The market has already marked PNE down, with the stock falling roughly 30% over the past month to €7.26. Today’s earnings story is less about collapse and more about a sharp sentiment clash. PNE reported revenue of €96.8m in H1 2026 and normalized earnings before interest, tax, depreciation and amortization of €27.4m. At the same time, the balance sheet strain remains clear, with net debt of €723.5m and interest coverage under pressure. The question now is whether the recent share price slide reflects those funding concerns more than the earnings performance.

Is PNE now mispriced after a 30% slide, or does the stock still look expensive given its losses and interest burden? Compare the current share price against our detailed