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Poland's largest state-controlled electric utility, generating, distributing and supplying power and heat.
Poland's largest state-controlled electric utility, generating, distributing and supplying power and heat.
Poland's largest electricity generator, with income from selling power from its own stations, mainly lignite and hard-coal plants, plus regulated network fees for distribution and growing renewables. The Polish State Treasury is the controlling shareholder. Its Baltic Sea offshore wind projects are planned with Orsted.
In one line: A Polish Duke Energy/NRG hybrid.
Moat: narrow (regulatory licence, scale, installed base). Regulated distribution network and dominant generation share in Poland, though facing a costly coal-to-clean transition.
Headquarters: Warsaw, Poland · Founded: 2007 · Employees: 40,927
Size PGE Polska Grupa Energetyczna (PGE.WA) is a Poland Utilities company (Electric Utilities) with a market value of $9.02B, the 12th largest of 83 Poland companies the cockpit tracks. Shares closed at PLN 15.76 on 6 Nov 2026.
Performance Over six months the shares gained 46.7%, against -6.2% for the median peer and +14.3% for the Poland market (cap-weighted) — highest of 21 in its peer set.
Growth Revenue fell 1.5% over the last twelve months (peer median +7.2%); the operating margin is 12.1% (peer median 14.9%).
Valuation It trades at 5.5× forward earnings against a peer median of 15.2× (2nd cheapest of 19).
Capital Return on invested capital runs 2.3 points above its cost of capital (9.9% WACC).
Next results Next results expected around 24 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | PLN 63.2B | PLN 61.4B | PLN 64.5B | PLN 96.0B | PLN 73.4B |
| Revenue growth | — | -5% | -33% | +31% | — |
| Gross profit | PLN 11.6B | PLN 11.2B | PLN 10.7B | PLN 16.4B | PLN 7.49B |
| EBITDA | PLN 11.8B | PLN 11.4B | PLN 11.8B | PLN 11.0B | PLN 7.01B |
| Net income | PLN 7.65B | -PLN 3.50B | -PLN 2.70B | -PLN 5.01B | PLN 3.33B |
| Free cash flow | -PLN 2.04B | PLN 1.26B | -PLN 90.0M | -PLN 7.09B | PLN 4.58B |
| Capital expenditure | PLN 11.6B | PLN 11.5B | PLN 10.3B | PLN 9.73B | PLN 6.66B |
| Total debt | PLN 15.7B | PLN 14.9B | PLN 13.2B | PLN 14.9B | PLN 8.94B |
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 |
|---|---|---|---|---|---|---|
| PGE Polska Grupa Energetyczna PGE.WA | $9.02B | +47% | -2% | 12% | 5.5× | n/a |
| TAURON Polska Energia TPE.WA | $4.02B | -6% | 0% | n/a | 6.1× | 17.0% |
| Enea ENA.WA | $2.80B | -3% | -11% | n/a | 4.4× | -7.7% |
| ORLEN Spolka Akcyjna PKN.WA | $38.5B | -10% | +2% | 13% | 5.2× | -7.6% |
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 | PGE.WA | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +0.2% | +2.3% | 9th lowest of 21 |
| 6-month return | +46.7% | -6.2% | highest of 21 |
| Distance from 52-week high | -10.2% | -20.7% | 6th highest of 21 |
| Revenue growth (TTM) | -1.5% | +7.2% | 4th lowest of 21 |
| Operating margin | 12.1% | 14.9% | 10th lowest of 21 |
| Forward P/E | 5.5× | 15.2× | 2nd cheapest of 19 |
| ROIC minus cost of capital | +2.3 pp | -0.9 pp | 4th highest of 20 |
| EV / EBITDA | 3.2× | 11.6× | cheapest of 15 |
| Net debt / EBITDA | 0.1× | 5.4× | 2nd least indebted of 16 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| PGE Polska Grupa Energetyczna PGE.WA | Poland | $9.02B | +47% | -2% | 12% | 5.5× | n/a | n/a |
| Huadian Power International 1071.HK | Hong Kong | $8.73B | 0% | +13% | 8% | 9.6× | n/a | n/a |
| NHPC NHPC.NS | India | $8.72B | +1% | +12% | 30% | 19.4× | n/a | n/a |
| Brookfield Renewable Partners LP BEP-UN.TO | Canada | $9.41B | -7% | +7% | 11% | n/a | n/a | n/a |
| IDACORP IDA | United States | $8.63B | +2% | +4% | 23% | 21.7× | n/a | n/a |
| Redeia Corporacion RED.MC | Spain | $9.47B | +8% | +15% | 43% | 16.7× | n/a | n/a |
| A2A A2A.MI | Italy | $8.55B | +4% | +14% | 8% | 11.9× | 2.8% | +15.6% |
| Edison EDNR.MI | Italy | $9.87B | -12% | +6% | 3% | n/a | n/a | n/a |
| Bkw BKW.SW | Switzerland | $8.12B | -17% | -5% | 11% | 14.1× | 1.6% | +7.4% |
| Hikari Tsushin 9435.T | Japan | $10.0B | -5% | +7% | 15% | 12.5× | 6.7% | +5.6% |
| JSW Energy JSWENERGY.NS | India | $10.1B | -9% | +26% | 36% | 39.7× | n/a | n/a |
| Companhia Paranaense de Energia Sponsored ADR ELPC | United States | $7.92B | -15% | +27% | 19% | 16.3× | -5.5% | +5.3% |
| Sembcorp Industries U96.SI | Singapore | $7.91B | -8% | +8% | 11% | 11.5× | n/a | n/a |
| Jiangsu Eastern Shenghong 000301.SZ | China | $10.3B | -22% | +4% | 7% | 12.4× | -2.1% | +28.4% |
| OGE Energy OGE | United States | $10.5B | +7% | +2% | 26% | 21.6× | 8.1% | +9.0% |
| AES AES | United States | $10.6B | +4% | +12% | 20% | 6.8× | n/a | n/a |
| Guangxi Guiguan Electric Power 600236.SS | China | $10.7B | -10% | +26% | 48% | 20.7× | -2.8% | +3.0% |
| Datang International Power Generation 0991.HK | Hong Kong | $10.7B | -20% | +3% | 15% | 5.5× | 4.0% | +4.1% |
| Zhejiang Zheneng Electric Power 600023.SS | China | $10.8B | -5% | -7% | -1% | 17.4× | 7.0% | +9.0% |
| Inner Mongolia MengDian HuaNeng Thermal Power 600863.SS | China | $7.35B | +16% | -3% | 16% | 18.4× | -1.9% | +6.5% |
| Chubu Electric Power 9502.T | Japan | $11.2B | -13% | +3% | 0% | 10.3× | n/a | n/a |