Slides
Page 1
Financial results for H1 2026 POLENERGIA GROUP Polenergia © 2026
Page 2
Agenda Summary of key operational parameters Financial results of Q2 and H1 2026 01 02 03 04 05 06 Financial results – H1 2026 Non-financial results. Status of the Group´s Strategy implementation Key events and the status of strategic projects Detailed results of the segments
Page 3
ADAM PURWIN President of the Management Board (CEO) FILIP WOJCIECHOWSKI 1st Vice President (CDO) PIOTR SUJECKI 2nd Vice President (CFO) Polenergia S.A. Management Board Polenergia S.A. Management Board 3
Page 4
Financial results H1 2026
Page 5
Financial results H1 2026 PLN 1,752.5 million Revenues with Trading segment PLN 214.0 million EBITDA PLN 10.8 million Adjusted net profit PLN 226.9 million Adjusted EBITDA 5 Financial results
Page 6
Key events and the status of strategic projects 6
Page 7
Wind and photovoltaic farms remain a pillar of the Group, with 642 MW of installed RES capacity and a portfolio of 1,931 MW of onshore projects and approximately 0.9 MW in BESS 13 onshore wind farms 493 MW 7 photovoltaic farms 149 MWp 7 3 000 MW1 3 wind projects in the Baltic Sea Key events and the status of strategic projects 1. Projects developed as a 50/50 joint venture with the Norwegian Equinor. Two photovoltaic farms at this location. Three photovoltaic farms at this location. 2 3
Page 8
8 Bałtyk 2 and Bałtyk 3 at an advanced stage of implementation of key contracts… 320 336 384 428 443 459 473 486 2021 2022 2023 2024 2025 2026 2027 2028 Expected price in the 2028 CfD contract: ~486 zł/MWh2 Expected annual production: 5.0-5.5 TWh Debt incurred at the 100% joint venture level: PLN 9.4 billion1 Key events and the status of strategic projects 1. Amounts in EUR converted to PLN using the NPB average exchange rate as of 30 June 2026, at the Polenergia S.A. level. 50% of the debt: PLN 4.7 billion2. Estimated based on the NBP inflation projection of 30 July 2026. The Group's carrying value of Bałtyk 2&3 projects (in million PLN): 2,720 2,663 January ’26 -57 Share of the project's net income June ’26
Page 9
9 …and visible progress in offshore installation work, performed in accordance with key milestones, accelerating the pace of Poland’s energy transition Progress in Q2 2026 is on schedule: • In May 2026, the offshore installation campaign for the wind turbine foundations of the Bałtyk 2 project began. • In June 2026, the offshore installation campaign for the wind turbine foundations of the Bałtyk 3 project began. • HDD2 drilling operations were completed along with the installation of casing pipes. • Work is underway to install export cables ashore with the construction of two ONS1 stations. In June, work began on testing and commissioning the ONS1 station for the Bałtyk 2 project. Permit acquisition process: • Preparations were completed to begin construction work on the rock fill installation for the Bałtyk 3 monopiles’ installation, the offshore cable installation for Bałtyk 2, and guard vessels are ready to begin operations. • An application was filed to amend the building permit for ONS1 B2. • Replacement location decisions were obtained for the B2 and B3 onshore cables. 2027 First power delivered by Bałtyk 2 and 3 2025 Adoption of final investment decision 2028 Transfer of the project to the commercial operation phase In 2026, we entered an advanced stage of offshore work, and the first power is expected to be delivered in 2027 Key events and the status of strategic projects 1. ONS Onshore Substation – an onshore power substation. 2. HDD – Horizontal Directional Drilling.
Page 10
10 Bałtyk 1, the third project of the Norwegian-Polish partnership of the planned capacity up to 1,56 GW, is the largest offshore wind project in the Polish part of the Baltic Sea… Key events and the status of strategic projects 1. Winning bid price in 2025 Total power up to 1,560 MW Green energy for >2 million households In Poland Contract for Difference (CFD) obtained 25 years Contract term 492.32 PLN/MWh1 Offered price The Group's carrying value of Bałtyk 1 project (in million PLN): January’26 0,004 Share of the project's net income June 26 215,163 215,167
Page 11
11 …following the successful bid for offshore wind farms in 2025 the project remained in the development phase in H1 2026, focusing on further optimizing the technical solution, analyzing the data from the seabed survey data and continuing key administrative procedures Following the 2025 offshore wind farm auction: continuation of development and preparatory work Key events and the status of strategic projects Progress in Q2 2026: • The environmental decision was obtained for the connection infrastructure. • An amendment to the PSZW (permit for the construction and use of artificial islands, structures, and facilities) was obtained regarding the characteristic technical parameters. • Location decisions was obtained for the entire route of the offshore export cable corridor and part of the onshore cable corridor. • 3D surveys were conducted for the offshore wind farm area; work is currently underway to process and analyze the collected data. • Work was performed to optimize the preliminary turbine layout. • Decisions approving the required technical expert reports were obtained. • A decision approving the geological work plan for the main geological survey in the farm area was obtained. • A Variation Order was signed regarding the scope of the amendment to the environmental decision for the connection infrastructure. XII 2025 Winning bid at the offshore wind farms auction 2024 Environmental Decision for the Farm Area VI 2025 Permit for the Installation and Maintenance of Cables
Page 12
12 In Tulcea district, one of Romania’s windiest regions, Polenergia is developing a wind farms project with a capacity of up to 685.6 MW, a project on a scale comparable to the Group’s entire onshore business in Poland… Legend: Polenergia Tulcea Romania Tulcea Vest Project Tariverde Stupina transmission lines transformer station planned connection Isaccea Tulcea region - one of the windiest regions of RomaniaUp to 685.6 MW - project capacity under connection conditions Building permits for the generation part up to 512 MW Zoning plans and building permits for the generation part have already been obtained The project developed through the Wind Farm Four Srl holding Located in the Tulcea region, where the average wind speed is 8.0 m/s 84 wind turbines Key events and the status of strategic projects
Page 13
13 …with the aim of reaching the final investment decision readiness in 2027 2025 Final building permit for generation section of the capacity of up to 512 MW 2023 Signing of the agreement to acquire & develop the project until RTB2 2027 Readiness to make the final investment decision In 2026, we are focusing on securing the cable route, to be ready for the final investment decision process in 20271 Key events and the status of strategic projects 1. The dates provided are estimates based on the current project schedule and are subject to change depending on the progressof administrative proceedings and bidding processes. 2. In line with the 40/2023 MAR current report dated 05/10/2023, the total acquisition cost of shares in Wind Farm Four SRL and project SPVs will not exceed cumulatively EUR 74.1m. Progress in Q2 2026: • Development work continued aimed at obtaining a building permit for the power transmission infrastructure for the connection section of the wind farm project. • Construction of two measurement towers was completed, and a measurement campaign started, scheduled to be completed in June 2027. • Geotechnical investigations (borehole drilling) and work on maps for design purposes started, necessary for preparing the bidding documents for the construction work. • A procurement process started to select a supplier of wind turbines. • Additional analyses recommended by the technical advisor, as well as environmental and social analyses, are being conducted in accordance with the standards of international financial institutions.
