Q1 2026 report
Polenergia przechodzi transformację portfela — sprzedaż Elektrociepłowni Nowa Sarzyna i Polenergia Fotowoltaika (już po dniu bilansowym) koncentruje grupę na energetyce wiatrowej (lądowej i morskiej) oraz magazynach energii.
Sentiment
Neutral
No guidance change
PEP
Q1 2026 report
Revenue
924.9 m PLN
— YoY
Net income
60.4 m PLN
— YoY
EBITDA
126 m PLN
— YoY
Gross margin
15.08%
— YoY
Summary
Investment thesis
- Wynik netto (+40% r/r) jest efektem jednorazowych zysków na transakcjach zbycia, nie poprawy operacyjnej — skorygowany zysk netto spadł o 75% r/r do 14,8 mln zł.
- Kluczowym motorem przyszłej wartości są morskie farmy wiatrowe Bałtyk II i III (łącznie 1440 MW), finansowane project finance bez regresu (ok. 2,9 mld EUR na projekt), z pierwszą generacją energii planowaną na 2027 rok.
- Segment lądowych farm wiatrowych — wciąż największe źródło EBITDA — ucierpiał na słabszej wietrzności i niższych cenach energii oraz zielonych certyfikatów.
- Strategia 2025-2030 zakłada brak dywidendy przez cały okres inwestycyjny — akcjonariusze finansują wzrost kosztem bieżącego zwrotu gotówkowego.
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Financials
BETA
PEP · Q1 2026
| Metric | Q1 2026 | Q1 2025 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|
| Revenue | 924.9 | — | — | reported | — | 1.00 |
| Gross profit | 139.5 | — | — | reported | — | 1.00 |
| EBITDA | 126 | — | — | reported | — | 1.00 |
| EBIT | 81.4 | — | — | reported | — | 1.00 |
| EBT | 94.1 | — | — | reported | — | 1.00 |
| Net income | 60.4 | — | — | reported | — | 1.00 |
| EPS (basic) (PLN) | 0.78 | — | — | reported | — | 1.00 |
| D&A | 44.6 | — | — | reported | — | 1.00 |
| Interest expense | 62.2 | — | — | reported | — | 0.70 |
| Shares (basic) (m units) | 77.22 | — | — | reported | — | 0.80 |
| Gross margin | 15.08% | — | — | reported | — | 1.00 |
| EBITDA margin | 13.62% | — | — | reported | — | 1.00 |
| EBIT margin | 8.8% | — | — | reported | — | 1.00 |
| Net margin | 6.53% | — | — | reported | — | 1.00 |
| Cash | 1,008.6 | — | — | reported | — | 1.00 |
| Total debt | 2,975.5 | — | — | derived | — | 0.95 |
| Net debt | 1,966.8 | — | — | derived | — | 0.90 |
| Equity | 4,458 | — | — | reported | — | 1.00 |
| Total assets | 8,576.9 | — | — | reported | — | 1.00 |
| Current assets | 1,635.3 | — | — | reported | — | 1.00 |
| Current liabilities | 810.4 | — | — | reported | — | 1.00 |
| Goodwill | 69.1 | — | — | reported | — | 1.00 |
| CFO | 95.5 | — | — | reported | — | 1.00 |
| CapEx | 29.1 | — | — | reported | — | 1.00 |
| FCF | 66.4 | — | — | derived | — | 0.85 |
| Dividends paid | 0 | — | — | reported | — | 1.00 |
| Current ratio | 2.02x | — | — | reported | — | 1.00 |
| Debt / equity | 0.67x | — | — | reported | — | 0.90 |
| Net debt / equity | 0.44x | — | — | reported | — | 0.85 |
| Revenue growth (YoY) | -22.11% | — | — | reported | — | 1.00 |
| EBITDA growth (YoY) | -22.17% | — | — | reported | — | 1.00 |
| EBIT growth (YoY) | -30.66% | — | — | reported | — | 1.00 |
| Net income growth (YoY) | 39.81% | — | — | reported | — | 1.00 |
| EPS growth (YoY) | 39.29% | — | — | reported | — | 1.00 |
Q1 2026 · Δ YoY
Revenue
924.9
—
924.9
—
- Q1 2025
- —
Gross profit
139.5
—
139.5
—
- Q1 2025
- —
EBITDA
126
—
126
—
- Q1 2025
- —
EBIT
81.4
—
81.4
—
- Q1 2025
- —
EBT
94.1
—
94.1
—
- Q1 2025
- —
Net income
60.4
—
60.4
—
- Q1 2025
- —
EPS (basic)
(PLN)
0.78
—
0.78
—
- Q1 2025
- —
D&A
44.6
—
44.6
—
- Q1 2025
- —
Interest expense
62.2
—
62.2
—
- Q1 2025
- —
Shares (basic)
(m units)
77.22
—
77.22
—
- Q1 2025
- —
Gross margin
15.08%
—
15.08%
—
- Q1 2025
- —
EBITDA margin
13.62%
—
13.62%
—
- Q1 2025
- —
EBIT margin
8.8%
—
8.8%
—
- Q1 2025
- —
Net margin
6.53%
—
6.53%
—
- Q1 2025
- —
Cash
1,008.6
—
1,008.6
—
- Q1 2025
- —
Total debt
2,975.5
—
2,975.5
—
- Q1 2025
- —
Net debt
1,966.8
—
1,966.8
—
- Q1 2025
- —
Equity
4,458
—
4,458
—
- Q1 2025
- —
Total assets
8,576.9
—
8,576.9
—
- Q1 2025
- —
Current assets
1,635.3
—
1,635.3
—
- Q1 2025
- —
Current liabilities
810.4
—
810.4
—
- Q1 2025
- —
Goodwill
69.1
—
69.1
—
- Q1 2025
- —
CFO
95.5
—
95.5
—
- Q1 2025
- —
CapEx
29.1
—
29.1
—
- Q1 2025
- —
FCF
66.4
—
66.4
—
- Q1 2025
- —
Dividends paid
0
—
0
—
- Q1 2025
- —
Current ratio
2.02x
—
2.02x
—
- Q1 2025
- —
Debt / equity
0.67x
—
0.67x
—
- Q1 2025
- —
Net debt / equity
0.44x
—
0.44x
—
- Q1 2025
- —
Revenue growth (YoY)
-22.11%
—
-22.11%
—
- Q1 2025
- —
EBITDA growth (YoY)
-22.17%
—
-22.17%
—
- Q1 2025
- —
EBIT growth (YoY)
-30.66%
—
-30.66%
—
- Q1 2025
- —
Net income growth (YoY)
39.81%
—
39.81%
—
- Q1 2025
- —
EPS growth (YoY)
39.29%
—
39.29%
—
- Q1 2025
- —