Polenergia’s record results. In the middle of the year, the Group recorded double-digit increases in EBITDA and adjusted net profit

Polenergia published its financial report for the first six months of 2024. The largest Polish private energy group achieved the best results in its history during this period. EBITDA for the first half of 2024 amounted to a record PLN 394.6 million (+28% year-on-year), and adjusted net profit PLN 222.4 million (+31%). In the second quarter alone, Polenergia's EBITDA increased by 47%, reaching a record level of PLN 158.3 million. Adjusted net profit increased by 69% during this time, to PLN 80.6 million.

Key data from Polenergia’s financial report for the first half of 2024:

• PLN 394.6 million – EBITDA result (+28% year-on-year)
• PLN 222.4 million – adjusted net profit (+31% year-on-year)
• PLN 616 million – revenues (excluding the trading segment) (+24% year-on-year)
• 769 GWh – electricity produced in RES (+14% year-on-year)
• 574 MW – installed capacity in RES (+22% year-on-year)
• 3,556 MW – capacity of RES projects in development in Poland

Polenergia is achieving the best financial results in its history, recording record levels of both EBITDA and adjusted net profit. This is proof of the effective implementation of our business strategy, in which the dynamic development of onshore renewable energy sources has played a key role in recent years. After six months of this year, our EBITDA result in the area of onshore wind farms has increased by over PLN 100 million, exceeding PLN 350 million. This is important information before our planned first issue of Green Bonds, the funds from which are to be allocated to the development of further, ambitious renewable energy projects.

Jerzy Zań

President of the Management Board of Polenergia S.A.

Wind drives record results

The increase in Polenergia’s EBITDA in the first half of 2024 is largely due to the onshore wind farm segment, in which the Group recorded a result higher by PLN 103.8 million, reaching PLN 353.3 million (+41.6% y/y).

This is mainly a consequence of the start of operation of the 13.2 MW Piekło Wind Farm and the 44 MW Grabowo Wind Farm, which were launched last year, and higher electricity prices due to the lack of extension of the electricity price freeze for generators to 2024.

The increase in financial results is also due to the photovoltaic segment, which achieved a result of PLN 10 million (+88.7% y/y) in the first half of 2024, mainly due to the launch of the Strzelino Photovoltaic Farm with a capacity of 45.2 MW. This is the largest investment of this type in the Group.

Growth in the distribution segment

The distribution segment is also responsible for the higher EBITDA result of Polenergia, which improved the result achieved in the first half of the year by as much as 578.6% year on year, reaching PLN 28.5 million. The improvement in the result in the distribution segment took place thanks to a higher unit margin on energy sales in 2024 and a higher margin on the distribution of electricity.

The results of the wind farm, photovoltaic and distribution segment are reduced, among others, by a result weaker by PLN 41 million (-58.4% y/y) in the trade and sales segment. This was mainly due to a lower result on electricity trading from renewable energy assets due to a change in the settlement model taking into account the higher purchase price from renewable energy projects.

The results from other activities were also lower, taking into account the lower sales volume in the area of prosumer energy caused by the delay of the Mój Prąd 6.0 program, lower result from certificate trading due to the drop in the sales prices of green certificates and higher operating costs related to the development of the scale of Polenergia’s operations.

The Group’s sales revenue in the first half of 2024 amounted to PLN 2,104.8 million and was lower by PLN 733.2 million year-on-year, which is mainly due to lower revenues in the trade and sales segment (by PLN 852.9 million), and gas and clean fuels (by PLN 36.5 million).

In turn, in the second quarter of 2024 alone, with revenues at the level of PLN 913.6 million (-33% year-on-year), the EBITDA result reached a record level of PLN 158.3 million and was higher by PLN 50.7 million (+47%). The adjusted net profit in this period amounted to PLN 80.6 million (+69%).

Strategic projects and the decision to issue Green Bonds

The first half of the year was also a period of implementing further projects in the most important strategic areas. In addition to the launch of the Strzelino Photovoltaic Farm, construction of the Szprotawa 1 and Szprotawa 2 Photovoltaic Farms began.

The Group also concluded key agreements for the Bałtyk 2 and Bałtyk 3 wind farm projects, implemented jointly with the Norwegian Equinor. Additionally, after the end of the 2nd quarter, Polenergia and Equinor signed agreements for the transport and installation of wind turbine foundations and transformer stations. Important permits were also obtained, necessary for the implementation of strategic offshore projects.

In July 2024, the Management Board of Polenergia adopted a Resolution on the establishment of a Green Bonds program, the purpose of which is to finance the development, purchase, construction and operation of Green Projects. The total maximum nominal value of Green Bonds has been set at PLN 1 billion, and their first issue is to take place by the end of 2024.

The bonds will be issued in series and will bear interest. Debt securities issued in this formula will meet the criteria of the Green Bond Principles, developed by the International Capital Market Association (ICMA).

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Polenergia’s record results. In the middle of the year, the Group recorded double-digit increases in EBITDA and adjusted net profit

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