Report on the Remuneration of the Management Board and the Supervisory Board Members of Cyfrowy Polsat S.A. for 2025
Warsaw, 13 May 2026
-
Introduction
The present report on the remuneration of the Management Board Members and the Supervisory Board Members of Cyfrowy Polsat S.A. has been prepared by the Supervisory Board of Cyfrowy Polsat S.A. (hereinafter the "Company", "Cyfrowy Polsat") in accordance with Art. 90g of the Act of 29 July 2005 on Public Offering and Terms of Introduction of Financial Instruments to an Organized Trading System and on Public Companies.
The report contains a review of the remuneration and of all the benefits which were received by and which were due to individual Members of the Management Board and of the Supervisory Board of Cyfrowy Polsat. The report covers the financial year 2025.
The Remuneration Policy for the Management Board and Supervisory Board Members of Cyfrowy Polsat S.A. was adopted on 20 June 2024 by means of Resolution no. 29 of the Annual General Meeting of Shareholders of Cyfrowy Polsat S.A. (hereinafter "the Remuneration Policy").
The Remuneration Policy document is available on the website of Cyfrowy Polsat Capital Group , in the tab "Corporate Governance": https://grupapolsatplus.pl/sites/default/files/polityka_wynagrodzen_eng.pdf
In the period from 1 January 2025 to 21 July 2025, the composition of the Company's Management Board was as follows:
Mr. Mirosław Błaszczyk - President of the Management Board;
Mr. Maciej Stec - Vice-President of the Management Board;
Mr. Jacek Felczykowski - Management Board Member;
Ms. Aneta Jaskólska - Management Board Member;
Ms. Agnieszka Odorowicz - Management Board Member;
Ms. Katarzyna Ostap-Tomann - Management Board Member.
In the period from 22 July 2025 to 23 December 2025 the composition of the Management Board was as follows:
Mr. Andrzej Abramczuk - President of the Management Board;
Mr. Maciej Stec - Vice-President of the Management Board;
Mr. Jacek Felczykowski - Management Board Member;
Ms. Aneta Jaskólska - Management Board Member;
Ms. Agnieszka Odorowicz - Management Board Member;
Ms. Katarzyna Ostap-Tomann - Management Board Member.
Then, in the period from 23 December 2025 to 29 December 2025 the Management Board's composition was as presented below:
Mr. Piotr Żak - President of the Management Board;
Mr. Maciej Stec - Vice-President of the Management Board;
Mr. Jacek Felczykowski - Management Board Member;
Ms. Aneta Jaskólska - Management Board Member;
Ms. Agnieszka Odorowicz - Management Board Member;
Ms. Katarzyna Ostap-Tomann - Management Board Member.
Whereas with effect from 29 December 2025 the following persons are the Company's Management Board:
Mr. Piotr Żak - President of the Management Board;
Mr. Maciej Stec - Vice-President of the Management Board;
Mr. Andrzej Abramczuk - Management Board Member;
Mr. Bartłomiej Drywa - Management Board Member;
Mr. Jacek Felczykowski - Management Board Member;
Ms. Aneta Jaskólska - Management Board Member (till 1 April 2026);
Ms. Agnieszka Odorowicz - Management Board Member;
Ms. Katarzyna Ostap-Tomann - Management Board Member.
As of 31 December 2025, the composition of the Company's Supervisory Board was as follows:
Daniel Kaczorowski - Chairman of the Supervisory Board;
Ms. Aleksandra Żak - Vice-Chairperson of the Supervisory Board
Mr. Tobias Solorz - Vice-Chairperson of the Supervisory Board;
Mr. Jarosław Grzesiak - Supervisory Board Member;
Mr. Marek Grzybowski - Independent Supervisory Board Member;
Mr. Piotr Muszyński - Supervisory Board Member;
Mr. Alojzy Nowak - Independent Supervisory Board Member;
Ms. Marta Poślad - Supervisory Board Member;
Mr. Tomasz Szeląg - Supervisory Board Member.
In 2025 the following changes were made as regards Supervisory Board membership:
On 21 July 2025, the Company's shareholder, TiVi Foundation with registered office in Rugell in Liechtenstein, while exercising the personal right to appoint and dismiss the Chairman of the Supervisory Board (Art. 19, sect. 2 of the Company's Articles of Association), dismissed Mr. Zygmunt Solorz from the position of the Supervisory Board Chairman and appointed Mr. Daniel Kaczorowski in his place on July 22nd 2025.
