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Estimated selected financial and operating data for Q1 2024

24/2024

14.05.2024 18:51

Art. 17 sect. 1 of MAR – inside information.

Contents of the report

The Management Board of PGE Polska Grupa Energetyczna S.A. (“PGE”) publishes initial selected consolidated financial and operating data for the first quarter of 2024.

According to the initial estimates net electricity production at PGE Group generating units in Q1 2024 amounted to 14.6 TWh, distribution volume arrived at 10.7 TWh and sales to final off-takers came out at 9.1 TWh. Heat sales volume amounted to 19.9 PJ.

Consolidated recurring EBITDA in Q1 2024 amounted to approximately PLN 2.53 bn, including:

EBITDA of Renewables segment PLN 0.38 bn,

EBITDA of Gas-fired Generation segment PLN -0.02 bn (loss),

EBITDA of Conventional Generation segment PLN -0.50 bn (loss),

EBITDA of District Heating segment PLN 0.51 bn,

EBITDA of Distribution segment PLN 0.99 bn,

EBITDA of Energy Railway Services segment PLN 0.28 bn,

EBITDA of Supply segment PLN 0.90 bn,

EBITDA of Circular Economy segment PLN 0.02 bn.

The additional estimation of balancing difference cost, neutral for the consolidated result of the PGE Group, in amount of approximately PLN 0.35 bn decreased EBITDA of the Distribution segment simultaneously increasing EBITDA of the Supply segment in the same amount.

After taking into account one-off events the consolidated reported EBITDA amounted to approximately PLN 2.54 bn.

Consolidated net profit attributable to equity holders of the parent company amounted to approximately PLN 0.89 bn. CAPEX amounted to approximately PLN 2.07 bn. Estimated net debt amounted to approximately PLN 15.69 bn as at March 31, 2024, and estimated economic net financial debt (including future payment for CO2 allowances) amounted to approximately PLN 21.23 bn.

Average electricity wholesale price realized in Q1 2024 by:

- Conventional Generation segment amounted to PLN 582.2 per MWh,

- Conventional Generation and District Heating segments amounted to PLN 596.4 per MWh.

At the same time, the average cost of CO2 emission rights for both segments related to electricity generation amounted to PLN 376.3 per MWh.

Disclaimer: Presented values are estimated and may change. Consolidated financial statements of the PGE Group are still in the preparation process. The consolidated report for Q1 2024 is planned to be published on May 27, 2024.

Signatures of persons representing the company

Date Name Position and function
2024-05-14 Dariusz Marzec President of the Management Board
2024-05-14 Marcin Laskowski Vice-President of the Management Board