Annual General Meeting
of Orange Polska S.A.
Warszawa, 10 April 2026
Current report 6/2026
Orange Polska S.A. - Warsaw, Poland 13 March 2026
Pursuant to art. 20, clause 1, item 1 of the Decree of the Minister of Finance of 6 June 2025 on current and periodic information provided by issuers of securities and conditions for recognising as equivalent information required by the laws of a non-member state, the Management Board of Orange Polska S.A. informs about summoning the Annual General Meeting to be held on 10 April 2026.
ANNOUNCEMENT of the Management Board of Orange Polska on the Annual General MeetingDate, time and venue of the Annual General Meeting and detailed Agenda
The Management Board of Orange Polska Spółka Akcyjna (hereinafter referred to as 'Orange Polska S.A.' or 'the Company') with its registered seat in Warsaw, entered in the companies' register maintained by the Regional Court for the Capital City of Warsaw in Warsaw, 12thBusiness Division of the National Court Register, under the number 0000010681, acting pursuant to provisions of article 399 § 1 of the Commercial Companies Code and § 12 clause 2 of the Articles of Association of Orange Polska S.A., convenes the Annual General Meeting of Orange Polska S.A. ('General Meeting') to be held on 10 April 2026, (Friday) at 9:30 CET, in Warsaw, at Orange Polska S.A. headquarters at Aleje Jerozolimskie 160 ('Company's headquarters'), building E, ground floor, the conference hall - K/CK.
Agenda:
opening of the Meeting;
election of the Chairman;
Resolution no. 1 of Annual General Meeting of Orange Polska S.A. dated 10 April 2026 on nomination of the Chairman of the Annual General Meeting
statement that the Meeting is valid and capable to adopt resolutions;
review of:
the Orange Polska S.A. separate financial statements for the 2025 financial year,
the Management Board's motion on distribution of the Orange Polska S.A. profit for the 2025 financial year,
the Management Board's report on the activity of Orange Polska Group and Orange Polska S.A.,
and the IFRS consolidated financial statements for the 2025 financial year,
the Report of the Orange Polska S.A. Supervisory Board for the 2025 financial year,
the Report of the Supervisory Board on remuneration in 2025,
adoption of the following resolutions concerning:
approval of Orange Polska S.A. separate financial statements for the 2025 financial year,
Resolution no 2 of Annual General Meeting of Orange Polska S.A. dated 10 April 2026 on approval of the Orange Polska S.A. IFRS financial statements for 2025
distribution of the Orange Polska S.A. profit for the 2025 financial year,
Resolution no 3 of Annual General Meeting of Orange Polska S.A. dated 10 April 2026 on distribution of Orange Polska S.A. profit for the 2025 financial year
approval of the Management Board's report on the activity of Orange Polska Group and Orange
Polska S.A. in the 2025 financial year,
Resolution no 4 of Annual General Meeting of Orange Polska S.A. dated 10 April 2026 on approval of the Management Board report on the activity of Orange Polska Group and Orange Polska S.A. in the 2025 financial year
approval of the Orange Polska Group consolidated financial statements for the 2025 financial year,
Resolution no 5 of Annual General Meeting of Orange Polska S.A. dated 10 April 2026 on approval of the IFRS consolidated financial statements for 2025 financial year
approval of the Supervisory Board report for the 2025 financial year,
Resolution no 6 of Annual General Meeting of Orange Polska S.A. dated 10 April 2026 on approval of the Supervisory Board report for the 2025 financial year
expressing an opinion on the Supervisory Board report on remuneration in 2025,
Resolution no 7 of Annual General Meeting of Orange Polska S.A. dated 10 April 2026 on adoption of the resolution on expressing an opinion on the Report of the Supervisory Board on remuneration in 2025
granting approval of the performance of duties of the members of Orange Polska S.A. governing bodies in the financial year 2025,
Resolutions no 8-29 of Annual General Meeting of Orange Polska S.A. dated 10 April 2026 on granting approval of the performance of duties of the Management Board's President / Management Board's member / Supervisory Board member of Orange Polska S.A.
adoption of the resolution on amending the Articles of Association of Orange Polska S.A.,
Resolution no 30 of Annual General Meeting of Orange Polska S.A. dated 10 April 2026 on amending the Articles of Association of Orange Polska S.A.
adoption of the resolution on adopting the unified text of the Articles of Association of Orange Polska S.A.,
Resolution no 31 of Annual General Meeting of Orange Polska S.A. dated 10 April 2026 on the adoption of the unified text of the Articles of Association of Orange Polska S.A.
changes in the Supervisory Board's composition,
Resolution no 32 of Annual General Meeting of Orange Polska S.A. dated 10 April 2026 on appointment of a Supervisory Board member
/Voting on appointment of Clarisse Heriard Dubreuil /
Resolution no 33 of Annual General Meeting of Orange Polska S.A. dated 10 April 2026 on appointment of a Supervisory Board member
/Voting on appointment of Usman Javaid /
NOTE: the ordinal numbers of the resolutions and the names of the candidates to the Supervisory Board may change due to the potential motions of the shareholders indicated before and/or during the Annual General Meeting.
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closing of the Meeting.
Information on participation rights in the General Meeting of Orange Polska S.A.
Shareholder's right to request for certain issues to be put on the General Meeting's agenda and to table draft resolutions
Pursuant to art. 401 § 1 of the Commercial Companies Code, the Shareholder or Shareholders representing at least 5% of the share capital have the right to put issues on the General Meeting agenda. The request shall contain the following:
the justification or a draft resolution on the proposed item,
an updated office copy of the entries in the companies' register or any other equivalent document confirming representation to act in the petitioner's name - regards the shareholders that are legal persons or entities that have no legal personality,
a document confirming ownership of such number of shares that authorises to place the request.
The request shall be filed with the Management Board in writing at the Company's headquarters, or sent by e-mail to the wza@orange.com (pdf file), at least 21 days prior to the date of the General Meeting, i.e., on 20 March 2026 at the latest.
The Management Board shall immediately, and not later than at least 18 days prior to the planned date of the General Meeting, i.e. by 23 March 2026, announce changes to the agenda introduced upon Shareholders' request. The announcement shall be made in the manner appropriate to convene the General Meeting.
Pursuant to art. 401 § 4 of the Commercial Companies Code, the Shareholder or Shareholders representing at least 5% of the share capital and authorised to participate in the General Meeting have the right to table draft resolutions on issues on the General Meeting agenda or those to be put on the agenda. The drafts shall be filed with the Management Board in writing at the Company's headquarters, or sent by e-mail to the address wza@orange.com (pdf file). The request with the draft resolution shall be accompanied by the documents referred to in points 1b) and 1c).
The Company may take actions proportional to the purpose to identify the Shareholder or Shareholders and verify the validity of the documents submitted, referred to in points 1) and 3).
Pursuant to art. 401 § 5 of the Commercial Companies Code, each Shareholder authorised to participate in the General Meeting may, during the General Meeting, table draft resolutions on the issues that have been put on the agenda.
Exercise of their voting right by the proxy holder
A Shareholder being natural person may participate in the General Meeting and exercise his/her voting right in person or by a proxy holder.
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A Shareholder not being natural person may participate in the General Meeting and exercise its voting right through a person authorised to make statements of will in its name or by a proxy holder.
The proxy shall be made in writing, or made in electronic form. The form of the proxy authorising to exercise the voting right by a proxy holder is available at the Company's website: https://www.orange-ir.pl (pdf file).