Page 14
14 Polenergia is steadily strengthening its position in the RES sector by developing onshore wind projects, solar projects, and energy storage facilities 493 MW power 149 MWp power Number of projects and capacity installed and in development (MW): 1,931 MW | total nominal capacity of projects under development approx. 0.9 GW | BESS Up to 1,021 MW | onshore wind projects in the development phase in Poland Onshore wind farm projects in the early phase of development will reach RtB status in the years: 2027-2030+ Up to 910 MW | photovoltaic projects in the development phase in Poland Photovoltaic projects in the early phase of development will reach RtB status in the years: 2026-2030+ Photovoltaics 493 973 operational 48 advanced development early development total 1,514 149 842 operational 35 construction 33 advanced development early development total 1,058 13 1 14 28 7 1 291 20 Operating assets: Assets in development: Wind Farms Key events and the status of strategic projects
Page 15
Key events and the status of strategic projects 1. The hedged price is calculated based on the current hedge and internal macroeconomic scenarios (electricity price, profile cost). 15 At the same time, securing 83% of the planned energy production for 2027 strengthens revenue stability and increases the predictability of operating results 15 21% 63% 2027 21% 42% 2028 40% 17% 2029 40% 17% 2030 39% 15% 2031 83% 63% 57% 57% 54% 408 PLN/MWh Auction Other instruments Estimated hedged average selling price of electricity in 2027 at profile cost1 The chart only shows electricity production from operational PV and wind assets, and the projects under construction, exclusive of the production of green certificates and guarantees of origin. The figures do not include the potential output of offshore wind farm projects developed by the Group in partnership with Equinor.
Page 16
Summary of key operational parameters 16
Page 17
Average fixed operating cost per MW Electricity Green Certificates Average fixed operating cost per MW Electricity Green Certificates YTD productivity (%) YTD production (GWh) Quarterly productibity (%) Quarterly production (GWh) Lower productivity of onshore wind farms in Q2 2026 436 447 Q2 2025 Q2 2026 +3% 46 42 Q2 2025 Q2 2026 -9% 435 431 2025 2026 -1% 46 42 2025 2026 -9% 315 253 30% Q2 2025 24% Q2 2026 -62 -20% 197 203 Q2 2025 Q2 2026 +5 +3% 678 570 32% 2025 27% 2026 -108 -16% 192 200 2025 2026 +8 +4% 17 Summary of key operational parameters 1. The average fixed operating cost per MW was calculated as the sum of operating project operating costs, adjusted for depreciationand balancing costs. Quarterly data Average fixed operating cost per MW in offshore wind farms (kPLN/MW/year)1 Average revenues per MWh (after balancing and profiling costs) at the Group level (PLN/MWh) Production of wind farms (GWh) and productivity (%) Data YTD Average revenue per MWh Average revenue per MWh
Page 18
Data YTD 15% increase in energy production from PV due to the commissioning of Szprotawa I and II farms (67MW)1 96 88 Q2 2025 Q2 2026 -8 -8% 86 83 2025 2026 -3 -3% 40 66 17 12% 2025 10% 2026 58 +26 +15% 373 314 Q2 2025 Q2 2026 -16% 377 333 2025 2026 -12% 18 Q Cold start energy Cold start energy 28 46 17 14% Q2 2025 14% Q2 2026 45 +19 +3% Quarterly data Average fixed operating cost per MW in photovoltaic farms (kPLN/MW/year)2 Average revenues per MWh (after balancing and profiling costs) at the Group level (PLN/MWh) Production of photovoltaic farms GWh and productivity (%) Quarterly productibity (%) Quarterly production (GWh) YTD productivity (%) YTD production (GWh) Average fixed operating cost per MW Average fixed operating cost per MW Summary of key operational parameters 1. The results for Q2 2026 include generation from the Szprotawa I and Szprotawa II power plants (20.3 GWh), which were not included in the corresponding period of the previous year because these projects obtained their licenses in Q3 2025. 2. The average fixed operating cost per MW was calculated as the sum of operating project operating costs, adjusted for depreciationand balancing costs. Average revenue per MWh Average revenue per MWh
Page 19
