The Energa Group’s strong performance is supported by three key pillars: power distribution, continued expansion of renewable energy sources (RES), and growth in energy sales and trading

The Energa Group is strengthening its market position and actively expanding its key business areas. That is clearly reflected by the Group’s performance in the first half of the year. Its results in the period are driven mainly by distribution. Robust investment is underway in that segment to make the grid more flexible. For the first time ever, the Energa Group’s renewable energy sources accounted for more than 60 percent of the total installed capacity of all the Group’s generation assets. The electricity trading segment was also a strong contributor to the Group’s performance, with the company actively expanding its portfolio of business customers. In July, shortly after H1 close, Energa SA registered an increase in its share capital and raised over 5.1 billion PLN from the issuance of Series CC shares. 

• Financial ratios are up: EBITDA up 25 percent year-on-year and net profit up 56 percent year-on-year
• The Retail Business Line’s second-highest share of EBITDA across the entire Energa Group is driven, among other things, by business client contracting growth
• Renewable energy sources play a significant role in electricity generation, accounting for 53 percent of the Energa Group’s gross production
• The installed capacity of all of the Energa Group’s power generation sources (license-based calculation) exceeded 2 GW—with as much as 62 percent coming from RES
• Capital expenditures were up 3 percent. Of the total of 2 billion PLN, more than 60 percent was allocated to the Distribution Business Line
• Significant investment is also being made in the Commercial Power Generation Business Line, as the development of balancing power sources in Grudziądz, Gdańsk, and Ostrołęka is in progress
• The issuance of Energa SA Series CC shares supports the Group's investment projects

The Energa Group's financial performance at H1 close showed a clear upward trend. Revenue totaled PLN 11.2 billion (up 3 percent year-on-year), net income was at PLN 1.3 billion (up 56 percent year-on-year), and EBITDA reached PLN 2.7 billion (up 25 percent year-on-year). Operating profit (EBIT) also rose, by 34 percent y/y, reaching PLN 2 billion.

 - The first half of 2026 proves that consistency in action and sound business decisions produce tangible effects. Investments in distribution as a strategic area build a stable foundation for us. Also, our commitment to building business customer relations has strengthened the Retail Business Line significantly. The consistent development of our renewable energy arm in the reporting period translated into its significant share in both the total volume of generated electricity and in the installed capacity of all the Group’s assets. That is reflected both by strong performance of the New Energy Line and an overall increase in electricity production. “Those three pillars are largely behind our H1 performance,” says Magdalena Kamińska, CEO, Energa SA.

The improvement was also reflected in key operating ratios. In H1 2026, the Energa Group generated 1.8 TWh (up 10 percent y/y) and transmitted 12.1 TWh of electricity (up 4 percent y/y). Retail sales totaled 9.4 TWh (a 10 percent increase year-on-year).

Contribution from Business Lines

The Distribution Business Line again kept the largest share in the Energa Group’s performance, with its EBITDA for the reporting period totaling PLN 1.9 billion, a 17 percent increase year-on-year. The solid figure was driven by higher volumes of energy supply combined with lower grid losses, as well as by the ongoing investment program, the largest in Energa Operator’s history, focused on grid upgrade and extension. The program is already yielding tangible operational and financial results.

The second-largest contributor to the Energa Group’s consolidated results was the Retail Business Line, posting PLN 393 million in EBITDA for the reporting period. Higher sales volume, driven mainly by an increase in the number of contracts with business clients, produced a favorable sales margin. In addition, the Line’s solid performance was affected by accounting events, such as a gradual release of the provision for onerous contracts.

The business line with the third-largest share in consolidated results was New Energy, which recorded a 16 percent year-on-year increase in production from renewable sources in the reporting period. Photovoltaic farms (297 GWh) and hydroelectric power plants (287 GWh) accounted for the largest share of that total. Importantly, the Energa Group’s gross production from all renewable sources increased by a total of 26 percent y/y in the same period, which partly resulted from a significant improvement in the production results of biomass-fired facilities managed by the District Heating and Commercial Power Generation Business Lines, growing 65 percent year-on-year. In addition, RES accounted for as much as 53 percent of the total energy volume generated by the Energa Group in the reporting period, amounting to 1.8 TWh.

Continued capex growth

In H1, the Energa Group’s renewable energy sources also increased their share in the total installed capacity of all the Group’s generation assets. When calculated based on the licenses held by the Group, the total exceeds 2 GW, and RES’ share is already at 62%. Photovoltaic farms are clearly leading the way here, as they accounted for 47% of RES installed capacity of the Group at the end of H2 2026. The effect comes e.g. from the award of the license for 130 MW to the Kotla PV farm, Energa’s first PV project in southern Poland.

^{The Kotla PV farm in Lower Silesia consists of more than 200,000 photovoltaic panels}

The Group’s capex in H1 2026 totaled PLN 2 billion, with the largest share of the total (62 percent) unsurprisingly allocated to the Distribution Business Line. That capex was injected to fund the extension and upgrade of 1,745 km of power lines. 30,000 new customers and 332 MW of new renewable energy sources were connected to Energa Operator’s infrastructure in the reporting period. Investments in that Line also covered the implementation of innovative grid technologies and solutions, such as the grid retrofit project to meet the Smart Grid standards.

The Commercial Power Generation Business Line also reported significant capital expenditures, as it is currently developing four combined-cycle gas turbine unit projects. The units, under construction in Grudziądz, Gdańsk, and Ostrołęka, will serve as balancing sources for the National Power System, saturated by weather-dependent renewable energy sources, thereby supporting the security of energy supply. The construction sites of the newest units, that is the Gdańsk CCGT and the Grudziądz II CCGT saw advanced earthwork, such as pile driving to prepare the sites for foundation casting for crucial sections of both units.

^{Preparations for foundation casting underway at the Gdańsk CCGT construction site}

The Grudziądz I CCGT unit, in turn, saw a series of acceptance inspections and preparatory works during the reporting period, which, at the beginning of Q3, enabled the project to reach a key milestone—the first ignition of the gas turbine and the synchronization of the generator with the National Power System (KSE). Advanced preparatory and commissioning work also continued on the Ostrołęka CCGT project.

Investments supported by capital injection

In July this year, shortly after the close of H1, Energa SA registered an increase in its share capital and raised over 5.1 billion PLN from the issuance of Series CC shares. These shares were subsequently registered with the National Depository for Securities and admitted to trading on the Stock Exchange, which enabled shareholders to perform stock-exchange trading transactions on the same terms that applied to the previously listed shares.  

Considering the Energa Group’s extensive investment plans, the increase in Energa SA’s share capital is an important factor in the implementation of current projects, including the development of power generation sources—both renewable and for the balancing of the National Power System (KSE).