Cyfrowy Polsat Sa · GPW:CPS
Cyfrowy Polsat Sa — Q3 2025 Earnings Presentation
41 slides from Cyfrowy Polsat Sa's earnings presentation, Nov 20, 2025
Slide 1: Financial results Q3'25
Financial results Q3’25 20 November 2025
Slide 2: Speakers
Speakers ANDRZEJ ABRAMCZUK KATARZYNA OSTAP-TOMANN MACIEJ STEC PRESIDENT OF THE MANAGEMENT CFO, MEMBER OF THE MANAGEMENT BOARD VICE-PRESIDENT FOR STRATEGY BOARD FOR ESG 2
Slide 3: Agenda
Agenda 1. Key highlights 2. Operating results 3. Financial results 4. Summary and Q&A
Slide 4: Key highlights
Key highlights Andrzej Abramczuk President of the Management Board
Slide 5: Key highlights and key figures Q3'25
Key highlights Key figures Q3’25 B2C and B2B services ● Sales of the new multiplay offer above expectations – already 11% of the customer base migrated to the new offer PLN 3.4 billion PLN 766 million ● Sales of bundles with 3 or more services nearly tripled revenue adjusted EBITDA1 ● Consistent gro
Slide 6: Operating results
Operating results
Slide 7: Media segment: TV and online
Media segment: TV and online Maciej Stec Vice-President for Strategy
Slide 8: Viewership and position in the advertising market in Q3'25
Viewership and position in the advertising market in Q3’25 Audience shares Market expenditures on TV advertising and sponsorship Main channels Thematic channels -2.6% 7.3% 7.2% 15.5% 1,072 1,044 13.9% 4.6% Group’s share (mPLN) 4.2% 7.2% 27.7% 27.6% Polsat TVN TVP1 TVP2 POLSAT 1) Warner TVP Q3'24 Q3'
Slide 9: Viewership and position in the advertising market in 9M'25
Viewership and position in the advertising market in 9M’25 Audience shares Market expenditures on TV advertising and sponsorship Main channels Thematic channels +0.7% 7.4% 7.4% 15.1% 14.3% 3,458 3,482 4.8% 4.3% Group’s share (mPLN) 6.9% 27.9% 28.2% Polsat TVN TVP1 TVP2 POLSAT 1) Warner TVP Bros.Disc
Slide 10: Very strong position in the online media market
Very strong position in the online media market – Polsat-Interia Group was the leader in Q3’25 Average monthly number of users ● Polsat-Interia Group was #1 on the internet market among publishers in Poland in Q3’251) 19.4 20.5 20.2 19.3 20.2 20.0 16.3 14.7 (million RU) 15.0 13.5 ● In Q3’25, Polsat-
Slide 11: Success of the autumn programming schedule and attractive sports events
Success of the autumn programming schedule and attractive sports events Audience shares increased to 22.7% thanks to a very good programming schedule and broadcasts of attractive sports events 11
Slide 12: B2C and B2B services segment
B2C and B2B services segment Maciej Stec Vice-President for Strategy
Slide 13: Over million customers use our multiplay offering
Over 3 million customers use our multiplay offering Number of multiplay customers1) ● High and growing multiplay customer base +1.4% ● Increase of the multiplay customer base by 3500 2,981 3,013 3,022 (thous. customers) 65% 3000 41k YoY due to the successful upselling of 2500 2000 60% 55% 50% servic
Slide 14: 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, +195k YoY +2.0% ● Increase in the number of mobile and fixed 13.13m 13.28m 13.39m internet services provided by 207k YoY 2.1m 2.2m 2.3m ● Pressure on the pay TV service ba
Slide 15: Growing ARPU per B2C customer thanks to multiplay strategy
Growing ARPU per B2C customer thanks to the consistent implementation of our multiplay strategy +4.0% ● ARPU up 4.0%, driven by strong mobile and 80.3 77.2 78.4 3 internet sales and consistent execution of 80 the multiplay strategy 3 70 2 Effective upselling of products under our 60 ● 2.36 2 2.33 mu
Slide 16: High base and growing ARPU of prepaid services
High base and growing ARPU of prepaid services ● We maintain a high base of prepaid services Prepaid RGU1) at the level of 2.4m in a highly competitive 2.57m 2.38m 2.41m market ● ARPU growth of 3.4% YoY in the prepaid services segment, reaching PLN 18.4 Q3'24 Q2'25 Q3'25 Mobile telecommunications se
Slide 17: 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 68.3k 68.0k 67.6k of this base ● ARPU per B2B customer increased by 2.1% YoY up to PLN 1,546 per month in a highly Q3'24 Q2'25 Q3'25 competitive
Slide 18: Green energy segment
Green energy segment Maciej Stec Vice-President for Strategy
Slide 19: Growth of energy production by 15% in 9M'25
Growth of energy production by 15% in 9M’25 thanks to the expansion of wind production capacity Renewable energy production ● Green energy production lower by 21% YoY -21% (237 GWh) in Q3’25 due to the scheduled 301 [GWh] 237 major maintenance of a biomass unit 126 188 81 89 32 22 ● Green energy pro
Slide 20: PLN 175m EBITDA from the green energy segment in 9M'25
PLN 175m EBITDA from the green energy segment in 9M’25 ● EBITDA in the green energy segment in EBITDA Q3’25 impacted by the scheduled, major -37.0% (mPLN) maintenance of the biomass unit, low 82 market energy prices, and a high 52 comparative base resulting from very strong sales of energy from biom
Slide 21: Financial results
