German renewables developer and wind energy producer PNE AG announced Thursday that its EBITDA fell to EUR 6.2 million for the first nine months of 2024, down from EUR 16.5 million a year ago, despite a slight revenue increase to EUR 77.6 million. The company's net loss also grew, reaching EUR 49.1 million compared to EUR 24.9 million in the previous period.
“The results for the first nine months are not as we expected them to be,” said CEO Per Hornung Pedersen, adding that the company remains “confident for the fourth quarter and thus for the full year,” citing the strength of its pipeline, project sales, favorable wind conditions, and forthcoming milestone payments.
PNE attributed the lower earnings to several factors, including weaker wind conditions, delayed commissioning of some wind projects, and an unfavorable IFRS valuation, compounded by lower electricity prices compared to last year.
As of September's end, PNE had 288.6 MW of wind farms under construction across Germany and France, with a project pipeline totaling 17,768 MW, up from 17,527 MW in the previous year. Its portfolio of operational wind farms reached a capacity of 412 MW.
Despite the weaker results, PNE AG reiterated its full-year 2024 EBITDA forecast, targeting a range of EUR 40 million to EUR 50 million.
