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Preliminary results of Polenergia for the...

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  • Preliminary results of Polenergia for the first half of 2025: nearly PLN 313 million in EBITDA and over PLN 61 million in adjusted net profit

Preliminary results of Polenergia for the first half of 2025: nearly PLN 313 million in EBITDA and over PLN 61 million in adjusted net profit

Polenergia, the largest Polish private energy group, generated PLN 312.9 million in EBITDA in the first half of 2025, according to preliminary consolidated financial data. For comparison, the figure a year earlier was PLN 394.6 million. The EBITDA figure was largely affected by the performance of the onshore wind farm segment, which was primarily a consequence of lower electricity and green certificate sales prices, as well as weaker wind conditions in the first quarter of this year. The adjusted net profit for the January–June 2025 period amounted to PLN 61.2 million and was impacted, among other things, by financial costs related to funding secured for Polenergia’s offshore projects. At the same time, the company saved over PLN 100 million through operations hedging against interest rate risk.
farma wiatrowa

The second quarter of 2025 was the best second quarter in terms of wind conditions in years, which had a direct and positive impact on wind farm output. Thanks to favorable weather, we produced 15% more wind energy compared to the same period last year. However, we are still seeing a downward trend in energy market prices. After an exceptional 2024, when we benefited from high prices contracted during the energy crisis, which was partly caused by the situation in Ukraine, the market is stabilizing, which inevitably affects our results. It is worth emphasizing, though, that thanks to active forward hedging of production, we are still achieving prices in 2025 that are higher than current market rates. Polenergia’s stable business supports our strategic offshore projects: in the second quarter, we secured financing and officially started construction of the Bałtyk 2 and Bałtyk 3 wind farms, and we were also the first to submit Bałtyk 1 to the December auction.

Adam Purwin

CEO of Polenergia S.A.

The EBITDA in the first half of the year was made up of PLN 264.7 million from the onshore wind farm segment and a record-breaking PLN 15.8 million from the photovoltaic farm segment. At the same time, the trading and sales segment recorded PLN 37.3 million, distribution PLN 24.9 million, and gas and clean fuels PLN 4.3 million. The result of the unallocated segment amounted to PLN -34.1 million.

In the second quarter alone, according to preliminary estimates, Polenergia’s EBITDA reached PLN 151 million, and adjusted net profit was PLN 0.7 million.

In the second quarter, we closed a record-breaking project finance deal for both farms – the largest in the history of the Polish energy sector. However, due to the development of this massive project, we are already incurring interest costs from financing under the National Recovery Plan and green bonds, which are reflected in the adjusted net profit. Importantly, thanks to these funding sources, we were able to avoid a share issue. The half-year results also include the effect of closing the financing for offshore wind farms. In the second quarter, we carried out an interest rate hedging operation which, on the one hand, involved one-off costs for the company, but on the other hand, allowed us to significantly reduce the amount of subsidies needed for the Bałtyk 2 and 3 projects. We are talking about savings of over PLN 100 million.

Piotr Sujecki

Vice President for Finance, Polenergia S.A.

Together with Norwegian company Equinor, Polenergia is developing three offshore wind farm projects in the Baltic Sea, which will be able to supply green energy to 4 million households in Poland. Construction is underway for the first two projects, Bałtyk 2 and 3, with a total capacity of 1.44 GW. The first electricity from both farms is expected to flow into the grid in 2027. The Bałtyk 1 project, with a capacity of up to 1.56 GW, is the largest and most advanced wind farm in the second phase of offshore development. It is currently being prepared for the December auction.

Activities in the area of hydrogen transformation and solutions dedicated to prosumers are not core to our business. The strategy adopted in March this year clearly outlined the main directions for Polenergia’s development in the coming years. Our strategic project through 2030 is offshore. We also want to develop onshore renewable energy sources, invest in energy storage, and strengthen our position in the corporate PPA segment. And it is primarily in these areas – which we believe generate the greatest value for shareholders – that we will focus in the future.

Adam Purwin

CEO of Polenergia S.A.

Polenergia’s adjusted net profit presented in the preliminary data does not include a non-cash impairment write-down made by the group regarding Polenergia Fotowoltaika S.A. and Polenergia H2HUB Nowa Sarzyna, with a total value of approximately PLN 92 million. The decision regarding Polenergia Fotowoltaika is the result of the current situation in the prosumer market and the outlook for further development of this sector. Recently, the group has observed a clear slowdown in the sale of solutions dedicated to prosumers. The write-down for Polenergia H2HUB Nowa Sarzyna is due to the current assessment of the development dynamics of the green hydrogen market and the project’s investment risk profile.

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