PNE AG Receives "Buy" Rating from First Berlin Equity Research

First Berlin Equity Research has reaffirmed its "Buy" rating for PNE AG, setting a price target of EUR 19.00. Analyst Dr. Karsten von Blumenthal released a research update evaluating PNE's performance in the third quarter of 2025. The firm's EBITDA rose significantly to €21.9 million, surpassing expectations, mainly due to wind farm sales and improved performance in the Power Generation segment.

The management anticipates more project sales in Germany, Poland, and France, along with milestone payments in the fourth quarter. Consequently, they maintain their EBITDA guidance for 2025 between €70 million and €110 million. A consistent sum-of-the-parts valuation supports the unchanged price target of EUR 19. The analysis reaffirms the company's potential for an 83% upside.