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Polish independent renewable power producer developing onshore wind, solar and Baltic Sea offshore wind projects.
Polish independent renewable power producer developing onshore wind, solar and Baltic Sea offshore wind projects.
Earns by selling the electricity from its wind and solar farms, partly under long-term contracts with set terms and partly at wholesale prices, with a trading and supply arm as a smaller line. Its Baltic offshore wind projects are being developed with Norway's Equinor.
In one line: A Polish independent renewable power producer and offshore wind developer.
Moat: narrow (process know-how, regulatory licence). Early-mover renewable project pipeline and offshore wind seabed leases in Poland.
Headquarters: Warsaw, Poland · Founded: 1997 · Employees: 452
Size Polenergia (PEP.WA) is a Poland Utilities company (Electric Utilities) with a market value of $1.02B, the 38th largest of 83 Poland companies the cockpit tracks. Shares closed at PLN 51.60 on 6 Nov 2026.
Performance Over six months the shares gained 2.6%, against -14.3% for the median peer and +14.3% for the Poland market (cap-weighted) — 4th highest of 21 in its peer set.
Growth Revenue fell 19.2% over the last twelve months (peer median +4.2%); the operating margin is 6.0% (peer median 12.8%).
Valuation It trades at 30.6× forward earnings against a peer median of 12.1× (2nd most expensive of 12).
Price implies For today's price to make sense, revenue must grow about 16% a year for seven years (Req g). Recent delivered growth is +18%, so the hurdle is -3 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 4.6 points below its cost of capital (7.3% WACC).
Next results Next results expected around 19 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | PLN 3.66B | PLN 4.23B | PLN 4.32B | PLN 5.62B | PLN 7.09B |
| Revenue growth | — | -2% | -23% | -21% | — |
| Gross profit | PLN 511M | PLN 594M | PLN 808M | PLN 677M | PLN 478M |
| EBITDA | PLN 402M | PLN 514M | PLN 638M | PLN 563M | PLN 353M |
| Net income | -PLN 41.6M | -PLN 125M | PLN 301M | PLN 264M | PLN 160M |
| Free cash flow | PLN 105M | PLN 143M | PLN 433M | PLN 217M | -PLN 465M |
| Capital expenditure | PLN 111M | PLN 99.8M | PLN 254M | PLN 321M | PLN 660M |
| Total debt | PLN 3.21B | PLN 3.21B | PLN 2.38B | PLN 1.74B | PLN 1.69B |
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 |
|---|---|---|---|---|---|---|
| Polenergia PEP.WA | $1.02B | +3% | -19% | 6% | 30.6× | 15.8% |
| Orsted ORSTED.CO | $29.5B | -8% | +15% | 2% | 20.4× | n/a |
| Equinor EQNR.OL | $102B | +12% | +2% | 33% | 7.2× | -15.4% |
| 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 | PEP.WA | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -4.4% | -5.3% | 10th highest of 21 |
| 6-month return | +2.6% | -14.3% | 4th highest of 21 |
| Distance from 52-week high | -20.6% | -38.0% | 6th highest of 21 |
| Revenue growth (TTM) | -19.2% | +4.2% | lowest of 21 |
| Operating margin | 6.0% | 12.8% | 5th lowest of 21 |
| Forward P/E | 30.6× | 12.1× | 2nd most expensive of 12 |
| Growth the price implies (Req g, 7 yrs) | 15.8% | 0.2% | 3rd most demanding of 17 |
| Growth delivered (Del g) | +18.5% | +9.1% | 3rd highest of 17 |
| Hurdle (Req g minus delivered) | -2.7 pp | -4.2 pp | 8th most demanding of 17 |
| ROIC minus cost of capital | -4.6 pp | +1.2 pp | 3rd lowest of 21 |
| EV / EBITDA | 15.4× | 8.3× | 3rd most expensive of 12 |
| Net debt / EBITDA | 5.5× | 0.6× | 4th most indebted of 13 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Polenergia PEP.WA | Poland | $1.02B | +3% | -19% | 6% | 30.6× | 15.8% | +18.5% |
| Top Energy Co. Ltd. Shanxi 600780.SS | China | $1.02B | -13% | 0% | 5% | n/a | -15.1% | +10.2% |
| Jaiprakash Power Ventures JPPOWER.NS | India | $1.01B | -29% | +6% | 21% | n/a | 9.9% | +11.0% |
| Unitil UTL | United States | $1.05B | +11% | +21% | 19% | 16.2× | n/a | n/a |
| Guangxi Energy 600310.SS | China | $939M | -14% | +11% | 16% | 20.3× | 4.8% | -27.7% |
| Arendals Fossekompani AFK.OL | Norway | $1.11B | -2% | -7% | 11% | n/a | 14.4% | +3.6% |
| Telecom Plus TEP.L | United Kingdom | $922M | -15% | +6% | 6% | 10.9× | -8.6% | +17.6% |
| China Datang Corp. Renewable Power 1798.HK | Hong Kong | $904M | -42% | -6% | 21% | 8.8× | n/a | n/a |
| SG Mart SGMART.NS | India | $1.15B | +55% | +9% | 3% | 50.0× | 30.1% | +298.2% |
| Kasumigaseki Capital 3498.T | Japan | $1.16B | +15% | +70% | 17% | 7.6× | n/a | n/a |
| CGN New Energy 1811.HK | Hong Kong | $1.16B | -23% | -12% | 26% | 6.2× | 4.2% | +8.2% |
| Guangdong Shaoneng 000601.SZ | China | $887M | -15% | +6% | 7% | n/a | -0.4% | -0.7% |
| 2G Energy 2GB.DE | Germany | $885M | -25% | -12% | 6% | 25.1× | 18.5% | +10.1% |
| naturenergie NEAG.SW | Switzerland | $1.17B | -12% | -16% | 13% | 12.1× | -15.5% | +5.6% |
| Hunan Energy Group Development 000722.SZ | China | $1.19B | -13% | +126% | 48% | n/a | 0.8% | +2.4% |
| Guizhou Qianyuan Power 002039.SZ | China | $1.19B | -8% | +14% | 45% | 19.5× | -10.1% | +4.4% |
| Fujian Mindong Electric Power 000993.SZ | China | $846M | +1% | -18% | 5% | n/a | 14.7% | +10.1% |
| Jiangxi Ganneng 000899.SZ | China | $1.26B | -31% | +24% | 13% | 7.4× | -4.4% | +22.6% |
| Guangzhou Hengyun Enterprises 000531.SZ | China | $817M | -26% | 0% | -2% | n/a | n/a | n/a |
| Reliance Power RPOWER.NS | India | $806M | -37% | +3% | 20% | n/a | -4.9% | -0.5% |
| Electricite de Strasbourg ELEC.PA | France | $1.29B | -34% | -10% | 8% | n/a | -10.7% | +11.1% |