Preliminary results: Polenergia reports PLN 214 million in EBITDA and PLN 43.2 million in net profit

Opublikowano 11 September 2026

Polenergia, Poland’s largest private energy group, recorded consolidated EBITDA of PLN 214 million in the first half of 2026, of which PLN 193.8 million was generated by its onshore wind farms. At the same time, the group made further progress on the development of new large-scale renewable energy capacity both offshore and onshore. The Bałtyk 2 and 3 offshore wind farms, with a combined capacity of 1.44 GW, entered an intensive construction phase in the first half of the year. Polenergia’s new 35 MWp photovoltaic farm is also moving closer to its full operation.

The first half of 2026 at Polenergia was defined above all by the rapid progress of our offshore projects. Foundation installation works at the Bałtyk 2 and 3 wind farms began in May, and foundations for all 100 wind turbines, as well as two offshore substations, have now been installed in the Baltic Sea. The project has therefore reached an important milestone in line with schedule, paving the way for the next stages of construction. During the first half of the year, we also continued to develop new onshore assets. The most advanced of these is our photovoltaic farm in Pomerania, which will add to Polenergia’s existing 642 MW portfolio of onshore generation capacity and provide another source of revenue for the group.

Adam Purwin

CEO of Polenergia

In the first half of 2026, Polenergia’s photovoltaic farms generated 66 GWh of electricity, 15% more than in the corresponding period of the previous year, mainly due to the contribution of the 67 MWp Szprotawa solar farm commissioned in 2025. Wind conditions, however, were less favourable, which affected electricity generation from the group’s wind farms in Poland. By the end of the first half of the year, wind generation was down 16% year on year to 568 GWh. This factor, combined with electricity prices returning towards levels seen before the record highs of previous years, had the greatest impact on the group’s EBITDA.

Long-term data shows that periods of lower wind levels are a natural phenomenon and alternate with periods of stronger winds. At the same time, most of our wind farms continue to achieve productivity levels above the market average. In addition, during the first half of the year we successfully navigated volatility in wholesale markets caused by the international situation. Through proprietary trading, while maintaining strict risk controls, we generated strong margins that made a positive contribution to EBITDA.

Piotr Sujecki

CFO of Polenergia

Polenergia’s EBITDA of PLN 214 million in the first half of 2026 comprised PLN 193.8 million from the onshore wind segment, PLN 32.6 million from trading and sales, PLN 16.5 million from distribution, PLN 14.2 million from photovoltaic farms, PLN 4.7 million from gas and clean fuels, and PLN -47.8 million from unallocated items. After accounting for the impact of one-off events, including the sale of the two subsidiaries, Polenergia group’s adjusted EBITDA reached nearly PLN 227 million.

The group also estimated its net profit for the first half of the year at PLN 43.2 million. Net profit was affected by the same key factors as EBITDA, including wind conditions and electricity price levels, while a positive contribution came, among other factors, from lower commission costs associated with hedging interest-rate risk in the Bałtic offshore projects.

Our strategic objective is to develop large-scale renewable energy projects, with a particular focus on offshore and onshore wind power. Effective risk management and a strong liquidity position remain the foundations of this strategy. The positive results achieved in the challenging conditions of the first half of the year, including both EBITDA and net profit, demonstrate that even while carrying out highly capital-intensive investments, we are able to manage financing, projects and day-to-day operations effectively while maintaining the group’s profitability.

Piotr Sujecki

CFO of Polenergia

Polenergia’s final results will be presented in its report for the first half of 2026, scheduled for publication on 30 September 2026.

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Preliminary results: Polenergia reports PLN 214 million in EBITDA and PLN 43.2 million in net profit

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