H1 2026 report
Skonsolidowana EBITDA spadła o 18,7% r/r (2.752,2 mln zł vs 3.386,8 mln zł), a zysk netto przypadający akcjonariuszom o 22,2% (1.497,1 mln zł vs 1.925,4 mln zł) - spadek jest realny, ale nierównomiernie rozłożony między segmentami.
Sentiment
●●●●●●
ENA
H1 2026 report
Revenue
14.09 bn PLN
— YoY
Net income
1.93 bn PLN
— YoY
EBITDA
3.39 bn PLN
— YoY
FCF
3.68 bn PLN
— YoY
Summary
Investment thesis
- Regulowane/kontraktowane segmenty rosną: Dystrybucja +51,3 mln zł EBITDA (największy kontrybutor, 53% skonsolidowanej EBITDA), Wytwarzanie +97,8 mln zł (akwizycje w wietrze, lepsza marża CDS, Rynek Mocy).
- Cykliczne/rynkowe segmenty ciągnęły wynik w dół: Wydobycie (LW Bogdanka) -304,8 mln zł EBITDA (efekt bazy odszkodowania 144,85 mln zł z I kw. 2025 r. + niższe ceny węgla), Obrót -321,8 mln zł (słabsza marża detaliczna, wyższe wykorzystanie rezerwy na Taryfę G).
- Bilans pozostaje zdyscyplinowany: dług netto spadł r/r (2,32 mld zł vs 3,09 mld zł), kapitał własny rośnie (+7,1%), a OCF (3,25 mld zł) wciąż ponad dwukrotnie przewyższa zysk netto.
- Rynek wycenia Eneę z istotnym dyskontem do wartości księgowej (C/WK ≈ 0,54) - typowe dla spółki z kontrolą Skarbu Państwa i ekspozycją na węgiel, mimo dwucyfrowego ROE i kontynuacji polityki dywidendowej.
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Financials
BETA
ENA · H1 2026
| Metric | H1 2026 | H1 2025 | Δ YoY | YTD 2026 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|---|---|
| Revenue | 14,094.6 | — | — | 14,094.6 | — | reported | — | 1.00 |
| EBITDA | 3,386.8 | — | — | 3,386.8 | — | reported | — | 1.00 |
|
EBITDA
Wydobycie
|
411.3 | — | — | 411.3 | — | reported | Wydobycie | 1.00 |
|
EBITDA
Wytwarzanie
|
1,100.5 | — | — | 1,100.5 | — | reported | Wytwarzanie | 1.00 |
|
EBITDA
Dystrybucja
|
1,449.5 | — | — | 1,449.5 | — | reported | Dystrybucja | 1.00 |
|
EBITDA
Obrót
|
95.1 | — | — | 95.1 | — | reported | Obrót | 1.00 |
| EBIT | 2,732.27 | — | — | 2,732.27 | — | reported | — | 1.00 |
| EBT | 2,492.42 | — | — | 2,492.42 | — | reported | — | 1.00 |
| Net income | 1,925.39 | — | — | 1,925.39 | — | reported | — | 1.00 |
| EPS (basic) (PLN) | 3.63 | — | — | 3.63 | — | reported | — | 1.00 |
| D&A | 654.39 | — | — | 654.39 | — | reported | — | 1.00 |
| Income tax | 469.38 | — | — | 469.38 | — | reported | — | 1.00 |
| Shares (basic) (m units) | 529.73 | — | — | — | — | reported | — | 1.00 |
| EBITDA margin | 24.03% | — | — | 24.03% | — | reported | — | 1.00 |
| EBIT margin | 19.39% | — | — | 19.39% | — | reported | — | 1.00 |
| Net margin | 13.66% | — | — | 13.66% | — | reported | — | 1.00 |
| Cash | 4,524.84 | — | — | — | — | reported | — | 1.00 |
| Total debt | 7,616.17 | — | — | — | — | reported | — | 1.00 |
| Net debt | 3,091.33 | — | — | — | — | derived | — | 0.85 |
| Equity | 17,738.63 | — | — | — | — | reported | — | 1.00 |
| Total assets | 39,886.33 | — | — | — | — | reported | — | 1.00 |
| Current assets | 15,262.87 | — | — | — | — | reported | — | 1.00 |
