Orange Polska S.a. · GPW:OPL
Orange Polska — Q4 2025 Earnings Presentation
30 slides from Orange Polska's earnings presentation, Feb 18, 2026
Slide 1: Orange Polska 4Q and FY 2025 results
Orange Polska 4Q and FY 2025 results 18 February 2026 1
Slide 2: Forward looking statement
Forward looking statement This presentation contains 'forward-looking statements' including, but not limited to, statements regarding anticipated future events and financial performance with respect to our operations. Forward-looking statements can be identified by the fact that they do not relate s
Slide 3: 2025 – strong start to Lead the Future strategy
2025 – strong start to Lead the Future strategy Liudmila Climoc Chief Executive Officer 3
Slide 4: 2025 as strong start to Lead the Future strategy
GROW ENHANCE profitably network 2025 as strong start to Lead the Future strategy EMPOWER VALUE 47% creation people TRANSFORM & innovate total shareholder ▪ Excellent commercial performance driving return** revenue increase: ▪ Strong volume and value growth in retail ▪ New business development in who
Slide 5: 2025 guidance exceeded on revenues and EBITDAaL
VALUE creation 2025 guidance exceeded on revenues and EBITDAaL 2025 guidance 2025 results Revenues yoy low single digit growth 4.3%* exceeded EBITDAaL yoy low single digit growth 4.0%* exceeded eCAPEX (PLNbn) 1.8-1.9bn 1.8bn met, low end * Growth from adjusted scope following disposal of Orange Ener
Slide 6: Very good performance across all key services
GROW Very good performance across all key services profitably in line with Lead the Future ambitions PLN Convergence ARPO PLN Fixed broadband-only ARPO PLN Mobile-only handset ARPO 131.3 +4.0% yoy in 4Q 70.3 +4.6% yoy in 4Q 30.0 +0.2% yoy in 4Q** Convergence customer base Fibre customer base Mobile
Slide 7: Winning new customers with leading product strategy
GROW profitably Winning new customers with leading product strategy Multi-brand strategy reinforced by new image 209 TV Enriched offers channels fuelling volume & value OTT value # of households with strategy Orange presence Offer personalisation Geo back to growth approach CVM supported by geomarke
Slide 8: Wholesale maximises monetisation of our infrastructure
GROW profitably Wholesale maximises monetisation of our infrastructure Our infrastructure assets meet growing The leading fibre-only wholesaler demand from other operators (JV 50/50% OPL & APG) Wholesale revenues* FiberCo network rollout (in mHHC) fully funded following PLN 3.7bn debt refinancing +1
Slide 9: Enhancing network leadership
ENHANCE Enhancing network leadership network Efficient mobile network Growing fibre footprint development (sites) efficiently 700 MHz ongoing 1 million new households in the range of our fibre off balance sheet ~10 C-band advanced wholesale ~9 agreements RAN FiberCo JV modernisation almost completed
Slide 10: 360 transformation of our operating model
3600 transformation of our operating model TRANSFORM & innovate Efficient network operations Digital-first sales & care ~7% lower unit costs of 28% service installation • Automated ticket dispatch digital sales • Less work for technicians (vs 25% in 2024) (e.g. FTTH self-installation) 3.1m 61% My Or
Slide 11: Top ESG achievements support environment and OPL business
Top ESG achievements support environment and OPL business Top energy efficiency Digital inclusion supports growth of Polish 414 economy and Orange Polska -93% CO2e emissions scope 1&2 Providing connectivity to rural Poland 29 (vs -95% target by 2028) >500k 84% k tonnes 2020 2025 HHC with fibre 5G co
Slide 12: Financial review
Financial review Jacek Kunicki Chief Financial Officer 12
Slide 13: Excellent 2025 financial results
VALUE creation Excellent 2025 financial results in PLNm 2025 yoy 4Q’25 yoy Comment on FY 2025 results ▪ Core telecom services (+6.5%), wholesale revenues 13,133 +4.3%* 3,493 +4.6%* (+13%) & IT&IS (+14%) as key drivers EBITDAaL 3,473 +4.0%* 861 +6.2%* ▪ Driven by profitable growth of core business an
Slide 14: Strong revenue growth driven by core telco services and wholesale
Revenue growth trajectory Strong revenue growth (yoy change in %) 9.3% driven by core telco 6.3% 7.3% 6.8% 5.5% services and wholesale 2.3% 1.1% 6.5% 4.6% -2.0% 4Q'24 1Q'25 2Q'25 3Q'25 4Q'25 Total reported Core telecom services* Revenue evolution breakdown in PLNm ▪1 4Q Core telecom services* +5.5%
Slide 15: Robust EBITDAaL growth driven by very strong direct margin
