Cyfrowy Polsat Stock

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. With us today are Maciej Stec, Anna Miller-Pytlak, who is the group's new CFO as of August, Bartlomiej Drywa and Janusz Pliszka. Let's turn to the next slide.

Today's agenda is straightforward. Bartek will start with the key highlights from the second quarter. Then Maciej, Janusz and Bartek will walk you through the operating performance of our main business segments. After that, Anna will discuss the group's financial results for the quarter. Once 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. As always, we will only be able to answer questions submitted with the name and in person. And with that, I will hand over to Bartak for the key highlights. Bartek, over to you.

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. We delivered a strong operating performance across our core businesses, and this translated into solid financial results. Let me walk you through the most important developments. Please turn to the next slide.

I will start with our Telecommunication business. First, our multiplay 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. But what is the most important, ARPU 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. 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 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 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 3 decades, and we are proud to continue supporting one of Poland's most successful sports. 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. And 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.

Thank you. As Bartek said, it was indeed a very good quarter for our B2C and B2B services segment. We grew the multiplay and contract service basis, accelerated ARPU growth and continue 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 multiplay 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 multiplay customer base on the top chart, under the previous definition, this quarter, we would have reported 3,059,000 multiplay customers, up from 3,013,000. After the adjustment, today, we present 3,039,000 multiplay 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. During the KPI review, we noticed that some customers didn't use the mobile Internet SIM card they received when they're 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 multiplay customer base and revenue-generating services. Importantly, the change has no impact on reported revenue or ARPU. 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 multiplay offering. The multiplay customer base increased by 36,000 year-on-year, up 1.2%. This growth is supported by successful service upselling. Multiplay penetration also increased with almost 55% of our B2C customers now using more than one service from our portfolio. This is important because multiplay strengthens customer relationships. It encourages customers to use more services, build 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, very low. Let me remind you that our long-term objective is to keep churn in the 6% to 8% range. So the message is clear. Our multiplay 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 the June, we provided 13.4 million contract services, up 2.3% year-on-year. One of the main drivers of this growth was our multiplay 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.

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 multiplay strategy is consistently driving ARPU growth. B2C ARPU increased by 6.5% year-on-year to PLN 83.5 in Q2 '26. Importantly, the pace of growth accelerated from the first quarter. Multiplay 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.

As I have already mentioned, this performance was driven by strong service sales and the consistent execution of our multiplay strategy. We are now just passed the first anniversary of the launch of our new simple multiplay offering. 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.

Progress in contracting B2C services is clearly visible across all areas. Our multiplay 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 PLN 18.4.

What is important, Polsat Box Gold subscription continued to record solid growth, supported by the new packaging, Polsat Lovers, Premium, and Premium Sport packages. 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 Karte. Its goal is to strengthen the attractiveness of our prepaid proposition. The concept is very simple.

PLN 1 gives customers 1 day and 10 gigabytes. We are now promoting the PLN 30 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.

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 PLN 1,588 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 multiplay strategy, we made strong progress in B2C. We expanded the multiplay 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%. 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. 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.

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 first half 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 Swiatek's outstanding run at Roland-Garros. We especially cheer for Polish women and Spanish players as WTA Tour tournaments will be available on our Eleven 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. 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. The results of the entire first half of the year continued to reflect the trends observed in the second quarter. 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. 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%.

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. Once again, for the seventh consecutive quarter, Polsat-Interia remains the #1 Internet publisher in Poland. We are also #1 in the mobile category.

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 channels audience share to 7.5%, driven by the strong performance of the program's 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 launched Hitster, a new music entertainment show based on a successful international format adopted from the popular board game.

In addition, we'll premiere Gliniarze, 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. We are pleased to reiterate that we have extended our rights to the UEFA Conference League and UEFA Europa League for 4 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 achieved 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 first half of the year. 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.

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. 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 2 slides, I will show how this portfolio translated into energy production and financial results in the second quarter. 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 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. 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 first half of the year. This was mainly driven by the full contribution of the Drzezewo 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.

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 the second quarter, 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 first half of the year. EBITDA increased by almost 34% year-on-year to PLN 164 million.

The key driver was the full contribution of the Drzezewo Wind Farm. It expanded the scale of our operations and significantly strengthened profitability. Let me conclude my part with 2 key messages. 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.

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.

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. 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. 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 PLN 173 million. 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 PLN 1 billion, 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.

