Enea S.A. — Earnings Release 2023

May 10, 2023

Current Report No.: 21/2023

Date of Preparation: 9 May 2023

Issuer's Abbreviated Name: ENEA S.A.

Subject: Information on preliminary financial and operating results forQ1 2023

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

Body of the report:

On 9 May 2023, the Management Board of ENEA S.A. ("Company", "Issuer")adopted information on preliminary financial and operating results ofthe ENEA Group ("ENEA Group") for Q1 2023; in connection with the above,the Company hereby publishes the said preliminary results.

Consolidated financial results of the ENEA Group for Q1 2023:

- Revenue from sales and other income: PLN 12,531 million,

- EBITDA: PLN 1,044 million,

- Profit before tax: PLN 363 million,

- Net profit for the reporting period: PLN 251 million,

- Net profit attributable to shareholders of the parent company: PLN 202million,

- Capital expenditures on property, plant and equipment and intangibleassets: PLN 551 million,

- Net debt / EBITDA ratio: 2.83.

EBITDA in the distinct operating areas:

- Mining: PLN 289.5 million,

- Generation: PLN 490.3 million,

- Distribution: PLN 426.5 million,

- Trading: PLN 0.4 million.

Selected operating highlights:

- Net coal production: 1.6 million tons,

- Total net electricity generation: 5.3 TWh, of which 0.6 TWh from RES,

- Sales of distribution services to end users: 5.2 TWh,

- Sales of electricity and gaseous fuel to retail customers: 6.0 TWh.

The EBITDA result generated by the ENEA Group in Q1 2023 was driven bythe following factors (compared to Q1 2022):

In the Mining Area, the higher EBITDA is mainly due to an increase inrevenue from sales of coal (a decrease in the volume of mining and coalsales offset by a higher selling price) with a simultaneous increase inoperating expenses (an increase in the unit mining cost).

In the Generation Area, there was a decrease in EBITDA mainly in theSystem Power Plants Segment (as a result of the occurrence of a new costitem, i.e. costs from the charge for the Price Difference Fund, whilethe unit margin on generation, the margin on trading and the BalancingMarket increased). At the same time, there was an increase in EBITDA inthe RES Segment (mainly higher electricity price, with an increase inthe cost of biomass and the occurrence of costs from the charge for thePrice Difference Fund).

In the Distribution Area, the higher EBITDA result is mainly due to thehigher margin realized from the concession business, with simultaneousincrease in operating expenses.

In the Trading Area, the higher EBITDA result is mainly due to the useof provisions related to onerous contracts and a higher result from therevaluation of CO2 contracts. At the same time, despite the recognitionof compensation revenues, there was a decline in margins in the retailmarket.

ENEA Group due to the use of settlements with authorized recipients inaccordance with the provisions of the Act of October 7, 2022 on specialsolutions to protect electricity consumers in 2023 in connection withthe situation on the electricity market and due to the application ofthe maximum price in accordance with the provisions of the Act ofOctober 27, 2022 on emergency measures to limit the amount ofelectricity prices and support for certain consumers in 2023 recognizedcompensation revenues in the first quarter of 2023 in the total amountof PLN 1,221 million.

ENEA Capital Group companies are subject to the obligation to transferwrite-offs to the Price Difference Payment Fund pursuant to Article 21of the Act of October 27, 2022 on emergency measures aimed at reducingelectricity prices and supporting certain consumers in 2023 aselectricity producers and as energy companies conducting business in thefield of electricity trading. For the first quarter of 2023, the ENEACapital Group recognized the cost of the write-down to the PriceDifference Fund in the amount of PLN 935 million.

Standalone financial results of ENEA S.A. for Q1 2023:

- Revenue from sales and other income: PLN 5,548 million,

- EBITDA: PLN -57 million,

- Profit before tax: PLN 7 million,

- Net profit for the reporting period: PLN 9 million.

The final results will be presented in the periodic report of the ENEAGroup for Q1 2023 scheduled to be published on 24 May 2023.

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). TheNet debt / EBITDA ratio is equal to (loans, borrowings and non-currentand current debt securities + non-current and current finance leaseliabilities + non-current and current financial liabilities measured atfair value - cash and cash equivalents - non-current and currentfinancial assets measured at fair value - non-current and current debtfinancial assets measured at amortized cost - other short-terminvestments) / EBITDA LTM. EBITDA LTM means EBITDA for the last 12months.

The above definitions and calculation methodologies are the same asthose used to calculate these ratios in the Issuer's periodic reports.The definitions of these terms are also included in the glossary ofterms and abbreviations available on the Company's website(https://ir.enea.pl/slownik).