Q2 2026 Cyfrowy Polsat SA Earnings Call

August 20, 2026

Speaker #1: Thank you for joining Polsat Plus Group's results conference call for the second quarter of 2026. Let's turn to the next slide, please. Let me start by briefly introducing today's speakers.

Speaker #1: With us today are Matti Städt, Anna Müller-Petlak, who is the group's new CFO as of August, Bartłomiej Drwa, and Janusz Pliszka. Let's turn to the next slide.

Speaker #1: Today's agenda is straightforward: Bartek will start with the key highlights from the second quarter, then Maciek, Janusz, and Bartek will walk you through the operating performance of our main business segments.

Speaker #1: After that, Ania will discuss the group's financial results for the quarter. While the presentation is over, we will move to the Q&A session. The Q&A panel will remain open throughout the presentation, so please feel free to submit your questions at any time.

Speaker #1: As always, we will only be able to answer questions submitted with the full name and institution of the person asking. And with that, I will hand over to Bartek for the key highlights.

Speaker #1: Bartek, over to you.

Speaker #2: Thank you, Agata. Ladies and gentlemen, let me now move you to the key highlights of the quarter. Q2 was a very good quarter for the group.

Speaker #2: We delivered strong operating performance across our core businesses, and this translated into solid financial results. Let me walk you through the most important developments.

Speaker #2: Please turn to the next slide. I will start with our telecommunication business. First, our multi-play strategy continues to deliver very good results. More customers are choosing several services from our portfolio.

Speaker #2: And this drives higher customer value, stronger loyalty, and better commercial performance. But what is the most important: RPU growth in B2C accelerated to 6.5% year on year.

Speaker #2: For us, this is a clear confirmation that our strategy is working exactly as intended. It is not only helping us sell more services; it is helping us build a higher quality customer base.

Speaker #2: Second, we continue to invest in network quality and coverage. Our 5G network now reaches nearly 28 million people, or almost 75% of Poland's population.

Bartłomiej Drywa: Developments. Please turn to the next slide. I will start with our telecommunication business. First, our multi-play strategy continues to deliver very good results. More customers are choosing several services from our portfolio, and this drives higher customer value, stronger loyalty, and better commercial performance. What is the most important, RPU growth in B2C accelerated to 6.5% year on year. For us, this is a clear confirmation that our strategy is working exactly as intended. It is not only helping us sell more services, it is helping us build a higher quality customer base. Second, we continue to invest in network quality and coverage. Our 5G network now reaches nearly 28 million people or almost 75% of Poland's population. This gives us a strong platform for future growth and allows us for further improve the customer experience. Third, we launched a new prepaid offer. The idea is very simple.

Speaker #1: Opening. Please turn to the next slide. I will start with our telecommunication business. First, our multi-play strategy continues to deliver very good results. More customers are choosing several services from our portfolio.

Speaker #2: This gives us a strong platform for future growth and allows us, for further improve, the customer experience. Third, we launched a new prepaid offer.

Speaker #1: And this drives higher customer value, stronger loyalty, and better commercial performance. But what is most important: RPU growth in B2C accelerated to 6.5% year on year.

Speaker #2: The idea is very simple: we want prepaid to be straightforward, transparent, and attractive. Customers increasingly value simplicity, and this offer reflects exactly that approach.

Speaker #1: For us, this is a clear confirmation that our strategy is working exactly as intended. It is not only helping us sell more services; it is also helping us build a higher-quality customer base.

Speaker #2: Maciek will shortly provide more details of the operating performance of the telecom segment in his section of the presentation. Let me now briefly comment on the media business.

Speaker #2: We continue to build the strength of Polsat around premium sport content. Our key achievement in the quarter was the extension of our exclusive rights to the UEFA Europa League and UEFA Conference League for the 2027-2031 seasons.

Speaker #1: Second, we continue to invest in network quality and coverage. Our 5G networks now reach nearly 28 million people, or almost 75% of Poland's population.

Speaker #1: This gives us a strong platform for future growth and allows us to further improve the customer experience. Third, we launched a new prepaid offer. The idea is very simple: we want prepaid to be straightforward, transparent, and attractive.

Speaker #2: These are important assets that support the long-term attractiveness of our media offering. We also extended our sponsorship partnership with the Polish Women's and Men's National Volleyball Teams.

Bartłomiej Drywa: We want prepaid to be straightforward, transparent, and attractive. Customers increasingly value simplicity, and this offer reflects exactly that approach. Maciej will shortly provide more details of the operating performance of the telecom segment in his section of the presentation. Let me now briefly comment on the media business. We continue to build the strength of Polsat around premium sports content. Our key achievement in the quarter was the extension of our exclusive rights to the UEFA Europa League and UEFA Conference League for the 2027 to 2031 seasons. These are important assets that support the long-term attractiveness of our media offering. We also extended our sponsorship partnership with the Polish women's and men's national volleyball teams. Volleyball has always been a part of our story for almost three decades, and we are proud to continue supporting one of Poland's most successful sports.

Speaker #1: Customers increasingly value simplicity, and this offer reflects exactly that approach. Magical Shoulder provides more details of the operating performance of the telecom segment in his section of the presentation.

Speaker #2: Volleyball has always been a part of our story for almost three decades, and we are proud to continue supporting one of Poland's most successful sports.

Speaker #2: Janusz will discuss the media segment in more detail in a moment. Let me finish with a few words of the group's overall performance. As you can see on the right-hand side of the slide, strong operational execution translated into growth across all key financial metrics.

Speaker #1: Let me now briefly comment on the media business. We continue to build the strength of Polsat around premium sports content. Our key achievement in the quarter was the extension of our exclusive rights to the UEFA Europa League and UEFA Conference League for the 2027–2031 seasons.

Speaker #2: Revenues reached 3.7 billion zloty, an adjusted EBITDA increased to 853 million zloty. And what is the most important: our free cash flow generation remained very strong, approaching 1 billion zloty on a rolling 12-month basis.

Speaker #1: These are important assets that support the long-term attractiveness of our media offering. We also extended our sponsorship partnership with the Polish Women's and Men's National Volleyball Teams.

Speaker #2: Overall, we are very pleased with this results. They show the strength of our core businesses and the benefits of disciplined execution across the group.

Speaker #1: Volleyball has always been a part of our story for almost three decades, and we are proud to continue supporting one of Poland's most successful sports.

Speaker #2: That concludes my introduction. I will now hand over to Maciek, who will take you through the operating results of our B2C and B2B services segment.

Speaker #1: Janusz will discuss the media segment in more detail in a moment. Let me finish with a few words about the group’s overall performance. As you can see on the right-hand side of the slide, strong operational execution translated into growth across all key financial metrics.

Bartłomiej Drywa: Janusz will discuss the media segment in more detail in a moment. Let me finish with a few words of the group overall performance. As you can see on the right-hand side of the slide, strong operational execution translated into growth across all key financial metrics. Revenues reached PLN 3.7 billion and adjusted EBITDA increased to PLN 853 million. What is the most important, our free cash flow generation remained very strong, approaching PLN 1 billion on a rolling 12-month basis. Overall, we are very pleased with these results. They show the strength of our core businesses and the benefits of disciplined execution across the group. That concludes my introduction. I will now hand over to Maciej, who will take you through the operating results of our B2C and B2B services segment.

Speaker #3: Thank you. As Bartek said, it was indeed a very good quarter for our B2C and B2B services segment. We grew the multi-play and contract service basis, accelerated RPU growth, and continued to build customer value across B2C, prepaid, and B2B.

Speaker #1: Revenues reached PLN 3.7 billion, and adjusted EBITDA increased to PLN 853 million. And what is most important, our free cash flow generation remained very strong, approaching PLN 1 billion on a rolling 12-month basis.

Speaker #3: Let's look at the operating results in more detail. Before moving to the results, let me briefly explain a methodology refinement we made to the presentation of our operating KPIs.

Speaker #1: Overall, we are very pleased with these results. They show the strength of our core businesses and the benefits of disciplined execution across the group.

Speaker #3: As part of our KPI review, we refined the definition of multi-play customers so that the reported base better reflects the services actively used by our customers.

Speaker #1: That concludes my introduction. I will now hand over to Maciek, who will take you through the operating results of our B2C and B2B services segments.

Speaker #3: We excluded inactive services and included fully fledged value-added services, such as streaming packages, priced at 40 or even 80 zlotys. s. We have restated the historical data to ensure full comparability.

Speaker #2: Thank you. As Bartek said, it was indeed a very good quarter for our B2C and B2B services segment. We grew the multi-play and contract service base, accelerated growth, and continued to build customer value across B2C, prepaid, and B2B.

Maciej Stec: Thank you. As Bartek said, it was indeed a very good quarter for our B2C and B2B services segment. We grew the multi-play and contract service bases, accelerated growth, and continued to build customer value across B2C, prepaid, and B2B. Let's look at the operating results in more detail. Before moving to the results, let me briefly explain the methodology refinement we made to the presentation of our operating KPIs. As part of our KPI review, we refined the definition of multi-play customers so that the reported base better reflects the services actively used by our customers. We excluded inactive services and included fully fledged value-added services such as streaming packages priced at PLN 40 or even PLN 80. We have restated the historical data to ensure full comparability. You can see the adjustment in the multi-play customer base on the top chart.

Speaker #3: You can see that adjustment in the multi-play customer base on the top chart under the previous definition, this quarter we would have reported 3,059,000 multi-play customers, up from 3,013,000.

Speaker #2: Let's look at the operating results in more detail. Before moving on to the results, let me briefly explain a methodology refinement we made to the presentation of our operating KPIs.

Speaker #3: After the adjustment, today we present 3,039,000 multi-play customers, compared with 3,003,000 a year ago. Additionally, we excluded mobile internet services that we were not actively used from the internet RGU base.

Speaker #2: As part of our KPI review, we refined the definition of multi-play customers so that the reported base better reflects the services actively used by our customers.

Speaker #3: During the KPI review, we noticed that some customers didn't use the mobile internet SIM card, they received when they subscribed to a fixed internet service.

Speaker #2: We excluded inactive services and included fully fledged value-added services, such as streaming packages, priced at 40 or even 80 zlotys. We have restated the historical data to ensure full comparability.

Speaker #3: We therefore decided to eliminate those inactive cards from the RGU base to better reflect the service structure that generates our revenue. Again, for full transparency, we showed the adjustment on the bottom chart so you can clearly see the difference.

Speaker #2: You can see that adjustment in the multi-play customer base on the top chart. Under the previous definition, this quarter we would have reported 3,059,000 multi-play customers, up from 3,013,000.

Maciej Stec: Under the previous definition this quarter, we would have reported 3,059,000 multi-play customers, up from 3,013,000. After the adjustment, today we present 3,039,000 multi-play customers, compared with 3,003,000 a year ago. Additionally, we excluded mobile internet services that were not actively used from the internet RGU base. During the KPI review, we noticed that some customers didn't use the mobile internet SIM card they received when they subscribing to a fixed internet service. We therefore decided to eliminate those inactive cards from the RGU base to better reflect the service structure that generates our revenue. Again, for full transparency, we show the adjustment on the bottom chart so you can clearly see the difference. The revised methodology gives a more accurate view of the active multi-play customer base and revenue-generating services. Importantly, the change has no impact on reported revenue or RPU.

Speaker #3: The revised methodology gives a more accurate view of the active multi-play customer base and revenue-generating services, importantly the change has no impact on reported revenue or RPU.

Speaker #2: After the adjustment, today we present 3,039,000 multi-play customers, compared with 3,003,000 a year ago. Additionally, we excluded mobile internet services that were not actively used from the internet RGU base.

Speaker #3: It refines the presentation of the operating base, not the economics of the business. With that clarification, let's move to our performance on the next slide.

Speaker #2: During the KPI review, we noticed that some customers didn't use the mobile internet SIM card they received when they subscribed to a fixed internet service.

Speaker #3: We now have more than 3 million customers using our multi-play offering, the multi-play customers base increased by 36,000 year on year, up 1.2%. This growth is supported by successful service upselling, multi-play penetration also increased with almost 55% of our B2C customers now using more than one service from our portfolio.

Speaker #2: We therefore decided to eliminate those inactive cards from the RGU base to better reflect the service structure that generates our revenue. Again, for full transparency, we show the adjustment on the bottom chart, so you can clearly see the difference.

