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Edge28 Nov 2025
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PGE Polska Grupa Energetyczna (PGE) investor relations material
PGE Polska Grupa Energetyczna Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary26 Nov, 2025
Executive summary
Q3 2025 recurring EBITDA rose 20% to nearly PLN 3 billion, with 9M 2025 recurring EBITDA up 45% year-on-year, driven by capacity market revenues, improved margins, and lower CO2 costs.
Q3 2025 sales declined 11% year-on-year to PLN 13,785m, and 9M 2025 sales fell 4% to PLN 44,756m.
Net profit to equity dropped 24% in Q3 2025 and swung to a net loss of PLN 6.6bn in 9M 2025, mainly due to PLN 9bn in impairments in Coal Energy and Renewables.
Major investment focus on renewables, especially the Baltica 2 offshore wind project, which is on schedule and on budget, with project finance secured.
The group operates mainly in Poland, focusing on electricity generation, distribution, trading, heat generation, and related services.
Financial highlights
Q3 2025 recurring EBITDA: PLN 2,957m (+20% y/y); 9M 2025 recurring EBITDA: PLN 10,560m (+45% y/y).
Q3 2025 net profit to equity: PLN 552m (-24% y/y); 9M 2025 net loss to equity: PLN -6,638m.
Major impairment write-downs: PLN 8,650m in Coal Energy, PLN 402m in Renewables.
CAPEX in 9M 2025: PLN 7,580m (+5% y/y), focused on renewables, distribution, and gas-fired generation.
Net debt at Q3 2025: PLN 400m, with net debt/LTM EBITDA at 0.02x.
Outlook and guidance
Strategy to 2035 focuses on decarbonisation, investments in renewables, gas, and grid modernisation, with a target of climate neutrality by 2050.
Expecting lower EBITDA in renewables due to reduced balancing market revenue and green certificate prices, but higher capacity market revenues and improved tariff margins are expected to support future EBITDA.
Ongoing investments in renewables and gas-fired generation to drive long-term growth.
Regulatory changes continue to impact tariffs and compensation mechanisms for electricity prices.
NABE abandonment: impact on coal assets
PDPF contribution interpretation dispute
Baltica 2 & RRP loans: financing strategy
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Next PGE Polska Grupa Energetyczna earnings date
Q4 202515 Apr, 2026
Next PGE Polska Grupa Energetyczna earnings date
Q4 202515 Apr, 2026
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