Robust EBITDAaL growth EBITDAaL growth trajectory (yoy change in %) driven by very strong direct margin 6.8% 6.2% 4.3% 2.9% 2.9% 4Q'24 1Q'25 2Q'25 3Q'25 4Q'25 EBITDAaL evolution breakdown (yoy change in PLNm) +4.0% 1▪ 4Q Direct margin +5% yoy: +6.2% 3,473 ▪ Strong performance of core retail telco an
Slide 16: Net income affected by headcount restructuring provision
Net income affected by headcount restructuring Net income evolution in 2025 provision (2026-2027) (yoy change in PLNm) -17% 1▪ EBITDAaL growth – sustainable net income growth potential -123 +135 2▪ Depreciation growth linked mainly to 913 -48 +42 -54 +48 new 5G spectrum & change in capex structure -
Slide 17: Disciplined Capex investments include mobile network & fibre
Disciplined Capex Investment areas investments include (in PLNm) mobile network & fibre 240 Fibre 264 deployment Mobile network 515 473 Fixed & core network 575 ▪ Higher fibre related capex due to 539 network rollout with EU subsidies IT Systems and Infrastructure (PLN 84m); ▪ Mobile reflects 5G net
Slide 18: Strong, PLN 1bn organic cash flow and sound balance sheet
Strong, PLN 1bn Cash flow evolution breakdown in 2025 organic cash flow and in PLNm sound balance sheet yoy change +90 +100 -68 -103 +9 +28 -407 -229 -608 3,598 +3 PLN 1bn OCF achieved due to: -2,127 +94 ▪ 4% EBITDAaL growth -555 1,013 -712 293 ▪ Decrease of working capital -8 requirement % of reven
Slide 19: Our value creation model is yielding solid results
VALUE creation Our value creation model is yielding solid results Our value creation model 2025 achievements REVENUE GROWTH √ +4.3% yoy (+6.5% core telco services) with core telco services as key driver 55.3% direct margin + operating leverage direct margin >55% revenue high operating leverage +0.8p
Slide 20: 2026 outlook
2026 outlook Liudmila Climoc Chief Executive Officer 20
Slide 21: Priorities for 2026 to capture further value creation
GROW ENHANCE profitably Priorities for 2026 to capture further value creation network EMPOWER VALUE creation people TRANSFORM & innovate Fuel solid growth of core telco services in B2C Achieve profitable growth of B2B Execute high-impact transformation Ensure excellence in connectivity 21 21
Slide 22: 2026 guidance
GROW ENHANCE profitably 2026 guidance network EMPOWER VALUE creation people TRANSFORM & innovate 2025 results 2026 guidance Revenues yoy +4.3% low single digit growth* EBITDAaL yoy +4.0% +3-5%* eCAPEX (PLN) 1.8bn around 1.8bn Organic cash flow (PLN) 1.0bn at least 1.1bn *Growth from adjusted scope f
Slide 23: Update of mid-term guidance
GROW ENHANCE profitably Update of mid-term guidance network EMPOWER VALUE creation people TRANSFORM & innovate Lead the Future guidance 2025 to 2028 as presented in March 2025 updated guidance Confirmed EBITDAaL yoy low-to-mid single digit CAGR low-to-mid single digit CAGR* (2025/26 trends point tow
Slide 24: PLN 0.61 per share dividend
VALUE creation We are committed to growing shareholder returns Dividend Policy PLN 0.61 PLN 0.61 per share as a new floor until 2028 +15% vs 2025 per share Future dividend growth to be decided yearly, to be paid in 2026 from 2025 profits* considering projection of underlying financial results & soun
Slide 25: Q&A
Q&A 25 25
Slide 26: Appendix
Appendix 26
Slide 27: Reconciliation of operating performance measure
Reconciliation of operating performance measure in PLNm 4Q 2025 FY 2025 4Q 2024 FY 2024 Operating income 171 1,274 340 1,419 Less gains on disposal of fixed assets -23 -65 -38 -113 Less gain on disposal of Orange Energia 0 -60 0 0 Add-back of depreciation, amortisation and impairment of 572 2,144 48
Slide 28: Details of bottom-line evolution in 4Q’25 and FY 2025
Details of bottom-line evolution in 4Q’25 and FY 2025 in PLNm 4Q 2025 4Q 2024 Change FY 2025 FY 2024 Change EBITDAaL 861 811* +50 3,473 3,338* +135 Gain on sale of Orange Energy shares 0 0 0 60 0 +60 Gains on disposal of assets 23 38 -15 65 113 -48 D&A of PPE and intangible assets -572 -486 -86 -2,1
Slide 29: Details of organic cash flow evolution in 4Q’25 and FY 2025
Details of organic cash flow evolution in 4Q’25 and FY 2025 in PLNm 4Q 2025 4Q 2024 Change FY 2025 FY 2024 Change Net cash flow from operating activities 860 858 +2 3,598 3,508 +90 before change in working capital Change in working capital* 71 75 -4 3 -97 +100 Net cash flow from operating activities
Slide 30: Glossary
Glossary 5G Fifth generation of mobile technology, which is the successor to the 4G mobile network standard ARPO Average Revenue per Offer Revenues from B2C convergent offers which combine at least a broadband access and a mobile voice Convergent services contract with a financial benefit. Do not in