First Berlin Equity Research has published a research update on PNE AG (ISIN: DE000A0JBPG2). Analyst Dr. Karsten von Blumenthal reiterated his BUY rating and maintained his EUR 19.00 price target.

Abstract
PNE reported Q1 figures and held a conference call. Q1 figures were below the prior year numbers and our forecasts. The main reason for this is lower Power Production segment figures due to weak wind conditions. However, strong construction activity (10 wind farms with a total capacity of 252 MW) bodes well for the remainder of the year. In Q1, PNE expanded its own plant portfolio by 17 MW to 446 MW after commissioning two wind farms. PNE confirmed 2025 guidance of €70m – €110m. We stick to our forecasts and €19 price target. The recommendation remains Buy. Upside: 29%.