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INVESTOR PRESENTATION November 14, 2025 Q3 & 9M 2025 Preliminary Results
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2 Disclaimer: estimated data The Management Board of PGE Polska Grupa Energetyczna (the “Company” or “PGE”) emphasize that figures presented hereby are preliminary estimates, which may change. The financial statements of PGE Group are still in the preparation process. Consolidated report for Q3 2025 will be released on November 25, 2025. This presentation has been prepared by the Management of PGE. This presentation does not constitute or form part of and should not be constructed as an offer to sell or the solicitation or invitation of any offer to buy or subscribe for securities of the Company, any of its subsidiaries in any jurisdiction. No part of this presentation, nor the fact of its distribution, should form the basis of, or be relied on in connection with, any contract or commitment or investments decision whatsoever.
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Estimated operating volumes and sales data 3 Volumes: generation, sales, distribution [TWh] Q3 2025 Q3 2024 y/y Net electricity generation, by fuels: 12.58 13.16 -4% lignite 6.95 7.94 -12% incl. Turów 7 unit 0.39 0.47 -17% hard coal 2.87 2.87 0% incl. Coal Energy segment 2.61 2.53 3% incl. Opole 5/6 units 2.02 1.15 76% incl. District Heating segment 0.26 0.34 -24% natural gas 1.99 1.61 24% incl. Gryfino 1.27 1.06 20% pumped-storage plants 0.27 0.15 80% hydro 0.05 0.06 -17% wind 0.30 0.34 -12% biomass 0.08 0.10 -20% photovoltaic 0.06 0.08 -25% Sales of heat [PJ] 3.51 3.46 1% including Conventional Generation segment 0.33 0.32 3% Sales of electricity to final off-takers, including 7.73 8.30 -7% Supply 6.93 7.57 -8% Energy Railway Services 0.77 0.73 5% Distribution of electricity, including 9.73 9.79 -1% Distribution 8.66 8.78 -1% municipal waste 0.01 0.01 0% 9M 2025 9M 2024 y/y 40.09 40.67 -1% 21.47 22.93 -6% 1.25 1.30 -4% 9.79 10.93 -10% 7.64 8.82 -13% 5.33 3.85 38% 2.15 2.11 2% 6.36 4.03 58% 0.68 0.73 -7% 0.24 0.33 -27% 1.12 1.27 -12% 0.25 0.30 -17% 0.03 0.02 50% 0.15 0.13 15% 31.82 29.81 7% 1.63 1.57 4% 24.02 25.34 -5% 21.70 23.08 -6% 2.31 2.23 4% 29.89 29.90 0% 26.66 26.75 0% Energy Railway Services 1.07 1.01 6% 3.23 3.15 3% 3.40 1.50 127%
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Estimated operating volumes and sales data 4 Average realized wholesale price of electricity [PLN/MWh] Q3 2025 Q3 2024 y/y Coal Energy segment 487 585 -17% Gas-fired Generation segment 536 612 -12% District Heating segment 491 627 -22% Average cost of CO2 Total (Coal En., Gas-fired Gen. & District Heating) (PLN/ t CO2) 318 371 -14% Total (Coal En., Gas-fired Gen. & District Heating) (PLN/ MWh) 298 348 -14% 321 388 -17% 290 372 -22% 9M 2025 9M 2024 y/y 498 581 -14% 561 612 -8% 483 634 -24% Total (Coal En., Gas-fired Gen. & District Heating) 493 589 -16% 502 588 -15%
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Estimated key financial data 5 [PLN m] Q3 2025 Q3 2024 y/y EBITDA recurring PGE Group, including: 2 957 2 454 20% Renewables 402 382 Gas-fired Generation 182 79 130% Coal Energy 212 484 District Heating 207 153 35% Distribution 1 300 1 142 14% Railway Energy Services 295 286 3% Supply 283 -129 - Other activity and consolidation adjustments 76 57 33% One-off items, including: -313 4 - Provision for restructuring of Dolna Odra power plant -233 0 - Write-off of strategic inventories -23 0 - Change of reclamation provision 0 -412 - 5% Voluntary Leave Program -64 -2 - -56% 9M 2025 9M 2024 y/y 10 560 7 291 45% 1 371 1 028 33% 405 40 913% 600 -191 - 1 451 929 56% 3 924 3 362 17% 952 845 13% 1 536 1 173 31% 321 105 206% -270 307 - -233 0 - -135 0 - -79 -20 - -64 -2 - Adj. of compensations for electricity for previous period 0 452 - 65 452 -86% Write-off of debt 2 0 - 2 0 - LTC compensations 5 4 25% 30 -3 - Correction of contribution to Price Difference Payment Fund for the previous period 0 0 - -23 0 - Change of actuarial provision 0 -32 - -20 0 - Release of provision for one-time benefit related to NABE carve-out 0 0 - 187 0 - Writed-down of receivables from PKP Cargo 0 -6 - 0 -120 - EBITDA reported 2 644 2 458 8% 10 290 7 598 35%
