New renewable capacity, investments in the grid and security of supply - Enea Group after H1 2026

The first half of 2026 for the Enea Group was a period of consistent implementation of projects that build Poland’s energy security and supporting the sector’s transition. The Group developed new renewable capacity, continued the construction of two CCGT units in Kozienice, strengthened and digitized the distribution grid, and secured access to LNG infrastructure. At the same time, Enea maintained stable operating and financial performance, generating EBITDA of PLN 2.75 billion.

• In H1 2026, the Enea Group’s EBITDA was PLN 2.75 billion, and revenue from sales and other income reached PLN 12.82 billion.
• Enea increased net electricity production by 3% y/y to almost 10.5 TWh.
• The construction of two CCGT units in the Kozienice Power Plant with a total attainable capacity of roughly 1,336 MW is progressing as scheduled.
• The Group has taken over two wind farms with a total capacity of 17.6 MW and raised more than PLN 417 million from the National Recovery Facility (KPO) for the development of RES projects. Installed RES capacity was 730.3 MW.
• Enea has secured long-term access to LNG regasification services at the planned FSRU-2 terminal in the Gulf of Gdańsk, reinforcing the security of future fuel supply to its gas assets and clients.

New renewable capacity strengthens the Group’s energy generation portfolio

In H1 2026, the Enea Group finalized the acquisition of the 11 MW Zaklików wind farm and the 6.6 MW Nowe Miasto Lubawskie wind farm. The latter transaction also included a design for a 3 MW energy storage facility, for which a building permit has already been obtained. The Group’s total installed renewable capacity was 730.3 MW at the end of June.

Enea Nowa Energia, which manages RES assets in the Group, entered into a loan agreement with BGK financed from the National Recovery Facility (KPO), worth over PLN 417 million. The funding will be used to build and develop 11 photovoltaic farm projects with a total capacity of approximately 268 MW. Once these investments and projects, planned for completion by 2027, are finalized, the Enea Group’s installed photovoltaic capacity will more than quadruple, reaching approximately 390 MW. 

At the same time, the Group is developing energy storage projects. It holds grid connection permits for energy storage facilities currently under construction with an aggregate capacity of approximately 1,330 MW. Preparations are continuing for the construction of large-scale energy storage facilities with a capacity of approximately 200 MW on the premises of Enea Wytwarzanie and Enea Elektrownia Połaniec. The required corporate approvals have been obtained for these projects and the Group is currently in the process of selecting contractors and technology suppliers. 

Investment in stable capacity and security of gas supply

The construction of two CCGT units in the Kozienice Power Plant with a total gross installed capacity of approx. 1,336 MW is progressing on schedule. The new units will support the security and flexibility of the national power system in the conditions of growing share of renewable energy sources. The project schedule provides for electricity from the first unit to be fed into the Polish Power System in mid-2029.

The Group is also conducting projects to enhance the operational flexibility of its existing generation assets, including the modernization of the start-up boiler house at the Kozienice Power Plant and construction of an electrically powered start-up boiler house at the Połaniec Power Plant. The purpose of the investments is to enable a reduction in the minimum operating level of the units. Projects relating to the “greening” of power generating units at both power plants continue to be carried out.

In June, the Enea Group signed an agreement with Gaz-System for the provision of regasification services at the planned FSRU-2 terminal in the Gulf of Gdańsk. The value of the agreement, calculated based on estimated fees for services over a 15-year period, is approximately PLN 1.23 billion. Access to the terminal will enable the receipt of LNG delivered by sea and will increase the Group's flexibility in building a gas supply portfolio for its future generation assets.

Modern grid as the foundation of the energy transition

Enea Operator is developing and modernizing its distribution grid, increasing its capacity to connect new renewable sources and improving the security of energy supply. In H1 2026, the company delivered 10.5 TWh of energy to end users. At the end of June, approximately 205 thousand RES sources, including microinstallations, were connected to its grid.

