Opublikowano 18 May 2026
The Management Board of the company Polenergia S.A. with registered office in Warsaw (“the Issuer“), hereby publishes selected preliminary estimated consolidated financial results of the performance of the Polenergia S.A. Group. (“the Group“) for the first quarter of 2026.
For the three-month period ended 31 March 2026, the Group’s EBITDA was PLN 126 million.
The Group’s EBITDA was driven by the performance of the individual segments:
Onshore wind farms were the key segment contributing to the Polenergia Group’s EBITDA in the first three months of 2026. The change in EBITDA in this segment compared to the first quarter of 2025 was primarily driven by volume effects resulting from lower windiness, as well as the normalization of electricity prices.
The trading and sales segment made a positive contribution to the Group’s EBITDA relative to the corresponding quarter of 2025. The results were enhanced by high volatility in the natural gas market, driven by low temperatures and the conflict in the Middle East, such volatility bolstering trading performance. In addition, the impact of lower operating costs resulting from the merger of Polenergia Obrót S.A. (trading) and Polenergia Sprzedaż sp. z o.o. (sales) was visible. The positive impact of these factors was partly offset by lower result on electricity sales to end customers, primarily due to the previously announced exit from the B2C sales segment.
The distribution segment reported lower EBITDA compared to the previous quarter, primarily due to a lower margin on electricity sales resulting from the normalization of energy prices. The negative impact of these factors was partly offset by higher margins generated by the distribution business.
The EBITDA result in the unallocated business segment reflected the impact of the process of aligning the organization and operational processes with the Group’s growing scale of operations, which took place primarily in 2025. The result was primarily affected by higher employee benefit costs related to organizational restructuring, as well as the growth of one-off costs of external services incurred in connection with the Group’s strategic projects.
The Group’s adjusted EBITDA amounted to PLN 155.4 million and reflected operating profit excluding one-off events and items not directly related to core operations. Adjusted EBITDA was significantly impacted by an adjustment related to the sale of Polenergia Elektrociepłownia Nowa Sarzyna sp. z o.o. (capacity of 116 MW), which was sold to Axpo Polska sp. z o.o. for PLN 139.7 million. The transaction was closed on 30 January 2026, as the Issuer announced in Current Report No. 6/2026. The sale was an element of a review of strategic options and the Group’s continued focus on renewable energy operations and offshore wind farm projects.
In the first quarter of 2026, the Group’s adjusted net profit amounted to PLN 14.8 million. In addition to the factors described above that affected EBITDA, adjusted net income was impacted by higher capital gains tax related to the sale of Polenergia Elektrociepłownia Nowa Sarzyna sp. z o.o.
In the first quarter of 2026, the Issuer’s asset portfolio generated the following volumes of electricity:
The figures presented are estimates and are subject to change. The final consolidated results will be detailed in the Polenergia S.A. Group’s consolidated quarterly report for the first quarter of 2026, scheduled for publication on 21 May 2026.
Legal basis: Article 17(1) of the Regulation (EU) No. 596/2014 dated 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.
Adam Purwin – President of the Management Board
Andrzej Filip Wojciechowski – First Vice President of the Management Board
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