Thank you so much. We will start with a summary.

This will be a little bit more creative, and then we'll go into the details. We will be discussing the results for the year 2025.

It was a very intensive year. We've been working hard on the adoption and implementation of the strategy that had been adopted before.

Financial data, the market situation, and investments that we've made. We'll be talking about the local content and our ESG strategy.

We'll be discussing the corporate governance and our perspectives and plans for the future. We've divided the summary of the previous year into a few parts, and I will cover five areas.

Firstly, the transformation of coal assets, and you must have noticed acquisitions—they were pretty big last year. We've made a few, and then we've acquired new rights and new projects.

Our biggest investment was the construction of the CCGT units in Kozienice, gas-fired units, as well as unit greening. This is what we've been doing when it comes to our strategic objectives.

This is part of our strategy. The strategy that is not just a document; it is actually being implemented right now.

Now the second thing, our distribution. We've made massive investments, almost 3 billion into the energy grid.

In the part of the country that we service, that is the western, northwestern part of the country, we want to connect new customers, we want to receive energy, and we want to give power to the new customers. We want this grid to be flexible.

We've made investments to that tune, and they are indispensable. The construction of big stations, big lines, and connections of renewable sources as well as the new recipients.

This is all that has been happening so far. We have very good SAIDI and SAIFI results, that is the frequency of interruptions and the length of supply interruptions.

We have very good results in this respect. We are a leader, and we've implemented the first services on the distribution side and the first product on the distributor's side.

Both when it comes to the energy and the active and reactive power, the regulation and the delivery, we've made the first steps. We have the first tariffs and products on the distribution side.

They are dedicated for our customers. We've created a dedicated map.

It was made by the distribution team. This is the team that thinks out of the box and understands customers' needs.

We've had many requests for connection, and so we've created this map that is being updated on an hourly basis, showing available connection where it is possible to connect yourself and where you can make use of it. It's a map that is live.

Many businesses, developers make use of it. Those on the search for capacity, it is easier to find it that way.

We've made the first steps, and we will be implementing also new tangible things: the connection system, the TETRA, the parallel connection system, a digital system that gives us a lot of possibilities, our brigades. We can also develop our digitization, and it can help us develop this branch of our activity.

Now the third area is the operational excellence. This is the working title for this part of the presentation, because we want to show you what we've been doing in this respect so far.

Everything for the customers, this is the most important thing. Maybe it used to be a slogan, but customers are key.

Clients are the most important thing. We do everything for our clients, and this entails changes into our processes.

Our service processes have been shortened. We've introduced an app, very well received by our customers, Moja Enea.

This is an app for mobile phones. This is where you can deal with most basic things, but you can also pay your bills, you can get access to your invoice, about data use, etc.

We have the ICT strategy that we've been implementing, widely understood digitization, robotization of our group. It's also about the systems that are based on AI.

They help us solve problems, but they also help us deal with any kinds of interruptions. They make it easier to have faster access to our data.

Robotization, it's millions of tasks that have been performed so far, but a lot is still ahead of us. We've made the first steps.

We don't use paper contracts. We sign everything in our offices on tablets.

We have all kinds of digital IDs that our customers can use. They can sign agreements, contracts also online and on tablets.

In a few months' time, it will be possible to sign a contract using this Moja Enea app. It will be fairly easy.

You will be able to rewrite your contract, to change your contract digitally. We would like to introduce new SAP solutions, SAP S/4HANA for the whole of the group.

We've implemented the basic versions, and right now we are preparing the project for the whole of the group, and we are in the process of preparing the migration for specific companies. Now the fourth area is the new dimension of products and services.

It's more focused on sales. I would like to show you what has been prepared and what has been developed pretty well so far.

We've redid a lot in 2025. We have new eco-products.

We've implemented this big project for gas, PPAs as well. This is also something that the market is waiting for.

We offer these PPAs. They open the door to the possibility of working in other formats with business clients.

We also have new tariffs for business customers. The last area before we move to the financial summary and before we dwell into the details is financing investment.

Very stable financial results for the end of the year, very good financial condition. You could see that in our communication: 16 billion of revenues from the capacity market, including 11 billion for CCGT; 4.7 GW have already been contracted on the market, on the capacity market.

This generates constant, stable revenue, but it's also an obligation that we want to fulfill. A loan from BGK as part of the recovery plan, almost 10 billion Polish zlotys, we've informed you about that, and we are looking for the project finance solutions.

One is already behind us, the project that is being implemented, the construction work is ongoing. This is the CCGT in Kozienice.

Over 1 billion Polish zlotys from the National Fund for Environmental Protection and 123 million from the same fund for infrastructural projects on the grid. That is all behind us, and ahead of us, the implementation of the strategy.

To sum it up, over 28 billion Polish zlotys of revenues, over 20 TWh of energy sold, 6.7 million tonnes of net coal production—Artur will talk in more details about that—and EBITDA 5.6 billion Polish zlotys for 2025, and net debt, this indicator very low. I mentioned that at a previous conference, we want to have a lot of cash for investments that we'll be implementing.

