PNE Stakes Shift Both Ways as Delayed Wind Farm Sales Force 2026 Guidance Down

Morgan Stanley has lifted its aggregate holding in PNE to 52.15%, up from 50.07%, according to a mandatory disclosure tied to a threshold crossing on 8 October. The filing attributes the increase to the acquisition of client securities over which Morgan Stanley & Co. International plc holds a usage right — a detail that makes clear the total includes instruments rather than outright share positions alone. PNE's own corporate site listed Photon Management at a 48.68% share stake as of 20 October, with the aggregate figure including further voting rights also shown at 52.15%.

Moving the other way, Union Investment Management reported a reduced stake on 20 October, with its aggregate share falling to 2.96% from 4.83% including instruments. The relevant threshold was breached on 19 October. The entire new position now consists of share voting rights, with instruments listed at 0.00%; in the prior disclosure, share voting rights alone had accounted for 3.06%. The decline therefore reflects more than just a drop in the instrument component.

Wind Farm Sales Slip Into 2027

Behind the register movements sits a tougher operating picture. Roughly three weeks ago PNE cut its guidance for the 2026 financial year, setting group EBITDA at EUR 60m to 75m against a previous range of EUR 90m to 120m. The company pointed to postponed project sales, delayed approval procedures and a decision to retain certain wind farms in its own portfolio. The projects affected are now expected to be realised in 2027. Up to the guidance revision, the group had sold eleven projects with a combined capacity of around 361 MW.

Normalised earnings expectations came down as well. PNE set a range of EUR 65m to 80m for normalised EBITDA, compared with EUR 110m to 140m previously.

MPCM Trims Target but Keeps Buy Rating

Around two weeks ago, MPCM cut its price target to EUR 7.60 from EUR 12.00 while reaffirming its buy recommendation. According to dpa-AFX, analyst Philipp Kaiser justified the move with more cautious business expectations for 2027, reducing his EBITDA forecast for the coming year by 25%.

PNE is scheduled to publish its quarterly statement for the third quarter of 2026 on 12 November.