Let me now move on to the key drivers behind our revenue and EBITDA growth in the second quarter. Next slide, please. As I already mentioned, all of our EBITDA growth this quarter came from our 2 core business areas, the B2C and B2B services segment and the Media segment. In the B2C and B2B Services segment, revenue increased by PLN 60 million.

As Maciej explained earlier, this improvement was mainly driven by strong ARPU growth and the successful execution of our multiplay strategy. As a result, our retail revenue increased by over PLN 50 million, 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 PLN 12 million increase in EBITDA of this segment.

In the Media segment, revenue increased by PLN 6 million. 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 PLN 17 million.

As I mentioned before, growth in the Green Energy segment was mainly driven by the delivery of 30 hydrogen buses to Krakow and Rzeszow. 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, 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. Adjusted EBITDA in the second quarter excludes a positive impact of PLN 10 million related to one-off items. These were sales of noncore 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 PLN 1 billion 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 PLN 3.2 billion on a 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. 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'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.

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. 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 nonrecurring 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 this year.

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 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 5x 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 deleveraging.

Please move to the next slide. 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. 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. 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. 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. 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. Bartek, over to you for the summary.

Thank you, Anna, Maciej and Janusz for taking us through the operational and financial performance. Let me close with 4 key takeaways from today's presentation. 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 ARPU 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 direction 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 flow generated approached PLN 1 billion on a rolling 12-month basis.

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. 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.

I will now read the questions in exactly the order that we received them. The first 4 questions come from Brian from [indiscernible] 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?

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 appendix, and we are very close just to close it. So I believe it's everything is on good path just to sign it soon.

The second question, how do you think about PLN 150 million 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?

Ladies and gentlemen, CapEx in rest should not exceed PLN 150 million, and it mainly reflects final settlements for the Czluchow and the 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 per year.

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?

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.

And [indiscernible, last question. And lastly, what was the reason for the much improved income tax expenses this quarter?

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.

The next couple of questions come from from Anna Witkowska from HSBC. 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?

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. But of course, the churn is -- 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%. So there is a little bit more churn.

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 the quarters, which is also important because then with the percentage of the customers with higher volume of ending contracts, it's also influencing this. 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 ARPU in contractual customers and that our multiplay base increased by 1.2% by 36,000 year-on-year.

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?

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, 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.

Thank you, Batek. 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?

We cooperate with Fiberhost for years on different fields, so buying like infrastructure or buying fiber Internet, they buy content from us. So we have a lot of business over there. 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 a reasonable return on investment for the buyers.

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. So we have Netia with 3.5 million home passed here, and we sell our Internet.

So we control over content. So via Polsat television, especially sports content. We did develop and roll out our network, 5G network as Bartek said at the beginning of the presentation, 28 million of Polish population has access to our 5G. So it's 75%. So we control over our key assets. So we just continue to execute our strategy.

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?

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. For now, it's too early to discuss it.

We have seen that the outlook for green energy business continues to worsen over the past 2 years. Are you seeing any signs of this reversing, for example, improving i.e., improving for over the next 2, 3 years?

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.

We are happy that we have completed all the investments. We look at this investment long term. So we saw in the past many different factors which moved the market up and down. And this approach we implied in this business segment. So we advise you also to look at it long term.

And 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?

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 a rule that we inform the market about it. So we don't want to speculate.

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. And I will hand over to Bartek for a final goodbye.

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. 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.

Good afternoon, ladies and gentlemen. It is my pleasure to welcome you to the conference call of Polsat Plus Group for the first quarter of 2026.

Let's move to the next slide, please. Today's presentation will be delivered to you by Mr. Piotr Zak, President of the Management Board; Mr. Maciej Stec, Vice President; Ms. Katarzyna Ostap-Tomann, CFO; Mr. Bartlomiej Drywa, Management Board member; and Mr. Janusz Pliszka, Management Board member at Telewizja Polsat.

Let's move to the next slide, please. Here, you have the agenda of today's meeting. Bartek will start off by presenting the key highlights of the first quarter of 2026. After that, Maciej, Janusz and Bartek will discuss the operating results of our business segments. Kacha will then discuss the financial results of the past quarter, and we will sum up and answer all your questions in the Q&A session.

Before we move on, I would like to remind you that today, you can post in the Q&A panel. I would like to remind you that we do not answer anonymous questions. Therefore, please kindly, every question with your name and institution.

Thank you very much. And over to Bartek for the key highlights. Bartek, please go ahead.

