Focus on the pursuit of strategic plans – the Enea Group summarizes the first three quarters of 2025

The Enea Group is carrying out a comprehensive transition program consistent with its current strategy and, owing to stable financial and operating performance, is achieving its goals. Responsible business conduct in all areas of the Group’s operations ensures sustainable and lasting growth.

• After the first three quarters of 2025, the Group generated EBITDA of nearly PLN 4.7 billion, with revenue from sales and other income at nearly PLN 20.7 billion.
• Owing to acquisitions and the expansion of its own generation park, the installed capacity in renewable energy sources increased by nearly 200 MW.
• The Group more than doubled its capital expenditures year-on-year to over PLN 4.4 billion.
• Enea is consolidating its sales area, professionalizing its management by strengthening corporate governance, and transforming itself into a modern and efficient holding company.  

Investments serve as drivers of the Group’s transition

During the first nine months of 2025, the Enea Group allocated a record PLN 4.4 billion to capital expenditures. This is a doubling of the Group’s growth expenditures compared to the same period last year, when the corresponding amount was nearly PLN 2.1 billion.

The largest expenditures were incurred in the area of renewable energy sources. This means that nearly PLN 2 billion were allocated to new generation sources. In 2025, the Group finalized 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). Moreover, the Group expanded its generation park with a new installation in Bejsce (Świętokrzyskie Voivodship, 6 turbines with a capacity of 20 MW). Advanced projects for the construction of photovoltaic sources are underway: PV Dygowo I and PV Krzęcin, with a total capacity of nearly 12 MW. Taking into account the acquisitions completed to date, the Enea Group’s installed capacity in renewable energy sources has increased by nearly 200 MW. In line with its strategy, Enea’s objective is to achieve nearly 5 GW of capacity from renewable energy sources by 2035.

The development of distribution networks improves the security of energy supply

In the Distribution Area, over PLN 1.5 billion was allocated mostly to upgrading and expanding network infrastructure and connecting new customers and renewable sources. Seven key capital expenditure projects in the area of 110 kV network infrastructure were completed, increasing the security of electricity supply and improve network operational flexibility. These include: construction of a new 110 kV overhead line connecting Zielona Góra Braniborska with Nowa Sól Graniczna; construction of a 110/110 kV Miały network switching substation as a cut-in to the 110 kV line connecting Drawski Młyn and Wronki; construction of a new double-track 110 kV overhead line between Nagradowice, Szczepankowo, Gądki and RS Garaszewo.

In September, Enea signed an annex to the loan agreement with Bank Gospodarstwa Krajowego, increasing the amount of financing to nearly PLN 10 billion. This means additional funds from the National Recovery and Resilience Facility (KPO) for expanding and upgrading the Enea Group’s power infrastructure, supporting the energy transition.

Flexibility and savings for customers in new distribution tariffs

Enea Operator’s customers may take advantage of a product offering expanded with new tariff groups. The Eco, Active and Pewna tariffs combine benefits for customers with the needs of the energy system, promote the use of green energy and relieve the network during peak hours. Customers are capable of responding to market signals and reduce energy costs by adjusting their electricity consumption to the situation existing on the wholesale market. It is also an important step towards modern solutions supporting the Polish Power System.

Enea Operator is in the process of deploying in its area a communication system based on the TETRA standard of digital dispatch communication. The system ensures the continuity of encrypted voice and data transmission. The construction and acceptance of telecommunications towers is underway, as is the preparatory work for the delivery of central nodes and the installation of base stations for the system. In the event of a mass failure and power outage, the new system will ensure the security of information management about the situation in the grid for up to 36 hours.

Polish contractors and service providers are involved in the execution of all investments in the Group. Their participation in projects in the Distribution Area is close to 100%.

Transition of system power plants

In the Generation Area, capital expenditure activities are focused on two key projects. One of them is the construction of two CCGT units launched at the Kozienice Power Plant. The agreement with the contractor was signed after the July win of the top-up auction, guaranteeing the new units a capacity obligation for 17 years. In August of this year, a notice to proceed (NTP) was issued, enabling the commencement of all work on the project. The units will begin operation in 2029.

At the Połaniec Power Plant, a project is underway to green up the coal-fired units (nos. 2-7) with a 40% share of biomass in the fuel mix. The upgrade of unit 6 has been completed, and work is underway on adapting the facilities and equipment for biomass feeding.

