Cyfrowy Polsat Sa · GPW:CPS
Cyfrowy Polsat Sa — Q1 2025 Earnings Presentation
41 slides from Cyfrowy Polsat Sa's earnings presentation, May 22, 2025
Slide 1: Financial results Q1'25
Financial results Q1’25 22 May 2025
Slide 2: Speakers
Speakers MIROSŁAW BŁASZCZYK KATARZYNA OSTAP-TOMANN MACIEJ STEC PRESIDENT OF THE MANAGEMENT CFO, MEMBER OF THE MANAGEMENT VICE-PRESIDENT FOR STRATEGY BOARD BOARD FOR ESG 2
Slide 3: Agenda
Agenda 1. Key highlights of Q1’25 2. Operating results 3. Financial results 4. Summary and Q&A
Slide 4: Key highlights in Q1'25
Key highlights in Q1’25 Mirosław Błaszczyk President of the Management Board, Cyfrowy Polsat
Slide 5: Key events in Q1'25
Key events in Q1’25 Finance ● We achieved very good financial results: − Revenue growth of 3.7% to PLN 13.5bn − Adjusted EBITDA growth of 4.8% to PLN 809m ● We partially prepaid a loan in the amount of PLN 681m, using funds obtained from the sale of a 10% stake in Asseco Poland B2C and B2B services
Slide 6: Operating results
Operating results
Slide 7: Media segment: TV and online
Media segment: TV and online Maciej Stec Vice-President for Strategy, Cyfrowy Polsat
Slide 8: Viewership and position in the advertising market in Q1'25
Viewership and position in the advertising market in Q1’25 Audience shares Market expenditures on TV advertising and sponsorship Main channels Thematic channels +0.9% 7.5% 7.5% 14.6% 14.5% 1,104 1,114 4.8% (mPLN) 4.6% Group share 6.7% 27.8% 28.7% Polsat TVN TVP2 TVP1 POLSAT 1) Warner TVP Q1'24 Q1'25
Slide 9: We are effectively building our position in the online market
We are effectively building our position in the online market Average monthly number of users ● Polsat-Interia Group was #1 on the internet market among publishers in Poland in Q1’251) 21.0 21.0 21.1 19.6 20.7 20.9 18.0 16.9 16.6 15.1 (million RU) ● In Q1’25, Polsat-Interia Group remains the leader
Slide 10: Very good segment results thanks to programming schedule and sports rights
Very good segment results thanks to the success of the programming schedule and high interest in new sports rights Audience shares increased to 22.1% thanks to a very good programming schedule and airing of attractive sports events 10
Slide 11: B2C and B2B services segment
B2C and B2B services segment Maciej Stec Vice-President for Strategy, Cyfrowy Polsat
Slide 12: Over 2.5 million customers use our multiplay offering
Over 2.5 million customers use our multiplay offering Number of multiplay customers ● High and stable base of multiplay customers +2.4% despite challenging market conditions 3000 65% (thous. customers) 2,466 2,516 2,524 60% ● 2500 Increase in the multiplay customer base by 2000 43% 44% 44% 55% 50% 5
Slide 13: We provide over 13m contract services
We provide over 13m contract services Number of RGUs in the B2C contract segment ● Very good sales of mobile telephony services, +210k YoY +1.6% ● Increase in the number of mobile and fixed 13.08m 13.21m 13.29m internet services provided by 145k YoY 2.0m 2.1m 2.1m ● Pressure on the pay TV service ba
Slide 14: ARPU growth in B2C thanks to multiplay strategy and 5G tariffs
ARPU growth in B2C thanks to the consistent implementation of our multiplay strategy and popularization of 5G tariffs +4.2% ● 4.2% YoY rise in ARPU is driven by strong 77.4 77.7 74.6 3 sales of mobile and internet services to both 70 3 new and existing customers 60 2 ● Effective upselling of product
Slide 15: High base and ARPU of prepaid services
High base and ARPU of prepaid services ● We maintain a high base of prepaid services Prepaid RGU1 at the level of 2.4m in a highly competitive 2.62m 2.47m 2.43m market ● High ARPU at the level of PLN 17.0 Q1'24 Q4'24 Q1'25 Mobile telephony Internet Pay TV ARPU1) -1.7% 17.3 17.3 17.0 (PLN) 1Q'24 4Q'2
