Earnings Poll: Poland's PGE seen swinging to fourth-quarter net profit on distribution, heating

PGE Polska Grupa Energetyczna SA

17/02/2026 10:58

Q4 net profit seen at 1.06 billion zlotys

Feb 17 (Reuters) - Poland's biggest utility PGE PGE.WA is expected to swing to a net profit in the fourth quarter, driven by regulated distribution and winter heating demand, partially offset by expected provisions in the supply business.

The state-controlled company is seen reporting a net profit of 1.06 billion zlotys ($297.76 million), compared to a loss of 5.91 billion zlotys a year ago, according to the median of five forecasts.

Full-year 2025 net loss is expected to widen to 5.58 billion zlotys, compared to a loss of 3.16 billion zlotys in 2024.

The following table summarises market forecasts for PGE's fourth quarter results:

      (Figures in millions of zlotys unless otherwise stated)

Net Profit
Revenue
EBITDA
EBIT
Average
1113
16086
2801
1706
Median
1060
15922
2814
1614
Lowest
625
15215
2654
1410
Highest
1512
16987
2950
2000
No. of forecasts
5
5
5
5
Q4 2024
-5909
17627
4617
-4221
Q3 2025
552
13785
2644
1498

Forecasts provided by: Trigon DM, DM BOŚ, BM PKO BP, WOOD & Company, Santander BM

($1 = 3.5599 zlotys)

 (Reporting by Rafal Nowak in Gdansk; Editing by Ronojoy Mazumdar)

 ((RafalWojciech.Nowak@thomsonreuters.com; +48 58 769 66 63;))