Orange Polska S.A. shall be notified about a proxy in electronic form at least 3 working days prior to the General Meeting, i.e. on 7 April 2026 at 16:00 CET at the latest by e-mail sent to wza@orange.comcontaining a scan of proxy signed by the Shareholder or, in case of shareholders other than natural persons, by persons authorised to represent such Shareholder. Orange Polska S.A. reserves that failure to meet the above deadline may give grounds for such proxy holder to be denied access to the General Meeting.
Orange Polska S.A. shall take relevant steps to identify the Shareholder and the proxy holder in order to verify the validity of the proxy made in electronic form. The verification may mean a feedback by e-mail or by telephone asking the Shareholder and/or the proxy holder to confirm the representation and the scope of the proxy. Orange Polska S.A. thereby reserves that the inability to verify the Shareholder and the proxy, in particular the failure to provide answers to questions asked during the verification, shall give grounds for such proxy holder to be denied access to the General Meeting.
The right to represent a Shareholder not being a natural person shall be derived from an office copy of the relevant register (placed in original or in a copy confirmed by notary), or other equivalent document or from the proxy, to be presented when checking the attendance list or sent in electronic form (pdf file). A person/persons granting proxy on behalf of the Shareholder that is not natural person shall by entered in the updated office copy of the relevant register.
A management board member and an employee of the Company may act as proxy holders at the General Meeting. If a management board member or a supervisory board member or an employee of the Company or a member of a subsidiary's bodies or its employee is a proxy holder at the General Meeting, the proxy may authorise to represent exclusively at a single General Meeting.
The proxy holder, referred to in point 6) shall notify the Shareholder about any circumstances that indicate or may indicate a conflict of interest. Further representation shall be forbidden.
The proxy holder, referred to in point 6) shall vote in line with the instructions received from the Shareholder.
The possibility and mode of participating in the General Meeting by means of electronic communication
The Company allows for participation in the General Meeting by means of electronic communication.
Shareholder or a proxy holder intending to participate in the General Meeting in the manner referred to in point 1), is obliged to notify this intention to the Company using electronic means of communication no later than 3 working days prior to the date of the General Meeting,
i.e. on 7 April 2026 at the latest at: wza@orange.com.
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Using the above mentioned form of participation in the General Meeting shall be possible via a link which will be sent to the Shareholder or a proxy after positive verification of his/her rights, 2 working days prior to the date of the General Meeting, i.e. on 8 April 2026 by 16:00 CET at the latest.
Detailed rules and conditions for the participation in the General Meeting by means of electronic communication are specified in the Annex to this announcement.
The method of communication at the General Meeting by means of electronic communication
The Company allows Shareholders to communicate by electronic means only (chat) at the General Meeting under the conditions specified in the Annex to this announcement.
The procedure for casting votes by correspondence or by electronic means
The Company does not allow for executing the voting right by correspondence.
The Company allows for executing the voting right by means of electronic communication under the conditions specified in the Annex to this announcement
The record date
The 16thday prior to the date of the General Meeting, i.e., 25 March 2026 shall be the record date.
The right to participate in the General Meeting
Only the persons being Orange Polska S.A. Shareholders as of the record date, i.e., 25 March 2026, shall have the right to participate in the General Meeting. Personal certificate of entitlement to attend the General Meeting is issued by the entity operating a securities account, not later than in the first working day after the day of registration, i.e. 26 March 2026.
The list of Shareholders authorised to participate in the General Meeting shall be made pursuant to the data received from the National Securities Depository (KDPW). It is however recommended that the Shareholders had bearer certificates of their right to participate in the General Meeting issued by the entity maintaining the securities account.
Shareholders shall be allowed to take part in the General Meeting on producing their identity document, while proxy holders shall be allowed to take part in the General Meeting on producing their identity document and the proxy made in writing or by electronic means subject to point 2 sub-points 2)-4) above. Representatives of legal persons or entities not having legal personality shall additionally produce updated office copies of relevant registers with persons authorised to represent the entities entered in it.
The list of Shareholders entitled to participate in the General Meeting will be available at the Company's headquarters three working days before the General Meeting, i.e. from 7 April 2026.
Any Shareholder may demand that the list of Shareholders entitled to participate in the General Meeting be e-mailed free of charge to the e-mail address indicated by them. If she/he is not included in the list of Shareholders entitled to participate in the General Meeting, the Company
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may demand the presentation of documents confirming that the demanding party is truly a Shareholder on the date of forming such a demand.
Access to documentation and other information
Any information and documents to be presented to the General Meeting together with draft resolutions, shall be placed at the Company's website: https://www.orange-ir.pl in AGM section beginning on the day the General Meeting has been convened.
The draft of the new consolidated text of the Company's Articles of Association, together with a list of new or amended provisions of the Articles of Association are posted on the Company's website at: https://www.orange-ir.pl.
The Management Board's report on the activities, financial statements, the Supervisory Board's report and audit reports are posted on the Company's website at: https://www.orange-ir.pl.
The proceedings of the General Meeting will be transmitted via the Internet. The link to the transmission enabling real-time reception of the General Meeting in Polish and English will be posted on the Company's website https://www.orange-ir.pl a week prior to the General Meeting.
Information related to the processing of personal data by the Company is available at: https://www.orange-ir.pl.
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- DRAFT -
resolution no. … of the Annual General Meetingof Orange Polska SA
dated 10 April 2026
on nomination of the Chairman of the Annual General Meeting
§ 1
The Annual General Meeting nominates as the Chairmen
of the Annual General Meeting.
§ 2
The resolution enters into force upon adoption.
point 4
of the meeting agenda
Review of:
the Orange Polska S.A. separate financial statements for the 2025 financial year,
the Management Board's motion on distribution of the Orange Polska S.A. profit for the 2025 financial year,
the Management Board's report on the activity of Orange Polska Group and Orange Polska S.A.,
and the IFRS consolidated financial statements for the 2025 financial year,
the Report of the Orange Polska S.A. Supervisory Board for the 2025 financial year,
the Report of the Supervisory Board on remuneration in 2025,
(Resolution no. 8/26)
Zarządu
(of the Management Board of)
Orange Polska S.A.
z dnia (dated) 12.03.2026
podjęta w trybie pisemnym (passed by circulation)
w sprawie przyjęcia jednostkowego sprawozdania finansowego Orange Polska S.A. za rok obrotowy 2025 sporządzonego według Międzynarodowych Standardów Sprawozdawczości Finansowej
§ 1
Zarząd Orange Polska S.A. przyjmuje sprawozdanie finansowe Spółki Orange Polska S.A. za rok obrotowy 2025 sporządzone według Międzynarodowych Standardów Sprawozdawczości Finansowej, w skład którego wchodzą:
rachunek zysków i strat za 2025 rok, wykazujący zysk netto w kwocie 813 mln zł (słownie: osiemset trzynaście milionów złotych),
sprawozdanie z całkowitych dochodów za 2025 rok, wykazujące całkowite dochody ogółem w kwocie 711 mln zł (słownie: siedemset jedenaście milionów złotych),
sprawozdanie z sytuacji finansowej sporządzone na dzień
31 grudnia 2025 roku, zamykające się sumą bilansową
26.012 mln zł (słownie: dwadzieścia sześć miliardów dwanaście milionów złotych),
sprawozdanie ze zmian w kapitale własnym za 2025 rok, wykazujące zwiększenie stanu kapitałów własnych o kwotę 21 mln zł (słownie: dwadzieścia jeden milionów złotych),
sprawozdanie z przepływów pieniężnych za 2025 rok, wykazujące zmniejszenie stanu środków pieniężnych i ekwiwalentów środków pieniężnych o kwotę 8 mln zł (słownie: osiem milionów złotych),
noty do sprawozdania finansowego.
