Pge Polska Grupa Energetyczna S.a. · GPW:PGE
Pge Polska Grupa Energetyczna — Q4 2025 Earnings Presentation
53 slides from Pge Polska Grupa Energetyczna's earnings presentation, Apr 15, 2026
Slide 1: Q4 & 12M 2025 Financial and Operating Results
Q4 & 12M 2025 Financial and Operating Results INVESTOR PRESENTATION April 15, 2026
Slide 2: Financials
Financials
Slide 3: Key financial data
Key financial data [MSR, PLN m] Q4 2025 Q4 2024 y/y YTD 2025 YTD 2024 y/y Sales 16 678 17 627 -5% 61 434 64 483 -5% EBITDA 1 137 5 082 -78% 11 427 12 680 -10% 1 Recurring EBITDA 2 332 4 052 -42% 12 892 11 343 14% EBIT -436 -3 756 88% -2 460 400 - 1 Recurring EBIT 1 329 2 819 -53% 8 873 6 802 30% Net
Slide 4: One-off items
One-off items Computation of recurring EBITDA and recurring EBIT: [PLN m] Q4 2025 Q4 2024 y/y 2025 2024 y/y Provision for settlement of Price Difference Payment Fund with Energy Regulatory -605 0 - -605 0 - Office Change of reclamation provision -356 642 - -435 622 - Provision for restructuring of D
Slide 5: One-off items in the operating segments Q4 2025
One-off items in the operating segments Q4 2025 Gas-fired Energy Railway Renewables Coal Energy District Heating Distribution Supply generation Services Q4 Q4 Q4 Q4 Q4 Q4 Q4 Q4 Q4 Q4 Q4 Q4 Q4 Q4 (PLN m) 2025 2024 2025 2024 2025 2024 2025 2024 2025 2024 2025 2024 2025 2024 EBITDA reported 313 312 30
Slide 6: One-off items in the operating segments 2025
One-off items in the operating segments 2025 Gas-fired District Energy Railway Renewables Coal Energy Distribution Supply generation Heating Services 12M 12M 12M 12M 12M 12M 12M 12M 12M 12M 12M 12M 12M 12M (PLN m) 2025 2024 2025 2024 2025 2024 2025 2024 2025 2024 2025 2024 2025 2024 EBITDA reported
Slide 7: Generation: EBITDA development by value drivers Q4 2025
Development of EBITDA by main value drivers Q4 2025 (PLN m) Q4 2024 EBITDA REPORTED 5 082 One-offs 1 030 - Price of electricity (PLN -1 927 m) (-125,7 PLN/MWh) Q4 2024 EBITDA RECURRING 1 4 052 - Electricity volume (PLN -146 m) (-0,2 TWh) Sales of electricity-Generation 2 073 + Price of CO2 (PLN +581
Slide 8: Generation: EBITDA development by value drivers 12M 2025
Development of EBITDA by main value drivers 12M 2025 (PLN m) 2024 EBITDA RAPORTED 12 680 One-offs 1 337 2024 EBITDA RECURRING 11 343 - Price of electricity (-4 930 mln PLN) (-91,5 PLN/MWh) 1 - Electricity volume (-409 mln PLN) (-0,7 TWh) Sales of electricity-Generation 5 339 Generation + Price of CO
Slide 9: Recurring EBITDA Q4'25 – composition and development
Recurring1 EBITDA Q4’25 – composition and development (PLN m) 345 1 390 2 332 -206 -216 880 317 65 -243 Energy Gas-fired District Renewables Coal Energy Distribution Railway Supply Other EBITDA generation Heating Services Q4 2025 317 65 -243 880 1 390 345 -206 -216 2 332 Share in EBITDA (%) 14% 3% -
Slide 10: Recurring EBITDA 12M'25 – composition and development
Recurring1 EBITDA 12M’25 – composition and development (PLN m) 1 330 105 12 892 1 297 5 314 2 331 470 357 1 688 Energy Gas-fired District Renewables Coal Energy Distribution Railway Supply Other EBITDA generation Heating Services 2025 1 688 470 357 2 331 5 314 1 297 1 330 105 12 892 Share in EBITDA
Slide 11: Fundamentals of the distribution business (PGE Dystrybucja S.A.)
