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Buy Day today: Neutral (57) Mixed market breadth · no major macro event
PNE3.DE

PNE AG

Utilities · Utilities - Renewable

7.20€ +0.4% vs. previous close Closing price · As of: Oct 11, 2026
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Assessment

Our Rating

A journalistic assessment by our editorial team at the time of the deep dive — it rates the company, not the entry point. Not investment advice and not a solicitation to buy or sell.

Substance risk

We found at least one documented issue that threatens the company itself — regardless of how the stock is currently valued.

Why this colour

Red does not signal an acute insolvency risk here: in its 2025 annual report, management identifies no individual risks that could jeopardize the company as a going concern, most of the bank debt consists of project loans for individual wind farms, and no covenant was breached in 2025. Red stands for a documented substance risk under our criteria: interest coverage was below 1 in 2025 (EBIT of €12.9 million against €35.8 million) and in the first half of 2026 (€8.5 million against €19.9 million), with an equity ratio of 11.6 percent and a shareholders' meeting that has not approved authorized capital since 2024. If management meets its 2026 guidance, the picture would improve markedly; that has not been shown yet. The decision is yours.

What the thesis turns on

Assessment: Opportunities & Risks

PNE has real assets: owned wind farms with long-term fixed tariffs, a large pipeline and projects that find buyers. Against that stand an equity ratio that has fallen to 11.6 percent, operating profit below the interest bill, a standing authorization for new shares that failed three times and a sale process in which, according to the company, potential buyers' price expectations in August 2026 were lower than the market price. Not investment advice.

Owned wind portfolio

484 megawatts in its own operation (June 30, 2026), more than 90 percent of it on 20-year fixed feed-in tariffs according to the company; the power generation segment earned EBITDA of €34.1 million in the first half of 2026, and PNE puts its hidden reserves at €153.1 million before taxes.

Project sales

163.2 megawatts in the first half of 2026, 45 megawatts in July and the 153-megawatt Polish “Karolew” project in September 2026 — projects find buyers even in a difficult market.

Sale process

According to the ad hoc release of August 10, 2026, potential acquirers' price expectations were below the market price at the time; a change of control above 50 percent would trigger termination rights for lenders and bondholders (Annual Report 2025, risk rating red).

Balance sheet and capital

Equity ratio of 11.6 percent as of June 30, 2026 (restated end of 2023: about 18 percent), target above 20 percent; authorized capital failed the 75 percent majority in 2024, 2025 and 2026, and the new bond raised €36.0 million instead of up to €65 million.

Earnings power and interest burden

EBIT of €12.9 million against €35.8 million of interest expense in 2025, and €8.5 million against €19.9 million in the first half of 2026; group losses in 2024 (restated), 2025 and the first half of 2026; restatement under IAS 8 for promotional loans.

2026 guidance

Confirmed at €110 million to €140 million of adjusted EBITDA, with €27.4 million after the first half; the 2025 guidance had to be cut in January 2026. The test is the quarterly statement on November 12, 2026.

Worth Noting

Trigger: the forum ranking of wallstreet-online (as of 10/11/2026), not our in-house stock scanner.

PNE is not an SEC filer; all evidence comes from PNE AG's English-language reports and releases on pnegroup.com. Latest periodic report: Half-Year Financial Report 2026 of 08/13/2026; next date: Q3 statement on 11/12/2026.

Figures for 2024 and the end-2023 equity position are the values restated under IAS 8 in the 2025 annual report. Enterprise value, interest coverage and multiples are our own calculations.

Read the Full Deep Dive PNE Stock: Up to 100 Percent Is for Sale — but Price Expectations Came in Below the Market in August The buyer everyone is waiting for would come with a side effect at PNE: if an investor acquires more than 50 percent of the shares, lenders and bondholders gain a termination right. The German wind farm developer is looking for exactly such a buyer in a process for up to 100 percent of its shares, but according to its ad hoc release of August 10, 2026, potential acquirers' price expectations were below the market price of around €10 at the time. A for-sale sign is not a price tag. Read the analysis →

Stock Watch

This analysis is as of October 11, 2026. Stock Watch will tell you what's changed at PNE3.DE since then.

