Enea S.A. — Earnings Release 2020

Jun 9, 2020

Current Report No.: 25/2020

Date of Preparation: 9 June 2020

Issuer's Abbreviated Name: ENEA S.A.

Subject: Information on preliminary financial and operating results forQ1 2020

Legal Basis: Article 17 Section 1 of the Market Abuse Regulation -confidential information

Body of the report:

In connection with the adoption, on 9 June 2020, by the Management Boardof ENEA S.A. ("Company", "Issuer"), of information on preliminaryfinancial and operating results of the ENEA Group for Q1 2020, theCompany hereby publishes the said preliminary results.

Consolidated financial results of the ENEA Group for Q1 2020:

- Revenue from sales and other income: PLN 4,592 million

- EBITDA: PLN 913 million

- Profit before tax: PLN 555 million

- Net profit for the reporting period: PLN 459 million

- Net profit attributable to shareholders of the parent company: PLN 445million

EBITDA in the various operating areas:

- Mining: PLN 129 million

- Generation: PLN 472 million

- Distribution: PLN 307 million

- Trading: PLN 8 million

Selected operating highlights:

- Net coal production: 2.1 million tons

- Total net electricity generation: 5.4 TWh

- Sales of distribution services to end users: 5.0 TWh

- Sales of electricity and gaseous fuel to retail customers: 5.6 TWh

The EBITDA result generated by the ENEA Group in Q1 2020 was drivenlargely by the following factors (compared to Q1 2019):

In the Mining Area, the segment's lower result is attributable mainly toa decrease in revenue from the sale of coal in connection with theunfavorable oversupply of coal in the market.

In the Generation Area, the segment's result was favorably affected bythe increase in revenue from sales of electricity and property rights.

In the Distribution Area, the higher result was driven by higher marginson licensed activities (affected by, among others, a higher rate of thefixed grid charge in the approved 2020 tariff) and a higher result onother operating activities.

In the Trading Area, the segment's result was favorably affected by theincrease in the average sales price of energy. At the same time, theenergy purchase prices increased (mainly due to the increase in theprice of CO2 emission allowances) and so did the costs of environmentalobligations.

Standalone financial results of ENEA S.A. for Q1 2020:

- Revenue from sales and other income: PLN 1,617 million

- EBITDA: PLN -15 million

- Loss before tax: PLN -37 million

- Net profit for the reporting period: PLN 14 million

The final results will be presented in the extended consolidatedquarterly report of the ENEA Group for Q1 2020 scheduled to be publishedon 18 June 2020.

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). Theabove definition and methodology for its calculation are the same asthose for the calculation of this indicator in the Issuer's periodicreports.

The definition in question is also provided in the glossary of terms andabbreviations available on the Company's website(https://ir.enea.pl/slownik).