German renewable energy developer PNE reported a sharp drop in first-half earnings, citing low wind availability in the first quarter, which weighed on power generation from its own wind farms.
Earnings before interest, taxes, depreciation and amortisation (EBITDA) fell 46% year-on-year to €4.7 million, down from €8.7 million in the same period of 2024. The company said wind conditions improved in the second quarter but were not strong enough to offset the weak start to the year.
“Wind conditions in the second quarter were within expectations, but could not compensate for the very weak wind year’s start,” the company said in a statement, adding that this resulted in lower-than-expected output and pressure on segment earnings.
Despite the earnings decline, group total output remained stable at €173.8 million, while revenue rose to €73.9 million from €60.6 million. Earnings before interest and tax (EBIT) came in at a loss of €14 million, compared to a €6.9 million loss in the prior year. Basic earnings per share were negative €0.40, widening from a loss of €0.26 a year earlier.
Chief Executive Heiko Wuttke said the company remains optimistic about the remainder of the year, pointing to progress in project disposals and pipeline growth. “We are in advanced negotiations for project sales in Germany, Poland and France,” he said, noting the recent sale of a 14.4MW wind project in France and the 34MW Sundern-Allendorf site in Germany.
PNE’s development pipeline grew slightly to 19GW, comprising 9.9GW of onshore wind, 2.5GW offshore wind, and 6.6GWp of solar capacity. Of this, 4.2GW is located in Germany, with the remaining 12.3GW in international markets.
As of June 30, the company had 14 wind farms under construction in Germany and France, with a combined capacity of 282.2MW. It also secured permits for an additional 489MW of wind and solar projects.
PNE’s own generation portfolio expanded to 490.9MW following the commissioning of four new wind farms. These assets produced 366 gigawatt-hours (GWh) of electricity during the reporting period, helping to avoid an estimated 277,000 tonnes of CO2-equivalent emissions.
The company’s service division also saw international growth, managing 2,877MW in operations contracts by the end of June.
PNE confirmed its full-year EBITDA guidance of €70 million to €110 million, supported by a “strong project pipeline and advanced-stage developments.