§ 2
Sprawozdanie, o którym mowa w § 1, stanowi załącznik nr 1 do niniejszej uchwały.
§ 3
Zarząd Orange Polska S.A. postanawia wystąpić do Zwyczajnego Walnego Zgromadzenia z wnioskiem o rozpatrzenie i zatwierdzenie sprawozdania, o którym mowa w § 1.
Zarząd Orange Polska S.A. postanawia przedstawić Radzie Nadzorczej sprawozdanie, o którym mowa w § 1, celem dokonania jego oceny.
Projekt stosownej uchwały Zwyczajnego Walnego Zgromadzenia stanowi załącznik nr 2 do niniejszej uchwały.
on approval of the IFRS separate financial statements of Orange Polska S.A. for 2025
§ 1
Orange Polska S.A. Management Board approves the Orange Polska S.A. IFRS separate financial statements for the 2025 financial year, which include:
income statement for 2025 showing net income of PLN 813 million (in words: PLN eight hundred and thirteen million),
statement of comprehensive income for 2025 showing total comprehensive income of PLN 711 million (in words: PLN seven hundred and eleven million),
statement of financial position as at 31 December 2025, with the balance sheet total of PLN 26,012 million (in words: PLN twenty six billion twelve million),
statement of changes in equity for 2025 showing an increase in equity by PLN 21 million (in words: PLN twenty one million),
statement of cash flows for 2025 showing a decrease in cash and cash equivalents by PLN 8 million (in words: PLN eight million),
notes to the financial statements.
§ 2
The statements, referred to in § 1, have been included
in attachment 1 to hereby resolution.
§ 3
Orange Polska S.A. Management Board requests the Annual General Meeting to review and approve the statements, referred to in § 1.
Orange Polska S.A. Management Board decides to submit to the Supervisory Board the statements, referred to in § 1 for appraisal.
The draft resolution of the Annual General Meeting has been included in attachment 2 to hereby resolution.
(English text of the resolution is the translation)
1
Financial statements
of Orange Polska S.A. for 2025
(separate document)
Uchwała nr 4/26(Resolution no. 4/26)
Zarządu
(of the Management Board of)
Orange Polska S.A.
z dnia (dated) 17.02.2026
w sprawie wniosku Zarządu Orange Polska S.A. dotyczącego podziału zysku Orange Polska S.A. oraz przeznaczenia części środków z kapitału zapasowego na wypłatę dywidendy
§ 1
Zarząd Orange Polska S.A. przyjmuje następujący wniosek dotyczący podziału zysku netto Spółki Orange Polska S.A. za rok obrotowy 2025 w kwocie 812.853.584,56 zł (słownie: osiemset dwanaście milionów osiemset pięćdziesiąt trzy tysiące pięćset osiemdziesiąt cztery złote pięćdziesiąt sześć groszy):
na dywidendę - 796.596.512,87 zł (słownie: siedemset dziewięćdziesiąt sześć milionów pięćset dziewięćdziesiąt sześć tysięcy pięćset dwanaście złotych osiemdziesiąt siedem groszy).
na kapitał rezerwowy, o którym mowa w § 30 ust. 3 Statutu Spółki - 16.257.071,69 zł (słownie: szesnaście milionów dwieście pięćdziesiąt siedem tysięcy siedemdziesiąt jeden złotych sześćdziesiąt dziewięć groszy).
podjęta bez odbycia posiedzenia (passed by circulation)
on Management Board's motion on distribution of the Orange Polska S.A. profit and use of part of the financial means from the supplementary capital for distribution of the dividend
§ 1
Orange Polska S.A. Management Board adopts the following motion on distribution of the Orange Polska S.A. net income for the 2025 financial year of PLN 812,853,584.56 (in words: PLN eight hundred and twelve million eight hundred and fifty three thousand five hundred and eighty four 56/100):
for a dividend - PLN 796,596,512.87 (in words: PLN seven hundred and ninety six million five hundred and ninety six thousand five hundred and twelve 87/100).
to the reserve capital, referred to in § 30 clause 3 of the Articles of Association - PLN 16,257,071.69 (in words: PLN sixteen million two hundred and fifty seven thousand seventy one 69/100).
§ 2
Kwota dywidendy wynosić będzie 61 groszy (słownie: sześćdziesiąt jeden groszy) na każdą uprawnioną akcję. W tym celu postanawia się przenieść i przeznaczyć na wypłatę dywidendy część środków z kapitału zapasowego w kwocie 3.941.549,32 zł (słownie: trzy miliony dziewięćset czterdzieści jeden tysięcy pięćset czterdzieści dziewięć złotych trzydzieści dwa grosze).
Łączna kwota na wypłatę dywidendy wynosić będzie 800.538.062,19 zł (słownie: osiemset milionów pięćset trzydzieści osiem tysięcy sześćdziesiąt dwa złote dziewiętnaście groszy).
§ 3
Zarząd Orange Polska S.A. postanawia wystąpić do Zwyczajnego Walnego Zgromadzenia z wnioskiem dotyczącym podziału zysku netto Orange Polska S.A. za rok obrotowy 2025 oraz przeznaczenia części środków z kapitału zapasowego na wypłatę dywidendy, o którym mowa w § 1 i § 2.
Zarząd Orange Polska S.A. postanawia przedstawić Radzie Nadzorczej wniosek, o którym mowa w § 1 i § 2 celem dokonania jego oceny.
Projekt stosownej uchwały Zwyczajnego Walnego Zgromadzenia stanowi załącznik do niniejszej uchwały.
§ 2
The amount of dividend shall be 61 groszy (in words: sixty one groszy) for each entitled share. For this purpose, part of the funds from the supplementary capital in the amount of PLN 3,941,549.32 (in words: PLN three million nine hundred and forty one thousand five hundred and forty nine 32/100) shall be allocated and distributed for the dividend.
Total amount for distribution of the dividend shall be PLN 800,538,062.19 (in words: PLN eight hundred million five hundred and thirty eight thousand sixty two 19/100).
§ 3
Orange Polska S.A. Management Board decides to move to the Annual General Meeting a motion on distribution of the Orange Polska S.A. profit for the 2025 financial year and use of a part of the financial means from the supplementary capital for distribution of the dividend, referred to in § 1 and § 2.
Orange Polska S.A. Management Board decides to submit to the Supervisory Board a motion, referred to in
§ 1 and § 2, for appraisal.
Draft of the relevant Annual General Meeting resolution has been included in attachment to this resolution.
(English text of the resolution is the translation)
Uchwała Zarządu Orange Polska nr 4/26
Uchwała nr 9/26(Resolution no. 9/26)
Zarządu
(of the Management Board of)
Orange Polska S.A.
z dnia (dated) 12.03.2026
podjęta w trybie pismneym (passed by circulation)
w sprawie przyjęcia sprawozdania Zarządu z działalności Grupy Kapitałowej Orange Polska oraz Orange Polska S.A. w roku obrotowym 2025 i skonsolidowanego sprawozdania finansowego za rok obrotowy 2025 sporządzonego według Międzynarodowych Standardów Sprawozdawczości Finansowej
on approval of the Management Board's report on
the Activity of the Orange Polska Group and Orange Polska
S.A. in 2025 and the IFRS consolidated financial statements for 2025
§ 1
Zarząd Orange Polska S.A. przyjmuje sprawozdanie Zarządu z działalności Grupy Kapitałowej Orange Polska oraz Orange Polska S.A. w roku obrotowym 2025.
