EQS-News

Result for the quarter: PNE AG has good start to the new year

EQS-News: PNE AG / Key word(s): Quarter Results Result for the quarter: PNE AG has good start to the new year 08.05.2024 / 07:56 CET/CEST The issuer is solely responsible for the content of this announcement. Corporate News

 Result for the quarter: PNE AG has good start to the new year

• Good result in the first three months
• Number of projects in construction and construction preparation at a very high level
• Project pipeline with 19.8 gigawatts continues on record course

Cuxhaven, 8 May, 2024 – PNE AG started the 2024 financial year well. The large number of projects in construction and construction preparation pave the way for a successful full year. The project pipeline once again reached a record level.

In the first three months of 2024, the Group recorded total aggregate output of euro 57.0 million (prior year: euro 45.3 million), revenues of euro 31.4 million (prior year: euro 32.2 million), earnings before interest, taxes, depreciation and amortisation (EBITDA) of euro 8.5 million (prior year: euro 8.6 million) and undiluted earnings per share of euro -0.06 (prior year: euro -0.08).

In Germany and France, ten wind farms with a total nominal output of 276 MW (prior year: nine wind farms with 201 MW) were under construction at the end of the first quarter of 2024. A further 73 MW were awarded approval in the tender or are in the tender procedure. Moreover, wind farms and photovoltaic plants with an output of 826 MW/MWp are also under approval in Germany and France alone.

However, recent months have continued to be marked by late transport permits and capacity bottlenecks at suppliers and network operators. In addition, weather-related construction difficulties with regard to wind conditions and wet soils were encountered. This delayed the construction and commissioning of new wind farms.

"We are very satisfied with the results of the first three months of this year," says Markus Lesser, CEO of PNE AG. "We are looking forward to a very successful full year with the large number of projects currently under construction, in construction preparation and in the approval process. The pace of project implementation is increasing. These are the best prerequisites for achieving the goal of our “Scale up 2.0 strategy, which consists in having our own wind farms and photovoltaic plants with an output of 1,500 MW/MWp in operation or under construction by the end of 2027.“