Orange Polska S.a. · GPW:OPL
Orange Polska — Q2 2026 Earnings Presentation
23 slides from Orange Polska's earnings presentation, Jul 28, 2026
Slide 1: Orange Polska 2Q 2026 results
Orange Polska 28 July 2026 2Q 2026 results Lead the Future 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: Highlights & Business review
Highlights & Business review Liudmila Climoc Chief Executive Officer 3
Slide 4: Excellent 2Q/1H'26 commercial and financial performance
GROW Excellent 2Q/1H’26 commercial and financial performance ENHANCE profitably network EMPOWER VALUE creation people TRANSFORM & innovate Profitable growth driven by all business engines: ▪ Core telco services: solid customer demand & better ARPO dynamics ▪ B2B: improving profitability fuelled by s
Slide 5: Very successful commercial growth both in volume and value
GROW profitably Very successful commercial growth both in volume and value Mobile and fibre net adds create pool for future convergence growth #1 in MNP* PLN Mobile-only handset ARPO PLN Fixed broadband-only ARPO PLN Convergence ARPO 30.5 +2.1% yoy 72.2 +4.3% yoy 134.7 +4.5% yoy Strong momentum in m
Slide 6: Robust performance of B2B and Wholesale supported by big contracts
GROW profitably Robust performance of B2B and Wholesale supported by big contracts; rising activity in the defence sector B2B improves its performance Wholesale boosts asset monetisation IT&IS Wholesale revenues* IT&IS revenues +50% +17% 600 Spectacular IT&IS revenue Strong revenue growth 238 401 gr
Slide 7: 360 transformation drives operational excellence & efficiency increase
3600 transformation drives operational excellence & efficiency TRANSFORM & innovate increase ▪ Transformation is a strategic lever of value creation in Lead the Future ▪ Ambitious transformation plan covers our entire operating model Indirect costs flat yoy* in 1H 2026 Transformation initiatives acr
Slide 8: Improved 2026 goals underscored by at least +20% yoy OCF growth
GROW ENHANCE Improved 2026 goals underscored by at least +20% yoy OCF growth profitably network EMPOWER VALUE creation people TRANSFORM & innovate 2026 guidance as presented in 2026 updated guidance February upgraded Revenues yoy low single digit growth* low-to-mid single digit growth* upgraded EBIT
Slide 9: Financial review
Financial review Jacek Kunicki Chief Financial Officer 9
Slide 10: 2Q results deliver strong 1H growth
VALUE creation 2Q results deliver strong 1H growth: revenues +7.6% yoy, EBITDAaL +6.2% yoy and OCF +43% yoy in PLNm 2Q’26 yoy 1H’26 yoy ▪ Excellent growth of all business engines revenues 3,500 +12.3% 6,683 +7.6% ▪ Core telecom services +5% yoy EBITDAaL 929 +3.1% 1,842 +6.2% ▪ Robust underlying grow
Slide 11: Steep 2Q revenue growth with +5% core telecom services & +50% IT&IS
Steep 2Q revenue growth Revenue evolution (yoy change in %) with +5% yoy core telecom 12.3% services & +50% yoy IT&IS 9,3% 6,8% 4.9% 4,6% 4.8% 6,5% 5,5% 2.9% 1,1% 2Q'25 3Q'25 4Q'25 1Q'26 2Q'26 Total reported Core telecom services* ▪1 Core telecom services* (+4.9% yoy) Revenue evolution breakdown ▪ U
Slide 12: 2Q EBITDAaL +3.1% yoy showcasing very strong underlying performance
2Q EBITDAaL +3.1% yoy EBITDAaL evolution (yoy change in %) showcasing very strong 9,5% underlying performance 6,2% 4,3% 3,1% 2,9% 2Q'25 3Q'25 4Q'25 1Q'26 2Q'26 1▪ EBITDAaL +3.1% yoy: ▪ Very strong underlying growth (note +PLN 75m one-off in Q2’25)* EBITDAaL evolution breakdown (yoy change in PLNm) 2
Slide 13: 1H net income +24% yoy
1H net income +24% yoy Net income evolution in 1H 2026 (yoy change in PLNm) +24% +16 -11 576 ▪1 EBITDAaL growth – sustainable net -46 +63 -18 income growth potential +107 ▪2 Depreciation growth linked to new 465 5G licence and change in capex structure ▪3 Very high gain from real estate disposals Re
Slide 14: 1H eCapex reflects investments in connectivity and high property disposals
1H eCapex reflects investments in connectivity and high Investment areas property disposals (in PLNm) 110 147 Fibre 197 184 Mobile network 226 253 ▪ Growth in fibre due to network rollout Fixed & core network in EU subsidised projects (PLN 74m) ▪ Mobile reflects 5G network rollout in IT Systems and
Slide 15: 1H OCF +PLN 150m yoy
1H OCF +PLN 150m yoy Cash flow evolution breakdown in 1H 2026 in PLNm OCF reflects: yoy change +137 -295 +208 +107 -9 +149 +647 +796 ▪ >6% EBITDAaL growth ▪ Higher working capital reflects 1,935 growing business and timing -303 ▪ Different phasing of capex through -982 the year +135 ▪ High proceeds
Slide 16: Summary
Summary Liudmila Climoc Chief Executive Officer 16
Slide 17: Summary
Summary Excellent commercial and financial results in 1H leading to upgrade of full-year targets 2H focus on high commercial season and transformation initiatives for 2027 Development of new growth areas for the future 17 17
Slide 18: Q&A
Q&A 18 18
Slide 19: Appendix
Appendix 19
Slide 20: Reconciliation of operating performance measure
Reconciliation of operating performance measure Disclosures on performance measures have been presented in the Note 2 to Condensed IFRS Quarterly Consolidated Financial Statements of the Orange Polska Group for the 6 months ended 30 June 2026 (available at https://www.orange-ir.pl/results-center/).
Slide 21: Details of bottom line evolution in 2Q'26 and 1H'26
Details of bottom line evolution in 2Q’26 and 1H’26 in PLNm 2Q 2026 2Q 2025 Change 1H 2026 1H 2025 Change EBITDAaL 929 901* +28 1,842 1735* +107 Gain on sale of Orange Energy shares 0 71 -71 0 71 -71 Gains on disposal of assets 32 15 +17 82 19 +63 D&A of PPE and intangible assets -542 -511 -31 -1,07
Slide 22: Details of organic cash flow evolution in 2Q'26 and 1H'26
Details of organic cash flow evolution in 2Q’26 and 1H’26 in PLNm 2Q 2026 2Q 2025 Change 1H 2026 1H 2025 Change Net cash flow from operating activities 1,019 961 +58 1,935 1,798 +137 before change in working capital Change in working capital* -125 100 -225 -303 -8 -295 Net cash flow from operating a
Slide 23: 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