Presentation – Q3 2025

Financial results Q3'25

20 November 2025

2

Speakers

Agenda

1. Key highlights

2. Operating results

3. Financial results

4. Summary and Q&A

Key highlights

Andrzej Abramczuk

President of the Management Board

Key highlights

B2C and B2B services

• Sales of the new multiplay offer above expectations - already 11% of the customer base migrated to the new offer

• Sales of bundles with 3 or more services nearly tripled

• Consistent growth of ARPU per customer - up 4% YoY

  Media: TV and online

• Cumulation of sports events on Polsat channels in Q3'25 - the Volleyball Nations League and the Volleyball World Championships - along with the costs of new sports rights resulted in an increase in content costs, while simultaneously securing our sports rights portfolio in the long term

• Acquisition of exclusive rights to broadcast in Poland WTA Tour tennis tournaments in 2027-2031

  Green energy

• Finalization of development projects in the green energy segment

• Major, scheduled maintenance of one biomass unit in Q3'25

• Persistently low market energy prices

Key figures Q3'25

Note: (1) Q3'24 EBITDA adjusted for the gain on disposal of an IPv4 address package (PLN 14m) and

impairment charge on inventories of photovoltaic panels (PLN 30m), no EBITDA adjustments in Q3'25

Operating results

Media segment:

TV and online

Maciej Stec

Vice-President for Strategy

Viewership and position in the advertising market in Q3'25

Audience shares

Market expenditures on TV advertising and sponsorship

Main channels

4.6%

4.2%

7.3% 7.2%

Thematic channels

7.2%

(mPLN)

15.5% 13.9%

-2.6%

Group's share

1,072 1,044

Polsat TVN TVP1 TVP2

POLSAT 1) Warner

TVP

Q3'24 Q3'25

Bros.Discovery

Dynamics of audience share results

21.7% 22.7%

23.1% 21.1%

18.6%

16.1%

10.6%

12.9%

26.0% 27.2%

Revenue from TV advertising and sponsorship of TV Polsat Group2)

-2.7%

(mPLN)

297 289

TV Polsat Group 1)

Warner Bros.Discovery Group

TVP Group Other CabSat Other DTT

Q3'24 Q3'25

Q3'24 Q3'25

8

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

(2) Revenue from TV advertising and sponsorship of TV Polsat Group's channels

Viewership and position in the advertising market in 9M'25

Main channels

(mPLN)

7.4% 7.4%

Audience shares

Thematic channels

15.1% 14.3%

Market expenditures on TV advertising and sponsorship

+0.7%

Group's share

3,458 3,482

4.8%

4.3%

6.9%

Polsat TVN TVP1 TVP2

POLSAT 1) Warner

TVP

9M'24 9M'25

Bros.Discovery

Dynamics of audience share results

21.8% 22.4%

23.4% 21.7%

17.7% 16.0%

12.9%

9.2%

27.9% 27.0%

Revenue from TV advertising and sponsorship of TV Polsat Group2)

(mPLN)

965

981

+1.7%

TV Polsat Group1)

Warner Bros.Discovery Group

TVP Group Other CabSat Other DTT

9M'24 9M'25

9M'24 9M'25

9

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

(2) Revenue from TV advertising and sponsorship of TV Polsat Group's channels

Very strong position in the online media market -

Polsat-Interia Group was the leader in Q3'25

• Polsat-Interia Group was #1 on the internet

  Average monthly number of users

  market among publishers in Poland in Q3'251)

  (million RU)

• In Q3'25, Polsat-Interia Group remains the leader in the mobile category2)

  19.4

  20.5

  16.3 14.7

  15.0 13.5

  20.2

  19.3

  20.2

  20.0

  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

  • 2.0bn page views

Q3'24

Q3'25

Average monthly number of page views

1,805 1,996

2,416 2,413

1,314

812

675

766

373

3,144

(million page views)

Polsat-Interia Group

Wirtualna Polska Group

RAS Polska Group

Agora Group

Polska Press Group

Q3'24 Q3'25

10

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 Q3'25, i.e. the most frequently among internet publishers in Poland

(2) Mediapanel, based on average monthly results, in Q3'25, Polsat-Interia Group was in the

first position for 3 months of the period

Success of the autumn programming schedule and attractive sports events

B2C and B2B

services segment

Maciej Stec

Vice-President for Strategy

Over 3 million customers use our multiplay offering

• High and growing multiplay customer base

• Increase of the multiplay customer base by 41k YoY due to the successful upselling of services

• 53% of our customers use our multiplay offering

• Our multiplay customers use 11.0m RGUs,

  +1,125k YoY

• Low churn rate - mainly thanks to our multiplay strategy

  Number of multiplay customers1)

  +1.4%

  (thous. customers)

  2,981 3,013 3,022

  52%

  53%

  53%

  
  
  

  Q3'24 Q2'25 Q3'25

  # of multiplay customers

  saturation of customer base with multiplay (%)
  
  

  Churn

  7.2% 7.1% 7.4%

  Q3'24 Q2'25 Q3'25

  13

  
  
  

  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 slide #39.

