PNE AG has disclosed its first-quarter financial results, revealing virtually unchanged earnings before interest, tax, depreciation, and amortization (EBITDA) compared to the same period last year. The company posted an EBITDA of EUR 8.5 million (USD 9.1m) for Q1 2024, slightly lower than the EUR 8.6 million recorded in the previous year, while revenues stood at EUR 31.4 million, down marginally from EUR 32.2 million. Consequently, the undiluted loss per share saw a slight reduction to EUR 0.06 from EUR 0.08.
Markus Lesser, Chief Executive of PNE AG, expressed contentment with the first-quarter performance, emphasizing the company's trajectory towards achieving positive EBITDA within the EUR 40 million-50 million range for the full year. He stated, “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.”
PNE AG's strategic Scale up 2.0 plan aims to have its own wind farms and photovoltaic plants with a cumulative output of 1,500 MW/MWp in operation or under construction by the end of 2027. Lesser highlighted the company's progress towards this goal, citing the increasing pace of project implementation.
As of the end of the quarter, PNE AG had ten wind farms under construction in Germany and France, totaling 276 MW in capacity, with an additional 826 MW/MWp of wind and solar photovoltaic projects undergoing approval in both countries. Additionally, 73 MW were either successful in or still participating in a tender process.
Moreover, the company's wind and solar PV project pipeline surged to a record 19.8 GW by the end of March, up from 13.8 GW a year earlier, while its operational wind farm portfolio reached 370 MW.
