Presentation – Q1 2026

Financial results Q1'26

21 May 2026

2

Speakers

Agenda

1. Key highlights Q1'26

2. Operating results

3. Financial results

4. Summary and Q&A

Key highlights in Q1'26

Bartłomiej Drywa

Member of the Management Board

Key highlights

• The success of the new multiplay offering is driving ARPU growth across all customer segments

• We signed a Term Sheet with Towerlink Poland, thanks to which we will improve the quality and coverage of our services

• We acquired exclusive broadcasting rights to the UEFA Europa League and the UEFA Conference League for the 2027-2031 seasons

• We have entered into a partnership with kanał Zero covering distribution and advertising

• We plan to shut down the 3G network by the end of 2026, enabling further optimization of network resources

• We obtained a generation license for the Drzeżewo wind

  farm with a capacity of 139 MW

  
  
  

• We restructured the Group's management frameworks in response to new strategic and operational challenges, with initial effects already visible in Q1'26

Key figures Q1'26

Operating results

B2C and B2B

services segment

Maciej Stec

Vice-President of the Management Board

Over 3 million customers use our multiplay offering

• High and growing multiplay customer base

• Increase of the multiplay customer base by 35k YoY due to the successful upselling of services

• Already 54% of our customers use our multiplay offering

• Our multiplay customers own 12.5m RGUs,

  up by 2,293k YoY

• Low churn rate - mainly thanks to our multiplay strategy

  Number of multiplay customers1)

  +1.2%

  (thous. customers)

  3,009 3,036 3,044

  53%

  54%

  54%

  
  
  

  Q1'25 Q4'25 Q1'26

  # of multiplay customers
  
  saturation of customer base with multiplay (%)
  
  

  Churn

  6.8% 7.7% 7.9%

  Q1'25 Q4'25 Q1'26

  (1) Change in the presentation of the number of multiplay customers starting from Q2'25,

  historical data have been restated to ensure comparability. Details on slide #40

  We provide 13.6m contract services

• Increase in the number of mobile and fixed internet services by 285k YoY

  Number of RGUs in the B2C contract segment

• Very strong sales of mobile telephony

  services, up by 183k YoY

• Pressure on the pay TV service base partially mitigated by the growing number of TV services provided in IPTV and OTT technologies

6.7m

6.6m

6.5m

4.5m

4.5m

+2.3%

13.29m 13.52m

13.59m

Q1'25 Q4'25 Q1'26

Mobile telephony Pay TV Internet

+5.8%

Growing ARPU per B2C customer thanks to the consistent implementation of our multiplay strategy

• ARPU increased 5.8% YoY, driven by very strong mobile and internet sales and effective execution of our multiplay strategy

• Effective upselling of products under our multiplay strategy is reflected in growing RGU saturation per customer

• Already 28% of our customers are using the

  new multiplay offering

  (PLN)

  81.6 82.2

  77.7

  2.32

  2.43

  2.40

  
  
  

  Q1'25 Q4'25 Q1'26

  ARPU per B2C customer RGU/customer
  
  

  High base and growing ARPU of prepaid services

• High prepaid RGU base of 2.3m in a highly competitive market

• ARPU increased by 4.7% YoY in the prepaid services segment, reaching PLN 17.8

2.43m

Prepaid RGU1)

2.28m

2.26m

• Dynamic growth in Polsat Box Go

  Q1'25 Q4'25 Q1'26

  subscriptions driven by the new packaging:

  Polsat Lovers, Premium and Premium Sport

  Mobile telecommunications services 2)
  
  

  ARPU1)

  Pay TV
  
  

  +4.7%

  (PLN)

  17.0 18.2 17.8

  Q1'25 Q4'25 Q1'26

  1. Excl. low-margin Polsat Box Go Start package

  2. Starting from Q2'25, we present prepaid telephone and internet RGUs combined under the

  category 'mobile telecommunications services'

  High base and growing ARPU of B2B customers

• We provide services to over 67k B2B customers, successfully maintaining the scale of this base

• ARPU per B2B customer increased by 3.8% YoY, to PLN 1,565 per month, driven by flexible business solutions

Number of B2B customers

68.0k 67.4k 67.0k

Q1'25 Q4'25 Q1'26

ARPU

+3.8%

(PLN)

1.508 1.567 1.565

Q1'25 Q4'25 Q1'26

Media segment:

TV and online

Janusz Pliszka

Member of the Management Board, Telewizja Polsat

Strong viewership performance of TV Polsat Group channels in Q1'26

Audience shares

Market expenditures on TV advertising and sponsorship

Main channels

(mPLN)

7.6% 8.0%

Thematic channels

14.2% 14.3%

+2.0%

Group's share

1,112 1,134

5.0%

4.7%

6.5%

Polsat TVN TVP2 TVP1

POLSAT1)

Warner

TVP

Q1'25 Q1'26

Bros.Discovery

Dynamics of audience share results

27.3% 28.0%

Revenue from TV advertising and sponsorship of TV Polsat Group2)

22.1% 21.9% 22.1% 22.3%

16.1% 16.2%

12.4%11.7%

(mPLN)

320

+1.2%

324

TV Polsat Group 1)

Warner Bros.Discovery Group

TVP Group Other CabSat Other DTT

Q1'25 Q1'26

Q1'25 Q1'26

Source: NAM, All 16-59, all day, SHR%, including Live+2 as well as TV audience out of home (OOH - out of home viewing), internal analyses; ad market: Publicis Groupe, preliminary data, spot advertising and sponsorship; TV Polsat Group: internal data

Note: (1) Excluding partnership channels

Very strong position in the online media market -

Polsat-Interia Group was the leader in Q1'26

• Polsat-Interia Group is #1 on the internet

  Average monthly number of users

  market among publishers in Poland1)

  16.9

  13.8

  15.1

  13.1

  (million RU)

• Polsat-Interia Group is the leader in the mobile category2)

  21.0

  20.5

  19.6 18.8

  20.9

  19.4

  Polsat-Interia

  Group

  Wirtualna Polska

  Group

  RAS Polska

  Group

  Agora

  Group

  Polska Press

  Group

• We have a very strong and stable position

  in the online media market:

  • 20.5m users

  • 1.9bn page views

Q1'25 Q1'26

Average monthly number of page views

1,907 1,862

1,457 1,362

769

550

478

312

(million page views)

2,510 2,253

Polsat-Interia Group

Wirtualna Polska Group

RAS Polska Group

Agora Group

Polska Press Group

Q1'25 Q1'26

Source: Mediapanel, number of users - real users (RU) indicator, number of page views indicator Note: (1) Mediapanel, based on average monthly results Polsat-Interia achieved the highest reach

(RU) three times in Q1'26, i.e. the most frequently among internet publishers in Poland

Very strong spring schedule and attractive sports events

Green energy segment

Bartłomiej Drywa

Member of the Management Board

Growth of energy production by 18% thanks to the expansion of wind production capacity

278

176

157

140

105

16

12

Q1'25 Q1'26

Q1'25 Q1'26

Q1'25 Q1'26

wind farms

PV

biomass

327

+18%

• Increase in green energy production to 327 GWh driven by expansion of installed capacity at wind farms

  [GWh]

• Start-up of the Drzeżewo wind farm drove a 67% YoY increase in wind energy production in Q1'26

  Renewable energy production

  PLN 99m EBITDA in the green energy segment in Q1'26

  (mPLN)

• EBITDA growth by 73% YoY in Q1'26, supported by higher wind generation

EBITDA

+73.0%

98.8

57.1

Q1'25 Q1'26

Financial results

Katarzyna Ostap-Tomann

CFO, Member of the Management Board

Results of the Group in Q1'26

+3.0%

Revenue

Adjusted EBITDA1)

Net profit

3,530 3,635

(mPLN)

(mPLN)

809

+4.7%

847

87

+54.1%

(mPLN)

134

Q1'25 Q1'26

Q1'25 Q1'26

Q1'25 Q1'26

LTM FCF1)

+62.6%

1,197

Net debt/EBITDA LTM

(excl. project financing)

736

(mPLN)

3.59x 3.68x

2025 LTM 3M'26

2025 Q1'26

(1) Adjusted FCF after interests and excluding development capex in the green energy segment

Revenue and EBITDA - change drivers in Q1'26

3,530

-9

Revenue

+3.0% | +105 m

+17 +136 -27 -12

3,635

809

EBITDA

Media segment: TV and online

+4.7% | +38 m

EBITDA

Q1'26

Real estate segment

Green energy segment

B2C and B2B

services segment

Adjusted

EBITDA1)

Q1'25

+14 -5 +42

-13

847

(mPLN)

(mPLN)

EBITDA margin

Przychody 1Q'25

Revenue

Q1'25

B2C and B2B

services segment

Media segment: TV and online

Green energy segment

Real estate segment

Consolidation adjustments

Revenue

Przychody 1Q'26

EBITDA 1Q'26

EBITDA 1Q'25

Q1'26

(1) Q1'25 EBITDA adjusted for the gain on the disposal of a subsidiary and an associate (PLN -0.2m)

Strong, recurring FCF

- 35

384

0

(mPLN)

46

(1) EBITDA adjusted for one-off items described in the appendix to the presentation, slide #36

Capex under control

• TMT1) is capex-light - capex/revenue ratio at 6% in Q1'26

• Significantly lower development capex in the green energy segment: PLN 31m in Q1'26 (-80% YoY)

• We are finalizing capital-intensive investments in renewable energy under our Strategy 2023+

  (mPLN)

  324

  Capex by segment in Q1'26

  6%

  195

  157

  31

  9

  10

  1

  Development capex

  Development capex

  TMT Green energy Real estate

  x%

  Q1'25 Q1'26 capex/revenue for the segment
  
  

  (1) Includes the B2C and B2B services segment and the media segment

  The Group's debt

  	31 Mar. 2026	31 Dec. 2025
  Loans and borrowings, including:	10,424.7	10,485.6
  loans and borrowings liabilities excl. project financing1)	8,293.8	8,351.9
  project financing liabilities	2,130.9	2,133.7
  Bonds	3,923.8	4,020.5
  Leasing and other liabilities	695.7	710.6
  Gross debt	15,044.2	15,216.7
  Cash and cash equivalents2)	2,790.8	3,183.2
  Net debt	12,253.4	12,033.5
  EBITDA LTM3)	2,959.4	2,935.9
  Total net debt / EBITDA LTM	4.14x	4.10x
  Net debt to EBITDA LTM ratio excl. project financing4)	3.68x	3.59x
  Weighted average interest cost of loans and bonds5)	6.5%	6.6%

  mPLN Balance value as at

  Bonds

  32%

  Bank loans 68%

  Debt structure

  EUR

  18%

  (excl. project financing) as at 31 Mar. 2026

  PLN

  82%

  Debt maturing profile

  (excl. project financing)

  EUR

  506m

  400

  (mPLN)

  as at 31 Mar. 2026

  Variable interest rate 100%

  622		830		4,716		3,490
  2026		2027		2028	2029	2030

  Term loan PLN Term loan EUR Series D/E Bonds Series F Bonds
  
  
  
  

  25

  
  
  

  1. Project financing means investment loans granted to PAK-PCE subsidiaries (project companies) for investment projects related to the development of clean energy sources

  2. Includes cash and cash equivalents held for sale

  3. Consolidated EBITDA LTM adjusted for non-controlling interests

  4. Excluding EBITDA LTM and net debt of companies using project financing

  5. Prospective average weighted interest cost of the Group's debt (including the Revolving Credit Facility) in accordance with WIBOR/EURIBOR ratios as of the balance sheet date, excluding hedging instruments, project financing and leases

  Summary and Q&A

  
  
  

  Summary

  • Strong Q1'26 results reflect the impact of the first strategic decisions at the

    operational level

  • We have developed a strategic framework for further cooperation with Cellnex to support cost-efficient 5G Plus roll-out, coverage and service quality

  • Strategic investments in key sports content - rights to the UEFA Europa League and UEFA Europa Conference League secured through 2031

  • The ongoing strategic asset review will result in the announcement of

    Polsat Plus Group's long-term strategy by end-2026, covering:

    • Measurable targets for core telecommunications and media business

    • Potential development scenarios for the green energy and real estate segments

    • Mid- and long-term financial policy, in particular leverage and shareholder returns.

28

Q&A

Additional information

Results of the B2C and B2B services segment

1. Costs excl. depreciation, amortisation, impairment and liquidation

2. Q1'25 EBITDA adjusted for the gain on the disposal of a subsidiary and an associate (PLN -0.2m)

   • Stable revenue is the net effect of higher retail revenues, supported by ARPU growth and stronger sales momentum in multiplay, offset by lower equipment sales;

   • Stable costs driven, among others, by lower marketing, distribution and customer service costs, as well as lower debt collection costs, partially offset by higher salaries and employee-related costs;

   • EBITDA growth was driven by stable revenues and effective cost control.

     Results of the media segment: television and online

     mPLN	Q1'26	YoY change
     Revenue	595	3%
     Operating costs1)	468	-3%
     EBITDA	120	-4%
     EBITDA margin	20.1%	-1.4 pp
     Capex	9	-30%

     1. Costs excl. depreciation, amortisation, impairment and liquidation

        • Segment revenue growth was driven by higher advertising and sponsorship revenues, as well as higher revenues from cable and satellite operators;

        • EBITDA was impacted by higher operating costs, mainly due to increased salaries and employee-related costs, marketing expenses and technical costs related to broadcasting.

Results of the green energy segment

1. Costs excl. depreciation, amortisation (incl. depreciation costs included in energy and buses production costs), impairment and liquidation

   • Revenue growth was primarily driven by a significantly higher volume of wind energy generation following the commissioning of the Drzeżewo wind farm, as well as higher trading revenues;

   • Revenues were further supported by higher sales of hydrogen buses due to increased delivery volumes;

   • Segment costs increased mainly due to higher cost of energy sold and higher cost of hydrogen buses sold;

   • Following the completion of capital-intensive renewable energy projects under the Strategy 2023+, capital expenditures in the green energy segment have significantly declined.

Results of the real estate segment

1. Costs excl. depreciation, amortisation, impairment and liquidation

   • YoY decline in revenues and EBITDA, reflecting a high comparison base related to the completion of the investment in Port Praski (1-3 Sierakowskiego Street) and the resulting handover of a significant number of apartments to customers in Q1'25;

   • Segment capital expenditures were primarily related to the revitalization of the historic tenement house at 16 Okrzei Street, where an AC Marriott hotel will be developed;

   • The process of obtaining construction permits for the development at Krowia 1-3 is ongoing.

     Revenue structure

     Retail revenue

     Wholesale revenue

     Sale of equipment

     Energy revenue

     mPLN

     1,859

13%

22%

3%

3%

Other revenue

240

229

5%

Q1'25 Q1'26

Operating costs structure

Technical costs and cost of

settlements with telecommunication…

Depreciation, amortization, impairment and liquidation

Content costs

Cost of equipment sold Distribution, marketing, customer

relation management and retention…

Cost of energy sold

(incl. depreciation)

Salaries and employee-related costs Cost of debt collection services and

mln PLN

17 43%

5%

0%

12%

1%

10%

9%

4%

• Higher technical costs and cost of settlements with telecommunication operators, primarily due to the recognition of higher roaming-related costs and higher costs of wholesale access to fixed-line networks of other operators, associated with very strong Internet service sales;

• Lower depreciation, amortization, impairment and liquidation costs, mainly related to new IT systems, as well as the depreciation of newly acquired frequency reservations;

• Lower cost of equipment sold, corresponding with lower revenue from equipment sales;

• Higher cost of energy sold, primarily due to a higher volume of energy generated, as well as the recognition of depreciation of assets related to energy production;

• Increase in salaries and employee-related costs, mainly due to inflationary pressure on wages and an increase in the minimum wage. At the same time, in the Q1'26 the method of recognising a portion of

  bad debt allowance 30

  197

and receivables written off

Other costs

26%

provisions was changed, resulting in a more even allocation of these costs

throughout the year and eliminating their concentration in the Q4;

Adjusted EBITDA by quarter

mPLN 2025 2026

FCF on a quarterly basis

mPLN 2025 2026

We have 485 MW of installed renewable energy capacity

Kazimierz Biskupi 17.5 MW

Miłosław 9.6 MW

Biomass power plant 105 MW

Gromadka 8.4 MW

Dobra 7.8 MW

Drzeżewo 138.6 MW

Człuchów 72.6 MW

Brudzew/Cambria 82.4 MWp

Przyrów 50.4 MW

We operate a unique, complete value chain of green hydrogen

Electrolyser development

Electrolysis plant

NESO H2 refuelling stations

H2 trailers

• 5 mobile stations in use

Mobile H2 refuelling stations

NESO H2 refuelling stations

Nesobus manufacturing plant

Glossary

RGU (Revenue Generating

Unit)

Single, active and retail revenue generating service of pay TV provided in all types of access technologies, mobile or fixed-line

Internet access, or mobile telephony provided in the contract or prepaid model.

Customer

A natural person, legal entity or an organizational unit without legal personality who has at least one active service provided in the contract model. A customer is identified by a unique national identification number (PESEL), tax identification number (NIP) or national business registry number (REGON).

ARPU per prepaid RGU Average monthly revenue per prepaid RGU generated in a given settlement period.

Churn

Termination of the contract with a B2C customer by means of a termination notice, collections or other activities resulting in the

situation that after the termination of the contract the customer does not have any active services provided in the contract model.

Churn rate presents the relation of the number of customers for whom the last service has been deactivated (by means of a termination notice as well as deactivation as a result of collection activities or other reasons) within the last 12 months to the annual average number of customers in this 12-month period.

Multiplay client

B2C contract customer with at least two services, including services of the same type, provided simultaneously by one or more

companies within the Group.

In Q2'25, the presentation of the number of multiplay customers was revised: the previous definition, which included B2C contract customers with at least two services within a selected Group company, was expanded to include customers with at least two services, including services of the same type, across different Group companies. Historical data on the number of multiplay customers and the number of services they held have been adjusted accordingly to ensure comparability.

Usage definition (90-day for prepaid RGU)

Number of reported RGUs of prepaid services of mobile telephony and Internet access refers to the number of SIM cards which received or answered calls, sent or received SMS/MMS or used data transmission services within the last 90 days.