Slide 16: High base and growing ARPU of B2B customers
High base and growing ARPU of B2B customers Number of B2B customers ● We provide services to 68 thousand B2B customers, successfully maintaining the scale 68.4k 68.2k 68.0k of this base ● ARPU per B2B customer increased by 1.2% YoY up to PLN 1,508 per month in a highly Q1'24 Q4'24 Q1'25 competitive
Slide 17: Green energy segment
Green energy segment Maciej Stec Vice-President for Strategy, Cyfrowy Polsat
Slide 18: We have achieved our goals in the green energy segment
We have achieved our goals in the green energy segment within the framework of the Strategy 2023+ GOAL #1: achieved We are a leading producer of clean, green energy GOAL #2: achieved We have built a complete green hydrogen value chain We maintain the goal of approx. PLN 500m EBITDA in the green ener
Slide 19: Dynamic growth of energy production by 40%
Dynamic growth of energy production by 40% thanks to the expansion of wind production capacity Renewable energy production ● Green energy production increased by 40% YoY to 278 GWh in Q1’25 following the +40% commissioning of 123 MW at the Człuchów 278 and Przyrów wind farms [GWh] 199 ● The construc
Slide 20: PLN 57m EBITDA from the green energy segment in Q1'25
PLN 57m EBITDA from the green energy segment in Q1’25 EBITDA ● The increase in EBITDA in Q1’25 was driven by higher production volumes +15.8% resulting from the expansion of installed 57.1 capacity in wind farms 49.3 ● In 2025, we will double the capacity (mPLN) installed in wind power, which will f
Slide 21: Financial results
Financial results Katarzyna Ostap-Tomann CFO, Member of the Management Board for ESG, Cyfrowy Polsat
Slide 22: Results of the Group in Q1'25
Results of the Group in Q1’25 Revenue Adjusted EBITDA1) Net profit +3.7% 3,405 3,530 +4.8% 809 184 -53.0% 772 (mPLN) (mPLN) (mPLN) 87 Q1'24 Q1'25 Q1'24 Q1'25 Q1'24 Q1'25 LTM FCF2) Net debt/EBITDA LTM (excl. project financing) -1.1% 1,303 1,289 3.59x 3.62x (mPLN) 2024 LTM 3M'25 2024 Q1'25 Note: (1) Q
Slide 23: Revenue and EBITDA – change drivers
Revenue and EBITDA – change drivers Revenue EBITDA 946 +3.7% | +125m 3,530 -10 +4.8% | +37m 809 3,405 +19 +41 772 +38 -7 +34 +8 +11 -164 -6 +24 (mPLN) (mPLN) 28% 23% 23% EBITDA margin Revenue Przychody B2C and Media Green energy Real Consolidation Revenue Przychody EBITDA Profit from the Gain
Slide 24: Very good cash generation capacity despite high interest costs
Very good cash generation capacity despite high interest costs 11 Inlcl. 412 NWC change -1 549 3 337 (mPLN) -1 391 -35 206 995 433 -718 1 289 408 294 0 Adjusted EBITDA FCF LTM Adjusted Adjusted FCF Change in Cash used in Interests, after interest Telco Acquisitions2) Disposal Disposal of FCF LTM Gre
Slide 25: Capex under control
Capex under control Capex by segment in Q1’25 ● In the TMT1) area, the capex/revenue ratio 10% settled at 10% 324 ● Development capex in the green energy Development segment at PLN 157m in Q1’25 244 capex ● Investments in renewable energy sources (mPLN) 157 Development require high front-loaded capi
Slide 26: The Group's debt
The Group’s debt Debt structure (excl. project financing) EUR as at 31.03.2025 Balance value as at 17% mPLN Bonds 31 March 2025 32% Bank loans Loans and borrowings, including: 9,733 68% PLN 83% loans and borrowings liabilities excl. project financing1) 8,316 project financing liabilities 1,417 Bonds
Slide 27: Summary and Q&A
Summary and Q&A Mirosław Błaszczyk President of the Management Board, Cyfrowy Polsat
Slide 28: Very good operating and financial results in Q1'25
Very good operating and financial results in Q1’25 ● We achieved very good financial results, with an increase in adjusted EBITDA by 4.8% to PLN 809m ● Very good results in the B2C and B2B services segments – thanks to the multiplay strategy, ARPU per B2C customer increased by 4.2% while churn was a
