Consolidated report for H1 2025

Cyfrowy Polsat S.A. Capital Group

Warsaw, August 20, 2025

Interim condensed consolidated financial statements for the six months ended June 30, 2025

Independent auditor's review report on the interim condensed consolidated financial statements for the six month period ended June 30, 2025

Interim condensed financial statements for the six months ended June, 2025

Independent auditor's review report on the interim condensed financial statements for the six month period ended June 30, 2025

Report of the Management Board on the activities of Cyfrowy Polsat S.A. Capital Group for the six month period ended June 30, 2025

Statement of the Management Board

Approval of the Interim Condensed Consolidated Financial Statements 3

Interim Consolidated Income Statement 4

Interim Consolidated Statement of Comprehensive Income 5

Interim Consolidated Balance Sheet 6

Interim Consolidated Cash Flow Statement 8

Interim Consolidated Statement of Changes in Equity 10

Notes to the Interim Condensed Consolidated Financial Statements 12

General information 12

1. The Parent Company 12

2. Composition of the Management Board of the Company 12

3. Composition of the Supervisory Board of the Company 13

4. Basis of preparation of the interim condensed consolidated financial statements 13

5. Group structure 16

6. Approval of the Interim Condensed Consolidated Financial Statements 24

   Explanatory notes 24

7. Information on seasonality in the Group's operations 24

8. Revenue 24

9. Operating costs 25

10. Finance income 26

11. Finance costs 27

12. Equity 28

13. Hedge valuation reserve 32

14. Loans and borrowings 32

15. Issued bonds 32

    Other notes 33

16. Acquisition of subsidiaries 33

17. Operating segments 35

18. Transactions with related parties 39

19. Contingent liabilities 42

20. Risk and fair value 43

21. Important agreements and events 46

22. Events subsequent to the reporting date 49

23. Other disclosures 50

24. Judgments, financial estimates and assumptions 52

‌Approval of the Interim Condensed Consolidated Financial Statements

On 20 August 2025, the Management Board of Cyfrowy Polsat S.A. approved the interim condensed consolidated financial statements of Cyfrowy Polsat S.A. Capital Group prepared in accordance with International Accounting Standard 34 Interim Financial Reporting, as adopted by the European Union, which include:

Interim Consolidated Income Statement for the period

from 1 January 2025 to 30 June 2025 showing a net profit for the period of: PLN 199.7

Interim Consolidated Statement of Comprehensive Income for the period

from 1 January 2025 to 30 June 2025 showing a total comprehensive income for the period of:

PLN 171.2

Interim Consolidated Balance Sheet as at

30 June 2025 showing total assets and total equity and liabilities of: PLN 36,945.9

Interim Consolidated Cash Flow Statement for the period

from 1 January 2025 to 30 June 2025 showing a net decrease in cash and cash equivalents amounting to:

PLN 280.4

Interim Consolidated Statement of Changes in Equity for the period

from 1 January 2025 to 30 June 2025 showing an increase in equity of: PLN 165.6

Notes to the Interim Condensed Consolidated Financial Statements

The interim condensed consolidated financial statements have been prepared in million of Polish zloty ('PLN') except where otherwise indicated.

Andrzej

Abramczuk President of the Management Board

Maciej Stec

Vice-President of the Management Board

Jacek Felczykowski Member of the Management Board

Aneta Jaskólska Member of the

Management Board

Agnieszka Odorowicz Member of the Management Board

Katarzyna

Ostap-Tomann Member of the Management Board

Warsaw, 20 August 2025

‌Interim Consolidated Income Statement

for the 3 months ended for the 6 months ended

Note

30 June

2025

unaudited

30 June

2024

unaudited

(restated

data)

30 June

2025

unaudited

30 June

2024

unaudited

(restated

data)

Continuing operations

Revenue

Financing component of revenue from installment sales

‌Interim Consolidated Statement of Comprehensive Income

for the 3 months ended for the 6 months ended

Note

30 June

2025

unaudited

30 June

2024

unaudited

30 June

2025

unaudited

30 June

2024

unaudited

Net profit for the period 113.0 175.5 199.7 359.8

Items that may be reclassified subsequently to profit or loss:

‌Interim Consolidated Balance Sheet - Assets

Interim Consolidated Balance Sheet - Equity and Liabilities

‌Interim Consolidated Cash Flow Statement

for the 6 months ended

Share of the profit of associates accounted for using the equity method

- (0.1)

(Gain)/loss on disposal of a subsidiary and an associate 0.2 (10.0)

Premium for early redemption of bonds - 0.4

Effect of exchange rate fluctuations on cash and cash equivalents

0.3 (5.4)

Cash and cash equivalents at the end of the period 2,407.0(3) 3,076.8(4)

*Includes amount paid for costs related to the new financing

(1)Includes restricted cash amounting to PLN 34.1

(2)Includes restricted cash amounting to PLN 19.7

(3)Includes restricted cash amounting to PLN 17.9

(4)Includes restricted cash amounting to PLN 16.8

‌Interim Consolidated Statement of Changes in Equity for the 6 months ended 30 June 2025

2025

share of profits subsidiaries/associates

income/(loss)

subsidiaries and

2025 unaudited

(1)In accordance with the provisions of the Commercial Companies Code, joint-stock companies are required to transfer at least 8% of their annual net profits to reserve capital until its amount reaches one third of the amount of their share capital. As at 30 June 2025 the capital excluded from distribution amounts to PLN 8.5.