On 30 October 2025, the Extraordinary General Meeting of the Company, by virtue of Resolution no. 4 of the Extraordinary General Meeting of Cyfrowy Polsat S.A., dismissed Ms. Justyna Magdalena Kulka, who acted as the Vice-Chairperson of the Supervisory Board, from the Company's Supervisory Board.
On 29 December 2025 the Extraordinary General Meeting of the Company, by virtue of Resolution no. 4 of the Extraordinary General Meeting of Cyfrowy Polsat S.A., dismissed Mr. Józef Birka, who acted as a Supervisory Board Member, from the Company's Supervisory Board.
On that same date, i.e. on 29 December 2025, the Extraordinary General Meeting adopted Resolutions no. 5, 6, 7, 8 and 9 by virtue of which the following were appointed to the Company's Supervisory Board:
Mr. Tobias Solorz to the position of the Vice-Chairperson of the Supervisory Board;
Ms. Aleksandra Żak to the position of the Vice-Chairperson of the Supervisory Board;
Mr. Jarosław Grzesiak to the position of a Supervisory Board Member;
Ms. Marta Poślad to the position of a Supervisory Board Member; and
Mr. Piotr Muszyński to the position of a Supervisory Board Member.
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Report on the remuneration obtained by individual Management Board Members and Supervisory Board Members
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Remuneration of Management Board Members
Fixed remuneration is paid to a Management Board Member on account of the position held or based on an employment relation. The position of a Company's Management Board Member is held by virtue of a corporate relationship. The employment relation may take the form of a work relation based on an employment contract concluded for a defined or undefined period of time, or it may be an employment relation based on election or work under a non-employment contract.
By adopting a resolution, the Supervisory Board may grant a discretionary award (a bonus) to a Management Board Member.
Total remuneration with division into the components mentioned in Article 90g, section 2, point 1 of the Act on Public Offering, as well as the shares of respective components of the remunerationTable 1. Total remuneration of the Management Board Members of Cyfrowy Polsat, including the remuneration on account of management and supervisory positions held in the companies which are members of Cyfrowy Polsat S.A. Capital Group (in thousands PLN)
First and last name
Position
Year
Fixed remuneration
Basic Benefits remuneration
[1] [2]
Variable remuneration
Short-term Long-term incentives - incentives
annual
[3] [4]
Additional remuneration
[5]
Pension plans
[6]
Total remuneration
[1+2+3+4+5+6]
Share of fixed to
variable remuneration
[(1+2) / (3+4)]
Piotr Żak
President of the Management Board (from 23 December
2025)
2025
70
-
123
-
-
-
193
36% / 64%
Mirosław Błaszczyk President of the Management Board (till 21 July 2025)
2025
760
175
-
-
-
-
935
100% / 0%
Maciej Stec
Vice-President of the Management Board
2025
3 932
210
1 780
-
-
-
5 922
70% / 30%
Andrzej Abramczuk Management Board Member (from 29
December 2025)
President of the Management Board
(from 22 July to 23
December 2025)
2025
425
39
2 339
-
-
-
2 803
17% / 83%
Bartłomiej Drywa Management Board Member
(from 29 December
2025)
2025
-
-
6
-
-
-
6
0% / 100%
Jacek Felczykowski Management Board Member
2025
1 080
102
1 500
-
-
-
2 682
44% / 56%
Aneta Jaskólska Management Board Member
2025
1 080
130
2 000
-
-
-
3 210
38% / 62%
Agnieszka Odorowicz Management Board Member
2025
720
119
800
-
-
-
1 639
51% / 49%
Katarzyna Ostap-Tomann Management Board Member
2025
1 108
125
2 200
-
-
-
3 433
36% / 64%
Other non-wage benefits
Management Board Members are entitled to use company cars in line with the procedures which apply to all employees. When using company cars for private purposes, Management Board Members are charged for such use on the terms which are analogous to the terms applicable to other employees. The costs of depreciation and use of company cars are included in the Table no. 1 of the present report.
Management Board Members are guaranteed a Directors and Officers Liability Insurance provided as part of the Company's group insurance.
