New capacity for energy security, digital network and Polish capabilities – Enea Group after Q1 2026

The beginning of 2026 for the Enea Group was a period of intensive implementation of strategic projects supporting the energy transition and the security of the Polish Power System. Enea started the construction of two combined-cycle gas turbine (CCGT) units, a key project supporting energy security. The Group is developing a modern, digital distribution network and strengthening its cooperation with Polish enterprises as part of its local content initiatives.

• After Q1 2026, the Group generated EBITDA of over PLN 1.5 billion, with revenue from sales and other income at nearly PLN 7.2 billion.
• Enea has been developing and utilizing new renewable capacity. The significant increase in green energy generation (up 92% y/y) has been driven by wind farms.
• The Group is implementing the largest capital expenditure program in its history. In 2026, it plans to spend a record PLN 9 billion.
• Construction of two CCGT units has commenced in Kozienice – a key project supporting energy security.
• Energy storage is a priority capital expenditure area for 2026.
• New products and digitalization of services are strengthening the Group’s competitiveness on the market.

CCGT units in Kozienice as a symbol of the Group’s responsible transition 

Construction of one of the Enea Group’s key transformation projects – two CCGT units with a total gross installed capacity of approximately 1,336 MWe – commenced in mid-February and is gaining momentum. In the first quarter, work continued on the connection to the Gaz-System transmission network and on the organization of construction site facilities. This project will improve the flexibility of the power system and support the stable operation of the national energy system amid a growing share of renewable energy sources. The project is also an important element in reducing the emissions intensity of the Group’s generation assets. It demonstrates the practical application of the local content strategy that is integral to the Group’s investment program.

Capital expenditures supporting the domestic energy transition ecosystem 

The Group is implementing ambitious development plans that are critical for green transition. In 2026, it plans to allocate PLN 9 billion to capital expenditures. A significant portion of this amount will be invested in distribution, with a record PLN 3.3 billion planned for this segment this year.

Energy storage is the priority for this year, both to cooperate with existing and planned RES installations and to provide services improving the flexibility of the distribution network.
The Group has obtained connection conditions for a total capacity of 1.45 GW and will announce tenders for contractors. Execution works and the electrification of the vast majority of storage facilities are planned for 2027.     

We are building the foundations of a next-generation smart power grid

Enea Operator is developing a modern, data-driven model for managing the distribution network, based on system flexibility and transparent market cooperation. The company has implemented a proprietary IT tool, RankINN, supporting investment and regulatory decision-making in the distribution network. The system leverages advanced data analytics and algorithms to more effectively plan infrastructure development and enhance network management efficiency in the context of a dynamic increase in renewable energy sources.

The company is committed to full transparency in cooperation with investors and market participants. It has made available new tools and maps supporting connection processes and RES generation management, including daily updates of available connection capacity on its website. It also signed the first agreement to provide the Emergency Reactive Power Control (IRB) service, initiating the practical application of market mechanisms for managing reactive power at the level of a distribution network. 

Growing role of modern energy products and the trading segment

In response to changing market needs and growing interest in energy efficiency solutions, the Group has introduced new products to its offering. “Safe Photovoltaics with a Professional” is targeted at individual customers using photovoltaic micro-installations, energy storage systems and home EV chargers. The “EcoCertainty” offer provides a fixed energy price for 24 months, along with additional technical support services for households.

At the same time, the trading segment maintained high activity in the business customer market. During the quarter, Enea concluded 36 electricity sales contracts above 20 GWh with a total volume of 3,669 GWh and won 8 tenders covering sales above 10 GWh with a total volume of 260 GWh. These activities confirm effectiveness in building long-term customer relationships and strengthening the Enea Group’s competitiveness on the market.

Financial and operational performance supporting further transformation of the Group

In Q1 2026, the Enea Group reported EBITDA of PLN 1.5 billion, which decreased by PLN 392 million compared with Q1 2025. Revenue from sales and other income reached nearly PLN 7.2 billion. Net profit for the reporting period decreased by 20% y/y to PLN 925.3 million. The LTM net debt/EBITDA ratio stood at 0.53 compared to 0.27 in the corresponding period of 2025.

The Generation Area posted  EBITDA of PLN 636.5 million (up PLN 87.2 million y/y). The Group generated 5.9 TWh of electricity, of which nearly 0.2 TWh came from renewable sources (hydro, wind, solar). Renewable generation increased by 92.3% y/y, reflecting the utilization of new wind capacity.

The Distribution Area posted EBITDA of PLN 741.1 million (down PLN 3.2 million y/y). In Q1 2026, Enea Operator delivered nearly 5.4 TWh of distribution services to end users and connected 1,447 renewable sources (including micro-installations) to its network. As at the end of Q1 2026, the total number of connected RES sources (including micro-installations) exceeded 203.6 thousand, with total capacity above 8.6 GW.

The Trading Area’s EBITDA amounted to PLN 70.6 million (down PLN 143 million y/y), mainly due to lower margins in the retail market. Additionally, the performance was significantly affected by increased use of provisions (primarily related to Tariff G).

In Q1 2026, electricity sales volume to retail customers amounted to nearly 6.5 TWh, up 4.7% y/y. Gas fuel sales volume was 8 GWh, broadly in line with Q1 2025. Total revenues from electricity sales to retail customers in the period amounted to nearly PLN 3.4 billion (up 3.9% y/y).

In the Mining Area, Lubelski Węgiel Bogdanka Group generated consolidated sales revenues of PLN 702.6 million in Q1 2026. Net loss amounted to PLN 22.1 million and EBITDA was PLN 25.2 million, with an EBITDA margin of 3.6%.

In spite of the challenging market conditions, LW Bogdanka maintained stable liquidity, increased yield and invested in new excavations. The share of exports in the Group’s revenues exceeded 10%, compared to 3% a year earlier. The exported coal, sold both through intermediaries and directly by the company, was delivered mainly to Ukraine and Slovakia.

LW Bogdanka sold 2.08 million tons of commercial coal in Q1 2026. Despite a decrease of 6.9% y/y, the Group kept a strong market position , achieving a 29.1% share in coal deliveries to the commercial power sector in Poland. Commercial coal production amounted to nearly 2.04 million tons, which was 616 thousand tons less than in the corresponding period of the previous year (-23.2%). At the same time, yield increased to 71.4%, representing an improvement of 2.4 percentage points compared to Q1 2025.

COMMENTARY ON ENEA GROUP’S RESULTS FOR Q1 2026:

Grzegorz Kinelski, President of Enea:

“In the first quarter of this year, we maintained stable energy production and delivered solid financial results despite a challenging and still volatile market environment. We generated 5.9 TWh of net electricity, with a growing share coming from renewable sources. We continue to develop and utilize new wind farm capacity, executing our energy transition strategy and increasing the share of green energy in the Group’s generation mix. At the same time, we are investing in the development of a modern, flexible and resilient distribution network, while maintaining financial discipline that supports stable and secure financial ratios. After Q1 2026, the Group’s EBITDA amounted to nearly PLN 1.5 billion, with largest contributions from the generation and distribution segments, which remain the foundation of the Group’s operational stability.

In parallel, we are accelerating organizational and digital transformation. An increasing number of customers are choosing modern communication channels, with more than 55% of retail customers already using electronic invoices, and up to 500 new customers activating an eBOK account each day. This demonstrates that we are responding effectively to evolving market expectations while building a modern, efficient and customer-friendly organization.”