Ze Pak Sa · GPW:ZEP
Ze Pak Sa — Q1 2026 Earnings Presentation
23 slides from Ze Pak Sa's earnings presentation, May 29, 2026
Slide 1: 1Q'26 financial results
1Q’26 financial results 29 May 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. Energy market in Q1’26 3. Operating results 4. Development projects 5. Employment 6. Financial results
Slide 4: Key highlights
Key highlights Bartłomiej Drywa Vice President of the Management Board ZE PAK S.A.
Slide 5: Key highlights in Q1'26
Key highlights in Q1’26 o We are executing the CCGT unit in Turek according to plan – EPC works progress at 86% as at the end of Q1’26 o Discontinuation of coal operations in their current form – we have ceased continuous coal extraction and continuous electricity generation o We are accelerating th
Slide 6: Energy market in Q1'26
Energy market in Q1’26 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/tonne) 700 650 95 600 90 550 85 80 500 450 75 76 450 70 70 400 443 65 350 60 300 55 kwiApr majMay czeJun lip Jul sie Aug wrzSep paźOct lis Nov gruDec sty Jan lut Feb mar Mar Apr May Jun Jul Aug Sep O
Slide 8: Operating results
Operating results Andrzej Janiszowski Vice President of the Management Board ZE PAK S.A.
Slide 9: Growing pressure on the margins of conventional producers
Growing pressure on the margins of conventional producers Electric energy sales Margin Q1’25 o Stable energy production +0.9% 458 462 o Slight decrease in average selling 597.1 46 65 price in Q1’26 by 2.3% y/y o Unit CO₂ emission cost increased by PLN/ MWh 273.3 412 397 36.2% y/y due to a significan
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 Progess status: o EPC progress: approx. 86% at the end of Q1’26 o Installation of the turbine-generator set, condenser, and heat recovery steam generator (HRSG) o Commencement of piping installation works in the turbine hall and boiler house o Complet
Slide 12: Opole 500MW wind farm
Opole 500MW wind farm Progress status : o Documentation works are ongoing to prepare the project for construction o Environmental monitoring has been completed, and all 7 environmental procedures have been launched – decisions expected in 2027 o Target timeline for achieving “Ready-to-Build” status
Slide 13: Land reclamation
Land reclamation o Land reclamation is being conducted in accordance with applicable legal requirements and environmental permits o In Q1’26, we submitted an application to have water-direction reclamation deemed complete at the Drzewce open pit (approx. 134 ha) o In Q1’26, we filed an application f
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 Q1’26, workforce restructuring covered a total of 163 employees, including 76 who opted for one-off severance payments under the Social Protection Act o As at the end of Q1’26, 137 employees were
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 +34 mPLN 343 +0.1 mPLN +3.4 mPLN 309 36 74 22 29 -10.4 mln PLN mln PLN -5.4 -5.3 -13.8 mln PLN Q1'25 Q1'26 Q1'25 Q1'26 252 240 Q1'25 Q1'26 Own production Resale Other
Slide 18: Revenue decomposition in Q1'26
Revenue decomposition in Q1’26 o The dominant revenue stream – sales of own energy – remains in a downward trend due to lower production volumes and lower energy prices mPLN o Higher capacity market revenue due to a low base effect (no primary capacity Electricity Electricity Capacity Construction O
Slide 19: EBITDA decomposition in Q1'26
EBITDA decomposition in Q1’26 o EBITDA from the sale of energy from own production was impacted by the decline in the spread between the average energy mln PLN sales price and the average cost of CO2 emissions Electricity Electricity Capacity Construction Reclamation Share in Other EBITDA o Higher E
Slide 20: Group indebtedness
Group indebtedness Indebtedness structure Gross debt (as of 31.03.2026) 1 180 100% 100% 100% 582 mPLN Bank loan Currency - PLN Variable interest rate 31.12.2025 31.03.2026 Debt maturity profile (as of 31.03.2026) 141 141 141 141 141 141 0 35 mPLN 2026 2027 2028 2029 2030 …… 2040 2041 2042 Scheduled
Slide 21: Q&A
Q&A
Slide 22: 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 23: Investor Relations
Investor Relations ri@zepak.com.pl www.zepak.com.pl