21 August 2025
2
Speakers
ANDRZEJ ABRAMCZUK PRESIDENT OF THE MANAGEMENT BOARD
MACIEJ STEC
VICE-PRESIDENT FOR STRATEGY
KATARZYNA OSTAP-TOMANN
CFO, MEMBER OF THE MANAGEMENT BOARD FOR ESG
Agenda
Key highlights
Operating results
Financial results
Summary and Q&A
Key highlights
Andrzej Abramczuk
President of the Management Board
Key highlights
B2C and B2B services
We have launched a new, flexible multiplay offer focused on consistently building customer value
Media: TV and online
Very strong viewership results, aligned with our long-term strategy and a strong position in the advertising market
Polsat-Interia Group maintains its leadership position among internet publishers in Poland
Green energy
We have completed the installation of turbines at the Drzeżewo wind farm - 51 out of 63 turbines have already been commissioned
Our subsidiary, Biopaliwa i Wodór, won a capacity market auction for 44 MW of capacity obligation with delivery starting in 2029 (estimated revenue of PLN 400 million over 17 years)
Finance
We have secured an investment loan of up to PLN 953 million
for the Drzeżewo wind farm
Key figures
Note: (1) Q2'24 EBITDA adjusted for the gain on disposal of an IPv4 address package (PLN 21m) and
Q2'25 EBITDA adjusted for the impairment charge on inventories of photovoltaic panels (PLN 19m)
314 GWh
green energy production
+41.4% YoY
22.5%
audience share
+0.4 pp YoY
3.0 million
multiplay customers
+1.7% YoY
PLN 78.4
ARPU per B2C customer
+4.3% YoY
PLN 824 million
djusted EBITDA1
-2.4% YoY
PLN 3.6 billion
revenue
+3.9% YoY
Media segment: TV and online
Maciej Stec
Vice-President for Strategy
Viewership and position in the advertising market in Q2'25
Audience shares
Market expenditures on TV advertising and sponsorship
Main channels
7.3% 7.5%
Thematic channels
6.8%
15.2% 14.4%
+3.2%
Group share
28.2%
28.2%
(mPLN)
1,283 1,324
5.1%
4.0%
Polsat TVN TVP1 TVP2
POLSAT 1) Warner
TVP
Q2'24 Q2'25
Bros.Discovery
Dynamics of audience share results
22.0% 22.5%
23.0% 21.8%
18.35
15.9%
13.5%
8.6%
28.0% 26.3%
Revenue from TV advertising and sponsorship of TV Polsat Group2)
+3.3%
361
(mPLN)
373
TV Polsat Group1)
Warner Bros.Discovery Group
TVP Group Other CabSat Other DTT
Q2'24 Q2'25
Source: NAM, All 16 59, all day, SHR%, including Live+2 as well as TV audience out of home (OOH - out of home
Viewership and position in the advertising market in H1'25
Main channels
7.4% 7.5%
Audience shares
Thematic channels
14.9% 14.5%
Market expenditures on TV advertising and sponsorship
Group share
28.4%
28.0%
+2.2%
(mPLN)
2,386 2,438
4.8%
4.4%
6.8%
Polsat TVN TVP1 TVP2
POLSAT 1) Warner
TVP
H1'24 H1'25
Bros.Discovery
Dynamics of audience share results
21.8% 22.3%
23.6% 22.0%
17.3% 16.0%
12.9%
8.5%
28.8% 26.8%
Revenue from TV advertising and sponsorship of TV Polsat Group2)
+3.7%
(mPLN)
668 693
TV Polsat Group 1)
Warner Bros.Discovery Group
TVP Group Other CabSat Other DTT
H1'24 H1'25
Source: NAM, All 16 59, all day, SHR%, including Live+2 as well as TV audience out of home (OOH - out of home
A very strong position in the online portal market -
Polsat-Interia was the leader in Q2'25
Polsat-Interia Group was #1 on the internet
Average monthly number of users
market among publishers in Poland in Q2'251)
17.0 17.1
16.2 15.5
In Q2'25, Polsat-Interia Group remains the leader in the mobile category2)
(million RU)
20.4 21.0
20.5
19.8
20.2
20.9
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 market:
21.0m users
2.0bn page views
(million page views)
Average monthly number of page views
2,485 2,499
1,808 1,951
1,493
860 773
798
395
3,194
Polsat-Interia Group
Wirtualna Polska Group
RAS Polska Group
Agora Group
Polska Press Group
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 Q2'25, i.e. the most frequently among internet publishers in Poland
Strong performance of the spring schedule and engaging sports content
