PNE reported a drop in EBITDA to just over €55 million in 2025 despite achieving record total operating revenue.
The company said EBITDA fell from €69.0 million in the previous year to €55.3 million, within its adjusted guidance range of €45 million to €60 million.
PNE added that normalised EBITDA reached €87.0 million, within its original guidance range of €70 million to €110 million.
Total operating revenue rose to €376.4 million from €342.6 million, marking the highest level in the company’s history.
Operating profit decreased to €12.9 million from €34.4 million, impacted by an impairment of the project pipeline and exceptionally low wind levels in 2025.
“Given a still challenging market environment, we are satisfied with the results of the 2025 financial year,” said Heiko Wuttke, chief executive of PNE AG.
“This is evidenced, among other things, by numerous project and project rights sales. In our 30th anniversary year, we completed sales with a total output of 428 MW, both in Germany and internationally.”
PNE streamlined its project pipeline, reducing total capacity to around 23.8GW from 27.9GW due to changed market conditions in Canada, Spain and Romania.
The group’s own generation portfolio increased to 497MW from 429MW following the completion and acquisition of further wind farms.
PNE launched a cost and efficiency programme named “Focus & Deliver” to strengthen profitability and liquidity amid rising costs and falling electricity prices.
The company expects EBITDA of between €90 million and €120 million in 2026, with normalised EBITDA forecast at €110 million to €140 million.