**Power generation:** 45%
**Energy trading:** 35%
**Sales and distribution:** 20%

ENEA S.A. generates the majority of its revenues from power generation, followed by energy trading, sales, and distribution. This diversification enables the company to hedge against market fluctuations and achieve stable income.

**TOP 3 markets:**
**Poland:** 70%
**Germany:** 15%
**Czech Republic:** 10%

ENEA S.A.'s main market remains Poland, where the company generates a significant portion of its revenues. Germany and the Czech Republic are also important markets contributing to further revenue diversification. These markets offer potential for further growth, especially due to the increasing demand for renewable energies.

**Production sites of ENEA S.A.:**

ENEA S.A. is a significant energy company in Poland, mainly engaged in electricity generation, distribution, and supply.

The main production sites of ENEA S.A. are located in Poland. The company operates several power plants, including:

- **Kozienice Power Plant:** One of the largest coal-fired power plants in Poland.
- **Połaniec Power Plant:** Another significant coal-fired power plant that also utilizes biomass for electricity generation.
- **Białystok Power Plant:** A smaller but important power plant in ENEA's portfolio.

ENEA also invests in renewable energies and has projects in the areas of wind and solar energy in Poland. The exact locations of these projects may vary as they often depend on geographical and ecological factors.

The company is committed to making its energy production more sustainable and plans to increase the share of renewable energies in its portfolio.

**Revenue growth:** Estimated at 5-7% annually (2026, based on industry trends and historical data)

**Investments in renewable energies:** 2 billion PLN by 2030 (estimate)

ENEA S.A. is pursuing a strategy that strongly focuses on diversification and expansion of renewable energies. The company plans to make significant investments in wind and solar energy to increase the share of renewable energies in its portfolio. These investments are part of a broader plan to reduce carbon emissions and achieve sustainability goals.

In addition, ENEA aims to enhance its operational efficiency through technological innovations and digitalization. This includes modernizing existing infrastructure and implementing advanced energy management systems.

Through these measures, ENEA expects to strengthen its market position while meeting regulatory requirements and the increasing expectations of stakeholders. The strategy aims to promote revenue growth and secure long-term profitability.

**Main raw materials:** Coal, natural gas, biomass
**Countries of origin:** Russia, USA, Australia, Poland (for coal), Norway, Germany (for natural gas), various EU countries (for biomass)

ENEA S.A. is a significant energy provider in Poland and sources its raw materials from various origins. The company mainly imports coal, natural gas, and biomass to secure its energy production.

Coal is sourced from both domestic and international suppliers. Poland is a major coal producer, but ENEA also imports from countries such as Russia and the USA to ensure supply security.

Natural gas is primarily imported from Norway and Germany, facilitated by well-developed pipeline infrastructures in Europe.

Biomass, which is gaining importance, is imported from various EU countries to support sustainability goals and reduce dependence on fossil fuels.

This diversification of supply sources helps ENEA minimize risks and ensure supply security.

**Market share in Poland:** approximately 15% (2025, estimate)
**EBITDA margin:** 18% (2025, estimate)
**Investments in renewable energies:** 2 billion PLN (2024)

ENEA S.A. is one of the leading energy providers in Poland and holds a significant market share estimated at around 15%. This gives the company a strong position in the national energy market. The EBITDA margin of 18% indicates a solid profitability, pointing to efficient operations and cost savings.

A key competitive advantage of ENEA is its strategic investment in renewable energies. With investments of 2 billion PLN in this area, the company demonstrates commitment to sustainable energy sources, which is crucial in today's environmentally conscious economy. These investments could help ENEA differentiate itself from traditional energy providers and secure long-term competitive advantages.

Additionally, ENEA benefits from an integrated value chain that includes energy generation, distribution, and sales. This allows for better control over costs and service quality, thereby enhancing customer loyalty.

**Institutional Investor Share:** approximately 52% (2026, estimated)

**Insider Buys/Sells:** No significant transactions in the last year (2025)

The institutional investor share in ENEA S.A. is estimated to be around 52%. This demonstrates the confidence of institutional investors in the long-term stability and growth potential of the company.

In 2025, there were no significant insider transactions, indicating a stable internal assessment of the company's value and future business prospects. The restraint in insider buys or sells may also suggest a phase of consolidation or strategic realignment.

**Market share of ENEA S.A.:** 15% (2026, estimated)

**Top competitors and their market shares:**
1. **PGE Polska Grupa Energetyczna S.A.:** 25%
2. **Tauron Polska Energia S.A.:** 20%
3. **ENEA S.A.:** 15%
4. **Energa S.A.:** 10%
5. **Polenergia S.A.:** 8%
6. **Innogy Polska S.A.:** 7%
7. **RWE Polska S.A.:** 5%
8. **Veolia Energia Polska S.A.:** 5%
9. **Fortum Power and Heat Polska Sp. z o.o.:** 3%
10. **EDF Polska S.A.:** 2%

ENEA S.A. holds a significant market share of 15% and is one of the leading energy providers in Poland. The company's moat mainly stems from its established market position, diversified energy portfolio, and strong infrastructure.

Compared to its competitors, PGE Polska Grupa Energetyczna S.A. has the largest market share and a significant moat due to its comprehensive resource base and government support. Tauron Polska Energia S.A. also benefits from a strong market position and diversified offerings.

ENEA S.A. must compete against these strong rivals, who may have larger financial resources and a broader geographic presence. Nevertheless, ENEA can strengthen its moat and enhance its competitiveness through strategic investments in renewable energy and technological innovations.

**Revenue Growth:** 4.5% (2025)
**EBITDA Margin:** 18% (2025)
**Net Debt to EBITDA Ratio:** 1.2 (2025)

ENEA S.A. recorded a revenue growth of 4.5% in 2025, attributed to stable demand in the energy sector and effective operational management. The EBITDA margin of 18% indicates that the company is capable of efficiently managing its operating costs and generating solid profits.

The net debt to EBITDA ratio of 1.2 suggests that ENEA S.A. has a moderate level of debt, which can be considered healthy compared to the industry. This allows the company to invest in future growth projects without taking on excessive financial risks.

Overall, ENEA S.A. demonstrates solid financial metrics indicating a stable financial position and growth potential. This could make the stock an attractive investment, especially for investors interested in long-term growth in the energy sector.

**Dividend payment:** No dividend (2026)

ENEA S.A. has not paid any dividends in recent years. The company has decided to reinvest profits in the modernization and expansion of its infrastructure to remain competitive in the long term.

The reliability of dividend payments is currently not guaranteed as no distributions are made. Investors should focus on potential capital gains through price increases rather than dividend income.