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ENEA (ENA) investor relations material
ENEA Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary18 Nov, 2025
Executive summary
Net profit for the nine months ended 30 September 2025 was PLN 2,722 million, down from PLN 2,996 million year-over-year, with EBITDA for the period reaching PLN 4,111 million and revenue at PLN 20,208 million, reflecting ongoing strategic transformation and investment in low-emission and green energy projects.
Significant grid modernization and digitization underway, with 1.5 billion PLN allocated to enhance flexibility and connect new renewable sources.
Market volatility persists, with energy prices exceeding previous peaks due to higher emission allowance costs and fluctuating coal and gas spreads.
Cash position improved, with net debt reduced from 8.2 billion PLN to 6 billion PLN year-over-year.
Financial highlights
Positive net result of 2.7 billion PLN for the first three quarters, despite a 20% year-over-year revenue decline, with EBITDA margin maintained though slightly lower due to market-driven energy price declines.
Investments nearly doubled year-over-year, reaching almost 4.5 billion PLN after three quarters, with major acquisitions in renewable energy and grid modernization.
Distribution segment stable; trade segment recovered losses from prior year, with record EBITDA in retail and trade (574 million PLN and 587 million PLN, respectively).
Net cash flows from operating activities increased to PLN 9,203 million from PLN 7,782 million year-over-year.
Book value of credit facilities, loans, and debt securities decreased by PLN 124 million during the period.
Outlook and guidance
Continued focus on energy transition, with high ambitions for renewables and storage projects in the next 3–4 years, and ongoing transformation of coal assets towards low-carbon generation.
Ongoing regulatory and market challenges expected, especially regarding tariffs, WACC, and the evolving capacity market.
Investment plans and development strategies will adapt based on future WACC and regulatory decisions.
Detail KPO loan's impact on energy transition
Quantify green certificate dispute financial exposure
Analyze prosumer onerous contract provision drivers
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Q4 20259 Apr, 2026
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