By buying a prepaid medical care package, offered as an element of a group contract for medical services, Management Board Members may enjoy the healthcare services offered to a Management Board Member or the members of his/her family. In 2025, Mr. Mirosław Błaszczyk (during the time he sat on the Management Board) as well as Mr. Jacek Felczykowski and Ms. Aneta Jaskólska used medical care services dedicated to family members. The respective amounts for these medical services are presented in Table 1 of this report.
No additional pension scheme exists in the Company and Management Board Members are not covered by any such a scheme.
Remuneration obtained from the entities being members of the same capital group, as defined by the Accountancy Act of 29 September 1994Table 2. Remuneration of the Management Board Members of the Company obtained in the companies which are members of Cyfrowy Polsat S.A. Capital Group, as isolated from the amounts found in Table 1 (in PLN thousand)
First and last name Position
Year
Fixed remuneration
Basic Benefits remuneration
[1] [2]
Variable remuneration
Short-term Long-term incentives - incentives
annual
[3] [4]
Additional remuneration
[5]
Pension plans
[6]
Total remuneration
[1+2+3+4 +5+6]
Share of fixed to
variable remuneration/
[(1+2) / (3+4)]
Piotr Żak
President of the Management Board (from 23 December
2025)
2025
70
-
123
-
-
-
193
36% / 64%
Mirosław Błaszczyk President of the Management Board (till 21 July 2025)
2025
727
175
-
-
-
-
902
100% / 0%
Maciej Stec
Vice-President of the Management Board
2025
3 512
-
-
-
-
-
3 512
100% / 0%
Andrzej Abramczuk Management Board Member (from 29
December 2025)
President of the Management Board
(from 22 July to 23
December 2025)
2025
425
39
1 439
-
-
-
1 903
24% / 76%
Bartłomiej Drywa Management Board Member
(from 29 December
2025)
2025
-
-
6
-
-
-
6
0% / 100%
Jacek Felczykowski Management Board Member
2025
720
102
750
-
-
-
1 572
52% / 48%
Aneta Jaskólska Management Board Member
2025
456
123
1 000
-
-
-
1 579
37% / 63%
Agnieszka Odorowicz Management Board Member
2025
0
0
0
-
-
-
0
0% / 0%
Katarzyna Ostap-Tomann Management Board Member
2025
604
125
2 100
-
-
-
2 829
26% / 74%
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Remuneration of Supervisory Board Members
Supervisory Board Members are paid fixed remuneration on account of their functions. The remuneration may differ depending on the function a given individual has in the Supervisory Board.
The amounts of the remuneration of Supervisory Board Members are defined by the General Meeting.
Other non-wage benefits
Supervisory Board Members are entitled to use company cars in line with the procedures which apply to all employees. When using company cars for private purposes, Supervisory Board Members are charged for such use on the terms which are analogous to the terms applicable to other employees. The costs of depreciation and use of company cars are included in Table no. 3 and Table no. 4 of the present report.
Total remuneration with division into the components which are mentioned in the Article 90g, section 2, point 1 of the Act on Public Offering, as well as the ratios between the respective components of the remunerationTable 3. Remuneration of Supervisory Board Members on account of sitting on the Supervisory Board of Cyfrowy Polsat (in PLN thousand)
First and last name Position
Year
Fixed remuneration
Basic Benefits remuneration
[1] [2]
Variable remuneration
Short-term Long-term incentives - incentives
annual
[3] [4]
Additional remuneration
[5]
Pension plans
[6]
Total remuneration
[1+2+3+4+5+6]
Share of the fixed to variable remuneration
[(1+2) / (3+4)]
Daniel Kaczorowski Chairman of the Supervisory Board (from 22 July 2025)
2025
106
52
-
-
-
-
158
100% / 0%
Zygmunt Solorz Chairman of the Supervisory Board (till 21 July 2025)
2025
140
-
-
-
-
-
140
100% / 0%
Aleksandra Żak
Vice-Chairperson of the Supervisory Board
(from 29 December 2025)
2025
0
-
-
-
-
-
0
0% / 0%
Tobias Solorz
Vice-Chairman of the Supervisory Board
(from 29 December 2025)
2025
0
-
-
-
-
-
0
0% / 0%
Justyna Kulka Vice-Chairperson of the Supervisory Board
(till 30 October 2025)
2025
150
-
-
-
-
-
150
100% / 0%
Józef Birka Supervisory Board
Member (till 29 December 2025)
2025
180
-
-
-
-
-
180
100% / 0%
Jarosław Grzesiak Supervisory Board Member
(from 29 December 2025)
2025
0
-
-
-
-
-
0
0% / 0%
Marek Grzybowski Independent Supervisory Board Member
2025
180
-
-
-
-
-
180
100% / 0%
Piotr Muszyński Supervisory Board Member (from 29
December 2025)
2025
0
-
-
-
-
-
0
0% / 0%
Alojzy Nowak Independent Supervisory Board Member
2025
75
-
-
-
-
-
75
0% / 0%
Marta Poślad Supervisory Board Member
2025
0
-
-
-
-
-
0
0% / 0%
Tomasz Szeląg Supervisory Board Member
2025
180
-
-
-
-
-
180
100% / 0%
Remuneration obtained from the entities being members of the same capital group, as defined by the Accountancy Act of 29 September 1994.
