Q3 2024 PNE AG Earnings Call Transcript
Key Points
- PNE AG (XTER:PNE3) achieved a 34% increase in total output to EUR210.9 million, marking the highest 9-month number in the company's history.
- The company's power generation portfolio grew from 321 megawatts last year to 412 megawatts by the end of September 2024.
- PNE AG successfully sold its US business and several international projects, contributing to a robust project pipeline of 17.8 gigawatts.
- The service business managed a capacity of more than 2.9 gigawatts, indicating strong operational performance.
- The company anticipates a strong fourth quarter, with expected project sales and milestone payments to improve financial metrics.
- EBITDA decreased by 62% to EUR6.2 million due to high construction activities and delayed commissioning of wind farms.
- Equity declined to EUR155.5 million from EUR208 million at the end of last year, impacting the equity ratio.
- The company faced challenges such as supply bottlenecks, unfavorable weather conditions, and lower power prices.
- There was a significant decrease in EBITDA for the IPP portfolio despite an increase in revenue, attributed to poor wind yields and lower power prices.
- The equity ratio fell to 12.2%, raising concerns about the need for future capital increases to support growth.
Good morning, everyone, also from my side. Thank you for joining us today in this conference call regarding the results of the third quarter 2024. My name is Per Hornung Pedersen, currently Interim CEO of PNE AG, and I'm accompanied by colleagues, Harald Wilbert, CFO; and Roland Stander, COO. So let me first give you an overview of the presentation and the course of today's conference call on slide 3 of the presentation. As usual, we will begin with a brief summary followed by an update regarding the operating business.
Then I will pass over to Harald for an update on the financials. I will conclude the presentation with some comments and remarks on the outlook for the remainder of 2024. As always, we will then open the line for the sell-side analysts only. All our participants will stay in listen-only mode as it is our company procedure for years. As usual, our slides can be found on our Investor Relations website.
So please go to slide number 5. In operational terms, I think we made good progress for the first nine
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