Cyfrowy Polsat Sa · GPW:CPS
Cyfrowy Polsat Sa — Q2 2025 Earnings Presentation
44 slides from Cyfrowy Polsat Sa's earnings presentation, Aug 21, 2025
Slide 1: Financial results Q2'25
Financial results Q2’25 21 August 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 Key figures
Key highlights Key figures B2C and B2B services ● We have launched a new, flexible multiplay offer focused on consistently building customer value PLN 3.6 billion PLN 824 million revenue djusted EBITDA1 Media: TV and online ● Very strong viewership results, aligned with our long-term +3.9% YoY -2.4%
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 Q2'25
Viewership and position in the advertising market in Q2’25 Audience shares Market expenditures on TV advertising and sponsorship Main channels Thematic channels +3.2% 7.3% 7.5% 15.2% 14.4% 1,283 1,324 5.1% Group share (mPLN) 4.0% 6.8% 28.2% 28.2% Polsat TVN TVP1 TVP2 POLSAT 1) Warner TVP Q2'24 Q2'25
Slide 9: Viewership and position in the advertising market in H1'25
Viewership and position in the advertising market in H1’25 Audience shares Market expenditures on TV advertising and sponsorship Main channels Thematic channels +2.2% 7.4% 7.5% 14.9% 14.5% 2,386 2,438 4.8% Group share (mPLN) 4.4% 6.8% 28.0% 28.4% Polsat TVN TVP1 TVP2 POLSAT 1) Warner TVP H1'24 H1'25
Slide 10: A very strong position in the online portal market
A very strong position in the online portal market – Polsat-Interia was the leader in Q2’25 Average monthly number of users ● Polsat-Interia Group was #1 on the internet market among publishers in Poland in Q2’251) 20.4 21.0 20.5 19.8 20.2 20.9 17.0 17.1 16.2 15.5 (million RU) ● In Q2’25, Polsat-Int
Slide 11: Strong performance of the spring schedule and engaging sports content
Strong performance of the spring schedule and engaging sports content Audience shares increased to 22.5% thanks to a very good programming schedule and braodcasts 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: Choose 2 services for PLN 80
We are intensifying our focus on ARPU per customer growth as part of our new ultra-flexible multiplay offering Choose 2 services for PLN 80 Mobile subscription Fixed-line internet 5G LTE/5G internet Polsat Box television 180 GB up to 600 Mb/s 600 GB up to 85 channels + Add an additional service for
Slide 14: Simplifying the multiplay strategy leads to a new, clearer definition of the multiplay customer
Simplifying the multiplay strategy leads to a new, clearer definition of the multiplay customer Decomposition of the multiplay customer base – Q2’25 ● We have over 3 million multiplay customers 268 3,013 3 013 according to the new definition 209 (thous. customers) 2,536 ● The new definition includes
Slide 15: Over 3 million customers use our multiplay offering
Over 3 million customers use our multiplay offering Number of multiplay customers1) ● High and stable base of multiplay customers +1.7% despite challenging market conditions 3500 2,964 3,009 3,013 (thous. customers) 65% 3000 ● Increase of the multiplay customer base by 2500 2000 60% 55% 50% 49k YoY
Slide 16: 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, +209k YoY +1.5% ● Increase in the number of mobile and fixed 13.09m 13.29m 13.28m internet services provided by 159k YoY 2.0m 2.1m 2.2m ● Pressure on the pay TV service ba
Slide 17: ARPU growth in B2C thanks to the consistent implementation of our multiplay strategy
ARPU growth in B2C thanks to the consistent implementation of our multiplay strategy +4.3% ● 4.3% YoY rise in ARPU is driven by strong 77.7 78.4 75.2 3 sales of mobile and internet services as well as the effective execution of the multiplay 70 3 strategy 60 2 2 2.32 2.33 Effective upselling of prod
Slide 18: 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 despite intense market 2.61m 2.43m 2.38m competition ● High ARPU in the prepaid segment at the level of PLN 17.7 Q2'24 Q1'25 Q2'25 Mobile telecommunications services 2) Pay TV ARPU1
Slide 19: 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 68.5k 68.0k 68.0k of this base ● ARPU per B2B customer increased by 4.0% YoY up to PLN 1,545 per month in a highly Q2'24 Q1'25 Q2'25 competitive
Slide 20: Green energy segment
Green energy segment Maciej Stec Vice-President for Strategy
Slide 21: Dynamic growth of energy production by 41% thanks to the expansion of wind production capacity
Dynamic growth of energy production by 41% thanks to the expansion of wind production capacity Renewable energy production ● Green energy production up 41% YoY to +41% 314 314 GWh in Q2’25 [GWh] 222 175 ● Green energy production up 41% YoY to 65 111 124 33 29 592 GWh in H1’25 Q2’24 Q2’25 Q2’24 Q2’25
Slide 22: Already PLN 123m EBITDA from the green energy segment in H1'25
Already PLN 123m EBITDA from the green energy segment in H1’25 ● We maintain a high level of EBITDA in the EBITDA green energy segment despite low market (mPLN) energy prices in H1’25 and a high 71 66 comparative base resulting from a very good result on biomass energy sales in 2024 Q2'24 Q2'25 ● By
Slide 23: Financial results
Financial results Katarzyna Ostap-Tomann CFO, Member of the Management Board for ESG
Slide 24: Results of the Group in Q2'25
