Polenergia S.a. · GPW:PEP
Polenergia — H1 2026 Earnings Presentation
48 slides from Polenergia's earnings presentation, Oct 1, 2026
Slide 1: Financial results for H1 2026
POLENERGIA GROUP Financial results for H1 2026 Polenergia © 2026
Slide 2: Agenda
Agenda 01 Financial results – H1 2026 02 Key events and the status of strategic projects 03 Summary of key operational parameters 04 Financial results of Q2 and H1 2026 05 Detailed results of the segments 06 Non-financial results. Status of the Group´s Strategy implementation
Slide 3: Polenergia S.A. Management Board
Polenergia S.A. Management Board ADAM PURWIN FILIP WOJCIECHOWSKI PIOTR SUJECKI President of the Management Board (CEO) 1st Vice President (CDO) 2nd Vice President (CFO) Polenergia S.A. Management Board 3
Slide 4: Financial results H1 2026
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Slide 5: Financial results H1 2026
Financial results H1 2026 PLN 1,752.5 million PLN 214.0 million PLN 226.9 million PLN 10.8 million Revenues with Trading segment EBITDA Adjusted EBITDA Adjusted net profit Financial results 5
Slide 6: Key events and the status of strategic projects
Key events and the status of strategic projects 6
Slide 7: Wind and photovoltaic farms remain a pillar of the Group
Wind and photovoltaic farms remain a pillar of the Group, with 642 MW of installed RES capacity and a portfolio of 1,931 MW of onshore projects and approximately 0.9 MW in BESS 3 3 000 wind projects MW1 in the Baltic Sea 13 493 onshore wind MW 2 3 farms 7 149 photovoltaic MWp farms Key events and th
Slide 8: Bałtyk 2 and Bałtyk 3 at an advanced stage of implementation
Bałtyk 2 and Bałtyk 3 at an advanced stage of implementation of key contracts… The Group's carrying value of Bałtyk 2&3 projects (in million PLN): 2,720 2,663 -57 January ’26 Share of the project's net income June ’26 Debt incurred at the 100% joint venture level: PLN 9.4 billion1 Expected annual pr
Slide 9: Visible progress in offshore installation work
…and visible progress in offshore installation work, performed in accordance with key milestones, accelerating the pace of Poland’s energy transition Progress in Q2 2026 is on schedule: In 2026, we entered an advanced stage of offshore work, and the first power is expected to be delivered in 2027 •
Slide 10: Bałtyk 1, third project of the Norwegian-Polish partnership
Bałtyk 1, the third project of the Norwegian-Polish partnership of the planned capacity up to 1,56 GW, is the largest offshore wind project in the Polish part of the Baltic Sea… The Group's carrying value of Bałtyk 1 project (in million PLN): 215,163 215,167 0,004 January’26 Share of the project's n
Slide 11: Bałtyk 1 remained in development phase in H1 2026
…following the successful bid for offshore wind farms in 2025 the project remained in the development phase in H1 2026, focusing on further optimizing the technical solution, analyzing the data from the seabed survey data and continuing key administrative procedures Progress in Q2 2026: Following th
Slide 12: Tulcea district wind farms project in Romania
In Tulcea district, one of Romania’s windiest regions, Polenergia is developing a wind farms project with a capacity of up to 685.6 MW, a project on a scale comparable to the Group’s entire onshore business in Poland… Up to 685.6 MW - project capacity under connection conditions Tulcea region - one
Slide 13: Building permits by mid-2027, final investment decision in 2027
…with the goal of obtaining building permits no later than mid-2027 and being ready to make a final investment decision in 2027 Progress in Q2 2026: In 2026, we are focusing on securing the cable route, to be ready for the final investment decision process in 20271 • Development work continued aimed
Slide 14: Onshore wind, solar and energy storage development
Polenergia is steadily strengthening its position in the RES sector by developing onshore wind projects, solar projects, and energy storage facilities Operating assets: Number of projects and capacity installed and in development (MW): Assets in development: 13 1 14 28 Up to 1,021 MW | onshore wind
Slide 15: 83% of planned 2027 energy production secured
At the same time, securing 83% of the planned energy production for 2027 strengthens revenue stability and increases the predictability of operating results 408 PLN/MWh Estimated hedged average selling price of electricity 83% in 2027 at profile cost1 63% 57% 57% 54% 63% 17% 17% 15% 42% 40% 40% 39%
Slide 16: Summary of key operational parameters
Summary of key operational parameters 16
Slide 17: Lower productivity of onshore wind farms in Q2 2026
Lower productivity of onshore wind farms in Q2 2026 Production of wind farms (GWh) and productivity (%) Average fixed operating cost per MW in offshore wind farms Average revenues per MWh (after balancing and profiling (kPLN/MW/year)1 costs) at the Group level (PLN/MWh) Quarterly data +3% Electricit