§ 2
Zarząd Orange Polska S.A. przyjmuje skonsolidowane sprawozdanie finansowe Grupy Kapitałowej Orange Polska za rok obrotowy 2025 sporządzone według Międzynarodowych Standardów Sprawozdawczości Finansowej, w skład którego wchodzą:
skonsolidowany rachunek zysków i strat za 2025 rok, wykazujący zysk netto w kwocie 762 mln zł (słownie: siedemset sześćdziesiąt dwa miliony złotych), w tym zysk netto przypisany właścicielom Orange Polska S.A. w kwocie 762 mln zł (słownie: siedemset sześćdziesiąt dwa miliony złotych),
skonsolidowane sprawozdanie z całkowitych dochodów za 2025 rok, wykazujące całkowite dochody ogółem w kwocie 575 mln zł (słownie: pięćset siedemdziesiąt pięć milionów złotych), w tym całkowite dochody ogółem przypisane właścicielom Orange Polska S.A. w kwocie 575 mln zł (słownie: pięćset siedemdziesiąt pięć milionów złotych),
skonsolidowane sprawozdanie z sytuacji finansowej sporządzone na dzień 31 grudnia 2025 roku, zamykające się sumą bilansową 27.008 mln zł (słownie: dwadzieścia siedem miliardów osiem milionów złotych),
skonsolidowane sprawozdanie ze zmian w kapitale własnym za 2025 rok, wykazujące zmniejszenie stanu kapitału własnego razem o kwotę 115 mln zł (słownie: sto piętnaście milionów złotych), w tym zmniejszenie stanu kapitału własnego przypisanego właścicielom Orange Polska S.A. o kwotę 115 mln zł (słownie: sto piętnaście milionów złotych),
skonsolidowane sprawozdanie z przepływów pieniężnych za 2025 rok, wykazujące zmniejszenie stanu środków pieniężnych i ekwiwalentów środków pieniężnych o kwotę 28 mln zł (słownie: dwadzieścia osiem milionów złotych),
noty do skonsolidowanego sprawozdania finansowego.
§ 1
Orange Polska S.A. Management Board approves the Management Board's report on the Activity of the Orange Polska Group and Orange Polska S.A. in 2025.
§ 2
Orange Polska S.A. Management Board approves the Orange Polska Group IFRS consolidated financial statements for the 2025 financial year, which include:
consolidated income statement for 2025 showing net income of PLN 762 million (in words: PLN seven hundred and sixty two million), including net income attributable to owners of Orange Polska S.A. of PLN 762 million (in words: PLN seven hundred and sixty two million),
consolidated statement of comprehensive income for 2025 showing total comprehensive income of PLN 575 million (in words: PLN five hundred and seventy five million), including total comprehensive income attributable to owners of Orange Polska S.A. of PLN 575 million (in words: PLN five hundred and seventy five million),
consolidated statement of financial position as at 31 December 2025, with the balance sheet total of PLN 27,008 million (in words: PLN twenty seven billion eight million),
consolidated statement of changes in equity for 2025 showing a decrease in total equity by PLN 115 million (in words: PLN one hundred and fifteen million), including a decrease in equity attributable to owners of Orange Polska S.A. by PLN 115 million (in words: PLN one hundred and fifteen million),
consolidated statement of cash flows for 2025 showing a decrease in cash and cash equivalents by PLN 28 million (in words: PLN twenty eight million),
notes to the consolidated financial statements.
1
§ 3
Sprawozdania, o których mowa w § 1 i § 2, stanowią załącznik
nr 1 do niniejszej uchwały.
§ 4
Zarząd Orange Polska S.A. postanawia wystąpić do Zwyczajnego Walnego Zgromadzenia z wnioskiem o rozpatrzenie i zatwierdzenie sprawozdań, o których mowa w § 1 i § 2.
Zarząd Orange Polska S.A. postanawia przedstawić Radzie Nadzorczej sprawozdania, o których mowa w § 1 i § 2, celem dokonania ich oceny.
Projekty stosownych uchwał Zwyczajnego Walnego Zgromadzenia stanowią załączniki nr 2 i 3 do niniejszej uchwały.
§ 3
The reports and statements, referred to in § 1 and § 2, have
been included in attachment 1 to hereby resolution.
§ 4
Orange Polska S.A. Management Board requests the Annual General Meeting to review and approve the report and statements, referred to in § 1 and § 2.
Orange Polska S.A. Management Board decides to submit to the Supervisory Board the report and statements, referred to in § 1 and § 2 for appraisal.
The draft resolutions of the Annual General Meeting have been included in attachments 2 and 3.
(English text of the resolution is the translation)
Uchwała Zarządu Orange Polska nr 9/26 2
Consolidated financial statements
and the Management Board's report on the activity of Orange Polska Group and Orange Polska S.A. for 2025
(separate document)
Uchwała nr 10/26(Resolution no.)
Rady Nadzorczej
(of the Supervisory Board of)
Orange Polska S.A.
z dnia (dated) 10.03.2026 r.
w sprawie przyjęcia oceny sprawozdań finansowych oraz sprawozdania Zarządu z działalności za rok obrotowy 2025
Na podstawie art. 382 Kodeksu spółek handlowych oraz § 23 ust. 2 pkt 1-3 i ust. 3 Statutu Spółki, uchwala się, co następuje:
§ 1
Rada Nadzorcza przyjmuje ocenę sprawozdań finansowych oraz sprawozdania Zarządu z działalności Grupy Kapitałowej Orange Polska i Orange Polska S.A. za rok obrotowy 2025, stanowiącą załącznik do niniejszej uchwały oraz postanawia przedłożyć ją Zwyczajnemu Walnemu Zgromadzeniu.
§ 2
Uchwała wchodzi w życie z chwilą podpisania ostatniego z następujących dokumentów:
sprawozdań Zarządu, o których mowa w § 1,
raportu biegłego rewidenta z badania ww. sprawozdań oraz
raportu biegłego rewidenta z atestacji sprawozdawczości zrównoważonego rozwoju Grupy Kapitałowej Orange Polska
w wersji zaprezentowanej Radzie Nadzorczej w dniu 10 marca 2026 r.
on adoption of the appraisal of the financial statements and the Management Board's report on activity for the 2025 financial year
Pursuant to article 382 of the Commercial Companies Code and § 23 clause 2 items 1-3 and clause 3 of the Company's Articles of Association, the following is resolved:
§ 1
The Supervisory Board adopts the appraisal of the financial statements and the Management Board's report on the activity of Orange Polska Group and Orange Polska S.A. for the 2025 financial year, annexed hereto, and decides to submit it to the Annual General Meeting.
§ 2
The resolution enters into force upon signing the last of the following documents:
the Management Board's reports referred to in § 1,
the statutory auditor's report on the audit of the abovementioned reports and
the statutory auditor's report on the attestation of sustainability reporting of Orange Polska Capital Group
as presented to the Supervisory Board on 10 March 2026.
