Enea's performance in H1 2025 supports the implementation of the Group's ambitious energy transition program

With stable financial and operational performance in all areas of operations, the Group is successfully implementing its strategic goals. Enea is actively developing its RES generation portfolio, implementing projects to transform generation assets and decarbonize district heating, and developing distribution infrastructure.

• The Group is implementing key investment plans in the designated five development directions. In H1 2025, capital expenditures amounted to PLN 3.45 billion.
• Thanks to stable results in the mining, generation, distribution and trading segments, the Group generated a comparable y/y EBITDA result of PLN 3.39 billion.  
• The Group generated nearly 10.2 TWh of electricity, of which 0.23 TWh came from renewable energy sources.  
• The record amount of PLN 9 billion obtained from the National Recovery and Resilience Plan (KPO) will be used to develop a modern distribution grid. 
• The Group is expanding its sales offerings with green product lines, and has introduced the Eco tariff in distribution services.

Enea's green generation portfolio with new capacity

In the first months of this year, Enea finalized important RES transactions: three wind farm acquisitions with a total generating capacity of 199.9 MW (176 MW already in operation and more than 23 MW under construction). Construction of the 20 MW Bejsce WF has been completed. Enea is dynamically increasing its green energy generation potential. In addition, the Group is actively engaging in communication with RES generators, publishing information on available capacities (interactive report available here), maintaining an ongoing partnership dialogue.

Modern and low-carbon technologies support the Group's transition 

One of the key projects on Enea Group's path of responsible transition is the construction of two CCGT units at the Kozienice Power Plant. Enea has signed an agreement with the contractor for the Kozienice project. Enea's success in the overtime Capacity Market auction provided the new units with 1,218 MW of capacity obligation for 17 years and total revenues of at least PLN 11 billion. The contract covers the design, delivery, construction and commissioning of two gas-fired combined cycle power units with associated infrastructure on an engineering, procurement and construction basis, operating in a combined cycle (CCGT) with gross nameplate capacity of 668 MWe each, and for the provision of maintenance services during the operation of the units. The planned commissioning dates for the units are 31 March and 30 June 2029, respectively. A similar investment in gas-fired units is also planned at the Połaniec Power Plant.

In line with its strategy to develop the Group based on alternative fuels, Enea has signed a letter of intent with Świętokrzyska Industrial Group Industria, initiating cooperation in the implementation of SMR technology. This technology, as part of the future energy mix, is one of the answers to the challenges of Poland's energy transition. Enea wants to be an active participant in this process as an investor and technological and operational partner, which is why it is focusing on developing its competencies even before the commercialization of SMR technology in Poland.

Development of distribution grids

The Group has secured a record-breaking amount of more than PLN 9 billion from the National Recovery and Resilience Plan (KPO), which will be used to build and modernize distribution grids using the smart grids technology. This will allow more efficient and faster integration of renewable energy sources into the power system. It will also contribute to improving the reliability of energy supply to customers. In addition to the KPO loan, Enea Operator received support from the National Fund for Environmental Protection and Water Management for the development of energy storage technology.

Digitization supports the development of green sales offerings

Enea is digitizing customer service, including through the implementation of the Moja Enea app, and using digital AI solutions (chatbots, voicebots) to improve service quality and reduce turnaround time for customer issues. The Group is developing green product offerings for business and residential customers, as well as energy efficiency services. The contracting of green offerings reached nearly 800 GWh of renewable energy volume in H1 2025. In distribution, new, diversified Eco tariffs for customers who flexibly manage their energy use are gaining interest. This solution supports the conscious use of energy, optimization of consumption and environmental protection. Work is also underway to integrate the metering, billing and balancing systems and adapt them to the Central Energy Market Information System (CSIRE).

ESG indicates the direction of desired changes

ESG is the compass on the road to sustainability accelerating the transition of the entire Group. It is an integral part of the company's long-term and strategic management, affecting all key aspects of the operations. In H1 2025, Enea published the 2024 Enea Group Sustainability Report, also available in an interactive online version. The Group has begun efforts to develop and implement an ESG Strategy defining long-term measures to integrate environmental, social and governance aspects with Enea's mission and values.

Stable financial results support execution of the strategy

In H1 2025, the Enea Group generated EBITDA of PLN 3.39 billion (down 2.4% year-on-year). Revenue from sales and other income totaled nearly PLN 14.1 billion, compared to PLN 16.1 billion in the same period last year. Net profit rose by 2.7% y/y to PLN 2 billion. The LTM net debt/EBITDA ratio stood at 0.08, compared to 0.39 in H1 2024, which provides room to raise external debt financing to achieve strategic goals. The distribution, trading and mining segments recorded good financial results and EBITDA growth.  