We have a year-on-year increase of production on alternative fuels, on renewable energy sources, green energy. We will now go into the details.

Bartosz, over to you now.

Ladies and gentlemen, as always, some information about this market environment, market situation. The year 2025 was a year when the electricity prices dropped again.

In the previous three years, it was the lowest in the last three years, around 400, 450 Polish zlotys. The electricity prices, as of April last year, in contracts, it was slowly rising, 400 for a megawatt-hour and then 450 towards the end of the year.

There was huge volatility on CO2 on the CO2 market. There was adjustment at the beginning of the second quarter of the last year.

CO2 increased by 50% to the level of €90. Then there was this adjustment to the level of €75.

When it comes to coal prices, they were stable, $100, $110. This was more or less the same for the whole of the year.

Of course, the first quarter of this year, there was this increase to almost $340. It was temporary, and it was due to the war in the Middle East.

Then the spot market, it's more expensive than the other market for the first time. The price on the spot market in 2025 was also higher than in 2024.

Right now we have a higher price. The price is around 500 Polish zlotys, mainly due to what happened in January.

This price is much higher than the prices that could be found in the previous years. Now spread levels, it's nothing surprising.

The coal spread, clean dark spread, it was on the negative all the time. Then the gas spread, clean spark spread, it was on the positive.

Recently, recently due to this big increase, temporary increase in the gas prices in recent two months, we could see that it was negative as well. However, in this situation, we could say that gas, from the perspective of profitability of the production, from the perspective of lower costs and higher margins, well, it was another year which for coal was better than for fuel.

We'll discuss financial data for 2025, the last quarter and compared to the previous year. Now the revenue.

The energy, electricity prices had the largest effect on the decline in prices. Bartosz has already mentioned that EBITDA is lower than in 2024.

This is mainly due to the fact of conventional generation and mining. The last quarter of 2025, let me remind you, we had the one-off in Bogdanka, 150 million in compensation, and also we made some provisions: the fund for the price settlement around 140 million and the G tariff around 170 million.

Now the margin and its profitability, well, practically we stayed at the same level as in 2024, around 20%, and in Q4 the provisions had a large effect. The same as in 2024, in 2025 we had the test for the loss impairment in assets and we made write-offs because of that.

This is due to some trends we have been watching on the market and some long-term forecasts for coal and power price, energy prices. These write-offs in 2025 were lower than in 2024.

In '24, it was around 2 billion, and in '25 around 1.2 billion. The debt is staying at the same level.

We have record high investment spending, but if you have a look at it, the net debt ratio is going gradually up because of our investment plans year to year. Now the profitability of each business line.

Here we are undergoing a transition, but conventional energy generation is the top of the list, and then we have 545 million mining, generation 1.7 billion. These are the results for the group, and we have stable distribution, 2.7 billion, this is higher than 2024.

We have dedicated a similar level of money to investments, a record high investment. Now other areas: we have the renewables generation, high outlays, but there's a drop despite of that.

Here we have two issues we would like to explain. First, the assets we had previously generated over 80 million less of EBITDA, and this is due to the following: a lower flow of water, less wind, less sun, and also a drop in energy prices.

Instead of that, new assets came into place and they generated around 80 million, and 36 million were moved to 2026 because of lack of license. Now heat: here we have a very positive increase in results.

Congratulations to the CEO who's here with us. It's a small line of business, but it's important for the three regions we operate in.

A huge growth here, and trading is also back on track of profitability. It would have been better if it weren't for two provisions we had to write at the end of last year.

We had to make up, there was a tariff that spanned one year and a half. What we lost in '24, we had to make up for in 2025.

Now let's zoom in. Let me discuss generation briefly: 1.7 billion zlotys.

Over 600 million of that amounts for balancing power income, half a million sales of energy, and 240 million are FX currency differences. Now year to year, Artur will tell you more about Bogdanka, but conventional generation, the result goes down by 1.5 billion almost, and 1 billion of that is resale of energy.

These are the consequences of the crisis still. As a consequence, it's harder to make money on that.

Now currency rates differences, it's the same. The euro rates were high, and it does affect EBITDA, it has a negative effect of almost 600 million.

The green block, minus 200 million, and this is only because of the price, because the volume was more or less the same. The remaining two lines of business are the renewables and heat.

I have already discussed that. Now distribution.

There's an increase in WRI. This generated 240 million, and WACC generated 84 million.

This was a very good result. We had a return on investment last year, 91 million, plus some optimizations in distribution which covers cost or tariffs, and this gave us an additional improvement here.

Now trading: higher profitability, but on the other hand, we have two provisions plus the update of the provision for prosumers. Now Q4, I'm not going to get into detail here, but let me just highlight one thing: the two provisions, the G tariff, 170 million, and the price settlement fund.

They had a negative effect on the sales segment and the update of the prosumers provision. Everything is in your hand-outs, you can go through it.

If you have any questions, I'm happy to answer. Now cash, at the end that's all that matters.

EBITDA 5.6 billion. We had more tax returns last year than the taxes we paid, the effect is positive.

