Recommendation not to pay dividend for 2025

The Management Board of PGE Polska Grupa Energetyczna S.A. (“PGE”, the “Company”) discloses that on April 14, 2026 it has decided on the recommendation not to pay dividend for 2025.

The decision was taken in accordance with the dividend policy and is based on two pillars i.e. building financial stability and flexibility of the PGE Group and strategic need for reinvestment of profits.

First of the pillars is an effect of analysis of the total value of PGE Group’s debt and its repayment schedules in the context of keeping coal assets in the PGE Group's structure and deteriorating operational conditions of those assets, what is reflected in results of impairment tests in Coal Energy segment, and current and expected financial situation of PGE GiEK (including inter alia negative EBITDA result anticipated in the long term).

Further operation of mines and coal-fired power plants in the structure of the PGE Group, taking into account the scale of payments for CO2 emission rights, directly translates into limited predictability of financial cash flows of the Coal Energy segment, that have a crucial impact for the process of determining of the maximum permitted level of total debt of the PGE Group.

Second pillar is a strategic need for implementation of energy transition in the PGE Group, realisation of which is connected with incurring significant capital expenditures assumed in the PGE Group’s Strategy.