Polenergia S.A. · GPW:PEP
Polenergia — FY2025 Earnings Presentation
54 slides from Polenergia's earnings presentation, March 2026
Slide 1: Polenergia Group: Financial results for 12 months of 2025
POLENERGIA GROUP Financial results for 12 months of 2025 Polenergia © 2026
Slide 2: Agenda
Agenda 01 Financial results - 2025 02 Most important events 03 Status of implementation of strategic projects 04 Summary of key operational parameters 05 Financial results for 12 months and Q4 2025 06 Detailed results of the segments 07 Non-financial results. Status of the Group´s Strategy implement
Slide 3: Polenergia S.A. Management Board
Polenergia S.A. Management Board ADAM PURWIN FILIP WOJCIECHOWSKI PIOTR SUJECKI Chairman of the Management 1st Vice President (CDO) 2nd Vice President (CFO) Board (CEO) Polenergia S.A. Management Board 3
Slide 4: Financial results 2025
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Slide 5: Financial results 12 months 2025
Financial results 12 months 2025 PLN 4,225.8 million PLN 509.9 million PLN 519.1 million PLN 47.3 million Revenues with Trading segment EBITDA Adjusted EBITDA Adjusted net profit Financial results 4
Slide 6: Most important events
Polenergia Most important events
Slide 7: Group strategy for 2025 - 2030
Group strategy for 2025 - 2030 | Taking advantage of new market opportunities and mitigating risks ➢ Priority: Development of offshore wind farms Bałtyk 1, 2 i 3 to 3 GW to power more than 4 million households with green energy,. Generation capacity growth1 to 1.5 GW in 2030. ➢ Consistent developmen
Slide 8: Three wind farms in the Baltic Sea with up to 3,000 MW
We have been developing three wind farms in the Baltic Sea with a total capacity of up to 3,000 MW... B2 Works have been progressing in compliance with the schedule and the budget, first electricity will flow in 2028 B3 Works have been progressing in compliance with the schedule and the budget, firs
Slide 9: Largest project finance in Polish energy; progress on Bałtyk 2 and 3
Largest project finance obtained ever in the Polish energy industry and significant progress in line with budget and schedule on Bałtyk 2 and Bałtyk 3 projects 2027 First energy of Bałtyk 2 and 3 Project finance: EUR 5.8 billion project finance in a non-recourse model V 2025 2028 Making final invest
Slide 10: Bałtyk 1 awarded a 25-year contract for difference
Polenergia, the champion of the energy transition: Bałtyk 1 with a planned capacity of up to 1.56 GW was awarded a 25-year contract for difference Bałtyk 1, the third project of the Norwegian- Strategic support system for Bałtyk 1: Polish partnership with a planned capacity of up to 1.56 GW, is the
Slide 11: Wind farm development in Romania
Wind farm development in Romania, on the scale similar to Polenergia's entire onshore business in Poland Group is developing, through its subsidiary, Tulcha region - one of the windiest regions of Romania. a project in Romania with a total capacity of up to 685.6 MW. 2026 Polenergia Ready to build (
Slide 12: Developing onshore wind, photovoltaic and energy storage portfolio
Polenergia is consistently developing its renewable energy sources portfolio in onshore wind and photovoltaic farms and energy storage segment 149 MW 493 MW capacity capacity ▪ Securing a commercialization ▪ Photovoltaic Szprotawa I and II route for the most advanced WF (67 MWp) projects completed a
Slide 13: New sales strategy to reduce volatility
The next step in the strategy is to create value through a new sales strategy, which makes it possible to reduce volatility... We are stabilizing I long-term revenues We are creating II value by derisking WF Grabowo PV Strzelino FW Puck WF Bądecz PV Rajkowy 48 MWp 45 GWh 42 GWh We are III maximizing
Slide 14: 92% of 2026 production hedged above market prices
...owing to the implementation of the new sales strategy 92% of production for 2026 was hedged at prices higher than current market prices Estimated hedged average selling price of electricity 410 in 2026 at profile cost1). PLN/MWh 92% 68% 60% 55% 55% 73% 15% 15% 50% 35% 40% 40% 25% 19% 18% 2026 202