600 million, this is the cash investment outlays, and the working capital change. Two issues here: first, the clearance of CO2, 1.2 billion of last year, what will be paid in cash this year, and also 600 million from '24.

We have this in the results, but in cash, we bought CO2, and this is the largest difference between the debt to EBITDA and this economic ratio, which is higher because there are more CO2 payments ahead of us. Now the working capital is being optimized, it's in dark blue, and then we have the deposit of 500 million, and we also paid dividend.

Artur, over to you. Artur Wasilewski (Deputy President of the Management Board for Economic and Financial Affairs from Bogdanka):

Ladies and gentlemen, thank you. Just a few words about the market to begin with.

Sales now, we can see it's stable year to year, 31 million tonnes, and the stock is now lower, around 3.7 million tonnes. Imports are also stable, but this is not the main branch of sales, this is a dedicated type of coal.

Now the prices in 2025, the trends were similar than last year, but the declines were not as low. In '24, the decline was around 30%, and last year it was over 20%.

The trend is not that strong, but now the price is around 14, 30 zlotys per gigajoule. If you look at the global trends, ARA, the year was stable and there was an increase in Q1.

Obviously, this is due to the effect of Iran. Now, what's the result of the market on our company?

Stable 7.7 million tonnes, this is the sales, and this is according to our strategy, reduction in inventory. The net result, of course, the drop in the prices had an impact, and this also had an effect on the EBITDA.

The net result, well, you have to bear in mind that in 2025 as in 2024, we had to create a write-off because of an impairment, and in '24 it was 2.4 billion, and in '25 it was half a billion. If you take this away, the result for last year is around 260 million.

Just to sum up, you can see this is a waterfall graph of what I have just told you, and the market had a negative effect on EBITDA. You can see a huge drop in the price, and we did what we could to recover the EBITDA, over 200 million in cost, and the one-off in Bogdanka, 145 million in compensation.

As a result, the EBITDA is of around 550 million zlotys for the end of the year. Thank you.

Right, we will now move on to the generation, and a lot has already been said about the results of this segment. Let me just tell you that the specificity of trade has been changing, this trade on conventional assets, because last year was an example of that.

We had very similar production levels, but the repurchase level was lower than in 2024. That was mainly due to the way how contracts were made on the units.

These are futures contracts, and they were not profitable. As I showed you, spreads, clean dark spreads, they do not cover the costs of these factors.

We have to be reasonable about the risk. We have to sell products that are typical of the wholesale market, the peak strand and the base strand, and we have to repurchase that, and then earn on that.

45% lower result for EBITDA, still a good 1.77 billion Polish zlotys on the generation side. This is pretty important.

One more thing that I want to mention is that we have congestion and cogeneration. We've been on the capacity market on units in Połaniec, 2.7, and we burn biomass with coal.

This investment was completed in October, November last year. A few units were ready as of the middle of the year, we've produced 0.78 TWh as a result of the cogeneration.

We had a little bit lower electricity production on coal, 0.78 on cogeneration of biomass, and the same level of production when it comes to the green unit, that is the unit that is dedicated to biomass. Low energy prices, this is the main reason behind that.

Lower margins, this is the second one. Finally, it is pretty difficult to sell the right volume, because this drives your revenue and it helps you be profitable on these balancing services and repurchase of electricity from the market.

Now when it comes to RES, renewable energy sources, very briefly, I would like to draw your attention to this very specific period of some kind of a hydrological drought that we experienced. Almost 40 million Polish zlotys, old water assets brought less EBITDA, and less than 40 million Polish zlotys.

When you compare year on year on the existing assets, it's almost 85 million lower EBITDA. This is due to this shortage of renewable source such as wind, sun, and water.

Because we've increased this generation park of wind farms, we generated almost 80 million EBITDA more from that, but almost half of this was calculated for the beginning of 2026, and the reason for that was that we got the license at the beginning of this year, in January one, and then in February. Now when it comes to heat, in this segment, congratulations because the result is very good: 151 million of EBITDA; for 2024, it was 136.

It's thanks to a lot of effort on the cost side, on the OPEX side, around 30 million zlotys more or less. This had an impact on EBITDA.

This normal, not decent, but normal tariff of 5% more or less of heat price increase, this was an optimal situation for the last year. We had more sales of heat, because we sold 8% more of heat.

Because of that, we had EBITDA at this particular level. I do hope that, although it will be difficult to repeat that, but if we have around 200 million on the heat side, it's very welcome indeed.

Now this heat segment, let me just underline, it's not only Białystok. Białystok is indeed the biggest center, kind of responsibility in terms of heat, but then there is Piła as well and Oborniki.

In Białystok, we've launched a decarbonization project of the heating system. This is kind of a good decarbonization, which costs over 280 million Polish zlotys.

The project has been launched. Investments are ongoing, and the majority of these investments will have been finalized within the coming three years.

Thank you.

Now a few words about what's next, about investments. I mentioned that during a meeting two months ago, Enea Group's overarching priority are energy storages.

We have 1.4 GW of capacity in these storages. We have connection conditions issued for this capacity.

