PGE Polska Grupa Energetyczna S.A.

Regulatory Filings • Sep 15, 2021

Information on the result of impairment tests

With regard to the current report no. 23/2021 dated July 21, 2021, theManagement Board of PGE discloses that major works regarding tests forimpairment of assets in accordance with the IAS 36 have been completed.

Results of conducted tests indicate the necessity to reverse theimpairment loss in Renewables segment in amount of approx. PLN 40million.

At the same time, as a result of conducted tests, no impairment loss ofbalance sheet value of property, plant and equipment was identified inConventional Generation segment.

Accordingly, appropriate adjustment updating value of assets will berecognized in the consolidated financial statements of PGE for the firsthalf of 2021. The above adjustment is of non-cash nature.

Impact of reversal of impairments in the first half of 2021 on the PGEGroup's net result is approx. PLN +32 million. As a consequence of theabove, estimated consolidated net profit amounts to approximately PLN 2694 million.