PKN Orlen S.A.

Earnings Release • Mar 7, 2024

Predicted accounting one-offs which impact significantly financial datafor 2023 presented in financial statements for 2023Regulatoryannouncement no 19/2024 dated 7 March 2024ORLEN S.A. ("Company")informs that it conducted tests for impairment of ORLEN Group's assetsin the Upstream segment.As a result of these activities, theCompany predicts the recognition of an impairment of fixed assets of theUpstream segment with a total value of PLN (3.1) billion in theconsolidated financial statement for 2023.At the same time inthe separate financial statement for 2023, the Company predicts toinclude the recognition of impairments of shares in ORLEN Upstream Sp. zo. o. with a total value of PLN (0.8) billion.The aboveaccounting one-offs have a significant negative impact on the financialdata for 2023.The impairment of the above-mentioned assetsresults mainly from changes in the macroeconomic environment, therevision of uptream resources and the impact of key legislation includedin the regulatory package aimed at counteracting the excessive increasein electricity and natural gas prices in the Polish market.Theabovementioned one-offs are currently being audited by the auditor andmay be subject to change.At the same time, the Company informsthat analyzes of the value of other assets of the ORLEN Group areunderway. In case any impairments or updating reversals, which impactsignificantly the financial data for 2023, become probable, the Companywill publish regulatory announcement with that information.ORLENS.A. will publish its separate and consolidated financial statements foryear 2023 on 25 April 2024.