Interim Consolidated Statement of Changes in Equity for the 6 months ended 30 June 2024

2024

share of profits subsidiaries/associates

income/(loss)

subsidiaries and

2024 unaudited

(1)In accordance with the provisions of the Commercial Companies Code, joint-stock companies are required to transfer at least 8% of their annual net profits to reserve capital until its amount reaches one third of the amount of their share capital. As at 30 June 2024 the capital excluded from distribution amounts to PLN 8.5.

‌Notes to the Interim Condensed Consolidated Financial Statements

‌General information

Name of reporting entity or other means of

identification: Cyfrowy Polsat S.A.

Domicile of entity: Poland

Legal form of entity: joint stock company

Country of incorporation: Poland

Address of entity's registered office: Łubinowa 4a, 03-878 Warsaw

Principal place of business: Poland

1. ‌The Parent Company

   Cyfrowy Polsat S.A. ('the Company', 'Cyfrowy Polsat', 'the Parent Company', 'the Parent') was incorporated in Poland as a joint stock company. The Company's shares are traded on the Warsaw Stock Exchange. The Parent Company's registered office is located at 4a, Łubinowa Street in Warsaw.

   The Parent operates in Poland as a provider of a paid digital satellite platform under the name of 'Polsat Box' and paid digital terrestrial television as well as telecommunication services provider.

   The Company was incorporated under the Notary Deed dated 30 October 1996.

   These interim condensed consolidated financial statements comprise the Parent and its subsidiaries ('the Group') and joint ventures. The Group operates in four segments:

   • B2C and B2B services which relates mainly to the provision of services to the general public, including digital television transmission signal, Internet access services, mobile TV services, online TV services, mobile services, production of set-top boxes,

   • media, which consist mainly of production, acquisition and broadcasting of information and entertainment programs as well as TV series and feature films broadcasted on television channels in Poland,

   • real estate segment, which mainly includes the implementation of construction projects as well as the sale, rental and management of own or leased real estate,

   • green energy segment, which mainly includes production and sale of energy from renewable sources, construction of a complete hydrogen-based value chain as well as investments in projects focused on the production of energy from photovoltaics and wind farms.

     The interim condensed consolidated income statement and interim condensed consolidated statement of comprehensive income, together with the appropriate notes for the period of 3 months ended 30 June 2025 and comparative data for the period of 3 months ended 30 June 2024, were subject neither to a review nor audit.

2. ‌Composition of the Management Board of the Company

   • Andrzej Abramczuk President of the Management Board (since 22 July

     2025),

   • Mirosław Błaszczyk President of the Management Board (until 21 July

     2025),

   • Maciej Stec Vice-President of the Management Board,

   • Jacek Felczykowski Member of the Management Board,

   • Aneta Jaskólska Member of the Management Board,

   • Agnieszka Odorowicz Member of the Management Board,

   • Katarzyna Ostap-Tomann Member of the Management Board.

3. ‌Composition of the Supervisory Board of the Company

   • Daniel Kaczorowski Chairman of the Supervisory Board (since 22 July

     2025),

   • Zygmunt Solorz Chairman of the Supervisory Board (until 21 July

     2025),

   • Justyna Kulka Vice-Chairman of the Supervisory Board,

   • Józef Birka Member of the Supervisory Board,

   • Marek Grzybowski Member of the Supervisory Board,

   • Alojzy Nowak Member of the Supervisory Board,

   • Tomasz Szeląg Member of the Supervisory Board.

4. ‌Basis of preparation of the interim condensed consolidated financial statements

   Statement of compliance

   These interim condensed consolidated financial statements for the 6 months ended 30 June 2025 have been prepared in accordance with the International Accounting Standard ("IAS") 34 Interim Financial Reporting as adopted by the EU. These interim condensed consolidated financial statements should be read together with the annual consolidated financial statements for the year ended 31 December 2024, which have been prepared in accordance with International Financial Reporting Standards as adopted by the EU ("IFRS EU"). These interim condensed consolidated financial statements have been prepared on a going concern basis.

   The accounting policies adopted in the preparation of the interim condensed consolidated financial statements are consistent with those followed in the preparation of the Group's annual consolidated financial statements for the year ended 31 December 2024, except for the change in accounting policies relating to hedge accounting as described below and the adoption of new, amended Standards or Interpretations that apply to the annual reporting periods beginning on or after 1 January 2025.

   During the six-month period ended 30 June 2025 the following became effective:

   • Amendments to IAS 21: The Effects of Changes in Foreign Exchange Rates: Lack of Exchangeability.

     Amendments and interpretations that apply for the first time in 2025 do not have a material impact on the interim condensed consolidated financial statements of the Group.