(English text of the resolution is the translation)
1. Maciej Witucki 2. Mari-Noëlle Jégo-Laveissière 3. Marc Ricau
Philippe Béguin 5. Bénédicte David 6. Bartosz Dobrzyński
7. Clarisse Heriard Dubreuil 8. John Russell Houlden 9. Usman Javaid
10. Monika Nachyła 11. Maria Pasło-Wiśniewska 12. Adam Uszpolewicz
13. Jean-Marc Vignolles 14. Etienne Vincens de Tapol
Attachment
to the Supervisory Board resolution no. 10/26 dated 10 March 2026
APPRAISAL OF THE FINANCIAL STATEMENTS
AND THE MANAGEMENT BOARD'S REPORT ON THE ACTIVITY IN 2025
The Supervisory Board has examined and appraised the following documents:
IFRS separate financial statements of Orange Polska S.A. for 2025, that include:
income statement for 2025, showing net income of PLN 813 million,
statement of comprehensive income for 2025, showing total comprehensive income of PLN 711 million,
statement of financial position as at 31.12.2025, with the balance sheet total of PLN 26,012 million,
statement of changes in equity for 2025, showing an increase in equity by PLN 21 million,
statement of cash flows for 2025, showing a decrease in net cash and cash equivalents by PLN 8 million,
notes to financial statements;
Management Board's Report on the Activity of the Orange Polska Group and Orange Polska S.A. in 2025;
IFRS consolidated financial statements of the Orange Polska Group for 2025, that include:
consolidated income statement for 2025, showing net income of PLN 762 million, including net income attributable to owners of Orange Polska S.A. of PLN 762 million,
consolidated statement of comprehensive income for 2025, showing total comprehensive income of PLN 575 million, including total comprehensive income attributable to owners of Orange Polska S.A. of PLN 575 million,
consolidated statement of financial position as at 31.12.2025, with the balance sheet total of PLN 27,008 million,
consolidated statement of changes in equity for 2025, showing a decrease in total equity by PLN 115 million, including a decrease in equity attributable to owners of Orange Polska S.A. by PLN 115 million,
consolidated statement of cash flows for 2025, showing a decrease in net cash and cash equivalents by PLN 28 million,
notes to consolidated financial statements.
Having analysed the above-mentioned documents and taking into consideration the independent auditor's reports on the audit of the annual standalone financial statements of Orange Polska S.A., the consolidated financial statements of Orange Polska Group and assurance report on the sustainability reporting of Orange Polska Group for the year ended 31 December 2025, the Supervisory Board hereby states that:
IFRS separate financial statements of Orange Polska S.A. for 2025,
Management Board's Report on the Activity of the Orange Polska Group and Orange Polska S.A. in 2025, and
IFRS consolidated financial statements of the Orange Polska Group for 2025
have been drawn up in compliance with the books and documents, the factual status and mandatory legal provisions, and that they provide a complete and fair picture of the operational and financial standing of Orange Polska S.A. and the Orange Polska Group. The Management Board's Report on the Activity of the Orange Polska Group and Orange Polska S.A. in 2025 has been drawn up in all major aspects on the basis of the financial data contained in the standalone and consolidated financial statements for 2025. The Management Board's Report contains a description of all material events that may have influence on Orange Polska S.A.'s property and financial standing in at least several quarters as well as a description of all material risks.
(English text of this attachment is the translation)
Uchwała nr 12/26(Resolution no.)
Rady Nadzorczej
(of the Supervisory Board of)
Orange Polska S.A.
z dnia (dated) 10.03.2026 r.
w sprawie przyjęcia sprawozdania Rady Nadzorczej za rok obrotowy 2025
Na podstawie art. 382 § 3 Kodeksu spółek handlowych oraz
§ 23 ust. 1 i 2 pkt 1)-3) Statutu Spółki, uchwala się,
co następuje:
§ 1
Rada Nadzorcza przyjmuje Sprawozdanie za rok obrotowy 2025, stanowiące załącznik do niniejszej uchwały oraz postanawia przedłożyć je Zwyczajnemu Walnemu Zgromadzeniu do zatwierdzenia.
on adoption of the Supervisory Board's report for the 2025 financial year
Pursuant to article 382 § 3 of the Commercial Companies Code and § 23 clause 1 and 2 items 1)-3) of the Company's Articles of Association, the following is resolved:
§ 1
The Supervisory Board adopts the Report for the 2025 financial year, annexed hereto, and decides to submit it to the Annual General Meeting for approval.
(English text of the resolution is the translation)
1. Maciej Witucki 2. Mari-Noëlle Jégo-Laveissière 3. Marc Ricau
Philippe Béguin 5. Bénédicte David 6. Bartosz Dobrzyński
7. Clarisse Heriard Dubreuil 8. John Russell Houlden 9. Usman Javaid
10. Monika Nachyła 11. Maria Pasło-Wiśniewska 12. Adam Uszpolewicz
Jean-Marc Vignolles 14. Etienne Vincens de Tapol
Attachment
to the Supervisory Board resolution no. 12/26 dated 10 March 2026
ORANGE POLSKA S.A. THE SUPERVISORY BOARD'S REPORT for the 2025 financial yearThe Supervisory Board's report for the 2025 financial year includes:
letter from the Chairman of the Supervisory Board,
information about the members of the Supervisory Board and its committees,
information regarding the degree of implementation of the diversity policy applicable to the management board and the supervisory board,
summary of the activity of the Supervisory Board and its committees,
appraisal of the fulfilment by the Management Board of information obligations to the Supervisory Board and the manner of providing,
information on the total remuneration payable by the Company for all audits commissioned by the Supervisory Board during the financial year,
appraisal of the Management Board's annual reports,
appraisal of the Management Board's proposal regarding the distribution of profit,
assessment of the Orange Polska Group's standing,
assessment of the Group's system of internal control, risk management and compliance systems and the internal audit,
assessment of the Company's compliance with the corporate governance principles and
the manner of compliance with the related disclosure obligations,
assessment of the rationality of the sponsorship and social policy,
recommendations for the Annual General Meeting.
Letter from the Chairman of the Supervisory Board Dear shareholders,
The Lead the Future strategy opened a new chapter of growth for Orange Polska in 2025. In the view of the Supervisory Board, the operational and financial results achieved last year demonstrate that it was a strong start to the new strategy. The company made good progress across all key strategic pillars and laid a solid foundation for the coming years. Value creation for shareholders was evidenced by strong growth in key financial metrics-revenues, EBITDAaL, and organic cash flow-along with a 47% total shareholder return resulting from share price appreciation and dividends paid.
The Supervisory Board closely monitored developments regarding the process of distributing 5G frequencies in the 700-800 MHz bands. During the consultation process conducted in late 2024, the starting price in the auction was significantly lowered following constructive dialogue with the regulator. The new coverage spectrum was a key element in a significant boost to 5G coverage, which is has reached almost 85% by the end of 2025 (up from less than 40% in 2024). This underscores the company's commitment to providing our customers with the fastest, most reliable, and trusted connectivity. The acquisition of the licence for 700 MHz has completed new spectrum acquisitions related to 5G, which means that future cash flows will be more predictable.
The deregulation decision obtained by the company from the market regulator in January 2026, following many months of analysis, symbolically confirms that the broadband market in Poland is fully competitive. It enables greater flexibility in pricing, faster responses to market changes, and the acceleration of copper decommissioning. The latter is particularly important in light of the company's ambitious transformation programme.
The agenda of the Supervisory Board in 2025 also included topics related to Światłowód Inwestycje, the highly successful FibreCo in which the company owns a 50% stake. Firstly, the Board discussed the new investment plan for the next three years and the associated capital requirements. Secondly, the acquisition of Nexera, which will be contributed to Światłowód Inwestycje following regulatory approval, was also discussed. The business rationale is strong: the networks of Światłowód Inwestycje and Nexera are highly complementary, and the transaction is expected to generate significant operational and cost synergies in the long term.
Management presented to the Supervisory Board the results of the annual employee satisfaction survey, along with a plan outlining the implementation of its key conclusions. People are essential to the success of any strategy. That is why employee satisfaction and staying informed about their feedback-regarding what they value and what needs improvement-are crucial for the Supervisory Board. The Management Board outlined the key directions for action across various areas.
