Ze Pak Sa · GPW:ZEP
Ze Pak Sa — FY2025 Earnings Presentation
27 slides from Ze Pak Sa's earnings presentation, May 5, 2026
Slide 1: 4Q'25 and 2025 financial results
4Q’25 and 2025 financial results 5 May 2026
Slide 2: Speakers
Speakers PIOTR ŻAK ANDRZEJ MACIEJ KOŃSKI MACIEJ NIETOPIEL BARTŁOMIEJ DRYWA PRESIDENT OF THE JANISZOWSKI VICE PRESIDENT OF THE VICE PRESIDENT OF THE VICE PRESIDENT OF THE MANAGEMENT BOARD MANAGEMENT BOARD MANAGEMENT BOARD, CFO MANAGEMENT BOARD VICE PRESIDENT OF THE ZE PAK S.A. ZE PAK S.A. ZE PAK S.A.
Slide 3: Agenda
Agenda 1. Key highlights in 2025 2. Energy market in 2025 3. Operating results 4. Development projects 5. Employment 6. Financial results
Slide 4: Key highlights in 2025
Key highlights in 2025 Andrzej Janiszowski Vice President of the Management Board ZE PAK S.A.
Slide 5: Key highlights in 2025
Key highlights in 2025 o Work on the CCGT unit in Turek progressing according to plan ▪ EPC works progress at 83% as at the end of 2025 ▪ Securing bank financing in the amount of c. PLN 2.3 billion o Gradual phase-out of operations at Tomisławice open-pit mine ▪ Completion of overburden removal in N
Slide 6: Energy market in 2025
Energy market in 2025 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) 600 100 550 90 500 80 442 74.9 450 70 400 416 66.6 60 350 300 50 250 40 StyJan LutFeb Mar Mar KwiApr Maj May Cze Jun LipJul SieAug Wrz Sep Oct Paź Nov Lis Dec Gru sty Jan lut Feb mar kwi Mar m
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 2024 o Decrease in production and CO2 -9.3% emissions due to the gradual phase-out of 2.05 1.86 coal-fired power generation 752.8 0.62 0.44 o The decline in wholesale energy prices reduced the unit selling price b
Slide 10: Growing pressure on the margins of conventional producers
Growing pressure on the margins of conventional producers Electric energy sales Margin Q4’24 o Decline in production and CO2 emissions due to the gradual phase-out of coal-fired -18.2% 835.4 power generation 0.55 0.08 0.45 o The decline in wholesale energy prices 470.3 lowered the unit selling price
Slide 11: Development projects
Development projects Maciej Koński Vice President of the Management Board ZE PAK S.A.
Slide 12: Construction of a gas-steam unit (CCGT) in Turek
Construction of a gas-steam unit (CCGT) in Turek Progess status: o Progress of EPC works: approx. 83% at the end of 2025 o Assembly of the main equipment has begun: the gas and steam turbines, the generator, and the recovery boiler o Transformers have been installed: the unit one and auxiliary o Key
Slide 13: Opole 500MW wind farm
Opole 500MW wind farm Progress status : o Development work is underway to prepare the project for construction o Environmental monitoring has been completed and 7 environmental proceedings (out of 7 required) have been initiated – the expected date for obtaining the decision is 2027 o Expected date
Slide 14: Development projects
Development projects Photovoltaic farm Przykona (up to 287 MW) o Status „Ready-To-Build” – currently awaiting investment decision o Secured grid connection conditions for 287 MW o Analyses are underway to explore the possibilities of utilizing the project's additional potential in progress (construc
Slide 15: Land reclamation
Land reclamation o Land reclamation is being conducted in accordance with applicable legal requirements and environmental permits o In 2025, the Group completed the reclamation of 568 hectares of land o The reclamation significantly reduces the basis for calculating property tax Land reclamation sta
Slide 16: Employment
Employment Andrzej Janiszowski Vice President of the Management Board ZE PAK S.A.
Slide 17: 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 2025, employment restructuring affected a total of 416 employees, including 196 under the Social Security Act: - 59 - 125 - 21 - 70 ▪ 130 employees took advantage of mining - 284 - 62 or energy se
Slide 18: Financial results
Financial results Maciej Nietopiel Vice President of the Management Board ZE PAK S.A.
Slide 19: Summary of ZE PAK Group's financial results
Summary of ZE PAK Group’s financial results Revenue EBITDA Net result -42.5% 623 412 358 129 124 m PLN m PLN m PLN 214 55 43 156 102 -36 -45 Q4'24 Q4'25 Q4'24 Q4'25 Q4'24 Q4'25 -39.0% 2 185 1 169 1 334 282 263 m PLN m PLN m PLN 378 844 639 211 279 -95 -164 2024 2025 2024 2025 2024 2025 Other Resale
Slide 20: Revenue decomposition in 2025
Revenue decomposition in 2025 Revenue structure 1 334 83 92 o The dominant revenue stream – sales of own 100 5 211 energy – remains in a downward trend due to 844 lower production volumes and lower energy prices mPLN o Lower revenue from energy resale is driven by lower volumes Electricity Electrici
Slide 21: Revenue decomposition in Q4'25
Revenue decomposition in Q4’25 Revenue structure 25 358 25 o The dominant revenue stream – sales of 52 43 own energy – remains in a downward trend 214 due to lower production volumes and lower energy prices mPLN o Despite the lack of revenue from LTCs, revenue from the capacity market remains Electr
Slide 22: EBITDA decomposition in 2025
EBITDA decomposition in 2025 EBITDA structure (comparable) o EBITDA from the sale of energy from own production was impacted by the declining 52 spread between the average energy sales 6 100 7 price and average cost of CO2 emissions m PLN -60 -95 35 o The decline in revenue from support -234 systems
Slide 23: EBITDA decomposition in Q4'25
EBITDA decomposition in Q4’25 EBITDA structure (comparable) o EBITDA from the sale of energy from own 19 production was impacted by the decline in 52 0 the spread between the average energy sales price and the average cost of CO2 m PLN - 40 emissions -5 - 35 o The decline in revenue from support sys
Slide 24: Group indebtedness
Group indebtedness Gross debt Indebtedness structure (as of 30.04.2026) (as of 31.12.2025) 582 100% 100% 100% mPLN Bank loan Currency - PLN Variable interest rate 31.12.2025 Debt maturity profile o Balance sheet debt as of December 31, 2025, results from a loan (as of 30.04.2026) granted by the EFG,
Slide 25: Q&A
Q&A
Slide 26: 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 27: Investor Relations
Investor Relations ri@zepak.com.pl www.zepak.com.pl