Enea S.A. — Earnings Release 2024

May 8, 2024

Report Content Current Report No.: 21/2024

Date of Preparation: 8 May 2024

Issuer's Abbreviated Name: ENEA S.A.

Subject: Information on preliminary financial and operating results forQ1 2024

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

On 8 May 2024, the Management Board of ENEA S.A. ("Company", "Issuer")adopted information on preliminary financial and operating results ofthe ENEA Group ("ENEA Group") for Q1 2024; in connection with the above,the Company hereby publishes the said preliminary results.

Consolidated financial results of the ENEA Group for Q1 2024:

- Revenue from sales and other income: PLN 8,385 million,

- EBITDA: PLN 1,877 million,

- Profit before tax: PLN 1,300 million,

- Net profit for the reporting period: PLN 1,039 million,

- Net profit attributable to shareholders of the parent company: PLN1,018 million,

- Capital expenditures on property, plant and equipment and intangibleassets: PLN 488 million,

- Net debt / EBITDA ratio: 0.85.

EBITDA in the distinct operating areas:

- Mining: PLN 158 million,

- Generation: PLN 930 million,

- Distribution: PLN 613 million,

- Trading: PLN 80 million.

Selected operating highlights:

- Net coal production: 1.9 million tons,

- Total net electricity generation: 5.0 TWh, of which 0.6 TWh from RES,

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

- Sales of electricity to retail customers: 6.5 TWh.

The EBITDA result generated by the ENEA Group in Q1 2024 was driven bythe following factors (compared to Q1 2023):

The lower EBITDA in the Mining Area resulted from a decrease in revenuefrom sales of coal. Despite the increase in coal sales volume, a lowersales price was realized.

In the Generation Area, the higher EBITDA was largely driven by improvedEBITDA in the System Power Plants Segment. There was an increase in theturnover margin, an increase in revenue from the Capacity Market, whilethe result on the generation concession declined. The RES Segment saw adecrease in EBITDA due to the realization of a lower margin on the GreenUnit (mainly as a result of lower electricity prices, with a decrease inthe unit cost of biomass).

The Heat Segment saw a decline in EBITDA, which was influenced by, amongother things, a decline in the unit margin on heat. In the GenerationArea as a whole, the effect of the base of the corresponding period ofthe previous year relating to the costs incurred for the charge for thePrice Difference Fund is significant.In the Distribution Area,the improvement in EBITDA was driven by the higher margin realized onthe concession business and higher result on other operating activities.At the same time, operating expenses went up.

In the Trading Area, the higher EBITDA was due to an increase in themargin on the retail market. At the same time, there was a decline inrecognized compensation income and a decline in the use of provisionsrelated to onerous contracts.

On account of the application of settlements with eligible offtakerspursuant to the Act of 7 October 2022 on special solutions to protectelectricity offtakers in 2024 in connection with the situation on theelectricity market and on account of the application of the maximumprice in accordance with the Act of 27 October 2022 on emergencymeasures to reduce electricity prices and support certain consumers in2024, the ENEA Group recognized in Q1 2024 compensation revenues in thetotal amount of PLN 506 million.

Standalone financial results of ENEA S.A. for Q1 2024:

- Revenue from sales and other income: PLN 4,135 million,

- EBITDA: PLN 34 million,

- Profit before tax: PLN 108 million,

- Net profit for the reporting period: PLN 93 million.

Please be advised that the foregoing figures are estimates and as suchare subject to change, the final results will be presented in theperiodic report of the ENEA Group for Q1 2024 scheduled to be publishedon 22 May 2024.

The Company clarifies that the term EBITDA is defined as the value ofoperating profit (loss) + depreciation and amortization + impairmentlosses on non-financial non-current assets (values for the reportingperiod). The Net debt / EBITDA ratio is equal to (loans, borrowings andnon-current and current debt securities + non-current and currentfinance lease liabilities + non-current and current financialliabilities measured at fair value - cash and cash equivalents -non-current and current financial assets measured at fair value -non-current and current debt financial assets measured at amortized cost- other short-term investments) / EBITDA LTM. EBITDA LTM means EBITDAfor the last 12 months.