These projects, the greatest number of them are about Enea Nowa Energia company. We have free-standing storages, warehouses there in a so-called standalone system on high voltage.

We have free standalone storages on middle voltage, and we have hybrid installations that we will add to the existing PV farms, and we will also equip the newly built PV farms. We will also build in Kozienice and in Połaniec such storages.

These are big projects, and also the DSO storage. There was a tender last year, and the construction will start soon.

What you can see on this slide is a vast majority, but it's not everything, because this year there will be proceedings concerning all of these projects for Enea Nowa Energia, and one storage will be for Enea Ciepło in Białystok. There will be tenders organized.

For the last one, it will be completed next year. Very soon there will be tenders organized for Połaniec and for Kozienice.

More storages will be planned for the end of May, the medium voltage, and they will be implemented, and we expect that in the first and second quarter of next year, the construction will start. For around 70%, we want to electrify these storages in 2027 and then complete the whole process at the beginning of 2028.

Now very briefly, because this is something that has been mentioned, 16 billion Polish zlotys from the capacity market. It's a new record, almost 4.7 GW of capacity for the contracted capacity obligations, contracted in auctions.

On the slide, you can see the three main auctions: the top-up auction for 2029, the supplementary auction for 2026, and the main auction for 2030. Then we have these additional auctions, let me just remind you, and there we have contracted not much, but a few megawatts, yes.

And 11 billion, these are units and 1,218 MW for the new installations in Kozienice. For 2026, there is this supplementary auction with 1.8 GW of capacity contracted, twice 500, 1,200 for 14 coal units in Kozienice, and the stop-up auction, it's for gas, but also four units, so-called cogeneration units in Połaniec.

Then the main auction for the year 2030, 0.7 GW, green unit, and twice 200 cogeneration, biomass cogeneration as well. Now the Połaniec Power Plant, from the perspective of the capacity market, has been secured until 2030, and then we have in '34, we have two cogeneration, one is green unit, and in 2035, one green unit.

This year we'll be preparing the auction, the supplementary auction for the units in Kozienice. That's it from my side.

Thank you.

Now a few words about distribution. When it comes to the revenues, the increase of 4% with 1.7% increase of the volume, and it was for the whole tariff, for all tariff groups.

Let me just remind you that customers are quite active in terms of their generation capacity, last year this increase was higher because of that. Now when it comes to the most important distribution parameters, WRI is higher because of the transition and a lot of investments in this direction.

Then we also have a record WACC, 11.8%, that was last year, and this year it will be 9.3%. I would like to remind you that we have 1.145 million from REPowerEU, we have a lot of investment from that.

A huge capital increase as well, and year on year from 1.18 billion to 1.6 billion. A big increase and more investments, more by 900 million Polish zlotys at the same time.

We are putting our money where our mouth is, money from the Recovery Fund, they all go to the investments. Now when it comes to the regulated revenue, it's been on the increase on a regular basis, but because of our rates, this increase was on a minimal level, mainly these transferable rates were on the increase.

When it comes to investments last year, there were many investments on our territory of our operator and a few big stations and high voltage stations as well. Now we are renegotiating with the Office of Energy Regulation for the coming years.

The President Kinelski has also mentioned TETRA. This is a very important project, important from the perspective of the security.

We have all the masts and we are constructing covers for the machines and there we will be able to operate safely in critical situations. We'll be also able to control our equipment.

From the perspective of financing, a lot was happening, because we had 10 billion from the Recovery Fund, REPowerEU. We have a loan from BGK as well, and so last year it was 57 million zlotys, and then we have active contracts for 1.6 billion Polish zlotys.

We use this money on an ongoing basis. Far 220 million, this is what we've received from REPowerEU this year, and so we use also the money from the Recovery Fund.

We are requesting additional money from FEnIKS and FST, we are not stopping because more money will allow us to carry out new investments without putting a lot of a burden on customers. There are three basic goals of investing.

First, we want to bring down the costs of the grid, the cables, the parameters, SAIDI and SAIFI, but also the opportunity to be able to connect sources: 8.5 GW of connections already, this was 1.3 GW last year; and the conditions issued and contracts amount to 7 GW, 2.4 last year; and the requests for connection 4.2 GW, last year it was over 21, because we have been declining many requests because of the grid constraints. There are also all these solutions that give more flexibility to the grid: the eco-active tariff and also products related to the reactive, active power, which are supposed to improve the use, the consumption of energy in the grid, to improve the management of the distribution grid.

Ladies and gentlemen, now the trading in electricity. EBITDA, unfortunately almost two times lower than expected and forecast.

We expected over 400 million, but it would be so, but let me remind you, two provisions: one amounts for 170 million and the other one 140 million. The one is for tariffs; the other one is for the price settlement fund.

There's a lower prosumers provision, but on the whole it's around 220 million Polish zlotys. This is a negative effect on the EBITDA.

This is the most important item of information. The volume is very similar, practically 370 GW hours.

This is the difference compared to '24. At the same time, there was very good activity.

We have maintained and kept new strategic customers. The largest contracts are with Grupa Azoty, the Ożarów Cement Plant, and steelworks in Ostrowiec, Celsa Huta Ostrowiec.

