SPÓŁKA AKCYJNA
ENEA
ENEA Spółka Akcyjna
SPÓŁKA AKCYJNA
Listed on the Warsaw Stock ExchangeENEA Spółka Akcyjna
State Treasury-owned companyTreasury stake: 52.29%Enea S.A. is one of Poland's four largest energy groups, running integrated operations across coal mining, conventional and renewable generation, distribution and retail sales of electricity and heat. The group delivers around 20.3 TWh annually to 2.86 million distribution customers in western, northern and south-eastern Poland and serves 2.78 million retail customers. Enea shares have been listed on the Warsaw Stock Exchange since 17 November 2008 (ticker ENA, ISIN PLENEA000013). The dominant shareholder is the State Treasury with 52.29%. In 2025 the Group reported revenue of PLN 28.1 bn, EBITDA of PLN 5.62 bn and net profit of PLN 1.77 bn (up ~PLN 0.81 bn YoY), with a net debt / EBITDA ratio of 0.48x. The company is executing a climate-neutrality strategy targeting 2050; 2025 capex reached PLN 6.2 bn (including over PLN 2 bn in renewables and PLN 2.8 bn in distribution), secured a PLN 6.5 bn syndicated loan for the Kozienice gas-fired CCGT units and PLN 9 bn from BGK (NRRP) for grid modernisation.
What ENEA actually sells and operates.
Distribution system operator (DSO) serving western and north-western Poland over 58,200 km². In 2025 nearly 20.3 TWh of electricity was delivered to 2.86 million customers through 126,300 km of network. The segment connected over 10,000 new RES sources in 2025 (over 202,000 sources totalling >8.5 GW). Largest Group EBITDA segment in 2025 (PLN 2.78 bn, +0.5 bn YoY). In 2025 the company secured PLN 9 bn from BGK under the NRRP for grid modernisation.
Retail and wholesale electricity and gas sales. In 2025 retail sales reached 24.4 TWh, with 2.78 million customers. The Trading segment generated EBITDA of nearly PLN 184 m (an improvement of PLN 188 m YoY thanks to market normalisation and lower Solidarity Shield costs).
Power generation from coal-fired units in Kozienice and Połaniec, plus biomass. Total installed capacity is 6.4 GW. Net production in 2025 exceeded 20.4 TWh. Segment EBITDA reached PLN 2.13 bn (down by PLN 1.42 bn YoY). In January 2026 the company signed a credit facility of nearly PLN 6.5 bn to finance two new CCGT gas-fired units in Kozienice (~1,100 MW).
Onshore wind farms, photovoltaics, hydropower plants and biogas units. Group RES installed capacity stands at 712.7 MW. 2025 renewable production exceeded 0.6 TWh (up 60% YoY). Heat sales reached over 6.4 PJ (+8% YoY). In 2025 Enea invested more than PLN 2 bn in RES and acquired an 83.2 MW wind farm from the Greenvolt Group.
Lubelski Węgiel Bogdanka S.A. — one of Poland's largest hard coal mines. Holds 25.1% share of the power-coal market and 18.1% of steam coal. 2025 net production: 7.6 million tonnes. Revenue PLN 2,854.3 m, EBITDA PLN 543.1 m (19% margin, -7.8 pp YoY), net profit PLN 263.8 m. The segment is subject to an energy-transition adjustment programme.
2025 net profit
PLN 1.77 bn
2025 revenue
PLN 28.1 bn
2025 EBITDA
PLN 5.62 bn
Net debt / EBITDA 2025
0.48x
2025 CAPEX
PLN 6.2 bn
Distribution customers
2.86 m
2025 electricity production
20.4 TWh
State Treasury stake
52.29%
Proposed 2025 dividend
PLN 0.56 / share
Market capitalisation
10.94B PLN
Ranked #27 among the largest Polish companies in WIG-POLAND.
No arrears identified in the analyzed sources
No arrears or bankruptcy proceedings identified in the analyzed sources.
Main activity
35.14.ZTrade of electricity
Other activities
WWW.ENEA.PLSelected excerpts from our analysis of ENEA. Full analysis on the Analysis tab.
