Ciech S.A.

Earnings Release • Nov 24, 2022

The ManagementBoard of CIECH S.A. (the "Company" or "Issuer")herewith informs about the change in the forecast of selected financialresults of the CIECH Group in 2022, as presented in its Current ReportNo. 12/2022 of 19.04.2022.

The forecastpublished on 19.04.2022 assumed that in 2022 the CIECH Group wouldgenerate:

_#183;_#160;_#160;_#160;-consolidated sales revenues: ranging betweenPLN_#160;4,300 million and PLN4,500 million;

_#183;_#160;_#160;_#160;-consolidated normalised EBITDA: rangingbetween PLN_#160;740 million andPLN 780 million.

The newforecast of selected financial results of the CIECH Group in 2022 (the"Forecasted Results") is as follows:

1._#160;_#160;-consolidated sales revenues: ranging betweenPLN_#160;5.250 million and PLN5.450 million;

2._#160;_#160;-consolidated normalised EBITDA: rangingbetween PLN 950 million and PLN 990 million.

The above meansthat the Company plans to achieve: i) consolidated sales revenues for2022 higher by approximately 19% and ii) consolidated normalised EBITDAhigher by approximately 24.5% compared to the upper ranges of theoriginal forecast announced on 19.04.2022.Theannouncement of the Forecasted Results follows the revision of theassessment of the current market as well as operational and financialsituation of the CIECH Group, in particular due to:?strong prospects in the fourth quarter in the soda segment due to:

- continuedstrong demand for soda ash and purified soda, allowing to reflect theincrease in the cost of raw materials,

- the firstpositive effects of the initiatives undertaken in the field of energytransformation and optimization of production processes and

- thepossibility of maintaining the EBITDA(Z) margin y/y in the fourthquarter on soda products due to adequate hedging of the prices of themain production raw materials.?continuation of the good results achieved in the previous quarters inthe silicates segment and better-than-expected commercialization of new,energy-saving production capacities and the use of pricing formulas tohedge prices in the face of rising raw material costs, which shouldresult in a significantly higher EBITDA(E) margin (y/y) in the fourthquarter.

The achievementof the forecast will be monitored by the Company on an ongoing basis.

Legal basis:Article 17.1 of the Regulation of the European Parliament and of theCouncil (EU) No. 596/2014 of 16 April 2014 on Market Abuse (the MarketAbuse Regulation) and repealing Directive 2003/6/EC of the EuropeanParliament and of the Council and Commission Directives 2003/124/EC,2003/125/EC and 2004/72/EC (Official Journal of the European Union L No.173, p. 1).