PNE Confirms 2024 Outlook Despite Widening H1 Losses
- Despite a net loss, PNE AG remains optimistic, with CEO Pedersen confident in meeting full-year goals. Projects nearing completion offer hope for a turnaround.
German renewables developer PNE AG reported a net loss of EUR 20.2 million in the first half of 2024, widening from EUR 14.1 million a year earlier. Despite this, the company maintained its full-year guidance. The increased loss was attributed to interest expenses from interest rate swaps and loan liabilities.
EBITDA decreased to EUR 8.7 million from EUR 18.1 million, while total aggregate output and revenues improved to EUR 174.9 million and EUR 60.6 million, respectively. CEO Per Hornung Pedersen expressed confidence in catching up in the second half of the year and achieving the planned results for the full year, citing mature projects close to commissioning or sale.
At the end of June, PNE had 412 MW of operational assets and 226 MW of wind farms under construction in Germany and France. The company reiterated its 2024 projections, expecting positive EBITDA in the range of EUR 40 million to EUR 50 million.
Is PNE AG on track to meet its 2024 projections despite widening losses?
- PNE AG reported a net loss of EUR 20.2 million in the first half of 2024, widening from EUR 14.1 million a year earlier
- Despite the increased loss, the company maintained its full-year guidance and expressed confidence in catching up in the second half of the year
- EBITDA decreased to EUR 8.7 million from EUR 18.1 million, but total aggregate output and revenues improved to EUR 174.9 million and EUR 60.6 million, respectively
- CEO Per Hornung Pedersen cited mature projects close to commissioning or sale as reasons for confidence in achieving planned results for the full year
- At the end of June, PNE had 412 MW of operational assets and 226 MW of wind farms under construction in Germany and France
- The company reiterated its 2024 projections, expecting positive EBITDA in the range of EUR 40 million to EUR 50 million.