Energa Group reports strong growth in the first nine months of 2026. Performance driven by key business areas

The Energa Group’s financial and operating performance continues to show an upward trend after the first nine months of the year. The Group consistently capitalises on business opportunities and continues to boost its potential. Energa keeps strengthening its market position thanks to its stable distribution activities, a growing share of business customers in its sales portfolio, and further expansion of its renewable business. Renewables account for more than 60 percent of the Group’s total installed capacity across its generation assets.

Continued growth of financial performance—with EBITDA up 25% and net income up 61% y/y
The Distribution, Retail, and New Energy Business Lines continue to account for the largest shares of the Energa Group’s overall EBITDA
RES production saw a 31% y/y increase—with solar power leading the way, and biomass and wind power also showing significant improvement
Energa Group advances its diversification strategy, with CAPEX up 8% y/y, driven mostly by distribution network upgrade and CCGT construction projects
The end of the reporting period saw the initiation of ownership changes whereby ORLEN SA consolidated the full stake of Energa SA shares within its portfolio.

Throughout the first nine months of 2026, Energa Group’s financial performance saw a clear upward trend. Over the period, it recorded a 4% y/y increase in revenue, which totalled PLN 16.6 b. By the end of September 2026, EBITDA had reached PLN 3.9 b, up 25% year on year, while net profit increased by as much as 61% y/y to PLN 1.9 b. Notably, EBIT also rose by 34% y/y to PLN 2.8 billion.

“Energa Group once again proves its ability to generate value and consistently improve its financial performance, while delivering an ambitious investment programme and navigating the challenges of the energy transition. Once again, the Group owed its strength to its key Business Lines—not just to distribution, but also to the electricity trading and renewable energy generation business areas. The good results create a solid foundation for further development of new areas of activity, such as energy storage, hybrid installations, and controllable generation plants operated in support of the security of the Polish energy system. These business areas will also play an increasingly important role in driving Energa Group’s performance in the years ahead, allowing us to further consolidate our market position,” says Magdalena Kamińska, President of the Management Board of Energa S.A.

The Energa Group’s operating performance also demonstrates a pronounced upward trend. The largest change in volumes was seen in retail electricity sales—during the first nine months of this year, the Group’s companies sold nearly 1.2 TWh more than in the same period last year, which represents a 9% y/y growth to a 13.7 TWh total. In percentage terms, electricity generation recorded the highest increase, rising by 16% y/y to 2.8 TWh. The Distribution Business Line improved its operating performance by 3% y/y, transmitting 17.6 TWh of electricity. Heat production likewise increased during the reporting period—by 6% y/y to 2,310 TJ.

Three key Business Lines crucial for performance

The Distribution Business Line, which accounts for 70% of the consolidated EBITDA, primarily owes its improved figures to higher volumes of electricity distributed, combined with a favourable average price for distribution services. This allowed the Line to achieve better margin levels. Importantly, rather than being primarily attributable to major industrial customers (tariff group B—3% y/y growth in consumption), the increase in the volume of energy transmitted during the first nine months of this year was generated by households (tariff group G—8% y/y increase).

During the reporting period, the Retail Business Line continued to build a strong portfolio of business customers, which translated into higher sales volumes and aided the financial performance. Notably, energy sales to households also saw upward movement. As a result, even though the wholesale sales volume was down 10% y/y, the total volume of electricity sold by the Energa Group through the end of September this year increased by 4% y/y. The Retail Business Line’s results for the reporting period were also positively impacted by a change in provisions for onerous contracts, which improved EBITDA by PLN 247 m y/y. As a result, the Business Line accounted for 18 percent of the Energa Group’s consolidated EBITDA during the reporting period.

The increase in the Energy Business Line’s performance figure was primarily driven by favourable conditions for PV and wind production. In the first nine months of 2026, the Energa Group’s PV farms recorded a 79% y/y rise in the volume of generated energy, while wind-powered assets saw a 14% y/y increase. This, combined with favourable market prices for electricity sales, allowed the New Energy Line to significantly improve its results for the reporting period. Consequently, the Line accounted for a 15% share in the consolidated EBITDA.

^{During the first three quarters of 2026, the Energa Group's photovoltaic operations improved their output by 79%.}

It is also worth noting that, overall, the Group’s renewable energy sources (RES) increased their electricity generation by 31% y/y. This was not only attributable to New Energy Business Line assets, but also to biomass-fired units operated by the District Heating and Conventional Energy Generation Business Lines, which increased their y/y output by 70% by the end of September 2026. During the reporting period, RES had a 51% share in the total electricity generated by Energa Group’s assets and produced 1.4 TWh of power.

High CAPEX on distribution and controllable sources

Mindful of the needs and challenges associated with the ongoing energy transition, the Energa Group is pursuing a far-reaching vision of the development of its diversified, balanced business model. This is reflected by a marked increase in CAPEX made by its subsidiaries, which totalled PLN 3.6 b over the first three quarters of 2026 and was 8% higher y/y.

The Distribution Business Line, which continued its strategic investment program during the reporting period, accounted for the largest share of this figure—approx. PLN 2 b or 55 percent of the Group’s total CAPEX. This translated into the upgrading and expansion of the distribution infrastructure, including 2,700 km of power lines. The Energa Group enhanced its grid connection capacity, which enabled Energa Operator to connect 45,000 new customers and integrate 572 MW of new renewable energy capacity into the grid.

The Conventional Energy Business Line also expended a large amount on investment, which totalled approx. PLN 1.3 b or 35 percent of the Group’s CAPEX. This was associated with the construction by the Group of four CCGT units, which are intended to support the stable operation of the National Power System and safeguard the supply of power in the future.

The largest amounts were spent on the construction of the newest CCGT units: the unit in Gdańsk and the second unit in Grudziądz. For these projects, earthworks were carried out to prepare the sites for the construction of foundations for the core devices, including the turbine-generator sets and heat recovery steam generators (HRSGs), as well as for the commencement of steel structure erection. Work also continued on the supporting infrastructure for the new units, as well as on the production of the key associated components. In parallel, in Q3 2026, the first unit of the Grudziądz CCGT plant began the so-called ‘warm start’, which involved the first firing of the gas turbine and synchronisation of the generator with the National Power System, followed by the startup of the steam turbine. This allowed the Grudziądz I CCGT unit to achieve its Operational Milestone despite difficulties encountered during the start-up phase.

^{Foundations for the power plant’s main devices—the turbine-generator set and the heat recovery steam generator (HRSG)—have been completed at the Gdańsk CCGT plant construction site.}

During the reporting period, capital expenditure was also incurred on the development of new RES plants by the Energa Group—notably PV Łosienice and PV Serby, as well as on district heating projects, with the largest expenditures going toward the gas engine cogeneration system currently under construction at the Elbląg CHP Plant, owned by Energa Kogeneracja.

Ownership structure consolidation

The end of the reporting period also saw the commencement of changes in ownership—the controlling shareholder of Energa SA, which held more than 95% of the company’s shares, carried out a compulsory acquisition (squeeze-out) of the remaining publicly traded shares. At the beginning of the last quarter of this year, this led to a change in the ownership structure of the Gdańsk-based company and the consolidation of its entire shareholding by ORLEN SA. This has prompted Moody’s to raise the long-term credit rating for Energa SA to ‘A3’ with a stable outlook.