Cyfrowy Polsat Sa · GPW:CPS
Cyfrowy Polsat Sa — Q4 2025 Earnings Presentation
46 slides from Cyfrowy Polsat Sa's earnings presentation, Apr 29, 2026
Slide 1: Financial results Q4'25 / FY2025
Financial results Q4’25/ FY2025 29 April 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 in 2025 2. Operating results 3. Financial results
Slide 4: Key highlights in 2025
Key highlights in 2025 Bartłomiej Drywa Member of the Management Board
Slide 5: Telecommunications
Telecommunications ● Very strong results of the new multiplay offer: – ARPU growth across all customer segments – Significant RGU increase driven by very strong sales of internet and mobile services – Effective customer saturation with additional services ● Our 5G Plus network covers 26 million peop
Slide 6: Media
Media ● We achieved very strong viewership results of our TV channels, with a 22.5% market share in 2025 ● We maintain a strong and stable position in the television advertising market, with a 28% market share ● Polsat-Interia Group is the leading online publisher in Poland ● We have a very strong p
Slide 7: Green energy
Green energy ● We completed strategic investments in the green energy segment – our renewable energy portfolio now totals 485 MW of installed capacity ● In Q1’26, we obtained an energy generation license for the Drzeżewo wind farm with a capacity of 139 MW ● We expanded the capacity of the green hyd
Slide 8: Corporate events and finance
Corporate events and finance ● We made an early partial repayment of PLN 681 million under our SFA facility, using proceeds from the sale of a 10% stake in Asseco Poland ● We obtained an investment loan of up to PLN 953 million to finance the Drzeżewo wind farm project ● In December 2025, a court in
Slide 9: Operating results
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Slide 10: B2C and B2B services segment
B2C and B2B services segment Maciej Stec Vice-President of the Management Board
Slide 11: 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 +1.3% ● Increase of the multiplay customer base by 3500 2,998 3,022 3,036 (thous. customers) 65% 3000 38k YoY due to the successful upselling of 2500 2000 60% 55% 50% servic
Slide 12: We provide over 13.5m contract services
We provide over 13.5m contract services Number of RGUs in the B2C contract segment ● Increase in the number of mobile and fixed internet services by 269k YoY +2.4% ● Very strong sales of mobile telephony 13.21m 13.39m 13.52m services, up by 180k YoY 2.1m 2.3m 2.4m ● Pressure on the pay TV service ba
Slide 13: Growing ARPU per B2C customer thanks to multiplay strategy
Growing ARPU per B2C customer thanks to the consistent implementation of our multiplay strategy +5.4% ● ARPU increased 5.4% YoY, driven by very 80.3 81.6 3 77.4 strong mobile and internet sales and 80 3 effective execution of our multiplay strategy 70 2 2.40 ● Effective upselling of products under o
Slide 14: 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 2.47m 2.41m 2.28m ● ARPU increased by 5.2% YoY in the prepaid services segment, reaching PLN 18.2 ● We strengthened the Polsat Box Go offering Q4'24 Q3'25 Q4'25 Mobile telecomm
Slide 15: 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 68.2k 67.6k 67.4k of this base ● ARPU per B2B customer increased by 2.4% YoY, to PLN 1,567 per month, in a highly Q4'24 Q3'25 Q4'25 competitive envi
Slide 16: Media segment: TV and online
Media segment: TV and online Janusz Pliszka Member of the Management Board, Telewizja Polsat
Slide 17: Viewership and position in the advertising market in Q4'25
Viewership and position in the advertising market in Q4’25 Audience shares Market expenditures on TV advertising and sponsorship Main channels Thematic channels +2.5% 7.9% 8.1% 14.8% 13.4% 1,503 1,540 4.8% 4.6% Group’s share (mPLN) 6.2% 28.1% 27.7% Polsat TVN TVP2 TVP1 POLSAT 1) Warner TVP Q4'24 Q4'