     Standards published but not yet effective:

   • Amendments to IFRS 9 Financial Instruments and IFRS 7 Financial Instruments -Disclosures: Classification and Measurement of Financial Instruments,

   • Annual Improvements (Volume 11) - includes clarifications, simplifications, corrections and changes of IFRS standards: IFRS 1 First-time Adoption of International Financial Reporting Standards, IFRS 7 Financial Instruments - Disclosures, IFRS 9 Financial Instruments, IFRS 10 Consolidated Financial Statements, IAS 7 Statement of Cash Flows,

   • Amendments to IFRS 9 Financial Instruments and IFRS 7 Financial Instruments -Disclosures - Contracts Referencing Nature-dependent Electricity - changes in assessment of own use, hedge accounting and disclosure requirements,

   • IFRS 18 Presentation and Disclosure in Financial Statements,

   • IFRS 19 Subsidiaries without Public Accountability: Disclosures.

   Change in accounting policies - implementaion of IFRS 9 "Financial Instruments" in the scope of hedge accounting

   As of 1 January 2025, the Group has changed its accounting policies for recognizing and presenting hedging transactions, changing from the principles set out in IAS 39 "Financial Instruments: Recognition and Measurement" ("IAS 39") to the hedge accounting model in accordance with IFRS 9 "Financial Instruments" ("IFRS 9").

   Until 31 December 2024, the Group, pursuant to the transitional provisions of IFRS 9, continued to apply hedge accounting principles consistent with IAS 39, despite the earlier implementation of the remaining requirements of IFRS 9.

   In accordance with the transitional provisions of IFRS 9, the amendment was applied prospectively from 1 January 2025. The Group did not restate comparative data for earlier periods. The impact of the change in accounting policies on the consolidated financial statements as of 1 January 2025 was immaterial and did not require adjustments to the opening balances or recognition of the effects of the transition in the equity.

   Comparative financial information

   Comparative data or data presented in previously published interim financial statements has been updated, if necessary, in order to reflect presentational changes introduced in the current period. The changes had no impact on previously reported amounts of net income or equity. The company made presentational changes to the statement of profit or loss in order to restructure finance income and expenses.

   1. Finance Income

      for the 6 months ended

      	30 June 2024 (reported data)*	change of presentation	30 June 2024 (restated data)
      Interest on lease	(20.0)	20.0	-
      Interest on loans granted	5.2	-	5.2
      Other interest income	60.4	9.1	69.5
      Other foreign exchange differences, net	(5.9)	5.9	-

      Change in the value of shares of Asseco Poland 58.4		-	58.4
      Foreign exchange differences on loans and -		17.7	17.7
      borrowings
      Cumulative catch-up resulting from the
      modification of cash flows as a result of the	-	2.5	2.5
      conversion/redemption of bonds
      Realization and valuation of hedging instruments
      - hedging the cost of foreign exchange	-	(0.5)	(0.5)
      differences
      Realization and valuation of instruments for which
      hedge accounting was not applied - hedging the	-	(0.1)	(0.1)
      cost of foreign exchange differences
      Other income	5.3	30.3	35.6
      Total	103.4	84.9	188.3

      S.A.

      * data presented in the financial statements as at 30 June 2024 as Gains/(losses) on investing activities, net and Financial costs, net

      for the 3 months ended

      	30 June 2024 (reported data)*	change of presentation	30 June 2024 (restated data)
      Interest on lease	(10.2)	10.2	-
      Interest on loans granted	2.9	-	2.9
      Other interest income	32.8	4.9	37.7
      Other foreign exchange differences, net	0.5	-	0.5
      Change in the value of shares of Asseco Poland S.A.	21.4	-	21.4
      Other income	36.8	16.2	53.0
      Total	84.2	31.3	115.5

      * data presented in the financial statements as at 30 June 2024 as Gains/(losses) on investing activities, net and Financial costs, net

   2. Finance costs

   for the 6 months ended

   	30 June 2024 (reported data)*	change of presentation	30 June 2024 (restated data)
   Interest expense on loans and borrowings	350.6	-	350.6
   Interest expense on issued bonds	189.8	-	189.8
   Foreign exchange differences on loans and borrowings	(17.7)	17.7	-
   Cumulative catch-up resulting from the
   modification of cash flows as a result of the	(2.5)	2.5	-
   conversion/redemption of bonds
   Realization and valuation of hedging instruments - interest cost hedging	(1.8)	(0.5)	(2.3)
   Realization and valuation of instruments for
   which hedge accounting was not applied -	(54.4)	(0.1)	(54.5)
   interest cost hedging
   Expected credit losses on loans granted	-	16.2	16.2
   Interest expense on lease	-	20.0	20.0
   Other interest costs	-	9.1	9.1
   Guarantee costs, bank commissions and other fees	4.4	-	4.4
   Foreign exchange differences	-	5.9	5.9
   Other costs	-	14.1	14.1
   Total	468.4	84.9	553.3

