Enea S.A. — Earnings Release 2018

May 8, 2018

Current Report No: 28/2018

Date of preparation: 8 May 2018

Short name of issuer: ENEA S.A.

Subject: Information on preliminary financial results for Q1 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 8 May 2018 concerning preliminary financial andoperating results of ENEA Capital Group for Q1 2018, the Company herebymakes public the preliminary results, which are presented hereinbelow.

Consolidated financial results of ENEA Capital Group for Q1 2018:

-Net sales revenue: PLN 2,989 million,

-EBITDA: PLN 702 million,

-EBIT: PLN 339 million,

-Net profit: PLN 254 million,

-Net profit attributable to shareholders of the Parent: PLN 240 million.

EBITDA in individual areas of operations:

-Trading: PLN 53 million,

-Distribution: PLN 297 million,

-Generation: PLN 227 million,

-Mining: PLN 123 million.

Selected operating data:

-Net coal production: 2.1 million tonnes,

-Total generation of electricity: 6.335 TWh

-Sales of distribution services to end users: 5.182 TWh,

-Sales of electricity and gaseous fuel to retail customers: 5.597 TWh.

The preliminary EBITDA of ENEA Capital Group in Q1 2018 was affected bythe following:

-Trading Area - the increase in sales volume to end users, higher costsof ecological obligations, a lower provision than in the correspondingperiod of 2017 recognised in connection with termination of long-termagreements for the purchase of green certificates;

-Distribution Area - a higher sales volume of distribution services anda higher result on other operating activities mainly due tocompensations received;

-Generation Area - remains under the influence of two groups of factorswhich have impact on total generation of electricity: 1) increasedgeneration capacity - the commissioning of Unit No. 11 at KozienicePower Plant, 2) prolonged modernisation of Unit No. 10 at KozienicePower Plant related to the adaptation of Unit No. 10 to BAT conclusionsand stoppage of the green unit at Połaniec Power Plant due to plannedmaintenance overhaul;

-Mining Area - lower net coal production in Q1 2018 due to significantgeological and hydrological constraints, as well as an amicableresolution of the legal dispute with the consortium of MostostalWarszawa and Acciona Infraestructuras.

Moreover, in relation to Current Report No. 19/2018 of 13 April 2018concerning impact assessment of the preliminary financial resultsgenerated in the Mining area on the financial statement of ENEA CapitalGroup, the Company hereby informs that said results will have aninsignificant impact on the Q1 2018 consolidated results as compared tothe result generated in the corresponding period of the previous year.

Non-consolidated financial results of ENEA S.A. for Q1 2018:

-Net sales revenue: PLN 1,173 million,

-EBITDA: PLN 33 million,

-EBIT: PLN 32 million,

-Net profit: PLN 44 million.

The preliminary non-consolidated net financial result generated by ENEAS.A. in Q1 2018 was mostly affected by factors connected with energytrading, such as a higher volume of sales to end users, higher costs ofecological obligations and a lower provision recognised in connectionwith termination of long-term agreements for the purchase of "greencertificates" as compared to the corresponding period of the previousyear.

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 revenue and cost items, but donot affect the operating results of the individual Companies.

The final financial results will be published in the extendedconsolidated quarterly report of ENEA Capital Group for Q1 2018, whichis scheduled to be released on 24 May 2018.