Enea S.A. is one of Poland's four largest energy groups, running integrated operations across coal mining, conventional and renewable generation, distribution and retail sales of electricity and heat. The group operates mainly in western, north-western and south-eastern…
Read the full company profile ENEAThe Enea Group operates as an integrated energy group covering the entire value chain: from coal mining, through conventional and renewable generation, distribution, retail sales, to heat and trading. Five main operating segments deliver differentiated EBITDA streams with…
Explore the business model ENEAIn 2025 the Enea Group delivered revenue of PLN 28.1 bn, EBITDA of PLN 5.62 bn and net profit of PLN 1.77 bn - up ~PLN 0.81 bn year on year. EBITDA margin improved on the stabilisation of the Trading segment and growth in Distribution EBITDA. The net debt / EBITDA ratio of…
See full financial performance ENEACredibility rating
59.5 / 100
Average credibility
Insolvency risk
Very low
Low threat
Closure risk
1
/ 100
Risk comparison - scale 0 (safe) → 100 (critical)
Spółka wykazuje sygnały niestabilności organizacyjnej: częste zmiany w zarządzie. Może to wskazywać na podwyższone ryzyko współpracy.
Shareholder changes
0
0/25 yrs
Board changes
52
52/25 yrs
PKD changes
11
11/25 yrs
Name changes
2
2/25 yrs
Data from 25 years of registry activity.
Payment reliability score from 2002–2025
Current: C (60/100)
Trend: improving (+8.1 pts/year)
Moderate payment credibility - the company is able to meet its obligations, but some indicators warrant caution.
Standard limit from 2002–2025
Current: 1.6 B PLN
Safe: 728.4 M PLN
Difference between risk models
Closure - probability of ceasing operations (operational continuity). Insolvency - probability of formal bankruptcy / restructuring. The models use different data - results can diverge significantly when balance-sheet data is incomplete.
Listed on the Warsaw Stock Exchange
ENAISIN: PLENEA000013Główny Rynek
Ranked #27 in WIG-Poland
Founded
May 21, 2001
25 years in operation
Legal form
SPÓŁKA AKCYJNA
Registry: RejP
Headquarters
POZNAŃ
WIELKOPOLSKIE
Primary PKD
35.14.Z
Trade of electricity
Share capital
529.7 M PLN
Shareholders
N/A
Board
4 people
Sup. board: 10 · Proxies: 3
Filed years
24 years
2002–2025 · profitable: 21/24
Registry entries
230
latest: January 23, 2026
Revenue
28.1 B PLN
2025
Net profit
1.8 B PLN
2025
Assets
39.9 B PLN
2025
Equity
16.8 B PLN
2025
EBITDA
4.3 B PLN
2025
Listing data for ENEA on the Warsaw Stock Exchange (GPW) - share price, session change, market segment, industry sector, ISIN code and stock-index membership.
Quotes, shareholders, announcements
ENA
ISIN: PLENEA000013
Global Legal Entity Identifier (LEI) for ENEA from the GLEIF database - code, status, BIC, registered address and registration details.
LEI code
2594003JTXPYO8NOG018
Legal name
ENEA SPÓŁKA AKCYJNA
Registry number
0000012483
Jurisdiction
PL
Registered address
POZNAŃ PASTELOWA 860-198 POZNAŃPLHeadquarters
Same as registered address.
Rate business credibility - ENEA.
Consumer brands owned by this company.
Explainer
Lubelski Węgiel Bogdanka S.A. (KRS 0000004549), headquartered in Bogdanka village near Łęczna in the Lublin voivodeship, is one of two stock-listed Polish hard-coal miners (alongside JSW), and Poland's largest single-site coal mine. The company is controlled by energy group Enea, has been listed on the WSE since 2009, sits in the mWIG40 index, and runs a four-member management board with a nine-member supervisory board.
Explainer
Enea S.A. (KRS 0000012483), headquartered at ul. Pastelowa 8 in Poznań, is Poland's fourth-largest energy group (after PGE, Tauron, and Energa), controlled by the State Treasury. It operates the Kozienice power plant (Poland's largest single-coal-unit plant after Bełchatów of PGE) and Połaniec, distribution networks across five north-western Polish voivodeships, and controls the Lubelski Węgiel Bogdanka coal mine. Listed on the WSE since 2008, an mWIG40 constituent, with a four-member management board and a ten-member supervisory board.