   * Data presented in the financial statements as at 30 June 2024 as Finance costs, net and Gain/(loss) on investing activities, net

   for the 3 months ended

   	30 June 2024 (reported data)*	change of presentation	30 June 2024 (restated data)
   Interest expense on loans and borrowings	174.8	-	174.8
   Interest expense on issued bonds	94.4	-	94.4

   Foreign exchange differences on loans and 6.2		-	6.2
   Realization and valuation of hedging (1.1)		-	(1.1)
   instruments
   Realization and valuation of instruments for
   which hedge accounting was not applied -	(10.6)	-	(10.6)
   interest cost hedging
   Expected credit losses on loans granted	-	16.2	16.2
   Interest expense on lease	-	10.2	10.2
   Other interest costs	-	4.9	4.9
   Guarantee costs, bank commissions and other fees	3.4	-	3.4
   Total	267.1	31.3	298.4

   borrowings

   * Data presented in the financial statements as at 30 June 2024 as Finance costs, net and Gain/(loss) on investing activities, net

5. ‌Group structure

   These interim condensed consolidated financial statements for the 6 months ended 30 June 2025 include the following entities:

   Share in voting rights (%)*

   Entity's registered

   office

   Activity 30 June

   2025

   31 December

   2024

   Parent Company:

   Łubinowa 4a, radio, TV and Cyfrowy Polsat S.A. telecommunication	n/a	n/a
   Subsidiaries accounted for using full method:
   Telewizja Polsat Ostrobramska 77, television broadcasting and	100%	100%
   Sp. z o.o. 04-175 Warsaw production
   Polsat Media Ostrobramska 77, media	100%	100%
   Alte Landstrasse 17, Polsat License Ltd. 8863 Buttikon, media Switzerland	100%	100%
   3, Krinou Agios Polsat Investments Athanasios, Ltd. 4103 Limassol, media	100%	100%

   03-878 Warsaw

   activities

   Sp. z o.o.

   04-175 Warsaw

   Cyprus

   238A King Street,

   Polsat Ltd. W6 0RF London, media United Kingdom	100%	100%
   naEKRANIE.pl Fabryczna 5a, media	60%	60%
   Fabryczna 5a, 4FUN Sp. z o.o. media	60%	60%

   Sp. z o.o. 00-446 Warsaw

   INFO-TV-FM

   Sp. z o.o.

   00-446 Warsaw

   Łubinowa 4a, 03-878 Warsaw

   radio and TV

   activities

   100% 100%

   Polkomtel Sp. z o.o. Konstruktorska 4, 02-673 Warsaw

   Al. Stanów

   telecommunication

   activities

   telecommunication

   100% 100%

   Liberty Poland S.A.

   Polkomtel Business

   Zjednoczonych 61,

   04-028 Warsaw

   Konstruktorska 4,

   activities 100% 100%

   other activities supporting financial

   Development Sp. z o.o.

   02-673 Warsaw

   Level 2 West, Mercury Tower, Elia Zammit

   services, gaseous

   fuels trading activities

   100% 100%

   Orsen Holding Ltd.

   Street, St. Julian's STJ

   Orsen Ltd.	Tower, Elia Zammit Street, St. Julian's STJ 3155, Malta	holding activities	100%	100%
   Dwa Sp. z o.o.	Al. Stanów Zjednoczonych 61,	holding activities	100%	100%
   	04-028 Warsaw

   3155, Malta Level 2 West, Mercury

   holding activities 100% 100%

   Interphone Service Sp. z o.o.

   Teleaudio Dwa Sp. z o.o. Sp.k.

   Inwestorów 8,

   39-300 Mielec

   Al. Stanów Zjednoczonych 61,

   04-028 Warsaw

   Mokotowska 49,

   production of set-

   top boxes

   call center and premium rate

   services

   100% 100%

   100% 100%

   IB 1 FIZAN

   Sferia S.A.

   Altalog Sp. z o.o.

   00-542 Warsaw

   Al. Stanów Zjednoczonych 61A, 04-028 Warsaw

   Al. Stanów Zjednoczonych 61A, 04-028 Warsaw

   financial activities ** **

   telecommunication 51% 51% activities

   software 66% 66%

   Konstruktorska 4,

   Plus Flota Sp. z o.o.

   02-673 Warsaw

   management and rental services

   100% 100%

   Poleczki 13, telecommunication Netia S.A. 100%		100%
   Poleczki 13, telecommunication Netia 2 Sp. z o.o. 02-822 Warsaw activities 100%		100%
   TK Telekom Kijowska 10/12A, telecommunication Sp. z o.o. 03-743 Warsaw activities 100%		100%
   Chemików 7, telecommunication Petrotel Sp. z o.o. 100% 09-411 Płock activities		100%
   Eleven Sports Plac Europejski 2, media 100%		100%
   Netshare Media Ostrobramska 77, advertising 100%		100%
   Kielecka 5, TVO Sp. z o.o. retail sales 75.96%		75.96%
   Plus Finanse Konstruktorska 4, other monetary 100%		100%
   Konstruktorska 4, monetary Plus Pay Sp. z o.o. 100%		100%
   Al. Wyścigowa 6, Esoleo Sp. z o.o. technical services 100% Alledo Express Broniwoja 3/85, rental services -(c)		100% 100%
   Alledo Parts Broniwoja 3/85, wholesale	100%	100%
   Alledo Parts Broniwoja 3/85, wholesale	100%	100%
   Alledo Setup Broniwoja 3/85, technical services	100%	100%
   Alledo Setup Broniwoja 3/85, technical services	100%	100%
   Grupa Interia.pl Os. Teatralne 9a, holding activities Sp. z o.o. 31-946 Cracow	100%	100%
   Os. Teatralne 9a, web portals Interia.pl Sp. z o.o.	100%	100%

   02-822 Warsaw

   activities

   Network Sp. z o.o. 00-844 Warsaw

   Group Sp. z o.o.

