TAURON Preliminary results for 2024 and Q4 2024

Estimated results for FY 2024 and Q4 2024

19 March 2025

TAURON Polska Energia S.A.

(LEI No: 259400NAPDFBOTNCRL54)

TAURON Polska Energia Capital Group's estimated results for FY 2024 and Q4 2024

TAURON Polska Energia S.A. ("Issuer") announces selected estimated consolidated financial and operating figures of TAURON Polska Energia S.A. Capital Group ("TAURON Group") for FY 2024 and Q4 2024

Selected estimated consolidated financial figures for:

(a) 2024

Sales revenue and compensations: PLN 35,399 million

EBITDA (operating profit increased by depreciation, amortization and write downs for non-financial assets): PLN 6,469 million, out of which:

- Distribution Segment's EBITDA: PLN 3,963 million

- RES Segment's EBITDA: PLN 684 million

- Generation Segment's EBITDA: PLN 746 million

- Heat Segment's EBITDA: PLN 301 million

- Supply Segment's EBITDA: PLN 598 million

EBIT (operating profit): PLN 2,650 million

Gross profit: PLN 1,885 million

Net profit: PLN 589 million

CAPEX: PLN 5,127 million

Net debt as of December 31, 2024: PLN 11 153 million

Net debt/ EBITDA as of December 31, 2024: 1.7x

(b) Q4 2024

Sales revenue and compensations: PLN 9,467 million

EBITDA (operating profit increased by depreciation, amortization and write downs for non-financial assets): PLN 1,457 million, out of which:

- Distribution Segment's EBITDA: 864 mln zł

- RES Segment's EBITDA: PLN 190 million

- Generation Segment's EBITDA: PLN 437 million

- Heat Segment's EBITDA: PLN 78 million

- Supply Segment's EBITDA: PLN (109) million

EBIT (operating profit): PLN 939 million

Gross profit: PLN 748 million

Net profit: PLN 467 million

CAPEX: PLN 1,478 million

Selected estimated operating figures for:

(a) 2024

Electricity distribution: 51.7 TWh, out of which to end customers: 50.2 TWh

Gross electricity production: 11.5 TWh, out of which from RES: 1.7 TWh

Heat production: 10.3 PJ

Retail electricity supply: 26.7 TWh

(b) Q4 2024

Electricity distribution: 13.2 TWh, out of which to end customers: 12.7 TWh

Gross electricity production: 3.5 TWh, out of which from RES: 0.5 TWh

Heat production: 4.1 PJ

Retail electricity supply: 7.0 TWh

In December 2024 the Group, as a result of carried out analyses, changed the method of settlement of sale and purchase of electricity to cover the balancing difference (i.e. the difference between electricity delivered to the grid and the electricity that was taken out of the grid by the Group's companies). The change is related to settlements between companies from Supply and Distribution Segments as well as to the adjustments of revenues on sales of electricity to entities from outside of TAURON Group, presented in Supply Segment. The change that has been introduced allows, in the opinion of the issuer, to reflect the financial result of the Group (in particular in Distribution segment), by eliminating major variations between periods that result mainly from fluctuations of market electricity prices. The introduced change caused increase of consolidated EBITDA of the Issuer's Capital Group for 2024 by PLN 367 million, which covers a PLN 394 million increase in Distribution Segment and a PLN 27 million decrease in Supply Segment.

The change in the method of settlement will be presented by the Issuer retrospectively with effect as of January 1, 2023 which translates into adjustment of the 2023 figures as presented to date (decrease of consolidated EBITDA by PLN 680 million) as well as of individual 2024 quarterly figures (impact on consolidated EBITDA respectively for Q1 - PLN 343 million increase, Q2 - PLN 62 million increase, Q3 - PLN 2 million increase, Q4 - PLN 40 million decrease).

In addition the Issuer informs that the consolidated financial results of TAURON Group for Q4 2024 were also impacted by:

- completion of analyses carried out as part of asset impairment tests in relation to the assets of TAURON Capital Group as of December 31, 2024 of which the Issuer informed in current report No. 8/2025 of March 4, 2025. The above mentioned analyses caused an increase of consolidated gross financial result of the Issuer's Capital Group for 2024 by PLN 113 million,

- decrease of the value of the recognized asset due to deferred tax, mainly in the company from Generation Segment due to worse perspectives of its recovery, which caused decrease of Q4 2024 consolidated net financial result of TAURON Capital Group by PLN 141 million.

The above presented financial results are estimates and may be subject to change. The final figures will be presented in TAURON Group's FY 2024 consolidated report which is scheduled to be published on April 16, 2025.

Legal basis: Art. 17 sec. 1 of MAR - inside information