Fundamentals of the distribution business (PGE Dystrybucja S.A.) RAB (with RAB-AMI) development1 (PLN m) Regulated revenue composition1 (PLN m) 5 043 13 363 3 963 12 258 12 424 3 863 3 466 11 504 1 475 2 099 6 463 6 007 5 390 6 394 25 635 24 058 19 806 21 570 2 439 2 532 2 315 2 101 1 496 1 402 1 69
Slide 12: Fundamentals of the distribution business (Energy Railway Services)
Fundamentals of the distribution business (Energy Railway Services) Regulated Asset Base RAB (PLN m) Sales and distribution of electricity (TWh) 1,20 1,12 1,13 1,07 1,03 0,85 0,78 0,79 0,77 0,75 4 701 4 776 4 221 3 559 RAB 2023 RAB 2024 RAB 2025 RAB 2026 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Sales
Slide 13: CO2 allowances – regulations and settlement
CO2 allowances – regulations and settlement Accounting standards Allowances for proprietary consumption received free of charge are recognized at its nominal value – zero. Provision for allowances required for redemption is raised respectively to its actual shortage in a given period. Cost incurred
Slide 14: Financial data by segments
Financial data by segments
Slide 15: Renewables – EBITDA in Q4 2025
Renewables – EBITDA in Q4 2025 76 1 28 1 2 -53 -54 316 317 X Purchase 2 1 Revenues 3 4 of electricity Ancillary Capacity EBITDA Revenues from from Personnel for services Market Other EBITDA Q4 2025 Q4 2024 electricity property costs pumped- revenues revenues rights storage PP Change 76 1 -53 2 28 1
Slide 16: Renewables – EBITDA in 12M 2025
Renewables – EBITDA in 12M 2025 106 345 -20 -81 109 -9 -106 1 688 1 344 Purchase 2 1 Revenues 3 4 3X Revenues of electricity Ancillary Capacity from Personnel EBITDA 2024 from for services Market Other EBITDA 2025 property costs electricity pumped- revenues revenues rights storage PP Change -9 -106
Slide 17: Gas-fired Generation EBITDA in Q4 2025
Gas-fired Generation EBITDA in Q4 2025 184 142 0 -36 -1 106 -19 65 26 -16 Cost of 1 -321 Electricity Commercial Capacity Market EBITDA production Electricity 1 Gas Cost of Management Personnel 2 EBITDA and ancillary CO2 costs Other Q4 2024 difference production trading nat. gas of costs Q4 2025 serv
Slide 18: Gas-fired Generation EBITDA in 12M 2025
Gas-fired Generation EBITDA in 12M 2025 368 25 1 024 4 -538 10 -409 -81 -79 470 146 Electricity 1 Cost of Cost of Personnel Electricity 1 production Capacity Market nat. gas Commercial costs EBITDA production EBITDA difference and ancillary Gas trading CO2 costs Management Other 2 2024 difference 20
Slide 19: Coal Energy – EBITDA in Q4 2025
Coal Energy – EBITDA in Q4 2025 -524 1 413 89 658 -22 248 -243 40 -895 -1 250 Cost of 3 1 Electricity 2 Electricity 2 Capacity Commercial 4 EBITDA production production Market and Management Personnel 5 EBITDA 1 1 Costs of fuel CO2 costs Other Q4 2024 difference difference ancillary of costs Q4 2025
Slide 20: Coal Energy – EBITDA in 12M 2025
Coal Energy – EBITDA in 12M 2025 317 27 4 033 1 222 -711 357 -2 096 1 080 180 -3 695 2 2 Cost of 1 Electricity Electricity Capacity 3 Commercial 4 EBITDA production 1 production Market and Personnel 5 EBITDA 1 Costs of fuel CO2 costs Management Other 2024 difference difference ancillary costs 3 2025
