PGE Polska Grupa Energetyczna S.A.

Earnings Release • Feb 23, 2022

Estimated selected financial and operating data for 2021

The Management Board of PGE Polska Grupa Energetyczna S.A. ("PGE")publishes initial selected consolidated financial and operating data for2021.

According to the initial estimates net electricity production at PGEgenerating units in 2021 amounted to approximately 68.8 TWh,distribution volume arrived at 37.7 TWh and sales to final off-takerscame out at 37.5 TWh. Heat sales volume amounted to 55.1 PJ.

Consolidated recurring EBITDA for 2021 amounted to approximately PLN 8363m, including:

Conventional Generation segment PLN 2 613m,

District Heating segment PLN 844m,

Distribution segment PLN 2 746m,

Supply segment PLN 1 140m,

Renewables segment PLN 1 013m.

In addition, the results for 2021 were influenced by one-off eventsincreasing EBITDA result by approx. PLN 1 385m. The non-cash item ofchanges in reclamation provision, which translated into an increase inEBITDA by PLN 1 463m had the greatest impact on the result of the period.

In effect, consolidated reported EBITDA for 2021 amounted toapproximately PLN 9 748m, including:

Conventional Generation segment PLN 4 078m,

District Heating segment PLN 805m,

Distribution segment PLN 2 779m,

Supply segment PLN 1 062m,

Renewables segment PLN 1 016m.

Consolidated net profit attributable to equity holders of the parentcompany amounted to approximately PLN 4 155m. CAPEX amounted to PLN 4662m. Estimated net debt amounted to approximately PLN 4 227m as atDecember 31, 2021.

Average electricity wholesale price realized in 2021 by:

- Conventional Generation segment amounted to PLN 270.9 per MWh,

- Conventional Generation and District Heating segments amounted to PLN266.7 per MWh.

At the same time, the average cost of CO2 emission rights for bothsegments amounted to PLN 121.8 per ton.

Disclaimer: Presented values are estimated and may change. Consolidatedfinancial statements of the PGE Group are still in the preparationprocess. The consolidated report for 2021 is planned to be published onMarch 22, 2022.