Enea’s energy transition accelerates – 2025 was a breakthrough year

In 2025, the energy transition of the Enea Group clearly accelerated, and its first effects are already visible to customers, partners, suppliers, and shareholders. The Group launched many key projects, significantly increasing the scale of its investments in renewable energy sources and the modernization of the distribution network. In parallel, it developed its green energy offering and modern products. The implementation of strategic goals through 2035 is progressing, in close alignment with the ambitious ESG agenda.

• In 2025, the Group’s EBITDA reached PLN 5.62 billion, and sales revenues and other income totaled PLN 28.1 billion. Net profit amounted to PLN 1.77 billion.
• Following the investments and acquisitions, installed renewable capacity grew by 220.5 MW y/y.
• The Group generated over 20.4 TWh of electricity, including over 0.6 TWh from renewable sources (increasing by 60% y/y).
• Companies operating in Poland are engaged in a significant share of transformation projects. The Group has consistently implemented the “Enea. With energy for Polish business” program focused on developing local content.

Record investment program

The Enea Group is executing the largest investment program in its history. In 2025, expenditures amounted to PLN 6.2 billion, with over PLN 2 billion allocated for new sources and renewable energy development. Three acquisitions of wind farms (over 200 MW), the launch of a new wind farm in Bejsce (20 MW) as well as the acquisition of PV projects with a capacity of over 191 MW have strengthened the RES potential of the Group.

In parallel, battery storage projects are developed. By 2028, a 232 MW installation in Kozienice and a 200 MW installation in Połaniec are planned. The projects have already received the required corporate approvals.

Enea Elkogaz has started the construction of two CCGT unis with a combined capacity of over 1.3 GWe at the Kozienice Power Plant. The project received support from the Capacity Market (nearly PLN 11 billion for 17 years starting in 2029) and project finance – PLN 6.95 billion from a consortium of banks formed by BGK, PKO BP and Pekao S.A., with a guarantee from KUKE. Construction work started in February 2026, with commissioning planned in 2029.

Distribution: record investments and high reliability

The investment plan in the distribution area, with record expenditures exceeding PLN 2.8 billion in 2025, was executed with a surplus. This included the completion of, among others, seven key 110 kV network investments, building a modern and resilient distribution network. Indicators: SAIDI (interruptions in electricity supply) at 59.53 minutes and SAIFI (frequency of interruptions) at 1.33 rank among the best of Poland's four largest energy distributors. Enea Operator signed agreements with remote meter manufacturers, collaborating in an innovative partnership procedure. Installation of 3 million smart devices is planned by 2030.

Stable financial foundations for transition

Financial responsibility constitutes one of the pillars of our strategy. On 2 April 2026, Fitch Ratings affirmed its stable outlook for Enea’s rating and long-term ratings at “BBB” While ensuring financial stability, the Group continues to work on securing favorable external funding sources to modernize our energy infrastructure, develop our renewable energy sources and strengthen our energy supply security.

To implement the plan for the expansion and modernization of our distribution infrastructure, a loan was secured from Bank Gospodarstwa Krajowego (under the National Recovery Facility) worth nearly PLN 10 billion. Enea Operator has also secured one of the largest grants in its history – nearly PLN 1.15 billion from the National Fund for Environmental Protection and Water Management (NFOŚiGW) to improve energy supply security and increase the potential for integrating renewable energy sources in rural areas. An additional PLN 123 million in support from the NFOŚiGW will be allocated to infrastructure projects in northwestern Poland with a view to supporting the development of electromobility and renewable energy sources as well as strengthening the energy security of large urban areas.

Enea’s effective auction strategy has secured the Group nearly PLN 16 billion in contracted revenue from capacity market auctions, in exchange for more than 4.7 GW of capacity obligation for upgraded and existing conventional power plants as well as new CCGT units in Kozienice.

New tools for the system and the market

In 2025, new tools were implemented supporting the operation of the distribution system in the context of the rapid development of renewable energy sources. The Interventional Active Power Delivery (IDC) allows customers to increase power consumption without any additional fees, and use cheaper, green energy. In turn, the Interventional Reactive Power Control (IRB) offers energy producers additional remuneration for the fulfillment of reactive capacity control instructions. The first IRB service agreement in Poland was signed at the end of Q1 2026.

Over two years, the capacity of renewable sources connected to the Enea Operator network increased by more than 40%. The company improved transparency in the connection process by providing interactive maps of connected and available renewable capacity (updated daily). An interactive map of renewable generation curtailment zones has been launched recently. The development of digital and interactive tools supports communication with energy market players.

Green offering and new cooperation models

The new product offering was expanded with solutions supporting customers’ energy transition. Among other things, the EKO Offer was introduced, a product based on guarantees of origin from renewable energy sources, as well as EkoPlan, which includes carbon footprint analysis, acquisition of white certificates, and enterprise energy audits conducted by Enea Eko. At the same time, the gas supply offering was resumed for major business customers, and the Eko Elektrownia offering in a PPA (power purchase agreement) model was developed, with delivery of green energy from Enea’s sources. The first energy volumes reached customers from the beginning of 2026.

As part of the EKO Business Offer, new contract options were introduced, for up to 10 years, along with a price reduction mechanism in the 5 and 10-year options. Business and key customers (up to 8 GWh) may now enter into agreements with guarantees of origin and an annual price reduction mechanism (“the longer, the cheaper”).