Slide 21: District Heating – EBITDA in Q4 2025
District Heating – EBITDA in Q4 2025 322 60 102 24 142 87 19 23 36 -489 880 554 Revenues Electricity Electricity 2 Heat Heat 1 from support Costs 3 4 EBITDA production production Capacity Cost Personnel EBITDA production production of highly- of CO2 Other Q4 2024 - volume – price Market of fuel cost
Slide 22: District Heating – EBITDA in 12M 2025
District Heating – EBITDA in 12M 2025 656 554 21 -27 134 275 410 114 20 -1 309 2 331 1 483 2 Revenues 3 1 Electricity Electricity Heat Heat from support Costs 4 EBITDA production production Capacity Cost Personnel EBITDA production production of highly- of CO2 Other 2024 - volume – price Market of f
Slide 23: Distribution – EBITDA in Q4 2025
Distribution – EBITDA in Q4 2025 11 55 148 -38 -14 -3 1 390 77 55 -5 -64 1 168 Other Estimation EBITDA Electricity Electricity distribution Network of Connection Real EBITDA Q4 2024 distribution distribution services Results on losses2 balancing fees estate tax Personnel Other Q4 2025 volume tarriff
Slide 24: Distribution – EBITDA in 12M 2025
Distribution – EBITDA in 12M 2025 240 180 -81 479 -55 -120 5 314 193 41 -22 4 530 -71 Other Estimation distribution of Electricity Electricity services Network balancing Connection Real EBITDA distribution distribution Results on losses2 fees estate tax Personnel Other EBITDA 2025 transits differenc
Slide 25: Railway Energy Services – EBITDA in Q4 2025
Railway Energy Services – EBITDA in Q4 2025 8 21 -10 49 345 10 267 1 2 3 4 5 EBITDA Q4 2024 Result on sale Result on Other activities Personnel costs Other EBITDA Q4 2025 of electricity distribution Change 10 49 21 8 -10 Change EBITDA reported Q4 2024 348 One-offs Q4 2024 81 EBITDA recurring Q4 2024
Slide 26: Railway Energy Services – EBITDA in 12M 2025
Railway Energy Services – EBITDA in 12M 2025 67 167 -47 -51 49 1 297 1 112 2 3 EBITDA 2024 Result on sale 1 Result on Other activities Personnel costs 4 Other EBITDA 2025 5 of electricity distribution Change 49 167 67 -47 -51 Change EBITDA reported 2024 1 073 One-offs 2024 -39 EBITDA recurring 2024
Slide 27: Supply – EBITDA in Q4 2025
Supply – EBITDA in Q4 2025 324 -13 -149 56 -67 -23 220 -206 2 -556 4 EBITDA Result on 1 Result on 1 Additional Revenues Result 2 Personnel 3 Balance of Other EBITDA 2 Q4 2024 electricity electricity estimation from services on sale expenses provision Q4 2025 - volume - margin of balancing provided t
Slide 28: Supply – EBITDA in 12M 2025
Supply – EBITDA in 12M 2025 1 710 -242 -412 -109 -60 94 23 -1 067 1 393 1 330 3 EBITDA Result on 1 Result on1 Additional Revenues 2 Result 2 Personnel Balance of Other 4 EBITDA 2024 electricity - volume electricity estimation of from services on sale expenses provision 2025 - margin balancing provid
Slide 29: Cash flows and debt
Cash flows and debt
Slide 30: Cash from operations, investments and net debt
Cash from operations, investments and net debt Consolidated Cash Flows [PLN m] Q4 2025 Q4 2024 2025 2024 Operating CF 38 -3 813 13 486 10 806 Investing CF -4 235 -2 906 -11 406 -10 300 Financial CF 1 344 2 208 4 366 -2 176 Change of cash and equivalents -2 853 -4 511 6 446 -1 670 Consolidated Balanc
