PGE Polska Grupa Energetyczna S.A.

Earnings Release • May 11, 2022

Estimated selected financial and operating data for the first quarter of2022

The Management Board of PGE Polska Grupa Energetyczna S.A. ("PGE")publishes initial selected consolidated financial and operating data forthe first quarter of 2022.

According to the initial estimates net electricity production at PGEgenerating units in Q1' 2022 amounted to 17.3 TWh, distribution volumearrived at 9.8 TWh and sales to final off-takers came out at 9.1 TWh.Heat sales volume amounted to 21.3 PJ.

Consolidated recurring EBITDA for Q1' 2022 amounted to approximately PLN2 592m, including:

Conventional Generation segment PLN 438m,

District Heating segment PLN 201m,

Distribution segment PLN 798m,

Supply segment PLN 569m,

Renewables segment PLN 500m.

In addition, the results for Q1' 2022 were influenced by one-off event(the non-cash item of release of provision for prosumers) increasingEBITDA result by approx. PLN 19m.

In effect, consolidated reported EBITDA for Q1' 2022 amounted toapproximately PLN 2 611m, including:

Conventional Generation segment PLN 438m,

District Heating segment PLN 201m,

Distribution segment PLN 798m,

Supply segment PLN 593m,

Renewables segment PLN 500m.

Consolidated net profit attributable to equity holders of the parentcompany amounted to approximately PLN 1 022m. CAPEX amounted to PLN895m. Estimated net debt amounted to approximately PLN 4 192m as atMarch 31, 2022.

Average electricity wholesale price realized in Q1' 2022 by:

- Conventional Generation segment amounted to PLN 457.0 per MWh,

- Conventional Generation and District Heating segments amounted to PLN443.4 per MWh.

At the same time, the average cost of CO2 emission rights for bothsegments amounted to PLN 278.0 per ton in Q1' 2022.

Disclaimer: Presented values are estimated and may change. Consolidatedfinancial statements of the PGE Group are still in the preparationprocess. The consolidated report for Q1' 2022 is planned to be publishedon May 24, 2022.