Interim report
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Energa GRUPA ORLEN Condensed Interim Consolidated Financial Statements prepared in accordance with IAS 34 for the period of 6 months ended 30 June 2026
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Condensed interim consolidated financial statements as at and for the six-month period ended 30 June 2026 (in PLN m) Accounting policies and notes to the condensed interim consolidated financial statements are an integral part thereof (This is translation of the consolidated financial statements originally issued in Polish) 2 TABLE OF CONTENTS CONDENSED INTERIM CONSOLIDATED STATEMENT OF PROFIT OR LOSS ................................ ................................ ...... 3 CONDENSED INTERIM CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME ................................ ...................... 4 CONDENSED INTERIM CONSOLIDATED STATEMENT OF FINANCIAL POSITION ................................ ................................ 5 CONDENSED INTERIM CONSOLIDATED STATEMENT OF CHANGES IN EQUITY ................................ ................................ 7 CONDENSED INTERIM CONSOLIDATED STATEMENT OF CASH FLOWS ................................ ................................ ............. 8 ACCOUNTING POLICIES AND OTHER EXPLANATORY INFORMATION ................................ ................................ ................. 9 1. General information ................................ ................................ ................................ ................................ ............... 9 2. Composition of the Group, joint ventures and associates ................................ ................................ ....................... 9 3. Composition of the Parent Company’s Management Board ................................ ................................ ................. 11 4. Approval of the financial statements ................................ ................................ ................................ ..................... 11 5. Basis for preparation of the financial statements ................................ ................................ ................................ .. 11 6. Material items subject to professional judgment and estimates ................................ ................................ ............ 12 7. Significant accounting policies ................................ ................................ ................................ ............................. 12 8. Explanations regarding the seasonality and cyclicality of operations in the period under review ........................... 12 9. Change in the presentation of financial data and restatement of data for prior years ................................ ............ 12 NOTES ON BUSINESS LINES (OPERATING SEGMENTS) ................................ ................................ ................................ ..... 14 10. Business lines (Operating segments) ................................ ................................ ................................ ................... 14 NOTES TO CONDENSED INTERIM CONSOLIDATED STATEMENT OF FINANCIAL POSITION ................................ ........... 19 11. Property, plant and equipment, intangible assets and right-of-use assets ................................ ............................ 19 12. Impairment tests for property, plant and equipment, and goodwill ................................ ................................ ........ 19 13. Cash and cash equivalents ................................ ................................ ................................ ................................ .. 19 14. Earnings per share ................................ ................................ ................................ ................................ ............... 19 15. Dividends ................................ ................................ ................................ ................................ ............................. 19 16. Provisions ................................ ................................ ................................ ................................ ............................ 20 NOTES ON FINANCIAL INSTRUMENTS ................................ ................................ ................................ ................................ . 21 17. Financial instruments ................................ ................................ ................................ ................................ ........... 21 OTHER NOTES ................................ ................................ ................................ ................................ ................................ ........ 27 18. Investment commitments ................................ ................................ ................................ ................................ ..... 27 19. Related party disclosures ................................ ................................ ................................ ................................ ..... 27 20. Contingent assets and liabilities ................................ ................................ ................................ ........................... 28 21. Other information with material effect on assessment of the Company’s assets, financial position and financial result ................................ ................................ ................................ ................................ ..................... 28 22. Material subsequent events ................................ ................................ ................................ ................................ . 30
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Condensed interim consolidated financial statements as at and for the six-month period ended 30 June 2026 (in PLN m) Accounting policies and notes to the condensed interim consolidated financial statements are an integral part thereof (This is translation of the consolidated financial statements originally issued in Polish) 3 CONDENSED INTERIM CONSOLIDATED STATEMENT OF PROFIT OR LOSS 3-month period ended 30 June 2026 (unaudited) 6-month period ended 30 June 2026 (unaudited) 3-month period ended 30 June 2025 (unaudited) 6-month period ended 30 June 2025 (unaudited) Sales revenue 4,891 11,189 4,828 10,597 Revenue from the Price Difference Payout Fund 9 9 144 311 Cost of sales (3,743) (8,578) (3,986) (8,785) Gross profit on sales 1,157 2,620 986 2,123 Other operating income 78 156 50 111 Selling and distribution expenses (200) (411) (198) (394) General and administrative expenses (147) (279) (139) (275) Other operating expenses (84) (124) (43) (80) (Impairment)/reversal of impairment on trade receivables (including interest on trade receivables) 13 (4) (8) (21) Operating profit 817 1,958 648 1,464 Finance income 71 80 18 31 Finance expenses (190) (383) (215) (454) Net finance income/expense (119) (303) (197) (423) (Impairment)/reversal of impairment on other financial assets - - 2 - Share in profit (loss) of entities accounted for using the equity method 6 6 6 (6) Profit/(loss) before tax 704 1,661 459 1,035 Income tax (164) (342) (100) (192) Net profit/(loss) for the period 540 1,319 359 843 Attributable to: Equity holders of the Parent Company 545 1,323 356 848 Non-controlling interests (5) (4) 3 (5) Earnings/(loss) per share (in PLN) - basic 1.32 3.20 0.86 2.05 - diluted 1.32 3.20 0.86 2.05
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Condensed interim consolidated financial statements as at and for the six-month period ended 30 June 2026 (in PLN m) Accounting policies and notes to the condensed interim consolidated financial statements are an integral part thereof (This is translation of the consolidated financial statements originally issued in Polish) 4 CONDENSED INTERIM CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME 3-month period ended 30 June 2026 (unaudited) 6-month period ended 30 June 2026 (unaudited) 3-month period ended 30 June 2025 (unaudited) 6-month period ended 30 June 2025 (unaudited) Net profit or loss for the period 540 1,319 359 843 Items that will never be reclassified to profit or loss 5 (15) (17) (74) Actuarial gains and losses on defined benefit plans 6 (19) (22) (93) Deferred tax (1) 4 5 19 Items that may subsequently be reclassified to profit or loss - 5 (1) (2) Exchange differences arising on the translation of foreign entities - 2 1 (1) Cash flow hedges - 3 (3) (1) Deferred tax - - 1 - Share in other comprehensive income of entities accounted for using the equity method (1) (1) - - Net other comprehensive income 4 (11) (18) (76) Total comprehensive income 544 1,308 341 767 Attributable to: Equity holders of the Parent Company 549 1,313 338 772 Non-controlling interests (5) (5) 3 (5)
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Condensed interim consolidated financial statements as at and for the six-month period ended 30 June 2026 (in PLN m) Accounting policies and notes to the condensed interim consolidated financial statements are an integral part thereof (This is translation of the consolidated financial statements originally issued in Polish) 5 CONDENSED INTERIM CONSOLIDATED STATEMENT OF FINANCIAL POSITION As at 30 June 2026 (unaudited) As at 31 December 2025 ASSETS Non-current assets Property, plant and equipment 30,304 29,075 Intangible assets 792 988 Right-of-use assets 1,503 1,480 Goodwill 612 612 Investments in associated entities and joint ventures measured using the equity method 109 103 Deferred tax assets 357 429 Other non-current financial assets 13 13 Other non-current assets 443 561 34,133 33,261 Current assets Inventories 206 194 Income tax receivables 4 57 Trade receivables 2,888 3,077 Other current financial assets 2,301 1,493 Cash and cash equivalents 828 1,174 Other current assets 808 1,013 7,035 7,008 TOTAL ASSETS 41,168 40,269
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Condensed interim consolidated financial statements as at and for the six-month period ended 30 June 2026 (in PLN m) Accounting policies and notes to the condensed interim consolidated financial statements are an integral part thereof (This is translation of the consolidated financial statements originally issued in Polish) 6 As at 30 June 2026 (unaudited) As at 31 December 2025 EQUITY AND LIABILITIES Equity Share capital 4,522 4,522 Foreign exchange differences from translation of a foreign entity (2) (4) Reserve capital 1,031 1,031 Supplementary capital 2,343 2,055 Cash flow hedge reserve (10) (13) Retained earnings 6,251 5,231 Equity attributable to equity holders of the Parent Company 14,135 12,822 Non-controlling interests 889 894 15,024 13,716 Non-current liabilities Credits and loans 9,061 10,454 Debt securities issued 515 1,749 Non-current provisions 1,078 1,045 Deferred tax liability 970 951 Non-current deferred income and grants 2,005 1,452 Lease liabilities 1,171 1,182 Other non-current financial liabilities 56 77 Contract liabilities 5 5 14,861 16,915 Current liabilities Trade payables 1,234 1,510 Contract liabilities 539 532 Current credits and loans 4,763 2,402 Debt securities issued 1,302 42 Income tax payable 123 35 Deferred income and grants 321 346 Current provisions 920 1,970 Other financial liabilities 1,769 2,525 Other current liabilities 312 276 11,283 9,638 Total liabilities 26,144 26,553 TOTAL EQUITY AND LIABILITIES 41,168 40,269
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Condensed interim consolidated financial statements as at and for the six-month period ended 30 June 2026 (in PLN m) Accounting policies and notes to the condensed interim consolidated financial statements are an integral part thereof (This is translation of the consolidated financial statements originally issued in Polish) 7 CONDENSED INTERIM CONSOLIDATED STATEMENT OF CHANGES IN EQUITY Equity attributable to equity holders of the Parent Company Non-controlling interests Total equity Share capital Foreign exchange differences from translation of a foreign entity Reserve capital Supplementary capital Cash flow hedge reserve Retained earnings Total As at 1 January 2026 4,522 (4) 1,031 2,055 (13) 5,231 12,822 894 13,716 Net other comprehensive income - 2 - - 3 (15) (10) (1) (11) Net profit for the period - - - - - 1,323 1,323 (4) 1,319 Total comprehensive income for the period - 2 - - 3 1,308 1,313 (5) 1,308 Distribution of profits/offset of accumulated losses - - - 288 - (288) - - - As at 30 June 2026 (unaudited) 4,522 (2) 1,031 2,343 (10) 6,251 14,135 889 15,024 As at 1 January 2025 4,522 (3) 1,031 1,748 (1) 4,496 11,793 891 12,684 Error correction - - - - - (113) (113) - (113) As at 1 January 2025 (restated data)* 4,522 (3) 1,031 1,748 (1) 4,383 11,680 891 12,571 Net other comprehensive income - (1) - - (1) (74) (76) - (76) Net profit for the period - - - - - 848 848 (5) 843 Total comprehensive income for the period - (1) - - (1) 774 772 (5) 767 Distribution of profits/offset of accumulated losses - - - 307 - (307) - - - As at 30 June 2025 (unaudited) (restated data)* 4,522 (4) 1,031 2,055 (2) 4,850 12,452 886 13,338 (*) For a detailed description of restatements, see Note 9.