Thank you, Agata. Good afternoon, everyone. Let me walk you through the most important events that have taken place in Polsat Plus Group since the beginning of 2026. We would like to highlight once again the success of our new multiplay offer. It allows us to grow ARPU across all customer segments as well as to improve our financial results. You can see the effects on the right-hand side of this slide. Maciej will tell you more about this in his part of the presentation, and Kacha will cover it when discussing the financial results.

We have informed you recently about an important development for us. We have signed a term sheet with Towerlink Poland. We have agreed on the key parameters of our future cooperation, which will allow us to improve both the quality and the coverage of our services, fulfill all licensing requirements and ensure that our costs related to 5G network development are predictable and optimal for us in the mid and long term.

Moving to the Media segment. We have acquired exclusive broadcasting rights to the UEFA Europa League and the UEFA Conference League for the upcoming 2027-2031 seasons. As a result, we have secured key sport content for both our sports channels and our pay TV packages.

Additionally, we have expanded our cooperation with new broadcasters. We have entered into a partnership with kanal Zero in both the distribution and advertising areas. We have also communicated an important matter to our customers. We are planning to shut down our 3G network by the end of this year. This move opens the path to further optimizing our network resources.

Regarding our green energy segment, we mentioned this during our previous conference, but let me repeat it. In March, we received a concession for energy generation for our Drzezewo wind farm with a capacity of 139 megawatts. This means that we have finished our capital-intensive investments in the renewable energy segment and have now moved into a demand energy production and sales phase.

To wrap up this section on the key highlights, let me repeat what we have already emphasized during our previous meeting. We have restructured the group's management frameworks to address new challenges, both at the strategic and operational level. You can already see the first positive effects of these changes in Q1, both in operating performance and financial results.

That concludes the key events of the first quarter. I will now hand over to Maciej, who will present the operating results for the B2C and B2B services segment. Over to you, Maciej.

Thanks, Bartek. Let me start by saying that this was a very strong quarter, not only on the group level, but especially in the B2C and B2B services segment. We are particularly pleased to see the first tangible effects of the organizational changes implemented recently. We can already see the impact of our efforts in cost discipline and operational efficiency coming through in our results, as Kacha will explain in more detail.

Before that, let's look at the operating results on the B2C and B2B services segment on the next slide. Our key focus and the core of our strategy is multiplay. We continue to see strong performance in our multiplay base, which already exceeds 3 million customers. In the first quarter, the base increased by 35,000 year-on-year and continued to grow at a steady pace, up by 1.2% year-on-year. This means that the saturation of our total customer base with multiplay is also increasing steadily, reaching 54% in Q1 2026.

This growth is clearly driven by effect of upselling within our multiplay strategy. The number of services used by our multiplay customers is increasing consistently. At the end of the first quarter of 2026, they were using 12.5 million RGUs, which is an impressive increase of 2.3 million year-on-year.

At the same time, churn remains low, which confirms strong customer loyalty and the quality of our offering. At the end of the first quarter, churn was 7.9%, which is within the upper end of our target range of 7% to 8%. This increase was driven partly by the consolidation of contracts under our new multiplay offer and partly by the concentration of contract expires in the fourth quarter of last year.

Let's move to the next slide, please. The excellent uptake of our multiplay offer is directly translating into solid growth in our contract RGU base, which reached 13.6 million in the first quarter, up 2.3% year-on-year. The drivers remains the same as in recent quarters. This increase in the RGU base is the result of strong demand for mobile and fixed Internet services, which grew by 285,000 year-on-year. In addition, mobile telephony sales remained very strong, growing by 183,000 over the past year.

We also continue to see the trend in the pay TV base, which remains under some structural pressure, but this is partly mitigated by the continued shift towards IPTV and OTT solutions.

Next slide, please. We continue to see strong momentum in ARPU, which increased by 5.8% year-on-year and reached PLN 82.2 in the first quarter. I would also like to highlight the acceleration in ARPU growth from a little over 4% last year to 5.4% in Q4 2025 and to 5.8% at the end of Q1 2026. This growth is clearly driven by the effective execution of our multiplay strategy, supported by strong sales of mobile and Internet services as shown on the previous slide.

At the same time, we continue to see higher services penetration. The number of services per customer increased to 2.43, up from 2.32 last year. This has also been supported by the new multiplay offer since its launch in June last year. 28% of all our customer base have already migrated to the new offer. This confirms that our offering is well designed and is effectively driving customer value.

