First Berlin Reaffirms Buy Rating for PNE AG

First Berlin Equity Research GmbH has reissued its Buy rating for PNE AG, maintaining the target price at €19.00. Analyst Dr. Karsten von Blumenthal's confidence is backed by PNE's 2024 performance. The company reported an EBITDA of €69.0 million, surpassing initial expectations of €40 million to €50 million and aligning with the revised guidance of €60 million to €70 million.

Despite a net loss of €13.4 million due to unfavorable KFW loan and swap valuations, the adjusted net income was positive at €10.7 million. For 2025, PNE aims for an EBITDA between €70 million and €110 million, achievable through a moderate rise in project sales.

PNE plans to expand its renewable energy portfolio, albeit at a slower pace. By 2027, they target 1.1 GW in operational or under-construction assets, down from the previous 1.5 GW goal. Their financial targets include a group EBITDA of €140 million and an equity ratio of at least 20%.