Results of the Group in Q2’25 Revenue Adjusted EBITDA1) Net profit +3.9% -2.4% 3,454 3,590 844 824 -35.6% 176 113 (mPLN) (mPLN) (mPLN) Q2'24 2Q'25 Q2'24 Q2'25 Q2'24 Q2'25 LTM FCF2) Net debt/EBITDA LTM (excl. project financing) -20.3% 1,303 3.59x 3.66x 1,038 (mln PLN) 2024 LTM 6M'25 2024 Q2'25 Note:
Slide 25: Revenue and EBITDA – change drivers
Revenue and EBITDA – change drivers Revenue EBITDA +3.9% | +136m -2.4% | -20 m 3,590 865 3,454 844 824 805 +6 +56 +7 +72 -5 -21 -20 -4 -6 +10 -19 (mPLN) 25% 24% 23% 22% EBITDA margin Revenue Revenue B2C and Media Green energy Real Consolidation Revenue Revenue EBITDA EBITDA Gain on the sale Adju
Slide 26: Very good cash generation capacity despite high interest costs
Very good cash generation capacity despite high interest costs 115 including 248 NWC change -1 821 3 317 (mPLN) -1 358 106 -14 1 038 433 978 -718 0 253 60 Adjusted FCF LTM Adjusted Adjusted FCF EBITDA LTM1) Change in Cash used in Interests, after interest Telco Acquisitions2) Disposal Disposal of FC
Slide 27: Capex under control
Capex under control Capex by segment in Q2’25 ● In the TMT1) area, capex/revenue ratio at Development Development capex capex 7% in Q2’25 7% (mPLN) ● Development capex in the green energy 189 235 168 150 segment at PLN 150m in Q2’25 1 15 Q2’24 Q2’25 Q2’24 Q2’25 Q2’24 Q2’25 ● We are finalizing the co
Slide 28: The Group's debt
The Group’s debt Debt structure Balance value as at (excl. project financing) mPLN as at 30.06.2025 EUR 30 June 2025 Bonds 17% 32% Loans and borrowings, including: 9,751 Bank loans 68% PLN loans and borrowings liabilities excl. project financing1) 8,349 83% project financing liabilities 1,401 Bonds
Slide 29: Summary and Q&A
Summary and Q&A Andrzej Abramczuk President of the Management Board
Slide 30: Good operating and financial results in Q2'25
Good operating and financial results in Q2’25 ● We delivered strong financial results – revenue reached PLN 3.6 billion with adjusted EBITDA of PLN 823.8 million ● We simplified our multiplay offer and continue to consistently execute our strategy of building customer value ● Thanks to a successful
Slide 31: Polsat Q&A
Polsat Q&A
Slide 32: Additional information
Additional information
Slide 33: Results of the B2C and B2B services segment
Results of the B2C and B2B services segment mPLN Q2’25 YoY change ● Stable revenue, mainly driven by growth in Revenue 2,615 0% retail revenue due to higher ARPU, offset by lower equipment sales Operating costs1) 2,021 2% ● Stable operating costs despite pressure from increased network maintenance a
Slide 34: Results of the media segment: television and online
Results of the media segment: television and online mPLN Q2’25 YoY change ● Lower revenue from cable and satellite Revenue 658 -1% operators, as well as from license and sublicense sales, partially offset by higher advertising revenue Operating costs1) 517 -1% ● Operating costs decreased, driven by
Slide 35: Results of the green energy segment
Results of the green energy segment mPLN Q2’25 YoY change ● Growth in energy sales from own production, Revenue, incl.: 380 17% primarily driven by the ongoing expansion of Revenue from sale of generated 173 38% wind farm capacity, partially offset by lower electricity2) revenue from energy trading
Slide 36: Results of the real estate segment
Results of the real estate segment mPLN Q2’25 YoY change ● Increase in revenue and EBITDA, resulting Revenue 41 21% among others from apartment sales in tje recently completed residential project at 1-3 Sierakowskiego Street in Port Praski Operating costs1) 30 -4% ● The process of obtaining a buildi
Slide 37: Revenue structure
Revenue structure mPLN ● Higher retail revenue driven mainly by very good sales of telecommunication services to 1,811 B2C contract customers and B2B customers and effective execution on sales of multiplay Retail revenue 1,784 2% services, as reflected by an increase in ARPU per B2C contract custo
Slide 38: Operating costs structure
Operating costs structure mPLN Technical costs and cost of settlements 880 ● Higher technical costs and cost of settlements with telecommunication operators with telecommunication operators 820 7% primarily due to the development of our telecommunications network and higher network maintenance cos
Slide 39: 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 40: 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 Gdańsk: • Gdańsk: operational • 0.5 MW alkaline electrolyser built • Gdynia: operational • Construction of a 2.5 MW PEM electrolyser 2.5 MW PEM Electrolysis plant NESO H2 refuelling station •
Slide 41: Number of multiplay customers – historical and restated data
Number of multiplay customers – historical and restated data Q2’24 Q3’24 Q4’23 Q1’25 Q2’25 Number of multiplay customers (thou.) 2,964 2,981 2,998 3,009 3,013 definition New Saturation of customer base with multiplay (%) 51.5% 51.9% 52.3% 52.6% 52.9% Number of RGU held by multiplay customers (thou.)
Slide 42: 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 43: 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 44: Investor Relations
Investor Relations Cyfrowy Polsat S.A. Konstruktorska 4 02-673 Warsaw Email: ir@cyfrowypolsat.pl https://grupapolsatplus.pl