ENEA (ENA) Q2 2025 earnings summary

Executive summary

• Significant improvement in financial results across multiple business areas, with net profit for H1 2025 reaching PLN 2.02 billion, up 2.7% year-over-year, and comprehensive income at PLN 1,969 million.

• Revenue for H1 2025 was PLN 14.1 billion, down 12.7% year-over-year, reflecting lower electricity prices and market trends.

• Key strategic decisions and investments initiated, including new low-emission gas blocks, modernization projects, and major acquisitions in renewables.

• Expansion of renewables and digitalization of services remain top priorities, with ESG strategy development underway.

• Electricity production increased 4.3% year-over-year to 10.2 TWh, and net coal production rose 10.7% to 3.9 million tons.

Financial highlights

• Revenue declined by PLN 2.0 billion (-12.7% y/y), mainly due to lower prices in the generation segment.

• EBITDA for H1 2025 was PLN 3.4 billion, a 2.4% decrease year-over-year, with a margin of 24.0%.

• Net profit for H1 2025 was PLN 2.02 billion, up 2.7% year-over-year, with net profit margin at approximately 14.7%.

• Net debt/EBITDA improved to 0.08 from 0.39 year-over-year.

• Cash flows from operating activities were PLN 6,584 million, up from PLN 3,963 million in H1 2024.

Outlook and guidance

• Ongoing focus on energy transition, renewables, and grid modernization, with 700 MW installed RES capacity and further acquisitions planned.

• Construction of two CCGT units (1,336 MWe) at Kozienice Power Plant, completion expected in 2029.

• No specific EBITDA guidance for 2030/2035; strategy update planned for autumn next year.

• Targeting at least 1,330 MW of new electricity storage capacity by 2035.

• No work on separation of coal assets to National Energy Security Agency; concept not economically justified.