Polenergia S A : CONSOLIDATED QUARTERLY REPORT FOR 1Q 2024

In case of divergence between the language version, the Polish version shall prevail

Polenergia S.A. Group

CONSOLIDATED QUARTERLY REPORT

FOR THE FIRST QUARTER OF 2024

Jerzy Wacław Zań - President of the	Andrzej Filip Wojciechowski - Vice President of the
Management Board	Management Board

Iwona Maria Sierżęga - Member of the		Piotr Łukasz Maciołek - Member of the Management
	Board
Management Board

Warsaw, 22 May 2024

	Polenergia S.A. Group
	Table of contents
A.	INTRODUCTION TO THE CONSOLIDATED QUARTERLY REPORT	4
1.	Consolidated income statement for a 3-month period ended on 31 March 2024	5

2. Detailed commentary regarding financial performance for the 3-month period ended on 31

March 2024 and other significant information on the Group's standing.	............................................ 6
3.	The Group's organizational structure	23
B.	INTERIM CONDENSED FINANCIAL STATEMENTS	24
FOR A 3-MONTHPERIOD ENDED ON 31 MARCH 2024	24

1. Information on the rules applied in preparation of the interim condensed consolidated

financial statements	30
1.1	The rules underlying the interim condensed consolidated financial statements	30
1.2	Rules applied in preparation of the financial statements	30
1.3	Functional and reporting currency	30
1.4	Seasonality and cyclical nature of operations	31
2.	Adjusted EBITDA and Adjusted Net Profit	31
3.	Operating segments	32
4.	Other notes	36
4.1	Sales revenue	36
4.2	Cost according to type	36
4.3	Other operating revenues	37
4.4	Other operating expenses	37
4.5	Financial income	37
4.6	Financial expenses	38
4.7	Cash flows	38
4.8	Goodwill	38
4.9	Fair value of futures and forward contracts	38
4.10	Trade creditors and other receivables	41
4.11	Effective tax rate	42
4.12	Changes in provisions	42
5.	Interest bearing bank loans and borrowings	43

1. Information on the issue, redemption and repayment of debentures and equity securities
   43
2. Information on dividend distributed (or declared) in total and per share, broken down into

ordinary and preferred shares

44

8. Information on changes in contingent liabilities or contingent assets that occurred since

the end of the last financial year

44

9. Information on any surety issued by the Issuer or any subsidiary with respect to a loan or a borrowing or any guarantee issued jointly to a single entity or a subsidiary of such entity, if

the total amount of the existing sureties and guarantees is materal

45

10. Identification of proceedings before a court, an arbitral tribunal or public administration

body with respect to liabilities or receivables of the issuer or an Issuer's subsidiary

45

11. Other information that, in the Issuer's opinion, is important in the evaluation of its personnel, property and financial situation, as well as in the assessment of its financial

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performance and changes thereof and information that is important for the asessment of the
Issuer's ability to perform its obligations	49

12. Identification of factors that, in the opinion of the Issuer, will impact its performance in the

perspective of at least the immediately following quarter	49
13.	Liquidity risk	49
14.	Information on significant transactions with associates	50

15. Identification of event which occurred following the day of preparation of the quarterly condensed financial statements and not included in such financial statements however

potentially significantly impacting the future financial performance of the Issur	50
C. OTHER INFORMATION PERTAINING TO THE CONSOLIDATED QUARTERLY REPORT ....	51

1. Discussion of key financial and economic data contained in the quarterly financial statements, in particular factors and events, including non-recurring ones, with a material effect on the Issuer's operations and profits earned or losses incurred in the inancial year, as well as discussion of the Issuer's development prospects at least during the next financial year.52
2. Concise outline of significant achievements or failures of the issuer in the reporting

period including a list of related major events

53

3. Management Board's position on the feasibility of meeting the previously published

forecasts for a given year in light of the results presented in the quarterly report

