Cyfrowy Polsat S.A.

Q1 2026 revenue grew 3% to over PLN 3.6 billion. EBITDA was PLN 847 million, up 4.7% year over year, and net profit increased by over 54% to PLN 134 million. Free cash flow for the last 12 months was almost PLN 1.2 billion, up nearly 63% versus the end of 2025. Net debt to EBITDA excluding project financing rose slightly to 3.68x from 3.59x at the end of 2025, mainly due to the payment for the renewal of the 900 MHz concession. In the green energy segment, EBITDA increased 73% from PLN 57 million to nearly PLN 99 million, and total energy production rose 18% year over year. For the full year, management reiterated approximately PLN 400 million of EBITDA from green energy and said energy CapEx should not exceed PLN 200 million.

The CEO-level commentary emphasized that the group is in the middle of a strategic reset, with new offers, projects and management changes already showing up in Q1 operating results. Management said the multiplay strategy is strengthening the market position of the TMT segment, while the long-term cooperation framework with Cellnex should improve 5G network coverage, quality and cost efficiency. The tone was confident and forward-looking, with a clear message that the direction chosen is working and that a broader strategic review is underway ahead of a long-term strategy update by the end of 2026.

The CFO highlighted a strong quarter across financial metrics: revenue of over PLN 3.6 billion, EBITDA of PLN 847 million, and net profit of PLN 134 million. She said free cash flow for the last 12 months was almost PLN 1.2 billion, but free cash flow after interest was slightly negative because interest paid and leasing after hedges exceeded PLN 1.2 billion and because of roughly PLN 800 million of spectrum reservation payments in the 700 and 900 MHz bands. CapEx was controlled, with TMT CapEx at PLN 195 million, or 6% of revenue, energy CapEx at PLN 31 million, and full-year energy CapEx expected to stay below PLN 200 million; she also noted the weighted average cost of debt eased to 6.5% and scheduled senior facility repayments of PLN 622 million by end-2026.

The only analyst question asked for a breakdown of green energy improvement and expectations for the rest of the year. Management replied that the segment should still deliver approximately PLN 400 million of EBITDA and saw no reason to change that guidance, while cautioning that renewable output is seasonal and that Q2 and Q3 are typically weaker for wind, leaving more dependence on Q4 and energy prices. A second question on the timing of the business review was answered by saying the strategy remains planned for after summer and by the end of the year, but no specific date has been set.