The lowest leverage among Polish energy groups - net debt / EBITDA of 0.48x gives Enea the largest credit headroom in the sector. This is critical in a period demanding PLN 30+ bn of capex for the energy transition. Vertical integration with coal mining - LW Bogdanka (one of…
High hard-coal exposure - 6.4 GW of capacity in Kozienice and Połaniec units, producing 20.4 TWh in 2025. Every CO2 price rise (EUA) directly burdens Generation EBITDA. The 2025 segment EBITDA fall of PLN 1.42 bn YoY is proof of this. Coal mining in the face of transition -…
Explore the weaknesses ENEARES acceleration - installed capacity of 712.7 MW at end-2025, 2025 capex PLN 2 bn in RES, acquisition of an 83.2 MW farm from Greenvolt. The 2035 Strategy assumes substantial capacity additions in onshore wind and photovoltaics. Every new farm improves the Group's emissions…
Explore the opportunities ENEACO2 risk (EUA) - the key catalyst for the Generation segment result. In 2025 segment EBITDA fell by PLN 1.42 bn YoY, partly due to EUA costs. Every EUA rise of EUR 10/t hits EBITDA by PLN 200-300 m. EU climate-policy risk - accelerated coal phase-out, higher EUA prices, the…
Explore the key risks ENEAEnea operates in one of the most concentrated energy markets in Europe. Four state-controlled integrated groups - PGE, Tauron, Orlen Energia (PKN Orlen's energy segment, including Energa acquired in 2020) and Enea - control most of Poland's generation and distribution market.…
See the competitive analysis ENEAOver 2026-2030 Enea's outlook is shaped by three overlapping processes: execution of the energy-transition investment programme (BGK loan of PLN 9 bn + syndicated PLN 6.5 bn), the Group split process, and URE regulatory and pricing policy.
Explore the outlook ENEAThe Enea Group is executing a multi-year development strategy with a 2035 horizon, presented under the banner "TransformacjaEnei". Strategic goals combine dynamic RES development, distribution-grid modernisation and a transformation of the conventional generation segment.
Explore the strategy ENEAEnea's dividend policy targets a payout of 30-60% of consolidated net profit, subject to the Group's capital needs (transition capex), financial ratios and the investment-grade rating. Each year the specific dividend recommendation depends on the Management Board and AGM…
See the dividend policy ENEAEnea S.A. operates as a public company listed on the WSE (ticker ENA), under State Treasury control (52.29% of shares and votes). The governance structure comprises the Management Board, the Supervisory Board and internal committees, per the Best Practices for WSE-Listed…
Explore corporate governance ENEAEnea is an active ESG reporter in the Polish energy sector. The company is a constituent of the WIG-ESG index on the WSE. From 2024, reporting is aligned with CSRD and ESRS standards. Enea's ESG profile is dominated by climate risk - the Group has significant exposure to hard…
See the ESG profile ENEAGLEIF data, retrieved 2026-05-10.
View 2594003JTXPYO8NOG018 on GLEIFRegistered shareholders of ENEA, the chain leading to the ultimate owner, and the geographic origin of the capital.
Share capital
529.7 M PLN
Competing companies or those operating in the same market segment as ENEA (in Poznań, industry: Energy).
POZNAŃ· Energy
Revenue 2023: 31.0 M PLN
POZNAŃ· Energy
Revenue 2024: 11.9 M PLN
POZNAŃ· Energy
Revenue 2023: 9.5 M PLN
OSTRÓW WIELKOPOLSKI· Energy
Revenue 2024: 6.7 M PLN
KĘPNO· Energy
Revenue 2024: 5.9 M PLN
POZNAŃ· Energy
Revenue 2024: 2.1 M PLN
Natural persons exercising effective control over ENEA and authorised representatives - data from the Polish Central Register of Beneficial Owners (CRBR) maintained by the Ministry of Finance.
ENEA is a public company listed on the Warsaw Stock Exchange and is not required to file beneficial-owner information with the CRBR.
Exemption: The obligation does not apply to joint-stock companies that are public companies within the meaning of the Polish Act on Public Offerings.
Why? The risk of concealing the identity of controlling persons in listed companies is considered lower thanks to the transparency of the shareholding structure.
Note: If a company is a joint-stock company but is not public (not listed on a stock exchange), the obligation to file with the CRBR still applies.
Answers to questions about the company's activity, registered office, identifiers, financial data, capital and control.
