ENEA (ENA) Q1 2026 earnings summary

Executive summary

• Q1 2026 saw revenue decline by 5.4% year-over-year to PLN 7.18 billion, with EBITDA down 20.2% and net profit down 19.9% to PLN 925 million; electricity generation remained stable, while coal production fell 23.2%.

• Major investments continued in gas units, renewables, and energy storage, with significant EU funding and project finance secured.

• Group-wide collaboration and digitalization efforts contributed to stable financial fundamentals despite market volatility.

• Coal extraction strategy remains unchanged, with a cautious approach to future adjustments based on system stability needs.

• Net profit for Q1 2026 was PLN 123 million, with strong equity and no breaches of financial covenants.

Financial highlights

• Spot energy prices averaged PLN 431, forward contracts at PLN 440; CO2 allowance prices dropped from EUR 90 to below EUR 70.

• EBITDA margin decreased to 21.6% from 25.6% y/y; net debt/EBITDA LTM rose to 0.53.

• Free cash flow remained positive, supported by external financing and REPowerEU subsidies.

• Over PLN 400 million spent on CO2 deposits and Price Difference Compensation Fund; PLN 221 million received from REPowerEU in Q1.

• Net revenue from sales rose 5% year-over-year in some segments, mainly due to higher electricity sales.

Outlook and guidance

• Continued focus on energy transition, digitalization, and customer-centric product development, with ongoing investments in energy storage, renewables, and distribution infrastructure.

• 1.46 GW of storage connection conditions secured; reorganization of sales area under consideration.

• No change in coal extraction strategy; cautious approach to future adjustments.