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One-off items in the operating segments Q3 2025 Renewables Gas-fired Generation Coal Energy District Heating Distribution Energy Railway Services Supply (PLN m) Q3 2025 Q3 2024 Q3 2025 Q3 2024 Q3 2025 Q3 2024 Q3 2025 Q3 2024 Q3 2025 Q3 2024 Q3 2025 Q3 2024 Q3 2025 Q3 2024 EBITDA reported 402 381 182 79 -108 58 212 154 1 300 1 130 295 278 285 321 Change y/y 21 103 -166 58 170 17 -36 One-off events, including: 0 -1 0 0 -320 -426 5 1 0 -12 0 -8 2 450 Provision for restructuring of Dolna Odra power plant -233 0 Write-off of strategic inventories -23 0 Change of reclamation provision 0 -410 0 -2 Voluntary Leave Program -64 -2 Correction of contribution to Price Difference Payment Fund for the previous period Change of actuarial provision 0 -1 0 -14 0 -1 0 -12 0 -2 0 -2 Adj. of compensations for electricity for previous period 0 452 Write-off of debt 2 0 LTC compensations 5 4 Release of provision for one-time benefit related to NABE carve-out Writed-down of receivables from PKP Cargo 0 -6 EBITDA recurring 402 382 182 79 212 484 207 153 1 300 1 142 295 286 283 -129 6 6
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One-off items in the operating segments 9M 2025 Renewables Gas-fired Generation Coal Energy District Heating Distribution Energy Railway Services Supply (PLN m) 9M 2025 9M 2024 9M 2025 9M 2024 9M 2025 9M 2024 9M 2025 9M 2024 9M 2025 9M 2024 9M 2025 9M 2024 9M 2025 9M 2024 EBITDA reported 1 370 1 028 405 40 275 -214 1 478 927 3 924 3 362 970 725 1 547 1 625 Change y/y 342 365 489 551 562 245 -78 One-off events, including: -1 0 0 0 -325 -23 27 -2 0 0 18 -120 11 452 Provision for restructuring of Dolna Odra power plant -233 0 Write-off of strategic inventories -135 0 Change of reclamation provision -77 -21 -2 1 Voluntary Leave Program -64 -2 Correction of contribution to Price Difference Payment Fund for the previous period 5 0 -28 0 Change of actuarial provision -1 0 -8 0 -1 0 -8 0 -1 0 -1 0 Adj. of compensations for electricity for previous period 8 0 19 0 38 452 Write-off of debt 2 0 LTC compensations 30 -3 Release of provision for one-time benefit related to NABE carve-out 187 0 Writed-down of receivables from PKP Cargo 0 -120 EBITDA recurring 1 371 1 028 405 40 600 -191 1 451 929 3 924 3 362 952 845 1 536 1 173 7 7
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8 Estimated CAPEX, net debt and EPS [PLN m] Q3 2025 Q3 2024 y/y 9M 2025 9M 2024 y/y Consolidated recurring net profit (loss) 993 744 33% 2 852 2 671 7% Consolidated net result to equity 552 728 -24% -6 638 2 746 - Calculation of net result to equity ex. Impairments Assets impairment (pre-tax)* -201 -32 - -9 298 -134 - Assets impairment (after tax)* -196 -26 - -9 213 -109 - Consolidated net result to equity – ex. Impairments* 748 754 -1% 2 575 2 855 -10% Earnings per share [PLN] 0.25 0.32 -22% -2.96 1.22 - Earnings per share – ex. Impairment 0.33 0.34 -3% 1.15 1.27 -9% CAPEX** 2 666 2 580 3% 7 580 7 225 5% [PLN m] 30.09.2025 30.06.2025 q/q 30.09.2025 30.09.2024*** y/y Net economic financial debt*** 15 506 14 650 856 15 506 19 021 -3 515 Net debt*** 368 -992 1 360 368 2 961 -2 593 *Impairment of Property, Plant and Equipment, Intangible Assets, Right-of-Use Assets, of PLN 9.2bn. It does not take into account the decrease in the value of deferred tax assets in the amount of PLN 2.5bn, which affects the net result. ** Capital expenditures and increases in Right-of-Use Assets, accrual basis *** Previous periods adjusted for comparability with regard to IFRS 16 Leases. IFRS 16 Leases recognised in economic net debt, not recognised in net debt, in accordance with the rules for calculating credit covenants.
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9 Drivers of interim results Key factors that influenced recurring y/y results dynamics: Q3 2025 9M 2025 EBITDA recurring higher by 20% y/y + CO2 emission cost lower by approx. PLN 1.00 bn, mainly as a result of lower CO2 price by approx. 53 PLN/ tonne + Result on sales of electricity to final off-takers in Supply segment, approx. PLN 0.60 bn, (adjusted by non-cash cost of estimated energy balance settled between Distribution and Supply segments) + Higher revenues from ancillary services and capacity market by approx. PLN 0.15 bn, mainly in Renewables and Gas-fired Generation segments + Lower cost of production fuels by approx. PLN 0.10 bn, mainly lower price of hard coal at lower volumes of consumption + Higher result on distribution services in Distribution segment (adjusted by non-cash cost of estimated energy balance settled between Distribution and Supply segments) approx. PLN 0.10 bn, mainly effect of higher WACC and RAB + Result on distribution services, electricity sales and other sevices in business segment of Energy Railway Services, approx. PLN 0.05 bn - Lower net revenues from sale of electricity in Coal Energy, District Heating and Gas-fired Generation segments (lower electricity price by approx. 95 PLN/MWh y/y, lower production volume by 0.6 TWh y/y), approx. PLN 1.50 bn - Effect of the change in balance of provision in Supply segment (mainly effect of provision for onerous contracts released in Q3 2024), approx. PLN 0.15 bn EBITDA recurring higher by 45% y/y + CO2 emission cost lower by approx. PLN 3.40 bn, mainly as a result of lower CO2 price by approx. 67 PLN/ tonne + Result on sales of electricity to final off-takers in Supply segment, approx. PLN 1.30 bn, (adjusted by non-cash cost of estimated energy balance settled between Distribution and Supply segments) + Higher revenues from ancillary services and capacity market by approx. PLN 1.05 bn, mainly in Renewables, Gas-fired Generation and Coal Energy segments + Lower cost of production fuels by approx. PLN 0.50 bn, mainly lower price of hard coal at lower volume of consumption + Higher result on distribution services in Distribution segment (adjusted by non-cash cost of estimated energy balance settled between Distribution and Supply segments) approx. PLN 0.40 bn, mainly effect of higher WACC and RAB + Higher revenues from sales of heat, approx. PLN 0.30 bn, as a result of higher price and increase in volume + Result on distribution services, electricity sales and other sevices in business segment of Energy Railway Services, approx. PLN 0.20 bn - Lower net revenues from sale of electricity in Coal Energy, District Heating and Gas-fired Generation segments (lower electricity price by approx. 80 PLN/MWh y/y, lower production volume by 0.3 TWh y/y), approx. PLN 3.40 bn - Effect of the change in balance of provision in Supply segment (mainly effect of provision for onerous contracts released in 9M 2024), approx. PLN 0.50 bn - Personnel cost higher by approx. PLN 0.25 bn 9
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10 Drivers of interim results Key factors that influenced y/y reported results dynamics: Q3 2025 9M 2025 EBITDA recurring higher by PLN 503 m y/y - Negative impact of balance of one-off events PLN -317 m y/y, including mainly negative effects of change in the balance of adj. of compensation for electricity for previous period PLN - 452 m y/y and provision for restructuring of Dolna Odra power plant PLN -233 m y/y and positive effect of change in the balance of reclamation provision PLN +412 m y/y EBITDA reported higher by PLN 186 m y/y EBITDA recurring higher by PLN 3 269 m y/y - Negative impact of balance of one-off events PLN -577 m y/y, including mainly negative effects of change in the balance of adj. of compensation for electricity for previous period PLN -387 m y/y and provision for restructuring of Dolna Odra power plant PLN -233 m y/y. EBITDA reported higher by PLN 2 692 m y/y
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Paweł Bujnowski Director, IR and ESG pawel.bujnowski@gkpge.pl Mob: +48 887 663 402 Stanisław Ozga CFAKrzysztof Dragan krzysztof.dragan@gkpge.pl Mob: +48 601 334 290 stanislaw.ozga@gkpge.pl Mob: +48 887 171 324 Investor Relations contacts 11
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Thank you