Consolidated report for Q3 2025

Cyfrowy Polsat S.A. Capital Group

Warsaw, November 19, 2025

Interim condensed consolidated financial statements for the nine months ended September 30, 2025

Interim condensed financial statements for the nine months ended September, 2025

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

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 25

9. Operating costs 26

10. Finance income 27

11. Finance costs 28

12. Equity 29

13. Hedge valuation reserve 32

14. Loans and borrowings 33

15. Issued bonds 34

    Other notes 34

16. Acquisition of subsidiaries 34

17. Operating segments 37

18. Transactions with related parties 41

19. Contingent liabilities 44

20. Risk and fair value 45

21. Important agreements and events 48

22. Events subsequent to the reporting date 52

23. Other disclosures 52

24. Judgments, financial estimates and assumptions 54

‌Approval of the Interim Condensed Consolidated Financial Statements

On 19 November 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 September 2025 showing a net profit for the period of: PLN 257.1

Interim Consolidated Statement of Comprehensive Income for the period

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

PLN 224.4

Interim Consolidated Balance Sheet as at

30 September 2025 showing total assets and total equity and liabilities of: PLN 37,557.1

Interim Consolidated Cash Flow Statement for the period

from 1 January 2025 to 30 September 2025 showing a net increase in cash and cash equivalents amounting to:

PLN 292.3

Interim Consolidated Statement of Changes in Equity for the period

from 1 January 2025 to 30 September 2025 showing an increase in equity of: PLN 215.5

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, 19 November 2025

‌Interim Consolidated Income Statement

for the 3 months ended for the 9 months ended

Note

30 September

2025

unaudited

30 September

2024

unaudited

(restated data)

30 September

2025

unaudited

30 September

2024

unaudited

(restated data)

Continuing operations

Revenue 8 3,431.4 3,579.5 10,552.0 10,438.8

Financing component

allowance and

‌Interim Consolidated Statement of Comprehensive Income

instruments

‌Interim Consolidated Balance Sheet - Assets

Interim Consolidated Balance Sheet - Equity and Liabilities

‌Interim Consolidated Cash Flow Statement

for the 9 months ended

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

- 0.7

(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

3.7 (12.5)

Cash and cash equivalents at the end of the period 2,983.1(3) 3,097.6(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 18.1

(4)Includes restricted cash amounting to PLN 24.3

‌Interim Consolidated Statement of Changes in Equity for the 9 months ended 30 September 2025

2025

share of profits subsidiaries/associates

income/(loss)

subsidiaries and

September 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 September 2025 the capital excluded from distribution amounts to PLN 8.5.

Interim Consolidated Statement of Changes in Equity for the 9 months ended 30 September 2024

2024

share of profits subsidiaries/associates

income/(loss)

subsidiaries and

September 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 September 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.

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 (until 30 October

     2025),

   • 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 9 months ended 30 September 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 nine-month period ended 30 September 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,

   • Amendments to 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 9 months ended

      	30 September 2024 (reported data)*	change of presentation	30 September 2024 (restated data)
      Interest on lease	(30.5)	30.5	-
      Interest on loans granted	5.8	-	5.8
      Other interest income	93.9	14.2	108.1
      Other foreign exchange differences, net	(4.1)	4.1	-

      Change in the value of shares of Asseco Poland 116.0		-	116.0
      Foreign exchange differences on loans and -		34.8	34.8
      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	-	(0.7)	(0.7)
      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	4.1	33.5	37.6
      Total	185.2	118.8	304.0

      S.A.

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

      for the 3 months ended

      	30 September 2024 (reported data)*	change of presentation	30 September 2024 (restated data)
      Interest on lease	(10.5)	10.5	-
      Interest on loans granted	0.6	-	0.6
      Other interest income	33.5	5.1	38.6
      Foreign exchange differences on loans and borrowings	-	17.1	17.1
      Other foreign exchange differences, net	1.8	-	1.8
      Change in the value of shares of Asseco Poland S.A.	57.6	-	57.6
      Realization and valuation of hedging
      instruments - hedging the cost of foreign	-	(0.2)	(0.2)
      exchange differences
      Other income	(1.2)	3.2	2.0
      Total	81.8	35.7	117.5

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

   2. Finance costs

   for the 9 months ended

   30 September

   2024

   (reported data)*

   change of presentation

   30 September

   2024

   (restated data)

   Interest expense on loans and borrowings	519.6	-	519.6
   Interest expense on issued bonds	284.0	-	284.0
   Foreign exchange differences on loans and borrowings	(34.8)	34.8	-
   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	(3.7)	(0.7)	(4.4)
   Realization and valuation of instruments for
   which hedge accounting was not applied -	(22.8)	(0.1)	(22.9)
   interest cost hedging
   Expected credit losses on loans granted	-	16.2	16.2
   Interest expense on lease	-	30.5	30.5
   Other interest costs	-	14.2	14.2
   Guarantee costs, bank commissions and other fees	7.2	-	7.2
   Foreign exchange differences	-	4.1	4.1
   Other costs	-	17.3	17.3
   Total	747.0	118.8	865.8

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

   for the 3 months ended

   30 September

   2024

   (reported data)*

   change of presentation

   30 September

   2024

   (restated data)

   Interest expense on loans and borrowings	169.0	-	169.0
   Interest expense on issued bonds	94.2	-	94.2
   Foreign exchange differences on loans and borrowings	(17.1)	17.1	-
   Realization and valuation of hedging instruments	(1.9)	(0.2)	(2.1)
   Realization and valuation of instruments for
   which hedge accounting was not applied -	31.6	-	31.6
   interest cost hedging
   Expected credit losses on loans granted	-	-	-
   Interest expense on lease	-	10.5	10.5
   Guarantee costs, bank commissions and other fees	2.8	-	2.8
   Other interest costs	-	5.1	5.1
   Other costs	-	3.2	3.2
   Total	278.6	35.7	314.3

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

5. ‌Group structure

   These interim condensed consolidated financial statements for the 9 months ended 30 September 2025 include the following entities:

   Share in voting rights (%)*

   Entity's registered Activity 30 office	September 2025	31 December 2024
   Parent Company:
   Łubinowa 4a, radio, TV and Cyfrowy Polsat S.A. telecommunication	n/a	n/a
   03-878 Warsaw activities
   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, media Ltd. 4103 Limassol,	100%	100%

   Sp. z o.o. 04-175 Warsaw

   Cyprus

   Subsidiaries accounted for using full method (cont):

   238A King Street,

   Polsat Ltd. W6 0RF London, media United Kingdom	100%	100%
   naEKRANIE.pl Fabryczna 5a, media	60%	60%

   Sp. z o.o.

   00-446 Warsaw

   4FUN Sp. z o.o.

   Fabryczna 5a, 00-446 Warsaw

   media 60% 60%

   INFO-TV-FM

   Sp. z o.o.

   Łubinowa 4a, 03-878 Warsaw

   radio and TV

   activities

   100% 100%

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

   telecommunication

   activities

   100% 100%

   Liberty Poland S.A. Zjednoczonych 61, telecommunication 04-028 Warsaw	100%	100%
   other activities Polkomtel Business Konstruktorska 4, supporting financial Development 02-673 Warsaw services, gaseous	100%	100%
   Sp. z o.o. fuels trading activities
   Level 2 West, Mercury Orsen Holding Ltd. Tower, Elia Zammit holding activities	100%	100%

   Al. Stanów

   activities

   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

   Interphone Service Sp. z o.o.

   Inwestorów 8,

   39-300 Mielec

   production of set-

   top boxes

   100% 100%

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

   Al. Stanów Zjednoczonych 61,

   04-028 Warsaw

   call center and premium rate

   services

   100% 100%

   IB 1 FIZAN

   Mokotowska 49,

   00-542 Warsaw

   financial activities ** **

   04-028 Warsaw

   02-673 Warsaw rental services

   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

   Al. Stanów telecommunication Sferia S.A. Zjednoczonych 61A, activities Al. Stanów	51%	51%
   Altalog Sp. z o.o. Zjednoczonych 61A, software 66% 04-028 Warsaw		66%
   Konstruktorska 4, management and Plus Flota Sp. z o.o. 100%		100%
   Poleczki 13, telecommunication Netia S.A. 100%		100%
   Poleczki 13, telecommunication Netia 2 Sp. z o.o. 100% 02-822 Warsaw activities		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. 09-411 Płock activities 100%		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 Sp. z o.o.

