- Normalised EBITDA rises to EUR 45.4 million
- Wind energy and photovoltaic projects totalling around 361MW sold
- Permits secured for projects with total capacity of around 965 MW
- One of the best full-year results of the past ten years expected
PNE AG achieved significant operational progress in the first nine months of 2026, despite a market environment that continues to be very challenging. In Germany and international markets, the company sold wind energy and photovoltaic projects with a total capacity of approximately 361MW. At the same time, PNE secured permits for additional wind energy and photovoltaic projects with capacity amounting to around 965MW.
For the first nine months of 2026, the Group reported a revenue of EUR 150.7 million (previous year: EUR 142.2million) and a gross profit of EUR 134.8 million (previous year: EUR 111.1 million. Normalised EBITDA increased markedly year-on-year from EUR 26.6 million to EUR 45.4 million. Reported EBITDA rose from EUR 26.6 million to EUR 43.9 million. The operating result (EBIT) also improved substantially to EUR 15.0 million, compared with EUR –2.9 million in the previous year.
'We achieved a lot in operational and financial terms with a strong growth compared to the first nine months in 2025, performing in a market environment that continues to be challenging. With project sales and new permits we have again demonstrated the substance and potential within our project pipeline,' comments Heiko Wuttke, CEO of PNE AG. 'This gives us further grounds for optimism, also in view of the ongoing sales process, in which there are several interested parties.'
Project pipeline remains at high level
The PNE Group’s project pipeline remains at a high level. As of 30 September 2026, the wind energy onshore pipeline comprised projects with around 14.3 GW of capacity (31 December 2025: 14.6 GW). Photovoltaic projects add around 6.9 GWp (31 December 2025: 7.2 GWp). Overall, around 11.9 GW of the project pipeline is attributable to the three core markets of Germany, France and Poland.
PNE also made important progress in project sales during the first nine months. In the third quarter, the company sold the “Kuhstedt III + IV” wind farm (20.6 MW) and “Wulfsdorf A” wind farm (24.4 MW) in Germany and the “Karolew” wind farm (153.0 MW) in Poland. PNE had already sold three additional wind farms in Germany in the first half of the year, as well as a total of five wind energy and photovoltaic projects in Poland and France.
Own generation portfolio and services on positive trend
The PNE Group’s own generation portfolio had installed capacity of 484 MW. In the first nine months, the plants generated around 589 GWh of green electricity, reflecting around twelve per cent year-on-year growth.
The services business is also being strategically expanded. In the future market for battery energy storage operations, the PNE Group has secured three mandates with a total capacity of 281 MWh. In addition, the order volume handled by the PNE Group in operations management increased from around 3,103 MW as of 31 December 2025 to around 3,288 MW of wind energy capacity.
Guidance for the 2026 financial year
After adjusting its guidance in October, PNE now expects normalised consolidated EBITDA of between EUR 65 million and EUR 80 million for the 2026 financial year, thereby continuing to rank among the best results of the past ten years.
The statement for the third quarter of 2026 from PNE?AG is available here:
https://www.pnegroup.com/fileadmin/user_upload/Finanzberichte/2026/261111_PNE_Quarterly_Statement_Q…
Source: PNE