Capital expenditures in the Generation Area in the first three quarters of 2025 reached nearly PLN 366 million, including PLN 49 million spent on greening up the Połaniec units. If a decision is made to build CCGT units in Kozienice, the Group estimates the share of Polish contractors to be 75%.

Fiercer competition in a rapidly changing market

Enea is creating the necessary groundwork for further growth and building a modern and professional organization. The Group is in the process of spinning off its sales division to a specialized subsidiary, in line with best market practices and its natural growth direction. The new organizational model will promote the development of commercial offering, enable a faster response to market changes and support effective management of customer relations.

Stable financial performance supports the pursuit of the strategy

After the first three quarters of 2025, the Enea Group generated EBITDA of nearly PLN 4.66 billion (down 12.7% year-on-year). Revenue from sales and other income totaled nearly PLN 20.7 billion, compared to PLN 24.2 billion in the same period last year, largely due to changes in electricity prices on the wholesale market. Net profit was down 9% y/y at over PLN 2.7 billion. The LTM net debt/EBITDA ratio stood at -0.12, down 0.14 y/y, consistently confirming the Group’s ability to obtain financing for strategic investments.

The highest EBITDA was generated in the distribution area and amounted to nearly PLN 2.1 billion (up more than 20% y/y). During the first three quarters of 2025, Enea Operator provided more than 14.9 TWh of distribution services to end users. Nearly 8.4 thousand renewable sources (including micro-installations) were connected to the grid managed by the company in the first nine months of 2025. At the end of the period under review, their number was more than 200 thousand, with a total capacity of nearly 8.3 GW.

The Trading Area posted an EBITDA increase of PLN 355.3 million y/y to PLN 587.4 million. After the first three quarters of 2025, the volume of electricity sales to retail customers reached nearly 18 TWh, down 3.7% year-on-year due to a rearrangement in the customer portfolio. Total revenue from sales of electricity and gaseous fuel to retail customers fell by 12.3% compared to the corresponding period of last year.

EBITDA for the Generation Area was nearly PLN 1.5 billion. During the first three quarters of 2025, the Group generated over 14.7 TWh of electricity, roughly on a par with the same period of 2024.  Energy generation from renewable sources was nearly 0.4 TWh, up more than 30% y/y. Energy generation from biomass was 1.1 TWh (up 7.3% y/y). Sales of heat in the Generation Area totaled 4.3 PJ (petajoules).

In the Mining Area, Lubelski Węgiel Bogdanka S.A., one of the leading hard coal producers in Poland, generated PLN 2,009.2 million in consolidated revenue from sales in the first three quarters of 2025. Despite the price pressure, the Group maintained its financial liquidity at a safe high level, although a gradual depletion of its financial cushion is noticeable. EBITDA was PLN 302.4 million (-43.9% y/y), with a 15% margin (down 5.7 p.p. y/y). The EBIT margin was 7%. The Group ended the first three quarters of 2025 with a net profit of PLN 129.9 million, compared to a loss of PLN 756.2 million the year before.

COMMENTS ON THE ENEA GROUP’S PERFORMANCE AFTER THE FIRST THREE QUARTERS OF 2025:

Grzegorz Kinelski, President of the Enea Management Board:

“The Enea Group is operating steadily and is consistently pursuing its growth strategy. We are changing effectively while making sure that we deliver good performance and value growth in all strategic areas: from asset upgrades, to green transition and renewable energy development, to building a professionally managed, modern company with a strong brand and market position. We are building value on the capital market while maintaining ongoing dialogue with our partners, thereby strengthening their confidence in our ventures. The Group’s operations are viewed favorably by shareholders, and its value is growing, thus confirming that our strategic directions respond to the key challenges facing the sector and solidify our lasting competitive edge. We have made some favorable changes in our corporate governance area, which has been simplified and standardized. Integrated and optimally designed processes and organizational structures boost our efficiency, translating into flexibility and speed of action on the market. Our stable financial and operating performance enables us to responsibly pursue our strategy to fully engage in the transition towards national energy security and climate protection.”  

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

 “After the first three quarters of 2025, Bogdanka maintains a stable financial standing and a secure balance sheet structure, despite a very challenging market environment. Its financial performance in this period was affected by compensation for mining damage and lower depreciation related to the impairment allowances posted in 2024. Owing to consistent cost optimization, the company maintains good liquidity and continues to invest in improving its operational efficiency. Current market conditions curb the potential for generating margins, while state aid provided to some Silesian mines distorts pricing mechanisms. This forces us to exercise an even greater degree of cost discipline and flexibility in management.”