Pge Polska Grupa Energetyczna S.a. · GPW:PGE
Pge Polska Grupa Energetyczna — FY2025 Earnings Presentation
21 slides from Pge Polska Grupa Energetyczna's earnings presentation, Apr 16, 2026
Slide 1: Financial and Operating Results for Year 2025
FINANCIAL AND OPERATING RESULTS FOR YEAR 2025 April 16, 2026
Slide 2: Dariusz Lubera, President of the Management Board
DARIUSZ LUBERA President of the Management Board
Slide 3: Year 2025 in Review
YEAR 2025 IN REVIEW • Announcement of the PGE Group Strategy until 2035. • Nearly 1.5 GW of installed capacity in RES. • Strategic objective – approximately PLN 150 billion from PGE’s • Significant impact of the Gas-fired Generation Segment on investment budget will be directed to Polish companies b
Slide 4: Gas-Fired Generation
GAS-FIRED GENERATION 1. Construction of a combined cycle gas turbine (CCGT) unit in the PGE Nowy Rybnik Power Plant with a capacity of 882 MW – project development stage exceeds 80%: • key components of the power plant were delivered and installed; • main technological facilities, the pumping statio
Slide 5: Development of Offshore Wind Farms
DEVELOPMENT OF OFFSHORE WIND FARMS 1. Baltica 2 • securing financing in the amount of PLN 15 billion (PLN 5.5 billion from the KPO and PLN 9.5 billion from financial institutions); • the Final Investment Decision – transition from the planning phase to the construction phase; • seabed clearance and
Slide 6: Development of Offshore Wind Farms
DEVELOPMENT OF OFFSHORE WIND FARMS 3. Operations and maintenance base in Ustka: • obtaining of the building permit; • commencement of construction works. 4. Baltica 9+ • the Baltica 9 project secured a two-sided contract for difference (CfD) as a result of the first-ever auction for offshore wind fa
Slide 7: Energy Storage
ENERGY STORAGE 1. Żarnowiec Battery Energy Storage Facility: • capacity of 262 MW and storage capacity of approximately 981 MWh; • signing of an agreement with LG Energy Solution Wrocław – contract value of PLN 1.55 billion (gross); • local content share at the level of 75%; • over PLN 477 million i
Slide 8: Electricity Distribution
ELECTRICITY DISTRIBUTION PLN 4.5 billion – annual spending on investments in distribution and railway energy in 2025: • 40,000 new PV installations connected to the grid; • 3,000 new businesses connected to the grid; • 50,000 new households connected to the grid; • nearly 2,550 km of constructed and
Slide 9: District Heating
DISTRICT HEATING 1. Commissioning of new projects: • Poland’s largest gas-fired district heating investment – the Czechnica 2 CHP plant with an electrical capacity of 179 MWe and thermal capacity of 315 MWt; • a new gas-fired cogeneration unit in Bydgoszcz 2 CHP plant with a capacity of 52.6 MWe, as
Slide 10: Local Content
LOCAL CONTENT Signing of agreements with Polish contractors : • LG Energy Solution Wrocław for the construction of the Żarnowiec Energy Storage Facility; • DORACO for the constraction of O&M base in Ustka • Smulders Projects Poland for the production of 107 units of additional steel structures for t
Slide 11: Przemysław Jastrzębski, Vice President for Finance
PRZEMYSŁAW JASTRZĘBSKI Vice President of the Management Board for Finance
Slide 12: Electricity market
Electricity market Domestic consumption and generation 2025 16.5 Total production Electricity consumption 16.0 -0.9% (-1.48 TWh y/y) Domestic consumption 15.5 15.0 Balance of foreign exchange [TWh] 14.5 (-1.01 TWh y/y) 14.0 Electricity generation 13.5 -0.3% (-0.47 TWh y/y) 13.0 12.5 12.0 11.5 Apr 23
Slide 13: Key operating results FY 2025
Key operating results FY 2025 2024 56.16 • Lower utilisation of lignite-fired and hard coal-fired power Net electricity generation plants -0.96 (TWh) 2025 55.20 • Improved production at Gryfino Dolna Odra CCGT and New Czechnica CHP plant 2024 5.13 14.26 6.35 10.54 4.27 40.55 Distribution +0.36 • Inc
Slide 14: Generation: Development of EBITDA by major value drivers 2025
Development of EBITDA by major value drivers 2025 (PLN m) 2024 EBITDA REPORTED 12 680 One-offs 1 337 2024 EBITDA RECURRING 11 343 Sales of electricity-Generation 1 - Sale price (PLN -4 930 m) (-91.5 PLN/MWh) - Electricity Volume (PLN -409 m) (-0.7 TWh) 5 339 Generation + CO2 price (PLN +3 049 m) (-5
Slide 15: CAPEX FY 2025 y/y
CAPEX FY 2025 y/y (cash in PLN m) +1 197 1 565 -80 52 0 59 11 543 -290 -109 10 346 2024 Renewables Gas-fired Coal Energy District Heating Distribution Energy Railway Supply, Other 2025 generation Services activities 2024 10 346 1 815 1 584 964 1 241 3 974 586 182 2025 3 380 1 504 674 1 241 4 026 477
Slide 16: Net debt in 2025
Net debt in 2025 • Main factors affecting net debt level in 2025 : Net debt (PLN bn)1 • Recurring EBITDA PLN 12.9 bn, • Investment spending PLN 11.5 bn, 5.32 • Change by PLN 0.6 bn due to CO2 (decrease of debt), i.e. difference between recognised CO2 costs and payments for CO2 3.84 in 2025, 9.53 6.6
Slide 17: Recurring EBITDA: 2026 outlook
Recurring EBITDA: 2026 outlook EBITDA 2025 2026 vs 2025 Main factors (PLN m) perspective − Expected lower revenues from balancing market Renewables 1 688 − Lower revenues from certificates + New capacities in PV and wind Gas-fired − Expected lower revenues from balancing market 470 + Expected higher
Slide 18: Investment spending: 2026 outlook
Investment spending: 2026 outlook 2026 vs 2025 CAPEX 2025 perspective Main factors (PLN m) + Significant increase due to advancing construction of Baltica 2 offshore wind farm and energy storage Renewables 3 380 facilities Gas-fired 1 504 + Commencement of construction of OCGT units in Rybnik and Gr
Slide 19: Net result of the PGE Group Q4 2025
Net result of the PGE Group Q4 2025 Net profit in Q4 2025 at PLN 3.2 bn (PLN m) - provision for onerous contracts Coal Energy PLN 766 m EBITDA recurring Q4 2025 2 332 - provision for onerous contracts Supply PLN 407 m One-offs -1 195 - provision for settlement of PDP Fund at Supply segment PLN 605 m
Slide 20: Net result of the PGE Group FY 2025
Net result of the PGE Group FY 2025 Net loss in 2025 at PLN 3.4 bn (PLN m) - provision for onerous contracts Coal Energy PLN 766 m EBITDA recurring 2025 12 892 - provision for onerous contracts Supply PLN 316 m One-offs -1 465 - provision for settlement of PDP Fund at Supply segment PLN 605 m - recl
Slide 21: Q&A Session
Q&A SESSION _PGE~ Polska Grupa Energetyczna
PGE Polska Grupa Energetyczna — FY2025 Earnings Presentation on 6ix