23 April 2026
1Q 2026 results
Lead the Future
Highlights & Business review
Liudmila Climoc
Chief Executive Officer
1Q'26: Excellent start to the year
Strong net customer additions and consistent ARPO growth,
coupled with price increases to support future value
Positive business momentum in wholesale:
+6% yoy revenue in 1Q and solid pipeline for 2Q
Outstanding financial results marking a strong start to the year:
EBITDAaL +9.5% yoy and Organic Cash Flow +175m yoy
4
GROW
profitably
Solid growth of customer bases and ARPO across all key services
PLN
132.3
Convergence ARPO
+4.2% yoy
Solid net customer additions
in convergence
+4%
1,870
1,800
In k
1Q'25
1Q'26
+16
+14
PLN
71.0
Fixed broadband-only ARPO
+3.7% yoy
Consistent fibre customer base
growth despite intensive competition
+10%
1,761
1,605
In k
1Q'25
1Q'26
+38
+34
#1 in MNP**
PLN
30.0
Mobile-only handset ARPO
+0.9%* yoy
Strong momentum in mobile
maintained
+4%
9,615
mobile
handset customer base
9,271
In k
1Q'25
1Q'26
+77
+73
Value strategy to support future growth: +5 PLN price increases made in 1Q in all core B2C services
quarterly net customer additions
* Reflects 5% yoy growth in the main brand on the consumer market offset by growing share of B brands,
** Leader in Mobile Number Portability in 1Q'26 5
Financial reviewJacek Kunicki
Chief Financial Officer
VALUE
creation
Excellent 1Q'26 financial results
in PLNm | 1Q'26 | yoy | |
revenues | 3,183 | +2.9%* |
|
EBITDAaL | 913 | +9.5%* |
▪ +6.1% yoy underlying growth** reveals very healthy business trends |
% of revenues | 28.7% | +1.7pp* | |
net income | 295 | +54% |
|
eCAPEX | 300 | -30% |
|
organic cash flow | 86 | +175m |
|
* change on comparable basis (cb) following sale of Orange Energia in June 2025 ** excl. PLN 28m of non-recurring impact of bad debts VAT relief from the past (mainly 2019-20) 7
1Q revenue growth due to
+5% core telecom services and +6% wholesale
Revenue evolution
(yoy change in %)
7.3% 6.8%
9.3%
5.5%
4.8%
2.3%
1.1%
6.5%
2.9%
4.6%
1Q'25 2Q'25 3Q'25 4Q'25 1Q'26
1▪ Core telecom services* (+4.8% yoy)
Unwavering dynamics in convergence, fibre and post-paid mobile
High comparable base in pre-paid (price
hikes in Q4'24 and Q1'25)
2▪ Wholesale** (+6% yoy)
Driven by the new fibre contract and services rendered to Światłowód Inwestycje, offsetting end of the national roaming contract
Revenue evolution breakdown
yoy change
+4.8%
+7%
+2%
+9%
+2.9%
in PLNm
+6%
-6%
-2%
+28 +12 -24
+58
+23
-9
3,183
3,094
Core telecom services*
1Q'25 cb
Convergent services B2C
Mobile &fixed BB only service
IT&IS
Wholesale**
Equipment sales
Legacy*** &
Other
1Q'26
2
1
*convergence, mobile-only and broadband-only **wholesale excluding non-fibre fixed wholesale and interconnect, ***legacy: narrowband only, non-fibre fixed wholesale and interconnect revenues
EBITDAaL evolution
(yoy change in %)
9.5%
6.2%
2.9%
4.3%
2.9%
1Q'25 2Q'25 3Q'25 4Q'25 1Q'26
EBITDAaL evolution breakdown
(yoy change in PLNm)
1
+9.5%
+1 913
834
+78
1Q'25 cb
Direct
margin
Indirect
costs
1Q'26
2
3
9
1Q EBITDAaL +9.5% yoy, an
outstanding start of 2026
1▪ EBITDAaL +9.5% yoy:
▪ +6.1% yoy underlying growth due to
healthy business trends
coupled with PLN 28m of non-recurring impact of bad debts VAT relief from the past (mainly 2019-20)
2▪ Direct margin +4.5% yoy:
Strong performance of core business in retail and wholesale
3▪ Indirect costs flat yoy:
Positive impact of cost transformation programme (efficiency gains in network operations, workforce, property costs and G&As)
Summary
Liudmila Climoc
Chief Executive Officer
Summary
Excellent commercial and financial start of the year giving high confidence on achieving strong full-year results
Positive developments in key areas (commercial & cost transformation) supporting further growth despite a volatile environment
11
Q&A AppendixVALUE
creation
TRANSFORM
& innovate
GROW
profitably
EMPOWER
people
ENHANCE
network
2026 guidance fully confirmed
Revenues yoy | 2026 guidance low single digit growth* |
EBITDAaL yoy | +3-5%* |
eCAPEX (PLN) | around 1.8bn |
Organic cash flow (PLN) | at least 1.1bn |
*Growth calculated on comparable basis (cb) following sale of Orange Energia in June 2025; details available on https://www.orange-ir.pl/resultscenter 14
yoy change
Cash flow evolution breakdown in 1Q 2026
in PLNm
+79
-70
+78
+89
-1
+175
+330
+505
916
-178
+95
-155 86
62
-24
-592
Net cash from | Change | Cash | Cash | Repayment | Organic | EU | Free cash |
operating | in | capex | proceeds | of finance | cash flow | subsidies, | flow |
activities before | working | from sale | lease & | spectrum | |||
working capital | capital | of assets | others | & others |
Net debt
in PLNm
3,810 3,749
1.1x
1.0x
net debt /EBITDAaL
Dec'25 Mar'26
4.0%
4.3%
effective interest on
debt during the period
15
1Q Organic Cash Flow and balance sheet
FCF growth reflects OCF and PLN 300m paid in 1Q'25 as a bid bond for 700MHz spectrum
OCF reflects:
EBITDAaL growth
Strong proceeds from sale of real estate
Higher working capital (inventory restocking) & payments for 4Q'25 capex
Reconciliation of operating performance measure
Disclosures on performance measures have been presented in the Note 2 to Condensed IFRS Quarterly Consolidated Financial Statements of the Orange Polska Group for the 3 months ended 31 March 2026 (available at https://www.orange-ir.pl/results-center/).
