PNE : Webcast presentation

Q1 | 2024

INVESTOR RELATIONS PRESENTATION

8 May 2024

DISCLAIMER

This presentation is for information purposes only and does not constitute a public offer or invitation to subscribe for or purchase any securities of PNE AG and neither this presentation nor anything contained herein shall form the basis of any contract or commitment whatsoever. This presentation is being furnished to you solely for your information and may not be reproduced or redistributed to any other person in whole or in part.

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2 Investor Relations Presentation | May 2024

OPERATING BUSINESS DEVELOPS WELL IN Q1 - GOOD START TO THE YEAR

Operational Highlights Q1 2024:

• 25.3 MW of wind projects put in operation
• Role as Independent Power Producer (IPP) strengthened by expansion of own wind generation portfolio to 645 MW in operation or under construction
• 370 MW in operation (Q1 23: 321 MW); 276 MW are under construction - intended for own portfolio
• Successful with three projects (26.4 MW) submitted in February tender in Germany; 91.5 MW submitted in May tender
• Permits for two wind farms with 40 MW received in Q1
• 240 MWp PV project sold in South Africa
• Project pipeline increased by 43% yoy to another record level of 19.8 GW/GWp
• Power generation output grows by 16% yoy to 247 GWh due to increased installed base and improved wind yields
• Service business performs well; order book grows to 2.900 MW in O&M

IPP

generation output

247

GWh

Total pipeline	Own wind
Wind & PV	generation portfolio*
19,805	370
MW / MWp	MW

Projects

under construction

276

MW

3 Investor Relations Presentation | May 2024

* in operation as of March 31, 2024

EXPANSION OF OWN GENERATION PORTFOLIO CONTINUES

645 MW IN OPERATION OR UNDER CONSTRUCTION

• 370 MW of onshore wind projects in operation at the end of Q1 2024
• The dismantling of an old wind farm for repowering (Papenrode, 19 MW) was offset by the partial commissioning of two new wind farms Schenklengsfeld (13.2 MW) and Heitzelberg (5.5 MW)
• Further approx. 276 MW in Germany and France intended for portfolio were under construction at the end of Q1 2024*
• Well on the way to increase portfolio to 1,500 MW/MWp by 2027
• 247 GWh (+ curtailments 10 GWh) of green energy produced in Q1 2024; increase of 16% compared to Q1 2023 (213 GWh)
• 186 kt CO2 saved in Q1
• Hidden reserves accumulated in portfolio to € 214.2 m (Q1 23: € 168.9 m)

Development of portfolio (in MW)

750

500

250

0

2020	2021	2022	2023	Q1 2024
		Wind in operation	under construction

* The final allocation of the wind farms to our own operations or sale will be made after the wind farms are commissioned

4 Investor Relations Presentation | May 2024

PROJECT PIPELINE AT ANOTHER RECORD HIGH: 19.8 GW/GWp, +43% yoy

LAYING THE GROUND FOR REALIZATION OF SCALE UP 2027 TARGETS

Total pipeline grew to 19,805 MW/MWp

(Q1 23: 13,814 MW/MWp), +5,991 MW/MWp yoy

Number of projects under development increased by 10% to more than 350 (Phase 1-4)

Whereby:

• Wind onshore pipeline up to 9,794 MW (Q1 23: 8,414 MW), +1,380 MW yoy
• PV pipeline increased to 7,511 MWp
  (Q1 23: 5,400 MWp), +2,111 MWp yoy
• Wind offshore projects added to pipeline in 2023: 2,500 MW (2,000 MW in Vietnam and 500 MW in Latvia via JV)

Development of project pipelines (in MW/MWp)

20.000

15.000

10.000

5.000

0

2020	2021	2022	2023	Q1 2024
Wind onshore (MW)	PV (MWp)	Wind offshore (MW)

5 Investor Relations Presentation | May 2024

PROJECT PIPELINE WIND ONSHORE INCREASED BY 1.4 GW

821 MW IN PERMITTING PHASE IN GERMANY AND FRANCE

Country		I - II		III		IV		Total MW		Sold/
					Services
Germany		1,712		623		265		2,600		85
France		330		198		11		539		0
United Kingdom		0		43		0		43		0
Italy		0		0		0		0		0
Canada		505		0		0		505		0
Panama		224		68		0		292		0
Poland		1,391		0		0		1,391		0
Romania		0		0		0		0		0
Spain		210		0		0		210		0
South Africa		2,427		40		0		2,467		140
Sweden		300		0		0		300		0
Turkey		629		71		0		700		0
USA		577		169		0		746		0
Total		8,305		1,213		276		9,794		225
Phase I - II = Exploration & Development				as of March 31, 2024
Phase III = Planning
Phase IV = Implementation till handover
Sold/Services = sold, but construction management services by PNE

• Total pipeline grew to 9,794 MW (Q1 23: 8,414 MW), +1,380 MW yoy

Germany

• Increase of German pipeline to 2,600 MW (Q1 23: 2,349 MW) - 623 MW in permission status
• Wind farms Heitzelberg (5.5 MW) and Schenklengsfeld (13.2 MW) completed and put in operation for own generation portfolio
• One wind farm (6.6 MW) completed for external investor
• 265 MW are under construction
• Successful with three projects (26.4 MW) submitted in February tender; 91.5 MW submitted in May tender
• Permits for two wind farms with 40 MW in Q1

France

• One project under construction (11 MW)

6 Investor Relations Presentation | May 2024

STRONG GROWTH OF PV PIPELINE CONTINUES

PV PIPELINE GREW BY 39% yoy

Country		I - II		III		IV		Total		Sold/
				MWp		Services
Germany		556		119		0		675		0
France		147		23		0		170		0
Italy		412		65		0		477		114
Canada		522		0		0		522		0
Poland		448		125		0		573		0
Romania		765		49		0		814		208
Spain		1041		3		0		1044		511
South Africa		1865		0		0		1865		240
USA		1372		0		0		1372		0
Total		7.128		383		0		7.511		1.073
Phase I - II = Exploration & Development				as of March 31, 2024
Phase III = Planning
Phase IV = Implementation till handover

Total PV pipeline grew to 7,511 MWp (Q1 23: 5,400 MWp) +2,111 MWp yoy

• Additional markets and projects are being evaluated
• Maintenance of 1.073 MWp as service provider

South Africa

• Sale of 240 MWp PV project

7 Investor Relations Presentation | May 2024

FINANCIALS REFLECT HIGH CONSTRUCTION ACTIVITY FOR IPP BUILD UP

Financial Highlights Q1 2024:

• Total output grew by 25% to € 57.0m (Q1 23: € 45.3m) - highest Q1 output number in PNE history
• EBITDA stable at € 8.5m (Q1 23: € 8.6m)
• € 5.7m net increase in hidden reserves in Q1 2024; EBITDA adj. at €14.2m
• Cash position increased to € 130.1m (FY 23: € 90.4m)
• Book equity declined slightly to € 204.0m (FY 23: € 208.1m), but hidden reserves of € 214.2 m accumulated in IPP portfolio

	Total Output
	57.0
	€ m
EBITDA	Equity
8.5	204.0
€ m	€ m

Cash

130.1

€ m

8 Investor Relations Presentation | May 2024

INCREASE OF TOTAL OUTPUT DRIVEN BY IPP BUILD UP

STABLE BUSINESS ACCOUNTS FOR MORE THAN 60% OF EBITDA BEFORE CONSOLIDATION

• Total output grew by 25% to € 57.0m
• EBITDA stable at € 8.5m (-1%)
• EBITDA adj. (incl. hidden reserves) at € 14.2m
• Operating performance and earnings mainly driven by:
• • Results from Power Generation (ca. 56% of group EBITDA before consolidation in Q1)
  • General contractor and project development services for wind farm projects
  • Internal sales related to build-up of own generation portfolio
  • Strong performance of Services business especially with regard to O&M
• Cost of materials increased due to high construction activity for German IPP projects as well as higher project development cost for larger project pipeline
• Personnel expenses increased, driven by increase of number of employees (+68) and higher salaries

In € m		Q1 2024		Q1 2023
Sales		31.4		32.2
Work in progress		21.5		10.9
Other income		4.1		2.2
Total output		57.0		45.3
Cost of materials		-28.0		-16.4
Personnel		-12.4		-10.3
Others		-8.1		-10.1
EBITDA		8.5		8.6
Depreciation		-7.4		-7.8
EBIT		1.1		0.8
Financial result		-2.3		-4.8
EBT		-1.2		-4.0
Taxes		-3.4		-2.2
Non-controlling interests		-0.1		-0.4
Net income		-4.5		-5.8
EPS (in €)		-0.06		-0.08
EPS (in €) Diluted		-0.06		-0.08

9 Investor Relations Presentation | May 2024

GROWTH ACROSS ALL SEGMENTS IN Q1 - LED BY PROJECT DEVELOPMENT

HIGH CONSOLIDATION EFFECTS IN Q1 DUE TO TRANSFER OF PROJECTS INTO IPP PORTFOLIO

Project development

• Project development output* increased to € 54.4 (+162%) due to high construction and development activity
• EBITDA* increased to € 13.4m (Q1 23 €-6.1m)

Power generation

• Power generation output* increased to € 26.1m (+14%), larger installed base and improved wind yields overcompensate for lower power prices
• EBITDA* increased to € 20.1 (+34%)

Services

Total output

In € m

100

80

60

40

EBITDA

In € m

40

30

20

10

0

• Services output* grew to € 8.1m (+20%), driven by strong order entry
• EBITDA* up to € 2.5m (+23%)

Consolidation

» Key driver of consolidation is the transfer of projects from Project

development segment into own IPP portfolio (Power generation)

20

0

Q1/23 Q1/24

-20

-40

-10-20-30

Q1/23 Q1/24

»	Consolidation Total output € -31.7m (Q1 23: € -5.1m)
»	Consolidation EBITDA € -27.5m (Q1 23: € -2.4m)

* Before consolidation

Project Development Services

Power Generation

Consolidation

10 Investor Relations Presentation | May 2024