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PNE AG: PNE plans to expand its own operations to up to 500 MW by the end of 2023

Cuxhaven, March 18, 2020. The Board of Management and the Supervisory Board of PNE AG due to changed framework conditions and favourable financing options have decided to strengthen PNE AG's in-house operation of wind farms and to no longer pursue current selling efforts with regard to the PNE AG wind farm portfolio, such as the proposed "wind farm portfolio 2020". It is planned to expand in-house operation of wind farms to up to 500 MW by the end of 2023. However, PNE will continue the marketing of individual wind farm projects. With such a strengthening of in-house operations, sales and earnings are likely to be stable and the volatility of results will be reduced before the strategically targeted point in time from 2023.

The results of the 2019 financial year and the liquidity level of around euro 112 million in the Group at the end of 2019 contributed to the decision by the Board of Management and the Supervisory Board of PNE AG. In 2019, PNE Group achieved EBITDA of approx. euro 31.6 million and EBIT of approx. euro 19.0 million. The guidance for Group EBITDA of euro 25 to 30 million and the guidance for the Group EBIT of euro 15 to 20 million in the 2019 fiscal year were both achieved and slightly exceeded as regards EBITDA.

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