Slide 15: Cost optimization and withdrawal from non-core activities
Cost optimization and withdrawal from non-core activities to raise funds for implementation of strategic large-scale projects. Merger of Polenergia Obrót and Review of strategic options Impairment losses: Polenergia Sprzedaż ➢ Signing of a sales agreement and sale of From non-core activities: Elektr
Slide 16: Status of implementation of strategic projects
Status of implementation of strategic projects 16
Slide 17: Bałtyk 2 and 3 - groundbreaking projects
Bałtyk 2 and 3 - Groundbreaking projects that define Polenergia's new scale of operations The capital expenditures for Bałtyk 2 & 3 incurred to Construction progress in compliance with the schedule: date (in million PLN)1): 2 445 -6 960 • Work is underway to install export cables ashore with the con
Slide 18: Bałtyk 1 - largest Phase II offshore project with CfD
Bałtyk 1 - the largest Phase II offshore project with a secured CfD for offshore wind farms. The capital expenditures for Bałtyk 1 incurred to date Key information about the project (in million PLN)1): To 1,560 MW - project capacity 215 0,4 170 45 To 104 turbines 81 km from the coastline km Tasks im
Slide 19: Dynamic growth in onshore wind and photovoltaics
Dynamic growth continued in onshore wind power and photovoltaics Onshore wind farms Number of projects and capacity installed and in development Up to 2,670 MW | total nominal capacity of the projects (MW): in the development phase, of which: 13 1 14 28 Number of projects 1,539 998 Up to 1,539 MW |
Slide 20: Summary of key operational parameters
Summary of key operational parameters 20
Slide 21: Lower productivity of onshore wind farms in Q4 2025
Lower productivity of onshore wind farms in Q4 2025 Average fixed operating cost per MW in offshore wind farms Average revenues per MWh (after balancing and profiling Production of wind farms and productivity% [PLN/MW/year]* costs) at the Group level [PLN/MWh] Quarterly data Electricity Green Certif
Slide 22: Projects achieve above-average productivity relative to the market
Our projects achieve above-average productivity relative to the market Lower windiness in February and 4Q 2025 resulted in decline in total productivity in 2025 -8% 1 363,9 Production (net) YTD 344,5 1 258,6 321,7 YTD Productivity (%) YTD Production (GWh) 147,6 135,2 143,9 137,8 124,2 114,6 128,7 11
Slide 23: 45% increase in PV energy production
45% increase in energy production from PV due to the commissioning of Szprotawa I and II farms (67MW) Production of photovoltaic farms Average fixed operating cost per MW in photovoltaic farms Average revenues per MWh (after balancing and profiling and productivity % [PLN/MW/year]* costs) at the Gro
Slide 24: Key operating parameters – distribution and gas and clean fuels
Key operating parameters – distribution and gas and clean fuels Gas and clean fuels Distribution - RAB [million PLN] Elektrociepłownia Nowa Sarzyna and volumes [GWh] sales [GWh] and margins [million PLN] Quarterly data -33% -3% Q4 2024 7 +3% 94 91 +16% Q4 2025 +38% 75 78 +171% 5 5 60 4 -3% 43 3 32 3
Slide 25: Financial results for 12 months and Q4 2025
Financial results for 12 months and Q4 2025 25 26
Slide 26: Financial results for 12 months and Q4 2025
Financial results for 12 months and Q4 2025 Revenues Net Profit (without Trading and Sales segment) EBITDA (normalized) Quarterly data -13% +11% -40,9 +10,6 -18,0 10,5 PLN - 29 million - interest on bonds and KPO 315,1 97,3 107,9 (National Recovery Plan) 274,1 financing -7,4 Q4 2024 Q4 2025 Data YTD
Slide 27: EBITDA structure – Q4 2025 compared to Q4 2024
EBITDA structure – Q4 2025 compared to Q4 2024 EBIDTA structure in Q4 2025. -2.1 m 117m -46,1m +2,3m +31,1m +10,8m +14,7m Adjusted EBITDA 112,4 4,6 1,8 8,8 (21,8) 107,9 2,0 Onshore Wind Farms Photovoltaics Gas and Clean Fuels Turnover and Sales Distribution Headquarters and unallocated EBITDA 4. kw.
