PNE AG: Research Update and Buy Recommendation

First Berlin Equity Research GmbH released a research update on PNE AG, maintaining a "Buy" recommendation despite lowering the target price from €15.00 to €12.00. The update follows PNE's 2025 EBITDA report of €55.3 million, which exceeded forecasts by 17% but fell 20% below the previous year's figure due to project pipeline write-downs. For 2026, EBITDA is expected to reach between €90 million and €120 million, reflecting one-time effects of €20 million.

PNE has no plans for IPP capacity expansion in 2026, allowing project sales to boost project development EBITDA while reducing power generation EBITDA. The management anticipates a challenging market and aims to cut costs by €20 million to €30 million over three years. The company's IPP portfolio, with nearly 500 MW capacity, remains a stabilizing force, generating consistent cash flows.