   04-175 Warsaw

   activities

   81-303 Gdynia

   Sp. z o.o.

   02-673 Warsaw

   intermediation

   02-673 Warsaw intermediation

   02-681 Warsaw

   Sp. z o.o. (c) 02-655 Warsaw

   Sp. z o.o. 02-655 Warsaw

   Sp. z o.o. Sp.k. 02-655 Warsaw

   Sp. z o.o. 02-655 Warsaw

   Sp. z o.o. Sp.k. 02-655 Warsaw

   31-946 Cracow activities

   Subsidiaries accounted for using full method (cont):

   Mobiem Polska in liquidation

   Sp. z o.o. (d)

   Fabryczna 5a, 00-446 Warsaw

   holding activities -(d) 100%

   Fabryczna 5a,

   Mobiem Sp. z o.o.

   00-446 Warsaw

   advertising activities

   100% 100%

   TV Spektrum Sp. z o.o.

   Ostrobramska 77,

   04-175 Warsaw

   media 100% 100%

   Polot Media Sp. z o.o.

   Ludwika Solskiego 55,

   52-401 Wroclaw

   consulting 60% 60%

   Polot Media

   Sp. z o.o. Sp.k.

   Ludwika Solskiego 55,

   52-401 Wroclaw

   movie and TV production

   60% 60%

   Rakowiecka 41/21,

   BCAST Sp. z o.o. (b)

   02-521 Warsaw

   telecommunication

   activities

   90.01% 80.01%

   Polsat Talenty Sp. z o.o.

   Premium Mobile Sp. z o.o.

   Ostrobramska 77,

   04-175 Warsaw

   Al. Stanów Zjednoczonych 61A, 04-028 Warsaw

   Łubinowa 4A,

   cooperation with

   artists and presenters

   telecommunication

   activities

   100% 100%

   100% 100%

   Stork 5 Sp. z o.o.

   03-878 Warsaw

   holding activities 100% 100%

   Łubinowa 4A,

   Swan 5 Sp. z o.o.

   03-878 Warsaw

   Al. Stanów

   agricultural activities

   other financial

   100% 100%

   Vindix S.A.

   Vindix Investments Sp. z o.o.

   Direct Collection Sp. z o.o.

   Vindix Sp. z o.o.

   Zjednoczonych 61A, 04-028 Warsaw

   Al. Stanów Zjednoczonych 61A, 04-028 Warsaw

   Al. Stanów Zjednoczonych 61A, 04-028 Warsaw

   Heroiv UPA 73 ż,

   79018, Lviv

   Mokotowska 49,

   services

   other financial

   services

   other financial

   services

   call center services

   100% 100%

   100% 100%

   100% 100%

   100% 100%

   Vindix NSFIZ

   00-542 Warsaw

   financial services ** **

   Subsidiaries accounted for using full method (cont):

   Mag7soft Sp. z o.o.

   Port Praski

   Al. Stanów Zjednoczonych 61A, 04-028 Warsaw

   Krowia 6,

   software activities 100% 100%

   implementation of

   Sp. z o.o.

   Port Praski Nowe Inwestycje

   Sp. z o.o.

   Port Praski Office Park Sp. z o.o.

   Port Praski City Sp. z o.o.

   Port Praski City III Sp. z o.o.

   Port Praski City IV Sp. z o.o.

   Port Praski

   Sp. z o.o. S.K.A.

   Port Praski Education Sp. z o.o.

   Port Praski Doki Sp. z o.o.

   Port Praski Doki II Sp. z o.o.

   Port Praski Media Park Sp. z o.o.

   Port Praski II Sp. z o.o.

   Port Praski Hotel

   03-711 Warsaw

   Krowia 6,

   03-711 Warsaw

   Krowia 6,

   03-711 Warsaw

   Krowia 6,

   03-711 Warsaw

   Krowia 6,

   03-711 Warsaw

   Krowia 6,

   03-711 Warsaw

   Krowia 6,

   03-711 Warsaw

   Krowia 6,

   03-711 Warsaw

   Krowia 6,

   03-711 Warsaw

   Krowia 6,

   03-711 Warsaw

   Krowia 6,

   03-711 Warsaw

   Krowia 6,

   03-711 Warsaw

   Krowia 6,

   construction

   projects

   real estate management

   implementation of

   construction

   projects implementation of

   construction

   projects

   implementation of

   construction

   projects

   implementation of

   construction

   projects

   implementation of

   construction

   projects

   implementation of

   construction

   projects

   implementation of

   construction

   projects implementation of

   construction

   projects

   implementation of

   construction

   projects

   implementation of

   construction

   projects

   66.94% 66.94%

   66.94% 66.94%

   77.52% 77.52%

   77.52% 77.52%

   77.52% 77.52%

   77.52% 77.52%

   77.52% 77.52%

   77.52% 77.52%

   77.52% 77.52%

   77.52% 77.52%

   77.52% 77.52%

   77.52% 77.52%

   Sp. z o.o.

