Polenergia S.a. · GPW:PEP
Polenergia — Q1 2026 Earnings Presentation
45 slides from Polenergia's earnings presentation, May 2026
Slide 1: Polenergia Group Financial results for Q1 2026
POLENERGIA GROUP Financial results for Q1 2026 Polenergia © 2026
Slide 2: Agenda
Agenda 01 Financial results – Q1 2026 02 Key events and the status of strategic projects 03 Summary of key operational parameters 04 Financial results for Q1 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 Chairman of the Management 1st Vice President (CDO) 2nd Vice President (CFO) Board (CEO) Polenergia S.A. Management Board 3
Slide 4: Financial results Q1 2026
—*@ « Financial results Q1 2026 Ts ee
Slide 5: Financial results Q1 2026 headline figures
Financial results Q1 2026 PLN 924.9 million PLN 126.0 million PLN 155.4 million PLN 14.8 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: Long-term growth strategy based on large-scale strategic projects
We have been implementing a long-term growth strategy, primarily based on large- scale strategic projects in the Polish sector of the Baltic Sea and in Romania Bałtyk 1: winning bid for offshore wind PV and FW: projects will reach RtB farms in 2025 status between 2026 and 2030+ Bałtyk 2 & 3: first p
Slide 8: Bałtyk 2 and Bałtyk 3 at an advanced stage of development
Bałtyk 2 and Bałtyk 3 are at an advanced stage of development, having secured the largest project finance deal in the history of the Polish energy sector… The capital expenditures for Bałtyk 2 & 3 incurred to date [in million PLN] 1: 2 445 -6 960 1 490 December ’24 Capital increase ’25 Share in proj
Slide 9: Progress in offshore installation preparations
…with steady progress in preparations for the offshore installation, proceeding on schedule and within the budget, have been accelerating the pace of Poland’s energy transition In 2026, we entered an advanced stage of offshore work, Progress in Q1 2026 is on schedule: and the first power is expected
Slide 10: Bałtyk 1 largest offshore wind project in Polish Baltic
Bałtyk 1, the third project of the Norwegian-Polish partnership with a planned capacity of up to 1.56 GW, is the largest offshore wind project in the Polish part of the Baltic Sea… The capital expenditures for Bałtyk 1 incurred to date [in million PLN]1: 215 0,4 170 45 December ’24 Capital increase
Slide 11: Bałtyk 1 development phase in Q1 2026
…following the successful bid for offshore wind farms in 2025, the project remained in the development phase in Q1 2026, focusing on further optimizing the technical solution and continuing key administrative procedures Following the 2025 offshore wind farm auction: continuation Progress in Q1 2026:
Slide 12: Wind farm project development in Romania up to 685.6 MW
Wind farm project development in Romania of the total capacity up to 685.6 MW on the scale similar to Polenergia's entire onshore business in Poland... Up to 685.6 MW - project capacity under connection conditions Tulcea region – Building permits for the generation section up to 512 MW one of the wi
Slide 13: Romania: building permits by end of 2026, FID in 2027
…with the aim of obtaining building permits by the end of 2026 and being ready to make the final investment decision in 2027 In 2026, we are focusing on securing the cable route, Progress in Q1 2026: to be ready for making the final investment decision in 2027 • Development work is underway to obtai
Slide 14: Onshore wind, photovoltaics and storage portfolio
Polenergia has been consistently developing its renewable energy sources portfolio in onshore wind and photovoltaic farms and energy storage segment Operating assets: Number of projects and capacity installed and in development [MW]: Assets in development: 13 1 14 28 Up to 1 040 MW | onshore wind pr
Slide 15: Sales strategy based on long-term PPAs