53

4. Description of factors and events, in particular those of non-typical nature, of significant

impact on the financial performance achieved

53

5. Identification of shareholders holding, directly or indirectly through subsidiaries, at least 5% of the total number of votes at the general meeting of shareholders of the Issuer as at the day of delivery of the quarterly report, including the specificaton of the number of shares held by such companies, their percentage share in the share capital, number of votes attaching to them and their percentage share in the total number of votes at the general meeting, as well as identification of changes in the ownership structure of substantial share interest of the Issuer

in the period since the delivery of the most recent past quarterly report

54

6. Identification of effects of changes in the entity's structure, including changes resulting from mergers, acquisitions or disposals of the group entities, long-term investments, splits,

restructuring or discontinuation of operations	54
D. QUARTERLY FINANCIAL INFORMATION OF THE COMPANY POLENERGIA S.A	55

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A. INTRODUCTION TO THE CONSOLIDATED QUARTERLY REPORT

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1. Consolidated income statement for a 3-month period ended on 31 March 2024

Within the 3-month period ended on 31 March 2024, the results of Polenergia Group (the "Group") in terms of the EBITDA and the adjusted net profit amounted to PLN 236.3 million and PLN 141.9 million, respectively, which means a YOY growth of the result by PLN 35.0 million and PLN 19.6 million, respectively.

	Polenergia Group Income Statement (PLN m)	3M 2024	3M 2023	Difference YOY	Difference
	YOY [%]
	Sales revenues, including:	1 191,2	1 466,9	(275,7)	-19%
	trading and sales segment	840,9	1 205,7	(364,8)
	other	350,3	261,2	89,0
	Cost of goods sold, including:	(933,8)	(1 246,6)	312,8	-25%
	trading and sales segment	(789,5)	(1 116,9)	327,5
	other	(144,4)	(129,7)	(14,7)
	Gross profit on sales	257,4	220,3	37,0	17%
	Selling expenses and general overheads	(64,5)	(61,5)	(3,0)
	Other operating revenue/expense	(1,9)	4,5	(6,4)
	Auction price settlement	0,4	-	0,4
A	Operating profit (EBIT)	191,4	163,3	28,1	17%
	Depreciation/Amortization	44,9	37,9	7,1
	Impairment losses	-	0,1	(0,1)
	EBITDA	236,3	201,3	35,0	17%
B	Financial income	14,0	10,5	3,5
C	Financial costs	(30,0)	(22,3)	(7,7)
A+B+C Gross profit (loss)	175,4	151,5	23,9	16%
	Income tax	(34,7)	(30,7)	(4,0)	13%
	Net profit (loss)	140,7	120,8	19,9	16%
	Normalizing adjustments:
	Purchase price allocation (PPA)	0,1	0,7	(0,6)
	Foreign exchange differences	0,4	(0,1)	0,5
	Loan valuation using the amortized cost method	0,8	0,8	(0,0)
	Impairment losses **	-	0,1	(0,1)
	Adjusted net profit (loss)*	141,9	122,2	19,6	16,1%
	EBITDA	236,3	201,3	35,0	17%
	EBITDA Margin	19,8%	13,7%	6,1%
	EBITDA (excl. trading segment)	228,6	153,4	75,2	49%
	EBITDA margin (excl. trading segment)	65,3%	58,7%	6,5%
*) Adjusted for non-monetaryone-off revenue (cost) recognized in a given financial year
**) Reversal of the impairment losses connected with projects development

The sales revenues of Polenergia Group for the first quarter of 2024 were lower by PLN 275.7 million mainly due to lower revenues in the trading and sales segment (by PLN 364.8 million) partly offset by higher revenues in the onshore wind farm segment (by PLN 78.6 million) and the distribution segment (by PLN 11.3 million).

EBITDA in the period under review amounted to PLN 236.3 million and was PLN 35 million higher than in the corresponding period of the preceding year, mainly due to a higher result in the onshore wind farm segment (by PLN 58.2 million), which is a consequence of higher electricity prices obtained by the farms, in view of no extension into 2024 of the law that froze electricity prices from renewable energy sources, and higher production related to the commencement of operation of the Grabowo (44 MW) and Piekło (13.2 MW) wind farms in the third quarter of 2023, as well as higher windiness in the period under review. Higher EBITDA compared to the preceding year's result was also recorded in the distribution segment, (by PLN 15.6 million) mainly as a consequence of a higher unit margin on energy

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sales in the first quarter of 2024, due to a lower electricity purchase price while maintaining sales prices at a level similar to those in the fourth quarter of 2023 and a higher margin on electricity distribution (mainly due to low base effect as a result of a delay in updating the distribution tariff in 2023). The abovementioned effects were partly offset by a PLN 40.1 million drop in EBITDA in the Trading and Sales segment compared to the result recorded in the corresponding period of the preceding year, mainly due to a lower result on electricity trading from RES assets as a result of a change in the billing model which includes a higher purchase price from RES projects and a lower result on other operations taking into account lower volume on sales of solar panels and heat pumps.

