ENEA (ENA) investor relations material

Executive summary

• Significant improvement in financial results across multiple business areas in H1 2025, with net profit reaching PLN 2,023 million, up from PLN 1,970 million in H1 2024, and comprehensive income at PLN 1,969 million.

• Revenue from sales for H1 2025 was PLN 13,765 million, a decrease from PLN 15,235 million in H1 2024, but profitability improved due to cost control and one-off compensation.

• Key strategic investments launched, including new low-emission gas blocks, modernization of distribution infrastructure, and significant renewables expansion.

• Robust financial stability achieved, enabling further steps in decarbonization and digital transformation.

• The group continued its focus on transformation towards low-carbon energy and renewables, with major investments in property, plant, and equipment.

Financial highlights

• EBITDA for H1 2025 was PLN 2,804 million, with the distribution segment contributing a 51.1% margin and trade 4.6%.

• Net profit attributable to shareholders was PLN 1,925 million, with EPS at PLN 3.63 for H1 2025.

• Revenue declined due to lower electricity prices, a trend observed for three years.

• One-off events: PLN 145 million compensation in mining (Bogdanka) and prior year asset write-off.

• Cash flows from operating activities were PLN 6,584 million, up from PLN 3,963 million in H1 2024.

Outlook and guidance

• Continued focus on renewables, energy storage, and grid modernization, with diversification of external financing sources.

• No major renewable acquisitions planned for H2 2025; focus on internal project execution.

• Investment plan of over PLN 40 billion until 2030, with significant EU funding support.

• No work is being carried out on the separation of coal assets to the National Energy Security Agency; the concept was deemed not economically justified.

• Dividend policy remains, but payouts will be modest due to high investment needs.