Cyfrowy Polsat Sa · GPW:CPS
Cyfrowy Polsat Sa — Q1 2026 Earnings Presentation
42 slides from Cyfrowy Polsat Sa's earnings presentation, May 21, 2026
Slide 1: Financial results Q1'26
Financial results Q1’26 21 May 2026
Slide 2: Speakers
Speakers PIOTR ŻAK MACIEJ STEC KATARZYNA OSTAP-TOMANN BARTŁOMIEJ DRYWA JANUSZ PLISZKA PRESIDENT OF THE VICE-PRESIDENT OF THE CFO, MEMBER OF THE MEMBER OF THE MANAGEMENT MEMBER OF THE MANAGEMENT MANAGEMENT BOARD MANAGEMENT BOARD MANAGEMENT BOARD BOARD BOARD, TELEWIZJA POLSAT 2
Slide 3: Agenda
Agenda 1. Key highlights Q1’26 2. Operating results 3. Financial results 4. Summary and Q&A
Slide 4: Key highlights in Q1'26
Key highlights in Q1’26 Bartłomiej Drywa Member of the Management Board
Slide 5: Key highlights Key figures Q1'26
Key highlights Key figures Q1’26 ● The success of the new multiplay offering is driving ARPU growth across all customer segments PLN 3.6 billion PLN 847 million ● We signed a Term Sheet with Towerlink Poland, thanks EBITDA revenue to which we will improve the quality and coverage of our services +3.
Slide 6: Operating results
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Slide 7: B2C and B2B services segment
B2C and B2B services segment Maciej Stec Vice-President of the Management Board
Slide 8: Over 3 million customers use our multiplay offering
Over 3 million customers use our multiplay offering Number of multiplay customers1) ● High and growing multiplay customer base +1.2% (thous. customers) ● Increase of the multiplay customer base by 3500 3,009 3,036 3,044 65% 3000 35k YoY due to the successful upselling of 2500 2000 60% 55% 50% 54% se
Slide 9: We provide 13.6m contract services
We provide 13.6m contract services Number of RGUs in the B2C contract segment ● Increase in the number of mobile and fixed internet services by 285k YoY +2.3% ● Very strong sales of mobile telephony 13.29m 13.52m 13.59m services, up by 183k YoY 2.1m 2.4m 2.4m ● Pressure on the pay TV service base pa
Slide 10: Growing ARPU per B2C customer thanks to multiplay strategy
Growing ARPU per B2C customer thanks to the consistent implementation of our multiplay strategy ● ARPU increased 5.8% YoY, driven by very +5.8% strong mobile and internet sales and 81.6 82.2 3 effective execution of our multiplay strategy 80 77.7 3 ● Effective upselling of products under our 70 2.43
Slide 11: High base and growing ARPU of prepaid services
High base and growing ARPU of prepaid services Prepaid RGU1) ● High prepaid RGU base of 2.3m in a highly competitive market 2.43m 2.28m 2.26m ● ARPU increased by 4.7% YoY in the prepaid services segment, reaching PLN 17.8 ● Dynamic growth in Polsat Box Go Q1'25 Q4'25 Q1'26 Mobile telecommunications
Slide 12: High base and growing ARPU of B2B customers
High base and growing ARPU of B2B customers Number of B2B customers ● We provide services to over 67k B2B customers, successfully maintaining the scale 68.0k 67.4k 67.0k of this base ● ARPU per B2B customer increased by 3.8% YoY, to PLN 1,565 per month, driven by Q1'25 Q4'25 Q1'26 flexible business
Slide 13: Media segment: TV and online
Media segment: TV and online Janusz Pliszka Member of the Management Board, Telewizja Polsat
Slide 14: Strong viewership performance of TV Polsat Group channels in Q1'26
Strong viewership performance of TV Polsat Group channels in Q1’26 Audience shares Market expenditures on TV advertising and sponsorship Main channels Thematic channels +2.0% 8.0% 14.2% 14.3% 1,112 1,134 7.6% 5.0% Group’s share (mPLN) 4.7% 6.5% 28.7% 28.5% Polsat TVN TVP2 TVP1 POLSAT1) Warner TVP Q1
