Preliminary Results: Polenergia reports adjusted EBITDA of PLN 155.4 million in Q1 2026

Opublikowano 20 May 2026

Polenergia, Poland’s largest private energy group, generated consolidated EBITDA of PLN 126 million in the first quarter of 2026. Adjusted EBITDA, including the impact of, among other factors, the sale of the Nowa Sarzyna gas-fired CHP plant, amounted to PLN 155.4 million. At the same time, during Q1 2026 the Group continued to advance its strategic investment projects. Offshore wind farms Bałtyk 2 and Bałtyk 3 entered the offshore construction phase in line with schedule, while further progress was also achieved in the onshore scope of the projects.

The first quarter of 2026 was marked by intensive work across Polenergia’s key growth projects. The Bałtyk 2 and Bałtyk 3 offshore wind farms, developed jointly with Equinor, smoothly entered a new stage involving offshore works related to preparations for foundation installation. With a combined capacity of 1.44 GW, Bałtyk 2 and 3 are projects of strategic importance both for Polenergia and for the Polish economy, where electricity demand is expected to increase significantly in the coming years.

At the same time, Polenergia continued to develop large-scale renewable energy projects onshore in both Poland and Romania.

At a time when geopolitical tensions once again demonstrate how quickly instability in commodity markets can translate into energy price volatility, supply uncertainty and inflationary pressure, the importance of large-scale renewable energy projects continues to grow. Such projects support not only the energy transition, but also the economy’s need for greater predictability, stability and energy security. In the first quarter, we maintained solid financial performance while consistently advancing our key strategic projects, led by Bałtyk 2 and 3.

Adam Purwin

Chief Executive Officer of Polenergia

During the first quarter, the company also continued to streamline the Group’s asset portfolio. In January, Polenergia finalized the sale of the Nowa Sarzyna Combined Heat and Power Plant, followed in Q2 by the sale of Polenergia Fotowoltaika, the Group’s distributed solar business. These transactions are aligned with the Group’s strategy of focusing on large-scale renewable energy projects, primarily offshore and onshore wind power.

According to preliminary estimates, Polenergia’s consolidated EBITDA for the first three months of 2026 amounted to PLN 126 million. EBITDA contributions by segment in Q1 2026 were as follows: onshore wind farms (PLN 106 million); trading and sales (PLN 22.3 million); distribution (PLN 10.5 million); gas and clean fuels (PLN 5 million); photovoltaic farms (PLN 3.3 million) and unallocated items (-PLN 21.2 million). Adjusted EBITDA for Q1 2026, including among others the impact of the sale of the Nowa Sarzyna CHP plant, amounted to PLN 155.4 million. Meanwhile, according to preliminary estimates, the

Group’s adjusted net profit for the period from January through March 2026 totaled PLN 14.8 million.

- The Group’s Q1 2026 performance was affected, among other factors, by wind conditions, which were less favorable in the first months of the year than in the corresponding period of the previous year, resulting in lower power generation volumes. Wind conditions in Poland are naturally volatile, and analysis of data from the past two decades indicates alternating periods of stronger and weaker wind conditions. Such variability suggests that periods of lower wind intensity may be followed by more favorable wind conditions in subsequent periods. In addition to wind conditions, our Q1 2026 results were also impacted by normalizing energy prices following the record increases seen in previous years. As a result, the Group’s EBITDA for Q1 2026 amounted to PLN 126 million, remaining at a solid level despite a challenging market environment and alongside continued progress in our strategic investments.

Piotr Sujecki

ice President for Finance at Polenergia

The figures presented above are preliminary. Polenergia Group’s final results for Q1 2026 will be published in the company’s quarterly report scheduled for release on May 21, 2026.

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Preliminary Results: Polenergia reports adjusted EBITDA of PLN 155.4 million in Q1 2026

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