Interim report
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Condensed Interim Consolidated Financial Statements prepared in accordance with IAS 34 as at and for the nine-month period ended 30 September 2026
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Condensed interim consolidated financial statements as at and for the nine-month period ended 30 September 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 ................................ ................................ ................................ ............................. 13 8. Explanations regarding the seasonality and cyclicality of operations in the period under review ........................... 13 9. Change in presentation of financial data ................................ ................................ ................................ .............. 13 NOTES ON BUSINESS LINES (OPERATING SEGMENTS) ................................ ................................ ................................ ..... 15 10. Business lines (Operating segments) ................................ ................................ ................................ ................... 15 NOTES TO CONDENSED INTERIM CONSOLIDATED STATEMENT OF FINANCIAL POSITION ................................ ........... 20 11. Property, plant and equipment, intangible assets and right-of-use assets ................................ ............................ 20 12. Impairment tests for property, plant and equipment, and goodwill ................................ ................................ ........ 20 13. Cash and cash equivalents ................................ ................................ ................................ ................................ .. 20 14. Earnings per share ................................ ................................ ................................ ................................ ............... 20 15. Dividends ................................ ................................ ................................ ................................ ............................. 20 16. Provisions ................................ ................................ ................................ ................................ ............................ 21 NOTES ON FINANCIAL INSTRUMENTS ................................ ................................ ................................ ................................ . 22 17. Financial instruments ................................ ................................ ................................ ................................ ........... 22 OTHER NOTES ................................ ................................ ................................ ................................ ................................ ........ 28 18. Investment commitments ................................ ................................ ................................ ................................ ..... 28 19. Related party disclosures ................................ ................................ ................................ ................................ ..... 28 20. Contingent assets and liabilities ................................ ................................ ................................ ........................... 30 21. Other information materially affecting the assessment of the Group’s assets, financial position and financial results ................................ ................................ ................................ ................................ ............. 30 22. Material subsequent events ................................ ................................ ................................ ................................ . 33
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Condensed interim consolidated financial statements as at and for the nine-month period ended 30 September 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 Three-month period ended 30 September 2026 (unaudited) Nine-month period ended 30 September 2026 (unaudited) Three-month period ended 30 September 2025 (unaudited) Nine-month period ended 30 September 2025 (unaudited) Sales revenue 5,386 16,575 4,880 15,477 Revenue from the Price Difference Payout Fund 8 17 149 460 Cost of sales (4,259) (12,837) (4,101) (12,886) Gross profit on sales 1,135 3,755 928 3,051 Other operating income 86 242 69 180 Selling and distribution expenses (172) (583) (180) (574) General and administrative expenses (142) (421) (124) (399) Other operating expenses (77) (201) (53) (133) (Impairment)/reversal of impairment on trade receivables (including interest on trade receivables) (20) (24) (33) (54) Operating profit 810 2,768 607 2,071 Finance income 53 133 17 48 Finance expenses (171) (554) (194) (648) Net finance income/expense (118) (421) (177) (600) Share in profit (loss) of entities accounted for using the equity method 5 11 9 3 Profit/(loss) before tax 697 2,358 439 1,474 Income tax (139) (481) (113) (305) Net profit/(loss) for the period 558 1,877 326 1,169 Attributable to: Equity holders of the Parent Company 566 1,889 316 1,164 Non-controlling interests (8) (12) 10 5 Earnings/(loss) per share (in PLN) - basic 1.12 3.73 0.76 2.81 - diluted 1.12 3.73 0.76 2.81
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Condensed interim consolidated financial statements as at and for the nine-month period ended 30 September 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 Three-month period ended 30 September 2026 (unaudited) Nine-month period ended 30 September 2026 (unaudited) Three-month period ended 30 September 2025 (unaudited) Nine-month period ended 30 September 2025 (unaudited) Net profit or loss for the period 558 1,877 326 1,169 Items that will never be reclassified to profit or loss 11 (4) (5) (79) Actuarial gains and losses on defined benefit plans 14 (5) (5) (98) Deferred tax (3) 1 - 19 Items that may subsequently be reclassified to profit or loss 4 9 (4) (6) Exchange differences arising on the translation of foreign entities 3 5 1 - Cash flow hedges 2 5 (6) (7) Deferred tax (1) (1) 1 1 Share in other comprehensive income of entities measured by the equity method 1 - (1) (1) Net other comprehensive income 16 5 (10) (86) Total comprehensive income 574 1,882 316 1,083 Attributable to: Equity holders of the Parent Company 581 1,894 307 1,079 Non-controlling interests (7) (12) 9 4
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Condensed interim consolidated financial statements as at and for the nine-month period ended 30 September 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 September 2026 (unaudited) As at 31 December 2025 ASSETS Non-current assets Property, plant and equipment 31,458 29,075 Intangible assets 785 988 Right-of-use assets 1,520 1,480 Goodwill 612 612 Investments in associates and joint ventures measured using the equity method 114 103 Deferred tax assets 334 429 Other non-current financial assets 13 13 Other non-current assets 408 561 35,244 33,261 Current assets Inventories 202 194 Income tax receivables 2 57 Trade receivables 2,964 3,077 Other current financial assets 5,153 1,493 Cash and cash equivalents 968 1,174 Other current assets 837 1,013 10,126 7,008 TOTAL ASSETS 45,370 40,269
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Condensed interim consolidated financial statements as at and for the nine-month period ended 30 September 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 September 2026 (unaudited) As at 31 December 2025 EQUITY AND LIABILITIES Equity Share capital 7,536 4,522 Foreign exchange differences from translation of a foreign entity 1 (4) Reserve capital 1,031 1,031 Supplementary capital 4,420 2,055 Cash flow hedge reserve (9) (13) Retained earnings 6,828 5,231 Equity attributable to equity holders of the Parent Company 19,807 12,822 Non-controlling interests 882 894 20,689 13,716 Non-current liabilities Credits and loans 8,934 10,454 Debt securities issued - 1,749 Non-current provisions 1,048 1,045 Deferred tax liability 1,007 951 Non-current deferred income and grants 2,062 1,452 Lease liabilities 1,211 1,182 Other non-current financial liabilities 61 77 Contract liabilities 5 5 14,328 16,915 Current liabilities Trade payables 1,229 1,510 Contract liabilities 635 532 Current credits and loans 3,129 2,402 Debt securities issued 1,834 42 Income tax payable 103 35 Deferred income and grants 340 346 Current provisions 1,070 1,970 Other financial liabilities 1,711 2,525 Other current liabilities 302 276 10,353 9,638 Total liabilities 24,681 26,553 TOTAL EQUITY AND LIABILITIES 45,370 40,269
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Condensed interim consolidated financial statements as at and for the nine-month period ended 30 September 2026 (in PLN m) Accounting policies and additional 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 - 5 - - 4 (4) 5 - 5 Net profit for the period - - - - - 1,889 1,889 (12) 1,877 Total comprehensive income for the period - 5 - - 4 1,885 1,894 (12) 1,882 Share issue 3,014 - - 2,077 - - 5,091 - 5,091 Distribution of profits/offset of accumulated losses - - - 288 - (288) - - - As at 30 September 2026 (unaudited) 7,536 1 1,031 4,420 (9) 6,828 19,807 882 20,689 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 - - - - (6) (79) (85) (1) (86) Net profit for the period - - - - - 1,164 1,164 5 1,169 Total comprehensive income for the period - - - - (6) 1,085 1,079 4 1,083 Distribution of profits/offset of accumulated losses - - - 307 - (307) - - - As at 30 September 2025 (unaudited) (restated data)* 4,522 (3) 1,031 2,055 (7) 5,161 12,759 895 13,654 (*) For a detailed description of restatements, see Note 9.