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Condensed interim consolidated financial statements as at and for the six-month period ended 30 June 2026 (in PLN m) Accounting policies and notes to the condensed interim consolidated financial statements are an integral part thereof (This is translation of the consolidated financial statements originally issued in Polish) 8 CONDENSED INTERIM CONSOLIDATED STATEMENT OF CASH FLOWS 6-month period ended 30 June 2026 (unaudited) 6-month period ended 30 June 2025 (unaudited) (restated data)* Cash flows from operating activities Profit/(loss) before tax 1,661 1,035 Adjustments for: Share in (profit)/loss of entities accounted for using the equity method (6) 6 Foreign exchange gains/(losses) 6 11 Amortization and depreciation 761 707 Net interest and dividends 318 366 (Profit)/loss on investing activities 43 (3) Change in provisions (264) 392 Change in contract liabilities and consideration refund liabilities 7 (321) Other adjustments (698) (412) Change in working capital: Change in current receivables, current prepaid expenses and accrued income 484 1,804 Change in inventories (9) 73 Change in current liabilities, excluding credits and loans, current accrued expenses and deferred income (428) (680) 1,875 2,978 Income tax (paid) (109) (247) Net cash from operating activities 1,766 2,731 Cash flows from investing activities Disposal of property, plant and equipment, intangible assets and investments into investment property 7 5 Purchase of property, plant and equipment, and intangible assets (2,334) (2,241) Net cash flow from cash pooling (804) 73 Acquisition of subsidiary or organized part of enterprise, less cash (68) (100) Other cash flows from financial assets (10) (4) Interest received 17 20 Other (1) (1) Net cash from investing activities (3,193) (2,248) Cash flows from financing activities Proceeds from debt incurred 1,196 1,132 Repayment of debt incurred (205) (322) Net cash flow from cash pooling 20 (1,589) Repayment of lease liabilities (74) (80) Grants received from the National Recovery Plan (KPO) 538 934 Grants received 66 50 Interest paid (450) (526) Other (10) (16) Net cash from financing activities 1,081 (417) Net increase/(decrease) in cash and cash equivalents (346) 66 Cash and cash equivalents at the beginning of the period 1,174 989 Cash and cash equivalents at the end of the period 828 1,055 of which restricted cash 117 138 (*) For a detailed description of restatements, see Note 9.
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Condensed interim consolidated financial statements as at and for the six-month period ended 30 June 2026 (in PLN m) Accounting policies and notes to the condensed interim consolidated financial statements are an integral part thereof (This is translation of the consolidated financial statements originally issued in Polish) 9 ACCOUNTING POLICIES AND OTHER EXPLANATORY INFORMATION 1. General information The Energa SA Group (the “Group”) consists of Energa Spółka Akcyjna (the “Parent Company”, the “Company”) and its subsidiaries (see Note 2). Name of the Parent Company: Energa SA Legal form: joint stock company Country of establishment: Republic of Poland Registered office: Gdańsk Address: Al. Grunwaldzka 472, 80-309 Gdańsk National Court Register number (KRS): 0000271591 Business statistical number (REGON): 220353024 Tax identification number (NIP): 957-095-77-22 The Parent Company has been established for an indefinite time. The condensed interim consolidated financial statements of the Group cover the 6-month period ended 30 June 2026 and contain appropriate comparative data. The core business of the Group is: 1. distribution and sale of electricity and heat; 2. production of electricity and heat; 3. trading in electricity. As at 30 June 2026, ORLEN S.A. is the parent company and the ultimate controlling party of the Company and the Energa Group. 2. Composition of the Group, joint ventures and associates 2.1. Composition of the Group at the end of the reporting period As at 30 June 2026, the Group consists of Energa SA and the following subsidiaries: No Company name Registered office Line of business % stake held by the Group in share capital as at 30 June 2026 31 December 2025 Distribution 1 Energa-Operator SA Gdańsk distribution of electricity 100.00 100.00 2 Energa Operator Wykonawstwo Elektroenergetyczne Sp. z o.o. Słupsk contracting and design 100.00 100.00 New Energy 3 Energa Wytwarzanie SA Gdańsk production of energy 100.00 100.00 4 Energa MFW 1 Sp. z o.o. Gdańsk production of energy 100.00 100.00 5 Energa MFW 2 Sp. z o.o. Gdańsk production of energy 100.00 100.00 6 Energa Wind Service Sp. z o.o. Gdańsk holdings and management of companies and enterprises 100.00 100.00 7 E & G Sp. z o.o. Gdańsk implementation of investment projects 100.00 100.00 8 VRW 11 Sp. z o.o. Gdańsk implementation of investment projects 100.00 100.00 9 Energa Green Development Sp. z o.o. Gdańsk implementation of investment projects 100.00 100.00 10 Farma Wiatrowa Szybowice Sp. z o.o. Gdańsk implementation of investment projects 100.00 100.00 11 ENERGA Storage Sp. z o.o. Gdańsk implementation of investment projects 100.00 100.00
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Condensed interim consolidated financial statements as at and for the six-month period ended 30 June 2026 (in PLN m) Accounting policies and notes to the condensed interim consolidated financial statements are an integral part thereof (This is translation of the consolidated financial statements originally issued in Polish) 10 No Company name Registered office Line of business % stake held by the Group in share capital as at 30 June 2026 31 December 2025 12 Helios Polska Energia Sp. z o.o. Gdańsk implementation of investment projects 100.00 100.00 13 Solar Serby Sp. z o.o. Warsaw implementation of investment projects 100.00 100.00 Conventional Energy 14 Energa Elektrownie Ostrołęka SA Ostrołęka production of energy 89.64 89.64 15 Energa Serwis Sp. z o.o. Ostrołęka repair and maintenance services 89.64 89.64 16 ECARB Sp. z o.o. Gdańsk financing activities 89.64 89.64 17 CCGT Ostrołęka Sp. z o.o. Ostrołęka production of energy 50.00 + 1 share 50.00 + 1 share 18 CCGT Grudziądz Sp. z o.o. Grudziądz production of energy 100.00 100.00 19 CCGT Gdańsk Sp. z o.o. Gdańsk production of energy 100.00 100.00 Heating 20 Energa Kogeneracja Sp. z o.o. Elbląg production of energy 100.00 100.00 21 Energa Ciepło Ostrołęka Sp. z o.o. Ostrołęka distribution of heat 100.00 100.00 22 Energa Ciepło Kaliskie Sp. z o.o. Kalisz distribution of heat 91.24 91.24 23 Centrum Badawczo-Rozwojowe im. M. Faradaya Sp. z o.o. Gdańsk development activity in engineering 100.00 100.00 Energy Retail 24 Energa-Obrót SA Gdańsk trading in electricity 100.00 100.00 Other Activities 25 Energa Oświetlenie Sp. z o.o. Sopot lighting services 100.00 100.00 26 Enspirion Sp. z o.o. Gdańsk organization and management of development of innovative power projects 100.00 100.00 27 Energa Logistyka Sp. z o.o. Płock logistics and supply 100.00 100.00 28 Energa Informatyka i Technologie Sp. z o.o. Gdańsk information and communication technologies 100.00 100.00 29 Energa Finance AB (publ) Stockholm financing activities 100.00 100.00 30 Energa Prowis Sp. z o.o. Gdańsk implementation of investment projects 100.00 100.00 In addition, as at 30 June 2026, the Group holds shares in the joint venture Baltic Offshore Service Solution Spółka z o.o. and in the associate Polimex-Mostostal SA (“Polimex”) (see description in Note 2.2). 2.2. Joint ventures and associates 2.2.1. Polimex-Mostostal On 18 January 2017, the Management Board of Energa SA along with Enea SA, PGE SA, PGNiG Technologie SA (presently ORLEN Technologie SA) (“Investors”) and Polimex -Mostostal SA signed an investment agreement (“Investment Agreement”) under which the Investors undertook to make an equity investment in Polimex. Energa SA holds approx. 40 m shares with nominal value of PLN 2 each, which translates into a 15.85% stake in Polimex.
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Condensed interim consolidated financial statements as at and for the six-month period ended 30 June 2026 (in PLN m) Accounting policies and notes to the condensed interim consolidated financial statements are an integral part thereof (This is translation of the consolidated financial statements originally issued in Polish) 11 The Investors’ Committee, established under the Investment Agreement and composed of all Investors, representing 63.4% of the total number of votes at the Annual General Meeting of the company, exerts significant influence on the investment throug h its role in financial and operational policy-making and determining the composition of Polimex’s governing bodies. The Agreement assumes, among others, that a joint position will be agreed upon by voting when the key decisions are made by the General Meeting and Supervisory Board of Polimex, including determination of the composition of Polimex’s Management Board. Because of the Investors’ powers mentioned above that result in significant influence, the stake held in Polimex was classified as an associate measured by the equity method. Polimex is an engineering and construction company with its registered office in Warsaw, listed on the Warsaw Stock Exchange. As at 30 June 2026, the value of the investment is PLN 109 m. 2.2.2. Baltic Offshore Service Solution On 19 February 2024, Energa Wytwarzanie SA and Northland Power International Holdings B.V. established Baltic Offshore Service Solution Spółka z o.o., each acquiring a 50% stake in the company. Baltic Offshore Service Solution Spółka z o.o. is the first consortium in Poland to offer a comprehensive management service for offshore wind farms. The company will also be responsible for the operation of ORLEN Group’s planned 24/7 Offshore Wind Farm Management Centre. This entity will control, monitor and coordinate the activities of offshore assets. The Group, through its subsidiary Energa Wytwarzanie , jointly controls the entity with co -investor Northland Power and must cooperate in order to manage its material activities, which means that none of the co-investors individually controls the entity and cannot manage it without cooperation. Therefore, th e investment was classified as a joint venture and is recognized using the equity method. Baltic Offshore Service Solution Spółka z o.o. is a privately held company and, therefore, there are no market quotes for its share prices. As at 30 June 2026, the value of the investment in Baltic Offshore Service Solution Spółka z o.o. is PLN 0.3 m. 3. Composition of the Parent Company’s Management Board In H1 2026 and in the period until the date of preparation of these financial statements, the Management Board of Energa SA was composed of the following persons: 1) in the period from 1 January 2026 to 31 March 2026: • Magdalena Kamińska • Piotr Szymanek • Michał Gołębiowski - Acting President of the Management Board, Vice -President of the Management Board for Finance, - Vice-President of the Management Board, - Vice-President of the Management Board, 2) between 1 April 2026 and the date of publication of these statements: Magdalena Kamińska Piotr Szymanek Michał Gołębiowski Przemysław Janiak - President of the Management Board, - Vice-President of the Management Board, - Vice-President of the Management Board, - Vice-President of the Management Board. 4. Approval of the financial statements These condensed interim consolidated financial statements were approved for publication by the Company’s Management Board on 5 August 2026. 5. Basis for preparation of the financial statements These condensed interim consolidated financial statements have been prepared on the historical cost basis except for financia l instruments measured at fair value through profit or loss and hedging derivatives. These condensed interim consolidated financial statements are presented in millions of Polish zloty (“PLN million”) and have been prepared based on the assumption that the Group would continue as a going concern in the foreseeable future. As at the balance sheet date, the Group’s statement of financial position shows a surplus of current liabilities over current assets amounting to PLN 4,248 m, which was mainly due to the approaching maturity dates of intra-group loans. Given the structure of debt financing, which consists mainly of intra-group loans, and given that in July 2026 there was a capital injection following the issue of the Energa SA Series CC shares, the situation described above does not give rise to significant doubts as to the Group’s ability to continue as a going concern. 5.1. Statement of compliance These condensed interim consolidated financial statements of the Energa SA Group have been prepared in accordance with the International Accounting Standard 34 Interim Financial Reporting, as endorsed in the European Union. They do not include all the information required for a complete set of financial statements compliant w ith the International Financial Reporting Standards (“IFRS”) as approved by the EU (“IFRS EU”). However, selected notes are included to explain events and transactions that are relevant to the understanding of the changes in the Group’s financial position and performance since the last annual consolidated financial statements as at and for the year ended 31 December 2025.
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Condensed interim consolidated financial statements as at and for the six-month period ended 30 June 2026 (in PLN m) Accounting policies and notes to the condensed interim consolidated financial statements are an integral part thereof (This is translation of the consolidated financial statements originally issued in Polish) 12 5.2. Amendments to International Financial Reporting Standards (IFRS) On 27 May 2026, the International Accounting Standards Board (“IASB”)published the new standard IFRS 20 Regulatory Assets and Regulatory Liabilities. It applies to entities that engage in regulated activities and establishes principles for the rec ognition, measurement, presentation, and disclosure of regulatory assets and r egulatory liabilities, as well as the related income and expenses arising from timing differences between the provision of regulated services and the adding of the related amounts to the rates charged to customers. The purpose of the standard is to help investors better understand how rate regulations affect the financial results and financial position of regulated companies. In accordance with the date specified by the IASB, the standard applies to annual periods beginning on or after 1 January 2029. As at the date of approval of these interim condensed consolidated financial statements, the standard had not been endorsed for use in the European Union. Consequently, the date of its mandatory application by the Group may depend on the outcome of the endorsement process in the European Union. The Group is of an opinion that IFRS 20 may affect its consolidated financial statements as it operates in areas subject to regulatory mechanisms, in particular where prices charged to customers are subject to tariff approval by the President of the Energy Regulatory Office, i.e., mainly in the sale and provision of electricity and heat distribution services and the sale and provision of gas fuel distribution services . The Group is examining the potential impact of the standard on future consolidated financial statements, focusing in particular on identifying contracts, regulatory decisions, and other settlement mechanisms that may meet the criteria set forth in IFRS 20, followed by an assessment of the impact of the identified timing differences on the need to recognize regulatory assets and liabilities and the related income and expenses, as well as the scope of required disclosures. 5.3. Functional and presentation currency The functional currency of the Parent Company and other Polish companies covered by these condensed interim consolidated financial statements and the presentation currency of these condensed interim consolidated financial statements is Polish zloty. For Energa Finance AB (publ ), the functional currency of the separate financial statements is euro. For the purpose of these financial statements, the underlying accounts of the above-mentioned company have been translated into PLN as follows: data in the statement of financial position, except equity - exchange rates as at the end of the reporting period; equity - exchange rates as at the date of transaction; data in the statement of profit or loss - the weighted average exchange rate for the financial period. Exchange differences from conversion are recognized in other comprehensive income. 6. Material items subject to professional judgment and estimates In the current reporting period, no changes were made to the scope or methods used in making significant estimates. Changes in estimates were attributable to the events occurring during the reporting period. The preparation of the condensed interim consolidated financial statements in accordance with the International Accounting Standard 34 Interim Financial Reporting, as endorsed in the European Union (“EU”), requires the Management Board to adopt certain assumptions and estimates that affect the amounts reported in these condensed interim consolidated financial statements and notes thereto. The assumptions and estimates are based on the Management Board’s best knowledge of current and future activities and events. However, actual results may differ from those anticipated. 7. Significant accounting policies The Group’s accounting policies are applied on a continuous basis and the material accounting policies applied by the Group are the same as those described in the financial statements for the year 2025, except for the changes arising from amendments to IFRS EU and presentation changes described in Note 9. 8. Explanations regarding the seasonality and cyclicality of operations in the period under review Sales and distribution of electricity and heat during the year are subject to seasonal fluctuations. The volume of energy sold and distributed and, consequently, sales revenue rise during the winter months and fall in the summer months. This is dependent on the ambient temperature and length of the day. The extent of fluctuations is determined by low temperatures and shorter days in winter and higher temperatures and longer days in summer. The seasonal nature of energy sales and distribution applies to a greater extent to small individual customers than to industrial sector clients. In the generation area, the seasonality of production at the Ostrołęka power plant results from the must -run operation for the Polish Transmission System Operator and is indirectly dependent on the availability of the power generation units and the pursued sales strategy. Hydropower production depends on the prevailing hydrological conditions and tends to decline in summer. The level of wind production results from the weather conditions (windiness), with higher volumes generated in autumn and winter. Photovoltaic generation is based on the insolation of the PV panels, which means that it is correspondingly higher in summer. Energy production in the Group’s CHP is linked to the production of heat, which is mainly dependent on the demand for heat from the Group’s local customers and is therefore chiefly determined by low air temperatures observable in Poland in winter. 9. Change in the presentation of financial data The Group changed the presentation of cash flows related to expenditure incurred for the acquisition of property rights and CO₂ emission allowances in the consolidated statement of cash flows, by presenting these cash flows within operating activities under “Other adjustments”; previously, they were presented within cash flow from investing activities. The change relates solely to the presentation in the cash flow statement and does not affect the principles of recognition or measurement of property rights, including CO₂ emission allowances. In particular, the change has no impact on the profit or loss, total net cash flows or the balance of cash and cash equivalents. The purchase of property rights, including CO₂ emission allowances, forms part of the Group’s core operating activities and serves to fulfil the obligations arising from the legal regulations applicable to the Group. Consequently, presenting these expenses under
