ENEA: Informacja w sprawie wstępnych wyników finansowych i operacyjnych za I półrocze 2024 roku

Current Report No.: 32/2024

Date of Preparation: 2 September 2024

Issuer’s Abbreviated Name: ENEA S.A.

Subject: Information on preliminary financial and operating results for
H1 2024

Legal Basis: Article 17(1) of the Market Abuse Regulation – inside
information

Body of the report:

In connection with the adoption, on 2 September 2024, by the Management
Board of ENEA S.A. (“Company”, “Issuer”), of information on preliminary
financial and operating results of the ENEA Group for the first half of
2024, the Company hereby publishes the said preliminary results.

Consolidated financial results of the ENEA Group for H1 2024:

– Revenue from sales and other income: PLN 16,142 million,

– EBITDA: PLN 3,470 million,

– Profit before tax: PLN 2,432 million,

– Net profit for the reporting period: PLN 1,970 million,

– Net profit attributable to shareholders of the parent company: PLN
2,281 million,

– Capital expenditures on property, plant and equipment and intangible
assets: PLN 1,341 million,

– Net debt / LTM EBITDA ratio: 0.39.

EBITDA in the distinct operating areas:

– Mining: PLN 271 million,

– Generation: PLN 1,665 million,

– Distribution: PLN 1,160 million,

– Trading: PLN 196 million.

Selected operating highlights:

– Net coal production: 3.5 million tons,

– Total net electricity generation: 9.8 TWh, of which: 0.7 TWh from
biomass and 0.2 TWh from RES,

– Sales of distribution services to end users: 10.0 TWh,

– Sales of electricity and gaseous fuel to retail customers: 12.5 TWh.

The EBITDA result generated by the ENEA Group in H1 2024 was driven
largely by the following factors (compared to H1 2023):

The lower EBITDA in the Mining Area resulted from a decrease in revenue
from sales of coal. Despite the increase in coal sales volume, a lower
sales price was realized.

In the Generation Area, the higher EBITDA was largely driven by improved
EBITDA in the System Power Plants Segment. There was an increase in the
turnover margin, an increase in revenues from the Capacity Market,
Regulatory System Services and Balancing Capacity, while the result of
the generation concession declined. The RES Segment saw a decrease in
EBITDA due to the realization of a lower margin on the Green Unit
(mainly as a result of lower electricity prices, with a decrease in the
unit cost of biomass). The Heat Segment saw a decline in EBITDA, which
was influenced by, among other things, a decline in the unit margin on
heat, while fixed costs increased. In the Generation Area as a whole,
the effect of the base of the corresponding period of the previous year
relating to the costs incurred for the charge for the Price Difference
Fund is significant.

In the Distribution Area, the improvement in EBITDA was driven by the
higher margin realized on the concession business and higher result on
other operating activities. At the same time, operating expenses went up.

In the Trading Area, the higher EBITDA was mainly due to an increase in
the margin on the retail market. At the same time, there was a decline
in recognized compensation income and a decline in the use of provisions
related to onerous contracts.

On account of the application of settlements with eligible offtakers
pursuant to the Act of 7 October 2022 on special solutions to protect
electricity offtakers in 2024 in connection with the situation on the
electricity market and on account of the application of the maximum
price in accordance with the Act of 27 October 2022 on emergency
measures to reduce electricity prices and support certain consumers in
2024, the ENEA Group recognized in H1 2024 compensation revenues in the
total amount of PLN 898 million and in Q2 2024 in the total amount of
PLN 392 million.

Consolidated financial results of the ENEA Group for Q2 2024:

– Revenue from sales and other income: PLN 7,757 million,

– EBITDA: PLN 1,593 million,

– Profit before tax: PLN 1,132 million,

– Net profit for the reporting period: PLN 931 million,

– Net profit attributable to shareholders of the parent company: PLN
1,263 million,

– Capital expenditures on property, plant and equipment and intangible
assets: PLN 853 million,

– Net debt / LTM EBITDA ratio: 0.39.

EBITDA in the distinct operating areas:

– Mining: PLN 113 million,

– Generation: PLN 735 million,

– Distribution: PLN 546 million,

– Trading: PLN 116 million.

Selected operating highlights:

– Net coal production: 1.6 million tons,

– Total net electricity generation: 4.8 TWh, of which: 0.3 TWh from
biomass and 0.1 TWh from RES,

– Sales of distribution services to end users: 4.8 TWh,

– Sales of electricity and gaseous fuel to retail customers: 5.9 TWh.

Standalone financial results of ENEA S.A. for H1 2024:

– Revenue from sales and other income: PLN 7,838 million,

– EBITDA: PLN 99 million,

– Profit before tax: PLN 1,075 million,

– Net profit for the reporting period: PLN 1,054 million.

With reference to Current Report No. 28/2024 of the Management Board of
Lubelski Węgiel Bogdanka S.A. (“LWB”) dated 27 August 2024, regarding
the results of the asset impairment tests, the ENEA Group compared the
results with the assessment of the recoverable value of the Mining CGU
carried out from the perspective of the ENEA Group as of 31 December
2023, including consolidation adjustments as of 30 June 2024.
Considering that the net asset value of the Mining CGU attributable to
the ENEA Group is lower according to the ENEA Group perspective than the
net asset value of the Mining CGU attributable to the ENEA Group
according to the LWB test, it was deemed reasonable to continue
reporting the net asset value of the Mining CGU from the ENEA Group
perspective. The analysis also showed there was no need to update the
value of the shares from ENEA S.A.’s perspective.

Please be advised that the foregoing figures are estimates and as such
are subject to change, the final results will be presented in the
periodic report of the ENEA Group for H1 2024 expected to be published
on 18 September 2024.

The Company clarifies that the term EBITDA is defined as the value of
operating profit (loss) + depreciation and amortization + impairment
losses on non-financial non-current assets (values for the reporting
period). The Net debt / LTM EBITDA ratio is equal to (loans, borrowings
and non-current and current debt securities + non-current and current
finance lease liabilities + non-current and current financial
liabilities measured at fair value – cash and cash equivalents –
non-current and current financial assets measured at fair value –
non-current and current debt financial assets measured at amortized cost
– other short-term investments) / LTM EBITDA. LTM EBITDA means EBITDA
for the last 12 months.

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