- - -
- - -
- - - -
- - -
- - -
- - -
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Table 4. Remuneration of the Supervisory Board Members of Cyfrowy Polsat S.A. obtained in the companies which are members of the capital group (in PLN thousand)
Fixed remuneration
Variable remuneration
Additional remuneration
[5]
Pension plans
[6]
Total remuneration
[1+2+3+4+5+6]
Share of the fixed
to variable remuneration [(1+2) / (3+4)]
First and last name Position
Year
Basic remuneration
[1]
Benefits
[2]
Short-term incentive
s -annual
[3]
Long-term incentives
[4]
Daniel Kaczorowski Chairman of the Supervisory Board
(from 22 July 2025)
2025
854
-
-
854
100% / 0%
Zygmunt Solorz Chairman of the Supervisory Board (till 21 July 2025)
2025
6 300
225
-
6 525
100% / 0%
Aleksandra Żak
Vice-Chairperson of the Supervisory Board
(from 29 December 2025)
2025
0
-
0
0% / 0%
Tobias Solorz
Vice-Chairman of the Supervisory Board
(from 29 December 2025)
2025
5
-
-
5
100% / 0%
Justyna Kulka Vice-Chairperson of the Supervisory Board
(till 30 October 2025)
2025
7 156
176
-
7 332
100% / 0%
Józef Birka Supervisory Board
Member (till 29 December 2025)
2025
1 320
221
-
1 541
100% / 0%
Jarosław Grzesiak Supervisory Board Member
(from 29 December 2025)
2025
4
-
4
100% / 0%
Marek Grzybowski Independent Supervisory Board Member
2025
0
-
0
100% / 0%
Piotr Muszyński Supervisory Board Member (from 29
December 2025)
2025
0
-
0
0% / 0%
Alojzy Nowak Independent Supervisory Board Member
2025
0
-
0
0% / 0%
Marta Poślad Supervisory Board Member
2025
0
-
0
0% / 0%
Tomasz Szeląg Supervisory Board Member
2025
5 206
219
-
5 425
100% / 0%
-
Financial instruments granted or offered
No financial instruments were either granted or offered to the Management Board Members or the Supervisory Board Members in 2025.
-
Information on exercising the option of requesting repayment of the variable components of the remuneration
The Remuneration Policy in place does not provide for the possibility of deferring the payment of any variable components of remuneration or for requesting their repayment.
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Remuneration of Management Board Members
-
Explanation of compliance of the total remuneration with the adopted Remuneration Policy, including explanation of the manner in which it contributes to the accomplishment of the Company's long-term goals
The remuneration is paid out by the Company to the Management Board and Supervisory Board Members exclusively in compliance with the Remuneration Policy.
The Remuneration Policy is intended to ensure sustainable growth of the Company's value. The accomplishment of this goal by the Management Board and the Supervisory Board requires - among others -relevant structuring of the remuneration of the Management Board Members and Supervisory Board Members on account of their overall duties.
The above is achieved by restricting the remuneration of these individuals to a fixed part, which they receive for the fulfillment of their duties related to the general operation of the Company, without limiting their activity to the pursuit of specific selected goals only. Volatility of the market, social and economic situation as well as the need for flexible response to emerging risks and business opportunities provide no justification for setting such fixed goals.
