Enea S.A. — Earnings Release 2024

Mar 4, 2025

Report Content Current Report No.: 10/2025

Date of Preparation: 3 March 2025

Issuer's Abbreviated Name: Enea S.A.

Subject: Information on preliminary financial and operating results for2024 and Q4 2024

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

Body of the report:

In connection with the adoption, on 3 March 2025, by the ManagementBoard of Enea S.A. ("Company", "Issuer"), of information on preliminaryfinancial and operating results of the ENEA Group for 2024 and Q4 2024,the Company hereby publishes the said preliminary results.

Consolidated financial results of the Enea Group for 2024:

- Revenue from sales and other income: PLN 32,975 million,

- EBITDA: PLN 6,806 million,

- Profit before tax: PLN 2,396 million,

- Net profit for the reporting period: PLN 909 million,

- Net profit attributable to shareholders of the parent company: PLN1,348 million,

- Capital expenditures on property, plant and equipment and intangibleassets: PLN 3,412 million,

- Net debt / LTM EBITDA ratio: 0.46.

EBITDA in the distinct operating areas:

- Mining: PLN 991 million,

- Generation: PLN 3,557 million,

- Distribution: PLN 2,284 million,

- Trading: PLN -4 million.

Selected operating highlights:

- Net coal production: 7.9 million tons,

- Total net electricity generation: 20.4 TWh, of which: 1.5 TWh frombiomass and 0.4 TWh from RES,

- Sales of distribution services to end users: 19.9 TWh,

- Sales of electricity and gaseous fuel to retail customers: 24.8 TWh.

Consolidated financial results of the Enea Group for Q4 2024:

- Revenue from sales and other income: PLN 8,813 million,

- EBITDA: PLN 1,473 million,

- Loss before tax: PLN -1,356 million,

- Net loss in the reporting period: PLN -2,087 million,

- Net loss attributable to shareholders of the parent company: PLN-1,903 million,

- Capital expenditures on property, plant and equipment and intangibleassets: PLN 1,363 million,

- Net debt / LTM EBITDA ratio: 0.46.

EBITDA in the distinct operating areas:

- Mining: PLN 435 million,

- Generation: PLN 892 million,

- Distribution: PLN 538 million,

- Trading: PLN -236 million.

Selected operating highlights:

- Net coal production: 2.5 million tons,

- Total net electricity generation: 5.7 TWh, of which: 0.4 TWh frombiomass and 0.1 TWh from RES,

- Sales of distribution services to end users: 5.0 TWh,

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

The EBITDA result generated by the Enea Group in Q4 2024 was driven bythe following factors (compared to Q4 2023):

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

- 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 result on generation concessions, with a concurrentincrease in the margin on trading and higher revenue from the Capacityand Balancing Market. The RES Segment saw a decrease in EBITDA due tothe realization of a lower margin on the Green Unit (mainly as a resultof lower electricity prices, with a decrease in the unit cost ofbiomass). The Heat Segment saw an improvement in EBITDA, largely drivenby an increase in the unit margin on heat, while fixed costs increased.In the Generation Area, the effect of the base of the correspondingperiod of the previous year relating to the costs incurred for thecharge for the Price Difference Fund is significant.

- In the Distribution Area, the improvement in EBITDA was driven by thehigher margin realized on the concession business. In parallel, a lowerresult on other operating activities was posted.

- In the Trading Area, the weaker EBITDA was primarily a consequence ofan increase in provisions for onerous contracts, as was disclosed by theIssuer in Current Report No. 9/2025 of 20 February 2025.

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 compensation revenues in the totalamount of PLN 450 million in Q4 2024 and PLN 1,720 million in the whole2024.

Standalone financial results of Enea S.A. for 2024:

- Revenue from sales and other income: PLN 15,795 million,

- EBITDA: PLN -103 million,

- Profit before tax: PLN 797 million,

- Net profit for the reporting period: PLN 752 million.

The preliminary results take into account the impairment of assets, aswas disclosed by the Issuer in Current Report No. 9/2025 of 20 February2025.

Please be advised that the foregoing figures are estimates and as suchare subject to change, and the final results will be presented in theperiodic reports of Enea S.A. and the Enea Group for 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 / 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 short-term investments) / LTM EBITDA. LTM EBITDA means EBITDAfor the last 12 months.