Slides
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TAURON Group’s H1 2025 Financial Results September 17, 2025
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Strategia Grupy TAURON 2025 - 2035 Presentation Agenda Grzegorz Lot President of the Management Board Podsumowanie I półrocza 2025 r. …………………..… Piotr Gołębiowski Vice President of the Management Board for Trade Situation on the energy market Generation and supply portfolio Sales offering Capacity market auctions Michał Orłowski Vice President of the Management Board for Asset Management and Development Investment projects and CAPEX Status of priorities and strategic options Development of RES Barbara Hanczarek Vice President of the Management Board for Finance at TAURON Dystrybucja Distribution tariff Infrastructure and investments Customer, distribution rates Krzysztof Surma Vice President of the Management Board for Finance Financial results Debt and financing 2025 outlook update
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Strategia Grupy TAURON 2025 - 2035 #wedeliver
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Strategia Grupy TAURON 2025 - 2035 Situation on the energy market Key system data Share of RES in National Power System 23.96 TWh +0.38 TWh /+1.6% vs H1 2024 Cross border exchange balance -1.11 TWh - 3.23 TWh vs H1 2024 Share of coal-based production in National Power System 51.53 TWh -0.72 TWh / -1.4% vs H1 2024 Domestic electricity consumption 83.31 TWh -2 TWh / -2.36% vs H1 2024 • Rising daily SPOT and RB price amplitudes • Increase in installed PV capacity • Rising number of hours with negative electricity prices (265 h vs. 56 h) • Rising CDS (cost of coal -26%, increase of EUAs +11%, electricity +14%) • Lower outdoor average temperatures by 17% (8.1oC vs. 9.9oC) RTT prices vs SPOT prices, PLN/MWhKey Business Drivers: Redispatching by PSE (TSO) 797 GWh + 253 GWh / +46% vs H1 2024 0 100 200 300 400 500 600 700 800 900 1000 1100 2023 2024 2025 [PLN/MWh] SPOT BASE_Y-25 BASE_Y-26 BASE_Y-25: 450 PLN/MWh BASE_Y-26: 465 PLN/MWh SPOT H1 427 PLN/MWh BASE_Y-26: 425 PLN/MWh BASE_Y-25: 612 PLN/MWh BASE_Y-26: 585 PLN/MWh
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Strategia Grupy TAURON 2025 - 2035 Generation portfolio Key data 89,5% 96,4% 99,2% 75,8% 90,9% EW FW PV TW TC +5 p.p. -0,5 p.p. +0,3 p.p. -7 p.p. -2 p.p. Net electricity production 5.47 TWh +10% vs H1 2024 Heat production 6.33 PJ +13% vs H1 2024 Emissions of CO2 4.57 Mg m +13% vs H1 2024 Coal consumption 2.3 Mg m +11% vs H1 2024 RES share in net production 16.2 % +38 GWh vs. H1 2024 3,3 4,35,5 28 8,8 32,3 H1 2024 H1 2025 self-constraints redispatching RES volume not produced +267% +408% +31% • CDS increase (for the 200 MW units CDS still negative) • Rising daily SPOT and RB price amplitudes • Weaker winds by 12% along with low outdoor temperatures • Unfavorable hydrological conditions –lower level of water inflows by 27% on average • Redispatching – TAURON’s share: 0.5% in the National Power System • Increase in self-restraint in renewable energy production by 408% • Balancing capacity market Net electricity production, TWh Dispatchability of the generating units RES production constraints, GWh Key Business Drivers: 5,47 TWh/ +10% 4,58/+11% 0,10 / +37% 0,14 /-36% 0,60/+14% 0,05 /+41% 0,89 /+5% jednostki konwencjonalne biomasa woda wiatr PV
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Strategia Grupy TAURON 2025 - 2035 Supply portfolio Key data Key Business Drivers: Electricity supply 12.5 TWh - 9% vs H1 2024 Level of electricity supply greening 14.3 % +1,1 p.p. vs H12024 Number of Nowa Energia’s customers 218 842 Power intake points +218 341 vs H1 2024 Electricity fed into the grid by the Prosumer (feed-in energy) 1.24 TWh +12% vs H1 2024 • Rising sales of the Nowa Energia product • New product development: Cheap hours, Dynamic tariffs • Introduction of a simplified invoice • Continued price freeze • Rising share of the green energy in the supply volume • Rising share of the PPA contracts • Rising daily SPOT and RB price amplitudes 0,98 0,91 0,26 0,20 H1 2025 H1 2024 net metering net billing +8% +30% +12% 1,11 1,24 Electricity fed into the grid by prosumers (feed-in energy), TWh Average price of electricity in products, PLN/MWh Average electricity price under the dynamic tariff in H1 2025: 416.65 PLN/MWh Heat supply 8.51 PJ +12% vs H1 2024 505 632 501 612 417 299 386 285 Jan 25 Feb 25 Mar 25 Apr 25 May 25 Jun 25 Average statutory price Average G11 tariff price Average price of Dynamic Prices product
