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Estimated selected financial and operating data for Q3 2023.


15.11.2023 17:15

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 Q3 2023.

According to the initial estimates net electricity production at PGE Group generating units in Q3 2023 amounted to 13.1 TWh, distribution volume arrived at 9.6 TWh and sales to final off-takers came out at 8.5 TWh. Heat sales volume amounted to 3.4 PJ.

Consolidated recurring EBITDA in Q3 2023 amounted to approximately PLN 2.45 bn, including:

EBITDA of Conventional Generation segment PLN 0.31 bn,

EBITDA of District Heating segment PLN 0.09 bn,

EBITDA of Renewables segment PLN 0.17 bn,

EBITDA of Distribution segment PLN 1.00 bn,

EBITDA of Energy Railway Services segment PLN 0.36 bn,

EBITDA of Supply segment PLN 0.38 bn,

EBITDA of Circular Economy segment PLN 0.02 bn.

Estimated impact of contributions to Price Difference Payment Fund (resulting from the Act of 27 October 2022 on extraordinary measures to limit the level of electricity prices and support for certain consumers in 2023 and the Regulation of the Council of Ministers on the method of calculating the price cap of 8 November 2022) in Q3 2023 amounted to PLN 1.12 bn (decreasing financial results).

In addition, the results for Q3 2023 were influenced by one-off events increasing reported EBITDA result by approx. PLN 0.01 bn causing the increase of EBITDA of Supply segment to PLN 0.39 bn.

In effect, consolidated reported EBITDA in Q3 2023 amounted to approximately PLN 2.46 bn.

Consolidated net profit attributable to equity holders of the parent company amounted to approximately PLN 0.95 bn. CAPEX amounted to approx. PLN 2.68 bn. Estimated net debt amounted to approximately PLN 1.59 bn as at September 30, 2023, and estimated economic net financial debt (including future payment for CO2 allowances) amounted to approx. PLN 18.51 bn.

Average electricity wholesale price realized in Q3 2023 (including contributions to Price Difference Payment Fund) by:

- Conventional Generation segment amounted to PLN 726.3 per MWh,

- Conventional Generation and District Heating segments amounted to PLN 710.1 per MWh.

At the same time, the average cost of CO2 emission rights for both segments related to electricity generation amounted to PLN 445.3 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 Q3 2023 is planned to be published on November 21, 2023.

Signatures of persons representing the company

Date Name Position and function
2023-11-15 Lechosław Rojewski Vice-President of the Management Board
2023-11-15 Przemysław Kołodziejak Vice-President of the Management Board