Pge Polska Grupa Energetyczna S.a. · GPW:PGE
Pge Polska Grupa Energetyczna — Q3 2025 Earnings Presentation
13 slides from Pge Polska Grupa Energetyczna's earnings presentation, Nov 26, 2025
Slide 1: Financial and operating results Q3 2025
Financial and operating results Q3 2025 November 26, 2025
Slide 2: Maciej Górski, Vice-President of the Management Board for Operations
MACIEJ GÓRSKI Vice-President of the Management Board for Operations
Slide 3: Q3 2025 review
Q3 2025 review • EBITDA recurring: PLN 3.0 bn (+20% y/y) • CAPEX (cash): PLN 3.0 bn (+10% y/y) • Production of electricity : 12.58 TWh (-0.6 TWh y/y) • Sales of heat: 3.51 PJ (+0.05 PJ y/y) • Supplementary Capacity Market auction 2026: 2.6 GW contracted capacities • Tender for gas-fired power plant:
Slide 4: Key investment projects
Key investment projects Renewables Wind offshore farm Baltica 2 (1,5 GW) preparation of seabed (cable routes and foundation sites, sea-land drilling operations) Gas-fired Generation CCGT Rybnik (882 MW) assembly works within the unit, start of works on power evacuation Energy Storage BESS Żarnowiec
Slide 5: Electricity market
Electricity market Domestic consumption and generation Q3 2025 Electricity generation Generation -4.4% (-1.75 TWh y/y) 16,5 Domestic consumption 16,0 Balance of foreign exchange 15,5 (+1.06 TWh y/y) 15,0 14,5 14,0 Electricity consumption 13,5 -1.7% (-0.69 TWh y/y) 13,0 12,5 12,0 11,5 Jan 23 Oct 22 A
Slide 6: Key operating results Q3 2025
Key operating results Q3 2025 13,16 Net electricity generation 2024 • Lower utilisation of lignite-fired power plants -0,58 (TWh) 2025 12,58 • Improved production at Gryfino Dolna Odra CCGT 2024 1,32 3,65 1,49 2,32 1,01 9,79 • Decrease in demand in the tariff of industrial off-takers, small Distribu
Slide 7: Przemysław Jastrzębski, Vice-President of the Management Board for Finance
PRZEMYSŁAW JASTRZĘBSKI Vice-President of the Management Board for Finance
Slide 8: Development of EBITDA by major value drivers Q3 2025
Development of EBITDA by major value drivers Q3 2025 (PLN m) Q3 2024 EBITDA RAPORTED 2 458 One-offs 4 - Price Q3 2024 EBITDA RECURRING 2 454 of electricity (PLN -1 080m) (-89.8 PLN/MWh) Sales of electricity-Generation 1 1 502 - Electricity Volume (PLN -422m) (-0.7 TWh) + CO2 price (PLN +596m) (-51.9
Slide 9: CAPEX Q3 2025 y/y
CAPEX Q3 2025 y/y (cash in PLN m) +259 982 44 182 2 957 -18 -32 -842 2 698 -57 Q3 2024 Renewables Gas-fired Coal Energy District Heating Distribution Energy Railway Supply, Other Q3 2025 generation Services activities Q3 2024 2 698 386 932 191 234 794 106 55 Q3 2025 1 368 90 134 416 838 88 23 2 957
Slide 10: Net debt in 2025
Net debt in 2025 • Main factors affecting net debt level in 9M 2025: Net debt (PLN bn)1 • Recurring EBITDA PLN 10.6 bn, • Investment spending PLN 7.2 bn, 9,16 • Change by PLN 4.8 bn due to CO2, i.e. difference between recognised CO2 costs and payments for CO2 in 2025, 9,53 6,60 • Effect of the accou
Slide 11: EBITDA recurring outlook for 2026
EBITDA recurring outlook for 2026 2026 vs 2025 Main factors perspective − Lower margin at pumped-storage power plants Renewables − Lower revenues from certificates Gas-fired + Expected higher margin on sales of electricity Generation − Expected lower revenues from balancing capacities market − Expec
Slide 12: Financial costs in Q3 2025
Financial costs in Q3 2025 EXTRACT FROM CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME • Balance of financial income and costs of PGE Group in Q3 III 2025 amounted to more than PLN -0.7 bn PLN m 3 months ended September 30, 2025 • Impact of valuation of inflation instrument and currency option, iden
Slide 13: Q&A Session
Q&A SESSION _PGE~ Polska Grupa Energetyczna
PGE Polska Grupa Energetyczna — Q3 2025 Earnings Presentation on 6ix