Speaker #3: This is important because multi-play strengthens customer relationships. It encourages customers to use more services, builds customer value, and helps us keep churn low. Chair was only 7.7% in the second quarter.

Speaker #2: The revised methodology gives a more accurate view of the active multi-play customer base and revenue-generating services. Importantly, the change has no impact on reported revenue or RPU.

Speaker #2: It refines the presentation of the operating base, not the economics of the business. With that clarification, let's move to our performance on the next slide.

Maciej Stec: It refines the presentation of the operating base, not the economics of the business. With that clarification, let's move to our performance on the next slide. We now have more than 3 million customers using our multi-play offering. The multi-play customers base increased by 36,000 year-on-year, up 1.2%. This growth is supported by successful service upselling. Multi-play penetration also increased, with almost 55% of our B2C customers now using more than one service from our portfolio. This is important because multi-play strengthens customer relationships. It encourages customers to use more services, builds customer value, and helps us keep churn low. Churn was only 7.7% in the second quarter. It improved compared with the first quarter and remained consistently very low. Let me remind you that our long-term objective is to keep churn in the 6% to 8% range. The message is clear.

Speaker #3: It improved compared with the first quarter. And remained consistently very, very low. Let me remind you that our long-term objective is to keep churn in the 6 to 8% range.

Speaker #2: We now have more than 3 million customers using our multi-play offering. The multi-play customer base increased by 36,000 year on year, up 1.2%. This growth is supported by successful service upselling. Multi-play penetration also increased, with almost 55% of our B2C customers now using more than one service from our portfolio.

Speaker #3: So the message is clear: our multi-play base is growing, penetration is increasing, and customer retention remains strong. Now let's look at the full contract service base next slide, please.

Speaker #3: At the end of June, we provided 13.4 million contract services, up 2.3% year on year. One of the main drivers of this growth was our multi-play strategy, centered on upselling additional services to existing customers.

Speaker #2: This is important because multi-play strengthens customer relationships. It encourages customers to use more services, builds customer value, and helps us keep churn low. Churn was only 7.7% in the second quarter.

Speaker #3: In Q2 2026, sales of our services continued to be very strong. Growth was supported by solid demand for mobile and fixed internet services, which added 208,000 RGUs year on year.

Speaker #2: It improved compared with the first quarter and remained consistently very, very low. Let me remind you that our long-term objective is to keep churn in the 6% to 8% range.

Speaker #3: At the end of the quarter, we provided 2.2 million internet services based on the adjusted definition I mentioned earlier. Mobile telephony also performed very well with the service base increased by 182,000 year on year to 6.7 million RGUs.

Speaker #2: So the message is clear: our multi-play base is growing, penetration is increasing, and customer retention remains strong. Now, let's look at the full contract service base. Next slide, please.

Maciej Stec: Our multi-play base is growing, penetration is increasing, and customer retention remains strong. Now, let's look at the full contract service base. Next slide, please. At the end of June, we provided 13.4 million contract services, up 2.3% year-on-year. One of the main drivers of this growth was our multi-play strategy, centered on upselling additional services to existing customers. In Q2 2026, sales of our services continued to be very strong. Growth was supported by solid demand for mobile and fixed internet services, which added 208,000 RGUs year-on-year. At the end of the quarter, we provided 2.2 million internet services based on the adjusted definition I mentioned earlier. Mobile telephony also performed very well, with the service base increased by 182,000 year-on-year to 6.7 million RGUs.

Speaker #3: In pay TV, the market remains challenging, but the growing popularity of IPTV and OTT services is reducing pressure on the service base, which stood at 4.5 million at the end of Q2 2026.

Speaker #2: At the end of June, we provided 13.4 million contract services, up 2.3% year on year. One of the main drivers of this growth was our multi-play strategy, centered on upselling additional services to existing customers.

Speaker #3: Overall, we continue to expand our contract services base with growth concentrated in mobile and internet services. Let's now look at the how this translates into RPU on the next slide.

Speaker #2: In Q2 2026, sales of our services continued to be very strong. Growth was supported by solid demand for mobile and fixed internet services, which added 208,000 RGUs year on year.

Speaker #3: Our focus on customer value and loyalty supported by our multi-play strategy is consistently driving RPU growth. B2C RPU increased by 6.5% year on year to 83.5 zlotys in Q2 2026.

Speaker #2: At the end of the quarter, we provided 2.2 million internet services based on the adjusted definition I mentioned earlier. Mobile telephony also performed very well, with the service base increasing by 182,000 year-on-year to 6.7 million RGUs.

Speaker #3: Importantly, the pace of growth accelerated from the first quarter. Multi-play also supports effective upselling, this is clearly visible in RGU saturation per customer, which increased from 2.3 services a year ago to 2.4 services per customer.

Speaker #2: In pay TV, the market remains challenging, but the growing popularity of IPTV and OTT services is reducing pressure on the service base, which stood at 4.5 million at the end of Q2 2026.

Maciej Stec: In pay TV, the market remains challenging, but the growing popularity of IPTV and OTT services is reducing pressure on the service base, which stood at 4.5 million at the end of Q2 2026. Overall, we continue to expand our contract services base, with growth concentrated in mobile and internet services. Let's now look at how this translates into ARPU on the next slide. Our focus on customer value and loyalty, supported by our multi-play strategy, is consistently driving ARPU growth. B2C ARPU increased by 6.5% year-on-year to PLN 83.5 in Q2 2026. Importantly, the pace of growth accelerated from the first quarter. Multi-play also supports effective upselling. This is clearly visible in RGU saturation per customer, which increased from 2.3 services a year ago to 2.4 services per customer.

Speaker #3: As I have already mentioned, this performance was driven by strong service sales and the consistent execution of our multi-play strategy. We are now just past the first anniversary of the launch of our new simple multi-play offering.

Speaker #2: Overall, we continue to expand our contract services base, with growth concentrated in mobile and internet services. Let's now look at how this translates into RPU on the next slide.

Speaker #3: I'm pleased to say that the offer remains very popular, 34% of our customers have already chosen it. This continued trend supports further growth in customer value and loyalty.

Speaker #2: Our focus on customer value and loyalty, supported by our multi-play strategy, is consistently driving RPU growth. B2C RPU increased by 6.5% year on year to 83.5 zlotys in Q2 2026.

Speaker #3: Progress in contract B2C services is clearly visible across all areas. Our multi-play customer base is growing, RPU growth is accelerating, and customer saturation with our services is steadily increasing.

Speaker #2: Importantly, the pace of growth accelerated from the first quarter. Multi-play also supports effective upselling. This is clearly visible in RGU saturation per customer, which increased from 2.3 services a year ago to 2.4 services per customer.

Speaker #3: Let's now look at the performance of the prepaid segment on the next slide. In prepaid, we maintained a high service base of 2.2 million in highly competitive market.

Speaker #2: As I have already mentioned, this performance was driven by strong service sales and the consistent execution of our multi-play strategy. We are now just past the first anniversary of the launch of our new, simple multi-play offering.

Maciej Stec: As I have already mentioned, this performance was driven by strong service sales and the consistent execution of our multi-play strategy. We are now just past the first anniversary of the launch of our new simple multi-play offering. I am pleased to say that the offer remains very popular. 34% of our customers have already chosen it. This continued trend supports further growth in customer value and loyalty. Progress in contracted B2C services is clearly visible across all areas. Our multi-play customer base is growing, ARPU growth is accelerating, and customer saturation with our services is steadily increasing. Let's now look at the performance of the prepaid segment on the next slide. In prepaid, we maintained a high service base of 2.2 million in a highly competitive market. Our focus remains on customer value. Prepaid ARPU increased by 4% year-on-year to 18.4 PLN.

Speaker #3: Our focus remains on customer value. Prepaid RPU increased by 4% year on year to 18.4 zlotys. What is important, Polsat Box Go subscription continued to record solid growth, supported by the new packaging Polsat lovers' premium and premium sport packages.

Speaker #2: I'm pleased to say that the offer remains very popular—34% of our customers have already chosen it. This continued trend supports further growth in customer value and loyalty.

Speaker #3: But given the pressure we have experienced in the period segment over the past quarters, in August we introduced a new ultra-simple offer plus na kartę, its goal is to strengthen the attractiveness of our prepaid proposition.

Speaker #2: Progress in contract B2C services is clearly visible across all areas. Our multi-play customer base is growing, ARPU growth is accelerating, and customer saturation with our services is steadily increasing.

Speaker #3: The concept is very simple: one zloty gives customer one day and 10 gigabytes we are now promoting the 30 zloty package, which offers 30 days, 300 gigabytes, and unlimited calls and messages.

Speaker #2: Let's now look at the performance of the prepaid segment on the next slide. In prepaid, we maintained a high service base of 2.2 million in a highly competitive market.

Speaker #3: What is important, responding to customer expectations, we also simplified the user experience. All the customer has to do is buy, start the starter, register it, and start using it.

Speaker #2: Our focus remains on customer value. Prepaid ARPU increased by 4% year-on-year to 18.4 zlotys. What is important, Polsat Box Go subscription continued to record solid growth, supported by the new Polsat Lovers Premium and Premium Sport packages.

Maciej Stec: What is important, Polsat Box Go subscription continued to record solid growth, supported by the new packaging Polsat Lovers and Premium Sport packages. Given the pressure we have experienced in the period segment over the past quarters, in August, we introduced a new ultra-simple offer, Plus na Kartę. Its goal is to strengthen the attractiveness of our prepaid proposition. The concept is very simple. 1 PLN gives customer one day and 10 gigabytes. We are now promoting the 30 PLN package, which offers 30 days, 300 gigabytes, and unlimited calls and messages. What is important, responding to customer expectations, we also simplified the user experience. All the customer has to do is buy the starter, register it, and start using it. Nothing else is required.

Speaker #3: Nothing else is required. This is a new initiative, so it's too early to discuss sales results. But our objective is to make the prepaid offer simpler, clearer, and more competitive.

Speaker #2: But given the pressure we have experienced in the prepaid segment over the past quarters, in August we introduced a new ultra simple offer, Plus na Kartę. Its goal is to strengthen the attractiveness of our prepaid proposition.

Speaker #3: Finally, let's turn to the B2B segment. In B2B, we maintained a high and stable customer base of 67,000, confirming our strong position in the highly competitive market for business services.

Speaker #2: The concept is very simple: one zloty gives the customer one day and 10 gigabytes. We are now promoting the 30 zloty package, which offers 30 days, 300 gigabytes, and unlimited calls and messages.

Speaker #3: RPU per B2B customer increased by 2.8% year on year to 1,588 zlotys per month. This was supported by the consistent development of services and solutions for business customers.

Speaker #2: While responding to customer expectations, we also simplified the user experience. All the customer has to do is buy the starter, register it, and start using it.

Speaker #3: To sum up my part of presentation, it was a strong quarter for the B2C and B2B services segment. Thanks to the consistent execution of our multi-play strategy, we made strong progress in B2C.

Speaker #2: Nothing else is required. This is a new initiative, so it's too early to discuss sales results, but our objective is to make the prepaid offer simpler, clearer, and more competitive.

Maciej Stec: This is a new initiative, so it's too early to discuss sales results, but our objective is to make the prepaid offer simpler, clearer, and more competitive. Finally, let's turn to the B2B segment. In B2B, we maintained a high and stable customer base of 67,000, confirming our strong position in the highly competitive market for business services. ARPU per B2B customer increased by 2.8% year-on-year to 1,588 PLN per month. This was supported by the consistent development of services and solutions for business customers. To sum up my part of presentation, it was a strong quarter for the B2C and B2B services segment. Thanks to the consistent execution of our multi-play strategy, we made strong progress in B2C. We expanded the multi-play customer base by 1.2% and the contract services base by 2.3%. The number of services used by each customer increased to 2.4.

Speaker #3: We expanded the multi-play customer base by 1.2%, and the contract services base by 2.3%. The number of services used by each customer increased to 2.4.

Speaker #2: Finally, let's turn to the B2B segment. In B2B, we maintained a high and stable customer base of 67,000, confirming our strong position in the highly competitive market for business services.

Speaker #3: Together, this translated into low churn of 7.7% and fueled B2C RPU growth, which was up by 6.5% this quarter. We continue to build value in our other customer segments.

Speaker #2: RPU per B2B customer increased by 2.8% year-on-year to 1,588 zlotys per month. This was supported by the consistent development of services and solutions for business customers.