Three variables explain most of the mid-term price moves. First, CO2 prices (EUA) — Enea has material hard-coal exposure at Kozienice and Połaniec; every rise in allowance prices directly burdens Generation EBITDA. Second, regulatory decisions by URE and the Ministry of State Assets — retail price caps, distribution tariffs and sector taxes can change the valuation by ten percent or more. Third, the outcome of the Group split process — the proposed split structure and market view can materially affect valuation. Secondary but material: RES capex pace, CCGT Kozienice schedule, dividend policy, hard-coal prices (Bogdanka) and EUR/PLN rate (FX liabilities). An investor's first glance at Enea should be EUA and the split decision — these two variables shape most of the valuation.
Latest reporting year
2025
Available years
26
Filing entries
0
Trademarks filed or registered by ENEA in the Polish Patent Office (UPRP) - filing dates, status, Nice classes and graphical marks.
3 most recent trademarks
MISTRZOWIE EFEKTYWNOŚCI
Filing date: 2025-04-18
activeWięcej z energii
Filing date: 2024-11-19
expiredEnea
Filing date: 2023-02-28
activePublic-procurement proceedings in which ENEA appears as contractor or contracting authority - total contract value, signing dates, procedures and links to the official notices.
3 most recent proceedings
„Kompleksowy zakup energii elektrycznej oraz świadczenie usług dystrybucji energii elektrycznej”
"Dostawa energii elektrycznej do obiektów Uniwersytetu Artystycznego im. Magdaleny Abakanowicz w Poznaniu"
Dostawa energii elektrycznej dla Szpitala Wielospecjalistycznego im. dr. Ludwika Błażka w Inowrocławiu na okres 2 miesięcy.
Average annual headcount for ENEA and its capital group by year - figures disclosed in the issuer's annual reports.
Number of employees hired directly by the company.
As of 2024
394
| Year | Headcount | YoY change |
|---|---|---|
| 2024 | 394 | -66 (-14.3%) |
| 2023 | 460 | +39 (+9.3%) |
| 2022 | 421 | +16 (+4%) |
| 2021 | 405 | +3 (+0.7%) |
| 2020 | 402 | +9 (+2.3%) |
| 2019 | 393 | +11 (+2.9%) |
| 2018 | 382 | +30 (+8.5%) |
| 2017 | 352 | +71 (+25.3%) |
| 2016 | 281 | +10 (+3.7%) |
| 2015 | 271 | -17 (-5.9%) |
| 2014 | 288 | -123 (-29.9%) |
| 2013 | 411 | -56 (-12%) |
| 2011 | 467 | -52 (-10%) |
| 2010 | 519 | +213 (+69.6%) |
| 2009 | 306 | +36 (+13.3%) |
| 2008 | 270 |
Consolidated headcount across the capital group.
As of 2024
18,037
| Year | Headcount | YoY change |
|---|---|---|
| 2024 | 18,037 | +185 (+1%) |
| 2023 | 17,852 | +281 (+1.6%) |
| 2022 | 17,571 | +575 (+3.4%) |
| 2019 | 16,996 | +811 (+5%) |
| 2018 |
GPW data, retrieved June 4, 2026.
| 16,185 |
| +671 (+4.3%) |
| 2017 | 15,514 | +482 (+3.2%) |
| 2016 | 15,032 | +4,285 (+39.9%) |
| 2015 | 10,747 | +684 (+6.8%) |
| 2014 | 10,063 | +57 (+0.6%) |
| 2013 | 10,006 | -120 (-1.2%) |
| 2012 | 10,126 | -127 (-1.2%) |
| 2011 | 10,253 | +20 (+0.2%) |
| 2010 | 10,233 | +4,157 (+68.4%) |
| 2004 | 6,076 | +28 (+0.5%) |
| 2003 | 6,048 |
20 historical registry entries for ENEA
Commercial proxy change, Articles of association amended
PO.VIII NS-REJ.KRS/23428/25/498
Filing document
Board change
PO.VIII NS-REJ.KRS/36947/25/464
Board change
PO.VIII NS-REJ.KRS/42272/25/438
Board change
PO.VIII NS-REJ.KRS/2191/26/553
Capital origin
kapitał krajowy
Ownership chain
Share capital
529,731,093.00 PLN
Shares outstanding
529,731,093
| Shareholder | Shares | Capital share | Votes | Vote share |
|---|---|---|---|---|
| Skarb Państwa | 277,015,422 | 52.29% | 277,015,422 | 52.29% |
| Other minor shareholders | 252,715,671 | 47.71% | - | - |
* z podmiotami zależnymi
Source: GPW (shareholders with ≥5% of capital or votes). Other minor shareholders are the public float.
