PGE Polska Grupa Energetyczna S.A.

Earnings Release • Aug 30, 2024

Report Content Estimated selected financial and operating data for Q2 2024.

The Management Board of PGE Polska Grupa Energetyczna S.A. ("PGE")publishes initial selected consolidated financial and operating data forQ2 2024.

According to the initial estimates net electricity production at PGEGroup generating units in Q2 2024 amounted to 12.9 TWh, distributionvolume arrived at 9.4 TWh and sales to final off-takers came out at 7.9TWh. Heat sales volume amounted to 6.4 PJ.

Consolidated recurring EBITDA in Q2 2024 amounted to approximately PLN2.31 bn, including:

EBITDA of Renewables segment PLN 0.27 bn.

EBITDA of Gas-fired Generation segment PLN -0.02 bn,

EBITDA of Conventional Generation segment PLN -0.18 bn,

EBITDA of District Heating segment PLN 0.27 bn,

EBITDA of Distribution segment PLN 1.23 bn,

EBITDA of Energy Railway Services segment PLN 0.28 bn,

EBITDA of Supply segment PLN 0.40 bn,

EBITDA of Circular Economy segment PLN 0.04 bn.

The results for Q2 2024 were influenced by one-off events increasingreported EBITDA result by approximately PLN 0.30 bn. The events with thegreatest impact on the result of the period included: the non-cash itemof changes in reclamation provision, which translated into an increasein EBITDA by PLN 0.39 bn and write-down of receivables from PKP Cargo,which translated into a decrease in EBITDA by PLN 0.11 bn.

In effect, consolidated reported EBITDA in Q2 2024 amounted toapproximately PLN 2.60 bn, including:

EBITDA of Renewables segment PLN 0.27 bn,

EBITDA of Gas-fired Generation segment PLN -0.02 bn,

EBITDA of Conventional Generation segment PLN 0.23 bn,

EBITDA of District Heating segment PLN 0.26 bn,

EBITDA of Distribution segment PLN 1.24 bn,

EBITDA of Energy Railway Services segment PLN 0.17 bn,

EBITDA of Supply segment PLN 0.40 bn,

EBITDA of Circular Economy segment PLN 0.04 bn.

Consolidated net profit attributable to equity holders of the parentcompany amounted to approximately PLN 1.13 bn. CAPEX amounted toapproximately PLN 2.58 bn. Estimated net debt amounted to approximatelyPLN 10.0 bn as at June 30, 2024, and estimated economic net financialdebt (including future payment for CO2 allowances) amounted to approx.PLN 20.13 bn.

Average electricity wholesale price realized in Q2 2024 by:

- Conventional Generation segment amounted to PLN 574.6 per MWh,

- Conventional Generation and District Heating segments amounted to PLN576.4 per MWh.

At the same time, the average cost of CO2 emission rights for bothsegments related to electricity generation amounted to PLN 392.1 per MWh.

Disclaimer: Presented values are estimated and may change. Consolidatedfinancial statements of the PGE Group are still in the preparationprocess. The consolidated report for HY 2024 is planned to be publishedon September 10, 2024.