2. Detailed commentary regarding financial performance for the 3-month period ended on

31 March 2024 and other significant information on the Group's standing.

Results of Polenergia	Onshore Wind	Photovoltaics	Gas and Clean	Trading	Distribution	Unallocated	TOTAL
Group (PLNm)	Power	Fuel
EBITDA 3M 2024	222,1	1,7	0,7	7,7	15,0	(11,0)	236,3
EBITDA 3M 2023	163,9	0,9	(0,9)	47,9	(0,6)	(9,9)	201,3
Difference:	58,2	0,9	1,6	(40,1)	15,6	(1,1)	35,0

In Q1 2024, the onshore wind farm segment (493 MW; growth by 57.2 MW YOY) yielded the EBITDA result higher by PLN 58.2 million year on year. The growth in the segment's results in the first quarter of 2024 compared to those of the first quarter of 2023 is a consequence of higher electricity prices obtained by the farms, due to the no extension of the freeze on electricity prices for generators into 2024, as well as higher production associated with the commencement of operation of the Grabowo (44 MW) and Piekło (13.2 MW) wind farms in the third quarter of 2023 and higher windiness during the period under review. The above factors were partly offset by lower sales prices of green certificates obtained by the farms compared to the preceding year, as well as by an increase in operating costs related to, inter alia the commencement of operation of the Grabowo and Piekło wind farms.

The gas and clean fuels segment recorded growth of PLN 1.6 million year on year due to a higher result on optimization of ENS operations and a higher result on system services diminished by a lower result on heat sales and higher fixed costs.

In 2024 the trading and sales segment experienced a drop of the EBITDA result by PLN 40.1 million relative to the corresponding period of the preceding year. The slump of the result was driven by: (i) a lower result on trading in electricity from RES assets as a result of a change in the billing model that incorporates higher purchase prices from RES projects, (ii) lower result on other business, including lower volume on the sales of solar panels and heat pumps, iii) lower result on the prop trading due to lower price volatility in the energy and gas markets, iv) higher operating expenses resulting from the Group's expansion of business. The slump in Q1 2024 has been partly offset by: i) better result on electricity trading and business service mainly due to low base effect as a result of the timing of the transactions in 2023 (realization of negative margin in Q1 and no recognition of the positive margin on transactions performed in the remaining part of the year), (ii) better result on electricity sales as a consequence of the lower cost of end-customer consumption profile.

The EBITDA result of the distribution segment for the 3-month period of 2024 was higher by PLN 15.6 million year on year. Growth of the result is mainly a consequence of a higher unit margin on energy sales in Q1 2024 due to a lower electricity purchase price while maintaining sales prices at a level similar to those in Q4 2023 and a higher margin on electricity distribution (mainly due to low base effect as a result of a delay in updating the distribution tariff in 2023). The higher result was partly offset by higher operating expenses related to the upscaling of operations and the costs incurred in connection with the development of electromobility projects.

The EBITDA result of the PV segment (82 MW) in the first quarter of 2024 was at a higher level

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compared to that in the first quarter of 2023 (growth by PLN 0.9 million) due to higher energy generation, mainly attributable to the commissioning of the Strzelino photovoltaic farm (45.2MWp) in Q1 2024. The volume effect was partly offset by lower energy prices achieved in Q1 2024 and by slightly higher operating expenses.

The result in the Unallocated item in the period since January until March 2024 was lower by 1.1 million relative to the corresponding period of 2023. The change of the 2024 EBITDA result was driven mainly by higher operating expenses (third party services and payroll) at Headquarters resulting from the upscaling of business.

