Reported Earnings • May 05
Full year 2025 earnings released: EPS: zł3.00 (vs zł0.74 in FY 2024) Full year 2025 results: EPS: zł3.00 (up from zł0.74 in FY 2024). Revenue: zł21.7b (up 4.1% from FY 2024). Net income: zł1.24b (up 308% from FY 2024). Profit margin: 5.7% (up from 1.5% in FY 2024). Over the last 3 years on average, earnings per share has fallen by 36% per year but the company’s share price has increased by 37% per year, which means it is well ahead of earnings. New Risk • Nov 27
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Polish stocks, typically moving 6.8% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (2.8x net interest cover). Minor Risks Share price has been volatile over the past 3 months (6.8% average weekly change). Large one-off items impacting financial results. Valuation Update With 7 Day Price Move • Nov 10
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to zł17.86, the stock trades at a trailing P/E ratio of 24.1x. Average trailing P/E is 9x in the Electric Utilities industry in Poland. Total returns to shareholders of 180% over the past three years. Reported Earnings • Aug 22
Second quarter 2025 earnings released: EPS: zł0.86 (vs zł0.99 in 2Q 2024) Second quarter 2025 results: EPS: zł0.86 (down from zł0.99 in 2Q 2024). Revenue: zł4.97b (up 1.6% from 2Q 2024). Net income: zł356.0m (down 13% from 2Q 2024). Profit margin: 7.2% (down from 8.4% in 2Q 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 97 percentage points per year, which is a significant difference in performance. Reported Earnings • May 23
First quarter 2025 earnings released: EPS: zł1.19 (vs zł1.05 in 1Q 2024) First quarter 2025 results: EPS: zł1.19 (up from zł1.05 in 1Q 2024). Revenue: zł5.94b (up 11% from 1Q 2024). Net income: zł492.0m (up 13% from 1Q 2024). Profit margin: 8.3% (up from 8.1% in 1Q 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 85 percentage points per year, which is a significant difference in performance. Duyuru • May 19
Energa SA, Annual General Meeting, Jun 13, 2025 Energa SA, Annual General Meeting, Jun 13, 2025. New Risk • Apr 22
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 36% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (2.8x net interest cover). Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (1.5% net profit margin). Reported Earnings • Apr 18
Full year 2024 earnings released: EPS: zł0.74 (vs zł1.49 in FY 2023) Full year 2024 results: EPS: zł0.74 (down from zł1.49 in FY 2023). Revenue: zł22.8b (up 3.0% from FY 2023). Net income: zł305.0m (down 51% from FY 2023). Profit margin: 1.3% (down from 2.8% in FY 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 56% per year but the company’s share price has increased by 17% per year, which means it is well ahead of earnings. Duyuru • Jan 30
Energa Group Appoints Pawel Olechnowicz as Member of the Supervisory Board, Effective 1 February 2025 As of 1 February 2025 Pawel Olechnowicz, former CEO of Lotos, is due to be appointed to the position of member of the Supervisory Board of Energa Group, one of four largest energy companies in Poland, after in December 2024 he was appointed as direct adviser to ORLEN's CEO Ireneusz Fafara. At Orlen, which is the majority shareholder of Energa, Olechnowicz is to oversee the development of renewable energy and energy storage solutions while according to unofficial sources, he may also be tasked with regaining total control over the Gdansk Refinery. Reported Earnings • Nov 17
Third quarter 2024 earnings released: EPS: zł0.22 (vs zł0.50 in 3Q 2023) Third quarter 2024 results: EPS: zł0.22 (down from zł0.50 in 3Q 2023). Revenue: zł5.22b (up 3.1% from 3Q 2023). Net income: zł93.0m (down 55% from 3Q 2023). Profit margin: 1.8% (down from 4.1% in 3Q 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 49% per year but the company’s share price has increased by 19% per year, which means it is well ahead of earnings. Reported Earnings • Aug 22
Second quarter 2024 earnings released: EPS: zł0.99 (vs zł0.32 loss in 2Q 2023) Second quarter 2024 results: EPS: zł0.99 (up from zł0.32 loss in 2Q 2023). Revenue: zł5.35b (up 2.6% from 2Q 2023). Net income: zł410.0m (up zł543.0m from 2Q 2023). Profit margin: 7.7% (up from net loss in 2Q 2023). The move to profitability was primarily driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 33% per year but the company’s share price has increased by 21% per year, which means it is well ahead of earnings. Duyuru • Jun 01
