ENEA (ENA) Q3 2025 earnings summary

Executive summary

• EBITDA for the first nine months reached PLN 4.7 billion, with net profit at PLN 2.7 billion, both down year-over-year amid challenging market conditions and falling revenues.

• Revenue for the period was PLN 20.7 billion, a decrease of 14.4%–20% year-over-year, mainly due to lower energy and coal prices.

• Major investments were made in grid expansion, modernization, and renewables, with over PLN 1.5 billion earmarked and over PLN 1.8 billion in new renewable assets recognized.

• The group is advancing its low-emission strategy, adding 200 MW to its green portfolio and prioritizing renewable energy and storage projects.

• Net electricity production was stable at 14.7 TWh, with a 30.4% year-over-year increase in RES generation.

Financial highlights

• Revenues declined by PLN 3.5 billion year-over-year, mainly due to lower coal and electricity prices.

• EBITDA margin was 22.5%, slightly up year-over-year, but EBITDA was halved compared to the previous year.

• Net debt decreased from PLN 8.2 billion to PLN 6 billion, with net debt/EBITDA LTM at -0.12, reflecting strong liquidity.

• Distribution segment revenues increased 4.4% due to inflation and investment, while generation segment revenues fell 28% year-over-year.

• Net cash flows from operating activities increased to PLN 9,203 million from PLN 7,782 million year-over-year.

Outlook and guidance

• Market volatility and regulatory changes are expected to continue impacting results, with stable but lower margins anticipated.

• The group is focused on maintaining production volumes in extraction and managing the transition to renewables and distributed energy.

• 2026 outlook anticipates further declines in coal sales prices and conventional generation margins, but expects growth in RES capacity and energy storage projects.

• Ongoing transformation of coal assets towards low-carbon generation and expansion of renewable energy and storage capacities.