Profil:
PGE SAPGE power estimates Q1 2025 EBITDA at PLN 4.33 bln; net profit at PLN 2.42 bln, above consensus
Listed power utility PGE Group estimates that it had a PLN 4.33 billion (EUR 1.02 bln) recurring EBITDA in the first quarter of 2025, and a net profit of PLN 2.42 billion (EUR 569.4 mln) year on year, the company stated in a market filing. The PAP Biznes consensus was for a PLN 3.53 billion (EUR 830.6 mln) EBITDA and PLN 1.57 billion (EUR 369.4 mln) net profit.
EBITDA of the Renewables segment was PLN 450 million (EUR 105.9 mln), EBITDA of the Gas segment PLN 90 million (EUR 21.2 mln), of the Conventional segment PLN 290 billion (EUR 68.2 mln), of the Heat segment PLN 900 million (EUR 211.8 mln), of the Distribution segment PLN 1.32 billion (EUR 310.6 mln), of the Rail segment PLN 350 million (EUR 82.4 mln) and of the Trading segment PLN 770 million (EUR 181.2 mln),
As reported, the first quarter of 2025 results were affected by non-recurring events, reducing the reported EBITDA by PLN 24 million (EUR 5.7 mln). As a result, the reported consolidated operating result plus depreciation, amortisation and impairment losses (reported EBITDA) amounted to approximately PLN 4.31 billion (EUR 1.01 bln), including PLN 740 million (EUR 174.1 mln) in the Trading segment (excluding differences in other segments).
Consolidated net income attributable to equity holders of the parent company amounted to approximately PLN 2.42 billion (EUR 569.4 mln), or PLN 1.08 (EUR 0.25) per share, and consolidated net income attributable to equity holders of the parent adjusted for write-offs of property, plant and equipment, intangible assets and rights to use assets amounted to approximately PLN 2.43 billion (EUR 571.8 mln), or PLN 1.08 (EUR 0.25) per share.
Capital expenditures in the first quarter of 2025 amounted to about PLN 1.72 billion (EUR 404.7 mln) and estimated net debt at the end of March was about PLN 8.14 billion (EUR 1.9 bln), with an estimated economic net financial debt (including future payments for CO2 emission allowances) of about PLN 16.68 billion (EUR 3.9 bln).
According to preliminary estimates, the following volumes were achieved in the first quarter of 2025: net electricity generation 16.1 TWh, electricity distribution 10.8 TWh, electricity sales to end users 8.6 TWh, and heat sales 20.9 PJ.
The average wholesale electricity price in the first quarter of 2025 was respectively: PLN 500 (EUR 117.65)/MWh in the Conventional Power segment, PLN 607 (EUR 142.83)/MWh in the Gas Power segment, PLN 482 (EUR 113.41)/MWh in the Heat segment, PLN 504 (EUR 118.59)/MWh in the Conventional Power, Gas Power and Heat segments combined.
As indicated, the average CO2 cost of the aforementioned segments for electricity production was 282 PLN (EUR 66.35)/MWh.
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