  We provide over 13m contract services

  Q3'24

  Q2'25

  Q3'25

  6.6m

  6.5m

  6.4m

  4.6m

  4.6m

  4.7m

+2.0%

• Very good sales of mobile telephony services, +195k YoY

  Number of RGUs in the B2C contract segment

• Increase in the number of mobile and fixed

  internet services provided by 207k YoY

  Telefonia komórkowa Płatna telewizja

  Internet

  3Q'24 2Q'25 3Q'25

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

13.13m 13.28m

13.39m

14

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

• ARPU up 4.0%, driven by strong mobile and internet sales and consistent execution of the multiplay strategy

  (PLN)

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

• Sales of bundles with 3 or more services

  nearly tripled under our new multiplay offer

  77.2

  +4.0%

  78.4

  80.3

  2.33

  2.28

  2.36

  
  
  

  Q3'24 Q2'25 Q3'25

  15

  
  
  
  ARPU per B2C customer
  RGU/customer
  
  
  
  
  

  High base and growing ARPU of prepaid services

• We maintain a high base of prepaid services at the level of 2.4m in a highly competitive market

• ARPU growth of 3.4% YoY in the prepaid services segment, reaching PLN 18.4

  	Prepaid RGU1)
  2.57m	2.38m		2.41m
  Q3'24	Q2'25 Mobile telecommunications services 2)	Pay TV	Q3'25

  ARPU1)

  +3.4%

  (PLN)

  17.8 17.7 18.4

  Q3'24 Q2'25 Q3'25

  16

  
  
  

  Note: (1) excl. low-margin Polsat Box Go Start package

  
  
  

  (2) The expansion of the prepaid offer with larger data packages made the division between phone and internet tariffs unnecessary. Consequently, operators withdrew tariffs dedicated to data transfer. Starting from Q2 2025, 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 68 thousand B2B customers, successfully maintaining the scale of this base

• ARPU per B2B customer increased by 2.1% YoY up to PLN 1,546 per month in a highly competitive environment

Number of B2B customers

68.3k 68.0k 67.6k

Q3'24 Q2'25 Q3'25

ARPU

+2.1%

(PLN)

1,514 1,545 1,546

17

Q3'24 Q2'25 Q3'25

Green energy segment

Maciej Stec

Vice-President for Strategy

Growth of energy production by 15% in 9M'25 thanks to

the expansion of wind production capacity

• Green energy production lower by 21% YoY (237 GWh) in Q3'25 due to the scheduled major maintenance of a biomass unit

• Green energy production up 15% YoY to

  Renewable energy production

  237

  301

  [GWh]

  -21%

  188

  81

  126

  32

  89

  22

  Q3'24 Q3'25

  Q3'24 Q3'25

  447

  421

  198

  342

  9M'24 9M'25

  9M'24 9M'25

  9M'24 9M'25

  77 66

  biomass

  PV

  wind farms

  Q3'24 Q3'25

  TOTAL

830 GWh in 9M'25, driven by the expansion of installed wind capacity despite weaker weather conditions

Q3'24

Q3'25

[GWh]

• Green energy production from wind farms increased by 56% YoY in Q3'25 and by 73% YoY in 9M'25 as a result of installed wind capacity expansion

  +15%

  722 830

  19

  
  
  

  9M'24 9M'25

  
  
  

  PLN 175m EBITDA from the green energy segment in 9M'25

• EBITDA in the green energy segment in Q3'25 impacted by the scheduled, major maintenance of the biomass unit, low market energy prices, and a high comparative base resulting from very

  52

  -37.0%

  82

  EBITDA

  (mPLN)

  (mPLN)

  strong sales of energy from biomass in 2024

• Completion of the Drzeżewo wind farm doubles installed wind capacity to 289 MW, which, combined with stable energy prices, should strengthen EBITDA in the coming periods

Q3'24 Q3'25

-14.0%

175

203

20

9M'24 9M'25

Financial results

Katarzyna Ostap-Tomann

CFO, Member of the Management Board for ESG

Q3'25 results impacted by the cumulation of one-off events

3,580

Revenue

250

-77.0%

57

-4.1%

(mPLN)

3,431

Adjusted EBITDA1)

Net profit

-15.2%

903

766

(mPLN)

(mPLN)

Q3'24 Q3'25

Q3'24 Q3'25

Q3'24 Q3'25

860

1,303

LTM FCF2)