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Condensed interim consolidated financial statements as at and for the six-month period ended 30 June 2026 (in PLN m) Accounting policies and notes to the condensed interim consolidated financial statements are an integral part thereof (This is translation of the consolidated financial statements originally issued in Polish) 13 operating activities ensures greater consistency between the profit and loss account and the cash flow statement, as well as improved transparency of financial information, by eliminating the previous discrepancies between the operational nature of emission costs and their presentation under cash flows from investing activities. The above change in the presentation of data is intended to better reflect cash flows from operating and investing activities pursued by the Group, and thus make the report more usable for the readers. In light of the above change, the Group has restated the comparative figures in the consolidated cash flow statement for the period from 1 January 2025 to 30 June 2025 as follows: 6-month period ended Change in presentation 6-month period ended 30 June 2025 (reported data) 30 June 2025 (restated data) Cash flows from operating activities Profit/(loss) before tax 1,035 - 1,035 Adjustments for: Share in (profit)/loss of entities accounted for using the equity method 6 - 6 Foreign exchange gains/(losses) 11 - 11 Amortization and depreciation 707 - 707 Net interest and dividends 366 - 366 (Profit)/loss on investing activities, including goodwill impairment allowance (3) - (3) Change in provisions 392 - 392 Change in contract liabilities and consideration refund liabilities (321) - (321) Other adjustments (21) (391) (412) Change in working capital: Change in current receivables, current prepaid expenses and accrued income 1,804 - 1,804 Change in inventories 73 - 73 Change in current liabilities, excluding credits and loans, current accrued expenses and deferred income (680) - (680) 3,369 (391) 2,978 Income tax (paid) (247) - (247) Net cash from operating activities 3,122 (391) 2,731 Cash flows from investing activities Disposal of property, plant and equipment, intangible assets and investments into investment property 5 - 5 Purchase of property, plant and equipment, and intangible assets (2,632) 391 (2,241) Net cash flow from cash pooling 73 - 73 Acquisition of subsidiary or organized part of enterprise, less cash (100) - (100) Other cash flows from financial assets (4) - (4) Interest received 20 - 20 Other (1) - (1) Net cash from investing activities (2,639) 391 (2,248) Cash flows from financing activities Proceeds from debt incurred 1,132 - 1,132 Repayment of debt incurred (322) - (322) Net cash flow from cash pooling (1,589) - (1,589) Repayment of lease liabilities (80) - (80) Grants received from the National Recovery Plan (KPO) 934 - 934 Grants received 50 - 50 Interest paid (526) - (526)
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Condensed interim consolidated financial statements as at and for the six-month period ended 30 June 2026 (in PLN m) Accounting policies and notes to the condensed interim consolidated financial statements are an integral part thereof (This is translation of the consolidated financial statements originally issued in Polish) 14 6-month period ended Change in presentation 6-month period ended 30 June 2025 (reported data) 30 June 2025 (restated data) Other (16) - (16) Net cash from financing activities (417) - (417) Net increase/(decrease) in cash and cash equivalents 66 - 66 Cash and cash equivalents at the beginning of the period 989 - 989 Cash and cash equivalents at the end of the period 1,055 - 1,055 of which restricted cash 138 - 138 In these condensed interim consolidated financial statements, the Group presents, in the statement of changes in equity, restated figures as at 1 January 2025, in accordance with the figures presented in the Group’s Consolidated Financial Statements for the year ended 31 December 2025. The restatement of comparative figures amounting to PLN 113 m results from the changes described in note 9.33 to the 2025 Consolidated Financial Statements. In particular, the changes related to the correction of an error in determining the amount of the provision for onerous contracts relating to electricity sales contracts, which consisted of failing to include in the calculation of the provision all unavoidable costs of fulfilling the obligations arising from those contracts, which constituted a deviation from the requirements of IAS 37. The changes presented in the statement of changes in equity as at and for the period ended 30 June 2025 result solely from the restatement of the opening balance of equity as at 1 January 2025. The comparative figures in the consolidated statement of profit or loss for the period from 1 January to 30 June 2025 remain unchanged from those previously published. NOTES ON BUSINESS LINES (OPERATING SEGMENTS) 10. Business lines (Operating segments) The Group presents segment information in accordance with IFRS 8 Operating Segments for the current and comparative reporting periods. The Group is organized and managed within segments, which are distinguished according to the type of products offered. The Group’s reporting setup is split into five core segments and other activities, which are referred to as business lines in the Group’s nomenclature. They are as follows: • Distribution - distribution of electricity by Energa -Operator SA (Distribution System Operator) and activities directly associated with the distribution operations conducted by other Group companies; • New Energy - production of electricity from renewable sources. The New Energy Business Line also includes entities that implement investment projects in the renewable energy generation infrastructure and the area of energy storage; • Conventional Energy - production of electricity from conventional sources, maintenance and repair activity related directly to the production of energy. The Conventional Energy Business Line also includes entities that implement investment projects in the conventional generation infrastructure; • Heating - production and distribution of heat and cogeneration of electricity; • Energy Retail - trade in electricity and gas, as well as servicing end customers and sale of energy-related products and services; • Other Activities - a shared ICT services center, as well as financing activities, real estate management, logistics and procurement. The Other Activities Business Line also includes entities providing energy services, including lighting services. The Parent Company’s operations are also included in the Other Activities Business Line. The key measures used by the Management Board of Energa SA to assess the performance of the business lines are net profit and EBITDA, i.e. operating profit/(loss) (calculated as the profit or loss before tax adjusted by the share in profit /(loss) of entities accounted for using the equity method, (impairment)/reversal of impairment on interest on trade receivables, finance income and finance expenses), plus amortization and depreciation, and impairment losses on non-financial non-current assets. The rules applied to determine the business line results, and measure the business line assets and liabilities, are consistent with the rules used to prepare the condensed interim consolidated financial statements. The share in the results of the entities measured using the equity method is recognized in consolidation eliminations and adjustments. Transactions between business lines are accounted for on an arm’s-length basis. The Group does not present information by geographic segment since its operations conducted for international clients and its international assets are not material for the Group’s business. The tables below show the allocation of revenue and expenses for the period from 1 January to 30 June 2026, as well as financial assets and liabilities as at 30 June 2026 by individual reporting segments, together with appropriate comparative data.
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Condensed interim consolidated financial statements as at and for the six-month period ended 30 June 2026 (in PLN m) Accounting policies and notes to the condensed interim consolidated financial statements are an integral part thereof (This is translation of the consolidated financial statements originally issued in Polish) 15 6-month period ended 30 June 2026 (unaudited) or as at 30 June 2026 (unaudited) Distribution New Energy Conventional Energy Heating Energy Retail Other Activities Consolidation eliminations and adjustments Total business Revenue Sales to external customers 3,834 430 598 286 5,701 340 - 11,189 Sales between business lines 37 45 39 6 37 371 (535) - Revenue from the Price Difference Payout Fund - - - - 9 - - 9 Total business line revenue 3,871 475 637 292 5,747 711 (535) 11,198 EBITDA 1,919 281 32 41 393 68 (15) 2,719 Amortization and depreciation 612 66 6 21 24 37 (5) 761 Impairment losses on non-financial non- current assets - - - - - - - - Operating profit or loss 1,307 215 26 20 369 31 (10) 1,958 Net finance income/expenses (303) (Impairment)/reversal of impairment on other financial assets - Share in profit/(loss) of the entities measured using the equity method 6 Profit or loss before tax 1,661 Income tax (342) Net profit or loss 1,319 Assets and liabilities Cash and cash equivalents 18 42 102 3 3 660 - 828 Total assets 22,924 5,148 8,163 963 2,660 13,985 (12,675) 41,168 Financial liabilities 6,782 3,216 4,705 659 1,110 4,497 (2,851) 18,118 Other business line information Capital expenditure 1,243 114 490 76 20 64 (2) 2,005
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Condensed interim consolidated financial statements as at and for the six-month period ended 30 June 2026 (in PLN m) Accounting policies and notes to the condensed interim consolidated financial statements are an integral part thereof (This is translation of the consolidated financial statements originally issued in Polish) 16 6-month period ended 30 June 2025 (unaudited) or as at 31 December 2025 Distribution New Energy Conventional Energy Heating Energy Retail Other Activities Consolidation eliminations and adjustments Total business Revenue Sales to external customers 3,609 372 721 238 5,387 270 - 10,597 Sales between business lines 34 2 42 7 35 324 (444) - Revenue from the Price Difference Payout Fund (3) - - 16 298 - - 311 Total business line revenue 3,640 374 763 261 5,720 594 (444) 10,908 EBITDA 1,635 221 132 39 124 23 - 2,174 Amortization and depreciation 547 89 8 14 21 35 (7) 707 Impairment losses on non-financial non-current assets - - - 3 - - - 3 Operating profit or loss 1,088 132 124 22 103 (12) 7 1,464 Net finance income/expenses (423) (Impairment)/reversal of impairment on other financial assets - Share in profit/(loss) of the entities measured using the equity method (6) Profit or loss before tax 1,035 Income tax (192) Net profit or loss 843 Assets and liabilities Cash and cash equivalents 8 37 538 - 13 578 - 1,174 Total assets 21,682 5,207 8,393 877 3,300 13,167 (12,357) 40,269 Financial liabilities 6,721 3,333 4,276 579 899 4,353 (3,045) 17,116 Other business line information Capital expenditure 1,267 316 174 107 18 64 (2) 1,944
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Condensed interim consolidated financial statements as at and for the six-month period ended 30 June 2026 (in PLN m) Accounting policies and notes to the condensed interim consolidated financial statements are an integral part thereof (This is translation of the consolidated financial statements originally issued in Polish) 17 6-month period ended 30 June 2026 (unaudited) Distribution New Energy Conventional Energy Heating Energy Retail Other Activities Total Consolidation eliminations and adjustments Total business Revenue from sale of goods, products and materials, of which: 4 459 627 257 5,689 384 7,420 (308) 7,112 Electricity - 339 486 48 5,696 - 6,569 (77) 6,492 Gas - - - - 15 - 15 - 15 Other goods, products and materials 4 120 141 209 17 384 875 (231) 644 Excise tax - - - - (39) - (39) - (39) Revenue from sale of services, of which: 3,841 13 10 28 49 322 4,263 (210) 4,053 Distribution and transit services 3,770 - - 25 - - 3,795 (27) 3,768 Customer connection fees 46 - - - - - 46 - 46 Other services 25 13 10 3 49 322 422 (183) 239 Revenue from contracts with customers (IFRS 15) 3,845 472 637 285 5,738 706 11,683 (518) 11,165 Compensation for distribution services - - - - - - - - - Compensation related to electricity prices - - - - 9 - 9 - 9 Compensation related to heat energy prices - - - - - - - - - Other revenue 26 3 - 7 - 5 41 (17) 24 TOTAL 3,871 475 637 292 5,747 711 11,733 (535) 11,198 Based on the transfer date: Revenue from goods, products and materials transferred or services provided on a continuous basis 3,788 471 630 284 5,713 640 11,526 (518) 11,008 Revenue from goods, products and materials transferred or services provided at a specific time 57 1 7 1 25 66 157 - 157 Based on the contract duration: Short-term 3,845 472 637 285 5,738 706 11,683 (518) 11,165
