Profil:
Polenergia SAPolenergia renewables estimates Q3 EBITDA at PLN 89.2 mln; below market expectations
Listed renewables group Polenergia estimates that EBITDA in the third quarter of 2025 amounted to PLN 89.2 million (EUR 20.9 mln), and the group's EBITDA after three quarters of 2025 amounted to PLN 402.1 million (EUR 94.3 mln), the company said in a market filing. The PAP Biznes consensus assumed PLN 102.7 million (EUR 24.1 mln) EBITDA for the third quarter.
As reported, after three quarters of 2025, the EBITDA results for individual segments were as follows: onshore wind farms segment: PLN 354.0 million (EUR 83.5 mln), photovoltaic farms segment PLN 29.5 million (EUR 7 mln), gas and clean fuels segment PLN 4.5 million (EUR 1.06 mln), trading and sales segment PLN 44.8 million (EUR 10.6 mln), distribution segment PLN 35.6 million (EUR 8.4 mln), unallocated segment PLN -66.4 million (EUR -15.7 mln).
The company reported that the Group's EBITDA for the first nine months of 2025 was primarily in the onshore wind farm segment, determined by the expected stabilisation of prices on the electricity and green certificate markets following a wave of increases in previous years, as well as worse than expected wind conditions in the first quarter of 2025, as reported by the company in previous quarters.
Polenergia estimates that the factor influencing the worse result of the unallocated segment, compared to the corresponding period in 2024, was primarily the recognition of one-off costs related to the successful completion of the process of obtaining financing and the final investment decision for the Baltyk 2 and 3 projects, which are strategic for the Group, in the amount of approximately PLN 14.9 million (EUR 3.5 mln).
Adjusted net profit in the third quarter of 2025 is estimated at PLN -6.4 million (EUR -1.5 mln), and after the first nine months of 2025, the group's adjusted net profit amounted to PLN 54.7 million (EUR 12.9 mln).
The company reported that the decline in adjusted net profit was mainly due to the factors affecting EBITDA described above, as well as financial costs resulting from interest on green bonds issued and financing obtained under the national recovery plan KPO.
These funds were allocated to cover the company's own contribution to the strategic offshore wind farm projects Baltyk 2 and Baltyk 3.
The group's quarterly report for the third quarter of 2025 is scheduled to be published on November 20.
gaw/ han/