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Condensed interim consolidated financial statements as at and for the nine-month period ended 30 September 2026 (in PLN m) Accounting policies and additional 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 Nine-month period ended 30 September 2026 (unaudited) Nine-month period ended 30 September 2025 (unaudited) (restated data)* Cash flows from operating activities Profit/(loss) before tax 2,358 1,474 Adjustments for: Share in (profit)/loss of entities accounted for using the equity method (11) (3) Foreign exchange (gains)/losses 14 22 Amortization and depreciation 1,158 1,082 Net interest and dividends 406 519 (Profit)/loss on investing activities 59 (17) Change in provisions (72) 702 Change in contract liabilities and consideration refund liabilities 103 (330) Other adjustments (787) (493) Change in working capital: Change in current receivables, current prepaid expenses and accrued income 354 1,924 Change in inventories (3) 40 Change in current liabilities, excluding credits and loans, current accrued expenses and deferred income (348) (759) 3,231 4,161 Income tax (paid) (208) (328) Net cash from operating activities 3,023 3,833 Cash flows from investing activities Disposal of property, plant and equipment, intangible assets and investments into investment property 9 13 Purchase of property, plant and equipment, and intangible assets (3,568) (3,317) Net cash flows from cash pooling (3,639) (79) Sale of shares in an associate 9 - Acquisition of subsidiary or organized part of enterprise, less cash (149) (105) Other cash flows from financial assets (10) (5) Acquisition of shares in entities accounted for using the equity method (2) - Interest received 59 30 Other (1) - Net cash from investing activities (7,292) (3,463) Cash flows from financing activities Net proceeds from the issue of shares and other equity instruments and equity contributions 5,091 - Proceeds from debt incurred 1,873 1,770 Repayment of debt incurred (2,677) (608) Net cash flows from cash pooling (201) (1,675) Repayment of lease liabilities (75) (82) Grants received from the National Recovery Plan (KPO) 610 934 Grants received 113 58 Interest paid (651) (784) Other (21) (26) Net cash from financing activities 4,062 (413) Net increase/(decrease) in cash and cash equivalents (207) (43) Cash and cash equivalents at the beginning of the period 1,174 989 Change in cash due to foreign exchange differences 1 1 Cash and cash equivalents at the end of the period 968 947 of which restricted cash 59 113 (*) For a detailed description of restatements, see Note 9.
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Condensed interim consolidated financial statements as at and for the nine-month period ended 30 September 2026 (in PLN m) Accounting policies and additional 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 are as at and for the nine-month period ended 30 September 2026 and contain relevant 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 September 2026, ORLEN SA was the parent company and the ultimate controlling party of the Company and the Energa SA 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 September 2026, the Group consisted 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 September 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 SA1 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 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 nine-month period ended 30 September 2026 (in PLN m) Accounting policies and additional 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 September 2026 31 December 2025 11 Helios Polska Energia Sp. z o.o. Gdańsk implementation of investment projects 100.00 100.00 12 Solar Serby Sp. z o.o. Warsaw implementation of investment projects 100.00 100.00 Conventional Energy 13 Energa Elektrownie Ostrołęka SA Ostrołęka production of energy 89.64 89.64 14 Energa Serwis Sp. z o.o. Ostrołęka repair and maintenance services 89.64 89.64 15 ECARB Sp. z o.o. Gdańsk financing activities 89.64 89.64 16 CCGT Ostrołęka Sp. z o.o. Ostrołęka production of energy 50.00 + 1 share 50.00 + 1 share 17 CCGT Grudziądz Sp. z o.o. Grudziądz production of energy 100.00 100.00 18 CCGT Gdańsk Sp. z o.o. Gdańsk production of energy 100.00 100.00 Heating 19 Energa Kogeneracja Sp. z o.o. Elbląg production of energy 100.00 100.00 20 Energa Ciepło Ostrołęka Sp. z o.o. Ostrołęka distribution of heat 100.00 100.00 21 ENERGA Ciepło Kaliskie Sp. z o.o. Kalisz distribution of heat 91.24 91.24 22 Centrum Badawczo-Rozwojowe im. M. Faradaya Sp. z o.o. Gdańsk development activity in engineering 100.00 100.00 Energy Retail 23 Energa-Obrót SA Gdańsk trading in electricity 100.00 100.00 Other Activities 24 Energa Oświetlenie Sp. z o.o. Sopot lighting services 100.00 100.00 25 Enspirion Sp. z o.o. Gdańsk organization and management of development of innovative power projects 100.00 100.00 26 Energa Logistyka Sp. z o.o. Płock logistics and supply 100.00 100.00 27 Energa Informatyka i Technologie Sp. z o.o. Gdańsk information and communication technologies 100.00 100.00 28 Energa Finance AB (publ) Stockholm financing activities 100.00 100.00 29 Energa Prowis Sp. z o.o. Gdańsk implementation of investment projects 100.00 100.00 1 On 2 September 2026 Energa Wytwarzanie S.A. merged with Farma Wiatrowa Szybowice Sp. z o.o. Besides, as at 30 September 2026, the Group held 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 15.50% stake in Polimex.
