SPÓŁKA AKCYJNA
PGE Polska Grupa Energetyczna
PGE Polska Grupa Energetyczna Spółka Akcyjna
SPÓŁKA AKCYJNA
Listed on the Warsaw Stock ExchangePGE Polska Grupa Energetyczna Spółka Akcyjna
State Treasury-owned companyTreasury stake: 60.86%Financial performance of PGE Polska Grupa Energetyczna: multi-year analysis of revenue, EBITDA, net profit, segment mix and key ratios.
Last updated: 2026-05-11
In 2024 the PGE Group posted revenues of PLN 64,483 million and reported EBITDA of PLN 12,215 million. The preliminary 2025 estimate, released on 15 April 2026, points to a recurring EBITDA of PLN 12,892 million (in line with earlier management guidance), with net economic debt down PLN 1,395 million versus the end of 2024. The improvement reflects a higher contribution from regulated segments and a margin recovery in distribution, despite continued pressure in conventional generation.
| Year | EBITDA margin | EBIT margin | ROE | Net debt / EBITDA |
|---|---|---|---|---|
| 2011 | 24% | 15% | 14% | -0.61 |
| 2014 | 29% | 18% | 9% | -0.13 |
| 2018 | 25% | 10% | 3% | 1.51 |
| 2020 | 13% | 3% | 0.3% | 1.22 |
| 2021 | 18% | 10% | 8% | 0.44 |
| 2022 | 12% | 6% | 7% | -0.31 |
| 2023 | 10% | -4% | -10% | 1.11 |
EBITDA margin and ROE have visibly compressed since 2018, with rising CO2 prices and impairments in conventional generation (write-downs in 2023 and 2025) weighing on both standalone and consolidated results. Net debt / EBITDA remains moderate (below 1.5x), which is critical for maintaining investment-grade ratings.
| Item | 9M 2025 | 9M 2024 | Change |
|---|---|---|---|
| Net production, of which: | 40.09 | 40.67 | -1% |
| - lignite | 21.47 | 22.93 | -6% |
| - renewables | 1.79 | 2.05 | -13% |
| Retail sales volume | 24.02 | 25.34 | -5% |
| Distributed energy volume | 29.89 | 29.90 | 0% |
A mild drop in production and retail sales reflects the gradual decommissioning of the oldest coal units and softer end-customer demand at elevated prices. Distribution volumes remain stable, underscoring PGE Dystrybucja's role as the earnings stabiliser.