PannErgy cuts heat sales 9 percent. EBITDA target holds for PannErgy stock

Published on 10/16/2026 at 09:18 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Heat sales fell 9 percent. PannErgy stock is EUR 7.78 on October 16, 2026, and EBITDA stays HUF 4.30 billion to HUF 4.45 billion.

Heat sales and earnings target

PannErgy sold 161,935 gigajoules of heat in the third quarter of 2026, down 9 percent year over year.
OTP raised its 12-month price target from HUF 3,057 to HUF 3,107 on October 7, 2026.
PannErgy stock trades at EUR 7.78 at 9:11 a.m. CEST at Lang & Schwarz on October 16, 2026.

PannErgy, HU0000089867, Illustration mit AI erstellt.

PannErgy (ISIN HU0000089867) sold 161,935 gigajoules of heat in the third quarter of 2026, down 9 percent from the same period a year earlier. Portfolio reported on October 16, 2026 that the company nevertheless maintained its 2026 consolidated IFRS EBITDA forecast of HUF 4.30 billion to HUF 4.45 billion.

Heat sales weaken in the third quarter

The result missed PannErgy's own quarterly plan of 178,313 gigajoules by 9.20 percent. The company attributed the shortfall to warmer weather and greater fossil-fuel use in the Miskolc district heating system, while Gyors performance also declined.

Miskolc heat sales fell 11.90 percent year over year to 64,254 gigajoules, and Gyors volume declined 7.70 percent to 95,938 gigajoules. The nine-month total still reached 1.163 million gigajoules, an increase of 0.30 percent from the comparable period of 2025.

What supports the earnings target?

The unchanged EBITDA target gives investors a clear counterweight to the weak quarter. It also follows a stronger first half, when PannErgy reported HUF 4.375 billion of revenue, HUF 1.661 billion of EBITDA and HUF 619 million of net profit. Those figures were reported for the six months ended June 30, 2026 by OTP Bank.

Three dated developments

On September 21, 2026, PannErgy's first-half revenue was reported at HUF 4.375 billion, up 6 percent year over year, while net profit rose 75 percent to HUF 619 million, according to Portfolio.

On October 7, 2026, OTP raised its 12-month target from HUF 3,057 to HUF 3,107, a 1.60 percent increase, as reported on October 8, 2026 by Portfolio. On October 16, 2026, third-quarter heat sales were reported at 161,935 gigajoules and the EBITDA target remained HUF 4.30 billion to HUF 4.45 billion.

Stock price and investor context

PannErgy's operating picture now contains two competing signals: weaker heat volumes in the latest quarter and a still-positive full-year earnings target. The first-half net profit of HUF 619 million was 75 percent above the prior-year figure, but the third-quarter volume decline puts greater weight on pricing, weather and the mix of energy sources.

Lang and Schwarz quote

PannErgy stock was trading at EUR 7.78 at Lang & Schwarz on October 16, 2026 at 9:11 a.m. CEST. The Budapest-listed company is classified in the utilities sector, and its primary listing is on the Budapest Stock Exchange.

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