Slide 18: 15% increase in PV energy production
15% increase in energy production from PV due to the commissioning of Szprotawa I and II farms (67MW)1 Production of photovoltaic farms GWh Average fixed operating cost per MW in photovoltaic farms Average revenues per MWh (after balancing and profiling and productivity (%) (kPLN/MW/year)2 costs) at
Slide 19: Most projects exceed market average productivity
Most of our projects achieve average productivity that exceeds the market average Lower productivity in Q2 2026 compared to Q2 2025, due to less favorable wind conditions -16% 677,5 Production (net) YTD 180,9 569,6 146,8 YTD Productivity (%) YTD Production (GWh) 68,3 61,1 72,1 66,3 58,8 62,3 55,9 40
Slide 20: Capacity factor (%)
The periodic drops in wind speed observed are part of the natural variability of weather conditions and do not indicate a risk that this situation will persist in the long term 0,5 0,4 Capacity factor (%) 0,3 0,2 0,1 0,0 I II III IV V VI VII VIII IX X XI XII Month 2024 2025 2026 Średnia 2021-2025 ➢
Slide 21: Key operating metrics for the distribution segment
Key operating metrics for the distribution segment Distribution – sales and distribution of electricity (GWh) Quarterly data Data YTD +3% +1% 160 155 77 78 +10% +9% 62 28 56 26 Electricity Sales (GWh) Electricity Distribution (GWh) Electricity Sales (GWh) Electricity Distribution (GWh) Q2 2025 Q2 20
Slide 22: Financial Results of Q2 and H1 2026
Financial Results of Q2 and H1 2026 22 26
Slide 23: Financial results of H1 2026 and Q2 2026
Financial results of H1 2026 and Q2 2025 Revenues (without Trading segment) (million PLN) EBITDA (million PLN) Adjusted Net Profit (million PLN) Quarterly data 71.5 m Adjusted EBITDA -21% -48.4 -42% -695% -62.9 -4.7 0.7 234.7 151.0 186.3 -4.0 88.1 Q2 2025 Q2 2026 Data YTD 226.9 million Adjusted EBIT
Slide 24: EBITDA structure – Q2 2026 compared to Q2 2025
EBITDA structure – Q2 2026 compared to Q2 2025 EBIDTA structure in Q2 2026 (million PLN) -39.8 m -1.8m -2.9m -5.8m -5.6m -6.9 m 71.5 m Adjusted EBITDA 6.0 (0.3) 10.3 (26.5) 87.8 10.8 88.1 Onshore wind farms Photovoltaics Gas and clean fuels Trading and sale DIstribution Head Office and non-allocated
Slide 25: EBITDA structure – H1 2026 compared to H1 2025
EBITDA structure – 6 months 2026 compared to 6 months of 2025 EBIDTA structure in 2026 (million PLN) -70.9 m -1.6 m +0.4 m -4.7 m -8.4 m -13.7m 226.9 m Adjusted EBITDA 16.5 32.6 (47.8) 214.0 193.8 4.7 14.2 Onshore wind farms Photovoltaics Gas and clean fuels Trading and sale DIstribution Head Office
Slide 26: Polenergia Group cash flow
Polenergia Group cash flow Group cash flow in Q2 2026 Q2 2026: • Cash flow from investment activities: Capital expenditures incurred on wind farm and photovoltaic power projects (-23.1 million), in particular for the construction of the Rajkowy PV project, capital 88.1 1.0 (5.3) expenditures in Dist
Slide 27: Debt structure as at 30 June 2026
Debt structure of Polenergia Group as at 30 June 2026 Gross debt Debt structure Debt structure (million PLN) by segment - interest rate hedging 2,952 2,936 PLN 2,936 million 874 7% 927 35% 80% 82% 81% 83% 83% 525 79% 532 82% 82% 86% 88% 1,553 1,478 51% 7% 21% 20% 18% 18% 18% 19% 17% 17% 14% 12% 31.1
Slide 28: Strong position of the Group liquidity
PLN 1 946 million - strong position of the Group liquidity Liquidity position of Polenergia Group (million PLN) Comment 1,948 Strong liquidity position of the Group Cash as at June 2026 • Financial security is a priority for us - we ensure an adequate safety buffer 190 ∑: PLN 4,591 million for the G
Slide 29: Detailed results of the segments
Detailed results of the segments 29 26
Slide 30: Onshore wind farms - Q2
Onshore wind farms - Q2 EBITDA build-up (million PLN) Comment: 102.8 4.9 • In Q2 2026, the wind farm segment achieved EBITDA that was PLN 39.8 million (24.9) 87.8 5.0 lower than in Q2 2025. • The decline was primarily due to lower energy production volumes resulting from less favorable wind conditio
Slide 31: Onshore wind farms - YTD
Onshore wind farms - YTD EBITDA build-up (million PLN) Comment: 225.2 10.8 (49.2) • In H1 2026, the wind farm segment achieved EBITDA that was PLN 70.9 million lower 193.8 7.0 than in H1 2025. • This decline was primarily due to lower electricity production volumes, compounded by the negative impact
Slide 32: Photovoltaics - Q2
Photovoltaics - Q2 EBITDA build-up (million PLN) Comment: 14.4 • Segment EBITDA result in Q2 In 2026, the figure was PLN 1.8 million lower year- (3.8) 10.8 over-year, mainly due to lower electricity selling prices resulting from the expiration 0.2 of a favorable price hedge for one of the projects.