Slide 28: EBITDA structure – 12 months 2025 compared to 2024
EBITDA structure – 12 months 2025 compared to 12 months of 2024 EBITDA structure in 2025 519,1m -165,6m +15,2m -3,4m +21,3m +7,4m -6,9m Adjusted EBITDA 40,2 (88,2) 509,9 466,5 53,6 31,5 6,3 Onshore Wind Farms Photovoltaics Gas and Clean Fuels Turnover and Sales Distribution Headquarters and unalloca
Slide 29: Polenergia Group cash flow
Polenergia Group cash flow Comment: Group cash flow in Q4 2025 • Cash flow from investment activities: Capital expenditure made in wind and photovoltaic farms segments (-15.8 million), in particular in the photovoltaic farm projects in 107,9 development, and capital expenditure in Polenergia Dystryb
Slide 30: Group debt structure as at 31 December 2025
Polenergia Group debt structure as at 31 December 2025 Gross debt Debt structure Debt structure (million PLN) by segment - interest rate hedging 2 952 PLN 2 952 million 525 7% 2 104 793 874 33% 84% 80% 82% 81% 86% 79% 82% 82% 86% 1 489 1,489 88% 55% 11,621 553 5% 615 21% 20% 18% 19% 14% 16%18% 18% 1
Slide 31: Strong Group liquidity position
PLN 1 946 million - strong position of the Group liquidity Liquidity position of Polenergia Group (PLN million) Comment 1 946 Group's strong liquidity position 248 • Financial security is a priority for us - we ensure an adequate safety buffer Cash as at December 2025 for the Group. ∑: PLN 1,398 mil
Slide 32: Detailed results of the segments
Detailed results of the segments 32 26
Slide 33: Onshore wind farms - Q4
Onshore wind farms - Q4 EBITDA build-up Comment: 136,7 6,0 (31,1) 112,4 • In Q4 2025, the wind farm segment achieved EBITDA that was PLN 46.4 million 0,6 lower than in Q4 2024. • The decline was due to worse wind conditions and lower production volumes, as well as lower prices of electricity prices
Slide 34: Onshore wind farms - YTD
Onshore wind farms - YTD EBITDA build-up Comment: 516,9 24,5 (103,1) 466,3 27,9 • In 2025, the wind farm segment achieved EBITDA that was PLN 165.6 million lower than in 2024. • The above result is due to lower electricity and green certificates sales prices, as well as worse wind conditions in Q1 a
Slide 35: Photovoltaics - Q4
Photovoltaics - Q4 EBITDA build-up Comment: 6,6 • EBITDA result of the segment in Q4 2025 was a higher compared to the result of (4,2) Q4 2024 (an increase by PLN 2.3 million) due to higher energy production in the PV segment and higher average prices of electricity, partly secured under the (0,4) 2
Slide 36: Photovoltaic - YTD
Photovoltaic - YTD EBITDA build-up Comment: 45,9 (13,4) (0,9) 31,5 • The PV segment's EBITDA in 2025 was higher by PLN 15.1 million compared to the same period in 2024 due to higher energy production in the PV segment, mainly due to the commissioning of the Szprotawa I and II farms in Q2 2025 and hi
Slide 37: Gas and Clean Fuels - Q4
Gas and Clean Fuels - Q4 EBITDA build-up Comment: 5,4 • Electricity - higher result on electricity as a result of higher result on optimization of Elektrociepłownia Nowa Sarzyna operation compared to Q4 2024. (11,0) 4,9 2,6 • Heat - higher result on heat in Q4 2025 is due to higher coverage of costs
Slide 38: Gas and Clean Fuels - YTD
Gas and Clean Fuels - YTD EBITDA build-up Comment: • Electricity - lower result on electricity as a result of lower result on optimization of 22,8 (33,2) Elektrociepłownia Nowa Sarzyna (ENS) operation compared to the same period 2024. 9,0 7,7 6,3 • Heat - higher result on heat is due to higher cover
Slide 39: Trading and Sales - Q4
Trading and Sales - Q4 EBITDA build-up Comment: 1,3 (2,3) 1,2 4,2 0,4 0,0 (8,2) • Increase in EBITDA due to: 4,9 8,7 • higher result on other prosumer energy business taking into account the 7,1 inventory impairment loss in 2024 and lower qualification and rescheduling of applications under the Mój
Slide 40: Trading and Sales - YTD
Trading and Sales - YTD EBITDA build-up Comment: 4,3 (1,8) 19,8 6,9 (47,5) • Increase in EBITDA due to: 5,5 0,1 53,4 • higher result on the other prosumer energy business as a result of an 40,1 inventory impairment loss in 2024 and lower sales volumes of photovoltaic 26,0 panels and heat pumps, • lo
