Estimated selected financial and operating data for year 2024

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

According to the initial estimates net electricity production at PGE Group generating units in 2024 amounted to 56.2 TWh, distribution volume arrived at 40.6 TWh and sales to final off-takers came out at 33.7 TWh. Heat sales volume amounted to 47.3 PJ.

Consolidated recurring EBITDA in 2024 amounted to approximately PLN 10.88 bn, including:

EBITDA of Renewables segment PLN 1.34 bn.

EBITDA of Gas-fired Generation segment PLN 0.15 bn,

EBITDA of Conventional Generation segment PLN 0.83 bn,

EBITDA of District Heating segment PLN 1.48 bn,

EBITDA of Distribution segment PLN 4.53 bn,

EBITDA of Energy Railway Services segment PLN 1.11 bn,

EBITDA of Supply segment PLN 1.39 bn,

EBITDA of Circular Economy segment PLN 0.07 bn.

The results for 2024 were influenced by one-off events increasing reported EBITDA result by approx. PLN 1.34 bn. The period's result was mainly influenced by non-cash changes in the value of the reclamation provision which translated into an increase in EBITDA by approx. PLN 0.62 bn, and adjustment of compensations for electricity for previous years which translated into an increase in EBITDA by approx. PLN 0.61 bn.

As a result consolidated reported EBITDA in 2024 amounted to approximately PLN 12.21 bn, including:

EBITDA of Renewables segment PLN 1.34 bn,

EBITDA of Gas-fired Generation segment PLN 0.15 bn,

EBITDA of Conventional Generation segment PLN 1.63 bn,

EBITDA of District Heating segment PLN 1.51 bn,

EBITDA of Distribution segment PLN 4.57 bn,

EBITDA of Energy Railway Services segment PLN 1.07 bn,

EBITDA of Supply segment PLN 1.90 bn,

EBITDA of Circular Economy segment PLN 0.07 bn.

At the same time, with reference to the current reports no. 4/2025 of January 23, 2025 and no. 10/2025 of February 7, 2025, the Management Board of PGE indicates that:

- following the impairment tests on property, plant and equipment at the PGE Capital Group level an impairment (of non-cash nature), amounting to approx. PLN 7.4 bn gross, was made in Conventional Generation segment what will lower the PGE Capital Group’s consolidated gross result by approx. PLN 7.4 bn,

- a write-down related to value of deferred tax asset (of non-cash nature) amounting to approx. PLN 2.4 bn was recognized in Conventional Generation segment what will lower the consolidated net result of the PGE Capital Group by approx. PLN 2.4 bn.

In effect, the consolidated net profit attributable to equity holders of the parent company amounted to approximately PLN – 3.16 bn (loss), i.e. PLN -1.41 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 3.11 bn, i.e. PLN 1.38 per share. Capital expenditures amounted to approx. PLN 10.32 bn. Estimated net debt amounted to approximately PLN 11.05 bn as at December 31, 2024, and estimated economic net financial debt (including future payment for CO2 allowances) amounted to approx. PLN 17.20 bn.

Average electricity wholesale price realized in 2024 (including contributions to Price Difference Payment Fund) by:

- Conventional Generation segment amounted to PLN 589 per MWh,

- Gas-fired Generation segment amounted to PLN 669 per MWh,

- District Heating segment amounted to PLN 649 per MWh,

- Conventional Generation, Gas-fired Generation and District Heating segments jointly amounted to PLN 599 per MWh.

At the same time, the average cost of CO2 emission rights for above mentioned segments related to electricity generation amounted to PLN 362 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 2024 is planned to be published on April 15, 2025.