The result on financing activity in the period between January and March 2024 was lower year on year by PLN 4.2 million, mainly due to higher interest expenses (by PLN 2.8 million), financial expenses from discounting resulting from the deferred costs of dismantling wind turbines and solar panels (PLN

1.2 million) and the result on derivative transactions (PLN 2.6 million) partly offset by higher interest income from deposits (by PLN 2.4 million).

The higher income tax level in 2024 results from the higher income of the Group before tax.

The impact of the war in Ukraine and the energy market conditions on the Company's business

In view of the continued armed conflict in Ukraine, risk factors that may potentially impact the business and financial performance of Polenergia Group have been being monitored and identified on an ongoing basis.

Despite the ongoing war in Ukraine, in Q1 2024 further drop in prices in commodity markets occurred, reducing price volatility in markets for commodities, as well as electricity, natural gas and CO2 emission allowances. Significantly higher-than-seasonal-average temperatures and very high generation from renewable energy sources, coupled with relatively low gas and electricity demand, have driven prices back to mid-2021 levels, i.e. pre-energy crisis ones. Nevertheless, given the need to fill in gas storage for the next winter and given Russian attacks on the Ukraine's energy infrastructure, uncertainty about the next surge wave in commodity price remains imminent. On top of that, the conflict in the Middle East has been intensifying, which may cause more disruption in the supply of raw materials to Europe.

In terms of financial factors relevant to the Group, increased cost of money, volatility of the Polish Zloty exchange rate vis-à-vis the Euro and the US dollar were observed, as well as a risk of increased costs related to the hedging of transactions in commodity markets. The implementation of changes in the balancing market planned to be launched as of 14 June 2024 is most likely to significantly increase the cost of RES sources balancing and profiling, which may adversely affect the Group's results from the exploitation of RES sources.

Low electricity and proprietary right prices observed mainly on Day-Ahead Market (DAM) in the first quarter of 2024 adversely impact the Group's ability to secure forward sales of energy from the Company's projects. As a result, a reduction in the profitability of Group's RES segment in the future may occur.

The Gas and Clean Fuels segment is, in the opinion of the Management Board, largely immune to the current volatility of prices in the market caused by the outbreak of war in Ukraine. The gas supplies related to the heat generation contracts have already been hedged (in terms of volume and fixed price) for the years 2024 and 2025. An additional safety feature for thermal power generation is the supply of light heating oil maintained and increased in Q1 2022, as reserve fuel in the event of limited or discontinued supply of gas. If ENS is called upon to provide system services, the current cost of gas purchase, in accordance with the contracts in force, will be covered by revenues. The continuation of the current gas market and CO2 emission allowances situation in the long term may reduce the ability to secure production and margin in ENS for the years to follow. At the Nowa Sarzyna Thermal Power

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Plant, the main control system was replaced in 2019, security against possible cyber-attack was enhanced in 2022 and all remote equipment diagnostic systems were disconnected from the Internet.

In the wind power segment, high volatility of energy prices, combined with periods of variable windiness, may result in a very significant increase in profile cost, which reduces the achieved effective price of electricity sold. It should also be noted that the dynamic increase in electricity prices and, at the same time, the price of PMOZE_A proprietary interest ("green certificates") prompted the lawmaker to reduce the redemption obligation for certificates of origin from 12% in 2023 to as low as 5.0% in 2024. The above decision caused a significant drop in the market price of green certificates, which is mainly due to strong reduction in the redemption obligation for PMOZE_A, being stronger than the rate of exit of old renewable energy projects from the certificate system. The sale price of green certificates for the 2024 generation has been secured to a large extent. However, as of 2025, any decline in the market price of certificates may potentially negatively affect the profitability of the Group's wind projects which remain in green certificates system with a total capacity of 227.3 MW.

Due to the significant increase in installed RES capacity in Poland and neighboring countries, negative prices are increasingly common in the market during periods of significant RES generation, resulting in the generator having to pay for each MWh generated during hours when negative price applies. To avoid the abovementioned situation which reduces the Group's revenues, personnel structures and tools are being developed to flexibly on a continuous basis respond to and reduce or shut down RES generating units during periods of negative market prices.

In addition, Polenergia Group's RES generation segment is adversely affected by the situations of oversupply of energy on the market, which occur during periods of low demand for energy in the National Energy System and simultaneous high generation from RES. Because this phenomenon occurs, during periods when PSE is unable to further reduce conventional units or export the surplus energy generated, production from individual RES units is reduced at the operator's demand, i.e. PSE triggers the non-market redispatch of generation units. Such circumstances give rise compensation, nevertheless such compensation is low, and in aggregate this phenomenon reduces the Group's revenues in the RES segment.

The trading and sales segment as the only one in the Group had a direct exposure to the Ukrainian market through the subsidiary Polenergia Ukraine. Even before the war began, said company limited its operating activities. Currently, all operations in Ukraine are put on hold, and the company itself is being prepared for liquidation.

The Group has identified increased risk of trading in all markets, including, among others, the risk of recurring increased volatility of electricity and natural gas prices, the risk of failure to meet the demand volume by the customers, the risk of non-payment and non-performance of contracts in view of the unforeseen regulatory changes and the increased risk of insolvency of customers. In the event the risk of dynamic price increases or reductions materializes, deviations in the energy consumption by the customers compared to the contracted volumes may yield a significant result (either positive or negative) that will be disproportionate to the original assumptions. In addition, the increasing market price volatility associated with RES generation may result in a significant decrease in revenues from the Group's RES asset servicing and RES aggregation operations. In response to the changing market conditions, the Group has modified its strategy of RES assets energy sales and has been aiming at increasing the share of energy sales in OTC transactions, direst sales to the end customers and under long term cPPA contracts. Negative exchange rate movements may result in a deterioration of the performance on a Euro-denominated market. At the same time, the strengthening of the Euro may lead to an increase in the value of the required security deposits. The segment is also exposed to the risk of interest rate increases. Higher cost of working capital facility due to high interest rates may result in a drop of the return on the operations. Polenergia Obrót has also been taking measures to monitor safety risks. Any potential attack that would destroy a telecom and IT infrastructure or restrict

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access of the availability to systems in a company would prevent the company from continuing its commercial business or would restrict such ability. In the event of a more profound consolidation of the generation sector in Poland, with a spin-off of high-emission units from the State Treasury companies, a risk may occur of aggravated lack of the forward market liquidity, transparency and unreliability of price indices, which may affect the Group's ability to perform operating, as well as its revenues.

The distribution segment is protected in the long term against the effects of any investment costs increase and rising interest rates through a tariff mechanism and so called "regulatory account". In a short term perspective, until the next distribution tariff update takes place, the Company may experience negative impact of the market changes on the return on the business operations performed.

In a short term perspective, the investment projects implemented by the Group may be affected by the negative impacts of the current market situation. The increase in raw material and product prices on the market and the temporary shortage of employees suffered by subcontractors may result in delays in the implementation of wind and PV farm projects. The changes of interest rates trigger volatility of the financing costs, while the increase in raw material and commodity prices combined with the fluctuations of the EUR/PLN exchange rate may lead to an increase in total investment costs. Disruptions in the supply chain for the offshore wind power segment have been observed, including those resulting from the shortage of already scarce human and equipment resources moving from the offshore wind power sector to other market and sectors, which may necessitate adjustments in the construction programs of the offshore wind farm projects MFW Bałtyk II and MFW Bałtyk III.

The Group believes the current market situation should not jeopardize the achievement of the underlying objectives set out in the Polenergia Group's strategy for the years 2020-2024.

Implementation of the Polenergia Group Strategy for the years 2020 - 2024

The Group's strategy is being implemented with no significant disturbances.

Onshore Wind Farms and Photovoltaics

The Group operates renewable energy projects of 493MW in the onshore wind segment, as well as 83MW in the PV segment.

The Group continues work aimed at the development of three PV farm projects of the total capacity of ca. 102 MWp which secured auction offtake under the RES support auction scheme.

In February 2024, the companies developing the Szprotawa I and II PV farm projects with a total capacity of 67 MWp entered into contracts for the supply of photovoltaic modules and inverters. In March 2024, construction and installation works were commenced in accordance with the contract entered into in December 2023.