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Condensed interim consolidated financial statements as at and for the nine-month period ended 30 September 2026 (in PLN m) Accounting policies and additional 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 62.0% 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 September 2026, the value of the investment is PLN 114 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, the 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 September 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 the first three quarters of 2026 and in the period until the date of preparation of these financial statements, the Manage ment 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 issue by the Company’s Management Board on 5 November 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 m”) and have been prepared based on the assumption that the Group would continue as a going concern in the foreseeable future. 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 with 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. 5.2. Amendments to International Financial Reporting Standards (IFRS) The Group considers that the amendments to the International Financial Reporting Standards effective as of 1 January 2026, did not have a material impact on these interim condensed consolidated financial statements. Of the standards that have been published but are not yet effective, the Group considers that the following may have the most significant impact on the Group’s future financial statements:
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Condensed interim consolidated financial statements as at and for the nine-month period ended 30 September 2026 (in PLN m) Accounting policies and additional 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 • IFRS 18 Presentation and Disclosure in Financial Statements, endorsed by the EU on 13 February 2026 (effective for annual periods beginning on or after 1 January 2027) and • IFRS 20 Regulatory Assets and Regulatory Liabilities adopted by the International Accounting Standards Board on 27 May 2026, pending endorsement by the European Union (effective for annual periods beginning on or after 1 January 2029). The introduction of IFRS 18 will have an impact on the consolidated financial statements of the Group, particularly on the structure of the consolidated statement of profit or loss and other comprehensive income, and on the classification and presentation of individual categories of income and expenses. The standard makes it mandatory to allocate all items of income and expenses to five defined categories (operating, investing , financing, income tax and discontinued operations), and introduces new mandatory subtotals. As a result, some items previously presented under operating and finance income and expenses may need to be reclassified to other categories, depending on the nature of the transaction and the core business of the Group. Based on the analysis conducted to date, the Group anticipates that the most significant change identified in the structure of the consolidated statement of profit or loss will be the separation of items currently presented under Financing activities prima rily to the Investing activities and, in part, to the Operating activities and Financing activities. The Group is currently conducting a quantitative assessment of the impact of these changes on operating income and comparative data. At this stage of the analysis, the Group has not identified any instances of investing in specific types of assets or providing financing to customers as specified main business activities within the meaning of IFRS 18. In addition, IFRS 18 also introduces new disclosure requirements for management-defined performance measures (MPMs) used in the Group’s external communications. As at the date of preparation of these consolidated financial statements, the Group is in the process of analyzing the performance measures it uses to determine which of them meets the definition of a performance measure as defined by management in accordance with IFRS 18 and complies with ESMA’s guidelines on disclosures of Alternative Performance Measures (APM). In addition, as part of its ongoing analytical work, the Group has identified the impact of the amendments to IAS 7 (resulting from the implementation of IFRS 18) on the presentation of the statement of cash flows. Under the amendments, for cash flows from operating activities prepared using the indirect method, their starting point will be operating income or loss, and not, as is currently the case, profit before tax. Consequently, the scope of adjustments made when determining cash flows from operating activities using the indirect method will change. The revised IAS 7 also clarifies the rules for classifying cash flows from interest an d dividends, eliminating the current option to choose the type of activity under which these cash flows are presented. The Group is in the process of determining the specific scope of the changes in presentation resulting from the above requirements, including their impact on comparative data. The new IFRS 20 Regulatory Assets and Regulatory Liabilities applies to entities that engage in regulated activities and establishes principles for the recognition, measurement, presentation, and disclosure of regulatory assets and regulatory liabilities, as well as the related income and expenses arising from timing differences between the provision of regulated services and th e 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 effective date specified by the IASB, the standard is effective for annual periods beginning on or aft er 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 on which the Group is required to adopt it may depend on the outcome of the endorsement process in the European Union. The Group is of an opinion that IFRS 20 may have impact on 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, as well as the sale and provision of gaseous 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 - at the average exchange rate as at the end of the reporting period - exchange rates as at the date of transaction; data in the statement of profit or loss - the 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.
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Condensed interim consolidated financial statements as at and for the nine-month period ended 30 September 2026 (in PLN m) Accounting policies and additional 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 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 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 flows from investing activities. This change applies solely to the presentation on the statement of cash flows and has no impact on the recognition or measurement of property rights, including CO₂ emission allowances. In particular, the change has no impact on profit or loss, total net cash flows, or the balance of cash and cash equivalents. The purchase of property rights, including CO₂ emission allowances, is part of the Group’s core operating activities and serves to fulfill the obligations arising from the legal regulations applicable to the Group. Consequently, presenting these expenses u nder operating activities ensures greater consistency between the statement of profit or loss and the statement of cash flows, as well as greater transparency in financial reporting, by eliminating the previous discrepancies between the operating nature of emission costs and their presentation under the cash flow 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 connection with the above change, the Group has restated the comparative data in the consolidated statement of cash flows for the period from 1 January 2025 to 30 September 2025: Nine-month period ended Change in presentation Nine-month period ended 30 September 2025 (previously reported) 30 September 2025 (restated figures) Cash flows from operating activities Profit/(loss) before tax 1,474 - 1,474 Adjustments for: Share in (profit)/loss of entities accounted for using the equity method (3) - (3) Foreign exchange (gains)/losses 22 - 22 Amortization and depreciation 1,082 - 1,082 Net interest and dividends 519 - 519 (Profit)/loss on investing activities, including goodwill impairment allowance (17) - (17) Change in provisions 702 - 702 Change in contract liabilities and consideration refund liabilities (330) - (330) Other adjustments (35) (458) (493) Change in working capital: Change in current receivables, current prepaid expenses and accrued income 1,924 - 1,924 Change in inventories 40 - 40
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Condensed interim consolidated financial statements as at and for the nine-month period ended 30 September 2026 (in PLN m) Accounting policies and additional 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 Nine-month period ended Change in presentation Nine-month period ended 30 September 2025 (previously reported) 30 September 2025 (restated figures) Change in current liabilities, excluding credits and loans, current accrued expenses and deferred income (759) - (759) 4,619 (458) 4,161 Income tax (paid) (328) - (328) Net cash from operating activities 4,291 (458) 3,833 Cash flows from investing activities Disposal of property, plant and equipment, intangible assets and investments into investment property 13 - 13 Purchase of property, plant and equipment, and intangible assets (3,775) 458 (3,317) Net cash flows from cash pooling (79) - (79) Acquisition of subsidiary or organized part of enterprise, less cash (105) - (105) Other cash flows from financial assets (5) - (5) Interest received 30 - 30 Net cash from investing activities (3,921) 458 (3,463) Cash flows from financing activities Proceeds from debt incurred 1,770 - 1,770 Repayment of debt incurred (608) - (608) Net cash flows from cash pooling (1,675) - (1,675) Repayment of lease liabilities (82) - (82) Grants received from the National Recovery Plan (KPO) 934 - 934 Grants received 58 - 58 Interest paid (784) - (784) Other (26) - (26) Net cash from financing activities (413) - (413) Net increase/(decrease) in cash and cash equivalents (43) - (43) Cash and cash equivalents at the beginning of the period 989 - 989 Change in cash due to foreign exchange differences 1 - 1 Cash and cash equivalents at the end of the period 947 - 947 of which restricted cash 113 - 113 Under these condensed interim consolidated financial statements, the Group presents restated data as at 1 January 2025 in the consolidated statement of changes in equity, consistent with the data presented in the Consolidated Financial Statements of the Group for the year ended 31 December 2025. The restatement of comparative data in the amount of PLN 113 m results from the changes described in Note 9.33 to the Consolidated Financial Statements for 2025. The changes primarily concerned the correction of an error in the measurement of the provision for onerous contracts related to electricity sales contracts, consisting of the failure to include all unavoidable costs of fulfilling the obligations under these contracts in the provision calculation, which constituted a departure from the requirements under IAS 37. The changes presented in the statement of changes in equity as at and for the period ended 30 September 2025 result solely from the restatement of the opening balance of equity as at 1 January 2025. The comparative datain the consolidated statement of profit or loss for the period from 1 January to 30 June 2025, remain unchanged from those previously published.
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Condensed interim consolidated financial statements as at and for the nine-month period ended 30 September 2026 (in PLN m) Accounting policies and additional 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 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 September 2026 and the financial assets and liabilities as at 30 September 2026 by individual reporting segments, together with appropriate comparative information.
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Condensed interim consolidated financial statements as at and for the nine-month period ended 30 September 2026 (in PLN m) Accounting policies and additional 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 Nine-month period ended 30 September 2026 (unaudited) or as at 30 September 2026 (unaudited) Distribution New Energy Conventional Energy Heating Energy Retail Other Activities Consolidation eliminations and adjustments Total business Revenue Sales to external customers 5,598 658 971 357 8,475 516 - 16,575 Sales between business lines 54 86 47 10 49 581 (827) - Revenue from the Price Difference Payout Fund - - - - 17 - - 17 Total business line revenue 5,652 744 1,018 367 8,541 1,097 (827) 16,592 EBITDA 2,735 468 3 37 606 110 (32) 3,927 Amortization and depreciation 923 110 10 31 34 58 (8) 1,158 Impairment losses on non-financial non- current assets - 1 - - - - - 1 Operating profit or loss 1,812 357 (7) 6 572 52 (24) 2,768 Net finance income/expenses (421) (Impairment)/reversal of impairment on other financial assets - Share in profit/(loss) of the entities measured using the equity method 11 Profit or loss before tax 2,358 Income tax (481) Net profit or loss 1,877 Assets and liabilities Cash and cash equivalents 26 22 225 3 7 685 - 968 Total assets 22,816 5,165 9,193 971 2,705 16,611 (12,091) 45,370 Financial liabilities 6,749 3,218 5,387 592 912 2,064 (2,727) 16,195 Other business line information Capital expenditure 1,975 171 1,255 86 29 94 (5) 3,605
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Condensed interim consolidated financial statements as at and for the nine-month period ended 30 September 2026 (in PLN m) Accounting policies and additional 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 Nine-month period ended 30 September 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 5,321 537 984 295 7,923 417 - 15,477 Sales between business lines 51 3 52 14 49 523 (692) - Revenue from the Price Difference Payout Fund (3) - - 16 447 - - 460 Total business line revenue 5,369 540 1,036 325 8,419 940 (692) 15,937 EBITDA 2,441 324 136 31 184 43 (8) 3,151 Amortization and depreciation 833 136 14 21 32 56 (10) 1,082 Impairment losses on non-financial non-current assets - - (5) 3 - - - (2) Operating profit or loss 1,608 188 127 7 152 (13) 2 2,071 Net finance income/expenses (600) (Impairment)/reversal of impairment on other financial assets - Share in profit/(loss) of the entities measured using the equity method 3 Profit or loss before tax 1,474 Income tax (305) Net profit or loss 1,169 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 2,014 692 426 125 30 84 (24) 3,347
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Condensed interim consolidated financial statements as at and for the nine-month period ended 30 September 2026 (in PLN m) Accounting policies and additional 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 Nine-month period ended 30 September 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: 6 722 1,005 323 8,444 596 11,096 (475) 10,621 Electricity - 545 801 67 8,464 - 9,877 (127) 9,750 Gas - - - - 17 - 17 - 17 Other goods, products and materials 5 177 204 256 19 596 1,257 (348) 909 Excise tax 1 - - - (56) - (55) - (55) Revenue from sale of services, of which: 5,607 18 12 34 80 494 6,245 (327) 5,918 Distribution and transit services 5,495 - - 30 - - 5,525 (37) 5,488 Customer connection fees 71 - - - - - 71 - 71 Other services 41 18 12 4 80 494 649 (290) 359 Revenue from contracts with customers (IFRS 15) 5,613 740 1,017 357 8,524 1,090 17,341 (802) 16,539 Compensation for distribution services - - - - - - - - - Compensation related to electricity prices - - - - 17 - 17 - 17 Compensation related to heat energy prices - - - - - - - - - Other revenue 39 4 1 10 - 7 61 (25) 36 TOTAL 5,652 744 1,018 367 8,541 1,097 17,419 (827) 16,592 Based on the transfer date: Revenue from goods, products and materials transferred or services provided on a continuous basis 5,526 739 1,005 356 8,493 995 17,114 (802) 16,312 Revenue from goods, products and materials transferred or services provided at a specific time 87 1 12 1 31 95 227 - 227 Based on the contract duration: Short-term 5,613 740 1,017 357 8,524 1,090 17,341 (802) 16,539
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Condensed interim consolidated financial statements as at and for the nine-month period ended 30 September 2026 (in PLN m) Accounting policies and additional 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 Nine-month period ended 30 September 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: 5 526 1,033 269 7,896 456 10,185 (376) 9,809 Electricity - 423 802 32 7,917 - 9,174 (52) 9,122 Gas - - - - 10 - 10 - 10 Other goods, products and materials 5 103 231 237 21 456 1,053 (324) 729 Excise tax - - - - (52) - (52) - (52) Revenue from sale of services, of which: 5,330 12 3 30 76 477 5,928 (295) 5,633 Distribution and transit services 5,246 - - 29 - - 5,275 (36) 5,239 Customer connection fees 56 - - - - - 56 (1) 55 Other services 28 12 3 1 76 477 597 (258) 339 Revenue from contracts with customers (IFRS 15) 5,335 538 1,036 299 7,972 933 16,113 (671) 15,442 Compensation for distribution services (3) - - - - - (3) - (3) Compensation related to electricity prices - - - - 447 - 447 - 447 Compensation related to heat energy prices - - - 16 - - 16 - 16 Other revenue 37 2 - 10 - 7 56 (21) 35 TOTAL 5,369 540 1,036 325 8,419 940 16,629 (692) 15,937 Based on the transfer date: Revenue from goods, products and materials transferred or services provided on a continuous basis 5,263 533 1,031 297 7,938 821 15,883 (671) 15,212 Revenue from goods, products and materials transferred or services provided at a specific time 72 5 5 2 34 112 230 - 230 Based on the contract duration: Short-term 5,335 538 1,036 299 7,972 933 16,113 (671) 15,442
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Condensed interim consolidated financial statements as at and for the nine-month period ended 30 September 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 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 3 425 m (PLN 3 034 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 73 m (PLN 190 m in the corresponding period of 2025), • incurred capital expenditure on energy certificates of origin, CO 2 emission allowances and energy efficiency certificates in the amount of PLN 642 m (PLN 458 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 107 m (PLN 123 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 the first half and the third quarter of 2026, no need was identified to recognize impairment losses on property, plant and equipment held by Energa Group companies. 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 the reporting period, due to the accumulated cash balance, it was possible to pay obligations without delay. 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 September 2026 (unaudited) As at 30 September 2025 (unaudited) Cash at bank and in hand 968 409 Short-term deposits up to 3 months - 538 Total cash and cash equivalents 968 947 Restricted cash presented in the consolidated statement of cash flows constitutes primarily the funds kept in the VAT account (split payment). 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. Nine-month period ended 30 September 2026 (unaudited) Nine-month period ended 30 September 2025 (unaudited) Net profit or loss attributable to equity holders of the Parent Company 1,889 1,164 Net profit or loss attributable to common shareholders of the Parent Company 1,889 1,164 Number of shares at the end of the reporting period (in millions) 690 414 Number of shares (in millions) used to calculate earnings per share 507 414 Earnings or loss per share (basic and diluted) (in PLN) 3.73 2.81 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 nine-month period ended 30 September 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 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 is derived from a projection of provisions as at 3 0 September 2026, made 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 applied for the projection of the provisions as at 30 September 2026 was adopted at the level of 6.1% (as at 31 December 2025: 5.2%). Non-current Current Total 30 September 2026 (unaudited) 31 December 2025 30 September 2026 (unaudited) 31 December 2025 30 September 2026 (unaudited) 31 December 2025 Pension and similar benefits 160 169 23 19 183 188 Energy tariff 231 216 18 17 249 233 Company Social Benefit Fund 31 36 1 2 32 38 Long service bonuses 253 261 34 36 287 297 Death gratuities 3 4 1 - 4 4 TOTAL 678 686 77 74 755 760 16.2. Other provisions Non-current Current Total 30 September 2026 (unaudited) 31 December 2025 30 September 2026 (unaudited) 31 December 2025 30 September 2026 (unaudited) 31 December 2025 Legal disputes 166 153 110 112 276 265 Land reclamation and liquidation costs 201 202 - - 201 202 Liabilities for gas emissions - - 436 546 436 546 Obligation relating to property rights - - 260 337 260 337 Other provisions 3 4 187 901 190 905 TOTAL 370 359 993 1,896 1,363 2,255
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Condensed interim consolidated financial statements as at and for the nine-month period ended 30 September 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 NOTES ON FINANCIAL INSTRUMENTS 17. Financial instruments 17.1. Carrying amount of financial instrument categories As at 30 September 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 - - 2,964 - 2,964 Cash and cash equivalents - - 968 - 968 Other financial assets 15 11 5,140 - 5,166 Financial derivatives 5 11 - - 16 Cash pooling receivables - - 5,084 - 5,084 Other 10 - 56 - 66 TOTAL 15 11 9,072 - 9,098 Liabilities Credits and loans - - 12,063 - 12,063 Preferential credits and loans - - 1,274 - 1,274 Credits and loans - - 10,789 - 10,789 Debt securities issued - - 1,834 - 1,834 Trade payables - - 1,229 - 1,229 Contract liabilities - - 640 - 640 Other financial liabilities 41 - 1,677 1,265 2,983 Liabilities on purchase of property, plant and equipment, and intangible assets - - 489 - 489 Financial derivatives 41 - - - 41 Dividend liabilities - - - - - Lease liabilities - - - 1,265 1,265 Cash pooling liabilities - - 1,033 - 1,033 Other - - 155 - 155 TOTAL 41 - 17,443 1,265 18,749 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
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Condensed interim consolidated financial statements as at and for the nine-month period ended 30 September 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 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 Preferential credits and loans - - 987 - 987 Credits and loans - - 11,869 - 11,869 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 September 2026 (unaudited) 31 December 2025 Level 2 Level 2 Assets Call options 2 10 Other derivatives (commodity forward) 3 - Hedging derivatives (CCIRS III) 5 - Hedging derivatives (CCIRS IV) 6 - Liabilities Hedging derivatives (CCIRS III) - 7 Hedging derivatives (CCIRS IV) - 18 Other derivatives (currency forward) - 3 Other derivatives (commodity forward) 41 - 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 Poli mex-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 note includes commodity forwards concluded by Energa Elektrownie Ostrołęka SA on BASE contracts quoted on the TGE commodity exchange relating to purchase and sale of electricity. The currency forward transaction hedges the implementation of the CCGT Grudziądz project.
