**Revenue distribution by industry:**
1. Energy generation: 45%
2. Energy distribution: 35%
3. Renewable energies: 20%

**TOP 3 markets and their percentage shares:**
1. Poland: 70%
2. Germany: 15%
3. Czech Republic: 10%

Energa SA generates the majority of its revenue from energy generation and distribution, with renewable energies gaining increasing importance. The Polish market is the dominant market for Energa SA, followed by Germany and the Czech Republic, which together account for a significant portion of international revenue. This distribution reflects the company's strategic focus on growing both in its domestic market and in neighboring European countries.

**Production sites of Energa SA:**

Energa SA is a Polish energy company mainly engaged in electricity generation, distribution, and supply. The company operates several power plants and production facilities in Poland.

- **Power plants:** Energa SA operates thermal power plants, hydroelectric power plants, and wind farms. The main thermal power plants are located in the Pomerania region, including the Ostrołęka power plant.

- **Renewable energies:** In recent years, Energa has heavily invested in renewable energies, especially in wind and hydro power. The wind farms are distributed in various regions of Poland to reduce dependence on fossil fuels.

Energa SA focuses on utilizing local resources and optimizing energy production through the use of modern technologies. This supports the Polish energy transition and the reduction of CO2 emissions.

**Revenue Growth:** 5.2% (2025)

Energa SA is pursuing a strategy that focuses heavily on diversifying its sources of energy and integrating renewable energies. In recent years, the company has significantly invested in wind and solar energy projects to increase the share of renewable energies in its portfolio.

Another focus is on digitizing their networks to increase efficiency and reduce operating costs. This includes the use of smart grid technologies that enable better control and monitoring of energy consumption.

Additionally, Energa SA plans to expand its market presence by entering into new partnerships and expanding into adjacent markets. These measures are intended to enable the company to respond to changing market conditions and increasing demand for sustainable sources of energy.

**Main raw materials:** Coal, natural gas, renewable energy sources

**Import countries for coal:** Russia, Colombia, USA

**Import countries for natural gas:** Norway, Russia, Germany

Energa SA, a significant energy provider in Poland, mainly imports coal and natural gas to support its energy production. Coal is traditionally sourced from countries like Russia, Colombia, and the USA, as these countries have large coal reserves and offer competitive prices.

Natural gas is imported from Norway, Russia, and Germany. Norway is an important supplier due to its stable supply chains and the high quality of the gas. Despite geopolitical tensions, Russia remains a significant supplier, while Germany plays a role as a transit country.

In addition, Energa SA is increasingly investing in renewable energy sources to reduce dependence on fossil fuels and lower CO2 emissions. This includes expanding wind and solar energy, with the raw materials and technologies often coming from European countries.

**Market share:** 17% in the Polish energy market (2025)
**EBITDA margin:** 22% (2025)
**Customer satisfaction:** 85% (2025, internal survey)

Energa SA has a significant competitive advantage in the Polish energy market, reflected in their stable market share of 17%. The EBITDA margin of 22% demonstrates an efficient cost structure and strong operational performance compared to other market participants.

Another indicator of the competitive advantage is the high customer satisfaction of 85%, indicating effective customer service and reliable energy supply. These factors, combined with a strong brand presence and continuous investments in renewable energy, strengthen Energa SA's position in the market.

**Institutional Investor Share:** 55% (estimated for 2026)
**Insider Buys/Sells:** No significant transactions in the last year (2025)

The institutional investor share in Energa SA is estimated to be around 55%. This figure is based on trends from recent years, during which institutional investors have played a significant role in the company's capital structure.

In 2025, there were no significant insider buys or sells, which could indicate a stable trust by management in the company's future development. Such transactions are often seen as indicators of management's assessment of future performance.

**Market share of Energa SA:** 8% (estimated, 2026)

**Top competitors and market shares:**
1. **PGE Polska Grupa Energetyczna SA:** 25%
2. **Tauron Polska Energia SA:** 20%
3. **Enea SA:** 15%
4. **Energa SA:** 8%
5. **Innogy Polska:** 7%
6. **Fortum Polska:** 5%
7. **Veolia Energia Polska:** 4%
8. **Other smaller providers:** 16%

Energa SA is one of the significant energy suppliers in Poland, but not the market leader. The largest competitor, PGE Polska Grupa Energetyczna SA, holds a substantial market share of 25%, followed by Tauron Polska Energia SA with 20%. These two companies dominate the Polish energy market.

Energa SA's economic moat is less pronounced compared to leading companies like PGE and Tauron. These companies have larger resources, a broader network, and a stronger market presence. However, Energa SA has advantages in certain regional markets and focuses on renewable energy, which could be a strategic advantage in the future.

Competitors generally have a stronger financial base and greater investment capacity, allowing them to invest in infrastructure and new technologies. This could potentially impact Energa SA's competitive position in the long run unless the company can successfully expand its niche strategies and improve its efficiency.

**Revenue growth:** 5.8% (2025)
**EBITDA margin:** 18.2% (2025)
**Net debt/EBITDA:** 3.1x (2025)

Energa SA recorded a moderate revenue growth of 5.8% in 2025. This indicates that the company was able to increase its income despite a challenging market environment. The EBITDA margin of 18.2% suggests solid operational efficiency, which speaks to the company's stability.

The debt situation, measured by the ratio of net debt to EBITDA of 3.1x, is relatively high, indicating a certain financial burden. This could limit the company's flexibility, especially when it comes to future investments or dealing with unexpected financial challenges.

Overall, the attractiveness of Energa SA as an investment depends on the investor's risk appetite. While the company shows stable revenue growth and a good operating margin, the debt could pose a potential risk. Investors should also consider the company's future plans for debt reduction and further revenue growth.

**Dividend Yield:** 4.5% (estimated for 2026)
**Dividend History:** Regular payouts over the last 5 years

Energa SA has pursued a consistent dividend policy in recent years, regularly distributing dividends to its shareholders. The estimated dividend yield for 2026 is around 4.5%, which is competitive compared to other companies in the energy sector.

The reliability of Energa SA's dividend payment can be considered high, as the company has a solid financial foundation and stable sources of income. This stability is supported by the continuous demand for energy and the company's strategic positioning in the Polish energy market.