Later $1 a month per stock — signing up is free, and you'll be the first to know when it launches.

Price history

Chart

Interactive price chart (TradingView).

Last price: 7.20 € (As of: October 11, 2026)

Key figures

Key figures at a glance

Every figure we hold for this stock, grouped by topic. The question mark next to a label explains what the number means.

Basics

Market Cap ?The value of the entire company on the market: share price times total shares outstanding. 0.6€B
Shares Outstanding ?Total number of shares issued. Price times share count gives market cap. –
Float ?Share of stock freely tradable on the market — not locked up in the hands of founders, insiders, or major shareholders. –
Beta ?Volatility versus the overall market: 1 = moves like the market, 2 = twice as much, under 1 = calmer than the market. –

Performance

Perf. 1M ?Price performance over the last month. -0.70%
Perf. 3M ?Price performance over the last 3 months. -32.90%
Perf. 6M ?Price performance over the last 6 months. -15.10%
YTD Performance (%) ?Price performance since the start of the year (Year to Date). -28.81%
52-Week-High Distance ?How far the price sits below its highest point over the last 52 weeks. 0% means the stock is at its year high. -44.7%

Valuation

P/E ?Price-to-earnings ratio: how many years of profit does the stock cost? The lower, the cheaper the valuation. No earnings means no P/E. –
Forward P/E ?P/E based on expected earnings for the next 12 months instead of past earnings — analysts' bet on the future. –
PEG ?P/E divided by expected earnings growth: puts valuation in relation to growth. Around 1 is considered fair, well above that is pricey. –
P/B ?Price-to-book ratio: market value relative to book equity. 4.0
P/S ?Price-to-sales ratio: market value divided by annual sales. Important for companies that aren't (yet) profitable. 2.1
EV/EBITDA ?Enterprise value including debt (EV) relative to operating profit before depreciation and amortization (EBITDA) — more comparable than P/E because debt counts too. Extreme values arise when EBITDA is near zero. –
Price/FCF ?Market value divided by free cash flow: how many years of freely available cash does the stock cost? More honest than P/E because cash flow is harder to dress up. –

Profitability

Gross Margin ?Gross margin: what's left of sales after only direct production costs are deducted — the product's pricing power. –
EBIT Margin ?EBIT margin: operating profit as a percentage of sales — the earning power of the core business before interest and taxes. -9.4%
Net Margin ?Net margin: what's left of sales as profit after ALL costs, interest, and taxes. –
Return on Equity ?Return on equity: how much profit does the company generate per year on shareholders' equity? -21.4%
Return on Assets ?Return on assets: how much profit the company generates from its total assets (equity and debt combined). –

Balance Sheet & Safety

Equity Ratio ?Equity ratio: equity as a share of total assets. The higher, the more resilient the balance sheet. 12.9%
Debt/Equity ?Leverage ratio: financial debt divided by equity. Under 1 is generally seen as solid; negative values mean negative equity. 4.4
Altman Z″ ?Edward Altman's bankruptcy early-warning score. We use the Z″ variant, built from four balance-sheet ratios — it is designed for service companies and non-manufacturers and uses book value instead of market value. On that scale: below 1.1 = danger zone, 2.6 and up = safe zone, in between a grey area. Because the classic Altman Z is calculated differently, the two numbers are not directly comparable. The formula does not fit banks, insurers, or real-estate stocks. warning zone 0.66
Piotroski ?Balance-sheet health check by Joseph Piotroski: 9 yes/no criteria on profit, cash flow, leverage, and efficiency. 7+ is very solid, under 3 is a red flag. weak 2 out of 9

Growth

Sales Growth Last Quarter ?Sales growth in the most recently reported quarter versus the same quarter a year ago (YoY). -11.70%
EPS Growth Last Quarter ?Growth in earnings per share in the most recently reported quarter versus the same quarter a year ago (YoY). 130.00%
Sales Growth (Year) ?Sales growth in the last fiscal year versus the year before. 9.41%
Forward Sales Growth ?Sales growth analysts expect over the next 12 months — an estimate, not a guarantee. 38.67%
Forward EPS Growth ?Earnings-per-share growth analysts expect over the next 12 months — an estimate, not a guarantee. 16.50%

Dividend

No dividend data is available for this stock yet.