Modern products for customers

Starting in 2025, new offerings for customers were added to the portfolio of distribution products. The Eco, Active, and Pewna tariffs balance customer needs with the requirements of the power system, promoting the use of green energy and reducing grid congestion during peak hours. This is an important step towards the development of modern solutions that support the efficiency of the Polish Power System.

Strong position in energy coal market despite price pressure

The Lubelski Węgiel Bogdanka Group, with Lubelski Węgiel Bogdanka S.A. as the parent company, achieved consolidated sales revenues of PLN 2,854.3 million in 2025. Net profit amounted to PLN 263.8 million (after adjustment for an impairment write-off), while EBITDA reached PLN 543.1 million.

The EBITDA margin stood at 19%, down 7.8 percentage points compared to the previous year. Despite a challenging environment, LW Bogdanka maintained stable liquidity.

Financial results were impacted by market pressure, lower coal prices, and reduced sales volumes. These factors were partially offset by the positive impact of a PLN 144.85 million claim settlement in Q1 2025 (as disclosed in Current Report No. 4/2025 of 24 January 2025), related to an underground asset incident from February 2023.

Additionally, operating and net results were influenced by lower depreciation charges, following the reduction in the carrying amount of fixed assets due to impairment losses recognized in 2024.

Local content as a strategic component of the execution of the investment plan

While executing the largest investment program in its history, the Group has also ensured the maximum possible participation of domestic suppliers and service providers in the transition process.

The “Enea. With Energy for Polish Business” program, launched in 2025, provides a formal structure for local content activities. Group companies are strengthening dialogue with contractors by communicating investment plans earlier and implementing tools that support cooperation with suppliers. Currently, a significant share of the Group’s projects involves companies operating in Poland. At the Kozienice Power Plant, domestic entities deliver approximately 75% of the scope of work for the CCGT unit construction, while in projects led by Enea Operator, their share reaches approximately 90%.

ESG – a key direction for responsible transition

The year 2025 marked a critical stage in the Group’s development of a comprehensive approach to sustainability. The adoption of the Sustainability Strategy provided a clear framework and direction for our existing environmental, social, and governance initiatives for the years ahead. Integrating ESG with our strategic development directions has enabled us to pursue energy transition goals more effectively, directly responding to stakeholder expectations and evolving regulatory requirements.

The ESG Strategy is built upon four pillars: energy transition and decarbonization, environmental protection, responsible relationships with employees and business partners, and active support for local communities. For each pillar, we established specific measurable goals that translate sustainability principles into the Group’s daily operations.

Stable financial and operating performance in all areas of the Group’s business

In 2025, the Enea Group’s EBITDA was PLN 5.62 billion, down by PLN 1.18 billion y/y. Revenue from sales and other income amounted to over PLN 28.1 billion, compared to PLN 33 billion in 2024. Net profit for the reporting period improved by nearly PLN 810 million y/y and reached PLN 1.77 billion. The LTM net debt/EBITDA ratio remained stable at 0.48, compared to 0.46 in 2024.

The Generation Area posted an EBITDA of PLN 2.13 billion (down by PLN 1.42 billion y/y). Throughout 2025, the Group generated over 20.4 TWh of electricity, of which renewable energy sources (hydro, wind and solar) accounted for more than 0.6 TWh. Generation from renewable sources went up by 60% y/y. Sales of heat in the generation area exceeded 6.4 PJ (up 8% y/y).

The Distribution area posted an EBITDA of PLN 2.78 billion (up by PLN 500 million y/y). In 2025, Enea Operator provided nearly 20.3 TWh of distribution services to end users. In 2025, 10 thousand renewable energy sources (including micro-installations) were connected to its network. By year-end 2025, the total number of RES sources (including micro-installations) connected to the network reached over 202,000, with a combined capacity exceeding 8.5 GW.

The Trading Area achieved an EBITDA of almost PLN 184 million (up by nearly PLN 188 million y/y). EBITDA was significantly impacted by the recognition of provisions, including: a PLN 173.3 million provision for Tariff G in 2026; a PLN 139.9 million provision following the ERO President’s decision regarding additional payments to the Price Difference Fund for 2023-2025; and adjustments to provisions for prosumers.

In 2025, the volume of electricity sales to retail customers amounted to 24.4 TWh (down 1.4% y/y). Total revenue from electricity sales in 2025 declined by 11% compared to 2024, reflecting the general decline in wholesale electricity prices.

COMMENTARY ON THE ENEA GROUP’S PERFORMANCE IN 2025:

Grzegorz Kinelski, President of the Enea Management Board: 

“Last year showed that the energy transition in Poland is no longer just a strategy on paper – today, it is clearly visible in specific investments, projects, and business decisions. The Enea Group is playing an active role in this transformation, implementing the largest investment program in its history. We are building solid foundations for a new power system. However, the stability and efficiency of this system will depend on the scale and pace of further investments – in generation assets, power grids, and energy storage solutions. Our ambition is to build a sustainable and secure energy mix. To achieve this, we are simultaneously investing in renewable energy sources, gas generation assets, technologies of the future, and the modernization of existing assets. We believe the transition must be carried out responsibly – to ensure continuity of supply for our customers and the overall security of the power system.

In the coming years, we will consistently increase the scale of our investments, strengthening Enea’s position as a modern, responsible energy group that is actively shaping the future of Poland’s power sector.”