The company is implementing the 35 MWp Rajkowy PV farm project, after winning the auction for the sale of energy from renewable sources in 2023, has launched a bidding process to appoint the contractor for the comprehensive assembly and electrical works for the project. At the beginning of Q3 2024, it is planned to apply for the required corporate approvals for the project.

The Group continues further development of wind and photovoltaic projects with a view to attain the goals identified in the Group's Strategy for the years 2020-2024. Currently, the Group's portfolio includes photovoltaic (other than those referred to above) and (onshore) wind projects in a less advanced stage with an aggregate capacity exceeding 2.0 GW. The Group does not exclude potential participation of the subsidiaries developing wind farm and PV projects in further RES auctions. Various forms of commercialization of production will be considered for individual projects, including bidding a portion of the production in the RES auctions to come, selling energy to end customers under cPPA contracts or selling energy in the regulated or over the counter market.

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The Group is working to further develop wind projects in Romania through its subsidiary Naxxar Wind Farm Four Srl ("Naxxar WF"). Naxxar WF continues the ongoing development of the wind farm project in seven SPVs. In Q1 2024, the company's activities were oriented towards the commenced environmental procedure and obtaining the last decisions and permits necessary to obtain the local zoning plan (RO: PUZ). At the same time, the company is at the stage of contracting a designer for the technical concept of the power evacuation infrastructure, necessary for signing a connection agreement with the TSO (RO: Transelectrica S.A.) planned for June 2024.

Additionally, the Management Board has initiated a project status review to assess the necessary further investments in relation to risk and return on investment. Depending on the results of the review, a decision will be made to either continue, discontinue further implementation, or modify the method or scope of implementation.

Offshore wind farms

Development work in the offshore wind power segment is continued. The Group holds 50% of the shares in each of the companies MFW Bałtyk I Sp. z o.o, MFW Bałtyk II Sp. z o.o. and MFW Bałtyk III Sp. z o.o. preparing to develop three offshore wind farms located in the Baltic Sea with total capacity up to 3000 MW.

MFW Bałtyk II and MFW Bałtyk III

On 4 May 2021 the President of the Energy Regulatory Office issued decisions with respect to the project companies MFW Bałtyk II Sp. z o.o. and MFW Bałtyk III Sp. o.o. (for each company separately) granting the right to cover the negative balance for electricity generated in offshore wind farms, MFW Bałtyk II and MFW Bałtyk III, respectively, of the capacity of 720 MW each.

In 2022, regulatory changes took place through an amendment to the Act on Promoting Electricity Generation in Offshore Wind Farms, which allows, since 2022, indexing the price of energy at which the negative balance will be settled and to settle project support in Euro, which has a positive impact on the expected returns from the MFW Bałtyk II and MFW Bałtyk III projects. The companies are engaged in the notification processes for MFW Bałtyk II and MFW Bałtyk III offshore wind farms.

In June 2022, an application was submitted for an environmental conditions decision for the power evacuation infrastructure from the MFW Bałtyk II i MFW Bałtyk III projects. Based on such application, the authority (RDOŚ in Gdańsk) issued a decision on the scope of the project's environmental impact report in August 2022. Such requirement resulted from changes in the technical description of the export cable project.

On 6 June 2022, MFW Bałtyk II Sp. z o.o. filed a notification with the President of the Energy Regulatory Office aimed at requesting an opinion of the Office for Competition and Consumer Protection (UOKIK) on the draft individual support for the project MFW Bałtyk II and requesting the issuing - after the European Commission issues its decision stating compliance of the state aid to the company with the internal market - of a decision altering the initial decision of the President of URE and the identifying of the price to be the base for the compensation of the negative balance for the project.

In November 2022 the Supreme Administrative Court considered the cassation appeal of GDOŚ against the refusal to issue a new environmental decision for the MFW Bałtyk III offshore wind farm project and referred the case back to the Provincial Administrative Court for reconsideration.

In December 2022, a contract was signed by MFW Bałtyk II and MFW Bałtyk III with the appointed supplier of the onshore substation (in the EPC format) along with the design and supply of the high- voltage device of the offshore substation, Hitachi Energy Poland sp. z o.o. Hitachi Energy is also

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