PGE Polska Grupa Energetyczna S.A.

Earnings Release • May 14, 2024

Report Content Estimated selected financial and operating data for Q1 2024

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

According to the initial estimates net electricity production at PGEGroup generating units in Q1 2024 amounted to 14.6 TWh, distributionvolume arrived at 10.7 TWh and sales to final off-takers came out at 9.1TWh. Heat sales volume amounted to 19.9 PJ.

Consolidated recurring EBITDA in Q1 2024 amounted to approximately PLN2.53 bn, including:

EBITDA of Renewables segment PLN 0.38 bn,

EBITDA of Gas-fired Generation segment PLN -0.02 bn (loss),

EBITDA of Conventional Generation segment PLN -0.50 bn (loss),

EBITDA of District Heating segment PLN 0.51 bn,

EBITDA of Distribution segment PLN 0.99 bn,

EBITDA of Energy Railway Services segment PLN 0.28 bn,

EBITDA of Supply segment PLN 0.90 bn,

EBITDA of Circular Economy segment PLN 0.02 bn.

The additional estimation of balancing difference cost, neutral for theconsolidated result of the PGE Group, in amount of approximately PLN0.35 bn decreased EBITDA of the Distribution segment simultaneouslyincreasing EBITDA of the Supply segment in the same amount.

After taking into account one-off events the consolidated reportedEBITDA amounted to approximately PLN 2.54 bn.

Consolidated net profit attributable to equity holders of the parentcompany amounted to approximately PLN 0.89 bn. CAPEX amounted toapproximately PLN 2.07 bn. Estimated net debt amounted to approximatelyPLN 15.69 bn as at March 31, 2024, and estimated economic net financialdebt (including future payment for CO2 allowances) amounted toapproximately PLN 21.23 bn.

Average electricity wholesale price realized in Q1 2024 by:

- Conventional Generation segment amounted to PLN 582.2 per MWh,

- Conventional Generation and District Heating segments amounted to PLN596.4 per MWh.

At the same time, the average cost of CO2 emission rights for bothsegments related to electricity generation amounted to PLN 376.3 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 Q1 2024 is planned to be publishedon May 27, 2024.