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Strategia Grupy TAURON 2025 - 2035 Sales offer Possibility to actively impact the level of electricity bills DYNAMIC PRICES OFFERED SINCE JULY 2024 Possibility to reduce prices through a dynamic electricity consumption management Prices dependent on the Day- Ahead Market of the Polish Power Exchange Price list for an indefinite period Lowest average settlement (clearing) price 285 PLN/MWh (June) Trading fee: 0 PLN/month CHEAP HOURS OFFERED SINCE JULY 2025 For those who are able to change their habits Safe alternative to dynamic pricing 4 000 hours with the electricity price lower than the frozen price (dedicated G13s group) Fixed price guarantee for 1 year Net rates from 170 PLN/MWh VARIABLE DISTRIBUTION G14 DYNAMIC OFFERED SINCE JANUARY 2025 For those who actively manage their energy consumption Dedicated group G14dynamic Price is dependent on the Energy Compass readings Price list for an indefinite period Lowest average settlement (clearing) price for the distribution 48.70 PLN/MWh net (June) Trading fee: 0 PLN/month For those who value safety and stability Long-term contract with a fixed price and electricity from in-house renewable energy sources Fixed price guarantee for a period from 5 to 9 years Electricity price close to the tarif price currently in force TAURON NOWA ENERGIA OFFERED SINCE JULY2024 Volume of electricity supplied: 4.7 TWh 260 000 customers Minimum price reached: 285 PLN/MWh 12 000 customers Possibilityto reduce charges by up to 80% Minimum price achieved: PLN 285/ MWh Possibility to reduce electricity bill by changing customer behavior by up to 20% Possibility to reduce electricity bill in the distribution part by 80%
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Strategia Grupy TAURON 2025 - 2035 Capacity market auctions Additional auctions for quarters of 2026 Supplementary auctions for H2 2025 Catch-up auction for 2029 Supplementary auction for 2026 March 27, 2025 May 15, 2025 July 17, 2025 September 11, 2025 388.05 / 37.24 / 37.25 / 487.00 PLN/kW/year 431.00 PLN/kW/year 534.09 PLN/kW/year 346.37 PLN/kW/year PLN 3.31 m PLN 41.2 m PLN 22.57 m PLN 543 m • Extension of the support period for the coal-fired units under the supplementary auctions for H2 2025-2028 • Catch-up auctions for 2029 Outlook: • Capacity auction for 2030 • Additional auctions for quarters of 2027-2030 • Further support for the coal-fired units beyond 2028 Total secured in 2025: PLN 610 m 1 814.79 MW 16 capacity market units 900,3 416,3 41,2 542,9 7,4 20,80,8 0,9 949,8 980,8 2025 2026 coal - main auctions coal - supplementary auctions RES other (gas, DSR) Revenue contracted under Capacity Market, PLN m Key data Key Business Drivers:
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Strategia Grupy TAURON 2025 - 2035 Distribution Segment - tariff * Capital expenditures agreed upon with the President of ERO WACC and Regulatory Asset Base [PLN m] Structure of regulated revenue [PLN m] 21 431 21 926 24 618 +2 502 -2 007 +3 233 -1 500 +1 170 -211 WRA 2023 Nakłady inwestycyjne 2023* Zmniejszenia 2023 WRA 2024 Nakłady inwestycyjne 2024* Zmniejszenia 2024 35% Nakładów inwestycyjnych 2025 35% Zmniejszeń 2025 WRA 2025 +2 692+495 WACC: 10,475%WACC: 8,506% WACC: 10,835% Increase of the regulated revenue by 6.6% Increase of the distribution rate by 3.1% Increase of the volume of electricity supply under tariffs by 2.3% 4 742 (37%) 5 242 (40%) 5 468 (39%) 4 886 (39%) 4 120 (32%) 4 282 (32%) 1 280 (10%) 1 358 (10%) 1 453 (10%) 1 823 (14%) 2 297 (18%) 2 667 (19%) 12 731 13 017 13 870 6 717 2023 tariff 2024 tariff 2025 tariff Tariff revenue - H1 2025 Fees paid to TSO Costs dependent on TD Depreciation Return on capital +10,5% +6,1% +26,0% -15,7% +4,3% +7,0% +16,1% +3,9% +2,2% +6,6%
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Strategia Grupy TAURON 2025 - 2035 Distribution Segment - infrastructure Capital expenditures [PLN m] Power lines: • 2 200 km of new power lines • 500 km of refurbished lines • increasing the length of the MV cable lines by 300 km (increase of the share of the cable lines to 41.6%) Substations: • 400 new substations • 119 refurbished substations Customer connections to the grid: • increase in RES capacity connected to the grid by 510.2 MW to 7.7 GW • increase in energy storage facilities’ capacity connected to the grid by 58.6 MW to 0.2 GW • connecting of 22 800 new customers to the grid Tangible effects in the first half of 2025 55 (5%) 111 (7%)94 (7%) 151 (9%) 485 (34%) 577 (37%) 758 (54%) 751 (47%) 1 400 1 590 H1 2024 H1. 2025 Connections to the distribution grid Expansion and refurbishment of the distribution grid AMIplus project Communications, IT, buildngs and transportation +60.6% +101.8% 13.6% +17.0% -0.9% Smart meters: • >2 million smart meters installed as of H1 2025 (34% Customers)