Slide 31: Debt – data as of December 31, 2025
Debt – data as of December 31, 2025 Gross debt and net debt* (in PLN million) 20 000 Gross debt Net debt 15 000 10 000 5 000 0 Dec-20 Mar-21 Jun-21 Sep-21 Dec-21 Mar-22 Jun-22 Sep-22 Dec-22 Mar-23 Jun-23 Sep-23 Dec-23 Mar-24 Jun-24 Sep-24 Dec-24 Mar-25 Jun-25 Sep-25 Dec-25 -5 000 Currency profile of
Slide 32: Available financing and debt maturity
Available financing and debt maturity Drawn debt and availability of external financing (in PLN m) as of December 31, 2025 20 000 Drawn Undrawn 18 000 16 000 14 000 12 000 10 000 8 000 6 000 4 000 2 000 0 Environmental EBRD EIB Current account Domestic bonds' EMTN program Revolving loans BGK BGK - K
Slide 33: Stable finances
Stable finances 2025 Q3 2025 Gross Debt (PLN bn) 14.8 13.9 Net debt (PLN bn) 4.2 0.4 Net Debt/LTM recurring EBITDA 0.33x 0.03x Debt position Net Economic Financial Debt (PLN bn) 15.8 15.5 NEFD/LTM recurring EBITDA 1.23x 1.06x Net Debt/Equity 0.10x 0.01x MOODY’S FITCH Long-term company rating (IDR) B
Slide 34: Capital expenditures
Capital expenditures
Slide 35: Capital expenditures in 2025
Capital expenditures in 2025 PLN 754 m Coal Energy CAPEX Key projects PLN 524 m in 2025 Railway Energy PLN 1 201 m Services 5% 7% District 10% PLN 1 499 m Heating Construction of CCGT unit in Rybnik PLN 1.3 bn Generation Gas-fired 13% Generation TOTAL PLN 238 m CAPEX PLN 3 151 m 2% Construction of C
Slide 36: Capital expenditures (on accrual basis)
Capital expenditures (on accrual basis) Segment [PLN m] Q4 2025 Q4 2024 y/y 2025 2024 y/y Renewables, including: 700 570 23% 3 151 1 678 88% Modernisation and replacement 79 106 -26% 410 338 21% Gas-fired Generation 184 589 -69% 1 499 2 462 -39% Conventional Generation 288 428 -33% 754 1 031 -27% Di
Slide 37: Operations
Operations
Slide 38: Estimated operating volumes and sales data
Estimated operating volumes and sales data Generation, sales and distribution volumes for electricity and heat Q4 2025 Q4 2024 y/y 2025 2024 y/y Net electricity generation, by fuels [TWh] 15.11 15.49 -2% 55.20 56.16 -2% lignite 7.03 7.90 -11% 28.50 30.83 -8% incl. Turów 7 unit 0.33 0.18 83% 1.58 1.4
Slide 39: Estimated operating volumes and sales data: prices
Estimated operating volumes and sales data Average realized wholesale price of electricity [PLN/MWh] Q4 2025 Q4 2024 y/y 2025 2024 y/y 491 611 -20% 497 589 -16% Coal Energy segment Gas-fired Generation segment 512 684 -25% 547 669 -18% District Heating segment 477 681 -30% 481 649 -26% Total (Coal E
Slide 40: Generation volume by fuel – Q4 2025 y/y
Generation volume by fuel – Q4 2025 y/y TWh Situation in the National Power System (y/y) 15,11 15,49 Q4 2025 → domestic electricity consumption in Q4 2025 higher Q4 2024 by 1.2 TWh (+2.8%) y/y, → exchange balance +1.2 TWh y/y (higher energy 7,03 7,90 import), 4,40 4,59 → stable electricity generatio
Slide 41: Generation volume by fuel – 2025 y/y
Generation volume by fuel – 2025 y/y Coal Energy Electricity production: Decrease in production of -9% y/y due to lower 55,20 56,16 utilisation of lignite-fired and hard coal-fired units. Lignite: decline in production by 8% y/y mainly due to lower production at TWh 2025 2024 Bełchatów pp by approx.