We have been active in tenders, and this is the second year in a row when we were and we are a supplier of energy for Warsaw and also locally for MPK Poznań and for Aquanet. These are the largest examples of contracts.

In terms of sales, we've been very consistent in selling green products both for individual customers and business, small, medium companies: 5-year products, 10-year products. As I've said, almost the whole electricity generated through our assets was sold, of course with some optimization on the wholesale market, because you can't do otherwise, but it was sold to the retail market.

We've been developing Enea Optima. There are new tariffs that are integrated with the distribution tariffs we discussed previously in detail.

We have dynamic prices now, and we have launched many technical services that are largely related to the compensation of reactive power on the customers' side. This is the customers of C22 tariff and higher, and also energy certification.

This is a TÜV-type certificate for the origin of green energy. We keep digitizing our services and reduce the use of paper, and we've been very good at doing that.

It covers printing invoices and printing information. We've been promoting this in a very intensive way, and we will continue to do it this year as well.

Please bear with us a little bit more. I know that we have been trying to explain the results in a very detailed way, I will be brief now, just one chart, and I will try to discuss what has happened in the field of investments and our plans.

As you can see, the largest differences cover generation's plans versus practice, but this is totally because of some assumptions covering investments in the group. Decarbonization plans are being put into practice.

Also, the same goes for the diversification of sources, but we do it with a rational approach. We try to link it with some critical elements such as the market, the capacity market.

Bartosz has mentioned 16 billion contracted on the capacity market, but there were also some delays for the CCGT investment project, for instance, that was moved from December '24 to July '25. As a consequence, the down payments and the schedule of the contracts were affected, this didn't enter the structure of our balance.

That's why there's this 1 billion for the generation. The decarbonization of heat plan we are implementing has been very well thought through in such a way that the spending is beneficial both for the environment and the transition, but it doesn't lead to overinvesting, which would have a negative effect on the price for the consumer.

This is very important for us. One more element here, deviation.

We've mentioned decarbonization and cogeneration in Połaniec. There is also the issue of biomass storage.

There is a shift here, but we have shifted it in order to do it the right way. These are the delays or deviations, but have a look.

In terms of generation, everything is justified and in line with our strategic plans. Now, distribution: we have actually done more than planned, and this is just a consequence of optimizing the investment process.

I have already mentioned that we have changed the planning approach in distribution so that we can spend enough time for contracting and preparing the projects. As a consequence, we are better prepared and we have a longer timeline, we have managed to accomplish more this year.

Last year, 2 billion for the renewables, and we were proud of that. This is the execution of the farms according to our strategy.

As Enea has a very strong coal component still, we need these green assets: 6.2 billion zlotys, and out of that, 200 million is investment projects dedicated to environmental protection strictly. Also, let me mention that a huge part of spending was allocated to covering the technological gap in the group, and also we have a strong focus on our IT and cybersecurity strategy in our investment projects, because technologically speaking, we want to be safe in our operations.

I think that this sums up our investment projects. Now over to the President.

He will discuss the local content.

Yes, this is also related to investments, because to accomplish all these, we have this plan, Enea with energy for the Polish business. This plan is because we want to accomplish our investment projects, and in order to get there, we have set ourselves some goals, over 108 billion.

This also covers the ambitions following from our strategy. Also, we want to achieve the security of these projects.

We want to minimize delays and costs. This program is well structured, so as a consequence, I think this will allow us to develop the skills, because we know it's going to be an issue if we carry out all the construction projects at the same time.

We would like to address these risks, predictability for suppliers, this will be largely improved through the program. Now, we try to stay in touch with the suppliers so that they are informed well in advance.

I will tell you how it works in a moment. Now, the resilience of the supply chain: we know that the stronger our suppliers, the lower the risks for our projects.

That might sound like a cliché, but the stronger the internal market in Poland, the more resilient will we be against the external volatility. At the same time, we will be able to carry through all the energy transition projects.

This also needs certain skills and demand from the market, and the market needs to be ready for that, and this can't be developed overnight. This needs to be done according to the strategy and the plan.

We started to develop the basis of the local content in Q4 last year. First meetings were held, and a representative of the Management Board was appointed for local content.

We have been working on the standardization of some processes. We have developed some standards for the purchasing processes.

Enea Operator is the company that makes purchases the most in the group, it was our benchmark for the rest of the group. We have also started a dialogue with the market.

We have the suppliers' days, meetings with suppliers, this gives a lot of information to suppliers, but also we can learn what they expect, and we can share our schedules with them, our timelines for projects and tenders, because these suppliers are often not direct suppliers of ours, but sub-suppliers or the third line of suppliers for our large projects. The market already has the information, and the market attends our meetings with suppliers.

The meetings are actually quite popular. This is also about clear communication of our investment plans.

This is where it all started. We need to let the market know that we are planning to invest 100 billion, but when, where, and how.

This was our starting point, and it's actually been successful. We already have some experience with the local content itself and the Polish support program for the economy, the local content program.

