CUXHAFEN (dpa-AFX) - The wind power and photovoltaic project developer PNE aims to generate at least a stable profit in its day-to-day business this year. Earnings before interest, taxes, depreciation and amortization (EBITDA) should reach between 40 and 50 million euros in 2024, the company announced in Cuxhafen on Wednesday. Analysts had expected more. Last year, PNE earned euro 39.9 million, almost 13 percent more than in 2022. The company thus reached the upper end of its own target range and exceeded analysts' expectations. The PNE share fell after the news.

The SDax-listed stock temporarily slipped to its lowest level in two months with a discount of over 4 percent, but was then able to stem the price losses somewhat. At lunchtime, the share was still down by around half a percent.

Shareholders incurred a loss of 9.6 million euros last year, mainly due to higher interest rates, after a profit of 14.9 million euros in 2022. As in the previous year, shareholders are to receive both a regular distribution and a special dividend of 0.04 euros per share for 2023.

Group CEO Markus Lesser believes the company is well positioned for the future. "The project pipeline has reached another record high," he said according to the press release. The manager will relinquish his post at the end of July.

In a conference call with investors, he also commented on the planned sale of the North American business. The company has been working towards this for over a year, but no deal has yet been concluded. A potential buyer backed out at the end of last year. According to Lesser, there is now a new interested party with whom PNE has signed a letter of intent.

In 2023, the company had wind projects of 746 megawatts in the USA, which accounted for a good 8 percent of the entire project pipeline. In addition, there were photovoltaic projects of 1372 megawatts, which corresponded to a good 18 percent of the total projects.

According to Lesser, the price must also be right for a complete sale of the segment. Alternatively, PNE could sell its projects individually. According to the annual report, a continuation of the US business is also not ruled out. The prerequisite for this would be a change in corporate strategy or a positive market outlook for PNE./lew/stw/mis