Slide 41: Distribution - Q4
Distribution - Q4 EBITDA build-up Comment: (5,2) • The distribution segment recorded EBITDA at the level by PLN 11 million higher compared to the same period last year, mainly due to: 11,0 (3,8) • Higher margin on energy distribution mainly due to higher than expected price, 4,6 2,6 • The difference
Slide 42: Distribution - YTD
Distribution - YTD EBITDA build-up Comment: (18,5) • Increase in EBITDA due to: (4,9) 40,2 44,7 • higher unit margin on distribution resulting from higher unit prices, higher revenues from reactive power and excess power, and lower grid losses. 18,9 • EBITDA was partly offset by: Sale of electricity
Slide 43: Non-financial results: Status of Group's Strategy implementation
Non-financial results Status of the Group’s Strategy implementation 43
Slide 44: ESG: Summary of key events (1/3)
ESG: Summary of key events (1/3) E - ENVIRONMENT • Polenergia and Equinor made final investment decisions for the Bałtyk 2 and 3 projects, paving the way for the construction of offshore wind farms with a total capacity of 1,440 MW. For up-to-date information on the projects, please visit: https://b
Slide 45: ESG: Summary of key events (2/3)
ESG: Summary of key events (2/3) S – SOCIAL RESPONSIBILITY • At the end of June 2025, the 3rd edition of ZWIĘKSZAMY MOC! (INCREASE POWER!) Sports Challenge for Polenergia employees was completed. Nearly 300 employees took part in this sports challenge during 3 months. The goal was to support Stowarz
Slide 46: ESG: Summary of key events (3/3)
ESG: Summary of key events (3/3) G – GOVERNANCE • The second meeting of the ESG Committee in 2025 was held in Q2 - summarizing the work on the 2024 ESG Report and the cooperation plan for 2025. • The double significance analysis process began in May 2025.The completion date of the study is July 2025
Slide 47: Progress of the Group's strategy implementation (1/3)
Progress of the Group´s strategy implementation (1/3) Conclusion of key contracts for Bałtyk 2 and Bałtyk 3 projects by the end of 2025: Bałtyk 2 and Bałtyk 3 projects (total planned capacity of approx. 1.4 GW): • With Siemens Gamesa Renewable Energy - contracts to manufacture, supply and service 10
Slide 48: Progress of the Group's strategy implementation (2/3)
Progress of the Group´s strategy implementation (2/3) Commissioning of Szprotawa 1 and 2 photovoltaic farms (67 MW) • Further development of onshore wind projects. The capacity of the Group's current portfolio of the projects in the early phase of development in Poland is estimated at approx. 1 GW.
Slide 49: Progress of the Group's strategy implementation (3/3)
Progress of the Group´s strategy implementation (3/3) The Group is developing the sales model under long-term cPPAs and continues to implement the IV investment plan for 2021-2026 in the Distribution segment • Polenergia Dystrybucja obtained approval of a new tariff for energy distribution and sales
Slide 50: Appendices
Appendices 50
Slide 51: Polenergia hedged 92% of energy production target
Polenergia hedged 92% of energy production target for 2025 Our goal is to enter the next The Group hedges energy One of Polenergia's strategic financial year with optimally sales through contracts for goals is to secure long-term difference (auction), PPAs, prices for energy generated by secured pro
Slide 52: Glossary of abbreviations
Glossary of abbreviations Term Definition Net electricity Revenue from sales of electricity less cost of balancing and profile. EBITDA Gross profit minus financial income plus financial costs plus depreciation plus impairment loss on non-financial fixed assets (including goodwill). RAB Regulatory as
Slide 53: Legal disclaimers
Legal disclaimers This presentation (the "Presentation") has been prepared for informational purposes only, in order to present the interim financial results of Polenergia S.A., with the registered address in Warsaw (the "Company"), and the Grupa Kapitałowa Polenergia (the "Polenergia Group") for th
Slide 54: Thank you
THANK YOU Polenergia S.A. ul. Krucza 24/26 00- 526 Warsaw Tel.: +48 22 522 3974 e-mail: polenergiaIR@polenergia.pl Polenergia © 2026 55