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Strategia Grupy TAURON 2025 - 2035 Key: A23 - consumer with contractual capacity of 7 700 kW and annual electricity supply of 32 000 MWh B23 - consumer with contractual capacity of 600 kW and annual electricity supply of 1 700 MW C21 - consumer with contractual capacity of 70 kW and annual electricity supply of 80 MW TAURON Dystrybucja with the lowest distribution rates in Poland The ratio of TAURON Dystrybucja’s rate to the average rate in Poland is between 86% and 99%. C11 - consumer with contractual capacity of 14 kW and annual electricity supply of 6 MWh G11 - consumer with annual electricity supply of 2 MW 168 235 574 540 497Average DSO rate [PLN/MWh] 99% 92% 86% 87% 91%TD’s rate vs. average DSO rate TD’s rate for typical consumers [PLN/MWh] A23 B23 G11C21 C11 166 217 495 470 453 Distribution Segment - Customer, rates
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Strategia Grupy TAURON 2025 - 2035 7,08 6,94 9,23 9,16 3,22 3,22 5,80 5,97 0,70 0,73 H1 2024 H1 2025 A Group B Group C2+C1+R+D Group G Group Other* -0,14 TWh; -2% -0,06 TWh; -1% 0,00 TWh; 0% 0,17 TWh; 3% 0,04 TWh; 5% -0,01 TWh; -0% 26,0226,03 * Neighbouring DSO and exports Electricity distribution 26.02 TWh 0.0% vs H1 2024 Reduction in electricity supply • Slowdown of activities in the manufacturing, automotive, steel, and mining industries • Use of the in-house generation sources by industrial customers • Slowdown of activities in the services sector Modernization of lighting and equipment • Replacing lighting with energy efficient alternatives • Installation of intelligent control systems • Optimizing energy consumption by devices An increase in the number of customers by approx. 56 000 Key Business Drivers: Distribution Segment - Customer, supply volumes
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Strategia Grupy TAURON 2025 - 2035 Revenue* EBITDA Net profit CAPEX (outlays) Net debt/EBITDA 17 299 4 224 2 055 2 283 1.5x PLN m PLN m PLN m PLN m -3% vs H1 2024 +20% vs H1 2024 +2 570 PLN m vs H1 2024 +23% vs H1 2024 -0.4x vs 30.06.2024 Financial results Comparable EBITDA [PLN m] Key H1 2025 data * revenue from sales and compensation payments ** Bloomberg consensus EBITDA PLN +437 m +12% vs consensus** ∆ vs consensus 3 534 3 431 4 009 4 224 578; +17% 103 12 203 Reported H1 2024 EBITDA VAT tax interpretation related to reduction of households' liabilities* Comparable H1 2024 EBITDA Change Comparable H1 2025 EBITDA Compensation paid out and acquirded Covering of tariff gap in G tariff Reported H1 2025 EBITDA
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Strategia Grupy TAURON 2025 - 2035 Individual segments’ H1 2025 results [PLN m] Distribution RES Generation Heat Supply and Wholesale Trading Other and exclusions** Revenue* 6 225 506 3 912 1 258 13 640 -8 242 EBITDA 2 497 318 506 189 577 137 EBIT 1 753 201 359 94 574 13 * revenue from sales and compensation payments ** items not included in the segments presented 5% 3% 17% 14% 5% 4%4% 12%10% 8% 59% 59% 3 534 4 224 H1 2024 H1 2025 Distribution RES Generation Ciepło Supply and Wholesale Trading +20% Individual segments’ contribution to EBITDA
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Strategia Grupy TAURON 2025 - 2035 3 534 4 224 418 350 23 -51 -37 -13 H1 2024 EBITDA Distribution RES Generation Heat Supply and wholesale trading Other and exclusions H1 2025 EBITDA PLN +690 m; +20% Change to individual segments’ H1 2025 EBITDA 279 higher margin on the distribution services as a consequence of RAB and WACC increases 179 positive impact of the settlement of the regulatory account OZE Heat Distribution 53 drop of margin on electricity sales mainly due to a decline of the electricity prices on the market 4 increase of electricity sales volume 51 higher margin on heat as a result of the higher volume of the transmitted heat 27 lower margin on electricity as a result of the market prices decline 326 higher margin on electricity as a result of the higher volume of electricity sold and higher revenue from balancing capacities 27 compensation due to a loss of opportunity as a result of the unit outages 17 higher margin on heat as a result of the decline of the generation costs Generation 97 + higher margin on electricity sales in the business segment - higher balancing costs in the household segment 103 obtained VAT tax interpretation regarding VAT in 2024 15 cost of the settlement related to the court dispute with Amon and Talia Supply and Wholesale Trading