Quality & Screener

Stage ?Weinstein phases 1 through 4: 1 = basing, 2 = uptrend (the only buy phase), 3 = topping, 4 = downtrend. Measured against the 30-week line. –
RS Rating ?Relative strength from 1 to 99: an RS of 95 means the stock has outperformed 95% of all stocks. –
EPS Rating ?Earnings growth rating from 1 to 99 versus all stocks — high values mean above-average earnings growth. –
Fundamental Rating ?Our own Fundamental Rating: 0 to 100 points with an A+ to F grade. 50 points is the average across the universe, 100 the best possible score. It scores growth, earnings surprises, analyst estimates, margins, cash flow, and balance-sheet safety — every stock percentile-ranked against all others. Grades: A+ from 95, A from 75, B from 55, C from 45, D from 25, E from 5, F below. C (51 out of 100)

Highlighted are things our editorial team noticed: green = stands out as strong, red = deserves a closer look. No single metric is a verdict on its own — always read it in context.

Quarters

Quarterly Figures

Each bar is one quarter, the last one is the most recent. Use the switch to step through the individual figures.

Revenue & Profit

Cash Flow

Balance Sheet

Margins

Per Share

Click the chart or tab into it, then use ← and → to step through the periods.

None of the selected stocks reports this metric. Pick another metric or switch between annual and quarterly.

These companies report in different currencies — switch on “Indexed” or pick a margin for a fair comparison.

The figures could not be loaded right now.

Sales Per Quarter (€M)
2024: Q3 · 17.0 €M Q3 2024: Q4 · 132.8 €M Q4 2025: Q1 · 27.9 €M Q1 2025: Q2 · 46.0 €M Q2 2025: Q3 · 68.4 €M Q3 2025: Q4 · 88.0 €M Q4 2026: Q1 · 56.2 €M Q1 2026: Q2 · 49.7 €M Q2

Source: fundamental data

Quarterly Figures
Quarter EPS (Earnings Per Share) EPS YoY (%) Sales (€M) Sales YoY (%) Net Margin (%) OCF (€M) FCF (€M)
2024: Q3 -0.38 -164.60 17 -8.70 -170.00 -75 -81
2024: Q4 0.47 131.20 133 189.70 26.90 2 -9
2025: Q1 -0.14 -139.00 28 -11.10 -38.70 -24 -33
2025: Q2 -0.26 -26.70 46 57.50 -42.80 -69 -75
2025: Q3 -0.08 80.00 68 302.40 -8.50 -27 -30
2025: Q4 -0.09 -119.10 88 -33.70 -7.70 70 -16
2026: Q1 -0.06 54.60 56 101.40 -8.70 -18 -19
2026: Q2 -0.17 35.70 50 8.00 -25.80 -19 -21

What Do These Terms Mean?

EPS (Earnings Per Share):
Quarterly profit divided by the total share count — how much of the profit works out to a single share.
YoY (Year over Year):
Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
Sales:
All revenue for the quarter, before any costs are deducted — the top line of the income statement.
Net Margin:
What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
OCF (Operating Cash Flow):
The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
FCF (Free Cash Flow):
Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.

Compare with other stocks →

Screening

Appears in These Scanners

This stock currently matches 5 of our scanner strategies — each hit links to the scanner.

Quality & Balance Sheet

Research

Risk & Weakness

Only genuine hits from verified scanners count; pure ranking metrics (P/E, P/S, and similar, which just sort the whole universe) don't count as a hit. Scanners marked in red are red-flag signals (risk/short scanners) — appearing there is not a seal of approval. View all scanners