Slide 15: Very strong position in the online media market
Very strong position in the online media market – Polsat-Interia Group was the leader in Q1’26 Average monthly number of users ● Polsat-Interia Group is #1 on the internet market among publishers in Poland1) 21.0 20.5 19.6 18.8 20.9 19.4 16.9 (million RU) 13.8 15.1 13.1 ● Polsat-Interia Group is the
Slide 16: Very strong spring schedule and attractive sports events
Very strong spring schedule and attractive sports events 21.9% audience share thanks to a very strong spring schedule and broadcasts of attractive sports events 16
Slide 17: Green energy segment
Green energy segment Bartłomiej Drywa Member of the Management Board
Slide 18: Growth of energy production by 18% thanks to wind capacity
Growth of energy production by 18% thanks to the expansion of wind production capacity Renewable energy production ● Increase in green energy production to 327 GWh driven by expansion of installed +18% 327 capacity at wind farms 278 ● Start-up of the Drzeżewo wind farm drove [GWh] a 67% YoY increase
Slide 19: PLN 99m EBITDA in the green energy segment in Q1'26
PLN 99m EBITDA in the green energy segment in Q1’26 EBITDA ● EBITDA growth by 73% YoY in Q1’26, supported by higher wind generation +73.0% 98.8 57.1 (mPLN) Q1'25 Q1'26 19
Slide 20: Financial results
Financial results Katarzyna Ostap-Tomann CFO, Member of the Management Board
Slide 21: Results of the Group in Q1'26
Results of the Group in Q1’26 Revenue Adjusted EBITDA1) Net profit +3.0% 3,530 3,635 +4.7% 809 847 +54.1% 134 (mPLN) (mPLN) 87 (mPLN) Q1'25 Q1'26 Q1'25 Q1'26 Q1'25 Q1'26 LTM FCF1) Net debt/EBITDA LTM (excl. project financing) +62.6% 1,197 3.59x 3.68x 736 (mPLN) 2025 LTM 3M'26 2025 Q1'26 (1) Adjusted
Slide 22: Revenue and EBITDA – change drivers in Q1'26
Revenue and EBITDA – change drivers in Q1’26 Revenue EBITDA +3.0% | +105 m 3,635 +4.7% | +38 m 3,530 847 -27 -12 -9 +17 +136 809 -13 +14 +42 -5 (mPLN) (mPLN) 23% 23% EBITDA margin Revenue Przychody B2C and Media Green energy Real Consolidation Revenue Przychody Adjusted EBITDA B2C and Media Gree
Slide 23: Strong, recurring FCF
Strong, recurring FCF - 303 557 -2 183 3 155 (mPLN) 46 384 -1 261 1 197 802 813 0 - 35 Adjusted Change in Tax and Cash used in Interests, FCF LTM Telco Acquisitions2) Adjusted Green Adjusted FCF EBITDA LTM1) working other investing leasing & after interest frequency FCF LTM energy after interest Q1’
Slide 24: Capex under control
Capex under control Capex by segment in Q1’26 ● TMT1) is capex-light – capex/revenue ratio at 6% in Q1’26 324 Development ● Significantly lower development capex in 6% capex the green energy segment: PLN 31m in Q1’26 (-80% YoY) 195 (mPLN) 157 Development ● We are finalizing capital-intensive capex i
Slide 25: The Group's debt
The Group’s debt Debt structure (excl. project financing) as at 31 Mar. 2026 mPLN Balance value as at 31 Mar. 2026 31 Dec. 2025 EUR Bonds 18% 32% Variable Loans and borrowings, including: 10,424.7 10,485.6 Bank interest rate loans and borrowings liabilities excl. project loans PLN 100% 8,293.8 8,351
Slide 26: Summary and Q&A
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Slide 27: Summary
Summary ● Strong Q1’26 results reflect the impact of the first strategic decisions at the operational level ● We have developed a strategic framework for further cooperation with Cellnex to support cost-efficient 5G Plus roll-out, coverage and service quality ● Strategic investments in key sports co
Slide 28: Polsat Q&A
Polsat Q&A
Slide 29: Additional information
