ENEA (ENA) Q1 2026 earnings summary

Executive summary

• Q1 2026 marked by intense activity, ongoing energy transition projects, and cost-saving initiatives, with net profit at 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 focus on construction of two gas units, expansion of digital distribution networks, and group-wide collaboration supporting stable financial fundamentals.

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

• No breaches of financial covenants occurred; net debt/EBITDA ratio was a safe 0.53.

Financial highlights

• Spot and forward energy prices increased year-over-year; spot prices averaged PLN 431, forward contracts at PLN 440.

• CO2 allowance prices dropped from EUR 90 to below EUR 70, stabilizing thereafter.

• Coal prices rose globally to $115–$120 per ton, impacting cost structure.

• Q1 revenues stable with a slight downward trend; EBITDA down 20% year-over-year, EBITDA margin declined, affecting net income.

• Net profit margin for Q1 2026 was approximately 3.5%.

Outlook and guidance

• Continued focus on energy transition, digitalization, and customer-centric product development, with emphasis on securing diversified external financing for low-carbon and renewable energy projects.

• Ongoing investments in energy storage, renewables, and distribution infrastructure.

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