PGE Polska Grupa Energetyczna (PGE) Investor Presentation summary

Operating performance and sales

• Net electricity generation decreased 4% y/y in Q3 2025 and 1% y/y for 9M 2025, with lignite and hard coal generation declining, while natural gas and pumped-storage output increased significantly.

• Sales of electricity to final off-takers fell 7% y/y in Q3 and 5% y/y for 9M, while heat sales rose 1% in Q3 and 7% for 9M.

• Distribution volumes remained stable, with a slight decrease of 1% y/y in Q3 and flat for 9M.

Pricing, costs, and margins

• Average realized wholesale electricity price dropped 17% y/y in Q3 and 14% for 9M, with all segments experiencing price declines.

• Average CO2 cost per tonne fell 14% y/y in Q3 and 17% for 9M, contributing to improved margins.

Financial results and segment performance

• Recurring EBITDA rose 20% y/y in Q3 and 45% for 9M, driven by lower CO2 and fuel costs, higher ancillary revenues, and improved supply and distribution results.

• Reported EBITDA increased 8% y/y in Q3 and 35% for 9M, with negative one-off impacts from restructuring and compensation adjustments.

• Net profit to equity grew 33% y/y in Q3 but was up only 7% for 9M; excluding impairments, net profit was flat in Q3 and down 10% for 9M.

• Earnings per share ex. impairment declined 22% y/y in Q3 and 9% for 9M.