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Strategia Grupy TAURON 2025 - 2035 18 707 14 325 10 276 10 796 14 084 14 473 17 273 49 519 35 -4 382 -1 662 -1 947 - 489 - 412 -1 158 -1 753 - 389 -2 800 Gross economic debt Future payments and settlements of CO2 Gross debt ECSW surety IFRS 16 leases Subiordinated bonds Cash Net debt Change Net debt Cash Subordinated bonds IFRS 16 leases ECSW surety Gross debt Valuation of NRP IFRS 13 / IAS 20 Gross debt excluding NRP valuation Future payments and settlement of CO2 Gross economic debt June 30, 2024. June 30, 2025 Debt and financing Debt structure [PLN m] PLN 6.2 billion Financing available as of June 30, 2025* Net debt/EBITDA as of June 30, 2025 = 1.5x *excluding the NRP funds
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Strategia Grupy TAURON 2025 - 2035 Own funds Debt financing PLN 50-60 billion Off-balance sheet instruments Equity partnerships Project finance PLN 10-20 billion Subsidy sources and preferential terms loans PLN 20-30 billion first project finance type of financing0.2 PLN bn amount of preferential terms loans and subsidies acquired thus far 16.9 PLN bn 100 PLN bn Sources of financing investment projects until 2035
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Strategia Grupy TAURON 2025 - 2035 CAPEX – per segment *Investment outlays do not include financial costs added to the capex and the consolidation adjustments Key investment projects implemented in H1 2025* Distribution: - Installing new grid connections (PLN 751 m) - Grid assets refurbishments and replacements (PLN 577 m) - AMIPlus (PLN 151 m) - Dispatcher Communications System (PLN 37 m) RES: - Construction of 3 wind farms with a total capacity of 234.2 MW (PLN 233 m) - Construction of 2 photovoltaic farms with a total capacity of 144 MW (PLN 109 m) - Refurbishment of hydro power plants (PLN 12 m) Generation: - Replacement and refurbishment, overhaul components, 910 MW unit (PLN 97 m) Heat: - Heat segment’s decarbonization projects (PLN 17 m) Supply and other: - IT investments at TAURON Obsługa Klienta (PLN 61 m) - Lighting maintenance and expansion (PLN 31 m) 134 (7%) 144 (6%) 53 (3%) 48 (2%) 40 (2%) 103 (5%) 232 (12%) 398 (17%) 1 400 (75%) 1 590 (70%) 1 859 2 283 H1 2024 H1 2025 Supply and other Heat Generation RES Distribution +14% +72% -9% +7% +158% +23%
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Strategia Grupy TAURON 2025 - 2035 Wind farms Capacity (MWe) Work progress Planned completion date FW Nowa Brzeźnica 19.6 88% Q4 2025 FW Sieradz 23.8 67% Q4 2025 FW Miejska Górka 190.8 33% H2 2027 234.2 Photovoltaic farms Capacity (MWe) Work progress Planned completion date PV Bałków 54 80% Q4 2025 PV Postomino 90 98% Q4 2025 144 403 MW in total Battery Energy Storage Systems (BESS) Capacity (MWe) Work progress Planned completion date BME Dąbie 4 8% Q1 2026 BME Przewóz 4 10% Q1 2026 BME Kuźnia Raciborska 6.9 5% Q1 2026 BME Proszówek 9.5 5% Q1 2026 24.4 RES projects under way (as of 30.06.2025)
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Strategia Grupy TAURON 2025 - 2035 Status of the priorities and strategic options 290 MW of new installed capacity in RES over the last 12 months Basic engineering design for ESP Rożnów II completed. Environmental permitting procedure and geological works design commenced Implementation of 4 BESS projects commenced Completion of the construction of a 216 MWt gas-fired peaking and backup units 187 MWt of P2H technology units with complex connection conditions Construction of 30 MWt in co-generation commenced Grid connection conditions for 1.4 GW OCGT units Grid connection conditions for 0.5 GW battery energy storage facilities A company has been set up and the location analysis for SMR units is under way PLN 133 million in subsidies for the construction of a 20 MW RFNBO hydrogen production plant in Jaworzno H2
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Strategia Grupy TAURON 2025 - 2035 48%16%36% *current portfolio of projects under in-house development, excluding RtB projects and including the capacity market auction won Installed capacities Projects under construction Ready-to-Build status projects / projects with a capacity market contract Gap to target 62%13%14%11% 57%40%3% 1.5 GW 0.4 GW 1.0 GW 1.0 GW 0.7 GW 2.2 GW 2030 target Projects under in-house development* Progress toward achieving the 2030 target Gap to target 0.7 GW 0.6 GW 0.4 GW Increase in installed capacity in renewable energy sources and energy storage facilities by 2030