In the case of Management Board Members, the need for flexible response to the changing situation and the emerging challenges, when required, is addressed by the possibility of awarding of bonuses to them. Such an approach guarantees flexibility in assurance of stable existence of the Company and pursuit of its long-term interests.
-
Information on the manner in which the result-related criteria have been applied
The amount of the bonus, which is awarded for a given calendar year in line with the provisions of the Remuneration Policy, is defined by the Supervisory Board for each Management Board Member individually and based on discretionary criteria, while taking into account the current results and the pursuit of the longterm interests of the Company and of the Company's Capital Group.
-
Information regarding deviations from the procedure of implementation of the Remuneration Policy and deviations applied in accordance with Art. 90f of the Act on Public Offering, including an explanation of the underlying reasons and an indication of the elements from which such deviations occurred
According to the Supervisory Board's best knowledge, no deviations from the procedure of implementation of the Remuneration Policy were noted.
Cyfrowy Polsat S.A.
2021
2022
2023
2024
2025
Costs associated with the Management [PLN million]
8.7
12.5
8.6
7.5
8.3
Board 1) Change YoY [%]
4.8%
43.7%
-31.2%
-12.8%
10.7%
Costs associated with the Supervisory [PLN million]
1.59
1.50
1.40
1.25
1.06
Board 1) Change YoY [%]
7.4%
-5.7%
-6.3%
-10.7%
-15.2%
Average remuneration of employees in [PLN]
8.529.1
8.998.7
9.638.1
9.996.0
10.589.3
PLN 2) Change YoY [%]
2.9%
5.5%
7.1%
3.7%
5.9%
Performance indicators of Cyfrowy Polsat S.A. Capital Group
[PLN million]
Change YoY [%]
12.444.0
4.0%
12.915.3
3.8%
13.626.3
5.5%
14.265.9
4.7%
14.323.6
0.4%
[PLN million]
Change YoY [%]
7.699.6
83.7%
3.471.2
-54.9%
3.231.2
-6.9%
3.437.6
6.4%
3.016.5
-12.2%
[PLN million]
Change YoY [%]
4.414.5
285.1%
901.1
-79.6%
311.6
-65.4%
777.3
149.5%
-2.602.60
-434.8%
[PLN billion]
Change YoY [%]
22.2
14.4%
11.3
-49.1%
7.9
-30.1%
9.0
13.9%
7.8
-13.3%
-
Information regarding the change, in a yearly perspective, of the remuneration, the performance (results) as well as the average remuneration of the employees who are neither Management Board Members, nor Supervisory Board Members, in the timeframe of at least five past financial years
Revenue EBITDA
Net profit / (loss) for the period
Capitalization 3)
Remuneration obtained in Cyfrowy Polsat S.A., excluding the remuneration obtained from subsidiaries.
Average remuneration of employees of Cyfrowy Polsat S.A. - headcount status as of the end of a given year, excluding Management Board and Supervisory Board Members. Gross monthly base salary per FTE.
Capitalization at the end of the period.
- Information regarding the adoption of the Resolution of the Annual General Meeting of the Company on the report on the remuneration of Management Board Members and Supervisory Board Members for the year 2024
On 26 June 2025, the General Meeting of Shareholders adopted Resolution no. 8 regarding the report on the remuneration of the Management Board and the Supervisory Board Members for the year 2024, approving the report without any comments which would have to be included in this report.
Daniel Kaczorowski
Supervisory Board Chairman Cyfrowy Polsat S.A.
Aleksandra Żak
Vice-Chairperson of the Supervisory Board Cyfrowy Polsat S.A.
Tobias Solorz
Vice-Chairman of the Supervisory Board
Cyfrowy Polsat S.A.
Marek Grzybowski
Supervisory Board Member Cyfrowy Polsat S.A.
Alojzy Nowak
Supervisory Board Member Cyfrowy Polsat S.A.
Tomasz Szeląg
Supervisory Board Member Cyfrowy Polsat S.A.
Jarosław Grzesiak
Supervisory Board Member Cyfrowy Polsat S.A.
Marta Poślad
Supervisory Board Member Cyfrowy Polsat S.A.
Piotr Muszyński Supervisory Board Member Cyfrowy Polsat S.A.
Warsaw, on 13 May 2026