4,0 15% 28.7% 24.3% 19.5% 37.6% 41.7% 25.0% 19.1% 27.7% 37.8% 20.4% 19.5% 38.5% 38.9% 22.2% 20.7% 32.4% 29.4% 24.9% 23.60% 22.3% 30.0% 24.6% 32.2% 26.6% 21.0% 38.5% 43.3% 25.89% 19.9% 29.8% 41% 22% 21% 44% 43% 25.7% 23% 37% 34% 31.8% 28.9% 29.2% 29.8% 26.6% 1Q2021 2Q2021 3Q2021 4Q2021 1Q2022 2Q2022 3Q2022 4Q2022 1Q2023 2Q2023 3Q2023 4Q2023 1Q2024 2Q2024 3Q2024 4Q2024 1Q2025 2Q2025 3Q2025 4Q2025 1Q2026 2Q2026 Average load factor for wind farms in Poland Average load factor for Polenergia 32% 2025 27% 2026 677,5 569,6 -16% Most of our projects achieve average productivity that exceeds the market average Lower productivity in Q2 2026 compared to Q2 2025, due to less favorable wind conditions Production (net) YTD Net productivity of Polenergia farms YTD Productivity (%) YTD Production (GWh) Dipol 22 MW Talia 24 MW Amon 34 MW Gawłowice 48.3 MW Rajgród 25.3 MW Skurpie 43.7 MW Mycielin 46 MW Total 492.6 MW Krzęcin 6 MW Szymankowo 38.1 MW Kostomłoty 27 MW Dębsk 121 MW Grabowo 44 MW Piekło 13.2 MW 34% 25 28% 26 33% 25 29% 26 21% 25 21% 26 20% 25 19% 26 22% 18% 26 16% 25 34% 25 23% 25 26 34% 25 25 28%31% 26 25 28% 26 26 35%34% 25 30% 25 26 33%28% 25 31% 26 26 33% 61,1 72,1 58,8 62,3 53,4 36,1 32,2 31,1 31,0 20,7 19,5 20,7 68,3 4,3 55,9 37,9 40,0 32,4 180,9 146,8 66,3 58,2 18,7 17,5 16,9 19 Average productivity of wind farms in Poland Average productivity of Polenergia wind farms 34% Summary of key operational parameters
Page 20
The periodic drops in wind speed observed are part of the natural variability of weather conditions and do not indicate a risk that this situation will persist in the long term 20 ➢ In 2026, the capacity factor is lower than the average for 2021–2025 in most of the months shown, particularly from January through June. This means that this year has seen lower utilization of wind conditions compared to the historical benchmark. ➢ We are currently seeing lower wind speeds, but this is typical of fluctuating weather conditions and is not necessarily a long-term trend. These events reflect the natural variability of wind conditions rather than the occurrence of an exceptional anomaly. ➢ At this point, there are no clear indications that this situation will persist in the long term. 0,0 0,1 0,2 0,3 0,4 0,5 I II III IV V VI VII VIII IX X XI XII 2024 2025 2026 Średnia 2021-2025 Capacity factor (%) Month Summary of key operational parameters Source: own calculations based on data from PSE
Page 21
Key operating metrics for the distribution segment 21 26 77 28 78 Electricity Sales (GWh) Electricity Distribution (GWh) +9% +1% Q2 2025 Q2 2026 56 155 62 160 Electricity Sales (GWh) Electricity Distribution (GWh) +10% +3% 2025 2026 Distribution – sales and distribution of electricity (GWh) Data YTDQuarterly data Summary of key operational parameters
Page 22
Financial Results of Q2 and H1 2026 26 22
Page 23
Quarterly data Financial results of H1 2026 and Q2 2025 EBITDA (million PLN) Adjusted Net Profit (million PLN) 23 The change in EBITDA was mainly due to weaker wind conditions. At the net income level, the impact of lower EBITDA was partly offset by higher net financial income 226.9 million Adjusted EBITDA1 Financial results for H1 2026 and Q2 2025 1. EBITDA adjusted for one-off events and items not directly related to core operating activities. Revenues (without Trading segment) (million PLN) Data YTD Q2 2025 Q2 2026 2025 2026 234.7 186.3 -48.4-21% 487.1 433.2 -53.9-11% 312.9 214.0 -98.9-32% 151.0 88.1 -62.9 -42% 0.7 -4.0 -4.7-695% 61.2 10.8 -50.4-82% 71.5 m Adjusted EBITDA
Page 24
EBITDA structure – Q2 2026 compared to Q2 2025 Financial results for Q2 2026 1. EBITDA adjusted for one-time events and items not directly related to core operating activities. Onshore wind farms Photovoltaics (0.3) Gas and clean fuels Trading and sale 6.0 DIstribution (26.5) Head Office and non-allocated EBITDA Q2 2026 87.8 10.8 10.3 88.1 Onshore wind farms 12.7 Photovoltaics 2.6 Gas and clean fuels Trading and sale 11.6 DIstribution (19.6) Head Office and non-allocated EBITDA Q2 2025 127.6 16.1 151.0 -39.8 m -1.8m 24 EBIDTA structure in Q2 2026 (million PLN) EBITDA structure in Q2 205 (million PLN) -5.8m -5.6m -6.9 m-2.9m Change in the Group’s EBITDA due to weaker wind conditions, a lower margin on energy sales in the Trading segment, and an increase in Headquarters’ costs resulting from the growing scale of operations 71.5 m Adjusted EBITDA
Page 25
EBITDA structure – 6 months 2026 compared to 6 months of 2025 Onshore wind farms 14.2 Photovoltaics 4.7 Gas and clean fuels Trading and sale 16.5 DIstribution (47.8) Head Office and non-allocated EBITDA YTD 2026 193.8 32.6 214.0 Onshore wind farms 15.8 Photovoltaics 4.3 Gas and clean fuels Trading and sale 24.9 DIstribution (34.1) Head Office and non-allocated EBITDA YTD 2025 264.7 37.3 312.9 25 226.9 m Adjusted EBITDA Financial results for H1 2026 1. EBITDA adjusted for one-off events and items not directly related to core operating activities. EBITDA structure in 2025 (million PLN) -70.9 m -1.6 m EBIDTA structure in 2026 (million PLN) -4.7 m -8.4 m -13.7m+0.4 m The change in the Group’s EBITDA was primarily due to weaker wind conditions that persisted throughout the half -year, which resulted in lower production in the onshore wind farm segment and an increase in headquarters’ costs resulting from the growing scale of operations.
