Current Report No.: 15/2025

Current Report No.: 15/2025

Date of Preparation: 5 May 2025

Issuer's Abbreviated Name: Enea S.A.

Subject: Information on preliminary financial and operating results for Q1 2025

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

Body of the report:

On 5 May 2025, the Management Board of Enea S.A. ("Company") adopted information on preliminary financial and operating results of the Enea Group for Q1 2025. Accordingly, the Company hereby discloses the said preliminary results.

Consolidated financial results of the Enea Group for Q1 2025:

- Revenue from sales and other income: PLN 7,590 million,

- EBITDA: PLN 1,941 million,

- Profit/Loss before tax: PLN 1,427 million,

- Net profit/loss in the reporting period: PLN 1,155 million,

- Net profit/loss attributable to shareholders of the parent company: PLN 1,051 million,

- Capital expenditures on property, plant and equipment and intangible assets: PLN 632 million,

- Net debt / LTM EBITDA ratio: 0.27.

EBITDA in the distinct operating areas:

- Mining: PLN 389 million,

- Generation: PLN 549 million,

- Distribution: PLN 744 million,

- Trading: PLN 214 million.

Selected operating highlights:

- Net coal production: 2.7 million tons,

- Total net electricity generation: 5.9 TWh, of which: 0.4 TWh from biomass and 0.1 TWh from RES,

- Sales of distribution services to end users: 5.1 TWh,

- Sales of electricity and gaseous fuel to retail customers: 6.2 TWh.

EBITDA generated by the Enea Group in Q1 2025 was driven by the following factors (as compared to Q1 2024):

The improved EBITDA in the Mining Area resulted from an increase in revenue from sales of coal. Despite the increase in coal sales volume, a lower sales price was realized. Moreover, EBITDA was significantly affected by the disbursement of compensation for damage caused by groundwater flooding in February 2023 in wall 3/VII/385 (one-off event of PLN 144.85 million).

- In the Generation Area, a lower EBITDA was posted. The System Power Plants Segment saw a decrease in EBITDA, largely as a consequence of a decline in the margin on electricity trading and higher revenue from the Capacity and Balancing Market. The RES Segment saw a decrease in EBITDA due to the realization of a lower margin on the Green Unit (mainly as a result of lower electricity prices, with a decrease in the unit cost of biomass). The Heat Segment saw an improvement in EBITDA, driven by an increase in the unit margin (mainly due to a decrease in unit fuel costs).

- In the Distribution Area, the improvement in EBITDA was driven by the higher margin realized on the concession business.

- In the Trading Area, the higher EBITDA was mainly due to an increase in the margin on the retail market. At the same time, there was a decline in recognized compensation income.

On account of the application of settlements with eligible offtakers pursuant to the Act of 7 October 2022 on special solutions to protect electricity offtakers in 2023 and 2024 in connection with the situation on the electricity market and on account of the application of the maximum price in accordance with the Act of 27 October 2022 on emergency measures to reduce electricity prices and support certain consumers in 2023-2025, the Enea Group recognized in Q1 2025 compensation revenues in the total amount of PLN 170 million.

The Company reports that the foregoing figures are estimates and as such are subject to change, and that their final amounts will be presented in the periodic report of the Enea Group for Q1 2025.

The Company clarifies 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 Net debt / LTM EBITDA ratio is equal to (loans, borrowings and non-current and current debt securities + non-current and current finance lease liabilities + non-current and current financial liabilities measured at fair value - cash and cash equivalents - non-current and current financial assets measured at fair value - non-current and current debt financial assets measured at amortized cost - other current investments) / LTM EBITDA. LTM EBITDA means EBITDA for the last 12 months.