PNE AG Reports Strong Q1 2026 Results, Driven by Project Sales and Improved Wind Conditions
PNE AG's first-quarter earnings surged as project sales and better wind conditions boosted normalised EBITDA to EUR 17.9 million, confirming its full-year guidance and highlighting progress in its transformation program.
PNE AG has reported a strong start to its 2026 financial year, with first-quarter results significantly outperforming the prior year. The company's normalised EBITDA reached EUR 17.9 million, up sharply from EUR 3.6 million a year earlier, driven by successful project sales and more favorable wind conditions.
In the first quarter, PNE sold four wind energy projects and one photovoltaic project, contributing to total operating revenue of EUR 68.9 million, compared with EUR 55.7 million in the same period last year. Revenue more than doubled to EUR 56.2 million from EUR 27.9 million. The operating result (EBIT) turned positive at EUR 3.2 million, versus a loss of EUR 7.3 million previously.
“We’ve made a good start to 2026. Project sales in particular, as well as better wind conditions compared with last year, have contributed to this positive performance,” said Heiko Wuttke, Chief Executive Officer of PNE AG. “We’re also seeing initial successes from our transformation and cost-cutting programme, Focus & Deliver.”
The company’s project pipeline remained robust at 21.7 GW at the end of the quarter, with wind onshore projects holding steady at 14.6 GW and photovoltaic projects slightly decreasing to 7.1 GWp. Eight wind farms with total capacity of 122.0 MW were under construction in Germany, including four service projects representing 59.0 MW.
Power generation from PNE’s own wind farms increased to approximately 262 GWh, up from 197 GWh last year, thanks to better wind conditions. This resulted in avoided emissions of around 198,000 tonnes of CO2e, compared with 149,000 tonnes in the prior year, based on data from the Federal Environment Agency.
In the services segment, the volume of contracts under operations management rose to 3,234 MW, up from 3,103 MW at the end of 2025, with international business becoming increasingly important.
PNE continues to advance its transformation and cost-cutting program, Focus & Deliver, aimed at creating a leaner organisation with a clear emphasis on wind energy onshore, photovoltaics, and battery energy storage systems (BESS). The company will also focus more on integrated energy solutions and grid-supporting applications.
Given the positive performance, the Board of Management has confirmed its guidance for the full 2026 financial year, with normalised EBITDA expected to be between EUR 110 million and EUR 140 million. “Our strong start to the year and the progress achieved across all segments give us confidence for the rest of the year,” Wuttke added.
The full Q1 2026 statement is available on the company's website here.