UPDATE: Tauron power expects y/y growth of reported EBITDA in 2025

"The group's total EBITDA should be better, and thus the debt ratio should be at a similar level year on year," deputy CEO Surma told the conference.

He said that the group expects an improvement in EBITDA in the distribution and sales segments and a year-on-year decline in the renewable energy segment.

Surma pointed out that the company has raised its expectations for the generation segment and now expects reported EBITDA in this area to be higher year on year.

In the heat segment, the group expects a stable year-on-year result compared to the previously assumed decline.

In 2025, the group's CAPEX is expected to be higher year on year.

When asked whether there would be any write-offs in the generation segment, Tauron's deputy CEO replied: "The majority of write-offs were made in previous years. (...) The market is relatively stable, but I do not want to say today whether there will be write-offs or not. An impairment test will definitely be carried out."

Surma pointed out that, apart from the issue of the capacity market, the expected price paths for the coming years must also be taken into account.

He said that at the individual level, all shares in the conventional generation segment had already been written down to zero, and at the consolidated level, the value of assets was approximately PLN 2.8 billion (EUR 658 mln), with Nowe Jaworzono subsidiary accounting for the gross value.

Tauron's CEO Grzegorz Lot reiterated that the group's ambition was to pay dividends in the future.

In the entire first half of 2025, Tauron had PLN 17.3 billion (EUR 4.1 bln) in revenue, PLN 4.224 billion (EUR 992.64 mln) in EBITDA, nearly PLN 3 billion (EUR 705 mln) in EBIT and PLN 2.06 billion (EUR 484.1 mln) in net profit, in line with earlier estimates. In turn, the net profit of the parent company in the first half of the year amounted to PLN 2.01 billion (EUR 472.35 mln).

The group's CAPEX after the first half of the year amounted to nearly PLN 2.3 billion (EUR 540.5 mln).

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