Speaker #3: RPU in prepaid grew by 4%, and in B2B by 2.8%. Additionally, we launched a new simple and promising prepaid offering. Intended to support our performance in the segment in the future.

Speaker #2: To sum up my part of the presentation, it was a strong quarter for the B2C and B2B services segment. Thanks to the consistent execution of our multi-play strategy, we made strong progress in B2C.

Speaker #3: And that's all from my side. Thank you. I will now hand over to Janusz, who will discuss the performance of the media segment. Janusz, over to you.

Speaker #1: Thank you, Maciek. Again, I have the opportunity and pleasure of presenting the results of our media segment. Next slide, please. We are pleased with the audience growth achieved by our flagship channel, Polsat, whose audience share increased to 7.4 from 7.3 in Q2 2025.

Speaker #2: We expanded the multi-play customer base by 1.2%, and the contract services base by 2.3%. The number of services used by each customer increased to 2.4.

Speaker #2: Together, this translated into a low churn rate of 7.7% and fueled B2C RPU growth, which was up by 6.5% this quarter. We continue to build value in our other customer segments.

Maciej Stec: Together, this translated into low churn of 7.7% and fueled B2C ARPU growth, which was up by 6.5% this quarter. We continue to build value in our other customer segments. ARPU in prepaid grew by 4% and in B2B by 2.8%. Additionally, we launched a new simple and promising prepaid offering intended to support our performance in this segment in the future. That's all from my side. Thank you. I will now hand over to Janusz, who will discuss the performance of the media segment. Janusz, over to you.

Speaker #1: The combined audience share of all channels we broadcast declined slightly from 22.5 to 21.4. It is worth noting the base effect here. In 2025, both in the second quarter and throughout the first half of the year, Polsat was the only major broadcaster to record audience growth.

Speaker #2: RPU in prepaid grew by 4%, and in B2B by 2.8%. Additionally, we launched a new, simple, and promising prepaid offering intended to support our performance in the segment in the future.

Speaker #1: The performance of our thematic channels was affected by major sports events, broadcast by our competitors. Including the FIFA World Cup and Maja Chwalińska's outstanding run at Roland Garros.

Speaker #2: And that's all from my side. Thank you. I will now hand over to Janusz, who will discuss the performance of the media segment. Janusz, over to you.

Speaker #1: We especially cheer for Polish women's tennis players as WTA Tour tournaments will be available on our 11 channels starting in 2027. According to preliminary estimates, the TV advertising and sponsorship market declined by 6.2% in the second quarter of this year, as compared with the second quarter of 2025.

[Company Representative] (Cyfrowy Polsat): Thank you, Maciej. Again, I have the opportunity and pleasure of presenting the results of our media segment. Next slide, please. We are pleased with the audience growth achieved by our flagship channel, Polsat, whose audience share increased to 7.4% from 7.3% in Q2 2025. The combined audience share of all channels we broadcast declined slightly from 22.5% to 21.4%. It is worth noting the base effect here. in 2025, both in the second quarter and throughout the H1 of the year, Polsat was the only major broadcaster to record audience growth. The performance of our thematic channels was affected by major sports events broadcast by our competitors, including the FIFA World Cup and Iga Świątek's outstanding run at Roland-Garros. We especially cheer for Polish women's tennis players as WTA Tour tournaments will be available on our 11 channels starting in 2027.

Janusz Pliszka: Thank you, Maciej. Again, I have the opportunity and pleasure of presenting the results of our media segment. Next slide, please. We are pleased with the audience growth achieved by our flagship channel, Polsat, whose audience share increased to 7.4% from 7.3% in Q2 2025. The combined audience share of all channels we broadcast declined slightly from 22.5% to 21.4%. It is worth noting the base effect here. in 2025, both in the second quarter and throughout the H1 of the year, Polsat was the only major broadcaster to record audience growth. The performance of our thematic channels was affected by major sports events broadcast by our competitors, including the FIFA World Cup and Iga Świątek's outstanding run at Roland-Garros. We especially cheer for Polish women's tennis players as WTA Tour tournaments will be available on our 11 channels starting in 2027.

Speaker #1: The combined audience share of all channels we broadcast declined slightly, from 22.5 to 21.4. It is worth noting the base effect here. In 2025, both in the second quarter and throughout the first half of the year, Polsat was the only major broadcaster to record audience growth.

Speaker #1: The main reasons were a significant drop in linear TV viewing in May due to exceptionally good weather as well as the different timing of Easter.

Speaker #1: This year, pre-Easter advertising campaigns were carried out in March, while in the previous year they were concentrated mainly in April. Advertising and sponsorship revenues generated by our linear channels declined by 4.1, which was significantly less than the decline recorded by the overall TV advertising market.

Speaker #1: The performance of our thematic channels was affected by major sports events broadcast by our competitors, including the FIFA World Cup and Maja Chwalińska's outstanding run at Roland Garros.

Speaker #1: We especially cheer for Polish women's tennis players, as WTA Tour tournaments will be available on our 11 channels starting in 2027. According to preliminary estimates, the TV advertising and sponsorship market declined by 6.2% in the second quarter of this year, as compared with the second quarter of 2025.

Speaker #1: As a result, our share of the TV advertising market increased from 28.2 in the second quarter 2025 to 28.8 in the Q2 of this year.

[Company Representative] (Cyfrowy Polsat): According to preliminary estimates, the TV advertising and sponsorship market declined by 6.2% in the second quarter of this year as compared with the second quarter of 2025. The main reasons were a significant drop in linear TV viewing in May due to exceptionally good weather, as well as the different timing of Easter. This year, pre-Easter advertising campaigns were carried out in March, while in the previous year, they were concentrated mainly in April. Advertising and sponsorship revenues generated by our linear channels declined by 4.1%, which was significantly less than the decline recorded by the overall TV advertising market. As a result, our share of the TV advertising market increased from 28.2% in the second quarter 2025 to 28.8% in the Q2 of this year. Let's move to the next slide.

Janusz Pliszka: According to preliminary estimates, the TV advertising and sponsorship market declined by 6.2% in the second quarter of this year as compared with the second quarter of 2025. The main reasons were a significant drop in linear TV viewing in May due to exceptionally good weather, as well as the different timing of Easter. This year, pre-Easter advertising campaigns were carried out in March, while in the previous year, they were concentrated mainly in April. Advertising and sponsorship revenues generated by our linear channels declined by 4.1%, which was significantly less than the decline recorded by the overall TV advertising market. As a result, our share of the TV advertising market increased from 28.2% in the second quarter 2025 to 28.8% in the Q2 of this year. Let's move to the next slide.

Speaker #1: Let's move to the next slide. The results of the entire first half of the year continued to reflect the trends observed in the second quarter.

Speaker #1: The main reasons were a significant drop in linear TV viewing in May due to exceptionally good weather, as well as the different timing of Easter.

Speaker #1: During the first half of the year, our flagship channel increased its audience share from 7.4 to 7.5%. The combined audience share of our television channels declined from 22.3 to 21.7, driven by lower viewership of our thematic channels.

Speaker #1: This year, pre-Easter advertising campaigns were carried out in March, while in the previous year, they were concentrated mainly in April. Advertising and sponsorship revenues generated by our linear channels declined by 4.1%, which was significantly less than the decline recorded by the overall TV advertising market.

Speaker #1: The overall TV advertising market declined by 2.4 in the first half of the year, while our revenues decreased as a slower pace of 1.6%.

Speaker #1: As a result, our share of the TV advertising market increased from 28.2% in the second quarter of 2025 to 28.8% in Q2 of this year.

Speaker #1: As in the second quarter, this resulted in an increase in Polsat Group's share of the TV advertising market from 28.4 to 28.7%. Let us now move to our online business on the next slide.

Speaker #1: Let's move to the next slide. The results for the entire first half of the year continued to reflect the trends observed in the second quarter.

[Company Representative] (Cyfrowy Polsat): The results of the entire H1 of the year continued to reflect the trends observed in the second quarter. During the H1 of the year, our flagship channel increased its audience share from 7.4% to 7.5%. The combined audience share of our television channels declined from 22.3% to 21.7%, driven by lower viewership of our thematic channels. The overall TV advertising market declined by 2.4% in the H1 of the year, while our revenues decreased at a slower pace of 1.6%. As in the second quarter, this resulted in an increase in Polsat Plus Group's share of the TV advertising market from 28.4% to 28.7%. Let us now move to our online business on the next slide. Once again, for the seventh consecutive quarter, Interia Polsat remains the number one Internet publisher in Poland. We are also number one in the mobile category.

Janusz Pliszka: The results of the entire H1 of the year continued to reflect the trends observed in the second quarter. During the H1 of the year, our flagship channel increased its audience share from 7.4% to 7.5%. The combined audience share of our television channels declined from 22.3% to 21.7%, driven by lower viewership of our thematic channels. The overall TV advertising market declined by 2.4% in the H1 of the year, while our revenues decreased at a slower pace of 1.6%. As in the second quarter, this resulted in an increase in Polsat Plus Group's share of the TV advertising market from 28.4% to 28.7%. Let us now move to our online business on the next slide. Once again, for the seventh consecutive quarter, Interia Polsat remains the number one Internet publisher in Poland. We are also number one in the mobile category.

Speaker #1: Once again, for the seventh consecutive quarter, Interia Polsat remains the number one internet publisher in Poland. We are also number one in the mobile category.

Speaker #1: During the first half of the year, our flagship channel increased its audience share from 7.4% to 7.5%. The combined audience share of our television channels declined from 22.3% to 21.7%, driven by lower viewership of our thematic channels.

Speaker #1: On average, we reached 20 million users per month, generating 1.7 billion page views across our websites. Let's move to the summary on the following slide.

Speaker #1: The overall TV advertising market declined by 2.4% in the first half of the year, while our revenues decreased at a slower pace of 1.6%.

Speaker #1: We are pleased with the increase in our flagship channels' audience share to 7.5%, driven by the strong performance of the programs broadcast during the spring season.

Speaker #1: As in the second quarter, this resulted in an increase in Polsat Group's share of the TV advertising market from 28.4% to 28.7%. Let us now move to our online business on the next slide.

Speaker #1: Looking ahead to autumn, we have high expectations for our upcoming schedule, which will combine proven formats with exciting new titles. Among other, your face sounds familiar will return to our screen, while we also launch Heatster, a new music entertainment show based on a successful international format, adapted from the popular board game.

Speaker #1: Once again, for the seventh consecutive quarter, Interia Polsat remains the number one internet publisher in Poland. We are also number one in the mobile category.

Speaker #1: In addition, we'll premiere Gliniarze Śląsk, a spinoff of a series that has already run for 20 seasons and nearly 1,200 episodes. It is impossible to talk about Polsat's content offering without mentioning sports.

Speaker #1: On average, we reached 20 million users per month, generating 1.7 billion page views across our websites. Let's move to the summary on the following slide.

[Company Representative] (Cyfrowy Polsat): On average, we reached 20 million users per month, generating 1.7 billion page views across our websites. Let's move to the summary on the following slide. We are pleased with the increase in our flagship channel's audience share to 7.5%, driven by the strong performance of the programs broadcast during the spring season. Looking ahead to autumn, we have high expectations for our upcoming schedule, which will combine proven formats with exciting new titles. Among other, Your Face Sounds Familiar will return to our screen while we also launch Hitster, a new music entertainment show based on a successful international format adapted from the popular board game. In addition, we'll premiere Gliniarze. Śląsk, a spin-off of a series that has already run for 20 seasons and nearly 1,200 episodes. It is impossible to talk about Polsat's content offering without mentioning sports.

Janusz Pliszka: On average, we reached 20 million users per month, generating 1.7 billion page views across our websites. Let's move to the summary on the following slide. We are pleased with the increase in our flagship channel's audience share to 7.5%, driven by the strong performance of the programs broadcast during the spring season. Looking ahead to autumn, we have high expectations for our upcoming schedule, which will combine proven formats with exciting new titles. Among other, Your Face Sounds Familiar will return to our screen while we also launch Hitster, a new music entertainment show based on a successful international format adapted from the popular board game. In addition, we'll premiere Gliniarze. Śląsk, a spin-off of a series that has already run for 20 seasons and nearly 1,200 episodes. It is impossible to talk about Polsat's content offering without mentioning sports.

Speaker #1: We are pleased to reiterate that we have extended our rights to the UEFA Conference League and UEFA Europa League for four additional seasons starting in 2027.

