5 May 2026
Speakers
PIOTR ŻAK
PRESIDENT OF THE MANAGEMENT BOARD ZE PAK S.A.
ANDRZEJ
JANISZOWSKI
VICE PRESIDENT OF THE MANAGEMENT BOARD ZE PAK S.A.
MACIEJ KOŃSKI
VICE PRESIDENT OF THE MANAGEMENT BOARD ZE PAK S.A.
MACIEJ NIETOPIEL
VICE PRESIDENT OF THE MANAGEMENT BOARD, CFO ZE PAK S.A.
BARTŁOMIEJ DRYWA
VICE PRESIDENT OF THE MANAGEMENT BOARD ZE PAK S.A.
Agenda
Key highlights in 2025
Energy market in 2025
Operating results
Development projects
Employment
Financial results
Key highlights in 2025 Andrzej Janiszowski Vice President of the Management Board ZE PAK S.A.
Key highlights in 2025
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
Gradual phase-out of operations at Tomisławice open-pit mine
Completion of overburden removal in November 2025
Opening the path to begin technical reclamation
Just transition - a responsible approach to employees
Launch of comprehensive employment restructuring measures using mechanisms introduced by the Social Protection Act
Capacity market revenues secured for 2026
CCGT unit construction site in Turek
409 MW contracted capacity
Secured revenues of c. PLN 142 million
Energy market in 2025 Andrzej Janiszowski Vice President of the Management Board ZE PAK S.A.
Energy market situation
442
416
600 Energy prices TGeBASE (PLN/MWh)
550
500
450
400
350
300
Futures contract price for EUA delivery (EUR/tonne)
90
80
74.9
70
66.6
60
50
40
100
250
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
2024 2025
2024 average 2025 average
2025 2024
2024 average 2025 average
176
169
280 Gas pricesTGEgas (PLN/MWh)
260
240
220
200
180
160
140
120
100
80
Energy prices in 2025 were on average over 6% higher
YoY, despite a decline in thermal coal prices of over 25%
Energy price volatility in the Polish market is increasingly linked to changes in gas prices
The growing share of renewable energy in the energy mix is contributing to increased price volatility on the day-ahead market
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
2024 2025 2024 average 2025 average
Operating results Andrzej Janiszowski Vice President of the Management Board ZE PAK S.A.
Growing pressure on the margins of conventional producersMargin 2024
752.8
305.1
-447.7
Average electricity selling price
Average CO2 emission cost
Average margin
Electric energy sales
-9.3%
2.05
1.86
0.62
0.44
1.43
1.42
2024
2025
Own production
Resale
Decrease in production and CO2
emissions due to the gradual phase-out of
coal-fired power generation
PLN/ MWh
The decline in wholesale energy prices reduced the unit selling price by 24.7%
TWh
YoY
In 2025, the unit cost of CO2 emissions
decreased by 22.8% YoY
CO2 emissions
-10.3%
1.85
1.66
2024
2025
Margin 2025
-24.7% YoY
567.1
-28.6% YoY
217.7
-349.4
Average electricity selling price
Average CO2 emission cost
Average margin
million tonnes
PLN/ MWh
As a result, the margin covering fuel and operating costs decreased by 28.6% YoY
Growing pressure on the margins of conventional producersMargin Q4'24
835.4
470.3
-366.1
Average electricity selling price
Average CO2 emission cost
Average margin
Electric energy sales
-18.2%
0.55
0.08
0.45
0.10
Q4'24
Q4'25
Own production
Resale
0.35
0.47
Decline in production and CO2 emissions due to the gradual phase-out of coal-fired power generation
TWh
PLN/ MWh
The decline in wholesale energy prices lowered the unit selling price by 31.5%YoY in Q4 2025
At the same time, CO2 emission prices remain relatively stable - the unit cost of CO2 emissions decreased by 2.6% YoY
CO2 emissions
-28.3%
0.60
0.43
Q4'24
Q4'25
Margin Q4'25
-31.5% YoY
572.8
-54.0% YoY
216.3
-356.5
Average electricity selling price
Average CO2 emission cost
Average margin
million tonnes
PLN/ MWh
As a result, the margin covering fuel and operating costs decreased by 54.0% YoY
Development projects Maciej Koński Vice President of the Management Board ZE PAK S.A.
