Enea S.A. — Capital/Financing Update 2021

Dec 2, 2021

Current Report No.: 37/2021

Date of Preparation: 1 December 2021

Issuer's Abbreviated Name: ENEA S.A.

Subject: ENEA S.A.'s ratings affirmed by Fitch Ratings

Legal Basis: Article 17(1) of the Market Abuse Regulation - confidentialinformation

Body of the report:

The Management Board of ENEA S.A. ("Company") hereby reports that, in apress release issued on 1 December 2021, Fitch Ratings ("Agency")affirmed the Company's long-term foreign- and local-currency issuerdefault ratings at _#8216;BBB' with a stable outlook.

The affirmation of the ratings reflects the Company's integratedbusiness profile, encompassing a large generation fleet and electricitydistribution with a moderate financial leverage. The ratings aresupported by the large share in the Company's EBITDA of regulatedactivities in the form of electricity distribution as well asquasi-regulated activities in the form of inflows from the capacitymarket. Following its completion, the anticipated sale of coal-firedpower plants to the National Energy Security Agency is likely tofavorably affect the Company's credit profile. The key risk in thisrespect stems from the potentially insufficient factoring-in ofincreasing wholesale electricity prices in retail tariffs going forwardfrom 2022.

The full wording of the statement in English is available on theAgency's website athttps://www.fitchratings.com/research/corporate-finance/fitch-affirms-enea-at-bbb-stable-outlook-01-12-2021

According to the clarifications published on the Agency's website(https://www.fitchratings.com/products/rating-definitions), _#8216;BBB'ratings indicate that expectations of default risk are currently low,while the capacity for payment of financial commitments is consideredadequate, but adverse business or economic conditions are more likely toimpair this capacity.

Please note that the term EBITDA is defined as the value of operatingprofit (loss) + depreciation and amortization + impairment losses onnon-financial non-current assets (values for the reporting period).EBITDA is a standard measure of efficiency of a business activity, inparticular for the industry in which the Issuer's Group operates. Theabove definition and methodology for its calculation are the same asthose used to calculate this indicator in the Issuer's periodic reports.The definition above is also included in the glossary of terms andabbreviations available on the Company's website(https://ir.enea.pl/slownik).