Let's now turn to the prepaid segment services on the next slide. Our prepaid base remains high and around 2.3 million services despite a very competitive market environment. The downward pressure comes mainly from a lower number of mobile services provided. This is the result of strong competition on the one hand and natural migration towards more attractive contract offers on the other.

A clear positive highlight in this customer segment is the consistently high and growing ARPU. In the first quarter of 2026, prepaid ARPU increased by 4.7% year-on-year and reached PLN 17.8. This reflects our strong focus on value rather than volume in this segment.

Prepaid ARPU is supported by the strong take-up of our refreshed Polsat Box offer and the new package structure, which clearly strengthens the value proposition for customers. Last year, we restructured the prepaid Pay TV offer into 3 simple packages, Polsat Lovers, Premium and Premium Sport, with each package expanding on the content of the lower one for an incremental fee.

At the beginning of this year, we also expanded the lineup to almost 200 channels by adding TVN and TVP channels.

Next slide, please. In the B2B customer segment, trends remain stable over the midterm. We have a high and relatively stable customer base of around 67,000. Let me remind you that this is a highly competitive and challenging market.

Despite this competitive pressure, we continue to build ARPU per B2B customers, which increased by 3.8% year-on-year to PLN 1,565 per month. And this reflects our focus on delivering tailored high-value solutions for business customers, allowing us to build value effectively within the existing base.

To sum up the segment, we continue to deliver a very solid performance across the B2C and B2B services segment. Our focus on increasing value has resulted in growing ARPU across all customer segments with a clear acceleration of ARPU growth in B2C to 5.8% year-on-year.

We are systematically expanding our multiplay customer base. This is a direct result of the consistent execution of our multiplay strategy and successful upselling, which strongly supports customer value and service penetration.

The new multiplay offer continues to be very popular, and we continue to see very good uptake. This clearly confirms that it remains the key driver of our operating performance and will continue to support our results in the coming quarters.

That is all from me today. Thank you for your attention. I will now pass the floor to Janusz, who will present the results of the Media segment. Janusz, please go ahead.

Thank you, Maciej. For the second time, I have the opportunity and pleasure of presenting to you the results of our Media segment.

Next slide, please. We've achieved strong viewership results in Q1 '26. We've broadly maintained our commercial audience share at 21.9% versus 22.1% in the same quarter last year despite the Winter Olympic Games. Our main channel Polsat continued its positive trend with audience share in the commercial target group increasing slightly from 7.5% to 7.6%.

TV advertising and sponsorship spending growth in Q1 '26 is estimated at 2%, while our ad and sponsorship revenue was up by 1.2%, so a bit below the market. This was mainly due to a high base last year as we grew significantly faster than the market in Q1 '25 as well as the impact of the Winter Olympics and ski jumping, which supported stronger sponsorship revenues at other broadcasters. At the same time, we see our advertising market share in Q1 as strong at 28.5%, above the full year level of 28% in 2025.

Let's move to the next slide. Let's now take a look at our online business. The Polsat-Interia Group continues to hold a very strong position in the Polish online market. We remain the #1 online publisher in Poland and the leader in mobile. Our content reaches over 20 million users every month and generates around 1.9 billion page views. Interia is a key part of our Media segment, complementing our media offer for both users and advertisers.

Let's move to the next slide. In Q1 '26, we achieved a 21.9% share in the commercial audience despite the Winter Olympics and ski jumping broadcasts shown by our competitors. We have kept audience level broadly in line with Q1 '25, supported by a good mix of proven entertainment formats and attractive sports rights.

I won't go through all of our key entertainment titles, but I'd like to highlight Farma or The Farm in English, a show that used to be scheduled outside of the main season. This year, we have changed the approach and included the show in the spring schedule. Farma performed strongly, delivering very good audience results.

On the sports side, we secured the rights to UEFA Europa League and UEFA Conference League for another 4 years, which together with the current agreement gives us a total of 5 years of broadcasting these competitions on Polsat Sport Premium.

We have also extended the rights to broadcast Italian Football League Serie A for another 2 years, which means Eleven channel subscribers will have access to these matches until mid-'29.

Thank you for your attention. Let's now move to the segment of green energy to be presented by Bartek.

Thank you, Janusz. Let me now present the operating results of the green energy segment.

Next slide, please. Total energy production in Q1 2026 increased by 18% year-on-year, mainly driven by the expansion on wind capacity. At the same time, the past quarter was very challenging in terms of the weather. The winter was particularly harsh, resulting in lower levels of sunshine and windiness. What is more, we faced more frequent shutdowns of our wind turbines due to the adverse weather conditions.