This is also a tool for us when it comes to managing the projects. In Kozienice, there's almost 75% of the local content, and in Enea Operator, almost 90, around 90% of all the money spent goes to the Polish economy directly.

Importantly, we have also built a platform for suppliers. We have electronic auctions, bids now, some basic purchase tools.

It's going to be expanded to have a constant contact with the market. The whole technical dialogue will be held through the platform with guidelines.

We want to meet the expectations of the Polish suppliers. We will continue to organize the supplier days, larger events, and also dedicated to some very specific projects.

Before any investment project, we'll have a consultation stage where we will consult local governments and institutions. We are looking for more financial schemes to finance the projects, to support the suppliers as well and us.

Also it's important that once we choose a supplier, we want them to deliver the project so that it's an investment project for us, not a burden. Choosing the right supplier is very important here, and monitoring local content is important as well.

We will get some new indicators from the Central Statistical Office, but we are also monitoring, following up the local content level in our larger projects and in general in the strategy. Generally speaking, it is important for us for the investment to be predictable, and we also want to use our investments to pump up our economy and to strengthen the national supply chain, and that could protect us against any influence from the outside.

Now ESG.

In 2024, we adopted a group strategy, and in 2025, it was supplemented by the ESG strategy. Please let me quote the director for strategy.

He's been the director for many years, and he said that there were many strategies in Enea, but none of them have been implemented in such a consistent way. It is true, because when we adopted the strategy, we deeply believe that there is a need for this change.

It's based on diversification of sources, generation sources, on the security of supply, on the development of grids in light of connections. When discussing these results today, we've shown you that we've been implementing this strategy that we've discussed and agreed upon with you.

There are four areas, and this is where we want to continue. The strategy and diversification, they are correlated with organizational effectiveness, but also with care for the environment, for our stakeholders and employees.

Of course, I will not be reading out all these indicators that you can see on the slide. All I want to say is that we've been measuring the implementation of the strategy, and these projects, and we've launched 150.

They bring tangible results, and they are beneficial both for stakeholders, for owners, and the State Treasury, but also for our stakeholders, that is our contractors and employees. When it comes to ESG, well, we adopted this new strategy last year, and this is when we implemented these additional new 19 policies that are about the environment, work safety, diversity, our attitude towards stakeholders.

We are meeting today, and we organize quarterly meetings, which shows that we change the way that we communicate with our stakeholders. We want open and transparent communication.

All the results are communicated, but as well as the risks, so that the stakeholders feel comfortable both in terms of the changes that we introduce, but also this is important against the background of all the shocks surrounding us. The objectives are clear, and we've been very consistent in implementing them.

We are not afraid of any challenges, and our organization is very well prepared, and our processes, be it for risk management or other things, that we are ready for all kinds of events. It is in this context that I just want to share with you one last slide, just to show you the way that we operate.

We have an optimum structure, management structure in the group. We have the Management Board of Enea S.A., and a lot of the tasks are delegated to avoid any bottlenecks, there are committees.

We talk about the risks, about all the segments. There are committees, and they make decisions.

This is how we manage things, manage risks. We take decisions, and then we make sure that they are implemented.

For us, this group is one body. It is one coherent system of connected cells.

When you sum up all the benefits, they give an added value: 2 plus 2 is 5. This is how we treat the whole group.

This is how we approach the decision-making process. To conclude, one last slide, which is about the future, our perspective for the future.

This is basically what we've discussed, I think we can just skip it.

Very briefly, as it's been one hour, about the perspective for the future, Bartosz.

Very briefly, ladies and gentlemen. Firstly, the market situation: it's very dynamic.

We have armed conflicts, disrupted fuel supply chains, and this is the biggest challenge. The prices are volatile.

What will happen to the ETS system? All these factors will have an impact on our situation.

Now, the extraction and the production segment are important. For the extraction, we want to have around 8 million tonnes of the extraction, or more.

In this slide, it's Bogdanka that should be the leader. It's the cheapest, the only profitable mining site.

It should deliver coal for as long as it is necessary for the energy system and the safest volume possible. We should redefine how contracts are made in extraction.

There should be a more enforced capacity. This level of the prices and of the fuels, unfortunately they do not generate a kind of situation in which this energy generation is profitable.

This has to change. There were no such changes observed recently.

It was a few dozen, it was a dozen years ago when we were talking about 120-class units. Now we will have to redefine the way that we trade and the way that systemic electrical plants operate.

Then, distribution, the increase of WRI, and will be implemented with 3 million, and this is this good and optimal way. From the perspective of expenditures, this is very important.

We want to get new funds and the security of the whole distribution system. RES, now the operational excellence for the management of the sources, the operation of the sources, decision on the financial market.

We have to invest in storages and implement these projects, RES projects. We should develop farm projects just to be able to follow the strategy.

Trade, continuing a trend in the green energy, and I think that a lot of money that was spent on CSIRE that they will bring about a technological revolution, that it will be a breakthrough, that we will start to educate customers and start selling dynamic products that we could introduce such products where you have this open platform with all the measuring data, that this platform will make it possible. This dropping prices or low level of prices, if it continues, then we'll have to pay attention to expenditures, etc.