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Strategia Grupy TAURON 2025 - 2035 19% 41% 17% 19% Securing of land is under way Land acquired Grid connection conditions acquired Construction permits being acquired 4% RtB projects 11% 28% 60% WF PV BESS Breakdown of projects by development stageBreakdown of projects by type of investment Breakdown of projects by possible implementation start date [GW] 3,6 0,4 2,1 0,8 Total 2025 2026-2027 2028-2029 0,2 >2030 ~ 3.6 GW ~ 3.6 GWRES projects under in-house development
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Strategia Grupy TAURON 2025 - 2035 Generation Distribution Rise of the distribution tariff by 3.1 percent in 2025 as a consequence of, among other things, an increase of WACC to 10.84 percent in 2025 and an increase of RAB to PLN 23.6 billion in 2025 and taking into account 35% (PLN 1 billion) of the value of the CAPEX* planned for 2025 = PLN 24.6 billion Positive year on year impact of the balance of the regulatory account Stable year on year revenue from the other distribution services Stable year on year volume of the distributed electricity Higher reported EBITDA year on year RES Decline of the electricity sales prices year on year – the result of the market situation Increase, year on year, in the volume of the production of electricity from RES - the result of commissioning new wind and photovoltaic farms in 2024 and 2025 Lower result on the sales of the property rights as a consequence of the decrease of the market prices of the RES property rights and the expiration of the support system for some wind farms Lower reported EBITDA year on year Increase of the margin on the sales of electricity coming from the coal assets Increase of the volume of electricity production from the conventional sources Lower expected margin on electricity buybacks due to stabilization of the electricity market prices Higher revenue from the capacity market and the new balancing services Higher reported EBITDA year on year Supply G tariff at a level to fully cover the costs and generate a positive margin Absence of regulations freezing electricity sales prices for local government units and SMEs Development of the PPAs and RES-based products (TAURON Nowa Energia) Volume of electricity supplied at a lower level year on year Higher reported EBITDA year on year CAPEX adjusted to the Group’s EBITDA and its financial position Group’s reported EBITDA CAPEX NET DEBT AND NET DEBT/EBITDA RATIO Heat Higher margin on the sales and transmission of heat as, among other things, a result of the new tariff, and the higher volume Decrease of the margin on the sales of electricity coming from the coal assets Absence of a one-off event resulting from the bankruptcy of Tameh Czech and its deconsolidation Stable reported EBITDA year on year 2025 outlook update
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Thank you for your attention
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Additional information
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Strategia Grupy TAURON 2025 - 2035 Revenue* EBITDA Net profit CAPEX (outlays) Net Debt/EBITDA 7 667 1 893 924 1 211 1.5x PLN m PLN m PLN m PLN m -6% vs Q2 2024 +15% vs Q2 2024 PLN +2 247 m vs Q2 2024 +20% vs Q2 2024 -0.4x vs 30.06.2024 * revenue from sales and compensation payments ** Bloomberg consensus Financial results Comparable EBITDA [PLN m] Key Q2 2025 data EBITDA +94 PLN m +5% vs consensus** ∆ vs consensus * revenue from sales and compensation payments 1 651 1 651 1 889 1 893 238; +14% 15 19 Reported Q2 2024 EBITDA Comparable Q2 2024 EBITDA Change Comparable Q2 2025 EBITDA Effect of G tariff's adjustment in 2024 Settlement with Amon and Talia Reported Q2 2025 EBITDA
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Strategia Grupy TAURON 2025 - 2035 Individual segments’ Q2 2025 results [PLN m] Distribution RES Generation Heat Supply and Wholesale Trading Other and exclusions** Revenue* 3 012 211 1 692 417 6 692 -4 357 EBITDA 1 271 138 211 66 129 78 EBIT 894 79 117 4 127 15 * revenue from sales and compensation payments ** items not included in the segments presented 6% 5% 21% 7% 2% 3% -1% 11% 8% 7% 64% 67% 1 651 1 893 Q2 2024 Q2 2025 Distribution RES Generation Heat Supply and Wholesalel Trading Other and exclusions +15% Individual segments’ contribution to EBITDA
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Strategia Grupy TAURON 2025 - 2035 1 651 1 893 207 220 35 -2 -212 -6 Q2 2024 EBITDA Distribution RES Generation Heat Supply and wholesale trading Other and exclusions Q2 2025 EBITDA PLN +242 m; +15% Change to individual segments’ Q2 2025 EBITDA 140 higher margin on the distribution service as a consequence of RAB and WACC increases 90 positive impact of the settlement of the regulatory account RES Heat Distribution 37 drop of margin on electricity sales mainly due to a decline of the electricity prices on the market 34 increase of electricity sales volume 29 higher margin on heat as a result of the higher volume of the transmitted heat 13 higher result of TAMEH 256 higher margin on electricity as a result of the higher margin on sales and higher revenue from balancing capacities Generation 168 -higher balancing costs in households segment + higher margin on electricity supply in business segment 15 cost of the settlement related to the court dispute with Amon and Talia Supply and Wholesale Trading
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Strategia Grupy TAURON 2025 - 2035 279 179 - 9 - 31 2 079 2 497 H1 2024 Margin on distribution service Regulatory account Distribution service volume Other H1 2025 6 194 6 225 2 079 2 497 1 389 1 753 H1 2024 H1 2025 Revenue from sales and compensation payments EBITDA EBIT Financial data [PLN m] 6,94 7,08 9,16 9,23 3,22 3,22 5,97 5,80 0,73 0,70 H1 2025 H1 2024 Group A Group B Group C2+C1+R+D Group G Other* Distribution Segment H1 2025 EBITDA change [PLN m] Electricity distribution [TWh] 26,03 26,02 * Neighboring DSO and exports Positive impact of the regulatory account Higher margin on the distribution service √ √Revenue: 1% EBITDA: 20% EBIT: 26%
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Strategia Grupy TAURON 2025 - 2035 140 90 - 5 - 17 1 064 1 271 Q2 2024 Margin on distribution service Regulatory account Distribution service volume Other Q2 2025 3 082 3 012 1 064 1 271 715 894 Q1 2024 Q2 2025 Revenue from sales and compensaion payments EBITDA EBIT Financial data [PLN m] 3,47 3,53 4,44 4,50 1,39 1,38 2,76 2,66 0,24 0,31 Q2 2025 Q2 2024 Group A Group B Group C2+C1+R+D Group G Other* Distribution Segment Q2 2025 EBITDA change [PLN m] Electricity distribution [TWh] 12,38 12,30 Neighboring DSO and exports Positive impact of the regulatory account Higher margin on the distribution service √ √ Revenue: 2% EBITDA: 19% EBIT: 25%
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Strategia Grupy TAURON 2025 - 2035 Distribution Segment key parameters 21,4 21,9 24,6 2023 2024 2025 Regulatory Asset Base [PLN bn] LTM – trailing 12 month period ended on June 30, 2025 91,2% 94,5% 82,5% 90,3% CRP gr. IV CRP gr. V New Grid Connection Installation Time[%] 2025 Target 2025 0,6 1,1 2,4 0,4 0,7 1,4 county cities other cities villages Frequency of Interruptions [number of interruptions/consumer] H1 2025 Target H1 2025 34,8 58,0 131,7 25,1 36,5 75,7 county cities other cities villages Interruption Duration [min/consumer] H1 2025 Target H1 2025
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Strategia Grupy TAURON 2025 - 2035 RES Segment H1 2025 512 506 369 318274 201 H1 2024 H1 2025 Sales revenue EBITDA EBIT • Decline of the electricity prices on the market EBITDA change [PLN m] Electricity production [TWh] Financial data [PLN m] 0,55 0,62 0,21 0,14 0,04 0,05 0,80 0,81 H1 2024 H1 2025 Photovoltaic farms Hydro power plants Wind farms 0 0 369 318 4 -53 -2 H1 2024 Margin on electricity Electricity volume Other H1 2025 • Higher volume of production by wind farms and photovoltaic farms as a result of commissioning new capacity • Lower volume of production by hydro power plants √Revenue: 1% EBITDA: 14% EBIT: 27% - -
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Strategia Grupy TAURON 2025 - 2035 RES Segment Q2 2025 220 211 140 138 92 79 Q2 2024 Q2 2025 Sales revenue EBITDA EBIT • Decline of the electricity prices on the market EBITDA change [PLN m] Electricity production [TWh] Financial data [PLN m] 0,22 0,28 0,08 0,070,03 0,040,33 0,39 Q2 2024 Q2 2025 Photovoltaic farms Hydro power plants Wind farms 0 0 140 138 34 8 -37 -7 Q2 2024 Margin on electricity Electricity volume Property rights Other Q2 2025 • Higher volume of production by wind farms and photovoltaic farms as a result of commissioning new capacity and better wind conditions • Lower volume of production by hydro power plants √Revenue: 4% EBITDA: 1% EBIT: 14% - -