Financial results Katarzyna Ostap-Tomann CFO, Member of the Management Board for ESG
Slide 22: Q3'25 results impacted by the cumulation of one-off events
Q3’25 results impacted by the cumulation of one-off events Revenue Adjusted EBITDA1) Net profit -4.1% -15.2% 3,580 3,431 903 -77.0% 766 250 (mPLN) (mPLN) (mPLN) 57 Q3'24 Q3'25 Q3'24 Q3'25 Q3'24 Q3'25 LTM FCF2) Net debt/EBITDA LTM (excl. project financing) -34.0% 1,303 3.59x 3.54x 860 (mPLN) 2024 LTM
Slide 23: Revenue and EBITDA – change drivers
Revenue and EBITDA – change drivers Revenue EBITDA -4.1% | -148m -15.2% | -137m 3,580 886 903 3,431 -23 +6 -59 -14 +30 -42 766 +3 -76 -75 -30 +10 (mPLN) 25% 25% 22% EBITDA margin Revenue Revenue B2C and Media Green energy Real Consolidation Revenue Revenue EBITDA EBITDA Gain on the Impairment on A
Slide 24: Strong cash generation capability despite high interest costs
Strong cash generation capability despite high interest costs 91 including 220 NWC change -1 915 3 180 (mPLN) -1 343 107 -718 814 860 645 0 12 46 Adjusted FCF LTM Adjusted Adjusted FCF EBITDA LTM1) Change in Cash used in Interests, Telco Acquisitions2) Disposal of FCF LTM Green after interest after
Slide 25: Capex under control
Capex under control Capex by segment in Q3’25 ● TMT1) is capex-lite – capex/revenue ratio at Development Development 8% in Q3’25 8% capex capex (mPLN) 277 ● Development capex in the green energy 199 255 113 segment at PLN 113m in Q3’25 and 4 15 Q3’24 Q3’25 Q3’24 Q3’25 PLN 420m in 9M’25 TMT 1 Green e
Slide 26: The Group's debt
The Group’s debt Debt structure (excl. project financing) Balance value as at as at 30.09.2025 EUR mPLN 30 September 2025 Bonds 18% 32% Loans and borrowings, including: 10,452 Bank loans 68% PLN loans and borrowings liabilities excl. project financing1) 8,368 82% project financing liabilities 2,083
Slide 27: Summary and Q&A
Summary and Q&A Andrzej Abramczuk President of the Management Board
Slide 28: Q3'25 results in line with expectations
Q3’25 results in line with expectations ● Cumulation of one-off events impacting results in Q3’25: − Media segment affected by higher sports licence costs − Green energy segment impacted by scheduled maintenance of a biomass unit ● Excellent sales performance of the new multiplay offer supports ARPU
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 Q3’25 YoY change ● Stable revenue, mainly driven by growth in Revenue 2,659 -1% retail revenue linked to ARPU increase, offset by lower equipment sales Operating costs1) 2,038 2% ● Operating costs under control with pressure from higher network mainte
Slide 32: Results of the media segment: television and online
Results of the media segment: television and online mPLN Q3’25 YoY change ● Stable revenue YoY Revenue 552 1% ● Significant increase in content costs related in particular to major international volleyball Operating costs1) 482 20% events aired on Polsat channels - the Men’s and Women’s World Champi
Slide 33: Results of the green energy segment
Results of the green energy segment mPLN Q3’25 YoY change ● EBITDA impacted by lower revenue from the Revenue, incl.: 308 -16% sale of energy from own production due to Revenue from sale of generated lower biomass energy output, resulting from 141 -21% electricity2) the scheduled maintenance of the
Slide 34: Results of the real estate segment
Results of the real estate segment mPLN Q3’25 YoY change ● Increase in revenue and EBITDA mainly driven Revenue 42 9% by the sale of apartments in the completed residential investment at Port Praski (1-3 Sierakowskiego Street) and recognition of rental Operating costs1) 28 5% income from commercial
Slide 35: Revenue structure
Revenue structure mPLN ● Higher retail revenue driven mainly by very good sales of telecommunication 1,850 Retail revenue services to B2C contract customers, supported by our new multiplay offer; 1,817 2% ● Higher wholesale revenue mainly due to the recognition of higher roaming revenue with relat
Slide 36: Operating costs structure
Operating costs structure mPLN Technical costs and cost of settlements 917 ● Higher technical costs and cost of settlements with telecommunication operators, with telecommunication operators 870 5% primarily due to the development of our mobile telecommunications network and higher network mainten
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: Q1’26 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 of green hydrogen
We have built a complete value chain of green hydrogen Electrolyser development NESO H2 refuelling stations Gdańsk: • Gdańsk: operational • 0.5 MW alkaline electrolyser built • Gdynia: operational • Construction of a 2.5 MW PEM electrolyser • Warszawa: operational • Lublin: operational Electrolysis
Slide 39: Glossary
Glossary RGU (Revenue Generating Single, active and retail revenue generating service of pay TV provided in all types of access technologies, mobile or fixed-line Unit) 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