Polenergia has been implementing a sales strategy based on long-term PPAs, providing customers with stable energy costs, reduced CO₂ emissions, and support for achieving ESG goals… Sales Strategy January 2026 Cost predictability We are stabilizing long- I term revenues We are creating value by Reput
Slide 16: 80% of 2027 production secured
…thanks to the implementation of a new sales strategy Polenergia has secured 80% of its production for 2027, thereby enhancing the stability and predictability of its business 402 PLN/MWh Estimated hedged average sales price of electricity 80% in 2027 at profile cost1 63% 57% 56% 54% 62% 17% 16% 15%
Slide 17: Summary of key operational parameters
Summary of key operational parameters 17
Slide 18: Lower productivity of onshore wind farms in Q1 2026
Lower productivity of onshore wind farms in Q1 2026 Production of onshore wind farms Average fixed operating cost per MW in onshore Average revenue per MWh (after balancing and profiling and productivity [%] wind farms [thous. PLN/MW/year] 1 costs) at the Group level [PLN/MWh] Quarterly data Electri
Slide 19: Increase in PV energy production
Increase in energy production from PV due to the commissioning of Szprotawa I and II farms (67MW) Production of onshore photovoltaic farms Average fixed operating cost per MW in photovoltaic farms Average revenue per MWh (after balancing and profiling and productivity [%] [thous. PLN/MW/year]1 costs
Slide 20: Productivity by wind farm
Our projects have achieved productivity levels comparable to the market Lower productivity in Q1 2026 compared to Q1 2025, due to less favorable wind conditions 362.6 Production (net) YTD 96.8 316.9 82.0 YTD Productivity (%) YTD Production (GWh) 36.4 35.2 39.3 33.3 33.7 30.3 22.1 31% 34.8 32.2 28.0
Slide 21: Natural variability of wind speed
The periodic drops in wind speed observed are part of the natural variability of atmospheric conditions and do not indicate a risk that this situation will persist in the long term 6 3.05 m/s average wind speed in 5 Poland from 2008 to 2024 4 3 2 1 2.95 m/s average wind speed in Poland in 2025 – YTD
Slide 22: Distribution and divestment of gas, clean fuels and prosumer PV
Key operating parameters related to distribution and the divestment of operations in the gas, clean fuels, and prosumer photovoltaics sectors Distribution – sales and distribution Exiting Gas and Clean Fuels segment Exiting prosumer photovoltaics segment Electricity [GWh] Quarterly data 161 78 64 30
Slide 23: Financial results Q1 2026
Financial results Q1 2026 23 26
Slide 24: Financial results Q1 2026
Financial results Q1 2026 Revenues (without Trading segment) [million PLN] EBITDA [million PLN] Adjusted Net Profit [million PLN] Quarterly data 155m Adjusted EBITDA -22% -35,9 -2% -5,5 -45,7 161,9 252,4 246,9 126,0 60,5 14,8 Q1 2025 Q1 2026 Q1 2025 Q1 2026 Q1 2025 Q1 2026 EBITDA change mainly due t
Slide 25: EBITDA structure Q1 2026 compared to Q1 2025
EBITDA structure – Q1 2026 compared to Q1 2025 EBIDTA structure in Q1 2026 [million PLN] 155m -31.1 m +0.2m +3.3m +1.1m -2.8m -6.7 m Adjusted EBITDA1 10,5 (21,2) 126,0 22,3 106,0 5,0 3,3 Onshore wind farms Photovoltaics Gas and clean fuels Trading and sale DIstribution Head Office and non-allocated
Slide 26: Polenergia Group cash flow
Polenergia Group cash flow • Cash flow from investment activities: Capital Group cash flow in Q1 2026 expenditures incurred on wind farm and solar power projects (-17.9 million), 17,2 in particular for the construction of the Rajkowy PV (43,0) (33,4) project, capital expenditures at Polenergia 22,0
Slide 27: Debt structure as at 31 March 2026
Debt structure of Polenergia Group as at 31 March 2026 Gross debt Debt structure Debt structure [million PLN] by segment - interest rate hedging 2 975 PLN 2 975 million 2 848 531 7% 1 656 1 010 35% 84% 80% 82% 81% 83% 79% 82% 82% 86% 88% 51% 1 435 1 192 7% 21% 18% 20% 18% 18% 19% 17% 16% 14% 12% 31.
