PannErgy reports weak heat sales. OTP raises target for PannErgy stock to HUF 3,107

Published on 10/20/2026 at 10:36 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Third-quarter heat sales fell 9.00 percent from 2025. PannErgy stock trades at EUR 7.76 on October 20, 2026.

Heat sales and targets

PannErgy sold 161,935 GJ of heat in the third quarter on October 16, 2026.
OTP raised its target from HUF 3,057 to HUF 3,107 on October 7, 2026.
PannErgy stock trades at EUR 7.76 at 10:32 a.m. CEST at Lang & Schwarz on October 20, 2026.

PannErgy, HU0000089867, Illustration mit AI erstellt.

PannErgy (HU0000089867) sold 161,935 gigajoules of heat in the third quarter of 2026, down 9.00 percent from the year-earlier period. The October 16, 2026 production update also kept the 2026 IFRS EBITDA guidance at HUF 4.30 billion to HUF 4.45 billion, as reported by Diplomacy and Trade.

Heat volumes missed the plan

The quarter's heat sales were 9.20 percent below PannErgy's target of 178,313 gigajoules. Miskolc sold 64,254 gigajoules, down 11.90 percent year over year, while Gy?r sold 95,938 gigajoules, down 7.70 percent, according to Portfolio. Yet heat sales for the first nine months reached 1.163 million gigajoules, up 0.30 percent from the comparable 2025 period.

What does the target imply?

The maintained EBITDA range gives investors a measurable counterweight to the weak quarter. PannErgy reported HUF 4.375 billion in consolidated revenue and HUF 619 million in net profit for the first half of 2026, with net profit up 75.00 percent from HUF 353 million, according to Diplomacy and Trade.

Three dates shape the case

On September 20, 2026, first-half revenue reached HUF 4.375 billion and net profit HUF 619 million. On October 1, 2026, PannErgy reaffirmed its HUF 4.30 billion to HUF 4.45 billion EBITDA plan after new regulated heat tariffs took effect, as Portfolio reported. On October 16, 2026, third-quarter heat sales came in at 161,935 gigajoules.

OTP's October 7, 2026 analysis raised its 12-month target from HUF 3,057 to HUF 3,107, according to Portfolio. The next stated payment date is March 8, 2027, for the second dividend installment.

Price stays in euro view

PannErgy was trading at EUR 7.76 at Lang & Schwarz on October 20, 2026, at 10:32 a.m. CEST. The quotation reflects the German market perspective, while the company's primary listing is in Budapest.

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