Polenergia (PEP) Q4 2025 earnings summary

Executive summary

• Achieved PLN 4,225.8 million in revenues (including Trading segment) and PLN 519.1 million adjusted EBITDA for 2025, with adjusted net profit at PLN 47.3 million.

• Net profit for 2025 reached PLN 87,356 thousand, up from PLN 71,034 thousand in 2024, with EPS rising to PLN 1.13 from PLN 0.92 year-over-year.

• Major progress on offshore wind projects Bałtyk 2 and 3 (1,440 MW), with project finance of EUR 5.8 billion secured and construction on schedule.

• Bałtyk 1 (1,560 MW) secured a 25-year CfD at PLN 492.32/MWh, the largest offshore wind project in the Polish Baltic Sea.

• Strategic withdrawal from non-core activities, including B2C retail and hydrogen, and sale of selected assets to focus on core renewables.

Financial highlights

• Adjusted EBITDA for 2025: PLN 519.1 million, down from PLN 642.1 million in 2024, mainly due to lower electricity and green certificate prices and weaker wind conditions.

• Sales revenue for 2025 was PLN 81,432 thousand, up from PLN 62,784 thousand year-over-year.

• Dividend income surged to PLN 559,756 thousand from PLN 129,313 thousand year-over-year.

• Net debt at year-end: PLN 1,553 million; gross debt: PLN 2,952 million.

• Strong liquidity with PLN 1,398 million in cash and PLN 548 million in available working capital loan limits.

Outlook and guidance

• Targeting 1.5 GW onshore and 3 GW offshore capacity by 2030, with EBITDA expected to reach PLN 1.6 billion.

• 92% of 2026 energy production hedged at PLN 410/MWh, above current market prices.

• Capital expenditure planned at PLN 4.6 billion by 2030, with continued focus on renewables and energy storage.

• Planned capital expenditure for 2026 is approximately PLN 367 million, mainly for offshore/onshore wind and photovoltaic projects, and the Benromach project in Romania.