Enea S.A. — Earnings Release 2018

Aug 8, 2018

Current report No.: 46/2018

Date of preparation: 7 August 2018

Short name of issuer: ENEA S.A.

Subject: Information on preliminary financial results for H1 2018

Legal basis: Article 17 item 1 of MAR - confidential information

Content of report:

In relation to the information obtained by the Management Board of ENEAS.A. ("Company") on 7 August 2018 concerning preliminary financialresults of ENEA Capital Group for H1 2018, the Company hereby makespublic the preliminary results, which are presented hereinbelow.

Consolidated financial results of ENEA Capital Group for H1 2018:

Net sales revenue: PLN 6 040 million

EBITDA: PLN 1 304 million

EBIT: PLN 633 million

Net profit: PLN 462 million

Net profit attributable to shareholders of the Parent PLN 431 million.

EBITDA in individual areas of activities:

Trading: PLN 29 million

Distribution: PLN 580 million

Generation: PLN 437 million

Mining: PLN 274 million

Selected operating data:

Net coal production: 4.52 million tonnes,

Total generation of electricity: 13.981 TWh

Sales of distribution services to end users: 10.047 TWh,

Sales of electricity and gaseous fuel to retail customers: 10.654 TWh.

The preliminary EBITDA generated by ENEA Capital Group in H1 2018 wasaffected by the following events:

- Trading Area - a higher volume of sales to end users with asimultaneous increase in costs of ecological obligations (predominantlythe green obligation) and in purchase prices of electricity;

- Distribution Area - a higher sales volume of distribution services anda higher result on other operating activities mainly due tocompensations received and lower, as compared to the correspondingperiod of 2017, provisions concerning the grid assets;

- Generation Area - besides increased generation capacity as compared tothe year 2017 - the warranty inspection of Unit No. 11 at KozienicePower Plant took place, while prolonged modernisation of Unit No. 10 wascarried out alongside with stoppage on Unit No. 9, due to adaptation ofgeneration units for BAT conclusions at Kozienice Power Plant. Marketconditions concerning electricity prices and growing variable costs havea significant impact on the segment's results;

- Mining Area - after the difficulties of the first quarter, thesubsequent period, on the back of an increase in the sales price,brought stabilization of the production level and reconstruction of theresults in the segment.

Non-consolidated financial results of ENEA S.A. for H1 2018:

Net sales revenue: PLN 2 250 million

EBITDA: PLN 15 million

EBIT: PLN 14 million

Net profit: PLN 748 million

The preliminary non-consolidated net financial result generated by ENEAS.A. in H1 2018 was mostly affected by factors connected with energytrading, such as a higher volume of sales to end users, higher costs ofecological obligations (predominantly the green obligation) and purchaseprices of electricity.

At the same time, the Issuer hereby informs that, as a result of IFRS 15implementation, revenues from contracts, for which Companies belongingto ENEA Capital Group serve as agents, are recognised in net values,which significantly reduces the relevant income and expense items, butdoes not affect the operating results of the individual Companies.

The final financial results will be published in the extendedconsolidated half-year report of ENEA Capital Group for H1 2018, whichis scheduled to be released on 13 September 2018.