Page 26
Q2 2026: • Cash flow from investment activities: Capital expenditures incurred on wind farm and photovoltaic power projects (-23.1 million), in particular for the construction of the Rajkowy PV project, capital expenditures in Distribution segment (-6.8 million and other companies (-5.5 million). Grants for a foreign project implemented in Romania (-10.5 million). Proceeds from investing activities resulting from the sale of Polenergia Fotowoltaika. • Cash flow from financial activities: Scheduled repayment of the investment facilities in onshore wind farms and photovoltaic farms projects (-26.5 million) and in Distribution (-2.2 million) segment. Revenue from the disbursement of a loan facility for the PV Rajkowy project (+20 million). Change of the working capital/VAT facility credit (+2.4 million). Interest payments (-56.7 million), mainly on bonds and the KPO loan at Headquarters, and (-23.3 million) at other companies, consisting of interest on debt and lease payments, primarily related to RES assets. Payments of lease liabilities and other in the amount of (-5.1 million). H1 2026: • Cash flow from investment activities: Capital expenditures incurred on wind farm and photovoltaic power projects (-41.1 million), in particular for the construction of the Rajkowy PV project (-38.3 million), capital expenditures in Distribution segment (-16.1 million and in other companies (-7.4 million). Grants for a foreign project implemented in Romania (-24.4 million). Investment proceeds totaling (+125.6 million) from the sale of subsidiaries. • Cash flow from financial activities: Scheduled repayment of the investment facilities in onshore wind farms and photovoltaic farms projects (-67.5 million) and in the Distribution segment (-4.2 million). The impact of a new tranche of the investment loan in the Distribution segment (+22 million) and the disbursement of a loan for the PV Rajkowy project (+20 million). Change of the working capital/VAT facility credit (+19.6 million). Interest payments (-56.7 million), mainly on bonds and the KPO at Headquarters, and (-46 million) at other companies, interest on debt and lease payments, primarily related to RES assets. Payments of lease liabilities and other in the amount of (-15.8 million). Polenergia Group cash flow Financial results for H1 2026 and Q2 2025 26 In H1 2026, positive cash flows from operating activities, further supported by proceeds from the sale of Elektrociepłownia Nowa Sarzyna, enabled the company—after taking into account capital expenditures and interest payments— to generate positive net cash flows Group cash flow in Q2 2026 Group cash flow YTD (5.3) corporate income tax 88.1 (81.1) 1.0 (69.0) (33.9) CFF- investment debt repayment 20.6 CFF - inv. debt drawdowns 2.5 CFF - overdraft financial activities – finance costs (85.1) net cash flow Q3 2026 CFIEBITDA Q2 2026 Change in working capital 15 43 20 Change in working capital (48) corporate income tax CFI (77) CFF- investment debt repayment CFF - inv. debt drawdowns CFF - overdraft (119) financial activities – finance costs net cash flow 2026 214.0 60.8 13 EBITDA 2026
Page 27
Debt structure of Polenergia Group as at 30 June 2026 PLN 2,936 million 79% 21% 82% 18% 82% 18% 86% 14% 88% 12% Secured debt Unsecured debt 20% 18% 19% 17% 17% 80% 82% 81% 83% 83% 30.06.2025 30.09.2025 31.12.2025 31.03.2026 30.06.2026 35% 7% 51% 7% 27 Onshore Wind Power Photovoltaics HQ (bonds + KPO) Other Financial results for Q2 2026 The Group's strong liquidity position and secure debt levels An additional buffer of PLN 300 million in the form of an RCF at the Headquarter’s level. Limited exposure to interest rate volatility risk Debt structure by segment Debt structure - interest rate hedging Gross debt (million PLN) 874 525 1,553 31.12.2025 927 532 1,478 30.06.2026 2,952 2,936 Cash ESCROW account Net debt
Page 28
927 532 300 190 Cash as at XII 2025 Cash as at VI 2026 ESCROW account RCF HQ Available working capital loan limit in SPV1 Group liquidity position 1,398 1,948 PLN 1 946 million - strong position of the Group liquidity Financial results for Q2 2026 1. Available working capital loan limits at Polenergia Obrót and Polenergia Dystrybucja 28 Resilience to unforeseen events • With our accumulated reserves, we are well prepared for any potential high volatility in the business environment. Strong liquidity position of the Group • Financial security is a priority for us - we ensure an adequate safety buffer for the Group. Funds for further development and safety buffer • This capital gives us room to invest and increases the Group's resilience. High level of financial resources and available working capital loans • As at 30 June 2026, the total available working capital and investment loan limits amounted to PLN 490 million. Refinancing of existing assets as an additional source of liquidity • Refinancing can significantly strengthen the Group's liquidity. A portfolio of operating wind assets is generating potential in this area. Cash as at June 2026 ∑: PLN 4,591 million + PLN 61 million The Group has significant cash resources that can serve as a safety buffer or leverage for further leapfrogging growth Liquidity position of Polenergia Group (million PLN) Comment
Page 29
Detailed results of the segments 26 29
Page 30
