ENEA (ENA) investor relations material

Executive summary

• Net profit for the nine months ended 30 September 2025 was PLN 2,722 million, reflecting disciplined execution of a low-emission strategy and significant investments in grid expansion and renewables.

• Revenue from sales for the period was PLN 20,208 million, a decrease from PLN 22,878 million in the prior year, due to lower energy prices and demand.

• EBITDA for the period reached PLN 4.7 billion, compared to PLN 5,209 million in the previous year.

• Investments in grid modernization, digitization, and flexibility totaled PLN 1.5 billion, with a focus on enabling new connections and supporting the energy transition.

• The group is advancing decarbonization, expanding gas and biomass capacity, and prioritizing storage and renewables, with over 500 MW in storage permits and significant wind and PV projects underway.

Financial highlights

• Revenues declined 20% year-over-year due to lower energy prices and demand, with EBITDA halved compared to the previous year.

• Positive net cash position, with cash exceeding debt, though upcoming ETS purchases will impact liquidity.

• Distribution segment saw stable performance, while trade and retail posted record EBITDA, driven by one-off compensation and optimization.

• Generation and mining segments experienced lower revenues and margins, mainly from falling electricity and coal prices.

• Net cash flows from operating activities increased to PLN 9,203 million from PLN 7,782 million year-over-year.

Outlook and guidance

• Market volatility and regulatory changes present ongoing challenges, but stable EBITDA margins are expected to continue.

• Major investment programs in distribution, renewables, and storage will continue, supported by subsidies and cheap loans, with a focus on maximizing co-funding to mitigate customer impact.

• The group is preparing for further energy transition, with a strong emphasis on digitalization, ESG, and local supply chain development.

• Focus remains on diversifying external financing sources to support investments in low-carbon energy, renewables, and grid modernization.

• Ongoing transformation of coal assets towards low-carbon generation and expansion of renewable energy and storage capacities.