Speaker #1: We are pleased with the increase in our flagship channels' audience share to 7.5%, driven by the strong performance of the programs broadcast during the spring season.

Speaker #1: Looking ahead to autumn, we have high expectations for our upcoming schedule, which will combine proven formats with exciting new titles. Among others, Your Face Sounds Familiar will return to our screen, while we also launch Heatster, a new music entertainment show based on a successful international format, adapted from the popular board game.

Speaker #1: We would also like to mention that 11 sports networks are preparing to launch a new channel that, from the next year, will broadcast, among other events, women's tennis tournaments from the WTA Tour.

Speaker #1: We remain committed to providing our viewers with access to the most attractive sports events, including those in which Polish athletes achieve success on the international stage.

Speaker #1: A recent example is the Polish national team's victory in the Volleyball Nations League. To sum up, we had a very successful spring season and, despite challenging market conditions, delivered audience growth for our flagship channels, while maintaining a stable combined audience share across all our channels at 21.7 in the first half of the year.

Speaker #1: We are pleased to reiterate that we have extended our rights to the UEFA Conference League and UEFA Europa League for four additional seasons, starting in 2027.

[Company Representative] (Cyfrowy Polsat): We are pleased to reiterate that we have extended our rights to the UEFA Conference League and UEFA Europa League for four additional seasons starting in 2027. We would also like to mention that Eleven Sports Network is preparing to launch a new channel that from the next year will broadcast, among other events, women's tennis tournaments from the WTA Tour. We remain committed to providing our viewers with access to the most attractive sports events, including those in which Polish athletes achieve success on the international stage. A recent example is the Polish national team's victory in the Volleyball Nations League. To sum up, we had a very successful spring season and despite challenging market conditions, delivered audience growth for our flagship channels while maintaining a stable combined audience share across all our channels at 21.7% in the H1 of the year.

Janusz Pliszka: We are pleased to reiterate that we have extended our rights to the UEFA Conference League and UEFA Europa League for four additional seasons starting in 2027. We would also like to mention that Eleven Sports Network is preparing to launch a new channel that from the next year will broadcast, among other events, women's tennis tournaments from the WTA Tour. We remain committed to providing our viewers with access to the most attractive sports events, including those in which Polish athletes achieve success on the international stage. A recent example is the Polish national team's victory in the Volleyball Nations League. To sum up, we had a very successful spring season and despite challenging market conditions, delivered audience growth for our flagship channels while maintaining a stable combined audience share across all our channels at 21.7% in the H1 of the year.

Speaker #1: Our programming lineup promises a strong autumn for Polsat channels. Thank you for your attention. Let's now move to the segment of green energy to be presented by Bartek.

Speaker #1: We would also like to mention that Eleven Sports Networks are preparing to launch a new channel that, starting next year, will broadcast, among other events, women's tennis tournaments from the WTA Tour.

Speaker #2: Thank you, Janusz. Let me now move to the green energy segment. Over the past few years, we have invested heavily in building this business.

Speaker #1: We remain committed to providing our viewers with access to the most attractive sports events, including those in which Polish athletes achieve success on the international stage.

Speaker #2: Today, following the completion of our key strategic projects, the segment has reached its target shape. We now operate almost 500 megawatts of installed renewable energy capacity with wind power accounting for around 60% of the portfolio.

Speaker #2: This is an important milestone for us. It marks the transition from a development phase to a phase focused on operational performance and cash generation.

Speaker #2: On the next two slides, I will show how this portfolio translated into energy production, and financial results in the second quarter. Please move to the next slide.

Speaker #1: Our programming lineup promises a strong autumn for Polsat channels. Thank you for your attention. Let's now move to the segment on green energy, which will be presented by Bartek.

[Company Representative] (Cyfrowy Polsat): Our programming lineup promises a strong autumn for Polsat channels. Thank you for your attention. Let's now move to the segment of green energy to be presented by Bartek.

Janusz Pliszka: Our programming lineup promises a strong autumn for Polsat channels. Thank you for your attention. Let's now move to the segment of green energy to be presented by Bartek.

Speaker #2: On this slide, I would like to discuss our renewable energy production. As always, it is important to remember that results in this segment are naturally more volatile than in our core media and telecom businesses.

Speaker #2: Thank you, Janusz. Let me now move to the green energy segment. Over the past few years, we have invested heavily in building this business.

Bartłomiej Drywa: Thank you, Janusz. Let me now move to the green energy segment. Over the past few years, we have invested heavily in building this business. Today, following the completion of our key strategic projects, the segment has reached its target shape. We now operate almost 500 megawatts of installed renewable energy capacity, with wind power accounting for around 60% of the portfolio.

Speaker #2: Today, following the completion of our key strategic projects, the segment has reached its target shape. We now operate almost 500 megawatts of installed renewable energy capacity, with wind power accounting for around 60% of the portfolio.

Speaker #2: Production depends heavily on weather conditions and market factors. This is why we believe the segment should be assessed over the longer periods, not only quarter by quarter.

Speaker #2: In the second quarter, total production amounted to approximately 280 gigawatt-hours, down 11% year on year. However, when we look at the first half as a whole, production increased by around 3% year on year to more than 600 gigawatt-hours.

Speaker #2: This is an important milestone for us. It marks the transition from a development phase to a phase focused on operational performance and cash generation.

Bartłomiej Drywa: This is an important milestone for us. It marks the transition from a development phase to a phase focused on operational performance and cash generation. On the next two slides, I will show how this portfolio translated into energy production and financial results in Q2. Please move to the next slide. On this slide, I would like to discuss our renewable energy production. As always, it is important to remember that results in this segment are naturally more volatile than in our core media and telecom businesses. Production depends heavily on weather conditions and market factors. This is why we believe the segment should be assessed over the longer periods, not only quarter by quarter. In Q2, total production amounted to approximately 280 gigawatt hours, down 11% year-on-year.

Speaker #2: On the next two slides, I will show how this portfolio translated into energy production and financial results in the second quarter. Please move to the next slide.

Speaker #2: This confirms that short-term fluctuations can create volatility while the longer-term trend remains much more stable. Looking at individual technologies, the strongest positive contribution came from wind power.

Speaker #2: Wind generation increased by 14% in the quarter and by 40% in the first half of the year. This was mainly driven by the full contribution of the Rzeszowa wind farm which has significantly strengthened our generation portfolio.

Speaker #2: Production depends heavily on weather conditions and market factors. This is why we believe the segment should be assessed over longer periods, not only quarter by quarter.

Speaker #2: Biomass generation was lower year on year. This was our internal business decision. We adjusted production to weaker market conditions and feedstock availability. In other words, we concentrated on profitability over volume.

Bartłomiej Drywa: However, when we look at the H1 as a whole, production increased by around 3% year-on-year to more than 600 gigawatt hours. This confirms that short-term fluctuations can create volatility, while the longer-term trend remains much more stable. Looking at individual technologies, the strongest positive contribution came from wind power. Wind generation increased by 14% in the quarter and by 40% in the H1 of the year. This was mainly driven by the full contribution of the Drzeżewo Wind Farm, which has significantly strengthened our generation portfolio. Biomass generation was lower year-on-year. This was our internal business decision. We adjusted production to weaker market conditions and feedstock availability. In other words, we concentrated on profitability over volume. Solar generation was also lower. It was affected by less favorable weather conditions and by temporary limitations of renewable energy sources during periods of oversupply in the market.

Speaker #2: Solar generation was also lower. It was affected by less favorable weather conditions and by temporary limitations of renewable energy sources during periods of oversupply in the market.

Speaker #2: This confirms that short-term fluctuations can create volatility, while the longer-term trend remains much more stable. Looking at individual technologies, the strongest positive contribution came from wind power.

Speaker #2: To sum up, short-term production remains sensitive to external conditions. At the same time, wind is becoming an increasingly important part of our portfolio and is helping us to improve the quality of the resilience of the business.

Speaker #2: Wind generation increased by 14% in the quarter and by 40% in the first half of the year. This was mainly driven by the full contribution of the Rzeszów wind farm, which has significantly strengthened our generation portfolio.

Speaker #2: Please move to the next slide. Let me now turn to the financial performance of the segment. In the second quarter, EBITDA remained stable at around 65 million zloty.

Speaker #2: Biomass generation was lower year-on-year. This was our internal business decision. We adjusted production to weaker market conditions and feedstock availability. In other words, we concentrated on profitability over volume.

Speaker #2: This is a solid result, especially considering the weaker performance of biomass and solar generation. Higher contribution from wind assets helped us to offset those pressures.

Speaker #2: The picture becomes even stronger when we look at the first half of the year. EBITDA increased by almost 34% year on year to 164 million zloty.

Bartłomiej Drywa: To sum up, short-term production remains sensitive to external conditions. At the same time, wind is becoming an increasingly important part of our portfolio and is helping us to improve the quality of the resilience of the business. Please move to the next slide. Let me now turn to the financial performance of the segment. In Q2, EBITDA remained stable at around PLN 65 million. This is a solid result, especially considering the weaker performance of biomass and solar generation. Higher contribution from wind assets helped us to offset those pressures. The picture becomes even stronger when we look at the H1 of the year. EBITDA increased by almost 34% year-on-year to PLN 164 million. The key driver was the full contribution of the Drzeżewo Wind Farm. It expanded the scale of our operations and significantly strengthened profitability. Let me conclude my part with two key messages.

Speaker #2: The key driver was the full contribution of the Rzeszowa wind farm. It expanded the scale of our operations and significantly strengthened profitability. Let me conclude my part with two key messages.

Speaker #2: First, our renewable energy portfolio is now largely complete and operates with a strong focus on highly efficient wind assets. Second, while quarterly results may still fluctuate, due to the weather, market, and regulatory factors, the long-term picture is becoming increasingly attractive.

Speaker #2: Please move to the next slide. Let me now turn to the financial performance of the segment. In the second quarter, EBITDA remained stable at around 65 million zloty.

Speaker #2: This is a solid result, especially considering the weaker performance of biomass and solar generation. A higher contribution from wind assets helped us to offset those pressures.

Speaker #2: The investments are completed. Wind capacity is fully contributing. Capital expenditure is falling. And the benefits are becoming more visible in earnings and cash generation.

Speaker #2: The picture becomes even stronger when we look at the first half of the year. EBITDA increased by almost 34% year on year to 164 million zloty.

Speaker #2: Thank you for your attention. That concludes my part of the presentation. I will now hand over to Anna who will take you through the group's financial results.

Speaker #2: The key driver was the full contribution of the Rzeszów wind farm. It expanded the scale of our operations and significantly strengthened profitability. Let me conclude my part with two key messages.

Speaker #2: Anna, the floor is yours.

Speaker #3: Thank you, Bartek. Good afternoon, everyone. It's a pleasure to host our results presentation for the first time as CFO of Polsat Plus Group. This is a special moment for me and I'm very pleased that I can start in a quarter with strong results and very good financials.

Speaker #2: First, our renewable energy portfolio is now largely complete and operates with a strong focus on highly efficient wind assets. Second, while quarterly results may still fluctuate, due to weather, market, and regulatory factors, the long-term picture is becoming increasingly attractive.

Bartłomiej Drywa: First, our renewable energy portfolio is now largely complete and operates with a strong focus on highly efficient wind assets. Second, while quarterly results may still fluctuate due to the weather, market, and regulatory factors, the long-term picture is becoming increasingly attractive. The investments are completed. Wind capacity is fully contributing. Capital expenditure is falling, and the benefits are becoming more visible in earnings and cash generation. Thank you for your attention. That concludes my part of the presentation. I will now hand over to Anna, who will take you through the group's financial results. Anna, the floor is yours.

Speaker #3: Let me move straight to the details. This slide provides a snapshot of our financial performance, which was very good. In the second quarter, we improved all key financial metrics.

Speaker #2: The investments are completed. Wind capacity is fully contributing. Capital expenditure is falling. And the benefits are becoming more visible in earnings and cash, for your attention.

Speaker #3: Revenue increased by 2.9% year on year, to 3.7 billion zlotys. s. This was driven mainly by very strong performance in our core B2C and B2B services business, as well as the delivery of a large order of hydrogen buses.

Speaker #2: That concludes my part of the presentation. I will now hand over to Anna, who will take you through the group's financial results. Anna, the floor is yours.

Speaker #3: Adjusted EBITDA was up 3.6% year on year, reaching 853 million. This growth was supported not only by higher revenue, but also by continued cost-initiatives and improved cost efficiency across the group.