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Strategia Grupy TAURON 2025 - 2035 Generation Segment H1 2025 EBITDA change [PLN m]Financial data [PLN m] 3 783 3 912 156 506 -1 494 359 H1 2024 H1 2025 Sales revenue EBITDA EBIT 156 506 326 17 8 27 -28 H1 2024 Margin on electricity Margin on heat Margin on combustion /mining by-products Compensation Other H1 2025 • Higher volume of electricity sold • Higher revenue from Balancing Capacities 4,11 4,57 1,69 1,77 H1 2024 H1 2025 Electricity Heat 0,01 0,00 0,22 0,18 H1 2024 H1 2025 Biomass High efficiency co-generation Biomass-fired and high efficiency cogeneration production [TWh] Gross production of non-renewable electricity [TWh] and heat [PJ] √ Revenue: 3% EBITDA: 224% EBIT: - √ • Increase of the CDS margin √
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Strategia Grupy TAURON 2025 - 2035 Generation Segment Q2 2025 EBITDA change [PLN m]Financial data [PLN m] 1 615 1 692 -9 211 -1 596 117 H2 2024 H2 2025 Sales revenue EBITDA EBIT -9 211 256 6 -42 Q2 2024 Margin on electricity Margin on heat Other Q2 2025 • Higher margin on electricity • Higher volume of electricity produced1,78 1,93 0,40 0,49 Q2 2024 Q2 2025 Electricity Heat 0,00 0,00 0,04 0,04 Q2 2024 Q2 2025 Biomass High efficiency co-generation Biomass-fired and high efficiency cogeneration production [TWh] Gross production of non-renewable electricity [TWh] and heat [PJ] √ Revenue: 5% EBITDA: - EBIT: - √ • Higher revenue from Balancing Capacities √
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Strategia Grupy TAURON 2025 - 2035 Heat Segment H1 2025 EBITDA change [PLN m]Financial data [PLN m] 1 215 1 258 166 189 -35 94 H1 2024 H1 2025 Revenue from sales and compensation payments EBITDA EBIT 166 189 51 -27 6 -7 H1 2024 Margin on heat Margin on electricity TAMEH's result Other H1 2025 • Higher margin on heat • Lower margin on electricity 0,40 0,44 0,07 0,110,47 0,55 0,43 High efficiency co- generation 0,48 High efficiency co- generation H1 2024 H1 2025 Non-renewable sources Biomass Gross electricity production [TWh] - √ Revenue: 4% EBITDA: 14% EBIT: - Heat production [PJ] 3,93 4,53 H1 2024 H1 2025 Heat • Higher volume of heat produced and transmitted √
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Strategia Grupy TAURON 2025 - 2035 Heat Segment Q2 2025 EBITDA change [PLN m]Financial data [PLN m] 358 417 31 66 -138 4 Q2 2024 Q2 2025 Revenue from sales and compensation payments EBITDA EBIT 31 66 29 -7 13 Q2 2024 Margin on heat Margin on electricity TAMEH's result Q2 2025 0,06 0,08 0,02 0,060,08 0,14 0,07high efficiency co- generation 0,09high efficiency co- generation Q2 2024 Q2 2025 Non-renewable sources Biomass Gross electricity production [TWh] Revenue: 16% EBITDA: 113% EBIT: - Heat production [PJ] 0,86 1,13 Q2 2024 Q2 2025 Heat • Higher margin on heat • Lower margin on electricity - √ • Higher volume of heat produced and transmitted √
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Strategia Grupy TAURON 2025 - 2035 Revenue: 0% EBITDA: -6% EBIT: -6% Supply and Wholesale Trading Segment H1 2025 13 580 13 640 614 577612 574 H1 2024 H1 2025 Revenue from sales and compensation payments EBITDA EBIT EBITDA change [PLN m] Retail electricity supply [TWh] Financial data [PLN m] Decline of electricity supply volume 614 577 97 - 103 - 15 - 16 577 H1 2024 VAT tax interpretation Margin on electricity Settlement with Amon and Talia Other H1 2025 1,67 1,67 3,13 3,64 1,35 1,67 5,17 5,16 1,50 1,44 12,82 13,58 H1 2025 H1 2024 Group A Group B Group C2+C1+R+D Group G Other Higher margin on electricity supply √ -
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Strategia Grupy TAURON 2025 - 2035 Revenue: 13% EBITDA: -63% EBIT: -62% Supply and Wholesale Trading Segment Q2 2025 5 921 6 692 341 129340 127 Q2 2024 Q2 2025 Revenue from sales and compensation payments EBITDA EBIT EBITDA change [PLN m] Retail electricity supply [TWh] Financial data [PLN m] Decline of electricity supply volume 341 129 - 168 - 16 - 4 - 15 - 9 Q2 2024 Margin on electricity Margin on gas Marguin on EUAs Settlement with Amon and Talia Other Q2 2025 0,77 0,82 1,49 1,75 0,53 0,65 2,38 2,33 0,62 0,59 5,79 6,15 Q2 2025 Q2 2024 Group A Group B Group C2+C1+R+D Group G Other Lower margin on electricity supply - - Resolution of the court dispute (settlement with Amon and Talia) -
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Strategia Grupy TAURON 2025 - 2035 2 095 1 001 2 877 623 2 136 446 839 364 289 193 198 969 195 336 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036-2040 2041-2045 2046-2049 Bonds Credits and loans NRP Debt - debt maturity Nominal debt maturity as of June 30, 2025 [PLN m] * including planned redemption of subordinated bonds worth PLN 750 million after the non- call period has elapsed ** taking into account the maximum maturity of the funds mobilized under the revolving bank loans **