   03-711 Warsaw

   hotel services 77.52% 77.52%

   3 KRINOU,

   Pantanomo Limited Limassol 4103, holding activities 77.52% Cyprus	77.52%
   Laris Investments Pańska 77/79, property rental 66.94%	66.94%
   implementation of construction 66.94% projects	66.94%
   Laris Technologies Pańska 77/79, property rental and 66.94%	66.94%
   Adama Mickiewicza 63, 66.94% 01-625 Warsaw	66.94%
   Centrum Zdrowia i Sikorskiego 8, Relaksu Verano hotel services 66.94%	66.94%
   Poleczki 13, website Oktawave S.A. 100%	100%
   Sarmacka 12C/14, web portal Antyweb Sp. z o.o. 79.88%	79.88%
   PAK-Polska Czysta Kazimierska 45, holding 50.5%	50.5%
   PAK-PCE Człuchów Kazimierska 45, production of 50.5%	50.5%
   Eviva Drzeżewo Kazimierska 45, production of 50.5%	50.5%
   Kazimierska 45, production of PCE OZE 1 Sp. z o.o. 50.5%	50.5%
   Kazimierska 45, production of PCE OZE 2 Sp. z o.o. 50.5%	50.5%
   Kazimierska 45, production of PCE OZE 3 Sp. z o.o. 50.5%	50.5%
   Kazimierska 45, production of PCE OZE 4 Sp. z o.o. 50.5%	50.5%
   Kazimierska 45, production of PCE OZE 6 Sp. z o.o. 50.5%	50.5%
   Exion Hydrogen Ku Ujściu 19, manufacture of Polskie Elektrolizery electrical 50.4%	50.4%

   Sp. z o.o. 00-834 Warsaw

   Laris Development Sp. z o.o.

   Pańska 77/79, 00-834 Warsaw

   Sp. z o.o.

   00-834 Warsaw

   management

   Megadex Expo Sp. z o.o.

   property rental and

   management

   Sp. z o.o.

   78-100 Kołobrzeg

   02-822 Warsaw management

   02-972 Warsaw

   activities

   Energia Sp. z o.o.

   62-510 Konin

   activity

   Sp. z o.o.

   62-510 Konin

   electricity

   Sp. z o.o.

   62-510 Konin

   electricity

   62-510 Konin electricity

   62-510 Konin

   electricity

   62-510 Konin

   electricity

   62-510 Konin electricity

   62-510 Konin electricity

   Sp. z o.o.

   80-701 Gdańsk

   equipment

   Exion Hydrogen Belgium BV

   PAK-PCE

   Fotowoltaika Sp. z o.o.

   Slachthuisstraat 120, bus 12,

   2300 Turnhout

   Belgium

   Kazimierska 45,

   62-510 Konin

   Al. Stanów

   manufacture of

   electrical equipment

   production of electricity

   50.4% 50.4%

   50.5% 50.5%

   PAK-VOLT S.A.

   PG Hydrogen

   Zjednoczonych 61A, 04-028 Warsaw

   Konstruktorska 4,

   trade of electricity 50.5% 50.5%

   manufacrture of

   Sp. z o.o.

   PAK-PCE Biopaliwa i

   02-673 Warsaw

   Przemysłowa 158,

   engines and

   turbines

   production of

   26.26% 26.26%

   Wodór Sp. z o.o.

   PAK-PCE Wiatr Sp. z o.o.

   PAK-PCE Polski

   Autobus Wodorowy Sp. z o.o.

   PAK-PCE Stacje H2

   62-510 Konin

   Kazimierska 45,

   62-510 Konin

   Kazimierska 45,

   62-510 Konin

   Kazimierska 45,

   electricity 50.5% 50.5%

   production of 50.5% 50.5% electricity

   manufacture of 50.5% 50.5% buses

   Sp. z o.o.

   retail of hydrogen 50.5% 50.5%

   62-510 Konin

   PAK-PCE Przyrów Sp. z o.o.

   PAK-PCE Dobra Sp. z o.o.

   PAK-PCE Kazimierz Biskupi Sp. z o.o.

   Czestochowska 7A, 42-428 Przyrów

   Kazimierska 45,

   62-510 Konin

   Kazimierska 45,

   62-510 Konin

   Al. Wojska

   production of 50.5% 50.5% electricity

   production of 50.5% 50.5% electricity

   production of 50.5% 50.5% electricity

   PAK-PCE Miłosław Sp. z o.o.

