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Current Report No.: 30/2021

Title: Information on preliminary financial and operating results for Q1-Q3 2021
Date: 2021.09.11
Report no.:  Current Report No.: 30/2021

Current Report No.: 30/2021

Date of Preparation: 9 November 2021

Issuer's Abbreviated Name: ENEA S.A.

Subject: Information on preliminary financial and operating results for Q1-Q3 2021

Legal Basis: Article 17(1) of the Market Abuse Regulation - confidential information

Body of the report:

In connection with the adoption of information on preliminary financial and operating results of the ENEA Group for Q1-Q3 2021 by the Management Board of ENEA S.A. ("Company", "Issuer") on 9 November 2021, the Company hereby publishes the said preliminary results.

Consolidated financial results of the ENEA Group for Q1-Q3 2021:

- Revenue from sales and other income: PLN 15,290 million,

- EBITDA: PLN 2,773 million,

- Profit before tax: PLN 1,620 million,

- Net profit for the reporting period: PLN 1,332 million,

- Net profit attributable to shareholders of the parent company: PLN 1,269 million,

- Capital expenditures on property, plant and equipment and intangible assets: PLN 1,041 million.

EBITDA in the distinct operating areas:

- Mining: PLN 530 million,

- Generation: PLN 1,041 million,

- Distribution: PLN 1,031 million,

- Trading: PLN 176 million.

Selected operating highlights:

- Net coal production: 7.5 million tons,

- Total net electricity generation: 19.5 TWh,

- Sales of distribution services to end users: 15.1 TWh,

- Sales of electricity and gaseous fuel to retail customers: 18.2 TWh.

The EBITDA result generated by the ENEA Group in Q1-Q3 2021 was driven largely by the following factors (compared to Q1-Q3 2020):

In the Mining Area, the higher EBITDA was driven mainly by the higher sales of coal, partially offset by a lower sales price and increased costs of operating activities.

In the Generation Area, a significant decrease in EBITDA was recorded in the System Power Plants Segment, driven by the lower margin on generation and the margin on trading and the Balancing Market, partially offset by revenue earned on the Capacity Market. In the RES Segment and the Heat Segment, an increase in EBITDA was recorded.

In the Distribution Area, the higher EBITDA was driven by larger margins on licensed activities coupled with greater operating expenses and a lower result on other operating activities.

In the Trading Area, the elevated EBITDA performance resulted mainly from higher margin realized on the retail market as a result of keeping electricity sales prices at the level similar to the corresponding period of the previous year with a simultaneous increase in sales volumes and lower average purchase prices of electricity on the wholesale market. EBITDA growth was offset by: a change in provisions related to onerous contracts, updated valuation of CO₂ contracts and an increase in the cost of environmental obligations.

Consolidated financial results of the ENEA Group for Q3 2021:

- Revenue from sales and other income: PLN 5,467 million,

- EBITDA: PLN 1,121 million,

- Profit before tax: PLN 691 million,

- Net profit for the reporting period: PLN 596 million,

- Net profit attributable to shareholders of the parent company: PLN 570 million,

- Capital expenditures on property, plant and equipment and intangible assets: PLN 375 million.

EBITDA in the distinct operating areas:

- Mining: PLN 212 million,

- Generation: PLN 386 million,

- Distribution: PLN 344 million,

- Trading: PLN 167 million.

Selected operating highlights:

- Net coal production: 2.6 million tons,

- Total net electricity generation: 7.5 TWh,

- Sales of distribution services to end users: 5.0 TWh,

- Sales of electricity and gaseous fuel to retail customers: 6.0 TWh.

Standalone financial results of ENEA S.A. for Q1-Q3 2021:

- Revenue from sales and other income: PLN 5,360 million,

- EBITDA: PLN 77 million,

- Profit before tax: PLN 715 million,

- Net profit for the reporting period: PLN 705 million.

The final results will be presented in the periodic report of the ENEA Group for Q3 2021 scheduled to be published on 25 November 2021.

Please note that the term EBITDA is defined as the value of operating profit (loss) + depreciation and amortization + impairment losses on non-financial non-current assets (values for the reporting period). EBITDA is a standard measure of efficiency of a business activity, in particular for the industry in which the Issuer's Group operates.

The above definition and methodology for its calculation are the same as those used to calculate this indicator in the Issuer's periodic reports. The definition above is also included in the glossary of terms and abbreviations available on the Company's website (https://ir.enea.pl/slownik).

Having in mind the diverse and international nature of Enea SA's shareholding, and also the provisions of the Best Practices of WSE Listed Companies, Enea SA guarantees the availability of its website also in English. In case of any interpretation doubts and discrepancies between the Polish and English versions, the Polish version shall prevail.