ENA GPW mWIG40 Periodic report · PAP Biznes
Enea (ENA) · H1 2026 results and valuation
Share price: 20.64 zł · 2026-11-10
Enea operates in the energy sector, providing electricity and heat production, electricity trading, and distribution. The group also engages in coal mining and processing. Sources: Half-year report (2026-09-10) · Wikipedia
Results H1 2026 vs H1 2025 · year over year · published 20 May 2026 and 20 May 2025
Net income down 25.7% year on year. The language turned more upbeat.
1 · Numbers
−25.7%
Net income vs H1 2025
Net income 1.50B vs 2.02B
Revenue −6.9%
2 · How the report reads
More upbeat
Language tone vs last period
Report language: upbeat for a company report — more upbeat than in H1 2025.
Weak signal: formal report language, not a call.
3 · What stood out
On July 28, 2026, ENEA FW Pelplin entered into a loan agreement with PKO Bank Polski S.A. for 300,000 thousand PLN with a repayment deadline until the end of 2040.
Valuation
Is Enea undervalued?
Reverse DCF. Free cash flow from the last full fiscal year (2025-12-31), grown for 10 years, discounted back, plus a terminal value. “Implied growth” is the rate the current price assumes.
At −2.9% growth a year (3-year revenue growth), the model's fair value is 31.70 zł a share — the stock trades 35% below it. Today's price assumes −8.2% growth a year.
Current price
20.64 zł
close of 2026-11-10
Market implies growth of iThe yearly free-cash-flow growth, for the next 10 years, that today’s share price already assumes. If you believe the company grows faster than this, the stock is cheap under this model; slower, and it is expensive.
-8.2% for 10 yrs
Fair value / share
31.70 zł
Buy below
23.78 zł
Price vs fair value
Undervalued 35%
Price vs buy-below price
Undervalued 13%
Read between the lines
-
Figure
The share capital of ENEA Eko Sp. z o.o. increased by 700,000 PLN to a total of 11,700,000 PLN through the creation of 7,000 new shares.
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Figure
As of June 30, 2026, ENEA S.A. held 40,475,024 shares of Polimex Mostostal S.A., representing 15.85% of its share capital.
Source quote
“As of June 30, 2026, ENEA S.A. held 40,475,024 shares of Polimex Mostostal S.A., representing 15.85% of the share capital.”
Tone
How upbeat the language was, compared with other companiesiTone counts positive minus negative finance words, adjusted for length. Executives mostly speak positively, so the labels compare each call with every company's latest call: “typical” is the middle third, “very upbeat” the top tenth, “cautious” the bottom tenth.. Dot: H1 2026. Ring: H1 2025.
Upbeat for a company report — more upbeat than in H1 2025. Periodic reports carry legally required risk wording, so their tone moves little and is a weak signal.
Sentences that drove the tone
“The European Commission has identified a set of actions aimed at accelerating the development of wind power (including offshore), including shortening and simplifying permitting procedures, full implementation of "renewable energy acceleration areas," with...”
“(increase of PLN 56.1 million): (+) Wind area increased by PLN 54.2 million – the effect of the base from the same period of last year regarding the lack of production and sale of energy from the units acquired in II...”
Full figures
PLN · PAP Biznes report (2026-05-20), consolidated statement; H1 vs the same period a year earlier (restated); net income to parent shareholders
| Metric | H1 2026 | H1 2025 | Change |
|---|---|---|---|
| Revenue | 12.86B | 13.81B | −6.9% |
| Net income | 1.50B | 2.02B | −25.7% |
| EPS | 2.83 | 3.63 | −22.0% |
| P/E today 7.9 | 7.4 | 7.4 | +0.0 |
Topics
Topics are drawn from the full report text, not management commentary.
Most discussed now
- Loan agreement and refinancing Financing of renewable expenditures Variable syndicated, loan with Bank February
- In the Mining Segment, EBITDA of PLN 25.9 million was achieved (a y/y decrease of PLN 363.5 million).
- A set of devices intended for generation, transmission, and distribution
- This solution enables active management of voltage levels in the grid with the increasing share of RES.
- (RES production), revenue from the sale of distribution services (Distribution segment)
Faded since H1 2025
- Fading The aim of the Act is to implement Directive 2018/2001 (REDII) regarding the provisions on transport fuels
- Fading Variables from the consortium of current bank revolving credit lines, margin of the total amount and of the capital
Latest announcements
Official filings, newest first. Summaries are generated from each filing and its attachment; every figure is checked against the source.
- Informacja w sprawie wstępnych wyników finansowych i operacyjnych za okres 9 miesięcy 2026 roku oraz III kwartał 2026 roku · ESPI 49/2026
- Zawarcie umowy programowej dotyczącej programu emisji obligacji hybrydowych oraz zamiar przeprowadzenia pierwszej emisji · ESPI 48/2026
- Zwołanie Nadzwyczajnego Walnego Zgromadzenia Enea S.A. na dzień 16 listopada 2026 roku · ESPI 47/2026 · routine
- Uzupełnienie informacji nt. nowego członka Zarządu Enea S.A. · ESPI 46/2026
The company provided information regarding the qualifications and professional experience of Stanisław Tokarski, who has become a new member of the Management Board of Enea S.A.
- Informacja nt. postanowienia sądu w sprawie udzielenia zabezpieczenia · ESPI 45/2026
The District Court in Poznań dismissed the trade union's motion for securing claims regarding resolution no. 1 of the Extraordinary General Meeting concerning the division of the company.
- Powołanie Członka Zarządu Enea S.A. · ESPI 44/2026
The Supervisory Board of Enea S.A. appointed Stanisław Tokarski as a Member of the Management Board for Commercial Affairs for a three-year term starting October 1, 2026.
- Informacja nt. wniesienia powództwa o uchylenie uchwały Nadzwyczajnego Walnego Zgromadzenia Spółki · ESPI 43/2026 · routine
- Half-year report · ESPI periodic · routine