ENEA (ENA) investor relations material

Executive summary

• Net profit for the nine months ended 30 September 2025 was PLN 2,722 million, reflecting disciplined execution of a low-emission strategy and significant investments in grid expansion and renewables, but down from PLN 2,996 million year-over-year.

• Revenue from sales for the period was PLN 20,208 million, a decrease from PLN 22,878 million in the prior year, with EBITDA for the period at PLN 4.7 billion.

• Investments in grid modernization, digitization, and flexibility totaled PLN 1.5 billion, with a focus on enabling new connections and supporting renewable integration.

• The group is advancing decarbonization, expanding gas and biomass capacity, and prioritizing energy storage and renewables, with over 500 MW in storage permits and significant wind and PV projects underway.

• Earnings per share for the nine months were PLN 5.04, compared to PLN 6.14 year-over-year.

Financial highlights

• Revenues declined 20% year-over-year due to lower energy prices and demand, with EBITDA halved compared to last year, though a PLN 150 million one-off compensation at Bogdanka supported results.

• Net debt decreased from PLN 8.2 billion to PLN 6 billion year-over-year, with cash generation remaining strong.

• Distribution segment revenues grew 4.4% year-over-year, driven by inflation and investment, while generation and extraction segments saw significant revenue and EBITDA declines.

• Record trade and retail EBITDA (PLN 587 million and PLN 574 million, respectively) were driven by one-off tariff compensation and optimization, but are not expected to recur.

• Net cash flows from operating activities increased to PLN 9,203 million from PLN 7,782 million year-over-year.

Outlook and guidance

• Market volatility and regulatory changes are expected to continue, with stable but lower margins anticipated due to ongoing energy price pressures.

• The group is focused on executing a PLN 108 billion investment plan over the next decade, emphasizing local supply chains and digital transformation.

• Ongoing transition to renewables and storage, with ambitions for significant capacity additions and further decarbonization of heat and power segments.

• Focus remains on diversifying external financing sources to support investments in low-carbon energy, renewables, and grid modernization.