As in previous years, the Supervisory Board was also involved in all other decisions of key significance for Orange Polska. We monitored the Management Board's governance in managing the business to ensure that these activities were appropriate, efficient, lawful, and in compliance with legal provisions, internal standards, and policies. At each meeting, the Supervisory Board reviewed in detail the company's current financial and operational results compared to the budget adopted at the beginning of the year. Further details of the Supervisory Board's assessment of Orange Polska's performance are presented later in this report.
The frequency of the Supervisory Board and its Committees' meetings mean that we are in close contact with the Management Board. In 2025, 6 meetings of the Supervisory Board and 17 meetings of its Committees took place. The average participation rate was 94%.
While the market environment continues to be demanding, I am fully confident that the company has an excellent strategy to effectively address the challenges-an effort that will be supported by the Supervisory Board. Operating in an attractive market, we are guided in our activities by a long-term focus on creating value for all our shareholders.
Maciej Witucki
Chairman of the Supervisory Board
Information about the members of the Supervisory Board and its committees Composition of the Supervisory Board
Composition on 1 January 2025:
Maciej Witucki - Chairman
Marie-Noëlle Jégo-Laveissière - Deputy Chairwoman
Laurent Martinez - Deputy Chairman
Marc Ricau - Secretary
Philippe Béguin - Board Member
Bénédicte David - Board Member
Bartosz Dobrzyński - Independent Board Member
John Russell Houlden - Independent Board Member and Chairman of the Audit Committee
Clarisse Heriard-Dubreuil - Board Member
Monika Nachyła - Independent Board Member
Maria Pasło-Wiśniewska PhD - Independent Board Member and Chairwoman of the Remuneration Committee
Adam Uszpolewicz - Independent Board Member
Jean-Marc Vignolles - Board Member and Chairman of the Strategy Committee
Etienne Vincens de Tapol - Board Member
On 17 April 2025, the mandates of the following persons expired: Bartosz Dobrzyński, Monika Nachyła,
Marc Ricau and Maciej Witucki.
On the same day, the Annual General Meeting appointed the above-mentioned persons to the Supervisory Board for a new term of office.
Composition on 31 December 2025:
Maciej Witucki - Chairman
Marie-Noëlle Jégo-Laveissière - Deputy Chairwoman
Laurent Martinez - Deputy Chairman
Marc Ricau - Secretary
Philippe Béguin - Board Member
Bénédicte David - Board Member
Bartosz Dobrzyński - Independent Board Member
John Russell Houlden - Independent Board Member and Chairman of the Audit Committee
Clarisse Heriard-Dubreuil - Board Member
Monika Nachyła - Independent Board Member
Maria Pasło-Wiśniewska PhD - Independent Board Member and Chairwoman of the Remuneration Committee
Adam Uszpolewicz - Independent Board Member
Jean-Marc Vignolles - Board Member and Chairman of the Strategy Committee
Etienne Vincens de Tapol - Board Member
As of 30 January 2026, Laurent Martinez resigned his position.
In connection with the aforementioned resignation, on 17 February 2026, Usman Javaid was appointed by the Supervisory Board as its Member.
As at 31 December 2025, five members of the Supervisory Board met the independence criteria referred to in the Act of 11 May 2017 on Auditors, Audit Firms and Public Supervision and in the Company's Articles of Association, namely: Bartosz Dobrzyński, John Russell Houlden, Monika Nachyła, Maria Pasło-Wiśniewska PhD and Adam Uszpolewicz.
The Supervisory Board assesses that there are no relationships or circumstances that may affect the independence of the above Supervisory Board members.
Seven members of the Supervisory Board had no actual and material relations with any shareholders who hold at least 5% of the total vote in the Company, namely: Maciej Witucki, Bartosz Dobrzyński, John Russell Houlden, Monika Nachyła, Maria Pasło-Wiśniewska PhD, Adam Uszpolewicz and Jean-Marc Vignolles.
Committees of the Supervisory Board
Three permanent committees operate within the Supervisory Board. Their composition on 31 December 2025 was the following:
Audit Committee:
John Russell Houlden - Chairman
Monika Nachyła
Marc Ricau
Adam Uszpolewicz
Etienne Vincens de Tapol
The Audit Committee is chaired by John Russell Houlden, an independent Member of the Supervisory Board. He has relevant experience and qualifications in finance, accounting and audit.
Until 17 April 2025, Bartosz Dobrzyński was also a member of the Audit Committee.
Remuneration Committee:
Maria Pasło-Wiśniewska PhD - Chairwoman
Bénédicte David
Bartosz Dobrzyński
Marc Ricau
There were no changes in the composition of the Remuneration Committee in 2025.
Strategy Committee:
Jean-Marc Vignolles- Chairman
Philippe Béguin
Bénédicte David
Bartosz Dobrzyński
Monika Nachyła
Dr. Maria Pasło-Wiśniewska
There were no changes in the composition of the Strategy Committee in 2025.
All Members of the Supervisory Board regularly participate in the meetings of the Strategy Committee on a permanent basis.
Below, is the list of the Members of the Supervisory Board together with the Annual General Meetings on which their mandates expire.
Supervisory Board
Year of AGM
Maciej Witucki - Chairman
2028
Marie-Noëlle Jégo-Laveissière - Deputy Chairwoman
2027
Marc Ricau - Secretary
2028
Philippe Béguin
2027
Bénédicte David
2027
Bartosz Dobrzyński
2028
Clarisse Heriard Dubreuil
2026
John Russell Houlden
2026
Usman Javaid
2026
Monika Nachyła
2028
Maria Pasło-Wiśniewska
2027
Adam Uszpolewicz
2027
Jean-Marc Vignolles
2027
Etienne Vincens de Tapol
2027
Information regarding the degree of implementation of the diversity policy applicable to the Management Board and the Supervisory Board
Since 2016, the Company had a Diversity Management Policy presented in a single comprehensive document outlining diversity policy for various areas of management.
In addition, following the Best Practices of Listed Companies 2021 issued by the Warsaw Stock Exchange on 3 November 2021 the Supervisory Board adopted the diversity management policy for Members of the Management Board. Following suit, the Annual General Meeting adopted the diversity management policy for Members of the Supervisory Board on 22 April 2022.
The purpose of the Policy is to:
determine the standards that must be met for positions in the Company's Management bodies to be occupied by persons with appropriate qualifications, substantive knowledge, skills, professional experience, predispositions and reputation appropriate to perform such function.
Implement solutions for equal treatment and diversity in relation to the Management Board of Orange Polska.
In the process of selection of Members of Orange Polska's Management Board, the Supervisory Board:
is guided by the transparency of the principles and criteria for selecting candidates.
makes decisions on the selection of members based on the appropriate level of knowledge, skills, education, competences and professional experience of the candidates.
ensures that the members of management bodies include people of diverse gender, age, specialist knowledge, education and professional experience.
and, with regard to gender diversity, aims to maintain the participation of women at a level of no less than 30%.
The above requirements are met by the Company. As of 31 December 2025, women constituted 35.7% of the Supervisory Board and 37.5% of the Management Board.