| Current liabilities | 11,172.79 | — | — | — | — | reported | — | 1.00 |
| Non-current liabilities | 10,974.91 | — | — | — | — | reported | — | 1.00 |
| Inventory | 1,279.71 | — | — | — | — | reported | — | 1.00 |
| CFO | 6,583.71 | — | — | 6,583.71 | — | reported | — | 1.00 |
| CapEx | 2,905.43 | — | — | 2,905.43 | — | reported | — | 1.00 |
| FCF | 3,678.27 | — | — | 3,678.27 | — | reported | — | 0.80 |
| FCF conversion | 108.61% | — | — | 108.61% | — | reported | — | 0.80 |
| CFO conversion | 194.39% | — | — | 194.39% | — | reported | — | 0.90 |
| Dividends paid | 0.59 | — | — | 0.59 | — | reported | — | 0.60 |
| Current ratio | 1.37x | — | — | — | — | reported | — | 1.00 |
| Quick ratio | 1.25x | — | — | — | — | reported | — | 1.00 |
| Cash ratio | 0.41x | — | — | — | — | reported | — | 1.00 |
| Debt / equity | 0.43x | — | — | — | — | reported | — | 1.00 |
| Debt / assets | 0.19x | — | — | — | — | reported | — | 1.00 |
| Net debt / equity | 0.17x | — | — | — | — | reported | — | 0.85 |
| Revenue growth (YoY) | -9.03% | — | — | — | — | reported | — | 1.00 |
| EBITDA growth (YoY) | -18.74% | — | — | — | — | reported | — | 1.00 |
| EBIT growth (YoY) | -26.78% | — | — | — | — | reported | — | 1.00 |
| Net income growth (YoY) | -22.24% | — | — | — | — | reported | — | 1.00 |
| EPS growth (YoY) | -22.04% | — | — | — | — | reported | — | 1.00 |
| FCF growth (YoY) | -98.82% | — | — | — | — | reported | — | 0.80 |
| EBITDA margin Δ (YoY) | -2.57 pp | — | — | — | — | reported | — | 1.00 |
| EBIT margin Δ (YoY) | -3.79 pp | — | — | — | — | reported | — | 1.00 |
| Net margin Δ (YoY) | -1.98 pp | — | — | — | — | reported | — | 1.00 |
| Market cap | 10,266.19 | — | — | — | — | reported | — | 1.00 |
| Enterprise value | 12,588.4 | — | — | — | — | reported | — | 0.85 |
| P/BV | 0.54x | — | — | — | — | reported | — | 1.00 |
H1 2026 · Δ YoY
Revenue
14,094.6
—
14,094.6
—
- H1 2025
- —
- YTD 2026
- 14,094.6
- Δ YoY
- —
EBITDA
3,386.8
—
3,386.8
—
- H1 2025
- —
- YTD 2026
- 3,386.8
- Δ YoY
- —
EBITDA
Wydobycie
411.3
—
Wydobycie
411.3
—
- H1 2025
- —
- YTD 2026
- 411.3
- Δ YoY
- —
EBITDA
Wytwarzanie
1,100.5
—
Wytwarzanie
1,100.5
—
- H1 2025
- —
- YTD 2026
- 1,100.5
- Δ YoY
- —
EBITDA
Dystrybucja
1,449.5
—
Dystrybucja
1,449.5
—
- H1 2025
- —
- YTD 2026
- 1,449.5
- Δ YoY
- —
EBITDA
Obrót
95.1
—
Obrót
95.1
—
- H1 2025
- —
- YTD 2026
- 95.1
- Δ YoY
- —
EBIT
2,732.27
—
2,732.27
—
- H1 2025
- —
- YTD 2026
- 2,732.27
- Δ YoY
- —
EBT
2,492.42
—
2,492.42
—
- H1 2025
- —
- YTD 2026
- 2,492.42
- Δ YoY
- —
Net income
1,925.39
—
1,925.39
—
- H1 2025
- —
- YTD 2026
- 1,925.39
- Δ YoY
- —
EPS (basic)
(PLN)
3.63
—
3.63
—
- H1 2025
- —
- YTD 2026
- 3.63
- Δ YoY
- —
D&A
654.39
—
654.39
—
- H1 2025
- —
- YTD 2026
- 654.39
- Δ YoY
- —
Income tax
469.38
—
469.38
—
- H1 2025
- —
- YTD 2026
- 469.38
- Δ YoY
- —
Shares (basic)
(m units)
529.73
—
529.73
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
EBITDA margin
24.03%
—
24.03%
—
- H1 2025
- —
- YTD 2026