EBITDA build-up (million PLN) WEAKER WIND CONDITIONS RESULTING IN LOWER PRODUCTION VOLUME, COMBINED WITH STABLE OPERATING COSTS AND THE ABSENCE OF THE ONE-OFF COMPENSATION SUPPORT OF 2025 ARE DRIVIGN A DECLINE IN EBITDA IN THE ONSHORE WIND FARM SEGMENT. Detailed results of the segments EBITDA bridge (million PLN) • In Q2 2026, the wind farm segment achieved EBITDA that was PLN 39.8 million lower than in Q2 2025. • The decline was primarily due to lower energy production volumes resulting from less favorable wind conditions. • The year-over-year increase in operating costs (+0.7 million) is primarily due to a shift in the timing of maintenance costs and the impact of inflation, which led to a year-over-year increase of a part of the costs. • The lower result from other operations was negatively impacted by the absence of the one-off positive effect recorded in Q2 2025, related to compensation received by the Amon and Talia projects in connection with the settlement reached with the Tauron Group, party offset by compensation received from PSE for completed non- market redispatching. Onshore wind farms - Q2 Comment: Net electricity 4.9 Green certificates (24.9) Operating costs 5.0 Other EBITDA Q2 2026 102.8 87.8 EBITDA Q2 2025 (27.6) Volume effect 0.7 Price effect (0.7) Operating costs (12.3) Other EBITDA Q2 2026 127.6 87.8 30
Page 31
Onshore wind farms - YTD Net electricity 10.8 Green certificates (49.2) Operating costs 7.0 Other EBITDA YTD 2026 225.2 193.8 EBITDA YTD 2025 (44.7) Volume effect (8.8) Price effect (1.9) Operating costs (15.5) Other EBITDA YTD 2026 264.7 193.8 31 Detailed results of the segments LOWER ENERGY PRODUCTION DUE TO WEAKER WIND CONDITIONS, COMBINED WITH A LOWER ELECTRICITY SELLING PRICE, AND THE ABSENCE OF THE ONE-OFF COMPENSATION PAYMENT OF 2025 LED TO A LOWER EBITDA IN H1 2026 EBITDA build-up (million PLN) EBITDA bridge (million PLN) • In H1 2026, the wind farm segment achieved EBITDA that was PLN 70.9 million lower than in H1 2025. • This decline was primarily due to lower electricity production volumes, compounded by the negative impact of lower electricity selling prices. • The year-over-year increase in operating costs was primarily due to a different timing of recognition and the earlier recognition of certain service costs. Excluding the effect of cost timing, the underlying structure of operating costs remains essentially stable y/y and does not indicate a sustained increase in asset maintenance costs. • The lower result from other operations was negatively impacted by the absence of the one-off positive effect recorded in Q2 2025, related to compensation received by the Amon and Talia projects in connection with the settlement reached with the Tauron Group, party offset by compensation received from PSE for completed non- market redispatching. Comment:
Page 32
Photovoltaics - Q2 Electricity (3.8) Operating costs 0.2 Other EBITDA Q2 2026 14.4 10.8 EBITDA Q2 2025 0.4 Volume effect (2.2) Price effect (0.4) Operating costs 0.4 Other EBITDA Q2 2026 12.7 10.87 32 EBITDA build-up (million PLN) EBITDA bridge (million PLN) Comment: • Segment EBITDA result in Q2 In 2026, the figure was PLN 1.8 million lower year- over-year, mainly due to lower electricity selling prices resulting from the expiration of a favorable price hedge for one of the projects. • A slight increase in electricity production volume, on a comparable generation asset basis, had a positive impact on EBITDA, partially offsetting the negative impact of lower electricity selling prices. • The higher operating costs year-over-year are primarily attributable to the expansion of operations following the launch of the Szprotawa I and II wind farms, which are now operating at full capacity this year and incurring costs typical of standard operations. Detailed results of the segments DECLINE IN EBITDA DUE TO LOWER ENERGY SELLING PRICES AND HIGHER OPERATING COSTS RESULTING FROM AN EXPANSION IN THE SCALE OF OPERATIONS, PARTLY OFFSET BY HIGHER PRODUCTION VOLUME
Page 33
Photovoltaic - YTD Electricity (7,0) Operating costs (0,4) Other EBITDA YTD 2026 21,6 14,2 EBITDA YTD 2025 Volume effect (2,5) Price effect (1,8) Operating costs (0,2) Other EBITDA YTD 2026 15,8 2,8 14,2 33 Detailed results of the segments DECLINE IN EBITDA DUE TO LOWER ENERGY SELLING PRICES AND HIGHER OPERATING COSTS RESULTING FROM AN EXPANSION IN THE SCALE OF OPERATIONS, PARTLY OFFSET BY HIGHER PRODUCTION VOLUME EBITDA build-up (million PLN) EBITDA bridge (million PLN) • The segment’s EBITDA in 2026 was PLN 1.6 million lower than in the same period of 2025, mainly due to lower electricity selling prices resulting from the expiration of a favorable price hedge for one of the projects, which had been in effect in 2025. • The negative impact of lower electricity selling prices was partly offset by higher production volumes, resulting mainly from the commissioning of the Szprotawa I and II wind farms. • The higher operating costs year-over-year are primarily attributable to the expansion of operations following the launch of the Szprotawa I and II wind farms, which are now operating at full capacity this year and incurring costs typical of standard operations. Comment:
Page 34
Trading and Sales - Q2 Trading & business services RES - electricity 0.6 WF - green certificates 0.0 RES aggregation 0.0 ENS contract Energy sales 1.2 Proprietary trading 0.9 Others (11.0) Opex and provisions EBITDA Q2 2026 3.4 12.2 3.2 10.3 (4.1) Energy sales 0.1 Proprietary trading EBITDA Q2 2025 0.9 Opex and provisions EBITDA Q2 2026 (3.0) Trading & business services 0.1 RES - electricity (0.5) WF - green certificates 0.0 RES aggregation (0.6) ENS contract 16.1 1.4 10.3 Others 34 The decline in EBITDA in the Trading and Sales segment was due to: • lower margins on trading and business service, primarily on speculative trading in green certificates, due to a significant decline in market volatility and lower market prices for certificates, • lower margin on energy sales, resulting, among other things, from the discontinuation of operations in the B2C sales segment and the termination of supplies for some of the contracts managed in 2025, The EBITDA decrease partly offset by: • lower operating costs resulting from optimization measures and the merger of Polenergia Obrót and Polenergia Sprzedaż, • higher profit from other operations, including, among other things, the positive effect of revaluing the write-off for accounts receivable based on the contract valuation. Comment:EBITDA build-up (million PLN) EBITDA bridge (million PLN) Detailed results of the segments DECLINE IN MARGINS, MAINLY IN TRADING AND BUSINESS SERVICES AS WELL AS ENERGY SALES, PARTLY OFFSET BY LOWER OPERATING COSTS AND HIGHER RESULT ON OTHER OPERATIONS