Slide 33: Photovoltaic - YTD
Photovoltaic - YTD EBITDA build-up (million PLN) Comment: 21,6 • The segment’s EBITDA in 2026 was PLN 1.6 million lower than in the same period of 2025, mainly due to lower electricity selling prices resulting from the expiration of a (7,0) 14,2 favorable price hedge for one of the projects, which h
Slide 34: Trading and Sales - Q2
Trading and Sales - Q2 EBITDA build-up (million PLN) Comment: The decline in EBITDA in the Trading and Sales segment was due to: 0.9 1.2 3.2 • lower margins on trading and business service, primarily on speculative trading 0.6 0.0 0.0 (11.0) in green certificates, due to a significant decline in mar
Slide 35: Trading and Sales - YTD
Trading and Sales - YTD EBITDA build-up (million PLN) Comment: The decline in EBITDA in the Trading and Sales segment was due to: 4.8 (2.5) • lower result of on energy sales, resulting, – among other things, from the 9.6 (21.3) discontinuation of operations in the B2C sales segment and the terminati
Slide 36: Distribution - Q2
Distribution - Q2 EBITDA build-up (million PLN) Comment: (6.2) • In Q2 2026, the distribution segment reported an EBITDA that was PLN 5.6 million lower than in the same period of the previous year, which was mainly due to a lower 11.6 margin on energy sales—mainly as a result of lower sales prices—a
Slide 37: Distribution - YTD
Distribution - YTD EBITDA build-up (million PLN) Comment: • The distribution segment reported an 8.4 million PLN decline in EBITDA (11.0) compared to the same period last year, which is mainly due to a lower margin on 22.8 (3.3) 16.5 electricity sales compared to the same period in 2025, mainly as a
Slide 38: Non-financial results. Status of the Group's Strategy implementation
Non-financial results Status of the Group’s Strategy implementation 38
Slide 39: ESG: Summary of key events (1/3)
ESG: Summary of key events (1/3) E - ENVIRONMENT • Rajkowy Photovoltaic Farm (35 MWp) – current status: under construction. • The Bałtyk 2 and Bałtyk 3 offshore wind farm projects – developed by Polenergia and Equinor- current status: under construction. • Additional annual monitoring of birds of pr
Slide 40: ESG: Summary of key events (2/3)
ESG: Summary of key events (2/3) S - SOCIETY • Implementation of the Polenergia Group’s Social Engagement Policy (1% of consolidated net profit allocated to social initiatives): In Q1, 46 donation agreements were signed for a total of PLN 1,591,316.15). Thanks to this support, 219 projects were comp
Slide 41: ESG: Summary of key events (3/3)
ESG: Summary of key events (3/3) G - CORPORATE GOVERNANCE • The Polenergia Group ranks in the top 35% of all companies evaluated by EcoVadis - Polenergia was awarded the EcoVadis Bronze Medal. • Work on the sustainable procurement policy is currently in progress. • Work is currently underway to esta
Slide 42: Group strategy for 2025 - 2030
Group strategy for 2025 - 2030 | Taking advantage of new market opportunities and mitigating risks ➢ Priority: Development of offshore wind farms: Bałtyk 1, 2 i 3 up to 3 GW capacity to power more than 4 million households with green energy,. Generation capacity growth to 1.5 GW in 20301. ➢ Consiste
Slide 43: Progress of the Group's strategy implementation (1/3)
Progress of the Group´s strategy implementation (1/3) Progress on the Bałtyk 2 and 3 projects is on schedule: Bałtyk 2 and Bałtyk 3 projects (total planned capacity of approx. 1.4 GW): • The Group is jointly developing the Bałtyk II and Bałtyk III offshore wind projects with a partner, with a total
Slide 44: Progress of the Group's strategy implementation (2/3)
Progress of the Group´s strategy implementation (2/3) 493 MW of wind farms and 149 MWp of photovoltaic farms in operation: • The Group has a strong operational base in the onshore wind farm segment, operating assets with a total capacity of 493 MW. • In the area of new projects, the Group is expandi
Slide 45: Progress of the Group's strategy implementation (3/3)
Progress of the Group´s strategy implementation (3/3) The Group is developing a sales model based on long-term PPA and CfD contracts and is working to secure new connection projects in the Distribution segment • Polenergia Dystrybucja • Received a decision from the President of the Energy Regulatory
Slide 46: Appendices
Appendices 46
Slide 47: Glossary of abbreviations
Glossary of abbreviations Term Definition Net electricity Revenue from sales of electricity less cost of balancing and profile. EBITDA Gross profit minus financial income plus financial costs plus depreciation plus impairment loss on non-financial fixed assets (including goodwill). RAB Regulatory as
Slide 48: Thank you
THANK YOU Polenergia S.A. ul. Krucza 24/26 00- 526 Warsaw Tel.: +48 22 522 3974 e-mail: [email protected] Polenergia © 2026 49