Q1 2026 report
Bardzo bezpieczny bilans (dług netto/EBITDA LTM = 0,53x, rating Fitch BBB stabilny) daje przestrzeń na finansowanie największego w historii programu inwestycyjnego Grupy bez nadmiernego ryzyka.
Sentiment
Neutral
No guidance change
ENA
Q1 2026 report
Revenue
7,413.86 m PLN
— YoY
Net income
1,154.99 m PLN
— YoY
EBITDA
1,940.78 m PLN
— YoY
Net debt / EBITDA
0.53x
— YoY
Summary
Investment thesis
- Segment Dystrybucja pozostaje stabilnym filarem wyników (EBITDA praktycznie płaska r/r), niezależnie od wahań w Wydobyciu i Obrocie.
- Spadek EBITDA o 20,2% r/r w dużej mierze wynika z efektu wysokiej bazy w Wydobyciu (jednorazowe odszkodowanie rok wcześniej) oraz presji marżowej w Obrocie, a nie z erozji podstawowej działalności sieciowej i wytwórczej.
- Ujemny FCF w kwartale (–203,9 mln zł) to efekt skokowego wzrostu CAPEX-u finansującego transformację (bloki gazowo-parowe w Kozienicach, OZE) — do obserwacji, czy trend utrzyma się w kolejnych kwartałach.
- Brak formalnej prognozy finansowej na 2026 r. i toczące się spory sądowe dot. umów PM OZE ograniczają przewidywalność wyników i wprowadzają element ryzyka regulacyjno-prawnego.
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Financials
BETA
ENA · Q1 2026
| Metric | Q1 2026 | Q1 2025 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|
| Revenue | 7,413.86 | — | — | reported | — | 1.00 |
|
EBITDA
Wydobycie
|
25.92 | — | — | reported | Wydobycie | 1.00 |
|
EBITDA
Dystrybucja
|
741.15 | — | — | reported | Dystrybucja | 1.00 |
|
EBITDA
Obrót detaliczny
|
72.14 | — | — | reported | Obrót detaliczny | 1.00 |
| EBITDA | 1,940.78 | — | — | reported | — | 1.00 |
| EBIT | 1,625.27 | — | — | reported | — | 1.00 |
| EBT | 1,155.65 | — | — | reported | — | 1.00 |
| Net income | 1,154.99 | — | — | reported | — | 1.00 |
| EPS (basic) (PLN) | 1.75 | — | — | reported | — | 1.00 |
| EPS (diluted) (PLN) | 1.75 | — | — | reported | — | 1.00 |
| D&A | 359.2 | — | — | reported | — | 1.00 |
| Interest expense | 135.96 | — | — | reported | — | 0.80 |
| Shares (basic) (m units) | 529.73 | — | — | reported | — | 1.00 |
| EBITDA margin | 21.59% | — | — | reported | — | 0.90 |
| EBIT margin | 16.58% | — | — | reported | — | 0.90 |
| Net margin | 12.9% | — | — | reported | — | 0.90 |
| Cash | 4,655.76 | — | — | reported | — | 1.00 |
| Total debt | 6,905.03 | — | — | derived | — | 0.70 |
| Net debt | 2,761.59 | — | — | reported | — | 0.90 |
| Equity | 18,670.05 | — | — | reported | — | 1.00 |
| Total assets | 37,568.63 | — | — | reported | — | 1.00 |
| Working capital | 4,613.85 | — | — | reported | — | 0.90 |
| Current assets | 12,094.15 | — | — | reported | — | 1.00 |
| Current liabilities | 7,480.31 | — | — | reported | — | 1.00 |