Supervisory Board diversity
64.3%
Male
Gender
Female
35,7
Nationalities
Local
35.7%
International
64.3%
Supervisory Board age profile
40-50 years
7.1%
51-55 years
28.6%
56-60 years
35.8%
61-65 years
21.4%
65+
7.1%
Supervisory Board length of tenure
4 people
0-2 years Clarisse Heriard Dubreuil, Usman Javaid, Adam Uszpolewicz, Etienne Vincens de Tapol
3 people
3-4 years Philippe Béguin, Bénédicte David, Bartosz Dobrzyński
2 people
5-6 years Marie-Noëlle Jégo-Laveissière, Monika Nachyła
5 people
6+ years Maciej Witucki, Marc Ricau, John Russell Houlden, Maria Pasło-Wiśniewska, Jean-Marc Vignolles
Supervisory Board skills matrix
Name | Audit / Risks | Accounting / Finance / M&A | Executive Management | Legal / Compliance / Governance / Ethics | Cybersecurity / Innovation & Technology | HR and Human Issues | Commerce / Marketing | ESG & Sustainable Growth (Climate & Environment) | Regulatory Environment | Communication & Investor Relations | Production/ Security / Supply Chain |
Maciej Witucki | |||||||||||
Marie-Noëlle Jégo- Laveissière | |||||||||||
Laurent Martinez | |||||||||||
Marc Ricau | |||||||||||
Philippe Béguin | |||||||||||
Bénédicte David | |||||||||||
Bartosz Dobrzyński | |||||||||||
Clarisse Heriard Dubreuil | |||||||||||
John Russell Houlden | |||||||||||
Monika Nachyła | |||||||||||
dr Maria Pasło- Wiśniewska | |||||||||||
Adam Uszpolewicz | |||||||||||
Jean-Marc Vignolles | |||||||||||
Etienne Vincens de Tapol |
Management Board diversity
Gender Female
37.5%
Nationality Local
87.5%
Male
62.5%
International
12.5%
Management Board age profile
40-50 years 37.5% | 51-55 years 12,5% | 56-60 years 37.5% | 61-65 years 12.5% | 65+ 0.0% |
Management Board length of tenure
0 people
0-2 years
1 person
3-4 years Liudmila Climoc
1 person
5-6 years Jacek Kunicki
6 people
6+ years Jolanta Dudek, Bożena Leśniewska,
Witold Drożdż, Piotr Jaworski, Jacek Kowalski, Maciej Nowohoński
Management Board skills matrix
Name | Audit / Risks | Accounting / Finance / M&A | Executive Management | Legal / Compliance / Governance / Ethics | Cybersecurity / Innovation & Technology | HR and Human Issues | Commerce / Marketing | ESG & Sustainable Growth (Climate & Environment) | Regulatory Environment | Communication & Investor Relations | Production/ Security / Supply Chain |
Liudmila Climoc | |||||||||||
Jolanta Dudek | |||||||||||
Bożena Leśniewska | |||||||||||
Witold Drożdż | |||||||||||
Piotr Jaworski | |||||||||||
Jacek Kowalski | |||||||||||
Jacek Kunicki | |||||||||||
Maciej Nowohoński |
The summary of the activity of the Supervisory Board and its committees
The Supervisory Board, acting in compliance with the provisions of the Commercial Companies Code and the Company's Articles of Association, exercised permanent supervision over the Company's operations in all fields of its activities.
In 2025 the Supervisory Board fulfilled its duties resulting from the provisions of the Commercial Companies Code including the appraisal of the Orange Polska financial statements, the Management Board's report on activity and the Management Board's motion on distributing the Company's profit for the 2024 financial year and filing with the General Meeting reports presenting the results of the above mentioned appraisals.
The Supervisory Board took due care to ensure that the Management Board's reports and the financial statements were in compliance with the law.
The Supervisory Board also executed its rights and obligations arising from the Company's Articles of Association and the Best Practice for GPW Listed Companies 2021, of which the following should be mentioned:
stating an opinion on motions submitted by or via the Management Board to the General Meeting,
stating an opinion on Orange Polska S.A. and Orange Polska Group budget,
stating an opinion on 2025-2028 Strategy,
submitting the report on remuneration to the General Meeting,
preparing the report on the Supervisory Board's activity in 2024.
On the Supervisory Board's agenda for 2025
Throughout 2025, the Supervisory Board mainly focused on the following issues:
New Orange Polska strategy
The Supervisory Board and its Strategy Committee discussed and approved new Orange Polska strategy for 2025-2026. The discussions included market context and the details of the communication plan that took place in March 2025. One of the points of special attention was transformation plan which is one of the key elements that differs Lead the Future from the previous
.Grow strategy. Transformation will be conducted across all company's functions and is expected
to result in significant efficiency increase leading to better profit margin and cash conversion.
700/800 MHz spectrum distribution
The Supervisory Board closely monitored developments around the process of distribution of 5G frequencies in the 700-800 MHz bands. This followed previous year's consultation process in which the starting price was considerably lowered by the regulator. Despite not balanced demand and supply (four operators were bidding for seven blocks, each of them allowed to bid for two blocks) Orange Polska secured licence for two blocks in 700MHz spectrum at the starting price of PLN 712 million. The 700 MHz spectrum is important for enhancing coverage and improving quality of our services in non-urban areas.
New investment programme for Światłowód Inwestycje
Another topic discussed at the meetings of both the Supervisory Board and its Strategy Committee was the second investment programme for Światłowód Inwestycje, FiberCo that the Group owns in 50%. 2025 was the last year of the initial programme set in 2021 when this company was established as the JV between Orange Polska and APG. Supervisory Board shared management's opinion that performance of this FiberCo is exemplary one on the European landscape. Światłowód Inwestycje is very effective in converting homes passed into homes connected. Based on this success it was decided to launch another investment programme which assumes rollout to a half a million of new households over the next three years and to another 200,000 in the following few years to densify already covered areas. And as a result, Światłowód Inwestycje network intends to reach coverage of 3.1 million households in Poland. In June 2025 Światłowód Inwestycje raised PLN 3.7 billion zloty to refinance the outstanding debt and to secure funds for the second investment plan, which was a key milestone for this project.
Acquisition of Nexera
Orange Polska strategy assumes expansion of fibre reach through selected acquisitions. Acquisition of Nexera was a particular case because this is much larger operator compared to the previous transactions involving small local fibre networks and that the transaction is jointly conducted by Orange Polska and APG. Supervisory Board and the Strategy Committee monitored progress in negotiations and discussed terms of this transaction. Clear advantage is that networks of Światłowód Inwestycje and Nexera are highly complementary as they are fully built in FTTH technology, located in attractive wholesale regions with very limited overlap between each other. The transaction, when approved by regulators, is expected to result in significant operational and cost synergies.
Results of the employee opinion survey
The management has presented the results of the annual employee survey to the Supervisory Board, along with a plan for implementation of its key conclusions. People are essential to the success of any strategy. That is why employee satisfaction - and staying updated on employee feedback regarding what they value and what needs improvement - is crucial for the Supervisory Board. The Management Board presented key action directions to reduce workload by focusing on priorities, enhance collaboration across various areas, and ensure that diverse employee groups feel valued at Orange.
Incentive program for key managers
In 2021, Orange Polska launched a long-term incentive plan for the management and key managers based on phantom shares. In 2025, the second Series of this incentive plan expired and was settled. The objectives assigned to the success indicators were achieved at an average level of 85%. The prerequisite for the redemption of phantom shares has been met. The Supervisory Board approved a buy-out of this programme and also approved previously discussed the launch of a fourth Series of the program for the years 2024-2026. It also approved the fifth Series for the years 2025-2027. In the fifth Series the Supervisory Board approved the change of the calculation methodology of the KPI related to the share price. The new methodology compares the total shareholder return on Orange Polska shares to the return of the WIG20 Index and the selected group of European telecom stocks.
e) Monitoring of operating and financial results and budget execution
The Supervisory Board constantly monitored Orange Polska's operational and financial results and the execution of the 2025 budget. Every meeting included update on the current results. Last year's achievement illustrate that 2025 was a strong start to the new strategy. One of the points of the discussions was outlook for eCapex given the lower-than-expected sales of real estate. Finally, the Group managed the investments very efficiently, meeting the eCapex guidance at its low end.
