ENEA

Dividend policy

Enea'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 decision.

2025 profit proposal

From 2025 net profit (PLN 1.77 bn) the Management Board recommended a dividend of PLN 0.56/share (PLN 296.6 m in total - ~17% of consolidated profit). The remainder of profit will be allocated to reserves to fund the transition. The decision will be taken at the Annual General Meeting in May 2026.

Payment history (2008-2024)

Financial year	DPS (PLN)	Comment
2024	0.50	Return to payments after the 2017-2023 break
2016	0.25	A single payment during an investment period
2014	0.47	-
2013	0.57	Highest historical DPS
2012	0.36	-
2011	0.48	-
2010	0.44	-
2009	0.38	-
2008	0.46	First payment after the IPO

Interpretation

Between 2017-2023 Enea suspended payments due to high transition capex, market conditions and the capital requirements of the Solidarity Shield. The PLN 0.50 payment from 2024 profit signalled a return to a dividend policy, and the proposed PLN 0.56 from 2025 profit confirms the trend. For shareholders this means Enea is becoming a "dividend stock" again, albeit at modest scale - the dividend yield at the current price remains below the European utilities average.

Impact on the rating profile

The PLN 296.6 m dividend payment does not threaten Enea's rating profile. Net debt / EBITDA of 0.48x gives the Group substantial headroom, and generated cash flows cover both the PLN 6.2 bn capex and the dividend. Fitch confirmed the BBB rating in 2024, viewing the dividend policy as consistent with the rating profile.