Slide 18: Viewership and position in the advertising market in 2025
Viewership and position in the advertising market in 2025 Audience shares Market expenditures on TV advertising and sponsorship Main channels Thematic channels +1.2% 7.5% 7.6% 15.0% 14.1% 4,961 5,022 4.7% 4.4% Group’s share (mPLN) 6.7% 28.0% 28.0% Polsat TVN TVP1 TVP2 POLSAT 1) Warner TVP 2024 2025
Slide 19: Very strong position in the online media market
Very strong position in the online media market – Polsat-Interia Group was the leader in 2025 Average monthly number of users ● Polsat-Interia Group #1 among online publishers in Poland both in Q4’25 and FY 20.8 20.4 20.3 18.8 20.7 19.5 16.6 15.4 (million RU) 13.9 20251) 13.3 ● In Q4’25, Polsat-Inte
Slide 20: Strong programming schedules and attractive sports events in 2025
Strong programming schedules and attractive sports events in 2025 22.5% viewership market share driven by high-quality programming schedules and broadcasts of attractive sports events 20
Slide 21: Green energy segment
Green energy segment Bartłomiej Drywa Member of the Management Board
Slide 22: 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 23: Growth of energy production by 14%
Growth of energy production by 14% thanks to the expansion of wind production capacity Renewable energy production ● Green energy production increased in +10% 324 Q4’25 and 2025, driven by capacity 295 expansion at wind farms, despite 190 169 [GWh] 116 126 unfavourable weather conditions 9 8 ● The c
Slide 24: PLN 264m EBITDA in the green energy segment in 2025
PLN 264m EBITDA in the green energy segment in 2025 ● EBITDA growth by 13% YoY in Q4’25, EBITDA reflecting higher wind energy production +13.0% (mPLN) volumes 79 89 ● EBITDA in 2025 impacted by persistently low energy prices, a high base following Q4'24 Q4'25 exceptionally strong biomass energy sale
Slide 25: Financial results
Financial results Katarzyna Ostap-Tomann CFO, Member of the Management Board
Slide 26: Summary of the Group's financial results
Summary of the Group’s financial results Revenue Adjusted EBITDA1) Net result -1.5% -8.0% 168 3,827 3,772 781 718 Q4'24 Q4'25 (mPLN) (mPLN) (mPLN) -2,860 Q4'24 Q4'25 Q4'24 Q4'25 +0.4% -5.5% 14,266 14,324 777 3,300 3,117 2024 2025 (mPLN) (mPLN) (mPLN) -2,603 2024 2025 2024 2025 (1) EBITDA adjusted fo
Slide 27: Summary of the Group's financial results
Summary of the Group’s financial results LTM FCF1) Net debt/EBITDA LTM (excl. project financing) 1,303 -43.5% 3.59x 3.59x 736 2024 2025 2024 2025 (1) Adjusted FCF after interests and excluding development capex in the green energy segment 27
Slide 28: Revenue and EBITDA – change drivers in Q4'25
Revenue and EBITDA – change drivers in Q4’25 Revenue EBITDA 1.5% | -55m -8.0% | -63m 3,827 781 3,772 740 +10 718 -29 +28 +52 -115 +9 +41 -30 +31 637 -74 -82 (mPLN) (mlPLN) 20% 19% 19% 17% EBITDA margin Revenue Przychody B2C and Media Green energy Real Consolidation Revenue Przychody EBITDA E
Slide 29: Revenue and EBITDA – change drivers in 2025
Revenue and EBITDA – change drivers in 2025 Revenue EBITDA +0.4% | +58m 14,324 -5.5% | -183m 14,266 3,438 3,300 -8 +22 +82 -85 +47 3,117 3,017 -138 -98 -24 -18 -43 -100 (mPLN) (mPLN) 24% 23% 22% EBITDA margin 21% Przychody Revenue B2C and Media Green energy Real Consolidation Przychody Reven
Slide 30: Strong cash generation despite high interest costs
Strong cash generation despite high interest costs 389 - 367 -1 302 3 117 (mPLN) -1 308 52 362 - 718 510 736 704 530 0 226 EBITDA FCF LTM Adjusted Adjusted FCF Change in Tax and other Cash used in Interests, Telco Acquisitions2) Disposal Green adjusted1) leasing & after interest frequency FCF LTM af
Slide 31: Capex under control
