Pne Ag · XETR:PNE3
Pne — Q1 2024 Earnings Presentation
13 slides from Pne's earnings presentation, May 8, 2024
Slide 1: Q1 2024 Investor Relations Presentation
Q1 | 2024 INVESTOR RELATIONS PRESENTATION 8 May 2024
Slide 2: Disclaimer
DISCLAIMER This presentation is for information purposes only and does not constitute a public offer or invitation to subscribe for or purchase any securities of PNE AG and neither this presentation nor anything contained herein shall form the basis of any contract or commitment whatsoever. This pre
Slide 3: Operating business develops well in Q1 – good start to the year
OPERATING BUSINESS DEVELOPS WELL IN Q1 – GOOD START TO THE YEAR Operational Highlights Q1 2024: » 25.3 MW of wind projects put in operation IPP generation output 247 » Role as Independent Power Producer (IPP) strengthened by expansion of own wind generation portfolio to 645 MW in operation or under
Slide 4: Expansion of own generation portfolio continues
EXPANSION OF OWN GENERATION PORTFOLIO CONTINUES 645 MW IN OPERATION OR UNDER CONSTRUCTION » 370 MW of onshore wind projects in operation at the end of Q1 Development of portfolio (in MW) 2024 750 » The dismantling of an old wind farm for repowering (Papenrode, 19 MW) was offset by the partial commis
Slide 5: Project pipeline at another record high: 19.8 GW/GWp, +43% yoy
PROJECT PIPELINE AT ANOTHER RECORD HIGH: 19.8 GW/GWp, +43% yoy LAYING THE GROUND FOR REALIZATION OF SCALE UP 2027 TARGETS Total pipeline grew to 19,805 MW/MWp Development of project pipelines (in MW/MWp) (Q1 23: 13,814 MW/MWp), +5,991 MW/MWp yoy 20.000 Number of projects under development increased
Slide 6: Project pipeline wind onshore increased by 1.4 GW
PROJECT PIPELINE WIND ONSHORE INCREASED BY 1.4 GW 821 MW IN PERMITTING PHASE IN GERMANY AND FRANCE » Total pipeline grew to 9,794 MW (Q1 23: 8,414 MW), +1,380 MW yoy Sold/ Country I – II III IV Total MW Services Germany 1,712 623 265 2,600 85 Germany France 330 198 11 539 0 » Increase of German pipe
Slide 7: Strong growth of PV pipeline continues
STRONG GROWTH OF PV PIPELINE CONTINUES PV PIPELINE GREW BY 39% yoy Total Sold/ Total PV pipeline grew to 7,511 MWp (Q1 23: 5,400 MWp) +2,111 MWp yoy Country I – II III IV MWp Services » Additional markets and projects are being evaluated Germany 556 119 0 675 0 » Maintenance of 1.073 MWp as service
Slide 8: Financials reflect high construction activity for IPP build up
FINANCIALS REFLECT HIGH CONSTRUCTION ACTIVITY FOR IPP BUILD UP Financial Highlights Q1 2024: » Total output grew by 25% to € 57.0m (Q1 23: € 45.3m) – highest Q1 Total Output output number in PNE history 57.0 €m » EBITDA stable at € 8.5m (Q1 23: € 8.6m) » € 5.7m net increase in hidden reserves in Q1
Slide 9: Increase of total output driven by IPP build up
INCREASE OF TOTAL OUTPUT DRIVEN BY IPP BUILD UP STABLE BUSINESS ACCOUNTS FOR MORE THAN 60% OF EBITDA BEFORE CONSOLIDATION » Total output grew by 25% to € 57.0m In € m Q1 2024 Q1 2023 Sales 31.4 32.2 » EBITDA stable at € 8.5m (-1%) Work in progress 21.5 10.9 » EBITDA adj. (incl. hidden reserves) at €
Slide 10: Growth across all segments in Q1 – led by project development
GROWTH ACROSS ALL SEGMENTS IN Q1 – LED BY PROJECT DEVELOPMENT HIGH CONSOLIDATION EFFECTS IN Q1 DUE TO TRANSFER OF PROJECTS INTO IPP PORTFOLIO Project development Total output EBITDA » Project development output* increased to € 54.4 (+162%) due to high In € m In € m construction and development activ
Slide 11: Balance sheet remains solid
BALANCE SHEET REMAINS SOLID PORTFOLIO EXPANSION REFLECTED IN GROWING ASSET BASE AND PROJECT FINANCING Property, Plant and Equipment in € m as of March 31, 2024 (as of December 31, 2023) Equity 1,181.6 (1,101.7) » Transformer stations € 21.0m » Equity ratio at 17.3% Intangible Assets 64.8 (64.9) » La
Slide 12: Outlook for FY 2024 confirmed
OUTLOOK FOR FY 2024 CONFIRMED » Guidance for FY 2024 EBITDA of € 40m-50m confirmed » Fully on track for 2027 Scale Up 2.0 targets » Build-up of own power generation portfolio continues – IPP break-even (>50% of group EBITDA before consolidation from Power generation based on recurring revenues (EEG)
Slide 13: Q&A
Q&A pure new energy