First Berlin Equity Research has published a research update on PNE AG (ISIN: DE000A0JBPG2). Analyst Dr. Karsten von Blumenthal reiterated his BUY rating and decreased the price target from EUR 15.00 to EUR 12.00.

Abstract
PNE reported 2025 EBITDA of €55.3m. Although this is 17% ahead of our forecast, it is still 20% below the prior year figure of €69.0m due mainly to pipeline value adjustments, which caused the profit warning for 2025 in January. For 2026E, PNE is guiding towards normalised EBITDA of €110m to €140m and expects one-offs of ca. €20m resulting in EBITDA of €90m to €120m. As PNE plans no IPP capacity expansion in 2026E, all commissioned projects can be sold resulting in much higher Project Development EBITDA and somewhat lower Power Generation segment EBITDA than previously forecast. Management anticipates an increasingly challenging market environment and plans to cut costs by €20m to €30m within three years. We have raised our 2026E forecast and adjusted our forecasts beyond 2026E to reflect market headwinds and PNE’s adaptation to them. An updated sum-of-the-parts valuation yields a new price target of €12 (previously: €15). We believe that PNE is well prepared for the emerging market consolidation. Its almost 500 MW IPP portfolio is acting as a stabilising factor and is generating steady cash flows. We confirm our Buy rating (upside: 51%).