With reference to current report 42/2023 dated 5 October 2023, the Management Board of the company Polenergia S.A. (the”Issuer“), announces that on 29 July 2025, the project companies MFW Bałtyk II sp. z o.o. and MFW Bałtyk III sp. z o.o. (collectively, “Project Companies“) in which the Issuer holds a 50% stake and which develop projects involving construction of two offshore wind farms: Bałtyk II and Bałtyk III (collectively, “Projects“) as part of a joint venture between the Issuer and Equinor Wind Power AS, signed annexes to the agreements for the supply and installation of offshore export cables (collectively, “Annexes“), with MFW Bałtyk II sp. z o.o. entering into an annex to the agreement with Jan De Nul Luxemburg SA Hellenic Cables S.A. Consortium Baltyk 2 spółka jawna, and MFW Bałtyk III sp. z o.o. – with Jan De Nul Luxemburg SA Hellenic Cables S.A. Consortium Baltyk 3 spółka jawna (collectively, “Contractors“).
Under such Annexes, the Contractors scope of work has been expanded to include the removal of boulders along the route of the offshore export cables. The works will be performed by a subcontractor – Helix Robotics Solutions Ltd. The total cost of the Annexes is estimated at ca. EUR 29 million for both Projects. The amounts specified therein cover, without limitation, the provision of vessels, removal of boulders identified during the final stage of geological surveys, supervision and management of the works by the Contractors. The final remuneration of the Contractors will depend on, without limitation, the vessels’ operating time and current fuel prices. The abovementioned increase in the total value of the agreements was included in capital expenditures (CAPEX) at the stage of drafting budgets and development plans of the Projects for the construction phase, the approval of which was announced by the Issuer in current report No. 29/2025 of 19 May 2025.
legal basis: Article 17(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 (OJ L 2014, No. 173 p. 1 as amended).
Issuer’s Management Board
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