PGE Polska Grupa Energetyczna S.A.

Earnings Release • Feb 24, 2021

Initial selected consolidated financial and operating data for 2020

The Management Board of PGE Polska Grupa Energetyczna S.A. ("PGE")publishes initial selected consolidated financial and operating data for2020.

According to the initial estimates net electricity production at PGEGroup generating units in 2020 amounted to 58.14 TWh (including 29.79TWh from lignite), distribution volume reached 35.67 TWh and sales tofinal off-takers came out at 41.17 TWh. Heat sales volume amounted to48.58 PJ.

Consolidated EBITDA for 2020 amounted to approximately PLN 5 966million; including:

EBITDA of Conventional Generation segment PLN 1 725 million,

EBITDA of District Heating segment PLN 947 million,

EBITDA of Distribution segment PLN 2 306 million,

EBITDA of Supply segment PLN 644 million,

EBITDA of Renewables segment PLN 597 million.

Consolidated net profit attributable to equity holders of the parentcompany amounted to approximately PLN 110 million (i.e. earnings pershare of PLN 0.06).

CAPEX amounted to approximately PLN 5 495 million.

Estimated net debt as at December 31, 2020 was approximately PLN 8 413million.

Average electricity wholesale price realized by Conventional Generationsegment in 2020 amounted to PLN 286.2 per MWh.

Disclaimer: Presented values are estimated and may change. Consolidatedfinancial statements of the PGE Group are still being audited by theprofessional auditor. The annual consolidated report for 2020 will bepublished on March 23, 2021.