Opublikowano 2 March 2026
The Management Board of Polenergia S.A., a company with its registered office in Warsaw (the “Issuer“), announces selected preliminary estimated consolidated financial results of the Polenergia S.A. Group (“Group“) for 2025.
For the twelve months ended 31 December 2025, the Group obtained EBITDA of PLN 509.9 million.
The Group’s EBITDA consisted of the results of individual segments:
The EBITDA in the fourth quarter of 2025 was PLN 107.9 million.
The Group’s EBITDA for the twelve months of 2025 was determined in the Onshore wind farm segment primarily by the normalization of prices in the electricity market and green certificates, after a wave of increases in previous years, as well as wind conditions which were less favorable than historically, including in the first quarter, as the Issuer reported. Photovoltaic farm segment made a positive contribution to the results, and the segment growth was determined by the commissioning of the new 67 MWp Szprotawa I and II plants during the year. The Group’s Trading and Sales segment also had a significant impact on the result, driven by new cPPA contracts and improved results from certificate and gas trading, while reducing operating expenses.
The factor contributing to the worse Unallocated segment result, relative to the previous period, included primarily higher operating costs of the Head Office and one-time events, such as consulting costs related to key processes performed in the Group, including in particular the preparation of the Final Investment Decision and the Project Finance process for the Bałtyk II and Bałtyk III Offshore Wind Farm projects, as well as the handling and preparation for the first Offshore wind farm auction for the Bałtyk I Offshore Wind Farm project.
In 2025 alone, the Group’s adjusted net income was 47.3 million. In the fourth quarter of 2025 alone, the Group’s adjusted net income was PLN -7.4 million. This was mainly due to the factors affecting EBITDA described above, as well as financing costs resulting from interest on green bonds issued and financing obtained from the National Recovery Plan (NRP). The funds were earmarked to cover equity contributions to the Bałtyk II and Bałtyk III strategic Offshore wind farm projects.
In addition, the 2025 result was affected by higher one-time commission expenses recognized in the result of the second quarter of 2025, mainly related to the conclusion of conditional hedging transactions under the Deal Contingent Hedge formula, aimed at mitigating the risk of interest rate volatility in the projects implemented by MFW Bałtyk II sp. z o.o. and MFW Bałtyk III sp. z o.o., as reported by the Issuer. The conclusion of the aforementioned hedging transactions allowed to significantly reduce the level of supplementary payments to ongoing offshore wind farm projects, and the benefits expected to be achieved far exceed the costs incurred in concluding the transactions.
Adjusted net income, as defined, excludes non-cash and non-recurring income and expenses, including impairment losses on non-financial fixed assets. Consequently, the value presented does not take into account the impairment losses recognized with respect to Polenergia Fotowoltaika S.A., Polenergia H2HUB Nowa Sarzyna sp. z o.o. and H2Silesia sp. z o.o., as notified by the Issuer in reports 47/2025 and 54/2025.
In addition, in connection with the work on the standalone and consolidated interim report for the 12 months of 2025, the Issuer identified indications and performed impairment tests on selected assets. As a result, the Issuer’s quarterly results included asset impairment losses with reference to (i) companies with renewable energy projects in development (about PLN 7 million), (ii) companies with photovoltaic farm projects in operation (about PLN 45 million) and (iii) Polenergia Fotowoltaika S.A. (about PLN 27 million). The impairment losses is non-cash in nature, and their impact on the Issuer’s consolidated gross result for the fourth quarter 2025 will be approximately PLN 79 million. The total estimated impact of all impairment losses on the Issuer’s consolidated gross profit for the 12 months of 2025 amounts to approximately PLN 176 million.
For projects in development, the decision made is determined by the Issuer’s assessment of the prospects for further implementation. In the case of photovoltaic farm projects in the operation, the decision is determined primarily by the current market situation related to grid constraints, including the occurrence of non-market re-dispatching that limit the companies’ earnings potential and the regularly observed phenomenon of negative energy prices. In the case of Polenergia Fotowoltaika S.A., the decision is a consequence of the deteriorating market situation of the prosumer market and the prospects for further development of the industry, resulting in the company’s apparent failure to meet its sales targets.
In 2025, electricity volume generated by the Issuer’s assets reached the following level:
The Issuer’s consolidated financial statements are currently subject to an ongoing review by an auditor. The figures presented are estimates and are subject to change. The final consolidated results will be detailed in the Polenergia Group’s consolidated quarterly report for 2025, scheduled for publication on11 March 2025.
Legal basis: Article 17 section 1 of the Regulation (EU) No. 596/2014 of 16 April 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, as amended.
Issuer’s Management Board
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