Slide 42: Electricity market - balance of energy
Electricity market - balance of energy Domestic consumption and generation [GWh] 2025 16.5 Total production 16.0 Domestic consumption Electricity consumption 15.5 -0.9% (-1.48 TWh y/y) 15.0 Balance of foreign exchange 14.5 (-1.01 TWh y/y) 14.0 13.5 Electricity generation -0.3% (-0.47 TWh y/y) 13.0 1
Slide 43: Electricity market - prices
Electricity market - prices BASE Forward next year and CO2 prices [PLN/MWh] 2025 1.000 RTT Y+1 Average RTT Y+1 • Price of BASE_Y-26 contract Average BASE_Y-26 throughout 2025 at level 800 CO2 400-470 PLN/MWh. 642 • Current prices on forward 600 market at approx. 440 450 PLN/MWh. 400 431 200 0 Jan 23
Slide 44: Generation assets - conventional
Generation assets - conventional Deepening low utilisation of coal-fired power plants Availability Load Factor 82,8% 83,4% 86,2% 83,3% 2025: 80,9% 81,1% • Lower load factor of hard coal and lignite units in the 54,7% 50,8% period - increasing trend of worsening economics of generation at these sourc
Slide 45: Generation assets – wind farms
Generation assets – wind farms 95.9% 96.2% +0.3% 30.5% 27.2% -10.9% Q4 2024 Q4 2025 • The lower load factor in Q4 and in 2025 resulted Availability Load Factor from weaker wind conditions. 96.2% 96.1% -0.1% 26.6% 23.9% -10.2% 2024 2025 45
Slide 46: Assets of Distribution segment
Assets of Distribution segment 6,6% Network losses [%] Volume of distributed electricity (moving average last 12 months)1 (PGE Dystrybucja) (TWh) • Increase in distributed electricity volumes 5,6% 37,74 • Network losses slightly higher year on year. 37,07 1% 22 bp 36,48 36,28 4,6% 35,67 35,78 3,6% •
Slide 47: Output and sales of electricity in Q4 2025
Output and sales of electricity in Q4 2025 Ilustracyjnie Energy Railway Services Households Coal Energy 0,85 TWh 0,78 TWh 2,44 TWh 10,36 TWh (IV kw. 2024) 2,35 TWh 11,40 TWh (IV kw. 2024) Wholesale and (IV kw. 2024) balancing Supply market 33% District Heating 8,35 TWh 7,44 TWh 8,92 TWh 7,57 TWh 2,8
Slide 48: Stable prices on forward and SPOT markets y/y
Stable prices on forward and SPOT markets y/y CO2 allowance (EUA_DEC_Y) Hard coal (Polish Steam Coal Index PGE average wholesale price of electricity PSCMI1) (Coal Energy)1 EUR/t PLN/GJ PLN/MWh 31,1 81,2 76,1 72,3 75,0 73,3 683 69,8 582 575 585 611 68,1 66,3 22,9 22,7 22,0 61,0 21,3 500 509 487 491
Slide 49: Invitation for webcast
Invitation for webcast On behalf of Dariusz Lubera President of the Management Board and Przemysław Jastrzębski Vice-President of the Management Board for Finance we kindly invite you to a webcast of the presentation of PGE 2025 results which will be held on Thursday, April 16, 2026 at 10.00 am CEST
Slide 50: Sell-side analysts covering PGE
Sell-side analysts covering PGE Company Analyst BOŚ Łukasz Prokopiuk Bernstein Bartłomiej Kubicki Citigroup Piotr Dzięciołowski Erste Group Research Petr Bartek IPOPEMA Łukasz Piasecki Noble Securities Michał Sztabler Patria Cuong Mahn Le Pekao Andrzej Kędzierski PKO BP Andrzej Rembelski Santander B
Slide 51: Disclaimer
Disclaimer This presentation has been prepared by the management of PGE Polska Grupa Energetyczna S.A. (the “Company” or “PGE”) and other entities. This presentation does not constitute or form part of and should not be constructed as, an offer to sell, or the solicitation or invitation of any offer
Slide 52: Investor Relations contacts
Investor Relations contacts Paweł Bujnowski Krzysztof Dragan Stanisław Ozga CFA Director, IR and ESG pawel.bujnowski@gkpge.pl krzysztof.dragan@gkpge.pl stanislaw.ozga@gkpge.pl Mob: +48 887 663 402 Mob: +48 601 334 290 Mob: +48 887 171 324 52
Slide 53: Thank you
Thank you
PGE Polska Grupa Energetyczna — Q4 2025 Earnings Presentation on 6ix