PNE Share Loses: PNE Sees Speculation-Driven Share Price Slide - Annual Forecast 2024 Confirmed, Operationally on Track

Cuxhaven, Germany - The PNE share has come under pressure in recent trading days, with significant price losses. From the company's point of view, these sharp price losses are incomprehensible and driven by speculation, PNE announced.

Per Hornung Pedersen, CEO of PNE AG: “ From our point of view, there is no reason for the share price slide in the development of PNE’s business or in the fundamentals. On the contrary: as already explained in the report on the first half year, the operational development is progressing well and we are on schedule. We continue to confirm our guidance of an EBITDA of euro 40 to 50 million for the 2024 fiscal year and are confident that we will achieve this. We also believe we are well positioned for the years after 2024.”

One reason for the fall in the PNE share price could also be the activities of Helikon Investments Limited. According to the German Federal Gazette, the short seller has increased its net short positions from 1.00 percent at the end of April 2024 to 2.21 percent (August 22, 2024). In contrast, Arrowstreet Capital has kept the proportion of net short positions in PNE shares constant at 0.5 percent since May 2023.

In the half-year report 2024, PNE had pointed out delivery and weather-related delays in construction, but confirmed the 2024 guidance. At the end of the first half of 2024, ten wind farms with a total nominal capacity of 226 MW (prior year period: 183 MW) were under construction in Germany and France. A further 118 MW were awarded in tenders by the Federal Network Agency in the first half of the year.

Despite the sale of the US business, the nominal output of the PNE pipeline for wind and photovoltaic projects increased from 16,590 megawatts (MW) in the same period of the previous year to 17,937 MW.

Source: IWR Online, Aug 08 2024