency tenders.

For some projects, completion or sale were delayed for reasons of supply or weather with the result that the good operating performance cannot yet be seen in the results. The lower wind supply in the second quarter of this year, together with the expected lower electricity prices, are also having a negative impact on earnings.

“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,” says Per Hornung Pedersen, CEO of PNE AG since 1 August 2024. “The prospects for this are very good. Many projects have reached a high level of maturity and are close to commissioning or sale. We expect milestone payments from previous project sales, especially in the fourth quarter."