Page 35
Trading and Sales - YTD Trading & business services RES - electricity 2.2 WF - green certificates 0.0 RES aggregation 4.7 ENS contract Energy sales 4.8 Proprietary trading (2.5) Others (21.3) Opex and provisions EBITDA YTD 2026 10.5 24.6 9.6 32.6 1.3) Trading & business services (1.6) RES - electricity (1.6) WF - green certificates 0.0 RES aggregation ENS contract EBITDA YTD 2026 Opex and provisions Others (3.9) Proprietary trading Energy sales (6.6) 37.3 32.6 3.2 2.1 5.1 EBITDA YTD 2025 35 Detailed results of the segments DECLINE IN MARGINS ON ENERGY SALES WAS OFFSET BY HIGHER MARGINS ON PROP TRADING AND LOWER OPERATING COSTS EBITDA build-up (million PLN) EBITDA bridge (million PLN) The decline in EBITDA in the Trading and Sales segment was due to: • lower result of on energy sales, resulting, – among other things, from the discontinuation of operations in the B2C sales segment and the termination of supplies for some of the contracts managed in 2025, • lower result on the sale of RES energy—due, among other things, to lower generation in the Group’s power generation assets, • lower result on the sale of certificates from wind farms—due to an overall decline in the price of certificates of origin, • lower result on other operations, primarily in the prosumer energy sector, due to a decline in margins and sales volume for photovoltaic systems and heat pumps. The EBITDA decrease partly offset by: • a higher margin on the contract with ENS—favorable market conditions in Q1 2026 allowed for a greater degree of optimization of the unit’s operations, • a higher margin on prop trading—generated by increased volatility in the futures markets due to the conflict in the Middle East, • lower operating costs resulting from optimization measures and the merger of Polenergia Obrót and Polenergia Sprzedaż. Comment:
Page 36
EBITDA Q2 2025 (1.2) Sale of electricity (0.5) Distribution (1.6) Operating costs (2.4) Other1 EBITDA Q2 2026 11.6 6.0 Sale of electricity 11.6 Distribution (6.2) Operating costs (2.9) Other1 EBITDA Q2 2026 3.5 6.0 Distribution - Q2 36 Comment: • In Q2 2026, the distribution segment reported an EBITDA that was PLN 5.6 million lower than in the same period of the previous year, which was mainly due to a lower margin on energy sales—mainly as a result of lower sales prices—and a lower margin on energy distribution. • A negative impact compared to the same period last year was also observed in operating expenses, which increased in line with the expansion of the company’s operations, as well as in the lower result on other operations, where one-off costs were recognized resulting, among other things, from an additional penalty assessed by the Energy Regulatory Office (URE). EBITDA build-up (million PLN) EBITDA bridge (million PLN) DECLINE IN EBITDA DUE TO A LOWER MARGIN ON ELECTRICITY SALES, INCREASE IN OPERATING COSTS RELATED TO THE EXPANSION OF OPERATIONS AND A ONE-OFF EVENT NEGATIVELY IMPACTING THE RESULT Detailed results of the segments 1. takes into account the result of Polenergia Kogeneracja and Polenergia eMobility
Page 37
Distribution - YTD Sale of electricity 22.8 Distribution (11.0) Operating costs (3.3) Other1 EBITDA YTD 2025 8.0 16.5 EBITDA YTD 2025 (3.7) Sale of electricity (0.4) Distribution (2.0) Operating costs (2.2) Other1 EBITDA YTD 2025 24.9 16.5 37 Detailed results of the segments 1. takes into account the result of Polenergia Kogeneracja and Polenergia eMobility DECLINE IN EBITDA DUE TO A LOWER MARGIN ON ELECTRICITY SALES, INCREASE IN OPERATING COSTS RELATED TO THE EXPANSION OF OPERATIONS AND A ONE-OFF EVENT NEGATIVELY IMPACTING THE RESULT EBITDA build-up (million PLN) EBITDA bridge (million PLN) • The distribution segment reported an 8.4 million PLN decline in EBITDA compared to the same period last year, which is mainly due to a lower margin on electricity sales compared to the same period in 2025, mainly as a result of lower selling prices. • A negative impact compared to the same period last year was also observed in operating expenses, which increased in line with the expansion of the company’s operations, as well as in the lower result on other operations, where one-off costs were recognized resulting, among other things, from an additional penalty assessed by the Energy Regulatory Office (URE). Comment:
Page 38
Non-financial results Status of the Group’s Strategy implementation 38
Page 39
