Enea S.A.

Earnings Release • May 6, 2025

Current Report No.: 15/2025

Date of Preparation: 5 May 2025

Issuer's Abbreviated Name: Enea S.A.

Subject: Information on preliminary financial and operating results forQ1 2025

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

Body of the report:

On 5 May 2025, the Management Board of Enea S.A. ("Company") adoptedinformation on preliminary financial and operating results of the EneaGroup for Q1 2025. Accordingly, the Company hereby discloses the saidpreliminary results.

Consolidated financial results of the Enea Group for Q1 2025:

- Revenue from sales and other income: PLN 7,590 million,

- EBITDA: PLN 1,941 million,

- Profit/Loss before tax: PLN 1,427 million,

- Net profit/loss in the reporting period: PLN 1,155 million,

- Net profit/loss attributable to shareholders of the parent company:PLN 1,051 million,

- Capital expenditures on property, plant and equipment and intangibleassets: PLN 632 million,

- Net debt / LTM EBITDA ratio: 0.27.

EBITDA in the distinct operating areas:

- Mining: PLN 389 million,

- Generation: PLN 549 million,

- Distribution: PLN 744 million,

- Trading: PLN 214 million.

Selected operating highlights:

- Net coal production: 2.7 million tons,

- Total net electricity generation: 5.9 TWh, of which: 0.4 TWh frombiomass and 0.1 TWh from RES,

- Sales of distribution services to end users: 5.1 TWh,

- Sales of electricity and gaseous fuel to retail customers: 6.2 TWh.

EBITDA generated by the Enea Group in Q1 2025 was driven by thefollowing factors (as compared to Q1 2024):

The improved EBITDA in the Mining Area resulted from an increase inrevenue from sales of coal. Despite the increase in coal sales volume, alower sales price was realized. Moreover, EBITDA was significantlyaffected by the disbursement of compensation for damage caused bygroundwater flooding in February 2023 in wall 3/VII/385 (one-off eventof PLN 144.85 million).

- In the Generation Area, a lower EBITDA was posted. The System PowerPlants Segment saw a decrease in EBITDA, largely as a consequence of adecline in the margin on electricity trading and higher revenue from theCapacity and Balancing Market. The RES Segment saw a decrease in EBITDAdue to the realization of a lower margin on the Green Unit (mainly as aresult of lower electricity prices, with a decrease in the unit cost ofbiomass). The Heat Segment saw an improvement in EBITDA, driven by anincrease in the unit margin (mainly due to a decrease in unit fuelcosts).

- In the Distribution Area, the improvement in EBITDA was driven by thehigher margin realized on the concession business.

- In the Trading Area, the higher EBITDA was mainly due to an increasein the margin on the retail market. At the same time, there was adecline in recognized compensation income.

On account of the application of settlements with eligible offtakerspursuant to the Act of 7 October 2022 on special solutions to protectelectricity offtakers in 2023 and 2024 in connection with the situationon the electricity market and on account of the application of themaximum price in accordance with the Act of 27 October 2022 on emergencymeasures to reduce electricity prices and support certain consumers in2023-2025, the Enea Group recognized in Q1 2025 compensation revenues inthe total amount of PLN 170 million.

The Company reports that the foregoing figures are estimates and as suchare subject to change, and that their final amounts will be presented inthe periodic report of the Enea Group for Q1 2025.

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 / LTM EBITDA ratio is equal to (loans, borrowingsand non-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 current investments) / LTM EBITDA. LTM EBITDA means EBITDA forthe last 12 months.