Audience shares increased to 22.5% thanks to a very good programming schedule and braodcasts of attractive sports events
B2C and B2B services segment
Maciej Stec
Vice-President for Strategy
We are intensifying our focus on ARPU per customer growth as part of our new ultra-flexible multiplay offering
Choose 2 services for PLN 80Mobile subscription 180 GB
Fixed-line internet up to 600 Mb/s
5G
LTE/5G internet 600 GB
Polsat Box television up to 85 channels
+
Add an additional service for PLN 302 streaming services
Polsat Box television
Mobile subscription
Fixed-line internet
5G
LTE/ 5G internet
Upgrade the entire set to the L package
from our service portfolio:
Simplifying the multiplay strategy leads to a new, clearer definition of the multiplay customer
We have over 3 million multiplay customers according to the new definition
The new definition includes any customer who uses at least two services from any company within the Group, including
Decomposition of the multiplay customer base - Q2'25
2 536
268
3,013
209
2,536
(thous. customers)
services of the same type
The previous definition only
# of multiplay customers
- previous definition
Customers with 2+ services in
3 013
various companies
Customers with multiple services of the same type
# of multiplay customers
- new definition
covered customers participating in loyalty programs (e.g., SmartDom) within individual companies
Number of multiplay customers
2,964 3,013
•
44.6%
•
43.0%
•
52.9%
•
51.5%
2,477 2,536
(thous. customers)
Q2'24 Q2'25
saturation of customer base with multiplay (%)
Over 3 million customers use our multiplay offering
High and stable base of multiplay customers despite challenging market conditions
Increase of the multiplay customer base by 49k YoY due to the successful upselling of services
Already 53% of our customers use our
multiplay offering
Our multiplay customers use 10.6m RGUs,
+832k YoY
Low churn - mainly due to our multiplay
strategy
Number of multiplay customers1)
+1.7%
(thous. customers)
2,964 3,009 3,013
51%
53%
53%
Q2'24 Q1'25 Q2'25
# of multiplay customerssaturation of customer base with multiplay (%)Churn
7.5% 6.8% 7.1%
Q2'24 Q1'25 Q2'25
Note: (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 slides #14 and #41.
We provide over 13m contract services
+1.5%
Very good sales of mobile telephony services, +209k YoY
Number of RGUs in the B2C contract segment
Increase in the number of mobile and fixed
internet services provided by 159k YoY
Pressure on the pay TV service base partially mitigated by the growing number of TV services provided in IPTV and OTT technologies
13.09m 13.29m
13.28m
6.5m
6.5m
6.3m
4.6m
4.7m
4.7m
2.2m
2.1m
2.0m
Q2'24 Q1'25 Q2'25
+4.3%
ARPU growth in B2C thanks to the consistent implementation of our multiplay strategy
4.3% YoY rise in ARPU is driven by strong sales of mobile and internet services as well as the effective execution of the multiplay strategy
(PLN)
Effective upselling of products as part of our multiplay strategy is reflected in the high level of the RGU saturation per customer ratio
75.2 77.7 78.4
2.27
2.33
2.32
Q2'24 Q1'25 Q2'25
ARPU per B2C customerRGU/customerHigh base and ARPU of prepaid services
Prepaid RGU1
2.61m
2.43m
2.38m
Q2'24
Q1'25
Mobile telecommunications services 2)
Pay TV
Q2'25
We maintain a high base of prepaid services at the level of 2.4m despite intense market competition
High ARPU in the prepaid segment at the level of PLN 17.7
ARPU1)
-1.7%
(PLN)
18.0 17.0 17.7
Q2'24 Q1'25 Q2'25
18
Note: (1) excl. low-margin Polsat Box Go Start package
(2) The development of prepaid offers, involving an increase in available data packages, has rendered the division of tariffs into those for telephones and those for mobile internet unjustified. As a result, operators withdrew tariffs dedicated to data transfer. Therefore, starting from Q2'25, we present prepaid telephone and mobile internet RGUs together under the category "mobile telecommunications services".
