PannErgy stock: PannErgy reports weaker third-quarter heat sales

Published on 10/24/2026 at 00:19 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

PannErgy sold 161,935 GJ in the third quarter, down 9.00 percent year over year. PannErgy stock retains a HUF 4.30-4.45 billion EBITDA target for 2026.

Heat sales and earnings target

PannErgy sold 161,935 gigajoules of heat in the third quarter reported on October 16, 2026.
First-half EBITDA reached HUF 1,661 million against a 2026 target range of HUF 4.30-4.45 billion.
OTP Bank lifted its 12-month target to HUF 3,107 on October 7, 2026.

PannErgy, HU0000089867, Illustration mit AI erstellt.

PannErgy (ISIN HU0000089867) sold 161,935 gigajoules of heat in the third quarter, 9.00 percent below the 177,937 gigajoules recorded a year earlier. The October 16, 2026 report also showed the company maintained its 2026 consolidated IFRS EBITDA target of HUF 4.30-4.45 billion, as Portfolio reported.

Third-quarter heat sales weakened

The quarter fell short of PannErgy's internal plan as well as the prior-year comparison. Actual heat sales were 9.20 percent below the 178,313 gigajoules planned for the quarter, while warmer weather and greater fossil-fuel use in Miskolc weighed on geothermal demand, according to Portfolio.

The nine-month picture was firmer. PannErgy sold 1.163 million gigajoules from January through September, up 0.30 percent from the same period of 2025. Miskolc heat sales fell 11.90 percent to 64,254 gigajoules, while Gy?r declined 7.70 percent to 95,938 gigajoules.

What does the target mean?

The earnings target depends on the company converting stronger first-half profitability into a colder and more active heating season. In the first half of 2026, EBITDA reached HUF 1,661 million, while operating profit was HUF 517 million and net profit was HUF 619 million, according to OTP Bank.

Three dates frame the story

On September 24, 2026, OTP Bank highlighted first-half heat-sales revenue growth of 6.10 percent and heat volumes above 1 million gigajoules. On October 7, 2026, OTP raised its 12-month target from HUF 3,057 to HUF 3,107, as Portfolio reported. On October 15, 2026, PannErgy published its third-quarter production report through the Budapest Stock Exchange.

Next dividend date

The next dated event identified for shareholders is the second installment of the dividend for fiscal year 2025, scheduled for March 8, 2027. OTP Bank also reported that the first installment was HUF 63.40 per share and the second installment is HUF 74.60 per share.

Heat demand is the key variable

PannErgy's latest figures put the investment case between resilient first-half profitability and a weaker third-quarter operating trend. The 2026 EBITDA range remains the central benchmark for judging whether tariff changes can offset softer heat volumes.

The further course of trading is shown by the continuously updated real-time quote of PannErgy stock.