Slide 28: Strong liquidity position of the Group
PLN 2 031 million - Strong liquidity position of the Group Liquidity position of Polenergia Group [million PLN] Comment 2 031 Strong liquidity position of the Group Cash as at March 2026 • Financial security is a priority for us - we ensure an adequate safety buffer 190 ∑: PLN 1 541 million for the
Slide 29: Detailed results of the segments
Detailed results of the segments 29 26
Slide 30: Onshore wind farms - Q1
Onshore wind farms - Q1 EBITDA build-up of [million PLN] Comment: 122,4 5,9 • In Q1 2026, the wind farm segment achieved EBITDA that was PLN 31.1 million lower (24,3) 106,0 2,0 than in Q1 2025. • The decline was primarily due to lower energy production volumes resulting from less favorable wind cond
Slide 31: Photovoltaics - Q1
Photovoltaics - Q1 EBITDA build-up of [million PLN] Comment: 7,2 • Segment EBITDA in Q1 In 2026, the figure was approximately PLN 0.2 million higher (3,2) y/y, mainly due to higher energy production in the PV segment. • The y/y increase in operating costs is due to the expansion of operations follow
Slide 32: Trading and Sales - Q1
Trading and Sales - Q1 EBITDA build-up of [million PLN] Comment: 3,6 (3,3) Increase in EBITDA due to: 6,4 (10,3) 4,7 22,3 • better performance in the operation of Elektrociepłownia Nowa Sarzyna – 1,6 0,0 greater scope for optimizing the plant’s operations under favorable market 12,5 conditions, 7,2
Slide 33: Distribution - Q1
Distribution - Q1 EBITDA build-up of [million PLN] Comment: • The distribution segment recorded EBITDA at the level by PLN 2.8 million lower (4,8) compared to the same period last year, mainly due to: 10,5 11,1 (0,4) • Lower margins on energy sales in Q1 2026, mainly due to lower energy sales prices
Slide 34: Non-financial results. Status of the Group's Strategy implementation
Non-financial results Status of the Group’s Strategy implementation 34
Slide 35: 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 prey
Slide 36: 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 402,260.00 (These donations made it possible to carry out 62
Slide 37: ESG: Summary of key events (3/3)
ESG: Summary of key events (3/3) G - CORPORATE GOVERNANCE • In March 2026, Polenergia published its fourth ESG Report: Consolidated Sustainability Report for the year ended 31 December 2025 – Polenergia S.A. Group • The ESG report received a positive opinion from the auditor: Independent Auditor's R
Slide 38: 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 Generation capacity growth1 to 1.5 GW in 2030 energy,. ➢ Consisten
Slide 39: Progress of the Group's strategy implementation (1/3)
Progress of the Group´s strategy implementation (1/3) Progress on the Baltic 2 and 3 projects is on schedule and within budget: 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 part
Slide 40: Progress of the Group's strategy implementation (2/3)
Progress of the Group´s strategy implementation (2/3) Over 2 GW of onshore renewable energy projects under development: • The Group operates onshore wind farms with a total capacity of 493 MW, ensuring a stable supply of renewable energy. • The Bądecz Wind Farm project (48.3 MW) won the 2024 RES auc
Slide 41: Progress of the Group's strategy implementation (3/3)
Progress of the Group´s strategy implementation (3/3) The Group is developing the sales model under long-term cPPAs and continuing implementing the IV investment plan for 2021-2026 in the Distribution segment • Polenergia Dystrybucja • Development of distribution networks based on the III and IV Inv
Slide 42: Appendices
Appendices 42
Slide 43: 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 44: Polenergia
Polenergia
Slide 45: 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 45