In H1, Enea Operator received PLN 384.5 million in subsidy reimbursement from the National Fund for Environmental Protection and Water Management. The funds relate to a project for the construction and reconstruction of the distribution grid, which increases the potential for connecting RES in rural areas and is implemented under the KPO and the REPowerEU component. The project is nearing completion.

Enea also continued to use preferential financing to modernize and develop its grid. In H1 of this year, the third and fourth tranches of the KPO loan were drawn down, for a combined amount of nearly PLN 560 million, which was forwarded to Enea Operator. After the end of the reporting period, a fifth tranche of almost PLN 138 million was drawn down, bringing the total amount to over PLN 900 million.

Digitalization and new organizational model for the sales area

The Group is developing digital tools to support the management of renewable energy sources, energy storage facilities and energy trading. The Energy Link platform is being expanded to enable real-time asset monitoring, energy production forecasting and optimization of plant operations. It also supports the automation of energy trading, as well as RES portfolio and energy storage management.

The reorganization of the sales area is also continuing. The Extraordinary General Meeting of Enea S.A. adopted a resolution on the demerger of the company by spinning off the sales area into a separate entity. This is another step in the process of realigning the organizational model of the Enea Group and building a specialized sales organization focused on the needs of individual and business customers.

Financial and operational performance supporting further transformation

In H1 2026, the Enea Group generated EBITDA of PLN 2,752.2 million. Revenue from sales and other income totaled PLN 12,822 million and was down 9.0% y/y. Net profit for the reporting period stood at PLN 1,503.7 million. The Group’s capital expenditures reached nearly PLN 3.16 billion.

The Generation Area posted EBITDA of PLN 1,100.5 million, up PLN 97.8 million y/y. Performance improved across all three segments – conventional generation, RES and heat. In the RES segment, EBITDA increased by PLN 64.4 million, driven mainly by improved performance of wind energy, reflecting acquisitions completed in the segment. The Group generated a total of nearly 10.5 TWh of net electricity, 3% more than a year earlier.

In the distribution area, EBITDA reached PLN 1,449.5 million, up by PLN 51.3 million y/y. The result was positively affected by an increase in the margin on licensed activity. At the same time, the area recorded higher operating costs and an increase in provisions relating to grid assets. Enea Operator delivered 10.5 TWh of energy to end users.

In the trading area, EBITDA was PLN 95.1 million, down by PLN 321.8 million y/y. The decline was caused mainly by lower margins in the retail market. In addition, EBITDA was significantly impacted by an increase in the use of provisions, primarily the provision established for Tariff G. The volume of electricity and gaseous fuel sold to retail customers was 11.8 TWh.

In the Mining Area, EBITDA was PLN 106.5 million, which was PLN 304.8 million less than the year before. Revenue from sales of coal fell (although the coal sales volume was higher, the realized sales price was lower). In addition, the EBITDA for the comparable period, i.e., Q1 2025, was significantly impacted by the compensation (a one-off event amounting to PLN 144.85 million). Net coal production in H1 2026 was 4.4 million tons and sales 4.1 million tons. The Group holds a 25.2% share in Poland’s steam coal market.

COMMENTS ON THE ENEA GROUP’S PERFORMANCE AFTER H1 2026

Grzegorz Kinelski, President of the Enea Management Board:

The first half of 2026 was a period of continuing implementation of the Enea Group’s development and transition strategy. We developed new generation capacity, strengthened distribution grids, secured future fuel supplies and adapted our organization to the challenges of the changing market. We generated EBITDA of PLN 2.75 billion, with the highest contribution from the Distribution and Generation Areas.
 Our stable financial foundation allows us to pursue an ambitious investment program while maintaining financial responsibility and discipline.

The Enea Group combines the security of its existing business with the consistent expansion of new sources that will generate future value. We maintain the efficiency and production capacity of our existing assets while directing capital towards the development of distribution networks, gas sources, renewable energy, energy storage and digital technologies. As a result, we are diversifying our sources of EBITDA and preparing the Group to operate in an energy sector defined by greater flexibility, lower emissions and the growing importance of data. Our investments strengthen Polish businesses and create competencies that the national economy and the sector need to develop and carry out the energy transition.