Enei results better than forecasts, but investors cannot be satisfied


The group generated the EBITDA result of PLN 3.39 billion in the first half of 2025, by 2.4 percent. less than a year ago. Sales revenues and other income amounted to nearly PLN 14.1 billion against PLN 16.1 billion in the same period last year.
Net profit was higher year -on -year by 2.7 percent. and amounted to over PLN 2 billion. Good financial results and EBITDA increase were recorded by distribution, trading and extraction segments, and the highest EBITDA was developed in the distribution area and amounted to nearly PLN 1.40 billion (an increase of 20.6 % year -on -year).
In the second quarter of 2025, the results were better than forecasts. Revenues amounted to PLN 6.51 billion, but this means a decrease in year to year by 16 percent. and quarterly by 13 percent EBITDA reached PLN 1.45 billion (against PLN 1.28 billion in forecast), but it is 9 percent. less than a year ago and 25 percent than in the first quarter. Net profit dropped by 31 percent. year to year and 17 percent Quarterly, up to PLN 874 million (PLN 656 million was forecasted). TRIGON DM analysts noticed good cash flows from operating activities (PLN 3.99 billion) and a stable net debt despite the acquisition in the renewable energy segment.
In the first half of 2025, ENEA operator provided almost 10 TWh of distribution services to end recipients. Nearly 5.4 thousand were attached to the company's network in six months of 2025. renewable sources (together with micro -installations). At the end of the analyzed period, their number was over 197,000, and the total power of nearly 7.8 GW.
The announcement pointed out that in the area of trading there was an increase in the EBITDA R/RO PLN 221 million result to PLN 417 million. In the first half of 2025, the volume of electricity sales to retail recipients was 12 TWh and was lower y/Ro 3.6 percent. Total revenues from the sale of electricity and gas fuel to retail recipients fell in relation to the first half of 2024 by 12.2 percent, which, as indicated in the communiqué, is a reflection of the decrease in electricity prices on the wholesale market.
EBITDA of the production area, in turn, amounted to PLN 1 billion (decrease in r/ro PLN 662.6 million). In the first half of 2025, the group produced almost 10.2 TWh of electricity, noting an increase in r/ro of over 4 percent. RES energy production was 0.2 TWh and was higher y/ro.
Enea also reported that the LW Bogdanka controlled by her in the first half of 2025 generated PLN 1.52 billion in consolidated sales revenues (decrease in r/ro 8.9 percent). She indicated that the earned level of revenues was influenced by lower coal prices, partly balanced by a higher sales volume.
The ENEA Group is a listed company with over 52 percent. participation of the Treasury, dealing with, among others production and distribution of electricity. It is the second largest producer of electricity in Poland.
On Tuesday morning, the ENEI share price dropped by 2.7 percent, to PLN 18.08 per share. At the same time, MWIG40, which includes the Poznań group, oscillated around the previous closing at the level of 8057 points.




