Polenergia S A : Over PLN 547 million of EBITDA and almost…

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• Over PLN 547 million of EBITDA and almost PLN 274 million of net profit. Polenergia Group publishes results for 2023

Over PLN 547 million of EBITDA and almost PLN 274 million of net profit. Polenergia Group publishes results for 2023

Polenergia published its financial report for 2023. The largest Polish private energy group achieved adjusted EBITDA PLN 547.6 million during this time. This result is PLN 193.3 million higher than in 2022. The net profit generated by Polenergia in 2023 is PLN 273.6 million. This is PLN 111.6 million more than in the same period last year. "Polenergia closes 2023 with record results, but this is only the beginning of our expansion. Our offshore projects will take the Group to a different level of development," says Jerzy Zań, President of the Management Board of Polenergia S.A.

The largest Polish private energy group has published a consolidated financial report for 2023. Last year, Polenergia achieved adjusted EBITDA of PLN 547.6 million, which represents a year-on-year increase of PLN 193.3 million. In the fourth quarter of last year, the Group's adjusted EBITDA amounted to PLN 127.8 million and was higher by PLN 17.8 million compared to the result in the same period of the previous year.

The strategy we have chosen brings results that we accept with great satisfaction. In the last 12 months, Polenergia launched three new wind farms, exceeding 0.5 GW of installed renewable energy capacity. We are on the eve of launching the largest photovoltaic farm in the company's history, and in Poland our portfolio of onshore projects under development reaches a total capacity of 2.1 GW. Polenergia closes 2023 with record results, but this is only the beginning of our expansion. Our offshore projects will take the Group to a different level of development.

Jerzy Zań

President of the Management Board of Polenergia S.A.

Polenergia's higher EBITDA result compared to the previous year is mainly due to a higher result in the onshore wind farm segment (by PLN 125.1 million), which is primarily a consequence of the start of production in the Dębsk, Kostomłoty, Piekło and Grabowo wind farms, high wind conditions in the fourth quarter of 2023 and higher sales prices of electricity and green certificates compared to prices in 2022.

A higher adjusted EBITDA result compared to the previous year's result was also recorded in the trading and sales segment (by PLN 90.3 million), which is mainly a consequence of higher results in the areas of energy trading from RES assets, RES aggregation, electricity trading and business services, and servicing the contract at Elektrociepłownia Nowa Sarzyna, belonging to the Polenergia Group.

In 2023, the Group's adjusted net profit amounted to PLN 273.6 million, which is an increase compared to the result in the same period last year by PLN 111.6 million. In the fourth quarter of 2023 alone, the Group's adjusted net profit amounted to PLN 59.9 million, which is an increase compared to the result in the corresponding period of 2022 by PLN 5.7 million.

Year by year, Polenergia plays an increasingly important role in the Polish energy transformation. In the coming months, our attention will turn to wind farms in the Baltic Sea. The construction of offshore wind farms will not only open a new chapter in the history of the Polish energy industry but will also be a huge development leap for Polenergia. The launch of three offshore wind projects in the Baltic Sea will open the door for our Group to be a leader in this area in this part of Europe.

Jerzy Zań

President of the Management Board of Polenergia S.A.

Sales revenues for 2023 amounted to PLN 5,615.4 million and were lower by PLN 1,473.8 million than the revenues for 2022. Lower revenues in this segment are mainly caused by a decrease in turnover and sales revenues (by PLN 1,652.4 million) and in the gas and clean fuels segment (by PLN 37 million). These declines were partially compensated by higher revenues in the onshore wind farm segment (by PLN 186.8 million) and distribution (by PLN 21.3 million).

In the fourth quarter of 2023, the Polenergia Group recorded a decrease in sales revenues by PLN 410.2 million compared to the revenues achieved in the same period of the previous year, which was due to lower sales revenues from the trading and sales segment (by PLN 416.3 million) and lower revenues in the gas and clean fuels segment (by PLN 68.4 million), partially offset by higher sales revenues in the onshore wind farm segment (by PLN 75.2 million).

The most important data from Polenergia's financial report for 2023:

• PLN 5.6 million- sales revenues in 2023

• PLN 547.6 million- adjusted EBITDA in 2023

• PLN 273.6 million- adjusted net profit in 2023

• 530 MW- capacity of onshore renewable energy projects in operation

• 2,100 MW- capacity of land-based renewable energy projects in Poland under development

• 3,000 MW- capacity of wind farms in the Baltic Sea under development