Construction of a gas-steam unit (CCGT) in Turek
Progess status:
Progress of EPC works: approx. 83% at the end of 2025
Assembly of the main equipment has begun: the gas and steam turbines, the generator, and the recovery boiler
Transformers have been installed: the unit one and auxiliary
Key steps until commissioning:
Completion of turbine set and boiler assembly, boiler water test
Voltage applied to the 110 kV line and start of commissioning
Raw water supply to the water preparation station, gas supply to the gas preparation station
Firing the gas turbine burners
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
m PLN
Expected period of use 25 years
Total expenses incurred
658
1 023 1 681
01.01.2025-
Project financial progress 1)
(as at 31.12.2025)
51%
till 31.12.2024 31.12.2025 till 31.12.2025
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 farmKey parameters:
c. 130 turbine locations
500 MW expected project capacity
Valid grid connection conditions
Commissioning planned in 2031
Progress status :
Development work is underway to prepare the project for construction
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
Expected date for reaching the "Ready-To-Build" stage -
2028/2029
Total expenses incurred
218
mPLN
24 242
01.01.2025-
till 31.12.2024 31.12.2025 till 31.12.2025
early stage
in progress
Photovoltaic farm Przykona (up to 287 MW)
Status "Ready-To-Build" - currently awaiting investment decision
Secured grid connection conditions for 287 MW
Analyses are underway to explore the possibilities of utilizing the project's additional potential (construction of additional capacity within the grid connection conditions, cable pooling, energy storage)
Building the PAK Serwis order portfolio
Contract with Hitachi Energy Poland Sp. z o.o., signed in July 2025, for the implementation of work on the
Bałtyk III wind farm project, valued at c. PLN 62 million net
Scope of work: installation of high-voltage equipment and installations, busbar systems, primary and
secondary equipment, and compensation systems
Gas engines
Power and gas connection conditions secured
Work is underway to prepare the project for construction (including location selection)
Energy storage
Grid connection conditions have been secured, and the location has been selected and secured
Work is underway to prepare the project for construction, including obtaining an environmental decision
Land reclamation
Land reclamation is being conducted in accordance with applicable legal requirements and environmental permits
In 2025, the Group completed the reclamation of 568 hectares of land
The reclamation significantly reduces the basis for calculating property tax
Land reclamation status
(as of December 31, 2025)
38%
62%
Land for reclamation Land that has been reclaimed/does not require reclamationEmployment 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
In 2025, employment restructuring affected a total of 416 employees, including 196 under the Social Security Act:
- 70
- 284
- 62
1 996
2 412
- 21
- 125
2 617
- 59
130 employees took advantage of mining
or energy sector leave
66 employees received one-time severance payments
Leaving employees are covered by the "Road to Employment after Coal" support program, which provides assistance in finding new employment or starting a business
As of
31.12. 2023
Energy
generation
Mining Services As of
31.12. 2024
Energy
generation
Mining Services As of
31.12. 2025
The "Energy generation" segment includes ZE PAK, "Mining" includes PAK KWB Konin and PAK Górnictwo, and "Services" includes PAK Serwis
In 2024 and 2025, employment changes include departures and those on leave from the energy/mining sector
EBITDA
Q4'24
Q4'25
282
-95
2024
2025
-36
129
Net result
Q4'24
Q4'25
263
-164
2024
2025
-45
124
Other Resale Own production
211
279
2025
639
2024
844
378
1 334
1 169
2 185
-39.0%
214
43
102
Q4'25
55
156
Q4'24
358
412
623
Revenue
-42.5%
m PLN
m PLN
m PLN
m PLN
m PLN
m PLN
Summary of ZE PAK Group's financial resultsRevenue decomposition in 2025
Revenue structure
92 1 334
211
100
5
83
844
The dominant revenue stream - sales of own energy - remains in a downward trend due to lower production volumes and lower energy prices
Lower revenue from energy resale is driven by lower volumes
mPLN
Electricity from own production
Electricity from resale
Capacity market
Heat
Construction services
Other
Revenue 2025
The decline in revenue from support systems is due to the lack of compensation for the termination of long-term contracts (LTC) and
Revenue change factors
the absence of a primary capacity market in
2 185
-39.0% YoY
-325
-167
-132
-18
22
13
1 334
-245
H1'25
Increased revenue from external construction services, primarily in the energy sector
No revenue from biomass trading in 2025
mPLN
Revenue
2024
Electricity from own production
Electricity from resale
Capacity market+ LTC
Heat Sale of biomass
Construction services
Other Revenue 2025