The Management Board of the company Polenergia S.A. with registered office in Warsaw (“the Issuer“), hereby publishes selected preliminary estimated consolidated financial results of the Polenergia S.A. Group. (“the Group“) for the first half of 2025.
The adjusted EBITDA of the Group in the first six months ended 30 June 2025 amounted to PLN 312.9 million and was lower by PLN 81.7 million relative to the corresponding period of the preceding year. This was mainly due to a lower result in the onshore wind farm segment being primarily a consequence of lower sales prices of electricity and green certificates and poorer windiness in the first quarter of 2025.
The Group’s EBITDA result of PLN 312.9 million in the first half of 2025 was composed of the results of individual segments:
The EBITDA result of the Group in the second quarter of 2025 alone amounted to PLN 151.0 million and was lower by PLN 7.3 million relative to the corresponding period of the preceding year. This was predominantly driven by a lower result in the trading and sales segment which is mainly due a consequence of a lower result on trading in electricity from RES assets caused by a lower result on sales hedge re-profiling, and a lower result on trading and business service mainly due to a lower result on trading in green certificates. In addition, a lower result was achieved in the onshore wind farm segment mainly as a result of lower sales prices of electricity and green certificates relative to the preceding year.
In the first half of 2025, the adjusted net profit of the Group amounted to PLN 61.2 million, which means a slump compared to the performance in the corresponding period of the preceding year by PLN 161.3 million. The adjusted net profit of the Group in the second quarter of 2025 amounted to PLN 0.7 million marking a drop by PLN 79.9 million relative to the corresponding period of the preceding year. This was mainly due to the factors affecting EBITDA described above, as well as higher financing costs resulting from interest on green bonds issued and financing obtained from the National Recovery Plan (KPO). Those funds have been allocated to pay for the equity contribution in the Bałtyk II and Bałtyk III offshore wind farm projects. In addition, the result was impacted by higher commission expenses mainly related to the conclusion of hedging transactions under the Deal Contingent Hedge formula aimed at mitigating the risk of interest rate volatility in the projects implemented by the companies MFW Bałtyk II sp. z o.o. and MFW Bałtyk III sp. z o.o. The conclusion of the aforementioned hedging transactions allowed the Issuer to significantly reduce the level of additional equity contributions to the implemented offshore wind farm projects, with the ensuing benefits by far exceeding the related transaction costs incurred. The drop in adjusted net profit was partly offset by lower income tax in the reporting period.
Adjusted net profit, as per the adopted definition, excludes non-cash and one-off revenues and costs, including impairment losses on non-financial fixed assets. Consequently, the value presented does not take include the write-downs made with respect to the companies Polenergia Fotowoltaika S.A. and Polenergia H2HUB Nowa Sarzyna sp. z o.o., of the total value of ca. PLN 92 million reported by the Issuer in report No. 47/2025.
The figures presented are estimates and are subject to change. The final consolidated results will be detailed in the Polenergia Group’s consolidated semi-annual report for the first half of 2025, scheduled for publication on 20 August 2025.
Legal basis: Article 17(1) of the Regulation (EU) No. 596/2014 of the European Parliament and of the Council on market abuse and repealing Directive 2003/6/EC of the European Parliament and of the Council and Commission Directives 2003/124/EC, 2003/125/EC and 2004/72/EC (OJ L 2014, No. 173 p. 1 as amended).
Issuer’s Management Board
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