Half-year results: PNE holds its own amid challenging conditions

Corporate news

Half-year results: PNE holds its own amid challenging conditions  

• Significant growth in normalised EBITDA to EUR 27.4 million
• Numerous sales in the first half of the year pave the way
• FY 2026 outlook confirmed

Cuxhaven, 13 August 2026 – PNE AG reached key milestones in the first half of 2026 despite challenging conditions. In total, the company sold eight wind energy and solar power projects with a combined capacity of 163.2 MW, whilst at the same time commissioning a further wind farm for its own generation portfolio.

For the first half of 2026, the Group reported total output of EUR 123.3 million (previous year: EUR 173.8 million), revenue of EUR 96.8 million (previous year: EUR 73.9 million) and significantly higher normalised EBITDA (earnings before interest, taxes, depreciation and amortisation, adjusted for non-recurring effects) of EUR 27.4 million (previous year: EUR 4.7 million). The operating result (EBIT) amounted to EUR 8.5 million in the first half of 2026 (previous year: EUR -14.4 million). Basic earnings per share stood at EUR -0.23 (previous year: EUR -0.44).

“We achieved important operational successes in a challenging market environment and demonstrated that high-quality wind and photovoltaic projects continue to be in demand,” notes Heiko Wuttke, CEO of PNE AG. “At the same time, we are making good progress with our Focus & Deliver transformation and cost reduction programme. However, we also recognise that both we and the sector as a whole currently face a difficult path ahead, marked by considerable uncertainty.”

Project pipeline remains stable despite disposals

The development of the project pipeline remains on track. Despite numerous project disposals, the PNE Group’s overall pipeline remained stable compared with the end of 2025. As of 30 June 2026, it stood at 21.7 GW, compared with 21.8 GW as of 31 December 2025. Of this total, the onshore wind energy pipeline accounted for 14.6 GW as of the end of the first half of the year. The PV pipeline comprised projects with a capacity of 7.1 GWp. Overall, around 12 GW of the project pipeline is attributable to the three core markets of Germany, France and Poland.

At the end of the reporting period, eight wind farms with a nominal capacity of 118.2 MW were under construction in Germany – including four service projects with a nominal capacity of 59.2 MW.

Higher electricity generation from the Group’s own generation portfolio

Overall, the PNE Group’s own generation portfolio generated around 408GWh of electricity in the first six months of 2026. This represents growth of around 42 GWh compared with the first half of 2025. Here, the Group benefited from better wind conditions than in the same period of the previous year. This cut emissions by around 307,590 t CO₂e (previous year: 277,000 t CO₂e) (source: Federal Environment Agency, 2025).

Following the commissioning of the “Gnutz Ost” wind farm, the Group’s own generation portfolio expanded again and, including the “Silbitz” wood-fired combined heat and power plant, amounted to 484 MW as of the end of the first half of the year.

Services segment continues to grow

The expansion of the service business is helping to further increase the share of steady income at PNE AG. In the operations management area, the order volume handled by the PNE Group increased from around 3,103 MW as of 31 December 2025 to 3,256 MW. The international business of operations management is thereby becoming increasingly important in the services segment.

Outlook confirmed

Like the sector as a whole, PNE has faced challenging conditions so far in 2026. The company is mindful of the challenges that still need to be overcome. Nevertheless, as far as guidance for the 2026 financial year is concerned, PNE continues to anticipate normalised EBITDA of between EUR 110 million and EUR 140 million.

The Half-Year Financial Report 2026 of PNE AG is available here:

PNE Half-Year Financial Report | H1 2026

About the PNE Group

The internationally operating PNE Group is listed in the SDAX. For more than 30 years, it has been one of the most experienced project developers in the area of onshore and offshore wind farms. The focus is on the development of wind energy and photovoltaic projects worldwide as well as on power generation with its own wind farms. Its portfolio covers all project planning phases, from site investigation, permitting procedures and financing through to construction, operation and repowering. As a Clean Energy Solutions Provider, the PNE Group also offers services for the entire life cycle of wind farms and photovoltaic power plants, as well as battery storage solutions for more efficient use of renewable energies.

Your contact persons:
PNE AG
Alexander Lennemann
Head of Corporate Communications
Tel: +49 47 21 7 18 – 453
E-mail: alexander.lennemann@pnegroup.com
PNE AG
Head of Investor Relations
Christopher Rodler
Tel: +49 40 879 33 – 114
E-mail: christopher.rodler@pnegroup.com