Non-financial results. Status of the Group´s Strategy implementation 39 ESG: Summary of key events (1/3) • Rajkowy Photovoltaic Farm (35 MWp) – current status: under construction. • The Bałtyk 2 and Bałtyk 3 offshore wind farm projects – developed by Polenergia and Equinor- current status: under construction. • Additional annual monitoring of birds of prey at the Dębsk Wind Farm, conducted during the farm’s third and fourth years of operation. • Observation of a young white-tailed eagle equipped with a tracking device to monitor and analyze its behavior (Dębsk Wind Farm site) – in progress. • Continuation of environmental monitoring related to the construction phase and completion of the Biodiversity Management Plan for the Sulechów and Strzelino photovoltaic farms. • Continuation of environmental monitoring related to the construction phase and implementation of the Biodiversity Management Plan. • Signing of the agreement to continue the active conservation program for the Montagu's harrier in 2026–2027 (projects: WF3, FW Dębice/Kostomłoty, FW Grabowo, Talia, Amon). • SBTi climate targets have been set; SBTi decision by 30 September 2026. • A Decarbonization Plan for the Polenergia Group was developed. • The Circular Economy Project was completed in August 2026. Preparations for the implementation of the Circular Economy Principles are underway. E - ENVIRONMENT ESG NEWS • At one with nature. Nature Trackers as part of the "Play Green with Us!®" program – ESG Service
Page 40
Non-financial results. Status of the Group´s Strategy implementation 40 ESG: Summary of key events (2/3) • Implementation of the Polenergia Group’s Social Engagement Policy (1% of consolidated net profit allocated to social initiatives): In Q1, 46 donation agreements were signed for a total of PLN 1,591,316.15). Thanks to this support, 219 projects were completed. Funding was awarded to non-profit organizations, associations supporting the elderly and women, schools, children's sports clubs, and cultural centers. All of the supported facilities operate in areas where Polenergia’s assets are being developed, constructed, or operated. • The second semester of the fourth edition of Polenergia's Play Green with Us! ® (Graj z nami na zielone! ) educational program was completed More than 80 educational institutions participated in this edition of the program, delivering over 2,600 hours of environmental education, and more than 16,000 students took part in the classes offered by Polenergia in the school year 2025/2026. • The first contest (for children and their families) was organized by Polenergia: Family Academy of Facts About RES– aimed at promoting reliable, evidence-based knowledge about renewable energy sources. The effect: over 150 inquiries, dozens of families involved, and valuable, fact-based conversations about renewable energy sources. • Educational workshops were held at 11 elementary schools located near the connection infrastructure for projects in the Baltic Sea, with approximately 1,300 pupils participating. These activities were inspired by Polenergia’s original educational program Play Green with Us! ® which has been successfully implemented for years. • On 22 April Polenergia celebrated Earth Day by organizing a Bike Day, featuring a mobile service station for Polenergia Group employees. • From April through June, Polenergia employees took part in a sports challenge LET'S BOOST OUR POWER! More than 200 employees took part in the initiative, converting their kilometers, steps, and exercise time into a donation of 30,000 PLN to the Stowarzyszenie CukierAsy association, which supports children and young people with type 1 diabetes. • The first edition of the “Kurs na Offshore” educational program was concluded in June. The initiative was carried out in cooperation with Employers of Pomerania, the Polish Chamber of Commerce for Offshore Wind Energy, Rumia Invest Park, and the Pomeranian Center of Competence for Offshore Renewable Energy. S - SOCIETY ESG NEWS • From play to action! 4 edition of Polenergia's educational program Play Green with Us!® ended - ESG Service. • The finale of the 4th edition of the WE INCREASE POWER! sporting challenge - ESG Service • The awards gala for the winners of the first edition of the Polenergia competition—the Family Academy of Facts About Renewable Energy—came to a close. — ESG Service
Page 41
Non-financial results. Status of the Group´s Strategy implementation 41 ESG: Summary of key events (3/3) • The Polenergia Group ranks in the top 35% of all companies evaluated by EcoVadis - Polenergia was awarded the EcoVadis Bronze Medal. • Work on the sustainable procurement policy is currently in progress. • Work is currently underway to establish a supplier verification process across Polenergia’s entire value chain, taking into account Compliance and ESG considerations. • Operationalization of the ESG Strategy for sales teams – in progress. • Work on the Policy on Responsible Environmental and Social Communication (to prevent greenwashing) – in progress. • Update to the Double Materiality Assessment (including an update to ESG risks) – in progress. G - CORPORATE GOVERNANCE ESG NEWS • We are proud to announce that Polenergia was awarded the EcoVadis Bronze Medal. - ESG Service
Page 42
Group strategy for 2025 - 2030 | Taking advantage of new market opportunities and mitigating risks 42 ➢ Priority: Development of offshore wind farms: Bałtyk 1, 2 i 3 up to 3 GW capacity to power more than 4 million households with green energy,. ➢ Consistent development of onshore wind farms in Poland and abroad,. ➢ Stable Group revenues, secured by CfDs and PPAs. ➢ Optimal development of onshore portfolio based on, among other things, hybridization and flexibilization by battery energy storage systems (BESS). ➢ Deprioritization of non-core directions. Generation capacity growth to 1.5 GW in 20301. Increase of EBITDA to PLN 1.6 billion in 20302. Non-financial results. Group’s strategy: 1. Growth in offshore generation capacity proportional to the stake in the joint venture. 2. EBITDA level, assuming consolidation of the Baltic 2 and 3 projects in proportion to the stake in the joint venture.
