Energa (ENG) Q4 2025 earnings summary

Executive summary

• Achieved record investments in grids and generation, with PLN 5.6bn invested and significant expansion in renewable energy sources (RES) capacity to 1.1 GW as of January 2026.

• Revenue increased to PLN 21,741m in 2025, with net profit rising sharply to PLN 1,247m from PLN 339m year-over-year.

• EBITDA grew 5% year-over-year to PLN 3,601m, with adjusted EBITDA up 29% to PLN 4,355m.

• Maintained high ESG standards, earning a Sustainable Fitch rating of 2 and registering 336 locations in EMAS, the best result in Poland and Europe among energy-sector entities.

• Major acquisitions in renewables (wind and solar) expanded installed capacity and future growth potential.

Financial highlights

• Sales revenue for 2025 was PLN 21,741m, down 4% year-over-year in one report, but up 1.2% to PLN 21,138m in another.

• Net profit surged 268% year-over-year to PLN 1,247m.

• EBITDA reached PLN 3,601m, up from PLN 3,434m year-over-year.

• Earnings per share: PLN 3.00 (up from PLN 0.91 year-over-year).

• High capital expenditure in 2025 totaled PLN 5,604m, up from PLN 5,062m in 2024.

Outlook and guidance

• Issued grid-connection conditions for 3.3 GW of energy storage and almost 2.5 GW of RES in 2025, 60% more than in 2024.

• Nearly 100% smart meter coverage and 4,600 km of grids modernized or built.

• Continued focus on renewable energy investments and grid modernization.

• Ongoing regulatory changes and tariff adjustments expected to impact future results.

• Management expects further growth in renewable capacity and ongoing integration with ORLEN Group.