Estimated selected financial and operating data for Q3 2024

The Management Board of PGE Polska Grupa Energetyczna S.A. (“PGE”) publishes initial selected consolidated financial and operating data for Q3 2024.

According to the initial estimates net electricity production at PGE Group generating units in Q3 2024 amounted to 13.2 TWh, distribution volume arrived at 9.8 TWh and sales to final off-takers came out at 8.3 TWh. Heat sales volume amounted to 3.5 PJ.

Consolidated recurring EBITDA in Q3 2024 amounted to approximately PLN 2.45 bn, including:

EBITDA of Renewables segment PLN 0.38 bn.

EBITDA of Gas-fired Generation segment PLN 0.08 bn,

EBITDA of Conventional Generation segment PLN 0.48 bn,

EBITDA of District Heating segment PLN 0.15 bn,

EBITDA of Distribution segment PLN 1.14 bn,

EBITDA of Energy Railway Services segment PLN 0.29 bn,

EBITDA of Supply segment PLN -0.13 bn,

EBITDA of Circular Economy segment PLN 0.04 bn.

The results for Q3 2024 were influenced by one-off events increasing reported EBITDA result by approximately PLN 4 million. The events with the greatest impact on the result of the period included: the non-cash item of changes in reclamation provision, which translated into a decrease in EBITDA by PLN 0.41 bn, and adjustment of compensations for electricity for previous years which translated into an increase in EBITDA by PLN 0.45 bn.

In effect, consolidated reported EBITDA in Q3 2024 amounted to approximately PLN 2.46 bn, including:

EBITDA of Renewables segment PLN 0.38 bn.

EBITDA of Gas-fired Generation segment PLN 0.08 bn,

EBITDA of Conventional Generation segment PLN 0.06 bn,

EBITDA of District Heating segment PLN 0.15 bn,

EBITDA of Distribution segment PLN 1.13 bn,

EBITDA of Energy Railway Services segment PLN 0.28 bn,

EBITDA of Supply segment PLN 0.32 bn,

EBITDA of Circular Economy segment PLN 0.04 bn.

Consolidated net profit attributable to equity holders of the parent company amounted to approximately PLN 0.73 bn. CAPEX amounted to approximately PLN 2.58 bn. Estimated net debt amounted to approximately PLN 4.43 bn as at September 30, 2024, and estimated economic net financial debt (including future payment for CO2 allowances) amounted to approx. PLN 19.02 bn.

Average electricity wholesale price realized in Q3 2024 by:

- Conventional Generation segment amounted to PLN 585 per MWh,

- Gas-fired Generation segment amounted to PLN 612 per MWh,

- Conventional Generation, Gas-fired Generation and District Heating segments amounted to PLN 589 per MWh.

At the same time, the average cost of CO2 emission rights for above mentioned segments related to electricity generation amounted to PLN 348 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 2024 is planned to be published on November 26, 2024.