Reported Earnings • May 25
First quarter 2026 earnings released: EPS: zł0.78 (vs zł0.56 in 1Q 2025) First quarter 2026 results: EPS: zł0.78 (up from zł0.56 in 1Q 2025). Revenue: zł924.9m (down 22% from 1Q 2025). Net income: zł60.4m (up 40% from 1Q 2025). Profit margin: 6.5% (up from 3.6% in 1Q 2025). Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 6.7% growth forecast for the Renewable Energy industry in Germany. Over the last 3 years on average, earnings per share has fallen by 61% per year but the company’s share price has only fallen by 16% per year, which means it has not declined as severely as earnings. Announcement • Mar 16
Polenergia S.A., Annual General Meeting, Apr 08, 2026 Polenergia S.A., Annual General Meeting, Apr 08, 2026, at 12:00 Central European Standard Time. Announcement • Mar 28
Polenergia S.A., Annual General Meeting, Apr 23, 2025 Polenergia S.A., Annual General Meeting, Apr 23, 2025. Reported Earnings • Aug 22
Second quarter 2024 earnings released: EPS: zł1.03 (vs zł0.70 in 2Q 2023) Second quarter 2024 results: EPS: zł1.03 (up from zł0.70 in 2Q 2023). Revenue: zł913.6m (down 34% from 2Q 2023). Net income: zł79.7m (up 71% from 2Q 2023). Profit margin: 8.7% (up from 3.4% in 2Q 2023). The increase in margin was driven by lower expenses. Revenue is forecast to stay flat during the next 3 years compared to a 3.1% growth forecast for the Renewable Energy industry in Germany. Over the last 3 years on average, earnings per share has fallen by 30% per year but the company’s share price has remained flat, which means it is well ahead of earnings. Reported Earnings • May 26
First quarter 2024 earnings released First quarter 2024 results: Revenue: zł1.19b (down 19% from 1Q 2023). Net income: zł140.7m (up 17% from 1Q 2023). Profit margin: 12% (up from 8.2% in 1Q 2023). The increase in margin was driven by lower expenses. Revenue is forecast to grow 2.8% p.a. on average during the next 3 years, compared to a 3.3% growth forecast for the Renewable Energy industry in Germany. Announcement • May 25
Polenergia S.A., Annual General Meeting, Jun 19, 2024 Polenergia S.A., Annual General Meeting, Jun 19, 2024. New Risk • May 09
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 0.8% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 0.8% per year for the foreseeable future. Minor Risk Shareholders have been diluted in the past year (16% increase in shares outstanding). Reported Earnings • Mar 27
Full year 2023 earnings released: EPS: zł3.85 (vs zł2.62 in FY 2022) Full year 2023 results: EPS: zł3.85 (up from zł2.62 in FY 2022). Revenue: zł5.62b (down 21% from FY 2022). Net income: zł263.6m (up 65% from FY 2022). Profit margin: 4.7% (up from 2.3% in FY 2022). The increase in margin was driven by lower expenses. Revenue is expected to decline by 4.6% p.a. on average during the next 3 years, while revenues in the Renewable Energy industry in Germany are expected to grow by 4.3%. Over the last 3 years on average, earnings per share has fallen by 15% per year but the company’s share price has only fallen by 5% per year, which means it has not declined as severely as earnings. Reported Earnings • Nov 24
Third quarter 2023 earnings released: EPS: zł0.62 (vs zł0.05 loss in 3Q 2022) Third quarter 2023 results: EPS: zł0.62 (up from zł0.05 loss in 3Q 2022). Revenue: zł1.24b (down 6.3% from 3Q 2022). Net income: zł41.5m (up zł44.3m from 3Q 2022). Profit margin: 3.3% (up from net loss in 3Q 2022). The move to profitability was driven by lower expenses. Revenue is expected to decline by 9.0% p.a. on average during the next 3 years, while revenues in the Renewable Energy industry in Germany are expected to grow by 10%. New Risk • Nov 06
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 16% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. This is currently the only risk that has been identified for the company. Reported Earnings • Aug 28
Second quarter 2023 earnings released: EPS: zł0.70 (vs zł0.02 in 2Q 2022) Second quarter 2023 results: EPS: zł0.70 (up from zł0.02 in 2Q 2022). Revenue: zł1.37b (flat on 2Q 2022). Net income: zł46.5m (up zł45.3m from 2Q 2022). Profit margin: 3.4% (up from 0.1% in 2Q 2022). Reported Earnings • May 30
First quarter 2023 earnings released: EPS: zł1.81 (vs zł2.41 in 1Q 2022) First quarter 2023 results: EPS: zł1.81. Revenue: zł1.47b (down 40% from 1Q 2022). Net income: zł120.8m (up 10% from 1Q 2022). Profit margin: 8.2% (up from 4.5% in 1Q 2022). The increase in margin was driven by lower expenses. Reported Earnings • Nov 25
