PRELIMINARY SELECTED CONSOLIDATED FINANCIAL RESULTS FOR THE FIRST HALF OF 2024

The Management Board of the company under the name of Polenergia S.A. with its registered office in Warsaw (“Issuer”) hereby publishes selected preliminary, estimated, consolidated financial results of the Polenergia S.A. Capital Group (“Group”) for the first half of 2024.

The Group’s EBITDA result in the first half of 2024 amounted to PLN 394.6 million and was higher by PLN 85.7 million compared to the result in the same period of the previous year. This was mainly due to the higher result in the onshore wind farm segment, which is mainly a consequence of higher electricity prices obtained by the farms, due to the lack of extension to 2024 of the freeze on electricity prices for producers and higher production related to the commencement of operation of the Grabowo (44 MW) and Piekło (13.2 MW) wind farms in the third quarter of 2023. A higher EBITDA result compared to the result from the same period of the previous year was also recorded in the distribution segment, mainly due to a higher unit margin on energy sales and a higher margin on electricity distribution. The above effects were partially offset by a lower result in the trade and sales segment, which results mainly from a lower margin on electricity trading from RES assets due to a change in the settlement model taking into account the higher purchase price from RES projects, a lower result on other activities in the area of ​​prosumer energy as a consequence of the delay in the launch of the Mój Prąd 6.0 Program and higher operating costs in connection with the development of the scale of the Group’s operations.

In the first half of 2024, the Group’s adjusted net profit amounted to PLN 222.4 million, which is an increase compared to the result in the same period of the previous year by PLN 52.6 million. The change in the adjusted net profit in 2024 was mainly caused by the factors described above affecting the EBITDA result, higher depreciation resulting from the increase in production capacity and depreciation of the created dismantling reserve and an increase in financial costs resulting from taking out new investment loans. The EBITDA result in the second quarter of 2024 amounted to PLN 158.3 million and was higher by PLN 50.7 million compared to the result in the same period of the previous year. This was mainly due to the higher result in the onshore wind farm segment, mainly as a result of higher electricity prices obtained by the farms, due to the lack of extension to 2024 of the freeze on electricity prices for producers and higher production related to the commencement of operation of the Grabowo (44 MW) and Piekło (13.2 MW) wind farms in the third quarter of 2023, the higher result in the distribution segment, mainly due to the higher unit margin on energy sales in this period of 2024 and the higher margin on electricity distribution and the better result of the photovoltaics segment due to higher energy production, mainly due to the launch of the Strzelino photovoltaic farm (45.2 MWp). The above result was partially compensated by the lower result in the unallocated, gas and clean fuels, trade and sales segments. In the second quarter of 2024, the Group’s adjusted net profit amounted to PLN 80.6 million, which is an increase compared to the result in the same period of the previous year by PLN 33.0 million.

The presented figures are estimates and may change. The final consolidated results will be presented in detail in the consolidated half-year report of the Polenergia Capital Group for the first half of 2024, the publication of which is scheduled for August 20, 2024.

legal basis: Article 17 paragraph 1 of the Regulation (EU) No 596/2014 of the European Parliament and of the Council on market abuse and repealing Directive 2003/6/EC of the European Parliament and of the Council and Commission Directives 2003/124/EC, 2003/125/EC and 2004/72/EC (OJ EU. L. of 2014, No. 173, p. 1, as amended)