Polenergia (PEP) Q2 2026 earnings summary

Executive summary

• H1 2026 revenue was PLN 1,752.5 million, with adjusted EBITDA at PLN 226.9 million and adjusted net profit at PLN 10.8 million, reflecting a challenging period due to weaker wind conditions and lower energy prices.

• Net profit for H1 2026 was PLN 43.2 million, compared to a net loss of PLN 39.8 million in the prior year.

• Offshore wind projects Bałtyk 2 and 3 advanced on schedule, with first power expected in 2027 and full operation in 2028; Bałtyk 1 secured a 25-year CfD at 492.32 PLN/MWh.

• The Group maintains a strong liquidity position, with PLN 1,946 million in cash and available working capital, and a net debt of PLN 927 million as of June 2026.

• No dividend was distributed or proposed for 2026.

Financial highlights

• H1 2026 adjusted EBITDA was PLN 226.9 million, down from PLN 264.7 million in H1 2025, mainly due to lower wind production and prices.

• Adjusted net profit for H1 2026 was PLN 10.8 million, down from PLN 61.2 million year-over-year.

• Q2 2026 revenues (excluding Trading) fell 21% year-over-year to PLN 186.3 million; adjusted EBITDA dropped 42% to PLN 71.5 million.

• Cash and equivalents at period end were PLN 926.6 million, up from PLN 874.5 million at year-end 2025.

• Gross sales profit for H1 2026 was PLN 237.3 million, down from PLN 320.3 million year-over-year.

Outlook and guidance

• 83% of planned 2027 energy production is hedged at an estimated average price of 408 PLN/MWh, supporting revenue stability.

• Offshore wind projects are expected to deliver first power in 2027 and reach commercial operation in 2028.

• Onshore and PV projects in Poland and Romania are progressing, with several reaching final investment decision readiness by 2027.

• The group intends to allocate approximately PLN 309 million in capital expenditures for 2025, focusing on onshore and offshore wind, photovoltaics, energy storage, and distribution.