Current Report No.: 19/2023

Title: ENEA S.A.'s outlook changed and ratings affirmed by Fitch Ratings
Date: 2023.18.04
Report no.:  Current Report No.: 19/2023

Current Report No.: 19/2023

Date of Preparation: 18 April 2023

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 18 April 2023, 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 full wording of the press release in English is available on the Agency's website at:

The change in the outlook is due to better-than-expected financial results in 2022 and the updated forecast for 2023-2026, resulting in stabilization of the financial leverage below the maximum level allowed for the current rating. The stabilization of the outlook is also linked to an improvement in the liquidity standing. After raising a syndicated loan of up to PLN 2.5 billion in January 2023, the Company has access to financing that provides coverage for anticipated negative free cash flow and debtmaturities over the next 12 months.

The affirmation of the ratings reflects the Company's integrated business profile, which includes 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 agency believes that the Company's planned sale of its coal-fired generation assets and mines to the State Treasury is a positive factor for the business profile and the possibility of increasing the maximum leverage level for the current rating.

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). 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.