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Condensed interim consolidated financial statements as at and for the six-month period ended 30 June 2026 (in PLN m) Accounting policies and notes to the condensed interim consolidated financial statements are an integral part thereof (This is translation of the consolidated financial statements originally issued in Polish) 18 6-month period ended 30 June 2025 (unaudited) Distribution New Energy Conventional Energy Heating Energy Retail Other Activities Total Consolidation eliminations and adjustments Total business Revenue from sale of goods, products and materials, of which: 4 354 761 213 5,371 270 6,973 (233) 6,740 Electricity - 292 600 23 5,380 - 6,295 (35) 6,260 Gas - - - - 10 - 10 - 10 Other goods, products and materials 4 62 161 190 19 270 706 (198) 508 Excise tax - - - - (38) - (38) - (38) Revenue from sale of services, of which: 3,614 19 2 25 51 319 4,030 (196) 3,834 Distribution and transit services 3,564 - - 24 - - 3,588 (25) 3,563 Customer connection fees 35 - - - - - 35 - 35 Other services 15 19 2 1 51 319 407 (171) 236 Revenue from contracts with customers (IFRS 15) 3,618 373 763 238 5,422 589 11,003 (429) 10,574 Compensation for distribution services (3) - - - - - (3) - (3) Compensation related to electricity prices - - - - 298 - 298 - 298 Compensation related to heat energy prices - - - 16 - - 16 - 16 Other revenue 25 1 - 7 - 5 38 (15) 23 TOTAL 3,640 374 763 261 5,720 594 11,352 (444) 10,908 Based on the transfer date: Revenue from goods, products and materials transferred or services provided on a continuous basis 3,574 369 760 236 5,394 521 10,854 (429) 10,425 Revenue from goods, products and materials transferred or services provided at a specific time 44 4 3 2 28 68 149 - 149 Based on the contract duration: Short-term 3,618 373 763 238 5,422 589 11,003 (429) 10,574
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Condensed interim consolidated financial statements as at and for the six-month period ended 30 June 2026 (in PLN m) Accounting policies and notes to the condensed interim consolidated financial statements are an integral part thereof (This is translation of the consolidated financial statements originally issued in Polish) 19 NOTES TO CONDENSED INTERIM CONSOLIDATED STATEMENT OF FINANCIAL POSITION 11. Property, plant and equipment, intangible assets and right-of-use assets Property, plant and equipment In the current reporting period, the Group: • incurred capital expenditure on property, plant and equipment in the amount of PLN 1,898 m (PLN 1,701 m in the corresponding period of 2025). Intangible assets In the current reporting period, the Group: • incurred capital expenditure on intangible assets in the amount of PLN 43 m (PLN 161 m in H1 2025), • incurred capital expenditure on energy certificates of origin, CO 2 emission allowances and energy efficiency certificates in the amount of PLN 612 m (PLN 391 m in the corresponding period of 2025). Right-of-use assets In the current reporting period, the Group increased right -of-use assets by PLN 64 m (PLN 82 m in the corresponding period of 2025) as a result of new agreements or the revision of existing ones. 12. Impairment tests for property, plant and equipment, and goodwill In H1 2026, based on an assessment of whether there were any internal or external indications of impairment of the Energa Group’s property, plant and equipment, no indications of material impairment of those assets were identified. Accordingly, it was decided that no impairment test was necessary. 13. Cash and cash equivalents Cash at bank earns interest at variable interest rates, which are driven by the interest rates for overnight deposits - under the cash pooling systems operating in the ORLEN Group. In H1 2026, due to the accumulated cash balance, it was possible to pay obligations on time. During periods of declining cash balance, available credit facilities and overdraft limits in cash pooling systems were used. The Group conducts ongoing monitoring of financial institutions’ ratings, depositing cash only in banks with investment -grade rating. The Group does not recognize an impairment loss on funds kept on fixed-term deposits as the related credit risk is deemed immaterial. The balance of cash and cash equivalents presented in the statement of cash flows comprises the following items: As at 30 June 2026 (unaudited) As at 30 June 2025 (unaudited) Cash at bank and in hand 828 944 Short-term deposits up to 3 months - 111 Total cash and cash equivalents 828 1,055 Restricted cash presented in the consolidated statement of cash flows constitutes primarily the funds kept in the VAT account (split payment) and security for the liability from acquisition of shares in E&G Sp. z o.o. 14. Earnings per share There were no diluting instruments in the Parent Company, therefore net diluted earnings per share are equal to basic earning s per share. The data used to calculate earnings per share are presented below. 6-month period ended 30 June 2026 (unaudited) 6-month period ended 30 June 2025 (unaudited) Net profit or loss attributable to shareholders of the Parent Company 1,323 848 Net profit or loss attributable to common shareholders of the Parent Company 1,323 848 Number of shares used to calculate earnings per share 414 414 Earnings or loss per share (basic and diluted) (in PLN) 3.20 2.05 15. Dividends On 12 June 2026, the Annual General Meeting of Energa SA adopted a resolution on the distribution of the Company’s profit for 2025, which was allocated in whole to the supplementary capital.
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Condensed interim consolidated financial statements as at and for the six-month period ended 30 June 2026 (in PLN m) Accounting policies and notes to the condensed interim consolidated financial statements are an integral part thereof (This is translation of the consolidated financial statements originally issued in Polish) 20 16. Provisions 16.1. Provisions for employee benefits The Group recognizes provisions for post-employment benefits and long service bonuses in amounts calculated using actuarial methods. The amount of provisions recognized in these financial statements derives from the projection of provisions as at 30 June 2026, carried out by an independent actuary. The projection was based on the main assumptions used to measure provisions as at 31 December 2025, except for the discount rate update, the annual energy equivalent, the projected increase in the energy lump-sum allowance, and the projected increase in salaries. The discount rate used for the projections of the provisions as at 30 June 2026 was adopted at the level of 5.7% (as at 31 December 2025: 5.2%). Non-current Current Total 30 June 2026 (unaudited) 31 December 2025 30 June 2026 (unaudited) 31 December 2025 30 June 2026 (unaudited) 31 December 2025 Pension and similar benefits 166 169 24 19 190 188 Energy tariff 233 216 18 17 251 233 Company Social Benefit Fund 35 36 2 2 37 38 Long service bonuses 263 261 34 36 297 297 Death gratuities 3 4 1 - 4 4 TOTAL 700 686 79 74 779 760 16.2. Other provisions Non-current Current Total 30 June 2026 (unaudited) 31 December 2025 30 June 2026 (unaudited) 31 December 2025 30 June 2026 (unaudited) 31 December 2025 Legal disputes 168 153 103 112 271 265 Land reclamation and liquidation costs 207 202 - - 207 202 Liabilities for gas emissions - - 324 546 324 546 Obligation relating to property rights - - 191 337 191 337 Other provisions 3 4 223 901 226 905 TOTAL 378 359 841 1,896 1,219 2,255
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Condensed interim consolidated financial statements as at and for the six-month period ended 30 June 2026 (in PLN m) Accounting policies and notes to the condensed interim consolidated financial statements are an integral part thereof (This is translation of the consolidated financial statements originally issued in Polish) 21 NOTES ON FINANCIAL INSTRUMENTS 17. Financial instruments 17.1. Carrying amount of financial instrument categories As at 30 June 2026 (unaudited) Measured at fair value through profit or loss for period Hedging derivatives Measured at amortized cost Financial instruments excluded from the scope of IFRS 9 TOTAL Assets Trade receivables - - 2,888 - 2,888 Cash and cash equivalents - - 828 - 828 Other financial assets 14 1 2,299 - 2,314 Financial derivatives 4 1 - - 5 Cash pooling receivables - - 2,240 - 2,240 Other 10 - 59 - 69 TOTAL 14 1 6,015 - 6,030 Liabilities Credits and loans - - 13,824 - 13,824 Preferential credits and loans - - 1,233 - 1,233 Credits and loans - - 12,591 - 12,591 Debt securities issued - - 1,817 - 1,817 Trade payables - - 1,234 - 1,234 Contract liabilities - - 544 - 544 Other financial liabilities - 15 1,759 1,222 2,996 Liabilities on purchase of property, plant and equipment, and intangible assets - - 317 - 317 Financial derivatives - 15 - - 15 Dividend liabilities - - - - - Lease liabilities - - - 1,222 1,222 Cash pooling liabilities - - 1,255 - 1,255 Other - - 187 - 187 TOTAL - 15 19,178 1,222 20,415 As at 31 December 2025 Measured at fair value through profit or loss for period Hedging derivatives Measured at amortized cost Financial instruments excluded from the scope of IFRS 9 TOTAL Assets Trade receivables - - 3,077 - 3,077 Cash and cash equivalents - - 1,174 - 1,174 Other financial assets 20 - 1,486 - 1,506 Financial derivatives 10 - - - 10 Cash pooling receivables - - 1,436 - 1,436 Other 10 - 50 - 60 TOTAL 20 - 5,737 - 5,757 Liabilities Credits and loans - - 12,856 - 12,856 Preferential credits and loans - - 987 - 987 Credits and loans - - 11,869 - 11,869
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Condensed interim consolidated financial statements as at and for the six-month period ended 30 June 2026 (in PLN m) Accounting policies and notes to the condensed interim consolidated financial statements are an integral part thereof (This is translation of the consolidated financial statements originally issued in Polish) 22 As at 31 December 2025 Measured at fair value through profit or loss for period Hedging derivatives Measured at amortized cost Financial instruments excluded from the scope of IFRS 9 TOTAL Debt securities issued - - 1,791 - 1,791 Trade payables - - 1,510 - 1,510 Contract liabilities - - 537 - 537 Other financial liabilities 3 25 2,521 1,235 3,784 Liabilities on purchase of property, plant and equipment, and intangible assets - - 1,088 - 1,088 Financial derivatives 3 25 - - 28 Dividend liabilities - - - - - Lease liabilities - - - 1,235 1,235 Cash pooling liabilities - - 1,234 - 1,234 Other - - 199 - 199 TOTAL 3 25 19,215 1,235 20,478 17.2. Fair value of financial instruments Financial instruments measured at fair value on a continuing basis Some of the Group’s financial assets and liabilities are measured at fair value at the end of each reporting period. The table below presents an analysis of financial instruments measured at fair value, grouped according to a three-level hierarchy: • level 1 – fair value based on quoted prices (unadjusted) in active markets for identical assets or liabilities that the Group can access at the measurement date; • level 2 – fair value based on inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly or indirectly; • level 3 – fair value based on unobservable inputs for the asset or liability. 30 June 2026 (unaudited) 31 December 2025 Level 2 Level 2 Assets Call options 4 10 Liabilities Hedging derivatives (CCIRS III) - 7 Hedging derivatives (CCIRS IV) 15 18 Other derivatives (currency forward) - 3 Cross Currency Interest Rate Swap (“CCIRS”) is measured by discounting future cash flows. The interest rates and the basis spread used in discounting are retrieved from Bloomberg. Call options for shares of Polimex -Mostostal SA were disclosed in the assets. The options were purchased from Towarzystwo Finansowe Silesia Sp. z o.o. under the agreement of 18 January 2017, as subsequently annexed, and refer to the purchase, in 22 tranches, of a total of approx. 7 m shares in Polimex -Mostostal SA, at the nominal price of PLN 2 per share. The options exercise dates were set between 31 August 2021 and 30 November 2026. The fair value measurement of the call options to purchase shares of Polimex -Mostostal SA was carried out using the Black -Scholes model. The measurement considered the current price and historic volatility of the company’s share prices. The risk -free rate was determined on the basis of the yield of treasury bonds with maturities similar to the option expiration date. The currency forward transaction hedges the implementation of the CCGT Grudziądz project. Fair value of the concluded contracts is determined by setting the contract’s price at the time of its conclusion against the current prices of futures contracts calculated on the basis of market data. Those instruments are recognized as assets when their value is positive and as liabilities when their value is negative. Financial instruments not measured at fair value on a continuing basis Except for the information given in the table below, the carrying amounts of financial assets and liabilities do not materially depart from their fair values.