High base and growing ARPU of B2B customers
We provide services to 68 thousand B2B customers, successfully maintaining the scale of this base
ARPU per B2B customer increased by 4.0% YoY up to PLN 1,545 per month in a highly competitive environment
Number of B2B customers
68.5k 68.0k 68.0k
Q2'24 Q1'25 Q2'25
ARPU
+4.0%
(PLN)
1,485 1,508 1,545
19
Q2'24 Q1'25 Q2'25
Green energy segment
Maciej Stec
Vice-President for Strategy
65
111
124
175
33 29
Q2'24 Q2'25
Q2'24 Q2'25
259 332
116
216
H1'24 H1'25
H1'24 H1'25
H1'24 H1'25
45 44
biomass
PV
wind farms
Q2'24 Q2'25
[GWh]
Dynamic growth of energy production by 41% thanks to the expansion of wind production capacity
Green energy production up 41% YoY to
314 GWh in Q2'25
Green energy production up 41% YoY to
592 GWh in H1'25
We are finalizing the construction of the Drzeżewo wind farm with a capacity of 139 MW
[GWh]
All 63 turbines have already been installed
The commissioning process is underway
- 51 turbines are now operational
Renewable energy production
222
+41%
TOTAL
Q2'24
421
+41%
H1'24
314
Q2'25
592
H1'25
Already PLN 123m EBITDA from the green energy segment in H1'25
(mPLN)
We maintain a high level of EBITDA in the green energy segment despite low market energy prices in H1'25 and a high comparative base resulting from a very good result on biomass energy sales in 2024
By the end of 2025, we will double our installed wind capacity, which will strengthen EBITDA in the coming periods
EBITDA
71 66
Q2'24 Q2'25
(mPLN)
121 123
H1'24 H1'25
Financial resultsKatarzyna Ostap-Tomann
CFO, Member of the Management Board for ESG
Results of the Group in Q2'25
Revenue
Adjusted EBITDA1)
Net profit
3,454
+3.9%
3,590
844
-2.4%
176
-35.6%
113
(mPLN)
(mPLN)
(mPLN)
824
Q2'24 2Q'25
Q2'24 Q2'25
Q2'24 Q2'25
(mln PLN)
1,303
LTM FCF2)
-20.3%
1,038
Net debt/EBITDA LTM
(excl. project financing)
3.59x 3.66x
2024 LTM 6M'25
2024 Q2'25
Note: (1) Q2'24 EBITDA adjusted for the gain on disposal of an IPv4 address package (PLN 21m)
and Q2'25 EBITDA adjusted for the impairment on inventories of photovoltaic panels (PLN 19m)
(2) FCF adjusted for capex in the green energy segment
Revenue and EBITDA - change drivers
Revenue
+3.9% | +136m
3,454
(mPLN)
+6 -5 +56 +7 +72
3,590
EBITDA
865
844
824
-21
805
-20
-4
-6
+10
-19
24%
23%
EBITDA margin
EBITDA Gain on the sale
of IPv4 address
Q2'24
package
Adjusted EBITDA Q2'24
B2C and B2B
services segment
Media segment: TV and online
Green energy segment
Real estate segment
Adjusted EBITDA Q2'25
Impairment of inventories of PV modules
EBITDA
Q2'25
⚫
22%
⚫
25%
-2.4% | -20 m
Revenue
Q2'24
Revenue
Q2'24
B2C and
B2B
services segment
Media segment: TV and online
Green energy
segment
Real estate segment
Consolidation
adjustments
Revenue
Revenue
Q2'25
EBITDA 2Q'24
EBITDA
skorygowana 2Q'25
EBITDA
EBITDA
skorygowana 2Q'24
Q2'25
115
-1 821
including
248 NWC change
Very good cash generation capacity despite high interest costs
-1 358
0
3 317
106
-14
60
1 038
253
-718
433
978
(mPLN)
Adjusted EBITDA LTM1) Q2'25
Change in NWC, tax & other
Cash used in investing activities
Interests, leasing & net hedging
FCF LTM
after interest
Telco frequency reservations
Acquisitions2)Disposal of IPv4
addresses
Disposal of Asseco shares
Adjusted FCF LTM
after interest
Green energy capex
Adjusted FCF after interest excl. green energy capex
