Estimated selected financial and operating data for Q1 2023.

The Management Board of PGE Polska Grupa Energetyczna S.A. ("PGE")publishes initial selected consolidated financial and operating data forQ1 2023.

According to the initial estimates net electricity production at PGEGroup generating units in Q1 2023 amounted to 15.7 TWh, distributionvolume arrived at 9.5 TWh and sales to final off-takers came out at 8.9TWh. Heat sales volume amounted to 20.2 PJ.

Consolidated recurring EBITDA in Q1 2023 amounted to approximately PLN3.35 bn, including:

EBITDA of Conventional Generation segment PLN 0.91 bn,

EBITDA of District Heating segment PLN 0.92 bn,

EBITDA of Distribution segment PLN 1.27 bn,

EBITDA of Supply segment (loss) PLN -0.34 bn,

EBITDA of Renewables segment PLN 0.44 bn.

EBITDA of Circular Economy segment PLN 0.01 bn.

Estimated impact of contributions to Price Difference Payment Fund(resulting from the Act of October 27, 2022 on extraordinary measures tolimit the level of electricity prices and support for certain consumersin 2023 and the Regulation of the Council of Ministers on the method ofcalculating the price cap of November 8, 2022) in Q1 2023 amounted toPLN 2.32 bn (decreasing financial results).

In addition, the results for Q1 2023 were influenced by one-off eventincreasing reported EBITDA result by approx. PLN 0.08bn, i.e. correctionof estimated contribution to Price Difference Payment Fund for year 2022.

In effect, consolidated reported EBITDA in Q1 2023 amounted toapproximately PLN 3.43 bn, including:

Conventional Generation segment PLN 0.91 bn,

District Heating segment PLN 0.92 bn,

Distribution segment PLN 1.27 bn,

Supply segment (loss) PLN -0.25 bn,

Renewables segment PLN 0.44 bn,

Circular Economy segment PLN 0.01 bn.

Consolidated net profit attributable to equity holders of the parentcompany amounted to approximately PLN 1.72 bn. CAPEX amounted to approx.1.53 bn. Estimated net debt amounted to approximately PLN 5.94 bn as atMarch 31, 2023, and estimated economic net financial debt (includingfuture payment for CO2 allowances) amounted to approx. PLN 13.77 bn.

Average electricity wholesale price realized in Q1 2023 (includingcontributions to Price Difference Payment Fund) by:

- Conventional Generation segment amounted to PLN 767.5 per MWh,

- Conventional Generation and District Heating segments amounted to PLN771.6 per MWh.

At the same time, the average cost of CO2 emission rights for bothsegments related to electricity generation amounted to PLN 406.6 per MWh.

Disclaimer: Presented values are estimated and may change. Consolidatedfinancial statements of the PGE Group are still in the preparationprocess. The consolidated report for Q1 2023 is planned to be publishedon May 23, 2023.