Energa SA Appoints Slawomir Staszak as Acting CEO Energa SA appointed Slawomir Staszak, the current deputy CEO, as acting CEO until a new CEO is appointed. New Risk • May 24
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 0.7x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. This is currently the only risk that has been identified for the company. Duyuru • May 17
Energa SA Provides Earnings and Production Guidance for the First Quarter of 2024 Energa SA provided earnings and production guidance for the first quarter of 2024. For the quarter, the company estimates net profit at PLN 431 million (EUR 101.1 million), compared to PLN 1.6 billion (EUR 375.2 million) profit a year earlier. Revenue is estimated at PLN 6.254 billion (EUR 1.5 billion), and EBIT at PLN 774 million (EUR 181.5 million).The company estimates gross electricity generation at 870 GWh (vs. 1,009 GWh in First Quarter 2023), electricity distribution at 6,105 GWh (vs. 5,828 GWh a year ago), and retail electricity sales at 4,605 GWh (vs. 4,583 GWh a year ago). Reported Earnings • Apr 30
Full year 2023 earnings released: EPS: zł1.49 (vs zł2.34 in FY 2022) Full year 2023 results: EPS: zł1.49 (down from zł2.34 in FY 2022). Revenue: zł26.1b (up 30% from FY 2022). Net income: zł617.0m (down 36% from FY 2022). Profit margin: 2.4% (down from 4.8% in FY 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 33% per year but the company’s share price has only increased by 6% per year, which means it is significantly lagging earnings growth. Duyuru • Apr 21
Energa SA Appoints Roman Szyszko and Slawomir Staszak as Deputies of the Board of Directors, Effective April 20, 2024 Energa SA appointed Roman Szyszko and Slawomir Staszak as deputies of the board of directors, effective April 20, 2024. Valuation Update With 7 Day Price Move • Feb 20
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to zł12.35, the stock trades at a trailing P/E ratio of 4.9x. Average trailing P/E is 9x in the Electric Utilities industry in Europe. Total returns to shareholders of 59% over the past three years. Reported Earnings • Nov 01
Third quarter 2023 earnings released Third quarter 2023 results: Revenue: zł6.06b (up 10.0% from 3Q 2022). Net income: zł206.0m (down 60% from 3Q 2022). Profit margin: 3.4% (down from 9.3% in 3Q 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 82% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 28
Second quarter 2023 earnings released Second quarter 2023 results: Revenue: zł6.01b (up 31% from 2Q 2022). Net loss: zł133.0m (down 130% from profit in 2Q 2022). Over the last 3 years on average, earnings per share has increased by 104% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Jul 05
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to zł9.68, the stock trades at a trailing P/E ratio of 2.1x. Average trailing P/E is 8x in the Electric Utilities industry in Europe. Total returns to shareholders of 18% over the past three years. Reported Earnings • May 30
First quarter 2023 earnings released First quarter 2023 results: Revenue: zł7.42b (up 50% from 1Q 2022). Net income: zł1.56b (up 159% from 1Q 2022). Profit margin: 21% (up from 12% in 1Q 2022). The increase in margin was driven by higher revenue. Duyuru • Jan 20
Energa SA to Report Q3, 2023 Results on Nov 09, 2023 Energa SA announced that they will report Q3, 2023 results on Nov 09, 2023 Reported Earnings • Dec 01
Third quarter 2022 earnings released Third quarter 2022 results: Revenue: zł5.51b (up 66% from 3Q 2021). Net income: zł514.0m (up 71% from 3Q 2021). Profit margin: 9.3% (up from 9.0% in 3Q 2021). The increase in margin was driven by higher revenue. Is New 90 Day High Low • Sep 22
New 90-day low: zł7.47 The company is down 8.0% from its price of zł8.12 on 24 June 2020. The Polish market is down 3.0% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Electric Utilities industry, which is down 24% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is zł5.17 per share. 