-34.0%

Net debt/EBITDA LTM

(excl. project financing)

(mPLN)

3.59x 3.54x

2024 LTM 9M'25

2024 Q3'25

22

Note: (1) Q3'24 EBITDA adjusted for the gain on disposal of an IPv4 address package (PLN 14m)

and impairment charge on inventories of photovoltaic panels (PLN 30m), no EBITDA adjustment in Q3'25

(2) FCF adjusted for capex in the green energy segment

Revenue and EBITDA - change drivers

EBITDA margin

886

⚫

25%

EBITDA

Q3'25

Real estate segment

Green energy

segment

Media segment: TV and online

B2C and

B2B

services segment

Adjusted

EBITDA

Q3'24

Impairment on

inventories of PV modules

Gain on the

sale of IPv4 address package

EBITDA

Q3'24

903

22%

25%

+10

-30

-75

766

-42

+30

-14

-15.2% | -137m

Revenue EBITDA

3,580

-4.1% | -148m

(mPLN)

-23 +6 -59 +3 -76

3,431

Revenue Q3'24

Revenue

Q3'24

B2C and B2B

23

services segment

Media segment: TV and online

Green energy segment

Real estate segment

Consolidation adjustments

Revenue

Revenue Q3'25

EBITDA

2Q'24

EBITDA

EBITDA

skorygowana 2Q'24

Q3'25

91

Strong cash generation capability despite high interest costs

(mPLN)

Adjusted EBITDA LTM1) Q3'25

Change in NWC, tax & other

Cash used in investing activities

Interests, leasing & net hedging

FCF LTM

after interest Telco

frequency

reservations

Acquisitions2)

Disposal of Asseco shares

Adjusted FCF LTM

107

0

12

46

including

220 NWC change

after interest

Green energy capex

Adjusted FCF after interest excl. green energy capex

24

Note: (1) Q3'25 EBITDA LTM adjusted for: (i) impairment charge on the inventory of photovoltaic modules (PLN 59.8m) and (ii) 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

• TMT1) is capex-lite - capex/revenue ratio at

  8% in Q3'25

• Development capex in the green energy

  segment at PLN 113m in Q3'25 and

  199

  113

  4

  15

  255

  Capex by segment in Q3'25

  Development

  capex

  Development capex

  8%

  277

  (mPLN)

  PLN 420m in 9M'25

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

  Q3'24 Q3'25 Q3'24 Q3'25 Q3'24 Q3'25

  TMT 1 Green energy Real estate

  Capex by segment in 9M'25

  8%

  Development capex

  Development capex

  632

  532

  420

  11

  39

  (mPLN)

  813

  9M'24 9M'25 9M'24 9M'25 9M'24 9M'25

  TMT 1 Green energy Real estate

  
  
  

  25

  
  
  

  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 September 2025
  Loans and borrowings, including:	10,452
  loans and borrowings liabilities excl. project financing1)	8,368
  project financing liabilities	2,083
  Bonds	3,934
  Leasing and other liabilities	710
  Gross debt	15,096
  Cash and cash equivalents2)	2,965
  Net debt	12,131
  EBITDA LTM3)	3,011
  Total net debt / EBITDA LTM	4.03x
  Net debt to EBITDA LTM ratio excl. project financing4)	3.54x
  Weighted average interest cost of loans and bonds5)	7.3%

  Bonds

  32%

  Debt structure

  (excl. project financing)

  as at 30.09.2025

  Bank loans

  68%

  EUR

  18%

  PLN

  82%

  EUR

  506m

  400

  0

  2025

  Debt maturing profile

  (excl. project financing)

  (mPLN)

  as at 30.09.2025

  717		830		4,716		3,490
  2026		2027		2028	2029	2030

  TLA (PLN)
  Series D and Series E Bonds
  Series F Bonds
  TLB (EUR)
  
  
  
  
  

  26

  
  
  

  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

  1. Includes cash and cash equivalents held for sale

  2. Consolidated EBITDA LTM adjusted for non-controlling interests

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

  4. 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

  Andrzej Abramczuk

  President of the Management Board

  
  
  

  Q3'25 results in line with expectations

  • Cumulation of one-off events impacting results in Q3'25:

    • Media segment affected by higher sports licence costs

    • Green energy segment impacted by scheduled maintenance of a biomass unit

  • Excellent sales performance of the new multiplay offer supports ARPU and retail revenue growth in the coming periods

  • Strong start of the autumn programming schedule and robust sports offering drive very good viewership results, strengthening TV Polsat Group's position in the advertising market

  • Completion of the Drzeżewo wind farm doubles installed wind capacity, marking the end of the capital-intensive investment phase in renewable energy

29

Q&A

Additional information