COMPANY INFORMATION
Business Profile
ZE PAK S.A. is a Polish energy group headquartered in Konin and listed on the Warsaw Stock Exchange. The company is a significant participant in the national power system and one of the leaders of the energy transformation in Poland.
For many years, the ZE PAK Group's operations focused on lignite mining and electricity and heat generation in power plants located in the Wielkopolska Region. In response to regulatory changes, rising CO₂ emissions costs, and climate challenges, the Group has embarked on a comprehensive process of moving away from coal-fired power generation and reshaping its business model.
The Group is gradually phasing out its coal mining and generation activities, continuing them solely until the currently exploited resources are exhausted, with a clearly defined end-of-life perspective. The current baseline scenario predicts that coal operations will continue in their current form no later than the end of the first half of 2026, with capacity market services provided thereafter.
ZE PAK's strategic development direction is low- and zero-emission energy sources, particularly the project to build a combined cycle gas turbine (CCGT) unit on the site of the former power plant in Turek, zero-emission energy sources such as photovoltaic and wind farms, and projects for modern generation units that support energy system stability. The initiated and consistently implemented business model transformation strategy turns into multi-year investment plans, including new, climate-friendly generation assets, expenditures related to the liquidation of decommissioned high-emission conventional energy assets, and the reclamation of land where lignite mining operations were conducted. As a result of these actions, the carbon footprint resulting from ZE PAK's operations has been significantly reduced, both in absolute and relative terms.
CO2 emissions related to energy production in the Group in 2019-2025
The ZE PAK Group also includes companies providing specialized technical, construction and assembly, maintenance, and industrial services, supporting both its own assets and external clients.
Furthermore, the ZE PAK Group collaborates with the Polsat Plus Group, jointly developing a structure of subsidiaries of PAK Polska Czysta Energia sp. z o.o. ("PAK - PCE"), whose activities focus on generating energy from renewable sources and the production and use of green hydrogen. ZE PAK is a minority shareholder, holding a 49.5% stake in PAK - PCE.
ZE PAK's operations are based on the principles of environmental, social, and corporate governance (ESG) responsibility. The company consistently implements a sustainable development strategy, combining energy security with environmental protection, regional development, and long-term stakeholder value.
Transformation process and restructuring
The energy transition process implemented by ZE PAK S.A. necessitates a profound restructuring of the Group's operations, particularly in areas related to lignite mining and energy generation from fossil fuels. These activities are being conducted in a planned, responsible manner, and in compliance with national legal regulations, while respecting the interests of employees and local communities.
The restructuring of the ZE PAK Group is being conducted in accordance with the provisions of the so-called "Shielding Act," which provides support for employees in the energy and mining sectors affected by the energy transition. The solutions provided for in the Act mitigate the social consequences of structural changes through the use of, among other things, protective mechanisms, voluntary redundancy programs, and solutions supporting employment stability during the transition period.
The goal of these restructuring activities is to ensure a safe and orderly process of phasing out coal operations, while simultaneously creating conditions for the development of new business areas for the Group based on low-emission energy sources.
Financial information
The vast majority of the Group's sales revenue in 2025 came from the sale of electricity. The Group also generates revenues related to the Capacity Market mechanism, as a result of winning capacity market auctions (primary market) and by taking over capacity obligations from other entities (secondary market). This is supplemented by revenues from the sale of heat and construction and renovation contracts.
In 2025, the ZE PAK SA Group's power plants generated a total of 1.42 TWh of net electricity. The main source of electricity sales in 2025 was sales on the exchange market, which accounted for 88.0% of the total volume of energy sold. In 2025, the Group did not enter into any bilateral contracts. Transactions with end users accounted for 0.3% of the total electricity sales volume. The electricity balancing market, where Group companies sold 12.0% of the total electricity sales volume last year, complements the sales structure. Including energy from trading, the Group's sales in 2025 amounted to 1.86 TWh.
In 2025, the Company's operating activities and financial results were determined by several significant factors. The most important were the regulatory environment governing margin opportunities, the approaching end of coal mining and coal-based energy production operations, and the utilization of existing assets previously used in mining and generation operations. Each of these factors was so significant to the financial results that it significantly affected their comparability with previous periods.
In 2025, sales revenues amounted to PLN 1,334 million, and EBITDA was recorded at PLN (95) million. As of December 31, 2025, the book value of the ZE PAK SA Group's assets amounted to a total of PLN 4,116 million.
More detailed information is included in the management report on the activities of the ZE PAK SA Capital Group in 2025 and the results presentation for 2025.