Speaker #3: Thank you, Bartek. Good afternoon, everyone. It's a pleasure to host our results presentation for the first time as CFO of the Polsat Plus Group. This is a special moment for me, and I'm very pleased that I can start in a quarter with strong results and very good financials.

[Company Representative] (Cyfrowy Polsat): Thank you, Bartek. Good afternoon, everyone. It's a pleasure to host our results presentation for the H1 for the first time as CFO of Polsat Plus Group. This is a special moment for me, and I'm very pleased that I can start in a quarter with strong results and very good financials. Let me move straight to the details. This slide provides a snapshot of our financial performance, which was very good. In Q2, we improved all key financial metrics. Revenue increased by 2.9% year-on-year to PLN 3.7 billion. This was driven mainly by very strong performance in our core B2C and B2B services business, as well as the delivery of a large order of hydrogen buses. Adjusted EBITDA was up 3.6% year-on-year, reaching PLN 853 million. This growth was supported not only by higher revenue, but also by continued cost initiatives and improved cost efficiency across the group.

Anna Miller-Pytlak: Thank you, Bartek. Good afternoon, everyone. It's a pleasure to host our results presentation for the H1 for the first time as CFO of Polsat Plus Group. This is a special moment for me, and I'm very pleased that I can start in a quarter with strong results and very good financials. Let me move straight to the details. This slide provides a snapshot of our financial performance, which was very good. In Q2, we improved all key financial metrics. Revenue increased by 2.9% year-on-year to PLN 3.7 billion. This was driven mainly by very strong performance in our core B2C and B2B services business, as well as the delivery of a large order of hydrogen buses. Adjusted EBITDA was up 3.6% year-on-year, reaching PLN 853 million. This growth was supported not only by higher revenue, but also by continued cost initiatives and improved cost efficiency across the group.

Speaker #3: I would like to highlight that all of our EBITDA growth was delivered in our core business segments. I will walk you through the main drivers of this performance, on the next slide.

Speaker #3: Let me move straight to the details. This slide provides a snapshot of our financial performance, which was very good. In the second quarter, we improved all key financial metrics.

Speaker #3: Revenue increased by 2.9% year on year, to 3.7 billion zloty. This was driven mainly by very strong performance in our core B2C and B2B services business, as well as the delivery of a large order of hydrogen buses.

Speaker #3: Net profit increased by 53% year on year, to 173 million zlotys. This reflects stronger operating performance while financing costs remained stable. Cash generation also remained very strong.

Speaker #3: Adjusted free cash flow for the last 12 months was close to 1 billion zlotys, up 33% compared with the end of 2025. This clearly demonstrates the group's ability to generate recurring cash flows.

Speaker #3: Adjusted EBITDA was up 3.6% year on year, reaching €853 million. This growth was supported not only by higher revenue, but also by continued cost initiatives and improved cost efficiency across the group.

Speaker #3: Our net debt-to-EBITDA ratio for the last 12 months remains under control. At the end of June, it stood at 3.63, slightly above the level reported at the end of 2025.

Speaker #3: I would like to highlight that all of our EBITDA growth was delivered in our core business segments. I will walk you through the main drivers of this performance on the next slide.

[Company Representative] (Cyfrowy Polsat): I would like to highlight that all of our EBITDA growth was delivered in our core business segments. I will walk you through the main drivers of this performance on the next slide. Net profit increased by 53% year-on-year to 173 million PLN. This reflects stronger operating performance while financing costs remained stable. Cash generation also remained very strong. Adjusted free cash flow for the last 12 months was close to 1 billion PLN, up 33% compared with the end of 2025. This clearly demonstrates the group's ability to generate recurring cash flows. Our net debt to EBITDA ratio for the last 12 months remains under control. At the end of June, it stood at 3.63, slightly above the level reported at the end of 2025. This increase was mainly related to the cash outflow connected with spectrum reservations.

Anna Miller-Pytlak: I would like to highlight that all of our EBITDA growth was delivered in our core business segments. I will walk you through the main drivers of this performance on the next slide. Net profit increased by 53% year-on-year to 173 million PLN. This reflects stronger operating performance while financing costs remained stable. Cash generation also remained very strong. Adjusted free cash flow for the last 12 months was close to 1 billion PLN, up 33% compared with the end of 2025. This clearly demonstrates the group's ability to generate recurring cash flows. Our net debt to EBITDA ratio for the last 12 months remains under control. At the end of June, it stood at 3.63, slightly above the level reported at the end of 2025. This increase was mainly related to the cash outflow connected with spectrum reservations.

Speaker #3: This increase was mainly related to the cash outflow connected with spectrum reservations. Let me now move on to the key drivers behind our revenue and EBITDA growth in the second quarter.

Speaker #3: Net profit increased by 53% year on year, to 173 million zloty. This reflects stronger operating performance, while financing costs remained stable. Cash generation also remained very strong.

Speaker #3: Next slide, please. As I already mentioned, all of our EBITDA growth this quarter came from our two core business areas: the B2C and B2B services segment, and the media segment.

Speaker #3: Adjusted free cash flow for the last 12 months was close to 1 billion zloty, up 33% compared with the end of 2025. This clearly demonstrates the Group's ability to generate recurring cash flows.

Speaker #3: In the B2C and B2B services segment, revenue increased by 60 million zlotys. As Maciek explained earlier, this improvement was mainly driven by strong ARPU growth and the successful execution of our multi-play strategy.

Speaker #3: Our net debt-to-EBITDA ratio for the last 12 months remains under control. At the end of June, it stood at 3.63, slightly above the level reported at the end of 2025.

Speaker #3: As a result, our retail revenue increased by over 50 million zlotys, almost 3% year on year. Additionally, we recorded better equipment sales, which grew by 3.4% year on year, combined with continued cost discipline, especially in marketing and customer service, this translated into a 12 million zlotys increase in EBITDA of this segment.

[Company Representative] (Cyfrowy Polsat): Let me now move on to the key drivers behind our revenue and EBITDA growth in Q2. Next slide, please. As I already mentioned, all of our EBITDA growth this quarter came from our two core business areas, the B2C and B2B services segment and the media segment. In the B2C and B2B services segment, revenue increased by 60 million PLN. As Maciej explained earlier, this improvement was mainly driven by strong ARPU growth and the successful execution of our multi-play strategy. As a result, our retail revenue increased by over 50 million PLN, almost 3% year-on-year. Additionally, we recorded better equipment sales, which grew by 3.4% year-on-year. Combined with continued cost discipline, especially in marketing and customer service, this translated into a 12 million PLN increase in EBITDA of this segment. In the media segment, revenue increased by 6 million PLN.

Anna Miller-Pytlak: Let me now move on to the key drivers behind our revenue and EBITDA growth in Q2. Next slide, please. As I already mentioned, all of our EBITDA growth this quarter came from our two core business areas, the B2C and B2B services segment and the media segment. In the B2C and B2B services segment, revenue increased by 60 million PLN. As Maciej explained earlier, this improvement was mainly driven by strong ARPU growth and the successful execution of our multi-play strategy. As a result, our retail revenue increased by over 50 million PLN, almost 3% year-on-year. Additionally, we recorded better equipment sales, which grew by 3.4% year-on-year. Combined with continued cost discipline, especially in marketing and customer service, this translated into a 12 million PLN increase in EBITDA of this segment. In the media segment, revenue increased by 6 million PLN.

Speaker #3: Next slide, please. As I already mentioned, all of our EBITDA growth this quarter came from our two core business areas: the B2C and B2B services segment, and the media segment.

Speaker #3: In the media segment, revenue increased by 6 million zlotys, higher revenue from cable and satellite operators more than offset the lower TV advertising and sponsorship revenue that Janusz discussed earlier.

Speaker #3: In the B2C and B2B services segment, revenue increased by 60 million zloty. As Maciek explained earlier, this improvement was mainly driven by strong ARPU growth and the successful execution of our multi-play strategy.

Speaker #3: We also continued our cost efficiency initiatives in this segment. As a result, media segment EBITDA increased by 17 million zlotys. As I mentioned before, growth in the green energy segment was mainly driven by the delivery of 30 hydrogen buses to Kraków and Rzeszów.

Speaker #3: As a result, our retail revenue increased by over 50 million zloty, almost 3% year on year. Additionally, we recorded better equipment sales, which grew by 3.4% year on year. Combined with continued cost discipline, especially in marketing and customer service, this translated into a 12 million zloty increase in EBITDA for this segment.

Speaker #3: Following this delivery, we have completed all hydrogen bus deliveries planned for 2026. EBITDA in this segment remained stable compared to last year. The underlying operational and market factors were already discussed by Bartek earlier in the presentation.

Speaker #3: In the media segment, revenue increased by 6 million zloty. Higher revenue from cable and satellite operators more than offset the lower TV advertising and sponsorship revenue that Janusz discussed earlier.

[Company Representative] (Cyfrowy Polsat): Higher revenue from cable and satellite operators more than offset the lower TV advertising and sponsorship revenue that Janusz discussed earlier. We also continued our cost efficiency initiatives in this segment. As a result, media segment EBITDA increased by 17 million PLN. As I mentioned before, growth in the green energy segment was mainly driven by the delivery of 30 hydrogen buses to Kraków and Rzeszów. Following this delivery, we have completed all hydrogen bus deliveries planned for 2026. EBITDA in this segment remained stable compared to last year. The underlying operational and market factors were already discussed by Bartek earlier in the presentation. In the real estate segment, Q2 results were stable year-on-year. They were mainly supported by commercial property leasing. We are still waiting for the construction permit for our new residential project at Krowia Street.

Anna Miller-Pytlak: Higher revenue from cable and satellite operators more than offset the lower TV advertising and sponsorship revenue that Janusz discussed earlier. We also continued our cost efficiency initiatives in this segment. As a result, media segment EBITDA increased by 17 million PLN. As I mentioned before, growth in the green energy segment was mainly driven by the delivery of 30 hydrogen buses to Kraków and Rzeszów. Following this delivery, we have completed all hydrogen bus deliveries planned for 2026. EBITDA in this segment remained stable compared to last year. The underlying operational and market factors were already discussed by Bartek earlier in the presentation. In the real estate segment, Q2 results were stable year-on-year. They were mainly supported by commercial property leasing. We are still waiting for the construction permit for our new residential project at Krowia Street.

Speaker #3: In the real estate segment, second quarter results were stable year on year. They were mainly supported by commercial property leasing. We are still waiting for the construction permit for our new residential project at Krowia Street.

Speaker #3: We also continued our cost efficiency initiatives in this segment. As a result, media segment EBITDA increased by 17 million zloty. As I mentioned before, growth in the green energy segment was mainly driven by the delivery of 30 hydrogen buses to Kraków and Rzeszów.

Speaker #3: Adjusted EBITDA in the second quarter excludes a positive impact of 10 million zlotys, related to one of items. These were sales of non-core assets in the media segment, and the B2C and B2B services segment.

Speaker #3: With that, let me turn to free cash flow on the next slide. We continue to generate strong and recurring free cash flows. Over the last 12 months, we generated close to 1 billion zlotys, of adjusted free cash flow after interest and excluding capex related to the green energy segment.

Speaker #3: In the real estate segment, second-quarter results were stable year on year. They were mainly supported by commercial property leasing. We are still waiting for the construction permit for our new residential project at Krowia Street.

Speaker #3: The starting point is higher adjusted EBITDA, which reached 3.2 billion, on the last 12 months basis. You can also see that we have positive contribution from working capital.

Speaker #3: However, it was lower than in previous quarters. This mainly reflects our decision to increase smartphone inventory in response to developments in the global memory and equipment markets.

Speaker #3: Adjusted EBITDA in the second quarter excludes a positive impact of 10 million zloty related to one of the items. These were sales of non-core assets in the media segment, and the B2C and B2B services segments.

[Company Representative] (Cyfrowy Polsat): Adjusted EBITDA in Q2 excludes a +10 million PLN impact related to one-off items. These were sales of non-core assets in the media segment and the B2C and B2B services segment. With that, let me turn to free cash flow on the next slide. We continue to generate strong and recurring free cash flows. Over the last 12 months, we generated close to 1 billion PLN of adjusted free cash flow after interest and excluding CapEx related to the green energy segment. The starting point is higher adjusted EBITDA, which reached 3.2 billion PLN on last 12 months basis. You can also see that we have positive contribution from working capital. However, it was lower than in previous quarters. This mainly reflects our decision to increase smartphone inventory in response to developments in the global memory and equipment markets.

Anna Miller-Pytlak: Adjusted EBITDA in Q2 excludes a +10 million PLN impact related to one-off items. These were sales of non-core assets in the media segment and the B2C and B2B services segment. With that, let me turn to free cash flow on the next slide. We continue to generate strong and recurring free cash flows. Over the last 12 months, we generated close to 1 billion PLN of adjusted free cash flow after interest and excluding CapEx related to the green energy segment. The starting point is higher adjusted EBITDA, which reached 3.2 billion PLN on last 12 months basis. You can also see that we have positive contribution from working capital. However, it was lower than in previous quarters. This mainly reflects our decision to increase smartphone inventory in response to developments in the global memory and equipment markets.

Speaker #3: Another important factor affecting free cash flow is interest and lease payments, adjusted for the impact of hedging instruments. I would like to highlight that following last year's interest rate cuts, our debt service costs are gradually going down.

Speaker #3: With that, let me turn to free cash flow on the next slide. We continue to generate strong and recurring free cash flows. Over the last 12 months, we generated close to 1 billion zloty of adjusted free cash flow after interest and excluding CapEx related to the green energy segment.

Speaker #3: This, of course, supports our free cash flow. The full effect of interest rate cuts is not yet visible in this chart, we estimate full-year interest savings at around 170 million zlotys.

Speaker #3: The starting point is higher adjusted EBITDA, which reached $3.2 billion on a last 12 months basis. You can also see that we have a positive contribution from working capital.

Speaker #3: Free cash flow for the last 12 months was also affected by one-off payments related to spectrum reservations. I'm referring here to the 700 megahertz spectrum won in last year's auction, and the renewal of the 900 megahertz reservation in January this year.

Speaker #3: Another important factor affecting free cash flow is interest and lease payments, adjusted for the impact of hedging instruments. I would like to highlight that, following last year's interest rate cuts, our debt service costs are gradually going down.

[Company Representative] (Cyfrowy Polsat): Another important factor affecting free cash flow is interest and lease payments adjusted for the impact of hedging instruments. I would like to highlight that following last year's interest rate cuts, our debt service costs are gradually going down. This, of course, supports our free cash flow. The full effect of interest rate cuts is not yet visible in this chart. We estimate full year interest savings at around PLN 170 million. Free cash flow for the last 12 months was also affected by one-off payments related to spectrum reservations. I am referring here to the 700 MHz spectrum won in last year's auction and the renewal of the 900 MHz reservation in January this year. Together, these payments exceeded PLN 800 million. Here, let me reiterate what we have been saying several times before. The next major spectrum renewals are not expected until 2029.

Anna Miller-Pytlak: Another important factor affecting free cash flow is interest and lease payments adjusted for the impact of hedging instruments. I would like to highlight that following last year's interest rate cuts, our debt service costs are gradually going down. This, of course, supports our free cash flow. The full effect of interest rate cuts is not yet visible in this chart. We estimate full year interest savings at around PLN 170 million. Free cash flow for the last 12 months was also affected by one-off payments related to spectrum reservations. I am referring here to the 700 MHz spectrum won in last year's auction and the renewal of the 900 MHz reservation in January this year. Together, these payments exceeded PLN 800 million. Here, let me reiterate what we have been saying several times before. The next major spectrum renewals are not expected until 2029.

Speaker #3: Together, these payments exceeded 800 million zlotys. Here, let me reiterate what we have been saying several times before. The next major spectrum renewals are not expected until 2029.

Speaker #3: This, of course, supports our free cash flow. The full effect of interest rate cuts is not yet visible in this chart. We estimate full-year interest savings at around 170 million zloty.

Speaker #3: In addition, we acquired the remaining minority stakes in several companies in the media segment. We also see the reversal of the one-off asset disposal effect that I mentioned on the previous slide.

Speaker #3: Excluding non-recurring items, adjusted last 12 months free cash flow after interest amounted to 716 million zlotys. Over the last 12 months, we invested 265 million in the development of our green energy business.

Speaker #3: Excluding this investment, adjusted last 12 months free cash flow reached 981 million zlotys. This confirms the strong cash generation capacity of our core operations.

Speaker #3: Together, these payments exceeded 800 million zloty. Here, let me reiterate what we have been saying several times before: The next major spectrum renewals are not expected until 2029.

Speaker #3: At this point, I would like to reaffirm the free cash flow guidance for 2026. We continue to expect adjusted free cash flow after interest to reach the high hundreds of millions of zlotys this year.

[Company Representative] (Cyfrowy Polsat): In addition, we acquired the remaining minority stakes in several companies in the media segment. We also see the reversal of the one-off asset disposal effect that I mentioned on the previous slide. Excluding non-recurring items, adjusted last 12 months free cash flow after interest amounted to PLN 716 million. Over the last 12 months, we invested PLN 265 million in the development of our green energy business. Excluding these investments, adjusted last 12 months free cash flow reached PLN 981 million. This confirms the strong cash generation capacity of our core operations. At this point, I would like to reaffirm the free cash flow guidance for 2026. We continue to expect adjusted free cash flow after interest to reach the high hundreds of millions of zlotys this year. Let me now move on to CapEx on the next slide. CapEx, as ever, remains under control.

Anna Miller-Pytlak: In addition, we acquired the remaining minority stakes in several companies in the media segment. We also see the reversal of the one-off asset disposal effect that I mentioned on the previous slide. Excluding non-recurring items, adjusted last 12 months free cash flow after interest amounted to PLN 716 million. Over the last 12 months, we invested PLN 265 million in the development of our green energy business. Excluding these investments, adjusted last 12 months free cash flow reached PLN 981 million. This confirms the strong cash generation capacity of our core operations. At this point, I would like to reaffirm the free cash flow guidance for 2026. We continue to expect adjusted free cash flow after interest to reach the high hundreds of millions of zlotys this year. Let me now move on to CapEx on the next slide. CapEx, as ever, remains under control.

Speaker #3: Let me now move on to capex on the next slide. Capex as ever remains under control. Our core businesses, the B2C and B2B services segment, and the media segment remain structurally capexized.

Speaker #3: Excluding non-recurring items, adjusted last 12 months free cash flow after interest amounted to 716 million zloty. Over the last 12 months, we invested 265 million in the development of our green energy business. Excluding this investment, adjusted last 12 months free cash flow reached 981 million zloty.

Speaker #3: Both in the second quarter and in the first half of the year, our TMT operations maintained a capex-to-revenue ratio of around 7%. This remains fully in line with our long-term guidance range of 6 to 8%.

Speaker #3: This confirms the strong cash generation capacity of our core operations. At this point, I would like to reaffirm the free cash flow guidance for 2026.

Speaker #3: At the same time, we have completed our investments in the green energy segment. Capex in this area is five times lower than last year.

Speaker #3: We continue to expect adjusted free cash flow after interest to reach the high hundreds of millions of zloty this year. Let me now move on to CapEx on the next slide.

Speaker #3: I expect total capex for renewable energy in 2026 to stay below 150 million zlotys. Our disciplined approach to capex, together with the completion of renewable energy investments, will support our key priority in the coming quarters: gradual deleveraging.

Speaker #3: Capex, as ever, remains under control. Our core businesses—the B2C and B2B services segment, and the media segment—remain structurally capex-light. Both in the second quarter and in the first half of the year, our TMT operations maintained a capex-to-revenue ratio of around 7%.

[Company Representative] (Cyfrowy Polsat): Our core businesses, the B2C and the B2B services segment and the media segment, remain structurally CapEx light. Both in the second quarter and in the first half of the year, our TMT operations maintained a CapEx to revenue ratio of around 7%. This remains fully in line with our long-term guidance range of 6% to 8%. At the same time, we have completed our investments in the green energy segment. CapEx in this area is five times lower than last year. I expect total CapEx for renewable energy in 2026 to stay below PLN 150 million. Our disciplined approach to CapEx, together with the completion of renewable energy investments, will support our key priority in the coming quarters: gradual de-leveraging. Please move to the next slide. Our debt profile remains stable.

Anna Miller-Pytlak: Our core businesses, the B2C and the B2B services segment and the media segment, remain structurally CapEx light. Both in the second quarter and in the first half of the year, our TMT operations maintained a CapEx to revenue ratio of around 7%. This remains fully in line with our long-term guidance range of 6% to 8%. At the same time, we have completed our investments in the green energy segment. CapEx in this area is five times lower than last year. I expect total CapEx for renewable energy in 2026 to stay below PLN 150 million. Our disciplined approach to CapEx, together with the completion of renewable energy investments, will support our key priority in the coming quarters: gradual de-leveraging. Please move to the next slide. Our debt profile remains stable.

Speaker #3: Please move to the next slide. Our debt profile remains stable. Net debt to EBITDA excluding project financing remained a stable level and stood at 3.63 at the end of June.

Speaker #3: This remains fully in line with our long-term guidance range of 6% to 8%. At the same time, we have completed our investments in the green energy segment.

Speaker #3: This was slightly above the level reported at the end of 2025, mainly due to the spectrum reservation payments. At the same time, it improved from 3.68 at the end of the first quarter.

Speaker #3: Capex in this area is five times lower than last year. I expect total capex for renewable energy in 2026 to stay below PLN 150 million.

Speaker #3: Our financing costs also remain well under control. The weighted average interest cost on our loans and bonds was 6.6%, unchanged compared with the end of last year.

Speaker #3: Our disciplined approach to capex, together with the completion of renewable energy investments, will support our key priority in the coming quarters: gradual deleveraging. Please move to the next slide.

Speaker #3: The structure of our debt remains the same. In terms of maturities, just over 400 million zlotys of scheduled repayments remains due this year. A further 830 million zlotys matures in 2027.

Speaker #3: Our debt profile remains stable. Net debt to EBITDA, excluding project financing, remained at a stable level and stood at 3.63 at the end of June.

[Company Representative] (Cyfrowy Polsat): Net debt to EBITDA, excluding project financing, remained at a stable level and stood at 3.63 at the end of June. This was slightly above the level reported at the end of 2025, mainly due to the spectrum reservation payments. At the same time, it improved from 3.68 at the end of the first quarter. Our financing costs also remain well under control. The weighted average interest cost on our loans and bonds was 6.6%, unchanged compared with the end of last year. The structure of our debt remains the same. In terms of maturities, just over PLN 400 million of scheduled repayments remains due this year. A further PLN 830 million matures in 2027. The remaining portion of the syndicated loan matures in 2028, while our bonds mature in 2030. To conclude, our second quarter results once again demonstrate the strength of our business fundamentals.

Anna Miller-Pytlak: Net debt to EBITDA, excluding project financing, remained at a stable level and stood at 3.63 at the end of June. This was slightly above the level reported at the end of 2025, mainly due to the spectrum reservation payments. At the same time, it improved from 3.68 at the end of the first quarter. Our financing costs also remain well under control. The weighted average interest cost on our loans and bonds was 6.6%, unchanged compared with the end of last year. The structure of our debt remains the same. In terms of maturities, just over PLN 400 million of scheduled repayments remains due this year. A further PLN 830 million matures in 2027. The remaining portion of the syndicated loan matures in 2028, while our bonds mature in 2030. To conclude, our second quarter results once again demonstrate the strength of our business fundamentals.

Speaker #3: The remaining portion of the syndicated loan matures in 2028, while our bonds mature in 2030. To conclude, our second quarter results once again demonstrate the strength of our business fundamentals.

Speaker #3: I'm very satisfied with the results. Growth in our key financial metrics, especially the 3.6% increase in adjusted EBITDA, was driven mainly by the B2C and B2B services segment and the media segment, while maintaining strong cost discipline across the group.

Speaker #3: Our financing costs also remain well under control. The weighted average interest cost on our loans and bonds was 6.6%, unchanged compared with the end of last year.

Speaker #3: Equally important these results were accompanied by strong cash generation discipline investment spending and the gradual improvement in leverage metrics. Thank you very much for your attention.

Speaker #3: The structure of our debt remains the same. In terms of maturities, just over PLN 400 million of scheduled repayments remains due this year. A further PLN 830 million matures in 2027.

Speaker #3: Bartek, over to you for the summary.

Speaker #1: Thank you, Anna. Maciej and Janusz. For taking us through the operational and financial performance. Let me close with four key takeaways from today's presentation.

