German renewables developer PNE has attributed a 16% decline in its share price to market speculation, dismissing the recent drop as unfounded. The company's stock closed at €12.14 per share on Friday, down from €14.60 at the beginning of August.
PNE's management described the sharp losses as “incomprehensible,” emphasizing that the company's business fundamentals remain strong. “From our point of view, there is no reason for the share price slide in the development of PNE's business or in the fundamentals,” said CEO Per Hornung Pedersen. He underscored that operational progress is on track, as highlighted in the company's first-half report.
PNE has maintained its guidance for an EBITDA of €40 million to €50 million for the 2024 fiscal year and remains confident in its long-term positioning. “We continue to confirm our guidance of an EBITDA of €40m to €50m for the 2024 fiscal year and are confident that we will achieve this. We also believe we are well positioned for the years after 2024,” Pedersen stated.
The company reported revenues of €60.6 million for the first half of 2024, up from €57.1 million in the same period last year. However, earnings before interest, taxes, depreciation, and amortization (EBITDA) fell to €8.7 million, compared to €18.1 million in the first half of 2023. Despite this, PNE remains optimistic about its future financial performance.