Additional information
Slide 30: Results of the B2C and B2B services segment
Results of the B2C and B2B services segment mPLN Q1’26 YoY change ● Stable revenue is the net effect of higher retail revenues, supported by ARPU growth and stronger Revenue 2,605 0% sales momentum in multiplay, offset by lower equipment sales; Operating costs1) 1,995 0% ● Stable costs driven, among
Slide 31: Results of the media segment: television and online
Results of the media segment: television and online mPLN Q1’26 YoY change ● Segment revenue growth was driven by higher advertising and sponsorship revenues, as well as Revenue 595 3% higher revenues from cable and satellite operators; ● EBITDA was impacted by higher operating costs, Operating costs
Slide 32: Results of the green energy segment
Results of the green energy segment mPLN Q1’26 YoY change ● Revenue growth was primarily driven by a significantly Revenue, incl.: 524 35% higher volume of wind energy generation following the commissioning of the Drzeżewo wind farm, as well as Revenue from sale of generated higher trading revenues;
Slide 33: Results of the real estate segment
Results of the real estate segment mPLN Q1’26 YoY change ● YoY decline in revenues and EBITDA, reflecting a high comparison base related to the completion of the Revenue 33 -45% investment in Port Praski (1–3 Sierakowskiego Street) and the resulting handover of a significant number of Operating cost
Slide 34: Revenue structure
Revenue structure mPLN 1,859 3% ● Higher retail revenues, driven by very good sales of Internet access Retail revenue and mobile telephony services, particularly within the multiplay 1,799 offering; ● Higher wholesale revenue, mainly due to the recognition of higher 789 3% roaming revenue as wel
Slide 35: Operating costs structure
Operating costs structure mln PLN Technical costs and cost of 884 4% ● Higher technical costs and cost of settlements with telecommunication settlements with telecommunication… 854 operators, primarily due to the recognition of higher roaming-related costs Depreciation, amortization, impairment 39
Slide 36: Adjusted EBITDA by quarter
Adjusted EBITDA by quarter mPLN 2025 2026 Q1 Q2 Q3 Q4 2025 Q1 Adjusted EBITDA 809.3 823.8 765.8 718.3 3,117.2 847.0 Gain/(loss) on disposal of a subsidiary and an associate -0.2 - - - -0.2 - Environmental remediation provision (real estate segment) - - - 31.8 31.8 - One-off recognition of sales comm
Slide 37: FCF on a quarterly basis
FCF on a quarterly basis mPLN 2025 2026 Q1 Q2 Q3 Q4 2025 Q1 Net cash from operating activities 683.6 784.8 904.1 767.3 3,139.8 952.4 Net cash from/(used in) investing activities 27.4 -394.2 -582.9 -351.9 -1,301.6 -853.6 Repayment of interest on loans, borrowings and bonds, settlement of -370.1 -174.
Slide 38: We have 485 MW of installed renewable energy capacity
We have 485 MW of installed renewable energy capacity Kazimierz Biskupi 17.5 MW • Production capacity: 60 GWh Drzeżewo 138.6 MW • Launched (Q3’23) • Production capacity: 410 GWh • Launched (Q1’26) Miłosław 9.6 MW 2 • Production capacity: 38 GWh Człuchów 72.6 MW biomass 105 MW • Launched (Q3’23) turb
Slide 39: We operate a unique, complete value chain of green hydrogen
We operate a unique, 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 Electrol
Slide 40: 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 41: 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 42: Investor Relations
Investor Relations Cyfrowy Polsat S.A. Konstruktorska 4 02-673 Warsaw Email: ir@cyfrowypolsat.pl https://grupapolsatplus.pl