The Management Board of Polenergia S.A., a company with its registered office in Warsaw (the “Issuer“), hereby publishes selected preliminary estimated consolidated financial results of the Polenergia S.A. Group. (“Group“) for the nine months of 2025.
For the nine months ended 30 September 2025, the Group obtained EBITDA of PLN 402.1 million.
The Group’s EBITDA consisted of the results of individual segments:
The EBITDA in the third quarter of 2025 amounted to PLN 89.2 million.
In the onshore wind farm segment, the Group’s EBITDA for the nine months of 2025 was primarily determined by the stabilization of prices in the electricity and green certificate markets expected following waves of increases in previous years, as well as worse-than-expected wind conditions in the first quarter of 2025, as reported by the Issuer in previous quarters.
The factor contributing to the worse result of the unallocated segment, compared to the same period in 2024, mainly included the recognition of one-time costs related to the successful completion of the process of obtaining financing and the final investment decision for the Group’s strategic Bałtyk 2 and 3 projects, in the amount of approximately PLN 14.9 million.
In the nine months of 2025, the Group’s adjusted net income amounted to PLN 54.7 million. In the third quarter of 2025 alone, the Group’s adjusted net income was -6.4 million. This was mainly due to the factors affecting EBITDA described above, as well as financing costs resulting from interest on green bonds issued and financing obtained from the National Recovery Plan (NRP). The funds were earmarked to cover equity contributions to the Bałtyk 2 and Bałtyk 3 strategic offshore wind farm projects.
In addition, the result of the nine months of 2025 was affected by higher one-time commission expenses recognized in the result of the second quarter of 2025, mainly related to the conclusion of conditional hedging transactions under the Deal Contingent Hedge formula, aimed at mitigating the risk of interest rate volatility in the projects implemented by MFW Bałtyk II sp. z o.o. and MFW Bałtyk III sp. z o.o. The conclusion of the aforementioned hedging transactions allowed the Issuer to significantly reduce the level of supplementary payments to ongoing offshore wind farm projects, and the benefits thus achieved far exceeded the costs incurred in concluding the transactions.
Adjusted net income, as defined, excludes non-cash and non-recurring income and expenses, including impairment losses on non-financial fixed assets. Consequently, the value presented does not take into account the impairment losses recognized with respect to Polenergia Fotowoltaika S.A., Polenergia H2HUB Nowa Sarzyna sp. z o.o. and H2Silesia sp. z o.o., with a total value of approximately PLN 97 million, which the Issuer reported in reports 47/2025 and 54/2025.
In the nine-month period ended 30 September 2025, electricity volume generated by the Issuer’s assets reached the following level:
The figures presented are estimates and are subject to change. The final consolidated results will be detailed in the Polenergia Group’s consolidated quarterly report for the third quarter of 2025, scheduled for publication on 20 November 2025.
legal basis: Article 17 section 1 of the Regulation (EU) No. 596/2014 of 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.
Issuer’s Management Board
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