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Condensed interim consolidated financial statements as at and for the nine-month period ended 30 September 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 The fair value of the contracts entered into is determined by comparing the contracted rate with current rates or forward pri ces calculated using 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. Eurobonds and hybrid bonds issued Carrying amount Fair value Level 1 Level 2 As at 30 September 2026 (unaudited) 1,834 1,304 557 Eurobonds 1,325 1,304 - hybrid bonds 509 - 557 As at 31 December 2025 1,791 1,259 562 Eurobonds 1,288 1,259 - hybrid bonds 503 - 562 The fair value of liabilities arising from the bonds issued in the euro was estimated: in the case of Eurobonds on the basis of quotations from Bloomberg as at 30 September 2026, which are determined based on trades on the Luxembourg Stock Exchange and over-the-counter trading, and in the case of hybrid bonds based on an analysis of future cash flows discounted usin g the interest rates in effect as at 30 September 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 September 2026 and 31 December 2025 are presented in the table below: As at 30 September 2026 (unaudited) As at 31 December 2025 Currency – PLN Reference rate – WIBOR, rediscount rate Credit/loan amount 12,063 12,856 of which maturing in: up to 1 year (short-term) 3,129 2,402 1 year to 3 years 4,582 4,633 3 to 5 years 571 559 over 5 years 3,781 5,262 As at 30 September 2026 and 31 December 2025, the value of credit facilities available to the Group amounted to PLN 28,056.6 m (49.1% 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 on bonds issued, as at 30 September 2026 and 31 December 2025, are presented in the table below: As at 30 September 2026 (unaudited) As at 31 December 2025 Currency – EUR Reference rate – Fixed Value of the issue in foreign currency 420 424 in PLN 1,834 1,791 of which maturing in: up to 1 year (short-term) 1,834 42
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Condensed interim consolidated financial statements as at and for the nine-month period ended 30 September 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 As at 30 September 2026 (unaudited) As at 31 December 2025 1 year to 2 years - 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: As at 30 September 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% 872 - 0.0% 993 - Medium client rating 0.0% 50 - 0.0% 60 - Lowest client rating 6.4% 19 (1) 3.9% 14 (1) As at 30 September 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 3.0% 869 (26) 3.0% 1,070 (32) Disputed receivables 79.0% 439 (347) 77.8% 423 (329) Other receivables 3.8% 1,132 (43) 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. In the third quarter of 2026, in connection with a default (identified as at 31 December 2025) on the loan agreement by CCGT Ostrołęka Sp. z o.o., an amendment to the loan agreement was signed with the financing institutions. This amendment, among others, updated the timeline for the investment project, as a result of which the violation is no longer in effect. The external financing available as at 30 September 2026 is presented in the table below: Financing institution Type of liability Purpose of financing Date of the agreement Financing limit/ Value of the agreement Available financing amount Nominal debt as at 30 September 2026 Repayment date European Investment Bank Credit facility CapEx Program of Energa-Operator SA 10-07-2013 1,000 - 267 15-09-2031 European Investment Bank Hybrid bonds CapEx Program of Energa-Operator SA 04-09-2017 546¹ - 546¹ 12-09-2037² European Investment Bank Credit facility CapEx Program of Energa-Operator SA 16-12-2021 655³ - 509 16-12-2038
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Condensed interim consolidated financial statements as at and for the nine-month period ended 30 September 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 Financing institution Type of liability Purpose of financing Date of the agreement Financing limit/ Value of the agreement Available financing amount Nominal debt as at 30 September 2026 Repayment date Bondholders Eurobonds General corporate purposes 07-03-2017 1 3104 - 1 3104 07-03-2027 Syndicate of banks Credit facility CapEx Program of CCGT Ostrołęka Sp. z o.o. 29-06-2023 2,640 1,773 867 15-12-20365 NFOŚiGW Loan CapEx Program of Energa Elektrownie Ostrołęka SA 30-08-2018 134 - 39 20-12-2028 ORLEN SA Loan General corporate purposes 09-12-2022 3,000 3,000 - 14-05-2027 ORLEN SA Loan CapEx Program of CCGT Ostrołęka Sp. z o.o. 28-06-2023 650 576 74 02-01-2038 ORLEN SA Loan CapEx Program of CCGT Ostrołęka Sp. z o.o. 03-10-2023 325 - 251 02-01-2037 ORLEN SA Loan CapEx Program of CCGT Grudziądz Sp. z o.o. 29-12-2023 1,746 - 1,743 30-09-2028 ORLEN SA Loan CapEx Program of Energa Informatyka i Technologie Sp. z o.o. 30-01-2024 22 13 9 31-12-2028 ORLEN SA Loan CapEx Program of Energa Green Development Sp. z o.o. 12-03-2024 100 - 88 28-02-2039 ORLEN SA Loan CapEx Program of Energa Wytwarzanie SA 07-08-2024 284 - 284 29-07-2039 ORLEN SA 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 SA Loan CapEx Program of Helios Polska Energia Sp. z o.o. 11-03-2025 100 0 96 31-12-2039 ORLEN SA Loan CapEx Program of Solar Serby Sp. z o.o. 17-06-2025 257 - 257 31-12-2026
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Condensed interim consolidated financial statements as at and for the nine-month period ended 30 September 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 Financing institution Type of liability Purpose of financing Date of the agreement Financing limit/ Value of the agreement Available financing amount Nominal debt as at 30 September 2026 Repayment date ORLEN SA Loan CapEx Program of Grudziądz CCGT Sp. z o.o. 04-08-2025 1,293 229 1,064 31-12-2026 ORLEN SA Loan CapEx Program of CCGT Gdańsk Sp. z o.o. 04-08-2025 1,137 165 972 31-12-2026 Bank Gospodarstwa Krajowego Loan CapEx Program of Energa-Operator SA 29-06-2026 433 305 128 31-12-2045 ORLEN SA Loan CapEx Program of Energa Wytwarzanie SA 30-06-2026 2,324 - 2,324 30-06-2041 TOTAL 30,834 14,121 15,646 1 hybrid bonds liability of EUR 125 m converted using the average NBP exchange rate of 30 September 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 September 2026 4 Eurobonds liability in the total amount of EUR 300 m converted using the average NBP exchange rate of 30 September 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 of CCIRS III transactions as at 30 September 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 September 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:
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Condensed interim consolidated financial statements as at and for the nine-month period ended 30 September 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 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 September 2026 (unaudited) CCIRS III 5 Assets – Other financial assets None 80 - CCIRS IV 6 Assets – Other financial assets 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 4 m in the reporting period and went down by PLN 6 m in the corresponding period. The table below presents the change in the cash flow hedge reserve in the reporting period: Change in the cash flow hedge reserve during the reporting period Nine-month period ended 30 September 2026 (unaudited) Nine-month period ended 30 September 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 36 (27) Accrued interest, not yet due, transferred from the reserve to finance income/expenses (1) - Revaluation of hedges transferred from the reserve to finance income/expenses (30) 20 Income tax on other comprehensive income (1) 1 At the end of the reporting period (9) (7) As at 30 September 2026, no material ineffectiveness was identified resulting from the cash flow hedge accounting applied. OTHER NOTES 18. Investment commitments As at the end of the current reporting period, the Group’s commitments to incur capital expenditures on the purchase of property, plant and equipment, and intangible assets, which have not yet been recognized in the statement of financial position, amounted to approx. PLN 8,250 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 1,575 m; • CCGT Grudziądz Sp. z o.o. – construction of combined-cycle power plants – approx. PLN 3,286 m; • CCGT Gdańsk Sp. z o.o. – construction of combined-cycle power plants – approx. PLN 2,828 m; • CCGT Ostrołęka Sp. z o.o. – construction of combined-cycle power plants – approx. PLN 535 m; • Energa Kogeneracja Sp. z o.o. – construction of a cogeneration system – approx. PLN 47 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.
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Condensed interim consolidated financial statements as at and for the nine-month period ended 30 September 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 19.1. Transactions involving parties related to the State Treasury As at 30 September 2026, ORLEN SA was the parent entity controlling the Group. The tables below present transactions with ORLEN Group and ORLEN SA. Nine-month period ended 30 September 2026 (unaudited) Nine-month period ended 30 September 2025 (unaudited) ORLEN SA ORLEN Group Total ORLEN SA ORLEN Group Total Revenue from the sale of products, goods and materials 377 2,136 2,513 354 1,892 2,246 General and administrative expenses 167 6,708 6,875 90 6,810 6,900 Finance income 116 1 117 30 - 30 Finance expenses 510 - 510 601 - 601 As at 30 September 2026 As at 31 December 2025 ORLEN SA ORLEN Group Total ORLEN SA ORLEN Group Total Trade receivables 61 253 314 50 79 129 Cash pooling receivables 5,084 - 5,084 1,436 - 1,436 Trade payables 33 622 655 21 709 730 Cash pooling liabilities 1,032 - 1,032 1,234 - 1,234 The Group has loans received from ORLEN SA, 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 September 2026, the Group held shares in the joint venture Baltic Offshore Service Solution Spółka z o.o. and in the associate Polimex-Mostostal SA. For the nine-month period of 2026, sales transactions of Energa Group companies with the joint venture and the associate totaled PLN 1 m. Sales for the comparable period were immaterial. As at 30 September 2026, receivables from the associate amounted to PLN 128 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 September 2026, the Group recognized purchases from the associate amounting to PLN 269 m, which were related to the aforesaid construction of a combined cycle gas turbine unit (CCGT Gdańsk), where Polimex is one of the general 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 September 2026, the Group’s liabilities to the associate 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. Remuneration paid or payable to key management and Supervisory Boards of Group companies Nine-month period ended 30 September 2026 (unaudited) Nine-month period ended 30 September 2025 (unaudited) Parent Company Short-term employee benefits 8.5 7.8
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Condensed interim consolidated financial statements as at and for the nine-month period ended 30 September 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 Nine-month period ended 30 September 2026 (unaudited) Nine-month period ended 30 September 2025 (unaudited) Termination benefits 0.5 0.5 Subsidiaries Short-term employee benefits 54.1 52.8 Post-employment benefits - 0.1 Other non-current benefits 1.3 0.5 Termination benefits 2.0 3.0 TOTAL 66.4 64.7 20. Contingent assets and liabilities 20.1. Contingent liabilities 01.01.2025 Increase/ 31.12.2025 Increase/ 30.09.2026 (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 September 2026, the estimated value of those claims recognized as contingent liabilities is PLN 258 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 connection 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 materially affecting the assessment of the Group’s assets, financial position and financial results 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. On 15 May 2026, the Management Board of the Warsaw Stock Exchange S.A. adopted a resolution on the admission to and introduction to trading on the Main Market of the Warsaw Stock Exchange of pre -emptive rights to the Company’s series CC ordinary bearer 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. Series CC shares were registered with the Central Securities Depository (KDPW) and admitted to trading on the Warsaw Stock Exchange on 30 July 2026. Loan from the National Recovery Plan (KPO) 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.
