Energa (ENG) Q3 2025 earnings summary

Executive summary

• Achieved strong growth in EBITDA and net profit for both Q3 and the first nine months of 2025, despite a decline in revenues year-over-year.

• For the nine months ended 30 September 2025, net profit rose to PLN 1,169m from PLN 911m year-over-year, with total comprehensive income at PLN 1,083m, up from PLN 872m.

• The Group continued to expand its renewable energy portfolio through acquisitions and project development.

• Maintained leadership in green transformation, with 55% of installed capacity from renewables and over 50% of electricity sold to customers from RES.

Financial highlights

• 9M 2025 revenues: PLN 15,937m, down 5% YoY; EBITDA: PLN 3,151m, up 12% YoY; net profit: PLN 1,169m, up 28% YoY.

• Q3 2025 revenues: PLN 5,029m, down 4% YoY; EBITDA: PLN 977m, up 44% YoY; net profit: PLN 326m, more than doubled YoY.

• Distribution EBITDA for 9M 2025: PLN 2,441m, up from PLN 2,298m YoY; New Energy EBITDA: PLN 324m, down from PLN 431m YoY.

• Energy Retail EBITDA for 9M 2025: PLN 184m, up 61% YoY, despite a 13% drop in revenues.

• Earnings per share (basic and diluted) increased to PLN 2.81 from PLN 2.27.

Outlook and guidance

• Continued focus on investments in distribution and renewable energy, with over PLN 2bn invested in the distribution network by September 2025.

• The Group expects further growth in renewable energy capacity, with several projects under construction and recent acquisitions in PV and wind assets.

• Ongoing transformation towards green energy, with 46% share of renewables in total gross electricity production for 9M 2025.

• Regulatory changes, including extended electricity price caps, will continue to impact revenue and cost structures.