Capex under control Capex by segment in Q4’25 ● TMT1) is capex-light – capex/revenue ratio Development Development at 7% in Q4’25 and 8% in 2025 7% capex capex 394 ● Significantly lower development capex in 202 240 90 the green energy segment: PLN 90m in 14 11 Q4’24 Q4’25 Q4’24 Q4’25 Q4’25 (-77% YoY
Slide 32: The Group's debt
The Group’s debt Debt structure (excl. project financing) Balance value as at as at 31 Dec. 2025 mPLN 31 Dec. 2025 31 Dec. 2024 EUR Bonds 17% Loans and borrowings, including: 10,485.6 10,457.8 32% Variable Bank loans PLN interest rate loans and borrowings liabilities excl. project 8,351.9 9,036.6 68
Slide 33: Polsat Q&A
Polsat Q&A
Slide 34: Additional information
Additional c AS) —_ 4) = Som 2 s
Slide 35: Results of the B2C and B2B services segment
Results of the B2C and B2B services segment mPLN Q4’25 YoY change ● Revenue remained broadly stable, reflecting higher retail revenue supported by growing ARPU, offset by Revenue 2,681 -1% lower equipment sales ● Adjusted EBITDA under pressure due to higher Operating costs1) 2,218 2% operating costs
Slide 36: Results of the media segment: television and online
Results of the media segment: television and online mPLN Q4’25 YoY change ● Revenue increased by PLN 27m, driven by Revenue 725 4% higher advertising and sponsorship revenues, and higher revenues from cable and satellite operators Operating costs1) 590 1% ● Operating costs remained broadly stable, a
Slide 37: Results of the green energy segment
Results of the green energy segment mPLN Q4’25 YoY change ● Higher revenues from hydrogen bus sales, Revenue, incl.: 455 13% driven by a significantly higher delivery volume Revenue from sale of generated (14 buses delivered in 4Q’25 vs. 3 in 4Q’24). 189 21% electricity2) ● Higher revenues from own
Slide 38: Results of the real estate segment
Results of the real estate segment mPLN Q4’25 YoY change ● YoY decline in revenues and EBITDA, reflecting a high comparison base related to the completion of the Revenue 31 -79% investment in Poer Praski (1–3 Sierakowskiego Street) and the resulting handover of the majority of residential Operating
Slide 39: Revenue structure
Revenue structure mPLN ● Higher retail revenue, driven mainly by very good sales of 1,855 telecommunication services to contract customers, supported by our new Retail revenue 1,810 3% multiplay offer; ● Higher wholesale revenue, mainly due to the recognition of higher roaming 923 revenue and adve
Slide 40: Operating costs structure
Operating costs structure mPLN ● Higher technical costs and cost of settlements with telecommunication operators, Technical costs and cost of settlements 894 primarily due to the systematic development of our mobile telecommunications network with telecommunication operators 872 3% and higher cost
Slide 41: Adjusted EBITDA by quarter
Adjusted EBITDA by quarter 2024 2025 mPLN Q1 Q2 Q3 Q4 2024 Q1 Q2 Q3 Q4 2025 Adjusted EBITDA 772.3 843.9 902.8 780.9 3,299.9 809.3 823.8 765.8 718.3 3,117.2 Gain/(loss) on disposal of a subsidiary and an associate 10.0 - - - 10.0 -0.2 - - - -0.2 Environmental remediation provision (real estate segmen
Slide 42: FCF on a quarterly basis
FCF on a quarterly basis 2025 mPLN Q1 Q2 Q3 Q4 2025 Net cash from operating activities 683.6 784.8 904.1 767.3 3,139.8 Net cash from/(used in) investing activities 27.4 -394.2 -582.9 -351.9 -1,301.6 Repayment of interest on loans, borrowings and bonds, settlement of derivative -370.1 -174.6 -356.2 -
Slide 43: 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 44: 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 45: 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 46: Investor Relations
Investor Relations Cyfrowy Polsat S.A. Konstruktorska 4 02-673 Warsaw Email: ir@cyfrowypolsat.pl https://grupapolsatplus.pl