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Condensed interim consolidated financial statements as at and for the six-month period ended 30 June 2026 (in PLN m) Accounting policies and notes to the condensed interim consolidated financial statements are an integral part thereof (This is translation of the consolidated financial statements originally issued in Polish) 23 Eurobonds and hybrid bonds issued Carrying amount Fair value Level 1 Level 2 As at 30 June 2026 (unaudited) 1,817 1,284 577 Eurobonds 1,296 1,284 - hybrid bonds 521 - 577 As at 31 December 2025 1,791 1,259 562 Eurobonds 1,288 1,259 - hybrid bonds 503 - 562 Fair value measurement of liabilities under the bonds issued in EUR was estimated: in the case of Eurobonds on the basis of quotations from the Bloomberg system from 30 June 2026, which are determined based on transactions on the Luxembourg stock exchange and over-the-counter trading, while in the case of hybrid bonds based on the analysis of future cash flows d iscounted using the interest rates in effect as at 30 June 2026. Financial liabilities All of the Group’s financial liabilities are classified as financial liabilities measured at amortized cost, except for derivatives. Under financial liabilities, the Group discloses mainly credits and loans contracted and bonds issued. Credits and loans Credits and loans contracted as at 30 June 2026 and 31 December 2025 are presented in the table below: As at 30 June 2026 (unaudited) As at 31 December 2025 Currency – PLN Reference rate – WIBOR, rediscount rate Credit/loan amount 13,824 12,856 of which maturing in: up to 1 year (short-term) 4,763 2,402 1 year to 3 years 2,399 4,633 3 to 5 years 619 559 over 5 years 6,043 5,262 As at 30 June 2026 and 31 December 2025, the value of credit facilities available to the Group amounted to PLN 28,841 m (53.8% utilized) and PLN 26,965.7 m (51.8% utilized), respectively. Detailed information on contracted credits and loans is presented in Note 17.4. Bonds issued Liabilities under bonds issued as at 30 June 2026 and 31 December 2025 are presented in the table below: As at 30 June 2026 (unaudited) As at 31 December 2025 Currency – EUR Reference rate – Fixed Value of the issue in a foreign currency 423 424 in PLN 1,817 1,791 of which maturing in: up to 1 year (short-term) 1,302 42 1 year to 2 years 515 1,749 In the first quarter of 2026, the liability under the issue of Energa Finance Eurobonds with a nominal value of EUR 300 m was reclassified from non-current liabilities to current liabilities, due to the redemption date falling in March 2027. Detailed information on bonds issued is provided in Note 17.4. 17.3. Credit risk Below are presented disclosures relating to credit risk broken down by rating category and other categories relating to trade receivables and contract assets:
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Condensed interim consolidated financial statements as at and for the six-month period ended 30 June 2026 (in PLN m) Accounting policies and notes to the condensed interim consolidated financial statements are an integral part thereof (This is translation of the consolidated financial statements originally issued in Polish) 24 As at 30 June 2026 (unaudited) As at 31 December 2025 Weighted average credit loss Gross amount Impairment loss Weighted average credit loss Gross amount Impairment loss Highest client rating 0.0% 811 - 0.0% 993 - Medium client rating 0.0% 59 - 0.0% 60 - Lowest client rating 5.8% 9 (1) 3.9% 14 (1) As at 30 June 2026 (unaudited) As at 31 December 2025 Weighted average credit loss Gross amount Impairment loss Weighted average credit loss Gross amount Impairment loss Clients with no rating in the Sales Business Line 3.1% 843 (26) 3.0% 1,070 (32) Disputed receivables 78.8% 430 (339) 77.8% 423 (329) Other receivables 3.4% 1,141 (39) 6.4% 939 (60) 17.4. Available external financing In addition to the events described below, the Group found no other events of default on contractual obligations under the terms and conditions of any external financing contracted. As at 31 December 2025, CCGT Ostrołęka Sp. z o.o. identified a default on the terms and conditions of a loan agreement in the part related to the implementation schedule of an investment project. The Company has made arrangements with the financial institutions regarding this default, and has also taken steps to implement the new provisions in the financing agreements. As a result, on 15 April 2026, the Company entered into a relevant agreement aimed at legitimizing the current situation under the existing financing agreement, as well as obtaining approval to develop and implement a target solution, which is expected to be completed by the end of May this year. On 29 May 2026, the Company signed an extension with the financial institutions of the agreement legitimizing the default on the terms of the loan agreement identified as at 31 December 2025, in the part related to the implementation schedule of an investment project. The Company obtained an approval to develop and implement the target solution by the end of August of this year. Consequently, as at 30 June 2026, the Group reversed the reclassification of the long -term debt under this agreement, in the amount of PLN 626 m, from current liabilities. The external financing available as at 30 June 2026 is presented in the table below: Financing institution Type of liability Purpose of financing Date of the agreeme nt Financing limit/ Value of the agreement Available financing amount Nominal debt as at 30 June 2026 Repay ment date European Investment Bank Credit facility CapEx Program of Energa-Operator SA 10-07- 2013 1,000 - 287 15-09- 2031 European Investment Bank Hybrid bonds CapEx Program of Energa-Operator SA 04-09- 2017 537¹ - 537¹ 12-09- 2037² European Investment Bank Credit facility CapEx Program of Energa-Operator SA 16-12- 2021 644³ - 520 16-12- 2038 Bondholders Eurobonds General corporate purposes 07-03- 2017 1,2894 - 1,2894 07-03- 2027 Syndicate of banks Credit facility CapEx Program of CCGT Ostrołęka Sp. z o.o. 29-06- 2023 2,640 1,938 702 15-12- 20365 NFOŚiGW Loan CapEx Program of Energa Elektrownie Ostrołęka SA 30-08- 2018 134 - 43 20-12- 2028 ORLEN S.A. Loan General corporate purposes 09-12- 2022 3,000 570 2,430 14-05- 2027
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Condensed interim consolidated financial statements as at and for the six-month period ended 30 June 2026 (in PLN m) Accounting policies and notes to the condensed interim consolidated financial statements are an integral part thereof (This is translation of the consolidated financial statements originally issued in Polish) 25 Financing institution Type of liability Purpose of financing Date of the agreeme nt Financing limit/ Value of the agreement Available financing amount Nominal debt as at 30 June 2026 Repay ment date ORLEN S.A. Loan CapEx Program of CCGT Ostrołęka Sp. z o.o. 28-06- 2023 650 588 62 02-01- 2037 ORLEN S.A. Loan CapEx Program of CCGT Ostrołęka Sp. z o.o. 03-10- 2023 325 - 251 02-01- 2037 ORLEN S.A. Loan CapEx Program of CCGT Grudziądz Sp. z o.o. 29-12- 2023 1,746 - 1,746 30-09- 2028 ORLEN S.A. Loan CapEx Program of Energa Informatyka i Technologie Sp. z o.o. 30-01- 2024 22 13 9 31-12- 2028 ORLEN S.A. Loan CapEx Program of Energa Green Development Sp. z o.o. 12-03- 2024 100 - 89 28-02- 2039 ORLEN S.A. Loan CapEx Program of Farma Wiatrowa Szybowice Sp. z o.o. 07-08- 2024 284 - 284 29-07- 2039 ORLEN S.A. Loan CapEx Program of Energa-Operator SA 23-10- 2024 3,500 1,000 2,500 30-09- 2039 Bank Gospodarstwa Krajowego Loan CapEx Program of Energa-Operator SA 19-02- 2025 9,378 7,060 2,318 19-02- 2050 ORLEN S.A. Loan CapEx Program of Helios Polska Energia Sp. z o.o. 11-03- 2025 100 8 92 31-12- 2039 ORLEN S.A. Loan CapEx Program of Solar Serby Sp. z o.o. 17-06- 2025 257 - 257 31-12- 2026 ORLEN S.A. Loan CapEx Program of CCGT Grudziądz Sp. z o.o. 04-08- 2025 1,293 478 815 31-12- 2026 ORLEN S.A. Loan CapEx Program of CCGT Gdańsk Sp. z o.o. 04-08- 2025 1,137 353 784 31-12- 2026 Bank Gospodarstwa Krajowego Loan CapEx Program of Energa-Operator SA 29-06- 2026 307 - - 31-12- 2045 ORLEN S.A. Loan CapEx Program of Energa Wytwarzanie SA 30-06- 2026 2,324 - 2,324 30-06- 2041 TOTAL 30,667 12,008 17,339 1 hybrid bonds liability of EUR 125 m converted using the average NBP exchange rate of 30 June 2026 2 the bond redemption date is 12 September 2037, with a defined first financing period of 10 years from the issue date 3 liability of EUR 150 m converted using the average NBP exchange rate of 30 June 2026 4 liability under Eurobonds in the total amount of EUR 300 m converted using the average NBP exchange rate of 30 June 2026 5 financing under the Project Finance 17.5. Cash flow hedge accounting Foreign exchange risk hedging The Group applies cash flow hedge accounting in order to limit the impact of changes in foreign exchange rates on future cash flows related to debt instruments denominated in EUR. As the hedged item, the Group designated the foreign exchange risk component arising from the denomination of debt liabilities in EUR, which significantly affects the volatility of the Group’s future cash flows. In 2017, the Group issued Eurobonds in EUR. In order to hedge foreign exchange risk under the aforesaid issuance, the Group concluded cross-currency interest rate swaps with the nominal value of EUR 200 m (“CCIRS III”) in April 2017. The nominal value
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Condensed interim consolidated financial statements as at and for the six-month period ended 30 June 2026 (in PLN m) Accounting policies and notes to the condensed interim consolidated financial statements are an integral part thereof (This is translation of the consolidated financial statements originally issued in Polish) 26 of CCIRS III transactions as at 30 June 2026 was EUR 80 m, which was due to the partial exchange of nominal amounts in correspondence to the CCIRS III transactions schedule. As the hedged item in the above hedging relationships, the Group designated the foreign exchange risk on the Eurobonds issued by Energa Finance AB. As the hedge, the Group designated a CCIRS transaction under which the Group receives fixed-rate cash flows in EUR and pays fixed-rate cash flows in PLN. Cash flows received by the Group correspond to the cash flows under the Eurobonds. The Group expects that the hedged cash flows on the Eurobonds will continue until February 2027. In September 2017, Energa SA issued hybrid bonds for the total amount of EUR 250 m. In order to hedge the foreign exchange risk under these bonds, the Group entered into CCIRS transaction with the nominal value of EUR 250 m (“CCIRS IV”). In September 2023, due to the redemption of hybrid bonds in the amount of EUR 125 m, some of the transactions concluded under CCIRS IV were settled. The nominal value of CCIRS IV as at 30 June 2026 was EUR 125 m. As the hedged item in the above hedging relationships, the Group designated the foreign exchange risk on the issue of hybrid bonds denominated in EUR. The foreign exchange risk is hedged at the level of 100% of the total nominal value of the issued bonds. As the hedge, the Group designated CCIRS transactions under which the Group receives fixed-rate cash flows in EUR and pays fixed-rate cash flows in PLN. The cash flows received by the Group correspond to the cash flows from the bonds issued. The Group expects that the hedged cash flows will continue until September 2027. The fair value of the hedges amounted to: Amount (PLN m) Recognition in the statement of financial position Change in the fair value of the hedge used as the basis for recognizing hedge ineffectiveness for the period Nominal amount of the hedge in millions of EUR PLN As at 30 June 2026 CCIRS III 1 Assets – Other financial assets None 80 - CCIRS IV 15 Liabilities – Other financial liabilities None 125 - As at 31 December 2025 CCIRS III 7 Liabilities – Other financial liabilities None 100 - CCIRS IV 18 Liabilities – Other financial liabilities None 125 - The Group continued hedge accounting under IAS 39. Under cash flow hedge accounting, the cash flow hedge reserve (the effective portion of changes in the value of the hedge, less deferred tax) increased by PLN 3 m in the reporting period and decreased by PLN 1 m in the corresponding period. The table below presents the change in the cash flow hedge reserve in the reporting period: Change in cash flow hedge reserve during the reporting period 6-month period ended 30 June 2026 (unaudited) 6-month period ended 30 June 2025 (unaudited) At the beginning of the reporting period (13) (1) Amount recognized in the cash flow hedge reserve in the period, equal to the change in the fair value of hedges 11 (36) Accrued interest, not yet due, transferred from the reserve to finance income/expenses 7 7 Revaluation of hedges transferred from the reserve to finance income/expenses (15) 28 Income tax on other comprehensive income - - At the end of the reporting period (10) (2) As at 30 June 2026, no material inefficiencies were identified resulting from the applied cash flow hedge accounting.
