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ENEA (ENA) investor relations material

ENEA Q4 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q4 2025 earnings summary14 Apr, 2026

Executive summary

  • Achieved net profit of PLN 1.77 billion, up 85% year-over-year, with EBITDA at PLN 5.62 billion, down 17%.

  • Revenue from sales and other income fell 15% to PLN 28.1 billion, mainly due to lower electricity prices and volumes.

  • Significant investments in renewables, grid modernization, and new gas-fired generation; CAPEX reached PLN 6.2 billion, up 83%.

  • Launched largest investment program in company history, including acquisitions of wind and PV projects and construction of CCGT units.

Financial highlights

  • Net profit: PLN 1.77 billion (up 85% y/y); EBITDA: PLN 5.62 billion (down 17% y/y).

  • Revenue: PLN 28.1 billion (down 15% y/y); net debt: PLN 2.71 billion (down 14% y/y).

  • Earnings per share: PLN 3.43 (up 30% y/y).

  • CAPEX: PLN 6.21 billion (up 83% y/y), with major outlays in renewables and distribution.

Outlook and guidance

  • Continued focus on energy transition, with further investments in renewables, energy storage, and grid upgrades.

  • Anticipates volatility in fuel and CO2 prices, and potential margin pressure in Generation.

  • Distribution remains stable; 2026 tariff approved, supporting long-term investment programs.

Impact of Tariff G provision on 2026 margins
KPO loan impact on distribution segment RAB
Drivers of 2025 asset impairment in generation
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