ENEA (ENA) Q1 2026 earnings summary

Executive summary

• Q1 2026 marked by stable financials despite market volatility and harsh winter conditions, supporting ongoing energy transition projects and digitalization efforts.

• Net profit for Q1 2026 was PLN 123,252 thousand, down from PLN 235,284 thousand in Q1 2025.

• Revenue from sales increased to PLN 3,477,345 thousand, up from PLN 3,313,553 thousand year-over-year.

• Major investments underway in gas-fired units, renewables, and energy storage, with significant EU funding secured.

• The company maintained a strong equity position with total equity at PLN 13,901,002 thousand as of 31 March 2026.

Financial highlights

• Q1 2026 revenues stable with a slight downward trend; coal prices and volumes down, leading to a 20% drop in EBITDA and margin.

• Operating profit for Q1 2026 was PLN 169,200 thousand, compared to PLN 215,192 thousand in Q1 2025.

• Distribution revenues increased, offsetting lower WACC; trading EBITDA margin rose to PLN 72 million, up PLN 140 million year-over-year.

• Received PLN 221 million from REPowerEU in Q1, with a total subsidy of PLN 1.1 billion expected.

• Cash and cash equivalents increased to PLN 3,477,165 thousand from PLN 3,442,015 thousand at year-end 2025.

Outlook and guidance

• No change to coal extraction or consumption strategy; cautious approach with flexibility for system stability.

• Focus remains on securing diversified external financing for investments, especially in low-carbon and renewable energy projects.

• Energy storage capacity to reach 1.5 GW by 2028, with national demand for storage projected at 10–12 GW by 2030.

• Continued focus on energy transition, digitalization, and customer-centric product development.

• Planned reorganisation of the sales area, with electricity sales operations to be transferred to a subsidiary, is under consideration but not yet implemented.