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Strategia Grupy TAURON 2025 - 2035 * Źródła: Bloomberg, BNP Paribas, LSEG, Morgan Stanley, Rystard, Veyt, TAURON Electricity Platforms: TGE (PPX) 2024 2025 r. (actual + estimates) 2025/2024 Price [PLN/MWh] Volume [GWh] Price [PLN/MWh] Volume [GWh] Price [%] Volume [%] Forward BASE (Y+Q+M) 581.02 68 303 466.43 72 754 -19.7% 6.5% Forward PEAK (Y+Q+M) 654.61 6 078 490.84 7 407 -25.0% 21.9% Forward (weighted average) 587.04 74 381 468.69 80 161 -20.2% 7.8% SPOT (TGE) 415.42 49 094 422.75 49 678 1.8% 1.2% Weighted average total 518.80 123 474 451.11 129 839 -13.0% 5.2% Property rights (PLN/MWh) Certificate type Market prices (H1 2025 weighted average) Substitution fee and obligation for: 2024 2025 RES (PMOZE_A) 28.37 197.73 (5.0%) 60.28 (8.5%) RES from biogas plants (PMOZE_BIO) 301.95 300.03 (0.5%) 300.03 (0.5%) CO2 emission allowances (EUR/Mg) CO2 market analysts survey* Price [EUR/Mg] 2025 average 75.15 2026 average 91.08 2027 average. 108.7 2025 average price forecast by TAURON 71-73 Electricity market price trends
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Strategia Grupy TAURON 2025 - 2035 488,17 0 50 100 150 200 250 300 350 400 450 0 200 400 600 800 1 000 1 200 1 400 1 600 1 800 2 000 [GWh][PLN/MWh] BASE Y-25 Wolumen obrotu Notowania Średnia Average price [PLN/MWh] Volume [GWh] Total 488.17 46 323 Average electricity price that takes into account 2025 one -year BASE and PEAK contracts: 468.17 PLN/MWh, total 2025 BASE and PEAK contracts volume: 52 012 GWh. 2025 BASE contract prices
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Strategia Grupy TAURON 2025 - 2035 Average price [PLN/MWh] Volume [GWh] Total 447.51 20 095 Average electricity price that takes into account 2026 one -year BASE and PEAK contracts: 476.98 PLN/MWh, total 2026 BASE and PEAK contracts volume: 22 299 GWh (based on the data up to 30.06.2025 447,51 0 50 100 150 200 250 300 350 400 450 500 0 100 200 300 400 500 600 700 800 [GWh][PLN/MWh] BASE Y-26 Wolumen obrotu Notowania Średnia 2026 BASE contract prices
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Strategia Grupy TAURON 2025 - 2035 Average price [PLN/MWh] Volume [GWh] Total 436.17 4 949 Average electricity price that takes into account 2027 one -year BASE and PEAK contracts: 461.62 PLN/MWh, total 2027 BASE and PEAK contracts volume: 5 206 GWh (based on the data up to 30.06.2025 436,17 0 20 40 60 80 100 120 0 100 200 300 400 500 600 700 [GWh][PLN/MWh] BASE Y-27 Wolumen obrotu Notowania Średnia 2027 BASE contract prices
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Investor Relations Team Paweł Gaworzyński pawel.gaworzynski@tauron.pl tel. + 48 32 774 25 34 Maciej Sierpiński maciej.sierpinski@tauron.pl tel. + 48 798 897 385 Katarzyna Heinz katarzyna.heinz@tauron.pl tel. + 48 516 111 038 Magdalena Wilczek magdalena.wilczek@tauron.pl tel. + 48 723 600 894
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Legal disclaimer This presentation serves for information purposes only and should not be treated as investment-related advice. This presentation has been prepared by TAURON Polska Energia S.A. (“Company”). Neither the Company nor any of its subsidiaries shall be held accountable for any damage resulting from the use of this presentation or a part thereof, or its contents or in any other manner in connection with this presentation. The recipients of this presentation shall bear exclusive responsibility for their own analyses and market assessment as well as evaluation of the Company’s market position and its potential results in the future based on information contained in herein. To the extent this presentation contains forward-looking statements related to the future, in particular such terms as ”designed” , ”planned” ,”anticipated” ,or other similar expressions (including their negation), they shall be connected with the known and unknown risks, uncertainty and other factors which might result in actual results, financial situation, actions and achievements being materially different from any future results, actions or achievements expressed in such forward-looking statements. Neither the Company, nor any of its subsidiaries shall be obligated to provide the recipients of this presentation with any additional information or update this presentation.