   Global Continental Sp. z o.o.

   Port Praski Medical Center Sp. z o.o.

   Port Praski City II Sp. z o.o.

   Polskiego 68,

   70-479 Szczecin

   Legionów 18, 97-200 Tomaszów

   Mazowiecki

   Postępu 14,

   02-676 Warsaw

   Postępu 14,

   02-676 Warsaw

   Warszawska 222B,

   production of electricity

   production of electricity

   implementation of

   construction

   projects

   implementation of

   construction

   projects

   50.5% 50.5%

   50.5% 50.5%

   77.52% 77.52%

   77.52% 77.52%

   Archiplex Sp. z o.o.(a)

   * including direct and indirect shares

   26-617 Radom

   archives 100% -

   ** Cyfrowy Polsat S.A. indirectly holds 100% of certificates

   (a)On 17 January 2025, Cyfrowy Polsat S.A. acquired 100% of shares in Archiplex Sp. z o.o.

   (b)On 24 January 2025, Cyfrowy Polsat S.A. acquired an additional 10% of shares in BCAST Sp. z o.o. Following this transaction, Cyfrowy Polsat S.A. held 90.01% of shares. On 18 July 2025 Cyfrowy Polsat S.A. acquired an additional 5% of shares in BCAST Sp. z o.o. Following this transaction, Cyfrowy Polsat S.A. holds 95% of shares.

   (c)On 31 January 2025, Esoleo Sp. z o.o. sold 100% of shares in Alledo Express Sp. z o.o.

   (d)On 7 March 2025, the court decided to remove Mobiem Polska Sp. z o.o. in liquidation from the National Court Register.

   Investments accounted for under the equity method:

   Polski Operator Telewizyjny Sp. z o.o.

   Entity's registered

   office

   Wiertnicza 166,

   02-952 Warsaw

   Share in voting rights (%)*

   Activity 30 June 2025 31 December

   2024

   technical services 50% 50%

   Polsat Boxing Promotion Sp. z o.o.

   Pollytag S.A.

   Ostrobramska 77,

   04-175 Warsaw

   Wielopole 6,

   80-556 Gdańsk

   movie and TV production

   sale of wood and construction materials

   24% 24%

   31.12% 31.12%

   * including direct and indirect shares

   Additionally, the following entities were included in these consolidated financial statements for the 6 months ended 30 June 2025:

   Share in voting rights (%)

   Entity's registered Activity 30 June 2025 office	31 December 2024
   Karpacka Telewizja Warszawska 220, dormant 99%	99%
   Polskie Badania Al. Jerozolimskie web portals Internetu Sp. z o.o.(2) 65/79, 00-697 activities 21.43%	21.43%
   Domaniewska 47, Pluszak Sp. z o.o. retail sales 9%	9%
   Towerlink Poland Marcina Kasprzaka telecommunication 0.01%	0.01%
   Megadex SPV Adama Mickiewicza other financial 7.02%	7.02%
   Stocznia Budowniczych 10, repair and Remontowa NAUTA maintenance of 0.03%	0.03%

   Kablowa Sp. z o.o.(1) 26-600 Radom

   Warsaw 02-672 Warsaw

   Sp. z o.o.

   4, 01-211 Warsaw

   activities

   Sp. z o.o.

   63, 01-625 Warsaw

   services

   S.A.

   Asseco Poland S.A.(3)

   Neo Energia Przykona X Sp. z o.o.

   81-336 Gdynia

   Olchowa 14,

   35-322 Rzeszów

   Franciszka Klimczaka 1,

   02-797 Warsaw

   Franciszka

   ships and boats

   software activities -(3) 10.13%

   other consulting 0.51% 0.51%

   Energia Przykona Sp. z o.o.

   Klimczaka 1,

   02-797 Warsaw

   electricity distribution

   0.51% 0.51%

   (1)Investment accounted for at cost less any accumulated impairment losses.

   (2)Not included in investments accounted for under the equity method due to immateriality.

   (3)On 31 January 2025, Cyfrowy Polsat S.A. sold 8,300,029 (not in millions) shares of Asseco Poland S.A., representing 9.99% of the share capital of Asseco Poland S.A. On 5 February 2025, Cyfrowy Polsat S.A. sold 105,298 (not in millions) shares of Asseco Poland S.A. Following this transaction, Cyfrowy Polsat S.A. no longer holds any shares of Asseco Poland S.A.

6. ‌Approval of the Interim Condensed Consolidated Financial Statements

   These interim condensed consolidated financial statements were approved for publication by the Management Board of Cyfrowy Polsat S.A. on 20 August 2025.

   ‌Explanatory notes

7. ‌Information on seasonality in the Group's operations

   Wholesale revenue includes inter alia advertising and sponsoring revenue which tends to be lowest during the third quarter of each calendar year due to the summer holidays period and highest during the second and fourth quarter of each calendar year due to the introduction of a new programming offer.

   Within retail revenue category mobile revenue is a subject to slight fluctuations during the year. This revenue stream tends to decrease in the first quarter of each year due to fewer number of calendar and business days.

