Ze Pak Sa · GPW:ZEP
Ze Pak Sa — H1 2026 Earnings Presentation
25 slides from Ze Pak Sa's earnings presentation, Sep 28, 2026
Slide 1: Q2'26 & H1'26 financial results
Q2’26 & H1’26 financial results 28 September 2026
Slide 2: Speakers
Speakers ANDRZEJ MACIEJ KOŃSKI MACIEJ NIETOPIEL BARTŁOMIEJ DRYWA JANISZOWSKI VICE PRESIDENT OF THE VICE PRESIDENT OF THE VICE PRESIDENT OF THE MANAGEMENT BOARD MANAGEMENT BOARD, CFO MANAGEMENT BOARD VICE PRESIDENT OF THE ZE PAK S.A. ZE PAK S.A. ZE PAK S.A. MANAGEMENT BOARD ZE PAK S.A.
Slide 3: Agenda
Agenda 1. Key highlights 2. Operating results 3. Development projects 4. Employment 5. Financial results
Slide 4: Key highlights
Key highlights Bartłomiej Drywa Vice President of the Management Board ZE PAK S.A.
Slide 5: Key highlights
Key highlights o We are executing the CCGT unit in Turek – EPC works progress at 89% as at the end of Q2’26 o We acquired PLN 710 million of additional funding to support investment projects and ongoing operations o We have completed our coal operations in their previous form – we have ceased contin
Slide 6: Operating results
Operating results Andrzej Janiszowski Vice President of the Management Board ZE PAK S.A.
Slide 7: Energy market situation
Energy market situation Energy prices TGeBASE (PLN/MWh) Futures contract price for EUA delivery (EUR/EUA) 700 650 95 600 90 550 85 80 500 77 457 75 450 448 70 70 400 65 350 60 300 55 lipJul sieAug wrz Sep paźOct lisNov gruDec sty Jan lut Febmar Mar kwi Apr maj May cze Jun Jul Aug Sep Oct Nov Dec Jan
Slide 8: Growing pressure on the margins of conventional producers
Growing pressure on the margins of conventional producers Electric energy sales Margin H1’25 o Change in the operating profile - -24,1% cessation of continuous coal-fired 963 574.9 power generation, resulted in a 27.1% 178 731 y/y decline in own electricity 159 generation PLN/ MWh 237.3 785 o The in
Slide 9: Q2'26 margin driven by the phase-out of coal operations
Q2’26 margin driven by the phase-out of coal operations Electric energy sales Margin Q2’25 o Starting from May 2026 we no longer -46.7% conduct continuous electricity 505 555.4 generation 132 o The lack of forward contracts reduced 269 our ability to actively optimise the PLN/ MWh 94 202.4 generatio
Slide 10: Development projects
Development projects Maciej Koński Vice President of the Management Board ZE PAK S.A.
Slide 11: Construction of a gas-steam unit (CCGT) in Turek
Construction of a gas-steam unit (CCGT) in Turek Progress status: o EPC progress: approx. 89% at the end of Q2’26 o Potential delay in the unit’s commissioning identified - estimated date by the end of 2027 o Continued installation of key technological equipment and process systems, including: ‒ Fan
Slide 12: Opole 500MW wind farm
Opole 500MW wind farm Progress status : o Continued development work to prepare the project for construction o We have completed environmental monitoring – 7 of the 7 environmental proceedings have been initiated. Decisions are expected in 2027 o Ready-to-Build status expected in 2028-2029 o Work co
Slide 13: Land reclamation
Land reclamation o Land reclamation is carried out in accordance with applicable legal requirements and environmental permits o In Q2’26, we submitted applications for reclamation to be considered completed in the water direction for a total area of 690.2 ha, including: o O/Adamów – 326.3 ha o O/Jóź
Slide 14: Employment
Employment Andrzej Janiszowski Vice President of the Management Board ZE PAK S.A.
Slide 15: Employment restructuring in line with the principles of social responsibility
Employment restructuring in line with the principles of social responsibility Change in employment o In H1'26, employment restructuring affected 504 employees, 307 of whom benefited - 59 from one-off severance payments under the - 125 - 21 - 70 Social Protection Act - 284 - 62 - 32 o At the end of Q
Slide 16: Financial results
Financial results Maciej Nietopiel Vice President of the Management Board ZE PAK S.A.
Slide 17: Summary of ZE PAK Group's financial results
Summary of ZE PAK Group’s financial results Revenue EBITDA Net result -32.2% -29m PLN +20m PLN 335 227 -24 -46 218 -66 -53 94 mPLN mPLN mPLN 41 62 93 55 Q2'25 Q2'26 Q2'25 Q2'26 Q2'25 Q2'26 -11.5% 644 -26m PLN +26m PLN 570 -29 mPLN mPLN 470 -54 mPLN 334 -55 -80 70 83 166 91 H1'25 H1'26 H1'25 H1'26 H1
Slide 18: Revenue decomposition in H1'26
Revenue decomposition in H1’26 Revenue structure 41 570 o The Group’s main revenue stream, 55 69 comprising own generation and electricity 70 334 trading, remained under pressure driven by: ‒ lower production and resale volumes mPLN ‒ lower realised electricity prices Electricity EEElectricity z obr
Slide 19: Revenue decomposition in Q2'26
Revenue decomposition in Q2’26 Revenue structure o The Group’s main revenue stream, comprising own generation and electricity 22 227 36 trading, remained under pressure driven by: 35 41 ‒ lower production and resale volumes mPLN 94 ‒ lower realised electricity prices Electricity EEElectricity z obro
Slide 20: EBITDA decomposition in H1'26
EBITDA decomposition in H1’26 EBITDA structure o EBITDA from the sale of energy from own 30 10 production impacted by: 69 3 - 55 - 21 ‒ lower production volume mPLN 12 - 159 ‒ significant deterioration in the Electricity Electricity EE z obrotu Capacity Construction Usługi… Reclamation Share w Udzia
Slide 21: EBITDA decomposition in Q2'26
EBITDA decomposition in Q2’26 EBITDA structure o EBITDA from the sale of energy from own 11 production impacted by: 35 2 5 - 28 - 53 ‒ lower production volume mPLN 14 - 92 ‒ significant deterioration in the Electricity Electricity EE z obrotu Capacity Construction Usługi… Reclamation Share w Udział
Slide 22: Group indebtedness
Group indebtedness Gross debt Indebtedness structure (as of 30.06.2026) 1 187 582 mPLN 50% 50% 100 100 31.12.2025 30.06.2026 % % Floating interest rate Bank loan Currency - PLN Hedged interest rate Debt maturity profile (as of 30.06.2026) o In Q3'26, we secured PLN 710 million of new financing: ‒ PL
Slide 23: Q&A
Q&A
Slide 24: Disclaimer
Disclaimer The information contained in this presentation may contain forward-looking statements, which are defined as all statements (except those relating to historical facts) regarding our financial results, business strategy, and objectives and plans for future operations (including plans for th
Slide 25: Investor Relations
Investor Relations ri@zepak.com.pl www.zepak.com.pl