Headlines
PGE swings to quarterly net loss on asset write-downs
Published by Global Banking & Finance Review®
Posted on September 10, 2025
2 min readLast updated: January 22, 2026
Global Banking & Finance Review®
Company
Published by Global Banking & Finance Review®
Posted on September 10, 2025
2 min readLast updated: January 22, 2026
PGE, Poland's largest utility, reports a $2.65 billion loss due to asset write-downs, highlighting the impact of the country's energy transition.
GDANSK (Reuters) -Poland's biggest energy utility PGE reported a second-quarter net loss of 9.61 billion zlotys ($2.65 billion) on Tuesday, in line with the company's estimates as impairments on its tangible assets took a toll.WHY IT'S IMPORTANT
PGE is the biggest state-controlled Polish utility, with market capitalisation of 24.83 billion zlotys.
The substantial loss, driven by write-downs on its conventional assets, highlights the financial cost of Poland's energy transition and underscores the urgency behind the company's strategic pivot away from fossil fuels and toward its new investment plan.
CONTEXT
PGE, like other Polish utilities, is navigating structural shifts in the country's energy landscape as it transitions away from coal. In June, it unveiled a new strategy to invest 235 billion zlotys by 2035 in renewable, gas-fired power plants, and energy storage. The company had previously announced it expected a net hit of around 11.6 billion zlotys in the first-half from impairments on its tangible assets, mainly related to its conventional energy segment.BY THE NUMBERS The company's reccuring earnings before interest, taxes, depreciation, and amortization (EBITDA) for the first half of the year was 7.60 billion zlotys. Sales revenue for the quarter stood at 13.80 billion zlotys.
($1 = 3.6291 zlotys)
(Reporting by Julia Kotowska and Marta Maciag; editing by Harikrishnan Nair)
Market capitalisation refers to the total market value of a company's outstanding shares of stock, calculated by multiplying the share price by the total number of shares.
Asset write-downs occur when the book value of an asset exceeds its recoverable amount, leading to a reduction in its value on the balance sheet.
EBITDA stands for Earnings Before Interest, Taxes, Depreciation, and Amortization. It is a measure of a company's overall financial performance.
Renewable energy is energy generated from natural resources that are replenished over short periods, such as solar, wind, hydro, and geothermal energy.
A financial performance report summarizes a company's financial results over a specific period, including metrics such as revenue, profit, and expenses.
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