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Condensed interim consolidated financial statements as at and for the six-month period ended 30 June 2026 (in PLN m) Accounting policies and notes to the condensed interim consolidated financial statements are an integral part thereof (This is translation of the consolidated financial statements originally issued in Polish) 27 OTHER NOTES 18. Investment commitments At the end of the reporting period, the Group’s commitments to incur expenditures for the purchase of property, plant and equipment, and intangible non-current assets, which had not yet been included in the statement of financial position, were about PLN 9,543 m, of which: • Undertakings covered by the development plan for Energa -Operator SA, agreed upon with the President of ERO, to satisfy the current and future electricity requirements – approx. PLN 1,876 m; • CCGT Grudziądz Sp. z o.o. – construction of combined cycle gas turbines – approx. PLN 3,929 m; • CCGT Gdańsk Sp. z o.o. – construction of combined cycle gas turbines – approx. PLN 3,057 m; • CCGT Ostrołęka Sp. z o.o. – construction of combined cycle gas turbines – approx. PLN 579 m; • Energa Kogeneracja Sp. z o.o. – construction of a cogeneration system – approx. PLN 49 m. 19. Related party disclosures Related party transactions are made based on arm’s length prices of goods, products or services supplied, resulting from thei r manufacturing costs. 19.1. Transactions involving parties related to the State Treasury As at 30 June 2026, ORLEN S .A. was the Group’s controlling entity. The following tables present transactions with the ORLEN Group and ORLEN S.A. 6-month period ended 30 June 2026 6-month period ended 30 June 2025 ORLEN S.A. ORLEN Group Total ORLEN S.A. ORLEN Group Total Revenue from sale of products, goods and services 237 1,255 1,491 225 1,271 1,496 General and administrative expenses 105 4,652 4,756 65 4,635 4,700 Finance income 76 1 77 19 - 19 Finance expenses 357 - 357 423 - 423 As at 30 June 2026 As at 31 December 2025 ORLEN S.A. ORLEN Group Total ORLEN S.A. ORLEN Group Total Trade receivables 51 238 289 50 79 129 Cash pooling receivables 2,240 - 2,240 1,436 - 1,436 Trade payables 95 588 683 21 709 730 Cash pooling liabilities 1,255 - 1,255 1,234 - 1,234 The Group has loans received from ORLEN S.A., which are presented in Note 17.4. There were also transactions of financial nature (credits, guarantees, banking fees and commissions) with Bank PKO BP, Bank Pekao SA and Bank Gospodarstwa Krajowego (banking fees and commissions). As regards disclosures relating to transactions with parties related to the State Treasury, the Group uses the exemption unde r paragraph 25 of IAS 24. 19.2. Transactions with a joint venture and an associate As at 30 June 2026, the Group holds shares in a joint venture, Baltic Offshore Service Solution Spółka z o.o., and an associa te, Polimex-Mostostal SA. For H1 2026, sales transactions of Energa Group companies with the joint venture and the affiliate totaled PLN 1 m. Sales for the comparable period were immaterial. As at 30 June 2026, receivables from the associate amounted to PLN 145 m and related primarily to advance payments for an investment project being carried out by CCGT Gdańsk (as at 31 December 2025, they were immaterial). In the period ended 30 June 2026, the Group recognized purchases from the associate amounting to PLN 147 m, which were related to the aforesaid construction of a combined cycle gas turbine unit (CCGT Gdańsk), where Polimex is one of the general
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Condensed interim consolidated financial statements as at and for the six-month period ended 30 June 2026 (in PLN m) Accounting policies and notes to the condensed interim consolidated financial statements are an integral part thereof (This is translation of the consolidated financial statements originally issued in Polish) 28 contractors. In the corresponding period of the previous year, purchase transactions of Energa Group companies, as well as of the joint venture and the associate were immaterial. As at 30 June 2026, the Group’s liabilities to the affiliate and the joint venture were immaterial compared to PLN 92 m as at 31 December 2025. 19.3. Transactions with the Parent Company’s Management Board members During the reporting period, the Parent Company did not enter into any material transactions with Management Board members. 19.4. Compensation paid or payable to key management and Supervisory Boards of the Group companies 6-month period ended 30 June 2026 (unaudited) 6-month period ended 30 June 2025 (unaudited) Parent Company Short-term employee benefits 5.7 5.0 Termination benefits 0.3 0.5 Subsidiaries Short-term employee benefits 36.2 34.7 Other non-current benefits 0.3 0.3 Termination benefits 1.1 2.0 TOTAL 43.6 42.5 20. Contingent assets and liabilities 20.1. Contingent liabilities 01.01.2025 Increase/ 31.12.2025 Increase/ 30.06.2026 (Decrease) (Decrease) Litigation cases 251 67 318 21 339 Litigations relating to the power infrastructure of Energa -Operator SA located on private land are the largest item of contingent liability. The Group recognizes provisions for any litigations brought. If there is uncertainty as to the validity of a claim amount or legal title to land, the Group recognizes contingent liabilities. As at 30 June 2026, the estimated value of those claims recognized as contingent liabilities is PLN 257 m, compared with PLN 241 m as at 31 December 2025. Based on the available legal opinions, the risk of the liabilities actually arising is below 50%. Energa-Obrót SA recognized a contingent liability related to case XVII Ame 67/24 concerning the imposition of a fine of PLN 61 m on Energa-Obrót SA by the President of ERO in proceedings concerning violation of obligations under Articles 5(1) and (1a), 6(1) and (2), and 6a of the Act of 28 December 2018 amending the excise tax act and certain other acts. In 2023, in connectio n with the decision of the President of ERO, received on 15 December 2023, the Company recognized a provision for the aforesaid fine. At the same time, the Company filed an appeal against this decision. On 29 October 2025, the first instance Court of Protection of Competition and Consumers in Warsaw issued a ruling in favor of the Company in case XVII Ame 67/24. The court annulled Items 1 and 3 of the contested decision finding Energa-Obrót SA in violation of the Act and imposing a fine of PLN 61 m with interest, and awarded legal costs to Energa-Obrót SA. As a result of reviewing the aforesaid provision and finding that the probability of an unfavorable ruling for the Company was lower than the likelihood of a favorable one, the Company reversed the provision by reclassifying it as a contingent liability. 20.2. Contingent assets As at the end of the reporting period, there were no material contingent assets. 21. Other information with material effect on assessment of the Company’s assets, financial position and financial result Issuance of series CC shares On 2 April 2026, the Extraordinary General Meeting of the Company was held, during which a resolution was adopted on the increase of the Company’s share capital through the issuance of series CC shares under closed subscription (i.e. respecting pre- emptive rights of existing shareholders). During the Extraordinary General Meeting, a resolution was also adopted on the registration in Central Securities Depository of series CC shares and pre -emptive rights to series CC shares and on applying for admitting series CC shares and pre -emptive rights to series CC shares to trading on the regulated market of the Warsaw Stock Exchange.
