PGE ( $PGE (-0,67%) ) has released its full Q1 2026 results, and they show a clear improvement in operational performance.
Key Results:
- Recurring EBITDA: 4.14 billion PLN (+71% YoY) 🟢
- Reported EBITDA: 4.08 billion PLN
- Net Profit: 1.94 billion PLN (0.86 PLN per share)
- Revenues: 17.45 billion PLN (+1.7% YoY) 🟢
The recurring EBITDA figure is particularly impressive and was driven by lower CO₂ costs, better performance in regulated segments, and overall operational improvements.
The Distribution business remained the most stable and profitable part of the company.
District Heating also performed very well, while the Renewables segment is slowly increasing its contribution.
As expected, the Coal segment had a more modest impact as the company continues its long-term transition away from coal.
PGE is continuing its big investment program, spending heavily on modernizing the electricity grid and advancing offshore wind projects, especially Baltica 2. While this high CAPEX level limits short-term free cash flow and makes near-term dividends unlikely, these investments are essential for PGE’s future competitiveness and growth in a low-carbon energy system.
This was one of PGE’s stronger quarterly reports in recent years on a recurring basis. It confirms that the company is making progress in its energy transition, with more stable earnings coming from regulated assets and renewables. Challenges such as coal exposure and execution risks on large projects still exist, but the overall direction looks encouraging.