The Supervisory Board met 6 times in 2025.
The attendance at the Supervisory Board's meetings was 86.9% and 93.6 % including its committees. Supervisory Board attendance register 2025
Supervisory Board
Audit Committee
Remuneration Committee
Strategy Committee
Maciej Witucki
4/6
Marie-Noëlle Jégo-Laveissière
6/6
Laurent Martinez
3/6
Marc Ricau
6/6
8/8
5/5
Philippe Béguin
5/6
4/4
Bénédicte David
6/6
5/5
4/4
Bartosz Dobrzyński
5/6
3/3
5/5
4/4
Clarisse Heriard Dubreuil
6/6
John Russell Houlden
6/6
8/8
Monika Nachyła
4/6
8/8
4/4
Maria Pasło-Wiśniewska
6/6
5/5
4/4
Adam Uszpolewicz
5/6
8/8
Jean-Marc Vignolles
6/6
4/4
Etienne Vincens de Tapol
5/6
8/8
*) Actual number of meetings attended / Maximum number of scheduled meetings which the directors could have attended
The Supervisory Board regularly monitored the execution of its resolutions and recommendations, analysing the information presented by the Management Board.
The Supervisory Board formulated a number of recommendations, remarks and motions to the Management Board, referring to different aspects of the Company's operations.
The Supervisory Board used in its operations opinions of its Committees (the Audit Committee, the Remuneration Committee and the Strategy Committee), wherever applicable.
During discussing specific matters at the meeting, the Chairpersons of the committees presented appropriate recommendations and proposals for decisions to the Supervisory Board. In addition, the Supervisory Board regularly receives the minutes from the committees' meetings.
The committees of the Supervisory Board received relevant and reliable information and reports from the Management Board on time, enabling them to carry out their tasks in 2025.
The reports of the three permanent committees of the Supervisory Board on their activities in 2025 are attached hereto.
The tasks and the principles of the operation of the Supervisory Board and its permanent committees are defined in the Regulations of the Supervisory Board which are available on the Company's website.
Appraisal of the fulfilment by the Management Board of information obligations to the Supervisory Board and the manner of providing
Acting pursuant to provisions of art. 382 § 31clause 3) and 4) of the Commercial Companies Code, the Supervisory Board positively assessed the performance by the Management Board of the obligations referred to in art. 3801of the Commercial Companies Code and § 25 clause 11 of the Company's Articles of Association, as well as the method of preparing and submitting information, documents, reports or requested explanations to the Supervisory Board.
Information on the total remuneration payable by the Company for all audits commissioned by the Supervisory Board during the financial year
According to art. 382 § 31clause 5) of the Commercial Companies Code, the Supervisory Board informs that in 2025 it did not order any matter regarding the Company's operations or its assets to be examined at the expense of the Company, nor did any analysis or opinion be performed by any adviser.
Appraisal of the Management Board's annual reports
The Company's Supervisory Board, acting pursuant to provisions of art. 382 § 3 clause 1) i § 31clause 1) of the Commercial Companies Code and § 23.2.1 of the Company's Articles of Association, by the resolution No. 10/26 dated 10 March 2026, made a positive assessment in terms of their compliance with the books, documents and the facts:
the IFRS separate financial statements of Orange Polska S.A. for 2025 financial year;
the Management Board's report on the activity of Orange Polska Group and Orange Polska S.A. for 2025,
the IFRS consolidated financial statements for 2025.
Appraisal of the Management Board's proposal regarding the distribution of profit
Acting pursuant to provisions of art. 382 § 3 clause 2) and § 31clause 1) of the Commercial Companies Code and to § 23 clause 2 item 2 of the Company's Articles of Association, the Supervisory Board reviewed and positively assessed the Management Board's motion contained in the resolution No. 4/26 dated 17 February 2026 on distribution of the Orange Polska S.A. profit for the 2025 financial year in the amount of PLN 812,853,584.56, as follows:
for a dividend - PLN 796,596,512.87;
to the reserve capital, referred to in § 30 clause 3 of the Articles of Association - PLN 16,257,071.69.
The amount of dividend shall be 61 groszy for each entitled share. For this purpose, part of the funds from the supplementary capital in the amount of PLN 3,941,549.32 shall be allocated and distributed for the dividend. Total amount for distribution of the dividend shall be PLN 800,538,062.19.
Assessment of Orange Polska Group's standing
This section contains the Supervisory Board assessment of the Orange Polska Group's standing on a consolidated basis in 2025 in accordance with the recommendation no. 2.11.3. of the Best Practice for GPW Listed Companies 2021, introduced by the Warsaw Stock Exchange. The assessment is based on the 2025 financial results of the Group (the Company and its subsidiaries) as well as on the information obtained by the Supervisory Board in conducting its statutory tasks.
The Supervisory Board, through the work of its committees and all its members (including independent members), was actively engaged in the process of evaluating of the most important initiatives, having in mind the interest of all the Group's stakeholders, including shareholders. In addition, it maintained oversight of the Group's operational and financial goals through management reporting at its quarterly meetings, and was able, through the Audit Committee, to oversee the accuracy of financial reporting and the functioning of the internal control, risk management and compliance systems and the internal audit function.
Orange Polska Group's Operational Review The Group's key goals in 2025 were as follows:
Persistent execution of commercial value strategy, to sustain a good momentum in convergence, mobile and fibre
Rejuvenating growth in the business customers' area, in particular in IT&IS services
Enhancing connectivity experience for customers by investing in 5G network and expanding fibre footprint;
Participating in the 5G spectrum auction for 700/800MHz frequency;
Launching new transformation programme to achieve efficiency gains
Fulfilling published financial forecasts regarding revenue, EBITDAaL and eCapex performance;
Communicating and operationalising a new strategy beyond 2024.
2025 was the first year of implementation of the new Lead the Future strategy for 2025-2028, which was announced in March last year. The main purpose of the new plan is to sustain growth and value creation by leveraging proven growth strategies, as well as introducing new important initiatives. In financial terms, Lead the Future will maintain Orange Polska's profitable growth trajectory and enhance its efficiency to generate significantly increased cash flow and deliver sustainable value creation for shareholders. The plan is reflected in ambitious medium-term financial targets and a policy of consistent dividends.
The operational and financial results achieved by the Group illustrate that 2025 was a strong start to the new strategy.
Strong commercial momentum was maintained, particularly in the consumer market. Despite intense competition, customer bases for core telecom services continued to grow at a healthy pace. The Group estimates that it further increased its market share in high-speed broadband, which is especially noteworthy given the very intense competition in fibre and convergence. Mobile stood out in 2025: net customer additions of almost 350,000 were the highest in several years, with all markets and brands contributing to this achievement. Importantly, the Group broke a multi-year trend and increased the number of households with Orange services. This is one of the ambitions embedded in the new strategy that will facilitate further commercial growth.
Revenue from IT and integration services, after a decline in 2024, increased by 14% year-on-year, which is encouraging. Growth was primarily driven by integration service contracts and the resale of software licences. Sales of IT subsidiaries slightly increased, although the market remains quite challenging. Despite the revenue growth, profitability in the IT & IS area did not improve, due to lower-margin contracts and ongoing competitive pressure.
2025 was particularly strong for the wholesale activity, illustrating that this is the Group's strategic growth business complementing retail operations. Revenue dynamics in this area accelerated to 13%, driven by new fibre backhaul business, rapid growth in revenues from access to our fibre network for other operators, and continued growth in services provided by the Group to Światłowód Inwestycje. Last year also marked