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 19.00 to EUR 15.00.

Abstract
PNE has issued a profit warning due to project pipeline value adjustments of ca. €20m – €25m. The main reason for this is a significant deterioration in market conditions, particularly on the international markets of Canada, Spain, and Romania. The value adjustments have no impact on PNE’s current liquidity. The company is now guiding towards 2025 EBITDA of €45m to €60m (previously: €70m – €110m). Without the value adjustments, EBITDA would have been between €70m and €80m, in line with our last forecast of €79.6m. We expect further challenges in 2026E, as PNE has a strong position in the German market, which is becoming much more competitive with a correspondingly negative effect on margins. We believe PNE is well-positioned to navigate industry headwinds, supported by a streamlined and thus derisked project pipeline and an own green power plant portfolio (497 MW) generating robust cash flows. A focus on core markets (Germany, France, and Poland), which are still relatively attractive, and a rigorous efficiency-driven cost discipline program look set to be supportive. Although we still believe PNE will increase 2026E EBITDA y/y, we now take a more cautious stance and have lowered our forecasts for 2026E and the following years. An updated sum-of-the-parts valuation yields a new price target of €15 (previously: €19). We confirm our Buy rating (upside: 54%).