Estimated selected financial and operating data for the second quarter of 2025

The Management Board of PGE Polska Grupa Energetyczna S.A. (“PGE”, the “Company”) publishes initial selected consolidated financial and operating data for the second quarter of 2025.

Consolidated recurring EBITDA in the second quarter of 2025 amounted to approx. PLN 3.27 bn, including:

EBITDA of Renewables segment PLN 0.52 bn,

EBITDA of Gas-fired Generation segment PLN 0.13 bn,

EBITDA of Coal Energy segment* PLN 0.10 bn,

EBITDA of District Heating segment PLN 0.35 bn,

EBITDA of Distribution segment PLN 1.31 bn,

EBITDA of Energy Railway Services segment PLN 0.31 bn,

EBITDA of Supply segment PLN 0.48 bn,

EBITDA of Other Operations and consolidation adjustments PLN 0.07 bn.

The results for the second quarter of 2025 were influenced by one-off events increasing reported EBITDA result by approx. PLN 67 m. The period's result was mainly influenced by non-cash one-offs:

- write-down of strategic inventories which translated into a decrease in reported EBITDA result by approx. PLN 112 m;

- change in reclamation provision which translated into a decrease in reported EBITDA by approx. PLN 79 m, and

- release of provision for one-time benefit related to NABE (National Agency for Energy Security) carve-out which translated into an increase in reported EBITDA by approx. PLN 187 m.

As a result consolidated reported EBITDA amounted to approx. PLN 3.34 bn, including:

EBITDA of Renewables segment PLN 0.52 bn,

EBITDA of Gas-fired Generation segment PLN 0.13 bn,

EBITDA of Coal Energy segment* PLN 0.10 bn,

EBITDA of District Heating segment PLN 0.36 bn,

EBITDA of Distribution segment PLN 1.31 bn,

EBITDA of Energy Railway Services segment PLN 0.32 bn,

EBITDA of Supply segment PLN 0.52 bn,

EBITDA of Other Operations and consolidation adjustments PLN 0.07 bn.

At the same time, with reference to the current report no. 31/2025 of July 25, 2025 the Management Board of PGE indicates that:

- following the impairment tests on property, plant and equipment at the PGE Capital Group level impairments (non-cash nature) were made in Coal Energy segment* amounting to approx. PLN 8.7 bn and in Renewables segment amounting to PLN 0.4 bn,

- reduction of deferred tax asset (non-cash nature) amounting to approx. PLN 2.5 bn was recognized in Coal Energy segment*.

Above one-offs will lower the PGE Capital Group’s gross result for the second quarter of 2025 by approx. PLN 9.1 billion and net result by approx. PLN 11.6 billion.

In effect, the consolidated net profit attributable to equity holders of the parent company for the second quarter of 2025 amounted to approx. PLN -9.61 bn (loss), i.e. PLN -4.28 per share and the consolidated net profit attributable to equity holders of the parent company excluding impairment of property, plant and equipment, intangible assets and right-of-use assets amounted to approx. PLN -0.61 bn (loss), i.e. PLN -0.27 per share.

Capital expenditures in the second quarter of 2025 amounted to approx. PLN 3.20 bn and estimated net debt amounted to approx. PLN -0.99 bn (net cash) as at June 30, 2025, while estimated economic net financial debt (including future payment for CO2 allowances) amounted to approx. PLN 14.65 bn.

Following volumes were achieved in the second quarter of 2025:

- net electricity production: 11.43 TWh,

- electricity distribution: 9.41 TWh

- electricity sales to final off-takers: 7.73 TWh,

- heat sales: 7.45 PJ.

Average electricity wholesale price realized in the second quarter of 2025 in Coal Energy*, Gas-fired Generation and District Heating segments jointly amounted to PLN 509 per MWh and respectively:

- PLN 509 per MWh in Coal Energy segment*,

- PLN 545 per MWh in Gas-fired Generation segment,

- PLN 480 per MWh in District Heating segment.

At the same time, the average cost of CO2 emission rights for above mentioned segments related to electricity generation amounted to PLN 294 per MWh.

* In the current reporting period the Company has made a presentation adjustment – from the second quarter of 2025 Conventional Generation segment is presented under new name Coal Energy segment.

The adjustment reflects the actual function of the segment and the name adopted in the document Strategy of PGE Capital Group until 2035 of June 12, 2025. Composition and core activities of the segment remain unchanged.

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 the first half of 2025 is planned to be published on September 9, 2025.