   Os. Teatralne 9a, 31-946 Cracow

   holding activities 100% 100%

   Interia.pl Sp. z o.o. Os. Teatralne 9a, 31-946 Cracow

   web portals activities

   100% 100%

   Mobiem Polska in liquidation

   Sp. z o.o.(d)

   Fabryczna 5a, 00-446 Warsaw

   holding activities -(d) 100%

   Fabryczna 5a, advertising Mobiem Sp. z o.o.	100%	100%
   TV Spektrum Ostrobramska 77, media	100%	100%
   Ludwika Solskiego 55, consulting Sp. z o.o.	60%	60%

   00-446 Warsaw

   activities

   Sp. z o.o. 04-175 Warsaw

   Polot Media

   Polot Media

   Sp. z o.o. Sp.k.

   52-401 Wroclaw

   Ludwika Solskiego 55,

   52-401 Wroclaw

   movie and TV production

   60% 60%

   BCAST Sp. z o.o.(b) Rakowiecka 41/21,

   02-521 Warsaw

   telecommunication

   activities

   95.01% 80.01%

   Polsat Talenty Ostrobramska 77, cooperation with Sp. z o.o. 04-175 Warsaw artists and 100%	100%
   Al. Stanów Premium Mobile Zjednoczonych 61A, telecommunication 100% 04-028 Warsaw	100%
   Łubinowa 4A, Stork 5 Sp. z o.o. holding activities 100%	100%
   Łubinowa 4A, agricultural Swan 5 Sp. z o.o. 100%	100%
   Al. Stanów Vindix S.A. Zjednoczonych 61A, 100% services	100%

   presenters

   Sp. z o.o. activities

   03-878 Warsaw

   03-878 Warsaw activities

   other financial

   04-028 Warsaw

   Subsidiaries accounted for using full method (cont):

   Vindix Investments Sp. z o.o.

   Direct Collection Sp. z o.o.

   Vindix Sp. z o.o.

   Al. Stanów Zjednoczonych 61A, 04-028 Warsaw

   Al. Stanów Zjednoczonych 61A, 04-028 Warsaw

   Heroiv UPA 73 ż,

   79018, Lviv

   other financial

   services

   other financial

   services

   call center services

   100% 100%

   100% 100%

   100% 100%

   Vindix NSFIZ

   Mag7soft Sp. z o.o.

   Port Praski

   Mokotowska 49,

   00-542 Warsaw

   Al. Stanów Zjednoczonych 61A, 04-028 Warsaw

   Krowia 6,

   financial services ** **

   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.

   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

   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

   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%

   Port Praski Doki Sp. z o.o.

   Krowia 6,

   03-711 Warsaw

   implementation of

   construction

   projects

   77.52% 77.52%

   Subsidiaries accounted for using full method (cont):

   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

   Krowia 6,

   03-711 Warsaw

   Krowia 6,

   03-711 Warsaw

   Krowia 6,

   03-711 Warsaw

   Krowia 6,

   implementation of

   construction

   projects

   implementation of

   construction

   projects

   implementation of

   construction

   projects

   77.52% 77.52%

   77.52% 77.52%

   77.52% 77.52%

   Sp. z o.o.

   Pantanomo Limited

   Laris Investments Sp. z o.o.

   Laris Development

   03-711 Warsaw

   3 KRINOU,

   Limassol 4103,

   Cyprus

   Pańska 77/79, 00-834 Warsaw

   Pańska 77/79,

   hotel services 77.52% 77.52%

   holding activities 77.52% 77.52%

   property rental 66.94% 66.94% implementation of

   Sp. z o.o.

   Laris Technologies Sp. z o.o.

   Megadex Expo Sp. z o.o.

   Centrum Zdrowia i

   00-834 Warsaw

   Pańska 77/79, 00-834 Warsaw

   Adama Mickiewicza 63,

   01-625 Warsaw

   Sikorskiego 8,

   construction

   projects

   property rental and

   management

   property rental and

   management

   66.94% 66.94%

   66.94% 66.94%

   66.94% 66.94%

   Relaksu Verano

   Sp. z o.o. Oktawave S.A.

   78-100 Kołobrzeg

   Poleczki 13,

   02-822 Warsaw

   hotel services 66.94% 66.94%

   website

   100% 100%

   management

   Antyweb Sp. z o.o.

