Ze Pak Sa · GPW:ZEP
Ze Pak Sa — FY2024 Earnings Presentation
28 slides from Ze Pak Sa's earnings presentation, May 2, 2025
Slide 1: 2024 Results
2024 Results _ 2 May 2024
Slide 2: 2024 Summary
2024 Summary Key operational and financial data 2024 Change y/y Sale of electricity: 2,05 TWh -22,64% • Electricity from own production: 1,43 TWh -5,92% • Electricity from resale: 0,62 TWh -45,13% Achieved average electricity sale price (1) 752,75 PLN/MWh -37,35% Average purchase price of EUA 350,71
Slide 3: 4Q 2024 Summary
4Q 2024 Summary Key operational and financial data 4Q 2024 Change y/y Sale of electricity: 0,55 TWh +22,22% • Electricity from own production: 0,46 TWh +130,00% • Electricity from resale: 0,09 TWh -64,00% Achieved average electricity sale price (1) 836,41 PLN/MWh -39,74% Average purchase price of EU
Slide 4: 2024 Summary [m PLN]
2024 Summary [m PLN] REVENUES EBITDA NET RESULT 3 865 728 723 684 2 185 1 242 638 378 1 939 282 263 1 169 2024 2023 Other Electricity from resale 2024 2023 2024 2023 Electricity from own production The conditions of conducting ZE PAK business in 2024 have changed significantly compared to 2023: • th
Slide 5: Selected Electricity Market Data
SELECTED ELECTRICITY MARKET DATA 5
Slide 6: Electricity prices
Electricity prices Electricity prices (TGeBase) 1000 800 600 PLN/MWh max. 505,59 min. 400 472,68 433,80 weighted average 356,28 392,57 200 0 4Q 2023 1Q 2024 2Q 2024 3Q 2024 4Q 2024 Prices of a futures contract for the supply of electricity (band with annual delivery) 650 600 549,41 PLN/MWh 550 500 4
Slide 7: Price of the futures contract for the supply of EUA
Price of the futures contract for the supply of EUA Prices of a futures contract for the delivery of EUAs 105 100 95 90 85 euro/EUA 80 85,21 75 70 66,59 65 60 55 50 2-Jan 2-Feb 2-Mar 2-Apr 2-May 2-Jun 2-Jul 2-Aug 2-Sep 2-Oct 2-Nov 2-Dec 2024 2023 arithmetic average 2024 arithmetic average 2023 7
Slide 8: Operational Data
OPERATIONAL DATA 8
Slide 9: Net production and sale of electricity
Net production and sale of electricity [TWh] NET PRODUCTION [TWh] SALE [TWh] In 2024, after the sale of the controlling stake in PAK – PCE in 2023, the group produced electricity solely from 1,52 2,65 lignite. 1,43 0,04 0,25 2,05 In 2024, there was a larger supply of coal, which 1,13 resulted in an
Slide 10: Quarterly net production and sale of electricity
Quarterly net production and sale of electricity [TWh] NET PRODUCTION [TWh] 0,46 0,38 0,32 0,27 0,34 0,23 0,20 0,17 0,26 0,03 0,15 0,17 0,10 0,12 0,06 1Q 2024 2Q 2024 3Q 2024 4Q 2024 4Q 2023 Units 1, 2 i 5 (PI) Unit 9 (PII) Units 1, 2 i 5 (PI) Unit 9 (PII) SALE OF ELECTRICITY [TWh] In Q4 2024, an ov
Slide 11: Lignite consumption and CO2 emission
Lignite consumption and CO2 emission [m tons] LIGNITE CONSUMPTION [m tons] CO2 EMISSION [m tons] 1,90 1,85 1,66 1,65 CO2 2024 2023 2024 2023 Data on coal consumption and CO2 emissions for both 2024 and the 4Q of 2024 show an increase in coal consumption and greater emissions, which result from highe
Slide 12: Quarterly lignite consumption and CO2 emission
Quarterly lignite consumption and CO2 emission [m tons] LIGNITE CONSUMPTION [m tons] 0,63 0,52 CO2 0,36 0,39 0,31 1Q 2024 2Q 2024 3Q 2024 4Q 2024 4Q 2023 CO2 EMISSION [m tons] 0,60 0,50 0,40 0,35 0,30 1Q 2024 2Q 2024 3Q 2024 4Q 2024 4Q 2023 12
Slide 13: Average prices for electricity sales and CO2 purchases
Average prices for electricity sales and CO2 purchases Electricity sale price(1) Purchase price of CO2 emission allowances (EUA) (2) 1 201,47 373,19 350,71 22,48 448,72 752,75 2024 2023 2024 2023 (1) Average price calculated as revenues from the sale of energy (including ancillary services) divided
Slide 14: Quarterly average prices for electricity sales and CO2 purchase