   Revenues from sales of energy produced from wind sources are subject to seasonal fluctuations during the year in such a way that the highest production usually occurs in the fourth and first quarters, which is related to the higher number of windy days. Revenues from sales of energy produced from photovoltaics are subject to seasonal fluctuations during the year in such a way that the highest production is usually in the second and third quarters, which is related to the higher number of sunny days.

8. ‌Revenue

   	for the 3	months ended	for the 6	months ended
   	30 June 2025 unaudited	30 June 2024 unaudited	30 June 2025 unaudited	30 June 2024 unaudited
   Retail revenue	1,811.3	1,784.4	3,610.3	3,555.0
   Wholesale revenue	877.1	848.2	1,644.7	1,597.9
   Sale of equipment	391.5	432.8	816.3	858.7
   Energy revenue	302.8	249.0	612.2	530.9
   Other revenue	207.7	139.9	437.1	316.8
   Total	3,590.4	3,454.3	7,120.6	6,859.3

   Retail revenue mainly consists of pay-TV and telecommunication subscription revenues, revenue from rental of reception equipment and contractual penalties related to terminated agreements.

   Wholesale revenue mainly consists of advertising and sponsorship revenue, settlements with mobile network operators, revenue from rental of infrastructure, roaming revenues, revenue from cable and satellite operator fees, sales of broadcasting and signal transmission services and sales of licenses, sublicenses and property rights.

   Energy revenue mainly consists of revenue from the sale of produced electricity and revenue from the sale of traded electricity, revenue from the sale of heat, as well as revenue from the sale of property rights.

   Other revenue mainly consists of revenue from interest on installment plan purchases, revenue from the lease of premises and facilities, revenue from the sale of photovoltaic installations, revenue from the sale of apartments, revenue from the sale of hydrogen, revenue from the sale of gas and sale of buses.

9. ‌Operating costs

for the 3 months ended for the 6 months ended

Note

30 June

2025

unaudited

30 June

2024

unaudited

30 June

2025

unaudited

30 June

2024

unaudited

*depreciation costs included within energy and bus production costs

a) Salaries and employee related costs

* excludes production employees

loans and borrowings

result of the conversion/redemption

accounting - hedging the cost of

* included in finance costs

1. ‌Finance costs

   	for the 3	months ended	for the 6	months ended
   		30 June 2024		30 June 2024
   	30 June 2025 unaudited	unaudited (restated	30 June 2025 unaudited	unaudited (restated
   		data)		data)
   Interest expense on loans and borrowings	150.7	174.8	310.6	350.6
   Interest expense on issued bonds*	94.1	94.4	185.6	189.8
   Cumulative catch-up resulting from the modification of cash flows as a	-	-	1.2	-
   result of prepayment of the loan
   Realization and valuation of hedging instruments - interest cost hedging**	(5.6)	(1.2)	(11.1)	(2.3)
   Realization and valuation of hedging instruments related to exchange	0.1	0.1	-	-
   rate differences
   Realization and valuation of instruments not used in hedge	4.0	(10.6)	6.7	(54.5)
   accounting - interest cost hedging
   Loss on the disposal of shares of Asseco Poland S.A.***	-	-	90.6	-
   Expected credit losses on loans granted	-	16.2	-	16.2
   Interest expense on lease	11.2	10.2	22.3	20.0
   Other interest costs	1.4	4.9	5.0	9.1
   Foreign exchange differences	-	-	-	5.9
   Foreign exchange differences on loans and borrowings	29.3	6.2	-	-
   Guarantee fees, bank commissions and other fees	3.9	3.4	7.4	4.4
   Other costs	-	-	3.0	14.1
   Total	289.1	298.4	621.3	553.3

   * includes early redemption bonuses

   ** includes hedging of interest costs on loans and bonds

   *** includes the change in the fair value of shares of Asseco Poland S.A. and the loss on the disposal of shares

   Financing costs

   Net financing costs, i.e. costs directly related to the financing obtained, consisted of the following costs and income:

   for the 3 months ended for the 6 months ended

   30 June 2025 30 June 2024 30 June 2025 30 June 2024 unaudited unaudited unaudited unaudited

   Interest expense on loans and borrowings

   150.7 174.8 310.6 350.6

   Interest expense on issued bonds* 94.1 94.4 185.6 189.8

   Foreign exchange differences on loans and borrowings

   Cumulative catch-up resulting from the modification of cash flows as a result of the conversion/redemption of bonds

   Cumulative catch-up resulting from

   29.3 6.2 (15.8) (17.7)

   - - - (2.5)

   the modification of cash flows as a -result of prepayment of the loan Realization and valuation of hedging (5.5)	- (1.1)	1.2 (10.4)	- (1.8)
   Realization and valuation of instruments not used in hedge 4.0 accounting - interest cost hedging	(10.6)	6.7	(54.4)
   Total 272.6	263.7	477.9	464.0

   instruments

   * includes early redemption bonuses

2. ‌Equity

Share capital

Presented below is the structure of the Company's share capital as at 30 June 2025 and 31 December 2024:

* not in millions