Current Report No.: 71/2022

Title: ENEA S.A.'s outlook changed and ratings affirmed by Fitch Ratings
Date: 2022.29.11
Report no.:  Current Report No.: 71/2022

Current Report No.: 71/2022

Date of Preparation: 29 November 2022

Issuer's Abbreviated Name: ENEA S.A.

Subject: ENEA S.A.'s outlook changed and ratings affirmed by Fitch Ratings

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

Body of the report:

The Management Board of ENEA S.A. ("Company", "Issuer") hereby reports that, in a press release issued on 28 November 2022, Fitch Ratings ("Agency") changed the Company's rating outlook from negative to stable and affirmed the Company's long-term foreign- and local-currency issuer default ratings at BBB.

The change of outlook is a consequence of the expected increase in financial leverage in Q4 2022 and 2023, a decrease in the interest coverage ratio and a weaker liquidity standing. The increase in financial leverage is a result of the deterioration of the Company's financial performance in 2022, especially in the Generation segment, and the Agency's expectations of only a moderate improvement in EBITDA in 2023, dampened by the unfavorable impact of the recent price caps on generation and sales imposed by the government. This will be combined with major working capital outflows expected in Q4 2022 and 2023 coupled with large capital expenditures.

The affirmation of the ratings reflects the Company's integrated business profile, encompassing a large generation fleet and electricity distribution. The ratings are supported by the large share in the Company's EBITDA of regulated activities in the form of electricity distribution as well as quasi-regulated activities in the form of inflows from the capacity market.

The full wording of the statement in English is available on the Agency's website at:

According to the clarifications published on the Agency's website (, BBB ratings indicate that expectations of default risk are currently low, while the capacity for payment of financial commitments is considered adequate, but adverse business or economic conditions are more likely to impair this capacity.

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 (


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.