Speaker #1: First, our telecom business continues to perform very well. The multiplay strategy remains the main driver of customer value and loyalty. We see this clearly in RPU growth across all segments.

[Company Representative] (Cyfrowy Polsat): I am very satisfied with the results. Growth in our key financial metrics, especially the 3.6% increase in adjusted EBITDA, was driven mainly by the B2C and the B2B services segment and the media segment, while maintaining strong cost discipline across the group. Equally important, these results were accompanied by strong cash generation, disciplined investment standing, and a gradual improvement in leverage metrics. Thank you very much for your attention. Bartek, over to you for the summary.

Anna Miller-Pytlak: I am very satisfied with the results. Growth in our key financial metrics, especially the 3.6% increase in adjusted EBITDA, was driven mainly by the B2C and the B2B services segment and the media segment, while maintaining strong cost discipline across the group. Equally important, these results were accompanied by strong cash generation, disciplined investment standing, and a gradual improvement in leverage metrics. Thank you very much for your attention. Bartek, over to you for the summary.

Speaker #1: Plus 6.5% in B2C, plus 2.8% in B2B, and plus 4% in prepaid. Second, we launched a new prepaid offer. Its strengthens our position in prepaid and reflects the direction we want to follow.

Speaker #3: Equally important, these results were accompanied by strong cash generation, disciplined investment spending, and the gradual improvement in leverage metrics. Thank you very much for your attention.

Speaker #1: Simple, attractive, and value-focused products. Third, Q2 delivered very strong financial results. Adjusted EBITDA increased by 3.6% year on year, while free cash flows generated approached 1 billion zloty on a rolling 12-month basis.

Speaker #3: Bartek, over to you for the summary.

Speaker #1: Thank you, Anna, Maciej, and Janusz, for taking us through the operational and financial performance. Let me close with four key takeaways from today's presentation.

Bartłomiej Drywa: Thank you, Anna, Maciej, and Janusz for taking us through the operational and financial performance. Let me close with four key takeaways from today's presentation. First, our telecom business continues to perform very well. The multi-play strategy remains the main driver of customer value and loyalty. We see this clearly in RPU growth across all customer segments: Plus 6.5% in B2C, Plus 2.8% in B2B, and Plus 4% in prepaid. Second, we launched a new prepaid offer. It strengthens our position in prepaid and reflects the directions we want to follow: simple, attractive, and value-focused products. Third, Q2 delivered very strong financial results. Adjusted EBITDA increased by 3.6% year-on-year, while free cash flows generated approached PLN 1 billion on a rolling 12-month basis. Importantly, these results were driven mainly by our core telecom and media businesses.

Speaker #1: Importantly, these results were driven mainly by our core telecom and media businesses. And finally, we continue to work on our strategic asset review and the group's long-term strategy.

Speaker #1: As announced before, we plan to present the strategy this autumn. We are making good progress and look forward for sharing more details with the market in due course.

Speaker #1: Thank you very much for your attention. We are now ready to take your questions.

Speaker #1: Up 6.5% in B2C, up 2.8% in B2B, and up 4% in prepaid. Second, we launched a new prepaid offer. It strengthens our position in prepaid and reflects the direction we want to follow.

Speaker #2: I will now read the questions in exactly the order that we received them. The first four questions come from Bojan Julikovic from Oddo. I will read them one by one.

Speaker #2: Where do you currently stand with Celnex and future collaboration on the network rollout? Has there been any update to contractual conditions you think is worth mentioning?

Speaker #1: Importantly, these results were driven mainly by our core telecom and media businesses. And finally, we continue to work on our strategic asset review and the Group's long-term strategy.

Speaker #1: Okay, that's me. In fact, we have signed very detailed term sheet as far as you know. So in fact, we translated to appendings and we are very close just to close it.

Bartłomiej Drywa: Finally, we continue to work on our strategic assets review and the group's long-term strategy. As announced before, we plan to present the strategy this autumn. We are making good progress and look forward for sharing more details with the market in due course. Thank you very much for your attention. We are now ready to take your questions.

Speaker #1: As announced before, we plan to present the strategy this autumn. We are making good progress and look forward to sharing more details with the market in due course.

Speaker #1: So I believe it's everything is on good path just to sign it soon.

Speaker #1: Thank you very much for your attention. We are now ready to take your questions.

Speaker #2: Maciek, the second question. How do you think about 150 million zloty capex guidance for green energy segment? In the context of declining fundamentals and electricity prices, is that something we should have in mind also mid-term?

Speaker #2: Thank you very much. I will now read the questions in exactly the order in which we received them. The first four questions come from Bojan Djurikovic from Oddo.

[Company Representative] (Cyfrowy Polsat): Thank you very much. I will now read the questions in exactly the order that we received them. The first four questions come from Bojan Jurczyk from Oddo. I will read them one by one. Where do you currently stand with Cellnex and future collaboration on the network rollout? Has there been any updates to contractual conditions you think is worth mentioning?

Operator: Thank you very much. I will now read the questions in exactly the order that we received them. The first four questions come from Bojan Jurczyk from Oddo. I will read them one by one. Where do you currently stand with Cellnex and future collaboration on the network rollout? Has there been any updates to contractual conditions you think is worth mentioning?

Speaker #3: Ladies and gentlemen, capex in rest should not exceed 150 million zlotys and it's mainly reflects final settlements for the Rzeszowo and Dobra Wind farms.

Speaker #2: I will read them one by one. Where do you currently stand with Cellnex and future collaboration on the network rollout? Has there been any updates to contractual conditions you think are worth mentioning?

Speaker #3: But in subsequent years, this should move to maintenance capex, which we expect to be much lower something like low tens of millions of PLN per year.

Speaker #1: Okay. That's me. In practice, we have signed a very detailed term sheet, as far as you know. So, in fact, we translated it to appendices, and we are very close to just closing it.

Maciej Stec: Okay. That's me. In fact, we have signed a very detailed term sheet, as far as you know. So in fact, we translated to our pendings, and we are very close just to close it. I believe everything is on good path just to sign it soon.

Speaker #2: Thank you. Could you please indicate some tangible steps you're undertaking in terms of deleveraging? What should we have in mind by the end of 2027?

Speaker #1: So I believe everything is on a good path, just to sign it soon.

Speaker #3: Deleveraging remains our priority and over the coming quarters we will continue working to gradually reduce the company's debt. But we are working on a long-term strategy, which will also cover financial policy and then we will give more details about it.

Speaker #2: Maciek, the second question: How do you think about the PLN 150 million capex guidance for the green energy segment? In the context of declining fundamentals and electricity prices, is that something we should also keep in mind for the midterm?

[Company Representative] (Cyfrowy Polsat): The second question, how do you think about PLN 150 million of CapEx guidance for green energy segment in the context of declining fundamentals and electricity prices? Is that something we should have in mind also midterm?

Operator: The second question, how do you think about PLN 150 million of CapEx guidance for green energy segment in the context of declining fundamentals and electricity prices? Is that something we should have in mind also midterm?

Speaker #3: Ladies and gentlemen, capex in 'Rest' should not exceed 150 million zloty, and it mainly reflects final settlements for the Rzeszów and Dobra wind farms.

[Company Representative] (Cyfrowy Polsat): Ladies and gentlemen, CapEx in rest should not exceed PLN 150 million, and it mainly reflects final settlements for the Drzeżewo and Dobra wind farms. But in subsequent years, this should move to maintenance CapEx, which we expect to be much lower, something like low tens of millions of PLN per year.

Anna Miller-Pytlak: Ladies and gentlemen, CapEx in rest should not exceed PLN 150 million, and it mainly reflects final settlements for the Drzeżewo and Dobra wind farms. But in subsequent years, this should move to maintenance CapEx, which we expect to be much lower, something like low tens of millions of PLN per year.

Speaker #2: And Bojan's last question. And lastly, what was the reason for the much improved income tax expenses this quarter?

Speaker #3: I think we will come back with the detailed answer, but as I remember it was overpayment of income tax and I think we will come back.

Speaker #3: But in subsequent years, this should move to maintenance capex, which we expect to be much lower—something like low tens of millions of PLN per year.

Speaker #2: The next couple of questions come from Alina Cliff from HFBC. Thank you for taking our questions. Please can you kindly give us the drivers of churn in the quarter year over year and quarter over quarter and views on this for the balance of the year?

Speaker #2: Thank you. Could you please indicate some tangible steps you're undertaking in terms of the leveraging? What should we have in mind by the end of 2027?

[Company Representative] (Cyfrowy Polsat): Thank you. Could you please indicate some tangible steps you are undertaking in terms of deleveraging? What should we have in mind by the end of 2027?

Operator: Thank you. Could you please indicate some tangible steps you are undertaking in terms of deleveraging? What should we have in mind by the end of 2027?

Speaker #3: Deleveraging remains our priority, and over the coming quarters we will continue working to gradually reduce the company's debt. We are also working on a long-term strategy, which will cover financial policy, and we will provide more details about this in the future.

[Company Representative] (Cyfrowy Polsat): Deleveraging remains our priority, and over the coming quarters, we will continue working to gradually reduce the company's debt. We are working on a long-term strategy which will also cover financial policy, and then we will give more details about it.

Anna Miller-Pytlak: Deleveraging remains our priority, and over the coming quarters, we will continue working to gradually reduce the company's debt. We are working on a long-term strategy which will also cover financial policy, and then we will give more details about it.

Speaker #1: The churn, as you can see, is under control because we treat the churn between 6 and 8% is our goal. So it's very low churn here.

Speaker #1: But of course, the churn is the churn effect is the effect of pushing RPU. So when you push RPU up and when you see we accelerated RPU by 6.5%, so there is a little bit more churn.

Speaker #2: And Bojan's last question: And lastly, what was the reason for the much improved income tax expenses this quarter?

[Company Representative] (Cyfrowy Polsat): Bojan's last question. Lastly, what was the reason for the much improved income tax expenses this quarter?

Operator: Bojan's last question. Lastly, what was the reason for the much improved income tax expenses this quarter?

Speaker #1: Then consolidation of services in our new multiplay offer under one ID and both quarters this year we have higher volume of contracts which ends in this quarters, which is also important because then with the percentage of the customers with higher volume of ending contracts, it's also influencing this.

Speaker #3: I think we will come back with a detailed answer, but as I remember, it was overpayment of income tax, and I think we will come back.

[Company Representative] (Cyfrowy Polsat): I think we will come back with the detailed answer, but, as I remember, it was overpayment of income tax. I think we will come back.

Anna Miller-Pytlak: I think we will come back with the detailed answer, but, as I remember, it was overpayment of income tax. I think we will come back.

Speaker #2: The next couple of questions come from Alina Cliff from HSBC. Thank you for checking our questions. Please, can you kindly give us the drivers of churn in the quarter, year over year and quarter over quarter, and your views on this for the balance of the year?

Speaker #1: But to be honest, it's like 7.7% we are very happy, especially when we take a look at 6.5% increase in our RPU. Contractual customers and that our multiplay base increased by 1.2% by 36,000 year on year.

[Company Representative] (Cyfrowy Polsat): The next couple of questions come from Alina Kliszcz from HSBC. Thank you for taking our questions. Please, can you kindly give us the drivers of churn in the quarter, year-over-year and quarter-over-quarter, and views on this for the balance of the year?

Operator: The next couple of questions come from Alina Kliszcz from HSBC. Thank you for taking our questions. Please, can you kindly give us the drivers of churn in the quarter, year-over-year and quarter-over-quarter, and views on this for the balance of the year?

Speaker #1: The churn, as you can see, is under control because we treat churn between 6 and 8% as our goal. So it's very low churn here.

Maciej Stec: The churn, as you can see, is under control because we treat the churn between 6% and 8% is our goal. So it is very low churn here. But of course, the churn effect is the effect of pushing ARPU. So when you push ARPU up and when you see we accelerated ARPU by 6.5%, there is a little bit more churn. Then consolidation of services in our new multi-play offer under one ID. Both quarters this year, we have higher volume of contracts which ends in these quarters, which is also important because then with the percentage of the customers with higher volume of ending contracts, it is also influencing this. But to be honest, it is 7.7%. We are very happy, especially when we take a look at 6.5% increase in our ARPU in contractual customers, and that our multi-play base increased by 1.2% by 36,000 year on year.

Speaker #2: Thank you. As we get close to the strategic review, have there been any major developments or findings in your view from Q1 to Q2?