Quarterly average prices for electricity sales and CO2 purchase Electricity sale price [PLN/MWh] 1 388,01 551,60 836,41 695,81 731,10 737,98 1Q 2024 2Q 2024 3Q 2024 4Q 2024 4Q 2023 Purchase price of CO2 emission allowances (EUA) [PLN/EUA] 406,07 398,06 349,55 288,28 297,34 9,06 1Q 2024 2Q 2024 3Q 20
Slide 15: Employment
EMPLOYMENT 15
Slide 16: Employment
Employment [full time] BY SEGMENTS TOTAL 1000 3 097 900 2 688 800 2 412 700 600 500 400 300 200 100 0 GENERATION MINING RENOVATION OTHER 31.12.2024 31.12.2023 31.12.2022 31.12.2024 31.12.2023 31.12.2022 16
Slide 17: Financial Data
FINANCIAL DATA 17
Slide 18: Revenues
Revenues (1) [m PLN] The PLN 770,1 million decrease in revenues from sales of 2024 2023 produced electricity was due to lower prices by 37.35% and a 1 939 5,92% decrease in volume The decrease in revenues from purchased electricity by PLN 863,9 million, next to the lower price of electricity, was in
Slide 19: Costs by type
Costs by type(1) [m PLN] 1 091 The PLN 182.2 million decrease in material consumption is primarily 2024 2023 due to the lack of costs for purchased used biomass and the decrease in the price of purchased electricity for personal use. 649 608 The PLN 20.8 million decrease in depreciation is due to th
Slide 20: EBITDA 2024
EBITDA 2024(1) [m PLN] 2024 2023 (1) Total EBITDA on continuing and discontinued operations. Sales revenues 2 185 3 865 (2) EBITDA lower by PLN 447 m (-61.34%) -> after bringing to comparability lower by PLN 837 m (-88.95%) Change % (43,46)% (7,98)% Costs of goods sold (1 823) (2 606) comparable EBI
Slide 21: EBITDA 4Q 2024
EBITDA 4Q 2024(1) [m PLN] 4Q 2024 4Q 2023 (1) Total EBITDA on continuing and discontinued operations. Przychody ze sprzedaży 623 829 (2) EBITDA lower by PLN 297 m (-69.88%) -> after bringing to comparability lower by PLN 100 m (-51.91%) Change % (24,84)% (25,13)% Costs of goods sold (453) (453) comp
Slide 22: Financial activities, tax and net result
Financial activities, tax and net result(1) [m PLN] 2024 2023 4Q 2024 4Q 2023 EBIT 265 688 122 419 EBIT --˃ net profit Financial revenues (2) 28 66 8 12 Financial costs (3) (51) (135) (13) (59) Zysk ze zbycia inwestycji oraz wyceny - 219 - 219 zatrzymanej inwestycji Gross profit (loss) 241 839 117 5
Slide 23: Consolidated cash flow statement
Consolidated cash flow statement(1) [m PLN] (1) The higher positive change in working capital is primarily due to a decrease 2024 2023 Gross profit / (loss) 242 839 in accounts receivable (in the previous year, receivables increased during the year). Depreciation 17 38 Profit / (loss) on investing a
Slide 24: Investments
INVESTMENTS 24
Slide 25: Project of the construction of CCGT in Turek, Adamów
Project of the construction of CCGT - Combined Cycle Gas Turbine in Turek in the area of closed Adamów power plant PROJECT’S NAME LOCATION INSTALLED CAPACITY PROJECT’S PHASE PRODUCTION Unit: Turek, wielkopolskie voivodeship CCGT Adamów Gas pipeline: Turek commune, 562 MW Implementation 3Q 2027 Przyk
Slide 26: CCGT Turek project status of work
Project of the construction of CCGT - Combined Cycle Gas Turbine in Turek in the area of closed Adamów power plant Excavations for the main buildings of the STATUS OF WORK power plant ➢ The production of all key power plant equipment (gas turbine, steam turbine, generator, condenser, heat recovery b
Slide 27: Opole Wind Farm
Opole Wind Farm PROJECT’S PROJECT’S NAME LOCATION CAPACITY TURBINES PHASE PRODUCTION Voivodship: Opole approx. 500 approx. FW Opole District: Kędzierzyn-Koźle, Development 2030 Prudnik, Głubczyce MW 130 STATUS OF WORK ➢ The project was acquired in June 2024 through the acquisition of shares in Energ
Slide 28: Disclaimer
Disclaimer This presentation ("Presentation") is prepared for information purposes only and should not be treated as investment advice. This presentation has been prepared by ZE PAK SA (“the Company”). Presentation Recipients are solely responsible for their own analysis and evaluation of the market