Energa (ENG) Q2 2026 earnings summary

Executive summary

• Achieved record PLN 5.1 billion from series CC share issue to fund investments and received significant government-backed loans for grid development.

• Significant progress in energy transformation, with 62% of installed capacity from RES and a 26% increase in RES energy production year-over-year.

• Four major power units under construction to stabilize power generation, with key milestones reached in Gdansk, Grudziądz, and Ostrołęka.

• Sales revenue for H1 2026 reached PLN 11,198 million, up 3% year-over-year, with net profit rising to PLN 1,319 million, a 56% increase year-over-year.

Financial highlights

• EBITDA for H1 2026 was PLN 2,719 million, up 25% year-over-year; adjusted EBITDA was PLN 2,763 million, up 26%.

• Basic and diluted EPS for H1 2026 was PLN 3.20, compared to PLN 2.05 in H1 2025.

• Cash and cash equivalents at period end were PLN 828 million, down from PLN 1,174 million at year-end 2025.

• Capital expenditure in H1 2026 totaled PLN 2,005 million, up from PLN 1,944 million in H1 2025.

• Q2 2026 revenue was PLN 4,900 million, down 1% year-over-year; EBITDA was PLN 1,190 million, up 18%; adjusted EBITDA was PLN 1,238 million, up 22%; net result was PLN 540 million, up 50%.

Outlook and guidance

• Ongoing investments in distribution, new energy, commercial energy, and district heating to build long-term value, with PLN 9.5 billion in outstanding investment commitments.

• Continued focus on expanding RES capacity and modernizing infrastructure.

• Ongoing regulatory and market risks, including tariff changes and energy price volatility, are being closely monitored.