1Q 2026 Results Presentation

1Q'26 financial results

29 May 2026

Speakers



Agenda

1. Key highlights

2. Energy market in Q1'26

3. Operating results

4. Development projects

5. Employment

   
   
   

6. Financial results

Key highlights Bartłomiej Drywa Vice President of the Management Board ZE PAK S.A.

Key highlights in Q1'26

• We are executing the CCGT unit in Turek according to

  plan - EPC works progress at 86% as at the end of

  Q1'26

• Discontinuation of coal operations in their current form - we have ceased continuous coal extraction and continuous electricity generation

• We are accelerating the restructuring of our workforce, particularly in the coal mining segment

  
  
  

• We have drawn financing under our consortium loan for the CCGT project in Turek and fully repaid the bridge financing provided by EFG

Energy market in Q1'26 Andrzej Janiszowski Vice President of the Management Board ZE PAK S.A.

Energy market situation

700

450

443

650

600

550

500

450

400

350

300

Energy prices TGeBASE (PLN/MWh)

Futures contract price for EUA delivery (EUR/tonne)

95

90

85

80

75

70

65

60

76

70

55

Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar

280

260

240

220

200

180

160

140

120

LTM Q1'25 LTM Q1'26 LTM average Q1'25 LTM average Q1'26

Gas prices TGEgas (PLN/MWh)

188

170

LTM Q1'25 LTM Q1'26 LTM average Q1'25 LTM average Q1'26

• Significant increase in electricity prices at the beginning of the year, driven by 7-10% y/y higher demand due to very low temperatures in January and February, combined with lower RES generation in Q1'26

  
  
  

• Notable decline in electricity prices in March, reflecting a higher share of RES in the generation mix and a significant increase in temperatures (+3°C vs. long-term average)

  
  
  

  Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar LTM Q1'25 LTM Q1'26 LTM average Q1'25 LTM average Q1'26

  Operating results Andrzej Janiszowski Vice President of the Management Board ZE PAK S.A.
  
  Growing pressure on the margins of conventional producers

  Margin Q1'25

  597.1

  273.3

  -323.8

  Average electricity selling price

  Average CO2 emission cost

  Average margin

Electric energy sales

+0.9%

458

46

462

65

412

Q1'25

Q1'26

Own production

Resale

'000 tonnes

PLN/ MWh

Development projects Maciej Koński Vice President of the Management Board ZE PAK S.A.

Construction of a gas-steam unit (CCGT) in Turek

Key parametres:

• Installed capacity 562 MW

• Planned start of production 3Q'27

• Won market capacity auction: 400,390

  PLN/MW/year (within 17 years), 493 MW

• Expected period of use 25 years

  Progess status:

  • EPC progress: approx. 86% at the end of Q1'26

  • Installation of the turbine-generator set, condenser, and heat recovery steam generator (HRSG)

  • Commencement of piping installation works in the turbine hall and boiler house

  • Completion of the main structure of the electrical building and the block

    control building

  • Completion of cooling water piping installation

  • Foundation works for the backup transformer

  • Obtained another amendment to the construction permit

Project financial progress 1)

(as at 31.03.2026)

m PLN

62%

1) The total cost of the project is PLN 3.3 billion, of which PLN 2.4 billion is the EPC contract

Opole 500MW wind farm

Key parameters:

• c. 130 turbine locations

• 500 MW expected project capacity

• Valid grid connection conditions

• Commissioning planned in 2031

Progress status :

• Documentation works are ongoing to prepare the project for construction

• Environmental monitoring has been completed, and all 7 environmental procedures have been launched - decisions expected in 2027

• Target timeline for achieving "Ready-to-Build" status - 2028/2029

• Progress in Q1'26:

  • Environmental procedures were initiated for the final three areas

  • In line with standard procedure, requests for supplementary information were received for four areas

  • Continuation of the process to secure rights to land (foundations for turbines, O&M facilities, and main grid connection points - GPO stations)

    
    
    

  • Process of obtaining location decisions for 30 kV MV cable routes was launched

  • Design works related to cable routes and grid connection (power

    evacuation) continued

    
    
    Land reclamation
    
    

    • Land reclamation is being conducted in accordance with applicable legal requirements and environmental permits

    • In Q1'26, we submitted an application to have water-direction reclamation deemed complete at the Drzewce open pit (approx. 134 ha)

    • In Q1'26, we filed an application for approval to close part of the Adamów power plant combustion waste landfill located in the Western Open Pit (approx. 111 ha)

Land reclamation status

(as of March 31, 2026)

38%

62%

Land for reclamation Land that has been reclaimed/does not require reclamation



Employment Andrzej Janiszowski Vice President of the Management Board ZE PAK S.A.

Employment restructuring in line with the principles of social responsibility

FTEs

Change in employment

1. The "Energy generation" segment includes ZE PAK, "Mining" includes PAK KWB Konin and PAK Górnictwo, and "Services" includes PAK Serwis

2. Employment changes include departures and those on leave from the energy/mining sector

   • 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

   • As at the end of Q1'26, 137 employees were

     on mining or energy sector leave schemes

     
     
     
     
     

   • Departing employees are supported by the "Path to Employment after Coal" program, which provides assistance in finding new jobs or starting a business. As at the end of Q1'26 1,118 individuals had benefited from the program

     Financial results Maciej Nietopiel Vice President of the Management Board ZE PAK S.A.
     
     
     
     

     EBITDA

     +0.1 mPLN

     -5.4

     Q1'25

     -5.3

     Q1'26

     Revenue

     +34 mPLN

     309

     36

     22

     343

     74

     29

     252

     240

     Q1'25

     Q1'26

     Own production

     Resale

     Other

     mln PLN

     mln PLN

     mln PLN

     Summary of ZE PAK Group's financial results

     	Net result +3.4 mPLN
     	-13.8	-10.4
     	Q1'25	Q1'26

     
     
     Revenue decomposition in Q1'26

     Electricity from own production

     Electricity from resale

     Capacity market

     Construction services

     Other

     Revenue Q1'26

     
     
     

     • The dominant revenue stream - sales of own energy - remains in a downward trend due to lower production volumes and lower energy prices

       mPLN

     • Higher capacity market revenue due to a low base effect (no primary capacity market in Q1'25)

       
       
       

       +10.9% YoY

       Revenue Q1'25

       Electricity from own production

       Electricity from resale

       Capacity market

       Heat

       Construction services

       Other

       Revenue Q1'26

       
       
       

       mPLN

     • Increase in revenue from external construction services, primarily in the energy sector

       
       
       EBITDA decomposition in Q1'26
       
       

       mln PLN

       • EBITDA from the sale of energy from own production was impacted by the decline in the spread between the average energy sales price and the average cost of CO2 emissions

         Electricity	Electricity	Capacity	Construction	Reclamation	Share in	Other	EBITDA
         from own	from resale	market	services	provision	PAK-PCE		Q1'26
         production				change	result

       • Higher EBITDA from the capacity market due to a low base effect (no primary

mln PLN

capacity market in Q1'25)

EBITDA 1Q'25 Electricity Electricity Capacity Construction Reclamation from own from resale market services provision production change

Share in PAK-PCE

result

Other

EBITDA Q1'26

Group indebtedness

Gross debt

582

1 180

mPLN

100%

Indebtedness structure

(as of 31.03.2026)

100%

100%

31.12.2025 31.03.2026

Bank loan

Currency - PLN

Variable interest rate

Debt maturity profile

(as of 31.03.2026)

2027

2026

mPLN

0 35

-691

Scheduled capital repayments Scheduled drawdown

141

2042

-1 464