ENEA (ENA) Q1 2025 earnings summary

Executive summary

• Q1 2025 marked a stable start with continued execution of strategic investments in renewables and grid modernization, supporting a low-emission energy mix.

• Net profit for Q1 2025 reached PLN 1,154.99 million, up from PLN 1,038.63 million in Q1 2024, with comprehensive income at PLN 1,145.95 million.

• Revenue from sales for Q1 2025 was PLN 7,413.86 million, a decrease from PLN 7,873.54 million in Q1 2024.

• EBITDA for Q1 2025 was PLN 1,657.58 million, compared to PLN 1,566.80 million in Q1 2024.

• Workforce of 18,000 experts supports operational excellence and project delivery.

Financial highlights

• Revenue declined year-over-year due to lower energy prices, but EBITDA increased slightly compared to Q1 2024.

• EBITDA margin improved as a result of higher profitability on lower revenues.

• Net cash flows from operating activities were PLN 878.83 million, with cash and cash equivalents at period end of PLN 5,068.10 million.

• Net debt to EBITDA improved, reflecting effective cost management and CO2-related outflows.

• One-off event in Bogdanka contributed PLN 40 million to results.

Outlook and guidance

• Coal production and sales expected to remain stable, with prices anticipated to stabilize at rational levels.

• Distribution segment to benefit from increased WRA and WACC, with significant external funding secured.

• Legislative changes, capacity market auctions, and further renewables integration will shape the year.

• The Group will focus on diversifying external financing sources, supporting investments in low-carbon energy, renewables, energy storage, and distribution.

• Sales margins expected to normalize as market returns to pre-crisis conditions.