First Berlin Equity Research Downgrades PNE AG to 'Add' Rating

First Berlin Equity Research GmbH has updated its research on PNE AG, downgrading the stock from "Buy" to "Add" while maintaining a target price of €12. The decision follows PNE’s robust performance in Q1 2026, attributed to increased project sales and strong growth in its power generation segment.

PNE's EBITDA rose dramatically from €3.6 million to €16.6 million year-on-year, with adjusted EBITDA at €17.9 million. The company's strategy involved optimizing its project pipeline and exiting offshore wind park development. However, selling the Bokel wind park reduced its power plant portfolio capacity to 466 MW.

The management reaffirmed their 2026 adjusted EBITDA guidance range of €110 million to €140 million. The rating downgrade stems from the stock's upside potential falling below the 25% threshold. The sum-of-the-parts valuation supports an unchanged target price of €12.