Polenergia's posts Q2 EBITDA of PLN 151 million, in line with expectations

Polenergia reported that EBITDA in the second quarter of 2025 was PLN 7.3 million (EUR 1.7 mln) lower than in the same period of the previous year, which was mainly due to lower results in the trading and sales segment, mainly as a result of lower results on electricity trading from renewable energy assets due to lower results on sales hedging and lower results on trading and business services, mainly due to lower results on green certificate trading.

In addition, a lower result was recorded in the onshore wind farm segment, mainly as a result of lower sales prices for electricity and green certificates compared to the previous year.

The group's EBITDA result for the first half of 2025, amounting to PLN 312.9 million (EUR 73.1 mln), was composed of the results of individual segments:

- onshore wind farm segment: PLN 264.7 million (EUR 61.9 mln),

- photovoltaic farm segment: PLN 15.8 million (EUR 3.7 mln),

- gas and clean fuels segment: PLN 4.3 million (EUR 1 mln),

- trading and sales segment: PLN 37.3 million (EUR 8.7 mln),

- distribution segment: PLN 24.9 million (EUR 5.8 mln),

- unallocated segment: PLN -34.1 million (EUR -8 mln).

In an earlier announcement, Polenergia reported the creation of an impairment loss on assets in relation to the following companies: Polenergia Fotowoltaika in the amount of approximately PLN 71 million (EUR 16.6 mln) and Polenergia H2HUB Nowa Sarzyna in the amount of approximately PLN 21 million (EUR 4.9 mln). Its estimated impact on the consolidated gross result for 2025 is approximately PLN 92 million (EUR 21.5 mln).

The group's adjusted net profit for the first half of 2025 was estimated at PLN 61.2 million (EUR 14.3 mln), which represents a decrease of PLN 161.3 million (EUR 37.7 mln) compared to the same period last year.

In the second quarter of 2025 alone, the adjusted net profit amounted to PLN 0.7 million (EUR 163k), which represents a decrease of PLN 79.9 million (EUR 18.7 mln) compared to the same period last year.

"This was mainly due to the factors described above affecting EBITDA, as well as higher financial costs resulting from interest on green bonds issued and financing obtained from the national recovery plan KPO," the announcement said.

"These funds were allocated to cover the own contribution to the Baltyk II and Baltyk III offshore wind farm projects," it added.

In addition, the result was affected by higher commission costs related mainly to the conclusion of contingent hedging transactions, the purpose of which was to limit the risk of interest rate volatility in projects implemented by offshore units Baltyk II sp. z o.o. and Baltyk III sp. z o.o.

As added, the decline in adjusted net profit was partially offset by lower income tax in the reporting period.

Polenergia plans to publish its semi-annual report on August 20, 2025.

doa/ han/