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Investor Relations14 Oct 2025
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Polenergia (PEP) investor relations material
Polenergia Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2025 earnings summary21 Aug, 2025
Executive summary
Offshore wind projects Bałtyk 2 & 3 (1,440 MW) reached final investment decision with secured financing; Bałtyk 1 (1,560 MW) applied for auction prequalification.
Revenue for H1 2025 was PLN 2,317.9m, up 10.4% year-over-year, but the period ended with a net loss of PLN 39.8m due to asset impairments and margin pressure.
Adjusted EBITDA for H1 2025 was PLN 312.9m, down from PLN 394.6m in H1 2024, reflecting margin pressure and one-off impairment charges.
Strong liquidity position (PLN 1,764m cash) and robust capital structure, with major investments funded by green bonds and KPO loans.
Strategic focus on large-scale RES projects, storage development (500 MW pipeline), and phasing out non-core operations.
Financial highlights
H1 2025 revenues (excluding Trading & Sales): PLN 487.1m, down 21% year-over-year; total H1 2025 revenue: PLN 2,317.9m, up 10.4% year-over-year.
H1 2025 EBITDA: PLN 312.9m, down 21% year-over-year; Q2 2025 EBITDA: PLN 151.0m, nearly flat year-over-year.
H1 2025 net profit (normalized): PLN 80.6m, down 72% year-over-year; reported net loss: PLN 39.8m due to impairments and one-off costs.
One-off costs: PLN 31m for Deal Contingent Hedge transaction, PLN 59m interest on bonds and KPO financing; significant asset impairments in photovoltaics (PLN 71m) and hydrogen (PLN 21m).
Operating cash flow was negative at PLN -221.8m, compared to PLN -453.0m in H1 2024.
Outlook and guidance
89% of 2026 production hedged at prices above current market rates (PLN 397/MWh), ensuring revenue predictability.
Offshore wind projects expected to deliver first energy in 2027 (Bałtyk 2 & 3) and 2032 (Bałtyk 1), with long-term CfD contracts indexed to Polish inflation.
Capital expenditure for 2025 is planned at PLN 1,232m, focusing on wind, photovoltaics, distribution, and hydrogen projects.
No dividend distribution is planned for 2025; focus remains on reinvestment and project development.
Continued focus on expanding RES capacity, storage, and PPA sales, with further asset refinancing planned to support growth.
Future strategy post-impairment charges
Tauron settlement's impact on litigation risk?
2025 capex funding sources and allocation
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Next Polenergia earnings date
Q3 202520 Nov, 2025
Next Polenergia earnings date
Q3 202520 Nov, 2025
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