Dominika Kulczyk's energy company faces a significant profit drop. There will also be multi-million dollar write-offs.

These results were driven by lower results in the trading and sales segments, primarily due to lower results in energy trading from renewable assets . Additionally, revenue from trading in green certificates was lower.

The result achieved in the first half of the year consisted of the following segments:

• onshore wind farms - PLN 264.7 million;
• photovoltaic farms - PLN 15.8 million;
• gas and clean fuels - PLN 4.3 million;
• turnover and sales - PLN 37.3 million;
• distribution - PLN 24.9 million;
• unallocated - -34.1 million PLN.

Polenergia also announced the need to create an asset impairment write-down in relation to the following companies: Polenergia Fotowoltaika in the amount of approximately PLN 71 million and Polenergia H2HUB Nowa Sarzyna in the amount of approximately PLN 21 million.

Their estimated impact on the consolidated gross result for 2025 is approximately PLN 92 million.

In the first half of the year, according to the company's estimates, the adjusted net profit at the consolidated level amounted to PLN 61.2 million, which is a decrease compared to the same period of the previous year by PLN 161.3 million.

Compared to the second quarter of this year, the adjusted consolidated net profit is approximately PLN 0.7 million, which means a year-on-year decrease of PLN 79.9 million.

"This was mainly due to the factors affecting EBITDA described above, as well as higher financial costs resulting from interest on issued green bonds and financing obtained from the National Reconstruction Plan (KPO). These funds were used to cover the company's own contribution to the Bałtyk II and Bałtyk III wind farm projects," the company said in a statement.

Additionally, the result was influenced by higher commission costs, mainly related to the conclusion of contingent hedging transactions in the Deal Contingent Hedge formula, the purpose of which was to reduce the risk of interest rate volatility in projects implemented by MFW Bałtyk II sp. z o. o. and MFW Bałtyk III sp. z o. o.

The decline in adjusted net profit was partially offset by lower income tax expense during the reporting period, the release stated. The company plans to release its final results on August 20.

Polenergia's main shareholder is Mansa Investments sp. z o. o. (42.95%) and BIF IV Europe Holdings Limited (32.04%). The company has been listed on the stock exchange since May 2005.