   Sarmacka 12C/14, 02-972 Warsaw

   web portal 79.88% 79.88% activities

   PAK-Polska Czysta Energia Sp. z o.o.

   Kazimierska 45,

   62-510 Konin

   holding

   50.5% 50.5%

   activity

   PAK-PCE Człuchów Sp. z o.o.

   Kazimierska 45,

   62-510 Konin

   production of 50.5% 50.5% electricity

   Eviva Drzeżewo Sp. z o.o.

   Kazimierska 45,

   62-510 Konin

   production of 50.5% 50.5% electricity

   Subsidiaries accounted for using full method (cont):

   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%

   62-510 Konin electricity

   62-510 Konin

   electricity

   62-510 Konin electricity

   62-510 Konin electricity

   62-510 Konin electricity

   Sp. z o.o.

   Exion Hydrogen Belgium BV

   PAK-PCE

   80-701 Gdańsk

   Slachthuisstraat 120,

   bus 12,

   2300 Turnhout

   Belgium

   Kazimierska 45,

   equipment

   manufacture of

   electrical equipment

   production of

   50.4% 50.4%

   Fotowoltaika

   Sp. z o.o.

   62-510 Konin Al. Stanów

   electricity 50.5% 50.5%

   PAK-VOLT S.A. Zjednoczonych 61A, trade of electricity 50.5% 04-028 Warsaw	50.5%
   PG Hydrogen Konstruktorska 4, manufacrture of engines and 26.26%	26.26%
   PAK-PCE Biopaliwa i Przemysłowa 158, production of 50.5%	50.5%
   PAK-PCE Wiatr Kazimierska 45, production of 50.5%	50.5%
   PAK-PCE Polski Kazimierska 45, manufacture of Autobus Wodorowy 50.5% 62-510 Konin buses	50.5%
   PAK-PCE Stacje H2 Kazimierska 45, retail of hydrogen 50.5%	50.5%
   PAK-PCE Przyrów Sp. Częstochowska 7A, production of 50.5%	50.5%
   PAK-PCE Dobra Kazimierska 45, production of 50.5%	50.5%

   Sp. z o.o.

   02-673 Warsaw

   turbines

   Wodór Sp. z o.o.

   62-510 Konin

   electricity

   Sp. z o.o.

   62-510 Konin

   electricity

   Sp. z o.o.

   Sp. z o.o. 62-510 Konin

   z o.o.

   42-428 Przyrów

   electricity

   Sp. z o.o.

   62-510 Konin

   electricity

   Entity's registered

   Share in voting rights (%)*

   Activity 30 September 31 December

   office

   2025

   2024

   Subsidiaries accounted for using full method (cont):

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

   PAK-PCE Miłosław Sp. z o.o.

   Global Continental

   Kazimierska 45,

   62-510 Konin

   Al. Wojska Polskiego 68,

   70-479 Szczecin

   Legionów 18, 97-200 Tomaszów

   production of electricity

   production of electricity

   production of

   50.5% 50.5%

   50.5% 50.5%

   Sp. z o.o.

   Mazowiecki

   electricity 50.5% 50.5%

   implementation of

   Port Praski Medical Center Sp. z o.o.

   Port Praski City II Sp. z o.o.

   Postępu 14,

   02-676 Warsaw

   Postępu 14,

   02-676 Warsaw

   Warszawska 222B,

   construction

   projects implementation of

   construction

   projects

   77.52% 77.52%

   77.52% 77.52%

   Archiplex Sp. z o.o.(a) 26-617 Radom archives 100% -

   * including direct and indirect shares

   ** 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:

   	Entity's registered Activity 30 September	31 December
   	office 2025	2024
   Polski Operator Telewizyjny Sp. z o.o.	Wiertnicza 166, technical services 50%	50%
   Polsat Boxing Promotion Sp. z o.o.	Ostrobramska 77, movie and TV 24%	24%
   Pollytag S.A.	Wielopole 6, sale of wood and 80-556 Gdańsk construction 31.12%	31.12%

   Share in voting rights (%)*

   02-952 Warsaw

   04-175 Warsaw

   production

   materials

   * including direct and indirect shares

   Additionally, the following entities were included in these consolidated financial statements for the 9 months ended 30 September 2025:

   	Entity's registered Activity 30 September	31 December
   	office 2025	2024
   Karpacka Telewizja Kablowa Sp. z o.o.(1)	Warszawska 220, dormant 99%	99%
   Polskie Badania Internetu Sp. z o.o.(2)	Al. Jerozolimskie web portals 65/79, 00-697 activities 21.43%	21.43%
   Pluszak Sp. z o.o.	Domaniewska 47, retail sales 9%	9%
   Towerlink Poland Sp. z o.o.	Marcina Kasprzaka telecommunication 0.01%	0.01%
   Megadex SPV Sp. z o.o.	Adama Mickiewicza other financial 7.02%	7.02%
   Stocznia Remontowa NAUTA	Budowniczych 10, repair and maintenance of 0.03%	0.03%

   Share in voting rights (%)

   26-600 Radom

   Warsaw

   02-672 Warsaw

   4, 01-211 Warsaw activities

   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 19 November 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 9 months ended

   	30 September	30 September	30 September	30 September
   	2025 unaudited	2024 unaudited	2025 unaudited	2024 unaudited
   Retail revenue	1,850.0	1,817.2	5,460.3	5,372.2
   Wholesale revenue	786.9	763.8	2,431.6	2,361.7
   Sale of equipment	385.9	457.2	1,202.2	1,315.9
   Energy revenue	267.0	359.1	879.2	890.0
   Other revenue	141.6	182.2	578.7	499.0
   Total	3,431.4	3,579.5	10,552.0	10,438.8

   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 9 months ended

   		30 September	30 September	30 September	30 September
   	Note	2025	2024	2025	2024
   		unaudited	unaudited	unaudited	unaudited
   Technical costs and cost of settlements with telecommunication		916.8	869.7	2,650.8	2,492.4
   operators
   Depreciation, amortization, impairment		403.8	303.2	1,174.5	1,239.9
   and liquidation
   Cost of equipment sold		313.3	365.4	947.2	1,027.1
   Content costs		508.4	415.1	1,532.2	1,483.5
   Cost of energy sold, includes:		218.1	262.2	707.8	698.1
   Depreciation*		23.5	12.4	69.9	36.3
   Distribution, marketing,
   customer relation management and		267.0	264.1	819.2	788.6
   retention costs
   Salaries and employee- related costs	a)	319.0	290.1	955.4	890.5
   Cost of debt collection
   services, bad debt allowance and		25.8	27.7	81.4	69.2
   receivables written off
   Other costs, includes:		130.7	190.3	523.1	500.6
   Depreciation*		1.1	1.3	3.5	3.3
   Total		3,102.9	2,987.8	9,391.6	9,189.9

   * depreciation costs included within energy and bus production costs

   a) Salaries and employee related costs

   for the 3 months ended for the 9 months ended

   	30 September	30 September	30 September	30 September
   	2025 unaudited	2024 unaudited	2025 unaudited	2024 unaudited
   Salaries	259.5	238.6	775.9	727.6
   Social security contributions	42.5	37.5	129.8	119.6
   Other employee-related costs	17.0	14.0	49.7	43.3
   Total	319.0	290.1	955.4	890.5

   * excludes production employees

10. ‌Finance income

    for the 3 months ended for the 9 months ended

    30 September 2025 unaudited		30 September 2024 unaudited (restated data)	30 September 2025 unaudited	30 September 2024 unaudited (restated data)
    Interest on loans granted 0.7		0.6	2.0	5.8
    Other interest income 23.9		38.6	74.5	108.1
    Change in the value of shares -		57.6	-*	116.0
    Foreign exchange differences -		1.8	-	-
    Foreign exchange differences -		17.1	2.0	34.8
    Cumulative catch-up resulting from the modification of cash flows as a result of the	-	-	-	2.5
    conversion/redemption of bonds
    Realization and valuation of
    hedging instruments - hedging the cost of foreign exchange	-	(0.2)	(0.7)	(0.7)
    differences
    Realization and valuation of instruments not used in hedge accounting - hedging the cost	-	-	-	(0.1)
    of foreign exchange differences
    Other income	8.2	2.0	33.2	37.6
    Total	32.8	117.5	111.0	304.0

    of Asseco Poland S.A.

    on loans and borrowings

    * included in finance costs

11. ‌Finance costs

for the 3 months ended for the 9 months ended

and borrowings bonds*

hedge accounting - interest

loans granted

differences

* 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