It will not be easy, but the perspectives overall are positive. Thank you.

We've told you what the year 2025 looked like at Enea, and now we want to show it to you. Please watch our video clip summarizing the most important events and directions of development in 2025.

2025 was a year when energy transition accelerated. Now it's questions and answers.

Over to you now. Please introduce yourselves, give the name of the sitting house or the publishing house.

Rafał Zasuń, WysokieNapiecie.pl. Could you please show us the slide depicting the revenues from the capacity market, because I have a very specific question related to this slide.

Maybe you can ask a question, and in the meantime, we'll find the slide.

We have revenues from the capacity market for 2025 for conventional energy market are 848 million Polish zlotys, 821 the estimated revenues for this year, and in 2027 and '8, it dropped to 220. Where does this drop come from?

Because we have the prolongation of the capacity market until 2028. The second question: what part of the EBITDA of the coal energy sector, what part of that is from the capacity market?

I will answer this question. This drop that you can see as of 2027, both in terms of the capacity and the value, it's only Unit 11, which is contracted on the capacity market until 2035.

For the years 2026 and '28, we have a derogation mechanism. We have supplementary auctions.

They are organized every year. Last year, this auction that was organized for the year 2026, this year we expect in the third quarter the auction for the year 2027.

Now, your second question: revenues from the capacity market, the ones that you specifically asked about, well, as a rule, they serve the purpose of covering permanent costs. They do not allow us for a positive result.

It's covering this significant part of permanent costs, and it's in accordance with the objective for which this capacity market was created.

Right, are you able then to estimate, assuming that it will be the same in 2027, that you win no additional auction, which is not probable, but let us just assume that, what would be the results for this segment in 2027?

It will be dark in the room. We will not be meeting.

It's absolutely not possible. If it's the same set of units, almost 1,800 MW, if we do not get anything on the capacity market, this would be the beginning of the end, basically.

It's unimaginable. We will definitely participate in auctions, and so this is why we did not even take that into account.

This capacity market is indispensable. If, given the CDS margin, we are not able to generate a positive result, then we have to cover permanent costs, and we have to generate profit taking into account this capacity market.

This market has to cover a vast part of permanent costs. This is not the kind of money that you can earn on the market.

Yes, but on the other hand, it's about capacity, because sometimes there is not enough capacity in Poland, because units are sometimes seized after refurbishment, for example. This is what you said, where we miss eight 200s and a few 500s.

It's unimaginable from the perspective of the system.

Another question: you had a slide about the local content, and we could read that 75% of the Kozienice construction, these are Polish businesses. How do you define it?

How do you define a company operating in Poland, or a business operating in Poland?

75%, this is not companies operating in Poland, but this is kind of a summary we wanted to make of the local content. This is the share of the companies operating in Poland, registered in Poland, manufacturing products in Poland, construction products manufactured by Polish companies, manufactured in Poland by Polish employees.

This is a very new tool, we don't have any figures yet about that, but we have gone through our projects and all the investment projects of the operator of the grid, and we have looked into what is manufactured in Poland, what kind of products are used at the construction site. This percent is very high, because despite the fact that the technology is American and there are other suppliers, but there are parts of turbines manufactured in Elbląg and Wrocław.

The concrete is Polish, the structure is Polish, most employees are here in Poland. This is our internal methodology which gives this result.

We have an active approach to managing this, and also we have convinced the main contractor to hire a Polish company to draft the design.

I would like to congratulate you on a sound P&L. I have a question.

The first one is about the National Recovery Plan. In 2026, is Enea expecting new payments, and what will be the share of it in the whole balance sheet, these loans?

Also, I would like to ask about the cost of the local content, the additional costs because of the local content. The last question: Bogdanka has had a poor performance.

Will the Management Board want to take it out of the group?

Now, the National Recovery Plan: 790 million has been used so far, and the plans for this year are 1.1 billion. On the whole, you would have 1.9 billion, around this figure.

We've been also very active in getting funds from REPowerEU. We have already achieved 220 million, and we would like to get to one over 1.1 billion this year.

This, as a race against the time because the program is ending this year. The cost of local content: it's not going to be higher; to the contrary, we are choosing the right partners and the right supply chain in such a way that we think we will avoid additional costs, also of delays, any problems at the construction site, so that we can carry out the projects in a timely way.

Local content is about evaluating our partners, but also this is a new philosophy, a new approach to managing the projects. We will inform the partners, the market in advance, we will build the right supply chain, so that the market is ready to measure up to our needs, and this will give us some added benefits.

Bogdanka: no plans of this type as of today.

Next question, Mr. Brzeziński.

I have a question about the regulator's decision about the price settlement fund, the fine, what period does it cover, what volume of energy? Are you going to appeal against the regulator's decision, or maybe you've already done that in the court or through the administrative procedure?

This covers 2022 to 2023, largely, and it covers the whole volume, actually, because the whole volume was investigated, and mainly with frozen prices, the price settlement fund, and additional payments. As we have said repeatedly, we disagree with the regulator's interpretation, the same as the whole sector, and we have already taken measures.