AI classification

AI Rating

Uses AI

PNE verkauft keine KI-Produkte und nennt künstliche Intelligenz in Geschäftsbericht 2024, Geschäftsbericht 2025, Quartalsmitteilung Q1 2026 und Halbjahresfinanzbericht 2026 nicht als Bedrohung des Projektentwicklungs-, Stromerzeugungs- oder Servicegeschäfts. Der Konzern setzt KI nach eigener Angabe bereits ein: Performance-Analysen und Überwachung von Windenergieanlagen laufen mit eigens entwickelter Software „unter Anwendung digitaler Methoden wie künstlicher Intelligenz“ (Geschäftsbericht 2024); laufende Digitalisierungsprojekte sollen die Basis für weitere Automatisierung und den Einsatz von KI-Tools sein (Geschäftsbericht 2025, Halbjahresfinanzbericht 2026). Nach der Vorrangregel (verkauft > bedroht > nutzt > neutral) ergibt das „nutzt“. Ein Umsatz- oder Ergebnisbeitrag der KI ist nicht beziffert. PNE ist kein SEC-Filer (Prime Standard Frankfurt, Xetra: PNE3); Belegquellen sind die Berichte auf pnegroup.com, englischer Wortlaut aus den englischen Fassungen des Unternehmens.

View the full file — quotes, sources, reviewed filings
„PNE implements these performance analyses and monitoring with specially developed software using digital methods such as artificial intelligence."

Diese Performance-Analysen und -Überwachungen setzt PNE mit speziell dafür entwickelter Software unter Anwendung digitaler Methoden wie künstlicher Intelligenz um.

Geschäftsbericht 2024, Nichtfinanzieller Bericht (Anpassung an den Klimawandel durch technologischen Fortschritt) — deutsches Original; englischer Wortlaut aus dem Annual Report 2024 des Unternehmens · 2025-03-27 · View SEC filing

„The digitalisation projects that have been initiated will further enhance efficiency and quality in the operational area. At the same time, they are providing the basis for further automation and the use of AI tools."

Durch die initiierten Digitalisierungsprojekte wird die Effizienz und Qualität im operativen Bereich weiter gesteigert. Zugleich sind sie die Basis für eine weitere Automatisierung und den Einsatz von KI-Tools.

Halbjahresfinanzbericht 2026, Konzernlagebericht, Segment Services — deutsches Original; englischer Wortlaut aus dem Half-Year Financial Report 2026 des Unternehmens (gleichlautend im Geschäftsbericht 2025) · 2026-08-13 · View SEC filing

Filings Reviewed: Halbjahresfinanzbericht 2026 (Stichtag 30.06.2026) — Digitalisierung als Basis für KI-Tools (Segment Services) 2026-08-13 · Quartalsmitteilung Q1 2026 — gleichlautender Satz zu Digitalisierung und KI-Tools, kein weiterer KI-Bezug 2026-05-13 · Geschäftsbericht 2025 — Digitalisierung als Basis für KI-Tools (Segment Services); KI weder als Umsatzquelle noch als Geschäftsrisiko genannt 2026-03-26 · Quartalsmitteilung Q3 2025 — gleichlautender Satz zu Digitalisierung und KI-Tools, kein weiterer KI-Bezug 2025-11-13 · Halbjahresfinanzbericht 2025 — gleichlautender Satz zu Digitalisierung und KI-Tools, kein weiterer KI-Bezug 2025-08-14 · Geschäftsbericht 2024 — KI bei Performance-Analysen und Überwachung von Windenergieanlagen im Einsatz 2025-03-27

Rated on October 11, 2026 · How the Rating Is Built

The company

About the Company

Die PNE AG befasst sich mit der Planung, Errichtung und dem Betrieb von Windparks und Umspannwerken in Deutschland und international. Das Unternehmen ist in drei Segmenten tätig: Projektentwicklung, Stromerzeugung und Service-Produkte. Es ist in der Entwicklung und dem Verkauf von Onshore- und Offshore-Windenergie aktiv; ferner in der Photovoltaik (PV) mit Hybridlösungen für Wind, PV, Batterie- und Wasserstoffspeicher; in der technischen und kaufmännischen Betriebsführung; im Baumanagement und Netzanschluss; in Finanzdienstleistungen; in technischen Prüfungen sowie in Energieversorgungsdienstleistungen. Das Unternehmen firmierte zuvor als PNE WIND AG und änderte seinen Namen im Juni 2018 in PNE AG. Die PNE AG wurde 1995 gegründet und hat ihren Sitz in Cuxhaven, Deutschland.

ISIN
DE000A0JBPG2

Data as of: October 11, 2026 · symbol.source_foreign

Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.

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