The highest EBITDA was generated in the distribution area and amounted to nearly PLN 1.40 billion (up 20.6% y/y). In H1 2025, Enea Operator delivered nearly 10 TWh of distribution services to end users. Nearly 5,400 renewable sources (including micro-installations) were connected to the company's grid in H1 2025. At the end of the period under review, their number was more than 197,000, with a total capacity of nearly 7.8 GW.

The trading segment posted an EBITDA increase of PLN 221 million y/y to PLN 417 million. In H1 2025, the volume of electricity sales to retail customers amounted to 12 TWh, down 3.6% year-on-year, due to a change in the customer portfolio. Total revenues from the sale of electricity and gaseous fuel to retail customers fell by 12.2% compared to H1 2024, reflecting the decline in electricity prices on the wholesale market.

EBITDA of the generation area amounted to PLN 1 billion (a y/y decrease of PLN 662.6 million). In H1 2025, the Group generated nearly 10.2 TWh of electricity, recording a year-on-year increase of more than 4%. Renewable energy production amounted to 0.2 TWh, an increase of more than 8% year-on-year, although it does not yet fully include the contribution of renewable energy facilities acquired through acquisitions. Sales of heat in the generation area exceeded 3.5 PJ (petajoules).

The LW Bogdanka Group generated PLN 1.52 billion in consolidated sales revenues in H1 2025 (down 8.9% y/y). The revenue generated was affected by lower coal prices, partially offset by higher sales volumes. 

The LWB Group's EBITDA result was PLN 408.6 million, growing 55.6% year-on-year. Operating EBIT increased to PLN 310.8 million from a loss of approx. PLN 1.1 billion a year earlier (a year-on-year increase of 127.5%). Net profit amounted to nearly PLN 264.7 million, compared to a net loss of PLN 908 million in H1 2024 (a year-on-year increase of 129.2%).  

The EBITDA margin after six months of 2025 stood at 26.8%, 11.1 p.p. higher than in the same period of 2024. The EBIT margin increased year-on-year by 88.2 p.p. and stood at 20.4%. The Group's liquidity situation remained stable. 

The period's results were also significantly impacted by compensation received in the amount of PLN 144.85 million for damage to LWB's underground assets, as well as lower depreciation resulting from the lower carrying value of non-current assets, due to impairment charges recorded in 2024.  

Analyzing the dynamics of LWB's results, it is worth recalling that in Q2 2024, due to indications of possible impairment, LW Bogdanka recognized a PLN 1.17 billion impairment loss on non-current assets. The impairment loss was charged to operating profit and net income, but did not affect EBITDA or the company's liquidity position.  

COMMENTS ON ENEA GROUP'S H1 2025 RESULTS:

Grzegorz Kinelski, President of Enea: 

The first half of this year has been a time of dynamic changes and key decisions that strengthen Enea Group's position in the market. In H1, we generated stable financial and operational results, recording EBITDA growth in three of our four business areas.  We were successful in the overtime capacity auction, in which we contracted more than 2 GW of capacity obligation for the units in Kozienice and Połaniec. As a result, the contract with the contractor for the low-emission gas units at the Kozienice Power Plant came into force and we started this strategic project. We are already intensively preparing for a similar project at the Połaniec Power Plant. The record National Reconstruction Plan funding (PLN 9 billion) allows us to accelerate the modernization and digitization of the distribution grid. We are dynamically developing our green product offerings for business and retail customers, digitizing and enhancing the quality of our customer service.

Responsible change of the Enea Group is possible thanks to solid foundations. In the first half of this year, we generated stable financial and operational results, recording EBITDA growth in our three key business areas. Our main goal remains to strengthen the company's value over the long term by implementing key projects of strategic and business importance. The changes are many, and they all create a strong power industry group prepared for the future transition challenges.   

Artur Wasilewski, Vice-President of the LW Bogdanka Management Board for Economic and Financial Matters:

The H1 2025 results show that despite the deepening decline in coal sales prices, we are successfully maintaining solid financial performance. We recorded a significant increase in EBITDA and operating profit, ending the half-year with a solid net profit. However, it should be remembered that the results of the first half of this year were significantly affected by the compensation received and lower depreciation resulting from the impairment loss for property, plant and equipment in 2024. It is also worth noting that we operate in the reality of a lack of a level playing field due to the presence of subsidized Silesian coal, which affects the results we generate. Despite a consistently implemented cost and CAPEX optimization program, it is increasingly difficult, in the current market conditions, to generate positive margins or cash flows.