| CFO | 2,592.84 | — | — | reported | — | 1.00 |
| CapEx | 1,027.93 | — | — | reported | — | 1.00 |
| FCF | -203.85 | — | — | reported | — | 0.90 |
| Dividends paid | 0 | — | — | reported | — | 0.60 |
| ROE | 19.8% | — | — | reported | — | 0.80 |
| ROA | 9.9% | — | — | reported | — | 0.80 |
| Current ratio | 1.6x | — | — | reported | — | 0.90 |
| Net debt / EBITDA | 0.53x | — | — | reported | — | 0.90 |
| Revenue growth (YoY) | -3.25% | — | — | reported | — | 0.90 |
| EBITDA growth (YoY) | -20.22% | — | — | reported | — | 0.90 |
| EBIT growth (YoY) | -26.82% | — | — | reported | — | 0.90 |
| Net income growth (YoY) | -19.88% | — | — | reported | — | 0.90 |
| EPS growth (YoY) | -11.62% | — | — | reported | — | 0.90 |
| FCF growth (YoY) | -113.03% | — | — | reported | — | 0.80 |
| Market cap | 13,031.38 | — | — | derived | — | 0.90 |
Q1 2026 · Δ YoY
Revenue
7,413.86
—
7,413.86
—
- Q1 2025
- —
EBITDA
Wydobycie
25.92
—
Wydobycie
25.92
—
- Q1 2025
- —
EBITDA
Dystrybucja
741.15
—
Dystrybucja
741.15
—
- Q1 2025
- —
EBITDA
Obrót detaliczny
72.14
—
Obrót detaliczny
72.14
—
- Q1 2025
- —
EBITDA
1,940.78
—
1,940.78
—
- Q1 2025
- —
EBIT
1,625.27
—
1,625.27
—
- Q1 2025
- —
EBT
1,155.65
—
1,155.65
—
- Q1 2025
- —
Net income
1,154.99
—
1,154.99
—
- Q1 2025
- —
EPS (basic)
(PLN)
1.75
—
1.75
—
- Q1 2025
- —
EPS (diluted)
(PLN)
1.75
—
1.75
—
- Q1 2025
- —
D&A
359.2
—
359.2
—
- Q1 2025
- —
Interest expense
135.96
—
135.96
—
- Q1 2025
- —
Shares (basic)
(m units)
529.73
—
529.73
—
- Q1 2025
- —
EBITDA margin
21.59%
—
21.59%
—
- Q1 2025
- —
EBIT margin
16.58%
—
16.58%
—
- Q1 2025
- —
Net margin
12.9%
—
12.9%
—
- Q1 2025
- —
Cash
4,655.76
—
4,655.76
—
- Q1 2025
- —
Total debt
6,905.03
—
6,905.03
—
- Q1 2025
- —
Net debt
2,761.59
—
2,761.59
—
- Q1 2025
- —
Equity
18,670.05
—
18,670.05
—
- Q1 2025
- —
Total assets
37,568.63
—
37,568.63
—
- Q1 2025
- —
Working capital
4,613.85
—
4,613.85
—
- Q1 2025
- —
Current assets
12,094.15
—
12,094.15
—
- Q1 2025
- —
Current liabilities
7,480.31
—
7,480.31
—
- Q1 2025
- —
CFO
2,592.84
—
2,592.84
—
- Q1 2025
- —
CapEx
1,027.93
—
1,027.93
—
- Q1 2025
- —
FCF
-203.85
—
-203.85
—
- Q1 2025
- —
Dividends paid
0
—
0
—
- Q1 2025
- —
ROE
19.8%
—
19.8%
—
- Q1 2025
- —
ROA
9.9%
—
9.9%
—
- Q1 2025
- —
Current ratio
1.6x
—
1.6x
—
- Q1 2025
- —
Net debt / EBITDA
0.53x
—
0.53x
—
- Q1 2025
- —
Revenue growth (YoY)
-3.25%
—
-3.25%
—
- Q1 2025
- —
EBITDA growth (YoY)
-20.22%
—
-20.22%
—
- Q1 2025
- —
EBIT growth (YoY)
-26.82%
—
-26.82%
—
- Q1 2025
- —
Net income growth (YoY)
-19.88%
—
-19.88%
—
- Q1 2025
- —
EPS growth (YoY)
-11.62%
—
-11.62%
—
- Q1 2025
- —
FCF growth (YoY)
-113.03%
—
-113.03%
—
- Q1 2025
- —
Market cap
13,031.38
—
13,031.38
—
- Q1 2025
- —