Page 43
Progress of the Group´s strategy implementation (1/3) Progress on the Bałtyk 2 and 3 projects is on schedule: Offshore wind farms Bałtyk 2 and Bałtyk 3 projects (total planned capacity of approx. 1.4 GW): • The Group is jointly developing the Bałtyk II and Bałtyk III offshore wind projects with a partner, with a total capacity of 1.44 GW; these projects are currently under advanced construction. • The offshore installation campaign for wind turbine foundations for the Bałtyk II and Bałtyk III projects begun. • Horizontal directional drilling (HDD) operations, including the installation of casing pipes, was completed for the Bałtyk II and Bałtyk III projects. • The Bałtyk II and Bałtyk III projects secured project finance totaling approximately EUR 5.8 billion, and key components and contractors were contracted. • The first power generation from the Bałtyk II and III projects is scheduled for 2027, with the farms set to become fully operational in 2028. Bałtyk 1 Project: • The Group is developing the MFW Bałtyk I project, with a capacity of up to 1,560 MW, which was awarded a 25-year contract for difference (CfD) as part of the first offshore auction of Phase II. • 3D surveys of the seabed at the offshore wind farm were conducted, and the data collected is currently being analyzed in terms of the farm’s layout and technical concepts. • Administrative procedures are underway to obtain building permits. Non-financial results. Status of the Group´s Strategy implementation 43
Page 44
Progress of the Group´s strategy implementation (2/3) 493 MW of wind farms and 149 MWp of photovoltaic farms in operation: • The Group has a strong operational base in the onshore wind farm segment, operating assets with a total capacity of 493 MW. • In the area of new projects, the Group is expanding its portfolio of onshore wind farms in Poland to a capacity of approximately 1 GW, while analyzing various pathways for commercializing future energy production, including RES auctions, cPPAs, and sales on the regulated and over-the-counter markets. • The Bądecz Wind Farm (48.3 MW), which won the RES auction in December 2024, is currently in the process of obtaining the final documents and approvals required to make the final investment decision (FID). • The Group is also developing wind projects in Romania—the portfolio managed by its subsidiary includes projects with a total grid- connected capacity of up to 685.6 MW. In 2026, development work continued, including arrangements for power transmission infrastructure, environmental and technical analyses, and the preparation of facilities for subsequent phases of the project. Onshore wind farms • In the photovoltaic segment, the Group operates assets with a total capacity of 149 MWp, while simultaneously developing a portfolio of new projects totaling approximately 0.9 GW. • In Q2 2026, the main construction work was completed, including: driving and bolting steel structures, installing inverters, and installing photovoltaic modules at the Rajkowy photovoltaic farm (35 MWp). The project is proceeding according to schedule and within budget, and construction is scheduled to be completed in Q4 2026. Photovoltaic Non-financial results. Status of the Group´s Strategy implementation 44
Page 45
Progress of the Group´s strategy implementation (3/3) The Group is developing a sales model based on long-term PPA and CfD contracts and is working to secure new connection projects in the Distribution segment Gas and clean fuels • Polenergia Dystrybucja • Received a decision from the President of the Energy Regulatory Office approving a new tariff for the distribution and sale of energy in effect from 1 March 2026. • The company is carrying out the investments included in its 3rd and 4th investment plans and is working to secure new connection projects; the expected value of the additional contracts is approximately PLN 40 million. • The total value of planned investments in the distribution sector for 2025–2030 is PLN 184 million. • eMobility • The Management Board of Polenergia decided to gradually withdraw from the electromobility segment, focusing on areas with higher profitability in accordance with the 2025–2030 Strategy. Distribution Trading and Sales • The Group is consistently reducing its involvement in the gas and clean fuels segment, focusing its capital on the most profitable areas and strategic RES investments. As a result, impairment losses were recognized for hydrogen projects, and the sale of Polenergia Elektrociepłownia Nowa Sarzyna was finalized. CH4 H2 Non-financial results. Status of the Group´s Strategy implementation 45 • Polenergia Obrót • The Group is implementing a strategy to stabilize its results and build long-term value, securing most of its planned generation primarily through CFDs and long-term PPAs, preferably of the “pay-as-produced” type. • The Company engages in short-term optimization of RES sources, particularly during periods of negative energy prices, and develops its own trading activities on wholesale markets (prop trading) while adhering to strict risk limits. • The Group is making operational preparations to implement 15-minute settlements on the TGE Day-Ahead Market and is analyzing further directions for development following the end of the B2C sales and the merger of Polenergia Obrót and Polenergia Sprzedaż.
Page 46
Appendices 46
Page 47
Glossary of abbreviations Appendices 47 Net electricity Revenue from sales of electricity less cost of balancing and profile. EBITDA Gross profit minus financial income plus financial costs plus depreciation plus impairment loss on non-financial fixed assets (including goodwill). RAB Regulatory asset base - the value of assets on the basis of which the Energy Regulatory Office determines the distribution tariff. RAB in transit Expenditure already incurred, but not reflected in the distribution tariff. They will be included in subsequent tariff updates. MW Megawatt. MWh,GWh Megawatt hour, Gigawatt hour TJ, GJ Terajoule, Gigajoule RES Renewable Energy Sources. Proprietary trading Trade on own account using own funds. SLA Service Level Agreement. SEG Social, Environment and Governance. EHS Environment, Health and Safety. YTD Year-to-date, cumulative from the beginning of the year. CSS Gross margin from the sale of a unit of electricity in gas-fired generating units. (Clean Spark Spread). ONS Onshore Substation - an onshore substation (a substation on land to which power is fed from an offshore wind farm). HDD Horizontal Directional Drilling - horizontal directional drilling; a technology for trenchless underground installation (e.g., under roads, rivers). WTG Wind Turbine Generator - a wind turbine along with a generator that produces electricity. OSS Offshore Substation - an offshore substation at a wind farm that collects power from the turbines and transmits it via export cables to an onshore ONS substation. RtB Ready to Build. Term Definition
Page 48
THANK YOU Polenergia © 2026 Tel.: +48 22 522 3974 e-mail: polenergiaIR@polenergia.pl Polenergia S.A. ul. Krucza 24/26 00- 526 Warsaw 49