Note: (1) EBITDA adjusted for: (i) the gain on the sale of an IPv4 address package (PLN 14m), (ii) write-off on the inventory of photovoltaic modules' inventories (PLN 90m) and (iii) the gain on the disposal of a subsidiary and an associate (PLN -0.2m)
(2) One-off acquisition of shares in subsidiaries, net of cash acquired
Capex under control
In the TMT1) area, capex/revenue ratio at 7% in Q2'25
Development capex in the green energy
segment at PLN 150m in Q2'25
Capex by segment in Q2'25
7%
Development capex
Development capex
189
235
168
150
1
15
(mPLN)
Q2'24 Q2'25 Q2'24 Q2'25 Q2'24 Q2'25
We are finalizing the construction of the Drzeżewo wind farm - commercial launch planned for Q4'25
Investments in renewable energy sources require high front-loaded capital expenditures, while maintenance capex is
TMT 1
432
255
307
7
24
9%
(mPLN)
558
Green energy Real estate
Capex by segment in H1'25
Development capex
Development capex
low in the long-term
H1'24 H1'25 H1'24 H1'25 H1'24 H1'25
TMT 1 Green energy Real estate
x%
Note: (1) Includes the B2C and B2B services segment and the media segment capex/revenue for the segment
The Group's debt
mPLN
Balance value as at 30 June 2025
Loans and borrowings, including:
9,751
loans and borrowings liabilities excl. project financing1)
8,349
project financing liabilities
1,401
Bonds
4,034
Leasing and other liabilities
687
Gross debt
14,471
Cash and cash equivalents2)
2,389
Net debt
12,082
EBITDA LTM3)
3,106
Total net debt / EBITDA LTM
3.89x
Net debt to EBITDA LTM ratio excl. project financing4)
3.66x
Weighted average interest cost of loans and bonds5)
7.6%
Bonds
32%
Debt structure
(excl. project financing)
as at 30.06.2025
Bank loans
68%
EUR
17%
PLN
83%
EUR
506m
400
0
2025
Debt maturing profile
(excl. project financing)
(mPLN)
as at 30.06.2025
717
830
4,716
3,490
2026
2027
2028
2029
2030
TLA (PLN)Series D and Series E BondsSeries F BondsTLB (EUR)Note: (1) Project financing means investment loans granted to PAK-PCE subsidiaries (project companies) for investment projects related to the development of clean energy sources
Includes cash and cash equivalents held for sale
Consolidated EBITDA LTM adjusted for non-controlling interests
Excluding EBITDA LTM and net debt of companies using project financing
Prospective average weighted interest cost of the Group's debt (including the Revolving Credit Facility) in accordance
Andrzej Abramczuk
President of the Management Board
Good operating and financial results in Q2'25
We delivered strong financial results - revenue reached PLN 3.6 billion with adjusted EBITDA of PLN 823.8 million
We simplified our multiplay offer and continue to consistently execute our
strategy of building customer value
Thanks to a successful spring programming schedule and strategic investments in sports rights, we recorded growing audience shares and advertising revenue in the media segment
We are finalizing the construction of the Drzeżewo wind farm, which will double our installed wind capacity to 289 MW
We secured project financing for the Drzeżewo wind farm of up to PLN 953 milion, which confirms financial institutions' trust and positive assessment of our long-term strategy
We continue the consistent execution of the Strategy 2023+ across all
business areas