Speaker #1: But of course, the churn effect is the effect of pushing ARPU. So when you push ARPU up, and when you see we accelerated ARPU by 6.5%, there is a little bit more churn.

Speaker #1: Well, let me take over that. Actually, the strategic review of the assets we have started in the first quarter of this year, we followed in the second quarter and it's a part of the preparation of our long-term strategy, which will be announced, as I mentioned, at the beginning of the presentation.

Speaker #1: Then, consolidation of services in our new multiplay offer under one ID. In both quarters this year, we have a higher volume of contracts which end in these quarters. This is also important, because when the percentage of customers with a higher volume of ending contracts increases, it also influences this.

Speaker #1: Autumn this year, please let us share with all our thoughts and with all our plans together once we'll be ready with the announcement.

Speaker #2: Thank you, Bartek. We have seen one of your competitors complete a fiber M&A deal. Do you have any expectation on how this might impact fiber pricing in the sector or if it could impact market competition?

Speaker #1: But to be honest, it's like 7.7%. We are very happy, especially when we take a look at the 6.5% increase in our ARPU, contractual customers, and that our multiplay base increased by 1.2%, by 36,000 year on year.

Speaker #1: We cooperate with FiberHost and INEA from years on different fields of buying like infrastructure or buying fiber internet. They buy content from us. So we have a lot of business over there.

Speaker #2: Thank you. As we get close to the strategic review, have there been any major developments or findings in your view from Q1 to Q2?

[Company Representative] (Cyfrowy Polsat): Thank you. As we get close to the strategic review, has there been any major developments or findings in your view from Q1 to Q2?

Operator: Thank you. As we get close to the strategic review, has there been any major developments or findings in your view from Q1 to Q2?

Speaker #1: So I believe we will continue. And I believe this is reasonable transaction in terms of volume of money paid for it. So I believe that it will be like reasonable return on investment for the buyer.

Speaker #1: Well, let me take over that. Actually, the strategic review of the assets we started in the first quarter of this year, we continued in the second quarter, and it's part of the preparation of our long-term strategy, which will be announced, as I mentioned at the beginning of the presentation.

Bartłomiej Drywa: Well, let me take over that. Actually, the strategic review of the assets we have started in the first quarter of this year. We followed in the second quarter, and it is a part of the preparation of our long-term strategy, which will be announced, as I mentioned at the beginning of the presentation, autumn this year. Please let us share with all our thoughts and with all our plans together once we will be ready with the announcement.

Speaker #1: So I believe it will not change the market in dramatic way or we don't expect something. And the last thing I believe that we concentrate on our strategy, our multiplay strategy as far as you know, we control all key assets.

Speaker #1: Autumn this year, please let us share with all our thoughts and with all our plans together, once we’re ready with the announcement.

Speaker #2: Thank you, Bartek. We have seen one of your competitors complete a fiber M&A deal. Do you have any expectation on how this might impact fiber pricing in the sector, or if it could impact market competition?

[Company Representative] (Cyfrowy Polsat): Thank you, Bartek. We have seen one of your competitors complete a Fiberhost M&A deal. Do you have any expectation on how this might impact fiber pricing in the sector or if it could impact market competition?

Operator: Thank you, Bartek. We have seen one of your competitors complete a Fiberhost M&A deal. Do you have any expectation on how this might impact fiber pricing in the sector or if it could impact market competition?

Speaker #1: So we have Netia with 3.5 million home passed here. And we sell our internet so we control over content. So we are Polsat Television and especially sports content.

Speaker #1: We cooperate with Fiberhost, and have done so for years, in different areas such as buying infrastructure or fiber internet. They also buy content from us.

Maciej Stec: We cooperate with Fiberhost and Inea from years on different fields of buying infrastructure or buying fiber internet. They buy content from us, so we have a lot of business over there. I believe we will continue. I believe this is reasonable transaction in terms of volume of money paid for it. I believe that it will be reasonable return on investment for the buyer. I believe it will not change the market in dramatic way, or we don't expect something. The last thing, I believe that we concentrate on our strategy, our multi-play strategy. As far as you know, we control all key assets. We have Netia with 3.5 million home passed here, and we sell our internet, so we control over content, so via Polsat television and especially sports content. We did develop and roll out our network, 5G network.

Speaker #1: We develop and roll out our network, 5G network as Bartek said at the beginning of the presentation, 28 million Polish population has access to our 5G.

Speaker #1: So, we have a lot of business over there, so I believe we will continue. And I believe this is a reasonable transaction in terms of the volume of money paid for it.

Speaker #1: So it's 75%. So we control over key assets. So we just continue to execute our strategy.

Speaker #1: So I believe that it will be a reasonable return on investment for the buyer. So I believe it will not change the market in a dramatic way, or we don't expect something.

Speaker #2: Thank you. And a few follow-ups from Ali. The 2028 debt maturities, is that at the start or end of the year? When will we look to renegotiate these?

Speaker #1: And the last thing, I believe, is that we concentrate on our strategy—our multiplay strategy—as far as, you know, we control all key assets.

Speaker #3: Sorry. Ladies and gentlemen, the 2028 debt matures in April. So it's more like beginning of the year. But as far as the refinancing process is concerned, we will inform the market when the refinancing process begins.

Speaker #1: So, we have Netya with 3.5 million homes passed here, and we sell our internet. So, we control over content. So, via Polsat Television, and especially sports content, we develop and roll out our network—5G network, as Bartek said at the beginning of the presentation. Twenty-eight million of the Polish population has access to our 5G.

Maciej Stec: As Bartek said at the beginning of the presentation, 28 million of Polish population has access to our 5G, so it's 75%. We control over key assets, so we just continue to execute our strategy.

Speaker #3: For now, it's too early to discuss it.

Speaker #2: Thank you. We have seen that the outlook for green energy business continues to worsen over the past two years. Are you seeing any signs of this reversing?

Speaker #1: So, it's 75%. We control key assets, so we will just continue to execute our strategy.

Speaker #2: For example, improving for, i.e., improving for Polsat over the next two, three years?

Speaker #2: Thank you. And a few follow-ups from Ali. The 2028 debt maturities — is that at the start or end of the year? When will you look to renegotiate these?

[Company Representative] (Cyfrowy Polsat): Thank you. A few follow-ups from Ali. The 2028 debt maturities, is that at the start or end of the year? When will we look to negotiate these?

Operator: Thank you. A few follow-ups from Ali. The 2028 debt maturities, is that at the start or end of the year? When will we look to negotiate these?

Speaker #1: Let me take over that. Well, it is true that both the outlook and the whole market is performing worse than everybody expected. And it's again, a result of declining prices as well as the lots of regulatory issues which are nothing to do with the daily business we are doing.

Speaker #3: Sorry. Ladies and gentlemen, the 2028 debt matures in April, so it's more like the beginning of the year. But as far as the refinancing process is concerned, we will inform the market when the refinancing process begins.

[Company Representative] (Cyfrowy Polsat): Sorry. Ladies and gentlemen, the 2028 debt matures in April. So it's more like beginning of the year. As far as the refinancing process is concerned, we will inform the market when the refinancing process begins. For now, it's too early to discuss it.

Anna Miller-Pytlak: Sorry. Ladies and gentlemen, the 2028 debt matures in April. So it's more like beginning of the year. As far as the refinancing process is concerned, we will inform the market when the refinancing process begins. For now, it's too early to discuss it.

Speaker #1: We are happy that we have completed all the investments. We look at this investments long term. So we saw in the past many different factors which moved the market up and down.

Speaker #1: And this approach, we implied in this business segment. So we advise you also to look at it long term.

Speaker #3: For now, it's too early to discuss it.

[Company Representative] (Cyfrowy Polsat): Thank you. We have seen that the outlook for green energy business continues to worsen over the past two years. Are you seeing any signs of this reversing, for example, improving for Cyfrowy Polsat over the next two, three years?

Operator: Thank you. We have seen that the outlook for green energy business continues to worsen over the past two years. Are you seeing any signs of this reversing, for example, improving for Cyfrowy Polsat over the next two, three years?

Speaker #2: Thank you. We have seen that the outlook for the green energy business has continued to worsen over the past two years. Are you seeing any signs of this reversing?

Speaker #2: Thank you. And Ali's last question. Hypothetically, if you were to sell the green energy business, how difficult would it be to sell the whole business as a whole or would it have to be done piecemeal?

Speaker #2: For example, improving for, i.e., improving for superior Polsat over the next two, three years?

Speaker #1: Again, I'll take over that. Well, we do not speculate what would be if in different scenarios. So if there will be like any decisions in any kind of business, we have we have a rule that we inform the market about it.

Speaker #1: Let me take over that. Well, it is true that both the outlook and the whole market are performing worse than everybody expected. And it's, again, a result of declining prices as well as lots of regulatory issues, which have nothing to do with the daily business we are doing.

Bartłomiej Drywa: Well, let me take over that. It is true that both the outlook and the whole market is performing worse than everybody expected. It's again a result of declining prices as well as lots of regulatory issues, which are nothing to do with the daily business we are doing. We are happy that we have completed all the investments. We look at these investments long-term. We saw in the past many different factors which moved the market up and down, and this approach we implied in this business segment. We advise you also to look at it long-term.

Speaker #1: So we don't want to speculate.

Speaker #2: That were all the questions that we got from you. So from my part, thank you very much for the questions. Thank you for participating in today's conference.

Speaker #1: We are happy that we have completed all the investments. We look at these investments long-term. We have seen, in the past, many different factors which moved the market up and down.

Speaker #2: And I will hand over to Bartek for a final goodbye.

Speaker #1: Thank you very much for your attendance in this conference. At that point, we would like to invite you on our third quarter conference, which will take place in mid of November.

Speaker #1: And this approach we implied in this business segment. So we advise you also to look at it long term.

Speaker #1: In the meantime, we will send you the separate invitation for our strategy announcement. So please expect it soon. Thank you very much again and goodbye.

Speaker #2: Thank you. And Ali's last question: hypothetically, if you were to sell the green energy business, how difficult would it be to sell the whole business as a whole, or would it have to be done piecemeal?

[Company Representative] (Cyfrowy Polsat): Thank you. Ali's last question. Hypothetically, if you were to sell the green energy business, how difficult would it be to sell the whole business as a whole, or would it have to be done piecemeal?

Operator: Thank you. Ali's last question. Hypothetically, if you were to sell the green energy business, how difficult would it be to sell the whole business as a whole, or would it have to be done piecemeal?

Speaker #1: Goodbye.

Speaker #1: Again, I'll take over that. Well, we do not speculate on what would be in different scenarios. So, if there are any decisions in any kind of business, we have a rule that we inform the market about it.

Bartłomiej Drywa: Again, I'll take over that. Well, we do not speculate what would be if in different scenarios. If there will be any decisions in any kind of business, we have a rule that we inform the market about it. We don't want to speculate.

Speaker #1: So, we don't want to speculate.

Speaker #2: Those were all the questions that we got from you. So, from my part, thank you very much for the questions. Thank you for participating in today's conference.

[Company Representative] (Cyfrowy Polsat): That were all the questions that we got from you. From my part, thank you very much for the questions. Thank you for participating in today's conference. I will hand over to Bartek for a final goodbye.

Operator: That were all the questions that we got from you. From my part, thank you very much for the questions. Thank you for participating in today's conference. I will hand over to Bartek for a final goodbye.

Speaker #2: And I will hand over to Bartek for a final goodbye.

Speaker #1: Thank you very much for your attendance at this conference. At this point, we would like to invite you to our third quarter conference, which will take place in mid-November.

Bartłomiej Drywa: Thank you very much for your attendance in this conference. At that point, we would like to invite you on our Q3 conference, which will take place in mid-November. In the meantime, we will send you the separate invitation for our strategy announcement. Please expect it soon. Thank you very much again, and goodbye.

Speaker #1: In the meantime, we will send you a separate invitation for our strategy announcement, so please expect it soon. Thank you very much again, and goodbye.

Speaker #4: Thank you. Goodbye.

Maciej Stec: Thank you. Goodbye.

Speaker #2: Thank you.

Speaker #1: Bye-bye.

Maciej Stec: Bye.

[Company Representative] (Cyfrowy Polsat): Thank you. Goodbye.

Janusz Pliszka: Thank you. Goodbye.

[Company Representative] (Cyfrowy Polsat): Thank you.

Janusz Pliszka: Thank you.

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