When do you expect any resolution about that?

It's difficult to say.

The money the regulator is claiming, is it final or is there any risk that it will be increased, the 170 million?

The claim, this is not a fine, this is a requirement on us to pay this to the fund, and I think that this is final. Speaking about the fine, if this is the case, we see no grounds for that.

This matter is open, but we think it's unlikely. The additional payment, well, in this case, I think it's final.

I have a question about the investment outlays. You have shown us CAPEX for 2026, and according to this information, the spending that will go to Bogdanka will be higher than the money spent on the renewables.

Is it a conscious decision?

Yes, as I've said, our investment plans are very well thought through. At first sight, yes, it looks as if these investments were higher, but this is because we are still very actively using our coal assets.

You do know very well that we can't extract coal without preparing the pit the right way. The investment projects that are in the pipeline now will give us a flexible approach to coal extraction in Bogdanka so that we will be able to respond to the market demands and the needs, and this also addresses the security of the country.

If you want to see the 700 million, please feel invited. We can organize a tour and we can take you underground.

This is actually up and running. We keep extracting 7 million tonnes of coal.

We have looked into these outlays, the expenditure, and we wanted to allocate the optimal amount of money. We need to prepare the production, and the production will remain at a high level.

Also, the renewables CAPEX, this is because of the possibilities. We are now working on many projects on PV, on storage facilities, and we will have to spend a lot of money on these projects next year.

This year, we will do as much as we can to move the projects forward. We do have our limitations, we have the tender procedures which take a lot of time and are quite complicated.

That's why it's 500 million in renewables, it's less than in Bogdanka.

As I understand, this is expenditure on fixed assets, right?

In Bogdanka, let me remind you... Renewables, because I can't imagine Bogdanka buying more mines.

No, in the renewables, it's fixed assets. The 500 million is to finish the acquisition, because part of it will be finished this year and we will pay the rest as part of the acquisition transaction.

This is wind. There are some smaller PV projects that are still being continued and new ones, and the storage facilities, Bartosz has mentioned, this is the first stage of construction.

If it's only 500 this year, 500 million, what kind of CAPEX is planned to be allocated to the renewables next year? Much more.

I can't tell you the specific number right now, but it will be a few times more, because the storage facility projects will materialize in 70%.

Any more questions? Mr.

Sawicki?

It's going to be more than 1 billion, certainly.

Go ahead.

Michał Tabęcki, Noble Securities. A question about Bogdanka.

In Q1, it sold around 2 million tonnes of coal, 25% of the plan for the year, and prices should remain stable. The company suffered a loss.

What has to happen in terms of volume, cost, and price to make money, to get profits?

We don't forecast anything here, please do the forecast yourself. In Bogdanka, we will address the costs, certainly.

We're already doing that. Have a look at the last year.

There were two negative things that influenced EBITDA: the price as well, but there was plus 200, we are working on the cost. It's capital-intensive, yes, we see some opportunities here.

I have two questions: one to Mr. Krysta.

The prices of electricity remain unstable because of the Middle East, and we don't know when the conflict will end and how. You can't wait anymore.

You have to contract energy for the next year. I would like to ask about the impact of this situation on 2027 contracts.

Also, I have a question to Mr. Wasilewski.

In PGE and JSW, they are planning to lay off miners because of the protection system. Maybe it's an opportunity for you to boost coal production and sell more coal?

Let me address the first question. Now, the price of electricity for 2027 is around 432, 3 zlotys, and it's strictly related to the end of February, which is pre-conflict, pre-war.

The electricity prices have gone up a bit, but more on foreign markets. Now the price is back to normal.

In Germany, it's €89, in Poland it's 103, 2027; Germany around 78 for '28, and Poland around 100 for 2028. Today, we haven't seen any significant electricity prices, but natural gas is different.

There has been a very strong adjustment from 220 Polish zlotys to around 165, and there's still around 20 zlotys missing to get back to pre-26th of February situation. Now there's a higher risk, but there's no turbulences on the wholesale market.

Speaking about Polish electricity and also the CO2 allowances prices, let me remind you, are following a side line trend, even with a reduction, because now the market is around €74, €75 spot with €1, €1.50 time spread on the futures market. We keep contracting energy according to the wholesale trade rules.

We keep contracting energy for the future. Thank you.

Artur Wasilewski (Deputy President of the Management Board for Economic and Financial Affairs from Bogdanka):

Thank you. Of course, we see the opportunity, but let me remind you, we need to be consistent in implementing our strategy.

The strategy is around 8, and we are getting ready for this volume, when we are making investment decisions, if we are preparing the infrastructure for the production, this is what we are taking into consideration for plans for 2030. We are flexible to a certain extent.

It's always easier to reduce, but we are flexible to a certain extent. As I've said, for the next five years, Bogdanka is ready for around 8 million tonnes, and this is what we are making preparations for.

Ladies and gentlemen, I would like to thank the Management Board for discussing the results. Thank you for your attention, and let me invite you to our next meeting where we will discuss Q1 of this year.

Thank you. See you.