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Condensed interim consolidated financial statements as at and for the six-month period ended 30 June 2026 (in PLN m) Accounting policies and notes to the condensed interim consolidated financial statements are an integral part thereof (This is translation of the consolidated financial statements originally issued in Polish) 29 On 15 May 2026, the Management Board of the Warsaw Stock Exchange S.A. adopted a resolution on the admission and listing on the Main Market of the Warsaw Stock Exchange of the Company’s series CC bearer ordinary shares. The subscription to shares ended on 1 June 2026, and the shares were allotted by the Company on 18 June. Under the subscription of shares, 276,044,742 shares were allocated, with an issue price of PLN 18.5. The value of the share issue amounted to PLN 5,106,827,727. The shares were paid for with cash contributions. The proceeds from the issue were credited to the Company’s account on 3 July 2026. On 1 July 2026, the competent registry court registered amendments to the Company’s articles of association providing, among others, for an increase in the Company’s share capital through the issuance of shares. Loan from the National Recovery Plan for power grid development During the period covered by this report, on 30 June 2026, Energa-Operator SA received the third loan tranche from the National Recovery Plan in the amount of PLN 824 m. Energa-Operator SA had previously received the first two loan tranches, on 30 June 2025, in the amount of approx. PLN 1,333 m, and on 31 December 2025, in the amount of PLN 161 m. As a reminder, on 19 February 2025, Energa-Operator SA signed a Loan Agreement with Bank Gospodarstwa Krajowego (“BGK”) for funds from the National Recovery Plan as part of Investment G3.1.4 Support for the national energy system for the development of smart power grids in the years 2022-2036 (“Project”). The subject of the Agreement was for Energa-Operator SA to incur a long-term liability of up to PLN 7.7 billion to refinance eligible expenditures for the Project, which aims to support Poland’s energy transition through the construction of modern transmis sion networks. Exercising the option to increase the loan amount provided for in the Agreement, on 9 September 2025 Energa -Operator SA signed an amendment to the Agreement with BGK increasing the loan amount to PLN 9.4 billion. Other terms and conditions of the Agreement remained unchanged. The loan was granted for 25 years with a repayment period starting after 9 years (quarterly payments from 2034 to 2050). In view of the favorable financing terms, the funds received meet the definition of a government grant under IAS 20 - Accounting for Government Grants and Disclosure of Government Assistance , which is a benefit in the form of a government loan with an interest rate below arm’s -length rates. In accordance with the provisions of the standard, the Group measured the loan in accordance with IFRS 9 - Financial Instruments. Accordingly, at the time of disbursement: • the debt balance under the first tranche was recognized as a loan of PLN 399 m and a grant of PLN 934 m, • the debt balance under the second tranche was recognized as a loan of PLN 55 m and a grant of PLN 106 m, • the debt balance under the third tranche was recognized as a loan of PLN 286 m and a grant of PLN 538 m. The loan portion of the financing was recognized in the statement of financial position under Non-current liabilities on account of credits and loans, while the grant portion was included as a grant under Non-current and current deferred income and grants. Provision for onerous contracts in the Retail segment. In H1 2026, the Group utilized PLN 122 m of the provision for onerous contracts, established in 2025 in the amount of PLN 304 m, resulting from the electricity tariff for the period from 1 January 2026 to 31 December 2026 approved for Energa-Obrót SA by the President of ERO on 17 December 2025. The amount of the provision was estimated based on a calculation model incorporating forecasts for future contracting, the final price for tariff group G customers for 2026, the unit direct cost comprising: the planned purchase price of electricity, property rights and excise tax, as well as the cost of paying distribution charges on behalf o f the prosumer under the net-metering system, the cost of ensuring electricity supply, the cost of managing contracts during their term, and the cost of meter reading, invoicing and sending invoices, related directly to the performance of energy sales contracts. In December 2026, following the approval of the electricity tariff for 2027 by the President of the ERO, the Group will reassess the profitability of the contracts and the need to establish a provision for the following financial year. Dispute concerning the amount of the contribution to the Price Difference Payout Fund In connection with a package of legislation designed to protect consumers from excessive increases in electricity and gas prices, Energa-Obrót SA was required to make contributions to the Price Difference Payout Fund. The purpose of the Fund was to compensate energy and gas sellers for the difference between the energy price cap contained in the act and the contractual or reference price. The requirement to make contributions to the Fund applied to the period from 1 December 2022 to 31 December 2023. In total, Energa-Obrót SA paid approx. PLN 36 m to the Price Difference Payout Fund account. On 5 February 2026, the Group was notified of the initiation of administrative proceedings by the President of ERO to issue a n administrative decision requiring Energa -Obrót SA to transfer to the Price Difference Payout Fund account the amount representing the difference between the contribution to the Fund as calculated by the President of ERO and the contribution t o the Fund as disclosed in the reports for December 2022, Ja nuary and February 2023 and April to December 2023. The above was a consequence of the ERO’s inspection and findings contained in the Inspection Report, indicating that, according to the President of ERO, Energa-Obrót underestimated the contribution to the Price Difference Payout Fund by PLN 551 m. Disagreeing entirely with the position of the President of ERO, Energa-Obrót filed objections to the findings of the inspection within the deadline set by ERO. On 12 March 2026, the administrative decision was received from the President of ERO, dated 6 March 2026, requiring to transfer to the Price Difference Payout Fund account the amount of PLN 551 m representing the difference between the contribution to the Fund as calculated by the President of ERO and the contribution to the Fund as transferred by the company, within 30 days from the day of serving the decision, together wit h statutory interest calculated from the day of receiving the decision. On 26 March 2026, Energa-Obrót paid PLN 553 m to the Price Difference Payout Fund account, as indicated in the decision of the President of ERO dated 6 March 2026 (ref. DMR.WMK.717.8.2.3.2026.ATr), representing the difference between the
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Condensed interim consolidated financial statements as at and for the six-month period ended 30 June 2026 (in PLN m) Accounting policies and notes to the condensed interim consolidated financial statements are an integral part thereof (This is translation of the consolidated financial statements originally issued in Polish) 30 contribution to the Fund calculated by the authority and the contribution disclosed by the company in the submitted statement . The aforementioned payment consists of the amount indicated in the decision, i.e. PLN 551 m, and statutory interest of PLN 2 m, calculated from the decision receipt date until the payment date. The payment does not constitute any form of acknowledgement by the Group of the “surcharge” amount as specified in the decision of the President of ERO. The amount indicated and the statutory interest were paid in accordance with Article 411(1) of the Civil Code “subject to refund.” At the same time, on 26 March 2026, Energa-Obrót filed an appeal to the District Court in Warsaw against the aforesaid decision. Impact of armed conflicts on the Group’s business The Group monitors the situation in Ukraine and the Middle East on an ongoing basis in terms of its impact on business operations. However, the situation is very volatile and forecasting economic consequences of the war is subject to a high risk of making erroneous assumptions. Considering the highly fluid geopolitical and economic situations, and difficulties in developing or obtaining unreserved and highly likely economic and financial forecasts, it is not possible at the moment to measure the potential impact of the conflicts on the Group’s business and financial results. Further military actions, the scope and effectiveness of sanctions imposed on the parties involved, as well as the response from central banks and other financial institutions will be of key relevance for a full assessment of the impact of the current situation on the future financial results of the Group. Bearing in mind the above, the Group has identified the following market risks: • The risk of the Polish currency’s depreciating against major currencies, including specifically against the euro. The Group hedges currency risk to liabilities held in foreign currencies and takes measures aimed at hedging currency risk with respect to planned investment projects. • The risk of growth of inflation and interest rates, and consequently the risk of reduced access to external funding sources or less favorable terms of such funding, may drive up the Group’s borrowing costs. • The risk of another increase in prices of energy inputs (coal and gas) as a result of their limited availability. It needs to be stressed that the Group no longer purchases fuels from operators based in Russia, Belarus, Ukraine or Middle East. The Group monitors the availability and level of prices of that fuel on an ongoing basis for the respective periods and takes actions to secure the supply and prices that allow uninterrupted and profitable operations of production plants. The existing production sources of the Group hardly rely on gaseous fuel in their operations (currently, only the peak load and reserve boilers in Elbląg and Kalisz, and the gas engines in Elbląg are exposed to this risk). Three CCGT power plants and smaller gas engines in Elbląg are under construction. • The risk of increase in prices of electrical engineering materials being purchased as well as other components. Price growth in that area may lead to higher costs of ongoing repairs and higher expenditure on ongoing investment projects of distribution and generation infrastructure. In particular, the Group monitors the situation as regards timely delivery of measuring infrastructure items and takes the relevant adaptive actions to ensure the continuity of its operating activities in terms of the installation of meters in the distribution network. • The persistently elevated risk of attacks on the IT, generation, and distribution infrastructure used to achieve the Group’s core business objectives, resulting in the need to incur higher costs for the protection of IT systems and building facilities, and the use of more advanced tools, equipment and security systems. • In addition, the economic situation (possible higher inflation, worsening GDP forecasts, high borrowing costs) may affect the liquidity situation of businesses and households in Poland, potentially resulting in a deterioration of payment behaviors of the G roup’s customers. At the time of preparing this report, the Group does not identify any risk of significant delays in the collection of receivables from its customers, however, it takes this possibility into account, and therefore, the payment situation of individual customer groups is constantly monitored. The Group has not identified any direct adverse impact of the war in Ukraine or in the Middle East on its financial performance in H1 2026. At the end of the 6 -month period of this year, crude oil prices returned to the levels seen before the outbreak of t he conflict in the Middle East , however, following the escalation of the conflict in July, they rose again to levels higher than those seen in 2025. One of the global transport routes for key energy resources remains partially blocked, which, which consequently also keeps gas prices higher than last year and introduces elements of uncertainty regarding future trends in the prices of energy resources and electricity. The Group companies have no business relations with business operators registered in the territory of Ukraine, Russia, Belarus or Middle East countries. 22. Material subsequent events Change in ORLEN S.A.’s shareholding in Energa SA On 1 July 2026, the competent court registered an amendment to the Company’s articles of association, as a result of which ORLEN S.A. increased its shareholding. Following the change, ORLEN S.A. holds 657,229,931 shares, representing 95.24% of the share capital. This number includes 512,301,931 ordinary shares and 144,928,000 preferred shares with multiple voting rights, where each share carries two votes at the General Meeting of Energa SA. In total, the shares held by ORLEN S.A. as at the date of publication carry 802,157,931 votes at the General Meeting of the Company, representing 96.06% of the total number of votes. Series CC shares were registered with the National Depository for Securities (KDPW) and admitted to trading on the Warsaw Stock Exchange on 30 July 2026.
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Condensed interim consolidated financial statements as at and for the six-month period ended 30 June 2026 (in PLN m) (This is translation of the consolidated financial statements originally issued in Polish) 31 Signatures of Members of the Management Board of Energa SA: Magdalena Kamińska ………………………………………… President of the Management Board Piotr Szymanek ………………………………………… Vice-President of the Management Board Michał Gołębiowski ………………………………………… Vice-President of the Management Board Przemysław Janiak ………………………………………… Vice-President of the Management Board Signatures of the persons responsible for the preparation of the financial statements: Łukasz Minuth Director of the Finance Department ………………………………………… Bartłomiej Bieńkowski Head of the Financial Reporting and Taxes Section ………………………………………… Gdańsk, 5 August 2026