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Polish state-controlled electric utility operating coal and renewable generation, distribution and retail electricity sales in western Poland.
Polish state-controlled electric utility operating coal and renewable generation, distribution and retail electricity sales in western Poland.
Distribution earns a regulated return set by the energy regulator on its grid assets, generation sells power into the wholesale market, and retail sells to end customers. The Polish state controls it. Its Bogdanka mine supplies coal to its own power plants, tying generation to coal.
In one line: A Polish state-controlled electric utility (generation & distribution).
Moat: narrow (regulatory licence, installed base). Regulated distribution grid monopoly plus captive coal mining, though facing energy-transition costs.
Headquarters: Poznan, Poland · Founded: 2007 · Employees: 17,814
Size Enea (ENA.WA) is a Poland Utilities company (Electric Utilities) with a market value of $2.80B, the 28th largest of 83 Poland companies the cockpit tracks. Shares closed at PLN 20.72 on 6 Nov 2026.
Performance Over six months the shares fell 3.1%, against -14.0% for the median peer and +14.3% for the Poland market (cap-weighted) — 7th highest of 21 in its peer set.
Growth Revenue fell 10.7% over the last twelve months (peer median +0.1%).
Valuation It trades at 4.4× forward earnings against a peer median of 14.9× (cheapest of 17).
Price implies For today's price to make sense, revenue must grow about -8% a year for seven years (Req g). Recent delivered growth is +9%, so the hurdle is -17 pp: the price already allows for a slowdown.
Next results Next results expected around 24 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | PLN 26.3B | PLN 28.1B | PLN 33.0B | PLN 48.2B | PLN 30.1B |
| Revenue growth | — | -15% | -32% | +60% | — |
| Gross profit | n/a | PLN 5.18B | PLN 6.35B | PLN 8.31B | PLN 1.64B |
| EBITDA | n/a | PLN 5.83B | PLN 6.94B | PLN 5.99B | PLN 2.22B |
| Net income | PLN 1.19B | PLN 1.82B | PLN 1.40B | -PLN 704M | PLN 45.3M |
| Free cash flow | n/a | PLN 1.47B | PLN 1.97B | -PLN 894M | -PLN 1.51B |
| Capital expenditure | n/a | PLN 5.95B | PLN 3.06B | PLN 2.94B | PLN 2.59B |
| Total debt | n/a | PLN 7.62B | PLN 7.58B | PLN 8.07B | PLN 5.49B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Enea ENA.WA | $2.80B | -3% | -11% | n/a | 4.4× | -7.7% |
| TAURON Polska Energia TPE.WA | $4.02B | -6% | 0% | n/a | 6.1× | 17.0% |
| Energa ENG.WA | n/a | +48% | n/a | n/a | n/a | n/a |
| PGE Polska Grupa Energetyczna PGE.WA | $9.02B | +47% | -2% | 12% | 5.5× | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | ENA.WA | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -2.7% | -3.8% | 10th highest of 21 |
| 6-month return | -3.1% | -14.0% | 7th highest of 21 |
| Distance from 52-week high | -23.3% | -37.2% | 9th highest of 21 |
| Revenue growth (TTM) | -10.7% | +0.1% | 3rd lowest of 21 |
| Forward P/E | 4.4× | 14.9× | cheapest of 17 |
| Growth the price implies (Req g, 7 yrs) | -7.7% | 2.0% | 2nd least demanding of 10 |
| Growth delivered (Del g) | +9.1% | +10.4% | 4th lowest of 10 |
| Hurdle (Req g minus delivered) | -16.8 pp | -6.4 pp | 2nd least demanding of 10 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Enea ENA.WA | Poland | $2.80B | -3% | -11% | n/a | 4.4× | -7.7% | +9.1% |
| China Southern Power Grid Energy Efficiency & Clean Energy 003035.SZ | China | $2.89B | -31% | +10% | 18% | 39.1× | 11.6% | +12.9% |
| Kenon KEN | United States | $2.99B | -35% | +53% | 8% | n/a | n/a | n/a |
| CECEP Wind-Power 601016.SS | China | $3.00B | -28% | -8% | 24% | 30.7× | 2.0% | +11.0% |
| MGE Energy MGEE | United States | $3.03B | +9% | +8% | 23% | 19.0× | n/a | n/a |
| State Grid Information & Communication 600131.SS | China | $2.55B | -17% | +13% | 6% | 21.2× | 7.0% | +8.7% |
| An Hui Wenergy 000543.SZ | China | $2.52B | -8% | -18% | 11% | 9.2× | 1.3% | +10.4% |
| GEPIC Energy Development 000791.SZ | China | $3.23B | -18% | -30% | 40% | 10.2× | -7.8% | +32.3% |
| Chugoku Electric Power 9504.T | Japan | $2.41B | +18% | 0% | 0% | 9.3× | n/a | n/a |
| GCL Energy Technology 002015.SZ | China | $3.27B | -24% | -3% | 15% | 21.5× | n/a | n/a |
| Otter Tail OTTR | United States | $3.29B | -11% | +1% | 23% | 14.6× | n/a | n/a |
| SJVN SJVN.NS | India | $2.38B | -28% | +99% | 48% | 15.9× | n/a | n/a |
| SPIC Green Energy 000875.SZ | China | $2.34B | -34% | -4% | 16% | 35.0× | -0.2% | +5.6% |
| Avista AVA | United States | $3.37B | -1% | -1% | 19% | 15.0× | n/a | n/a |
| Shikoku Electric Power 9507.T | Japan | $2.33B | +24% | -3% | 6% | 9.8× | n/a | n/a |
| NLC India NLCINDIA.NS | India | $3.50B | -28% | +17% | 18% | 9.9× | n/a | n/a |
| MVV Energie MVV1.DE | Germany | $2.23B | +1% | -8% | 4% | n/a | n/a | n/a |
| Huadian Liaoning Energy Development 600396.SS | China | $2.23B | +2% | 0% | 8% | n/a | n/a | n/a |
| Iren IRE.MI | Italy | $3.54B | -9% | -8% | 9% | 10.6× | 5.5% | +12.0% |
| Guangzhou Development 600098.SS | China | $3.56B | -3% | +4% | 4% | 14.9× | -1.0% | +9.9% |
| Guangdong Electric Power Development 000539.SZ | China | $3.64B | -21% | +8% | -1% | n/a | 9.8% | +8.9% |