First Berlin Equity Research has published a research update on PNE AG (ISIN: DE000A0JBPG2). Analyst Dr. Karsten von Blumenthal downgraded the stock to ADD and maintained his EUR 12.00 price target.

Abstract
PNE published strong Q1/26 figures based on both increased project sales and very good performance in the Power Generation segment. EBITDA more than quadrupled y/y from €3.6m to €16.6m and EBITDA normalised for exceptional items was as high as €17.9m. PNE further streamlined its project pipeline and exited the offshore wind farm project development business. The sale of the Bokel wind farm (25 MW) lowered PNE’s own power plant portfolio capacity to 466 MW. Management reiterated 2026 AEBITDA guidance of €110m to €140m. An updated sum-of-the-parts valuation yields an unchanged €12 price target. Following the recent share price appreciation, we downgrade our rating from Buy to Add as the upside potential is now below our 25% threshold.