- 24.03%
- Δ YoY
- —
EBIT margin
19.39%
—
19.39%
—
- H1 2025
- —
- YTD 2026
- 19.39%
- Δ YoY
- —
Net margin
13.66%
—
13.66%
—
- H1 2025
- —
- YTD 2026
- 13.66%
- Δ YoY
- —
Cash
4,524.84
—
4,524.84
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Total debt
7,616.17
—
7,616.17
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Net debt
3,091.33
—
3,091.33
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Equity
17,738.63
—
17,738.63
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Total assets
39,886.33
—
39,886.33
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Current assets
15,262.87
—
15,262.87
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Current liabilities
11,172.79
—
11,172.79
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Non-current liabilities
10,974.91
—
10,974.91
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Inventory
1,279.71
—
1,279.71
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
CFO
6,583.71
—
6,583.71
—
- H1 2025
- —
- YTD 2026
- 6,583.71
- Δ YoY
- —
CapEx
2,905.43
—
2,905.43
—
- H1 2025
- —
- YTD 2026
- 2,905.43
- Δ YoY
- —
FCF
3,678.27
—
3,678.27
—
- H1 2025
- —
- YTD 2026
- 3,678.27
- Δ YoY
- —
FCF conversion
108.61%
—
108.61%
—
- H1 2025
- —
- YTD 2026
- 108.61%
- Δ YoY
- —
CFO conversion
194.39%
—
194.39%
—
- H1 2025
- —
- YTD 2026
- 194.39%
- Δ YoY
- —
Dividends paid
0.59
—
0.59
—
- H1 2025
- —
- YTD 2026
- 0.59
- Δ YoY
- —
Current ratio
1.37x
—
1.37x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Quick ratio
1.25x
—
1.25x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Cash ratio
0.41x
—
0.41x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Debt / equity
0.43x
—
0.43x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Debt / assets
0.19x
—
0.19x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Net debt / equity
0.17x
—
0.17x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Revenue growth (YoY)
-9.03%
—
-9.03%
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
EBITDA growth (YoY)
-18.74%
—
-18.74%
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
EBIT growth (YoY)
-26.78%
—
-26.78%
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Net income growth (YoY)
-22.24%
—
-22.24%
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
EPS growth (YoY)
-22.04%
—
-22.04%
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
FCF growth (YoY)
-98.82%
—
-98.82%
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
EBITDA margin Δ (YoY)
-2.57 pp
—
-2.57 pp
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
EBIT margin Δ (YoY)
-3.79 pp
—
-3.79 pp
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Net margin Δ (YoY)
-1.98 pp
—
-1.98 pp
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Market cap
10,266.19
—
10,266.19
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Enterprise value
12,588.4
—
12,588.4
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
P/BV
0.54x
—
0.54x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —