Energa S.A.

Earnings Release • Feb 21, 2024

Current report No. 6/2024

Date: 21 February 2024

Subject: Estimated financial and operational data of the Energa Groupfor Q4 2023 and for 2023

Legal basis: Article 17 (1) of MAR - inside information

The Management Board of Energa SA hereby reports estimated selectedfinancial and operational data of the Energa Group ("Group") for thefourth quarter of 2023 and for 2023.

Estimated selected data for Q4 2023:

Revenues of the Group: PLN 6,597 million (vs. PLN 5,420 million in Q42022).

EBITDA of the Group: PLN -496 million (vs. PLN -525 million in Q4 2022).

Operating result (EBIT) of the Group: PLN -816 million (vs. PLN -817million in Q4 2022).

Net profit of the Group: PLN -855 million (vs. PLN -584 million in Q42022).

CAPEX of the Group: PLN 1,446 million (vs. PLN 1,029 million in Q4 2022).

Distribution of electricity: 5,801 GWh (vs. 5,751 GWh in Q4 2022).

Gross production of electricity: 971 GWh (vs. 1,126 GWh in Q4 2022).

Retail sales of electricity: 4,571 GWh (vs. 4,679 GWh in Q4 2022).

The Energa Group generated EBITDA (operating profit before amortizationand impairment of non-financial non-current assets) of PLN -496 millionin Q4 2023. This result was mainly influenced by a provisions foronerous contracts in the Sales Business Line (the result of the tariffsof the President of the Energy Regulatory Office for households andregulations on electricity sales prices) and the provision created byEnerga Obrót SA due to penalties imposed by the President of the EnergyRegulatory Office. The Distribution Business Line recorded lower y/yresults, primarily due to the high price of electricity purchase tocover grid losses.

Estimated selected data for 2023:

Revenues of the Group: PLN 26,086 million (vs. PLN 20,444 million in2022).

EBITDA of the Group: PLN 2,862 million (vs. PLN 2,573 million in 2022).

Operating profit (EBIT) of the Group: PLN 1,668 million (vs. PLN 1,367million in 2022).

Net profit of the Group: PLN 764 million (vs. PLN 1,009 million in 2022).

Capital expenditures: PLN 4,334 million (vs. PLN 3,260 million in 2022).

Distribution of electricity: 22,411 GWh (vs. 23,233 GWh in 2022).

Gross production of electricity: 3,449 (vs. 4,533 GWh in 2022).

Retail sales of electricity: 17,117 GWh (vs. 17,992 GWh in 2022).

In 2023, the Energa Group reported an EBITDA result of PLN 2,862million, which means an increase by 11% YoY. The largest impact on thisincrease had the Sales Business Line and one-off events influencing theresult of this Line, including a favorable change in the balance ofprovisions for onerous contracts and income from exit fee fortransferring wholesale trade processes to Orlen Energia. At the sametime, negative events occurred, including: lower margin on the sale ofelectricity, including as a result of the Regulation on reducing energyprices for households. The Distribution Business Line recorded lower y/yresults, primarily due to the high price of energy purchase to covergrid losses. In turn, the lower EBITDA of the Generation Business Linewas the result of a significant decline in the result of the power plantin Ostrołęka due to significantly lower production by this asset andunfavorable market conditions affecting its profitability. In the caseof lower results in the RES area, the main factor was the regulations inforce in 2023, which limited the maximum energy sales prices.

The data presented are estimates and are subject to review by theauditor, therefore they may change. The final financial and operationaldata of the Energa Group for Q4 2023 and for 2023 will be presented inthe consolidated financial statements of the Energa Group for 2023.