in PLNm | 1Q 2026 | 1Q 2025 |
Operating income | 443 | 312 |
Less gains on disposal of fixed assets | -50 | -4 |
Add-back of depreciation, amortisation and impairment of property, plant and equipment and intangible assets
Add share of loss of joint venture adjusted for elimination of margin earned on asset related transactions with joint venture
535 520
32 30
Interest expense on lease liabilities -35 -36
Adjustment for the impact of employment termination programs and reorganization costs
-12 -
Adjustment for the impact of deconsolidation of Orange Energia - 12
EBITDAaL (EBITDA after Leases) 913 834*
*Comparable base (cb) following sale of Orange Energia in June 2025 16
Details of bottom line evolution in 1Q'26
in PLNm | 1Q 2026 | 1Q 2025 | Change |
EBITDAaL | 913 | 834* | +79 |
Gains on disposal of assets | 50 | 4 | +46 |
D&A of PPE and intangible assets | -535 | -520 | -15 |
Share of loss of joint venture adjusted for elimination of margin earned on asset related transactions with joint venture | -32 | -30 | -2 |
Add back interest expense on lease liabilities | 35 | 36 | -1 |
Adjustment for the impact of significant risks, employment termination programs and reorganization costs | 12 | 0 | +12 |
Adjustment for the impact of deconsolidation of Orange Energia | 0 | -12 | +12 |
Operating income | 443 | 312 | +131 |
Net financial costs | -89 | -80 | -9 |
o/w other interest expense and financial charges | -44 | -51 | +7 |
o/w foreign exchange loss/gain | -4 | 5 | -9 |
Income tax | -59 | -41 | -18 |
Net income | 295 | 191 | 104 |
*Comparable base (cb) following sale of Orange Energia in June 2025 17
Details of organic cash flow evolution in 1Q'26
Net cash flow from operating activities before change in 916 | 837 | +79 | |
Change in working capital* | -178 | -108 | -70 |
Net cash flow from operating activities | 738 | 729 | +9 |
CAPEX | -389 | -441 | +52 |
Change in CAPEX payables** | -203 | -229 | +26 |
Cash proceeds from sale of fixed assets | 95 | 6 | +89 |
Repayment of lease liabilities | -155 | -154 | -1 |
Organic cash flow | 86 | -89 | +175 |
in PLNm 1Q 2026 1Q 2025 Change
working capital
* Does not include change in the working capital related to capex which is presented separately
**Includes exchange rate effect on derivatives economically hedging capital expenditures, net
18
Glossary (1/2)5G | Fifth generation of mobile technology, which is the successor to the 4G mobile network standard |
ARPO | Average Revenue per Offer |
Churn rate | The number of customers who disconnect from a network divided by the weighted average number of customers in a given period |
Convergent services | Revenues from B2C convergent offers. A convergent offer is defined as an offer combining at least a broadband access (xDSL, FTTH or wireless for fixed) and a mobile voice contract with a financial benefit. Convergent services revenues do not include equipment, incoming and visitor roaming revenues |
Core telecom services | Convergence, mobile-only and broadband-only services |
EBITDAaL | EBITDA after leases, key measure of operating profitability used by management (for definition please refer to the Note 2 to IFRS Consolidated Financial Statements of the Orange Polska Group) |
eCapex | Economic Capex, key measure of resources allocation used by management (for definition please refer to the Note 2 to IFRS Consolidated Financial Statements of the Orange Polska Group) |
FBB | Fixed Broadband |
Fibre | fixed broadband access network based on FTTH (Fibre To The Home ) /DLA (Drop Line Agnostic) technology which provides the end user with speed of above 100Mbps |
19
Glossary (2/2)Fixed broadband-only services | Revenues from fixed broadband offers (excluding B2C convergent offers and equipment sales) including TV and VoIP services |
HHC (Households connectable) in fibre technology | Households where broadband access service based on fibre technology can be rendered |
IT&IS | IT & Integration Service |
Mobile-only services | Revenue from mobile offers (excluding consumer market convergent offers) and Machine to Machine (M2M) connectivity. Mobile only services revenue does not include equipment sales, incoming and visitor roaming revenue |
FWA (Wireless for fixed) | fixed broadband cell-locked wireless access offered by Orange Poland for home/office zone with rich data packages |
Organic Cash Flow | Organic Cash Flow- key measure of cash generation used by management (for definition please refer to the Notes 2 to IFRS Consolidated Financial Statements of the Orange Polska Group) |
PPA | Power purchase agreement |
ROCE | Return on capital employed = EBIT (ex. extraordinary items) / (Shareholder's Equity + Average net debt) |
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