Slide 29: Polsat Q&A
Polsat Q&A
Slide 30: Additional information
Additional information
Slide 31: Results of the B2C and B2B services segment
Results of the B2C and B2B services segment mPLN Q1’25 YoY change ● Growth in retail revenue primarily driven by an Revenue 2,614 1% increase in ARPU from B2C and B2B contract customers Operating costs1) 1,994 2% ● Operating costs under control despite ongoing pressure from network maintenance and A
Slide 32: Results of the media segment: television and online
Results of the media segment: television and online mPLN Q1’25 YoY change ● Higher advertising revenue offset by lower Revenue 578 -1% revenue from cable and satellite operators as well as from license and sublicense sales Operating costs1) 453 -6% ● Decrease in operating costs due to lower costs of
Slide 33: Results of the green energy segment
Results of the green energy segment mPLN Q1’25 YoY change ● Electricity production limited by unfavourable Revenue, incl.: 388 9% weather conditions Revenue from sale of generated 157 21% ● Increase in revenue from the sale of self- electricity2) generated electricity, driven by the gradual Revenue
Slide 34: Results of the real estate segment
Results of the real estate segment mPLN Q1’25 YoY change ● Increase in revenue and EBITDA as a result of Revenue 60 48% the completion of the residential project in Port Praski at 1-3 Sierakowska St. and transfer of ownership of apartments to customers Operating costs1) 40 14% EBITDA 20 >100% EBITDA
Slide 35: Revenue structure
Revenue structure mPLN ● Higher retail revenue driven mainly by effective sales of telecommunication 1,799 Retail revenue services to B2C contract customers, resulting in an increase in ARPU per 1,771 2% B2C contract customer; ● Higher wholesale revenue mainly due to the recognition of higher 768
Slide 36: Operating costs structure
Operating costs structure mPLN Technical costs and cost of settlements 854 ● Higher technical costs and cost of settlements with telecommunication with telecommunication operators 803 7% operators primarily due to the development of mobile telecommunications Depreciation, amortization, impairment
Slide 37: Investments in renewable energy sources
Investments in renewable energy sources Kazimierz Biskupi 17.5 MW Drzeżewo 138.6 MW • Production capacity: 60 GWh • Production capacity: 410 GWh • Launched (Q3’23) • Planned launch: Q4’25 Miłosław 9.6 MW Człuchów 72.6 MW • Production capacity: 38 GWh • Production capacity: 230 GWh • Launched (Q3’23)
Slide 38: We have built a complete value chain for green hydrogen
We have built a complete value chain for green hydrogen Electrolyser development NESO H2 refuelling station • Exion Hydrogen Polskie • Gdańsk: operational Elektrolizery • Prototype of a 0.5 MW alkaline • Gdynia: operational electrolyser 2.5 MW PEM Electrolysis plant NESO H2 refuelling station • Prod
Slide 39: Glossary
Glossary RGU (Revenue Single, active and retail revenue generating service of pay TV provided in all types of access technologies, mobile Generating Unit) or fixed-line Internet access, or mobile telephony provided in the contract or prepaid model. A natural person, legal entity or an organizational
Slide 40: Disclaimer
Disclaimer This presentation may include forward-looking statements, understood as all statements (other than statements of historical facts) regarding our financial results, business strategy, plans and objectives pertaining to our future operations (including development plans related to our produ
Slide 41: Investor Relations
Investor Relations Cyfrowy Polsat S.A. Konstruktorska 4 02-673 Warsaw Email: ir@cyfrowypolsat.pl https://grupapolsatplus.pl