Third quarter 2022 earnings released: zł0.05 loss per share (vs zł0.86 profit in 3Q 2021) Third quarter 2022 results: zł0.05 loss per share (down from zł0.86 profit in 3Q 2021). Revenue: zł1.33b (up 101% from 3Q 2021). Net loss: zł2.78m (down 107% from profit in 3Q 2021). Revenue is forecast to grow 3.9% p.a. on average during the next 3 years, compared to a 5.2% growth forecast for the Renewable Energy industry in Germany. Reported Earnings • Aug 19
Second quarter 2022 earnings released: EPS: zł0.02 (vs zł5.41 in 2Q 2021) Second quarter 2022 results: EPS: zł0.02 (down from zł5.41 in 2Q 2021). Revenue: zł1.34b (up 160% from 2Q 2021). Net income: zł1.15m (down 100% from 2Q 2021). Profit margin: 0.1% (down from 48% in 2Q 2021). Over the next year, revenue is expected to shrink by 12% compared to a 12% decline forecast for the Renewable Energy industry in Germany. Valuation Update With 7 Day Price Move • Jul 16
Investor sentiment improved over the past week After last week's 16% share price gain to €22.50, the stock trades at a forward P/E ratio of 34x. Average forward P/E is 25x in the Renewable Energy industry in Europe. Total returns to shareholders of 45% over the past year. Simply Wall St's valuation model estimates the intrinsic value at €11.88 per share. Valuation Update With 7 Day Price Move • Jun 23
Investor sentiment improved over the past week After last week's 16% share price gain to €19.48, the stock trades at a forward P/E ratio of 28x. Average forward P/E is 24x in the Renewable Energy industry in Europe. Total returns to shareholders of 25% over the past year. Simply Wall St's valuation model estimates the intrinsic value at €8.38 per share. Reported Earnings • May 20
First quarter 2022 earnings released: EPS: zł2.41 (vs zł0.75 in 1Q 2021) First quarter 2022 results: EPS: zł2.41 (up from zł0.75 in 1Q 2021). Revenue: zł2.48b (up 290% from 1Q 2021). Net income: zł109.6m (up 220% from 1Q 2021). Profit margin: 4.4% (down from 5.4% in 1Q 2021). Over the next year, revenue is expected to shrink by 39% compared to a 31% decline forecast for the industry in Germany. Announcement • Apr 16
Polenergia S.A., Annual General Meeting, May 11, 2022 Polenergia S.A., Annual General Meeting, May 11, 2022, at 12:00 Central European Standard Time. Reported Earnings • Apr 10
Full year 2021 earnings released: EPS: zł7.42 (vs zł2.39 in FY 2020) Full year 2021 results: EPS: zł7.42 (up from zł2.39 in FY 2020). Revenue: zł4.00b (up 124% from FY 2020). Net income: zł334.6m (up 208% from FY 2020). Profit margin: 8.4% (up from 6.1% in FY 2020). The increase in margin was driven by higher revenue. Over the next year, revenue is expected to shrink by 31% compared to a 26% decline forecast for the industry in Germany. Valuation Update With 7 Day Price Move • Feb 04
Investor sentiment deteriorated over the past week After last week's 20% share price decline to €12.54, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 25x in the Renewable Energy industry in Europe. Simply Wall St's valuation model estimates the intrinsic value at €12.54 per share. Reported Earnings • Aug 13
Second quarter 2021 earnings released: EPS zł5.41 (vs zł0.32 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: zł575.3m (up 58% from 2Q 2020). Net income: zł245.8m (up zł231.2m from 2Q 2020). Profit margin: 43% (up from 4.0% in 2Q 2020). The increase in margin was primarily driven by higher revenue. Valuation Update With 7 Day Price Move • Apr 09
Investor sentiment improved over the past week After last week's 26% share price gain to zł22.00, the stock trades at a forward P/E ratio of 50x. Average forward P/E is 32x in the Renewable Energy industry in Germany. Reported Earnings • Apr 02
Full year 2020 earnings released: EPS zł2.43 (vs zł2.40 in FY 2019) The company reported a decent full year result with improved earnings and profit margins, although revenues were weaker. Full year 2020 results: Revenue: zł1.81b (down 27% from FY 2019). Net income: zł110.6m (up 1.4% from FY 2019). Profit margin: 6.1% (up from 4.4% in FY 2019). The increase in margin was driven by lower expenses. Valuation Update With 7 Day Price Move • Mar 24
Investor sentiment improved over the past week After last week's 21% share price gain to zł15.80, the stock trades at a forward P/E ratio of 28x. Average forward P/E is 32x in the Renewable Energy industry in Germany.