New investments, a historic moment for renewables, and solid financial results. The Energa Group sums up 2025

The Energa Group ended 2025 with an established market position and stable financial results. It also continued to systematically pursue its strategic development vision, focused on key areas for the Polish energy sector. Through this, Energa is responding to the needs and challenges of Poland’s energy transition, actively supporting its secure and sustainable progress.

Group EBITDA improved by 5% y/y, while net profit in the same period increased nearly fourfold.
Annual capital expenditures amounted to PLN 5.6 billion (up 11% y/y), with the Distribution Business Line accounting for the largest share (57%).
The Energa Group’s installed capacity from all renewable sources exceeded 1 GW at the end of 2025, while annual RES production increased by 4% y/y.
A new chapter in the development of the energy storage segment – PLN 210 million in subsidies from the National Fund for Environmental Protection and Water Management (NFOŚiGW) for the hybridization of renewable sources.
A diversified business model proven in practice, with Utility-Scale Power Generation Line playing an increasingly important role in balancing the power system.
Success in capacity market auctions – the secured capacity contracts enabled the launch of investments in new balancing sources in Gdańsk and Grudziądz.

“In 2025, we consistently implemented the Energa Group’s strategic development vision, built primarily on a diversified business model. We strengthened the potential of our generation assets, both renewable and gas-fired, and continued the intensive modernization of key distribution infrastructure. By structuring the Group’s operations across several interrelated yet independent segments, we can respond flexibly to the dynamics of the environment in which we operate. When one Business Line faces challenges, its impact on the Group’s performance can be offset by the activities of other Lines. Consequently, despite the demanding conditions in which the Energa Group operates, we achieved solid, satisfactory results that will allow us – among other things – to continue our extensive and ambitious investment program,” says Magdalena Kamińska, President of the Management Board of Energa SA.

In 2025, the Energa Group generated an EBITDA of PLN 3.6 billion (a 5% y/y increase). Revenues for the reporting period amounted to PLN 21.7 billion (-4% y/y), while net profit reached PLN 1.2 billion – nearly four times higher than in 2024.

The Energa Group’s financial performance in 2025 was influenced by a dynamic market environment, driven by electricity purchase and sales prices as well as lower acquisition costs for selected fuels. One-off events also played a significant role. Due to the balancing needs of the National Power System (KSE), the Group’s conventional power generation recorded strong production performance and an improvement in financial indicators. For renewable sources, the impact of low water levels in the Vistula River on production at the Włocławek Hydroelectric Power Plant was particularly evident. Compared to 2024, production increased in both solar sources (PV farms nearly quadrupled their energy output) and wind sources (up 15%).

In 2025, the Energa Group produced 3.4 TWh of energy (up 24% y/y), 46% of which came from RES. The volume of energy supplied during this period amounted to 23.1 TWh (a 2% y/y increase), while retail sales reached 17.2 TWh (a 3% y/y increase).

Distribution meets demand

The Distribution Business Line had the largest share in the Group’s overall results, with EBITDA increasing by 18% y/y to PLN 3.3 billion. Energa Operator also incurred historically high capital expenditures, totaling PLN 3.2 billion. As a result, the company modernized and built a total of 4,600 km of distribution lines, including twice as many high-voltage lines (295 km) as the average over the past five years. In addition, 62,000 new customers were connected to the company’s infrastructure. Last year, Energa Operator also officially exceeded 10 GW of RES capacity connected to its grid – the current level is approximately 11 GW. The company also recorded a marked increase in the number of grid connection conditions issued for RES, up 60% y/y for a total capacity of around 2.5 GW. In addition, 28% more grid connection conditions were issued for energy storage facilities, representing a total capacity of approximately 3.3 GW.

In view of these clear trends, 2025 marked the launch of Energa Operator’s largest-ever investment program for the modernization and expansion of the distribution network – a PLN 40 billion initiative planned through 2035. To support its implementation, the company secured, among other sources, a low-interest loan of PLN 9.4 billion under the National Recovery Plan (KPO). Investments carried out in 2025 helped, in particular, strengthen grid resilience. The SAIDI index (minutes without power per customer) improved, decreasing by 4% y/y. This means that despite more challenging weather conditions, which were the main reason for the 2% y/y deterioration in the SAIFI index (the average frequency of power interruptions per customer), Energa Operator’s field crews were able to restore power more quickly thanks to modernized networks and Main Supply Points (GPZ). Growing grid flexibility also enabled the connection of 954 MW of new RES capacity throughout 2025.

A milestone year for RES in the Energa Group

The second-largest contribution to the Group’s EBITDA, amounting to PLN 444 million, came from the New Energy Business Line. Through this segment, the Energa Group reached a major milestone last year: total installed capacity across all RES sources exceeded 1 GW. This achievement was made possible in particular by the completion of the Mitra solar farm (65 MW) and the Szybowice wind farm (37.4 MW). Implementation of the renewable energy investment plan also resulted in a 34% y/y increase in capital expenditures for this Business Line. Over the full year, RES energy production grew by 4% compared to 2024.

Importantly, to further leverage the potential of its renewable sources, including those already operational, under development, or in the planning stages, the Energa Group is preparing for hybridization, which involves pairing generation assets with energy storage facilities. This initiative will be supported by funding from the National Fund for Environmental Protection and Water Management (NFOŚiGW). At the end of last year, 13 projects submitted by Energa Green Development and Energa Wytwarzanie qualified for subsidies from the Modernization Fund. The total maximum funding amounted to approximately PLN 210 million.

Favorable conditions for conventional power generation

The third Business Line with the largest contribution to the Group’s EBITDA in 2025, at PLN 204 million, was Utility-Scale Power Generation. The segment benefited from increased demand for balancing services for the National Power System (KSE). It was also the second-largest Business Line in terms of annual capital expenditures, which totaled approximately PLN 1.1 billion. In addition to four CCGT (combined cycle gas turbine) projects, this amount also included the modernization of Power Boiler No. 3 at the Ostrołęka B Power Plant, which increased the capability for biomass co-firing to up to 50% of the fuel mix. As a result, at the beginning of 2026, its emission intensity fell below 550 g CO₂/t.

In 2025, the Utility-Scale Power Generation Business Line achieved a key success in the supplementary capacity market auction for 2029. Two new CCGT projects, CCGT Gdańsk and CCGT Grudziądz II, secured a combined capacity obligation of over 1 GW and are expected to generate revenues exceeding PLN 9 billion. As a result, agreements with the general contractors for both projects were signed in September.

Last year’s auctions (both supplementary and main) also saw participation from the gas- and biomass-fired cogeneration units in Kalisz and Elbląg, as well as the hydroelectric power plants in Straszyn and Strzegomino.

Dynamic growth in district heating

The District Heating Business Line recorded an increase in capital expenditures from PLN 76 million in 2024 to PLN 258 million in 2025. This growth was driven by the completion of Phase I of the investment program for heating assets in Kalisz. In the spring, a peak load and backup boiler house with a thermal capacity of 50 MWt was commissioned, followed in the second half of the year by a gas-engine cogeneration system with 20 MWt of thermal and 20 MWe of electrical capacity. The implementation of the cogeneration project at the Elbląg Combined Heat and Power Plant also continued. By the end of 2025, all three engines (each with a capacity of 10 MWt and 10 MWe) had been delivered to the construction site and installed on their foundations. Additionally, an investment in a new heat source in Ostrołęka was launched – a 40 MWt peak load and backup boiler house which, alongside gas boilers, will use the Energa Group’s first electrode boilers.