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Condensed interim consolidated financial statements as at and for the nine-month period ended 30 September 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) 31 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 Accountin g 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. Loan from the National Recovery Plan (KPO) for the digitalization and development of smart energy infrastructure On 29 June 2026, Energa-Operator SA signed a Loan Agreement with Bank Gospodarstwa Krajowego (“BGK”) for funds from the National Recovery Plan for the digitalization and development of smart energy infrastructure for PLN 306 m. On 25 August 2026, the Company signed an amendment to increase the loan ceiling to PLN 433 m. The funds disbursed under the agreement bear fixed interest rate. The loan will be repaid between December 2027 and December 2045. On 30 September 2026, the first loan tranche of PLN 128 m was disbursed. In view of the favorable financing terms, the funds received meet the definition of a government grant under IAS 20 Accountin g 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, upon the disbursement of the first tranche, the debt balance was recognized as a loan of PLN 56 m and a grant of PLN 72 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 the period of 9 months 2026, the Group utilized PLN 161 m of the provision for onerous contracts, established in 2025 in t he amount of PLN 304 m, resulting from the electricity tariff for the period from 1 January 2026 to 31 December 2026 approved fo r 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 of 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 performan ce of energy sales contracts. In response to the request from the President of ERO of 7 September 2026, Energa -Obrót S.A. submitted an application for approval of the 2027 Electricity Tariff on 28 September 2026. 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. At the same time, pursuant to § 56(4) of the Regulation of the Minister of Energy of 3 September 2026 on the method of settin g and calculating tariffs and the method of settlement in the electricity market, on 18 September 2026 Energa-Obrót S.A. submitted an application to amend the decision of the President of ERO issued on 17 December 2025, and presented a new version of the Tariff that includes the subscription fee referred to in § 6(4)(2) of the Regulation as an additional price -setting component in the Tariff approval process. 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.
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Condensed interim consolidated financial statements as at and for the nine-month period ended 30 September 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) 32 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 to the Fund as disclosed in the reports for December 2022, January 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 with 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 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 with the Regional Court in Warsaw against the aforesaid decision. On 13 October 2026, Energa-Obrót received a ruling from the Regional Court in Warsaw of 10 September 2026, which dismissed the Company’s applications - included in its appeal against the decision of the President of ERO - to stay the enforcement of the decision and to grant interim relief pending the resolution of the proceedings. 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 does not purchase fuels from entities based in Russia, Belarus, Ukraine or the 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 Kalisz 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 Group’s customers. At the time of preparing this report, the Group does not identify any risk of 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 for the nine-month period of 2026. At the same time, ongoing disruptions on one of the key global transport routes used for the delivery of energy resources are contributing to gas and crude oil prices remaining at levels higher than in the comparable period of the previous year. This situation increases 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.
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Condensed interim consolidated financial statements as at and for the nine-month period ended 30 September 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) 33 22. Material subsequent events Merger of companies On 1 October 2026, the merger of Energa Wytwarzanie SA (as the acquiring company) with Solar Serby Sp. z o.o. and Helios Polska Energia Sp. z o.o. (as the acquired companies) was registered in the National Court Register (‘KRS’). Solar Serby Sp. z o.o. and Helios Polska Energia Sp. z o.o. were struck off the KRS. On 2 November 2026, the merger of Energa Wytwarzanie SA (the acquiring company) with VRW 11 Sp. z o.o. (the acquired company) was registered in the KRS. Change in the shareholding structure of Energa SA On 5 October 2026, ORLEN SA acquired 32,299,946 shares in the share capital of Energa SA, representing 3.87% of the total number of votes at the Issuer’s General Meeting; as a result, ORLEN SA now holds 690,111,856 shares in the share capital of the Company, representing 100% of the total number of votes at the Issuer’s General Meeting. The shares were acquired as a result of the squeeze-out of the Company’s shares announced on 30 September 2026. Achievement of the Operational Milestone at CCGT Grudziądz 1 On 29 October 2026, PSE confirmed the achievement of the Operational Milestone for Unit CCGT Grudziądz 1, which eliminated the risk of termination of the capacity agreement and brought to an end the accrual of penalties amounting to PLN 1.1 m per month. Until the unit is fully commissioned, the capacity obligation will be transferred on the secondary market to other capacity market units within the Energa Group and to entities outside the Group. Upgrade of rating of Energa SA by Moody’s Ratings On 29 October 2026, Moody’s Ratings upgraded long-term rating of Energa SA from ‘Baa1’ to ‘A3’, with a stable outlook, whilst maintaining its standalone credit assessment (BCA) at ‘Baa2’. The rating upgrade reflects the increase in ORLEN S.A.’s stake in the Company’s share capital to 100 per cent and stronger financial integration with ORLEN. The agency also highlighted Energa’s low business risk profile, linked to the dominant share of regulated distribution activities in the Group’s EBITDA. Change of company name On 2 November 2026, an entry was made in the National Court Register regarding the change of the company name of CCGT Gdańsk Sp. z o.o. Consequently, as from the date of the entry, the company operates under the name Energa Elektrownia Gdańsk Sp. z o.o. On 2 November 2026, an entry was made in the National Court Register regarding the change of the company name of CCGT Grudziądz Sp. z o.o. Consequently, as from the date of the entry, the company operates under the name Energa Elektrownia Grudziądz Sp. z o.o.
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Condensed interim consolidated financial statements as at and for the nine-month period ended 30 September 2026 (in PLN m) (This is translation of the consolidated financial statements originally issued in Polish) 34 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 November 2026