Estimated selected financial and operating data for year 2025

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

Consolidated recurring EBITDA in 2025 amounted to approx. PLN 12.89 bn, including respective segments:

Renewables: PLN 1.69 bn,

Gas-fired Generation: PLN 0.47 bn,

Coal Energy: PLN 0.36 bn,

District Heating: PLN 2.33 bn,

Distribution: PLN 5.31 bn,

Energy Railway Services: PLN 1.30 bn,

Supply: PLN 1.33 bn,

Other Operations and consolidation adjustments: PLN 0.10 bn.

The results for 2025 were influenced by one-off events decreasing reported EBITDA result by approx. PLN 1.47 bn, including in particular:

- provision for settlement of PDP Fund with the ERO (decrease by approx. PLN 605 m),

- change of reclamation provision (decrease by approx. PLN 435 m),

- creation of a provision for restructuring of Dolna Odra power plant (decrease by approx. PLN 228 m),

- write-off of strategic inventories (decrease by approx. PLN 129 m),

- voluntary leave program (decrease by approx. PLN 78 m),

- release of provision for one-time benefit related to NABE (National Agency for Energy Security) carve-out (increase by approx. PLN 187 m),

- adjustment of compensations for electricity for previous period (increase by approx. PLN 170 m).

As a result consolidated reported EBITDA in 2025 amounted to approx. PLN 11.43 bn, including respective segments:

Renewables: PLN 1.68 bn,

Gas-fired Generation: PLN 0.44 bn,

Coal Energy: PLN -0.23 bn,

District Heating: PLN 2.23 bn,

Distribution: PLN 5.30 bn,

Energy Railway Services: PLN 1.08 bn,

Supply: PLN 0.82 bn,

Other Operations and consolidation adjustments: PLN 0.10 bn.

Consolidated net result attributable to equity holders of the parent company amounted to approx. PLN -3.50 bn, i.e. PLN -1.56 per share. Net result takes into account among others impact of one-offs about which PGE informed in its current reports no. 31/2025 and 10/2026.

Consolidated net result 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 6.28 bn, i.e. PLN 2.80 per share.

Following volumes were achieved in 2025:

- net electricity production: 55.2 TWh,

- electricity distribution: 40.9 TWh

- electricity sales to final off-takers: 32.3 TWh,

- heat sales: 49.9 PJ.

Average electricity wholesale price realized in 2025 in Coal Energy, Gas-fired Generation and District Heating segments jointly amounted to PLN 499 per MWh and respectively:

- PLN 497 per MWh in Coal Energy segment,

- PLN 547 per MWh in Gas-fired Generation segment,

- PLN 481 per MWh in District Heating segment.

The average cost of CO2 emission rights for above segments amounted to PLN 288 per MWh.

Capital expenditures amounted to approx. PLN 11.12 bn. Estimated net debt amounted to approx. PLN 4.20 bn as at December 31, 2025, while estimated economic net financial debt (including future payment for CO2 allowances) amounted to approx. PLN 15.81 bn.

Disclaimer: Presented values are estimated and may change. Consolidated financial statements of the PGE Group, which are subject to audit by the Statutory Auditor, are still in the preparation process. The consolidated report for 2025 is planned to be published on April 15, 2026.