PGE Polska Grupa Energetyczna S.A.

Earnings Release • Nov 13, 2024

Report Content Estimated selected financial and operating data for Q3 2024

The Management Board of PGE Polska Grupa Energetyczna S.A. ("PGE")publishes initial selected consolidated financial and operating data forQ3 2024.

According to the initial estimates net electricity production at PGEGroup generating units in Q3 2024 amounted to 13.2 TWh, distributionvolume arrived at 9.8 TWh and sales to final off-takers came out at 8.3TWh. Heat sales volume amounted to 3.5 PJ.

Consolidated recurring EBITDA in Q3 2024 amounted to approximately PLN2.45 bn, including:

EBITDA of Renewables segment PLN 0.38 bn.

EBITDA of Gas-fired Generation segment PLN 0.08 bn,

EBITDA of Conventional Generation segment PLN 0.48 bn,

EBITDA of District Heating segment PLN 0.15 bn,

EBITDA of Distribution segment PLN 1.14 bn,

EBITDA of Energy Railway Services segment PLN 0.29 bn,

EBITDA of Supply segment PLN -0.13 bn,

EBITDA of Circular Economy segment PLN 0.04 bn.

The results for Q3 2024 were influenced by one-off events increasingreported EBITDA result by approximately PLN 4 million. The events withthe greatest impact on the result of the period included: the non-cashitem of changes in reclamation provision, which translated into adecrease in EBITDA by PLN 0.41 bn, and adjustment of compensations forelectricity for previous years which translated into an increase inEBITDA by PLN 0.45 bn.

In effect, consolidated reported EBITDA in Q3 2024 amounted toapproximately PLN 2.46 bn, including:

EBITDA of Renewables segment PLN 0.38 bn.

EBITDA of Gas-fired Generation segment PLN 0.08 bn,

EBITDA of Conventional Generation segment PLN 0.06 bn,

EBITDA of District Heating segment PLN 0.15 bn,

EBITDA of Distribution segment PLN 1.13 bn,

EBITDA of Energy Railway Services segment PLN 0.28 bn,

EBITDA of Supply segment PLN 0.32 bn,

EBITDA of Circular Economy segment PLN 0.04 bn.

Consolidated net profit attributable to equity holders of the parentcompany amounted to approximately PLN 0.73 bn. CAPEX amounted toapproximately PLN 2.58 bn. Estimated net debt amounted to approximatelyPLN 4.43 bn as at September 30, 2024, and estimated economic netfinancial debt (including future payment for CO2 allowances) amounted toapprox. PLN 19.02 bn.

Average electricity wholesale price realized in Q3 2024 by:

- Conventional Generation segment amounted to PLN 585 per MWh,

- Gas-fired Generation segment amounted to PLN 612 per MWh,

- Conventional Generation, Gas-fired Generation and District Heatingsegments amounted to PLN 589 per MWh.

At the same time, the average cost of CO2 emission rights for abovementioned segments related to electricity generation amounted to PLN 348per MWh.

Disclaimer: Presented values are estimated and may change. Consolidatedfinancial statements of the PGE Group are still in the preparationprocess. The consolidated report for Q3 2024 is planned to be publishedon November 26, 2024.