REFRAINING BY BANK GOSPODARSTWA KRAJOWEGO FROM ENTERING INTO THE AGREEMENT TO EXTEND NON-REFUNDABLE SUPPORT TO THE H2SILESIA PROJECT UNDER THE NATIONAL RECOVERY AND RESILIENCE PLAN

The Management Board of Polenergia S.A. (the “Issuer“), with reference to Stock Exchange Report No. 37/2025 dated 13 June 2025 notifies that on 18 September 2025, it became aware of refraining by Bank Gospodarstwa Krajowego (“BGK“) from entering into the agreement with Polenergia H2Silesia sp. z o.o., the Issuer’s subsidiary (the “Applicant“) regarding extending the non-refundable support to the H2Silesia project consisting in the construction of a large-scale renewable hydrogen plant (the “Project“) as part of the call for applications for support for projects in the third part of Investment B2.1.1. “Investments in hydrogen technologies, production, storage and transportation of hydrogen” – call number KPOD.03.18-IW.05-001/24.

The refraining from entering into the agreement resulted from BGK’s assessment that the changes proposed to the Project by the Applicant, related to the adaptation of the Project to current market conditions and to the ongoing process of reviewing strategic options in the area of hydrogen strategy, are not possible to implement. The Project is subject to a notification decision under IPCEI Hydrogen Hy2Infra (Important Projects of Common European Interest) approving the maximum ceiling of public assistance for the Project in the amount of EUR 142.77 million, as notified by the Issuer in Report No. 7/2024 dated 15 February 2024. In line with Polenergia Group’s Strategy for the years 2025-2030, the Issuer plans to phase out the activity in the field of hydrogen transformation.

In connection with the above, the Issuer’s Management Board decided to set up impairment loss on assets with respect to Polenergia H2Silesia sp. z o.o. in the amount of approximately PLN 6.5 million. The impairment loss is non-cash in nature, and its impact on the Issuer’s consolidated gross result for 2025 will be approximately PLN 6.5 million. It will be included in Polenergia Group’s consolidated quarterly report for the third quarter of 2025 under other operating expenses. It will burden the Polenergia Group’s operating result while remaining without effect on EBITDA, as per the adopted definition.

legal basis: Article 17 section 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.

Issuer’s Management Board