Despite this, we increased electricity output from our wind farms through, as I mentioned, the expansion of wind capacity. Solar farms produced a slightly lower level, and we also recorded lower level year-on-year output from biomass sources. The main reason was the adjustment of production levels in response to biomass supply conditions. Overall, we delivered 18% growth in energy production year-on-year, which translated directly into our financial results.

Next slide, please. On this slide, you can see EBITDA in our green energy segment increased by 73% year-on-year from PLN 57 million to nearly PLN 99 million. The main driver of this growth was the production of the Drzezewo wind farm for the full period following its commissioning in mid-2025. Please bear in mind that the ramp-up effect of this farm will still be visible in Q2 of this year, while from Q3 onwards, the results will be fully comparable in terms of installed capacity.

To sum up, despite very challenging weather conditions at the beginning of the year, we delivered a strong improvement in our financial results. As I mentioned at the beginning of this presentation, we have completed our capital-intensive investment phase and are now focused on electric production and sales as well as on maximizing EBITDA in this segment.

That concludes the operating results of the green energy segment. I will now hand over to Kacha, who will present how the operating results of our all business segments have translated into financial results. Kacha, over to you.

Thank you, Bartek. As you have already heard during today's presentation, the first quarter was a strong start in 2026. This is clearly reflected in our financial results, which I will discuss on the next slide.

As I said, this was a very good quarter for the group. Revenue grew by 3% to over PLN 3.6 billion, mainly driven by the strong performance of the green energy segment. In Q1 2026, EBITDA amounted to PLN 847 million, up by 4.7% year-on-year. This strong result is the effect of top line growth combined with disciplined cost control and optimization measures implemented across the group. Improved operating performance also translated into higher net profit, which increased by over 54% to PLN 134 million in the first quarter.

Turning to cash generation. Free cash flow for the last 12 months amounted to almost PLN 1.2 billion, up by nearly 63% compared to the level reported at the end of 2025.

Finally, our key covenant net debt in relation to EBITDA, excluding project financing, increased slightly to 3.68x at the end of the last quarter compared to 3.59x at the end of 2025. This was mainly due to the payment for the renewal of the 900 megahertz concession. Let's now take a closer look at the drivers behind these results on the next slide.

Let's begin with the factors that drove revenue and EBITDA growth this quarter. The main growth driver in Q1 was clearly the green energy segment. It contributed PLN 136 million to revenue and PLN 42 million to EBITDA. As Bartek mentioned earlier, we generated a significantly higher volume of energy, thanks to the Drzezewo wind farm. In addition, energy prices were higher than a year ago.

The B2C and B2B segment also performed very well. EBITDA increased by PLN 14 million year-on-year despite lower revenue. This reflects the impact of highly effective cost reduction initiatives that have been implemented since the beginning of the year. On the revenue side, as Maciej said earlier, strong sales and ARPU growth supported retail revenues. However, lower equipment sales offset this increase.

In the Media segment, we recorded higher revenues from advertising and from content sales to cable and satellite operators. However, this increase was more than offset by higher costs.

In the real estate segment, it's worth remembering that the first quarter of 2025 was particularly strong due to the handover of a pool of apartments to customers in Port Praski. As a result, we are now comparing against a high base, which translated into lower revenue and EBITDA year-on-year.

Let's now move to the cash flow analysis on the next slide. We generate a solid level of underlying free cash flow, which amounted to PLN 1.2 billion over the last 12 months. As I mentioned earlier, EBITDA improved year-on-year, supporting free cash flow.

Over the last 12 months, we also saw a strong contribution from working capital. That said, this effect is temporary, and I expect the contribution from working capital changes to be a bit lower in the coming quarters.

Despite stronger cash flow from operations, free cash flow after interest was slightly negative. This reflects the impact of still high interest rates at the beginning of the last year, which continued to weigh on our financing cost. As a result, interest paid and leasing after hedges exceeded PLN 1.2 billion over the last 12 months.

We also had a concentration of significant one-off payments related to spectrum reservations. In total, we paid around PLN 800 million for reservations in the 700 and 900 megahertz bands. Importantly, these are the final payments for telecom spectrum reservations for the next couple of years. On top of that, cash flow was also affected by nonrecurring acquisition in the media segment. These were related to simplifying and streamlining the structure within that business. After adjusting for these nonrecurring outflows, free cash flow amounted to PLN 813 million.

Lastly, we are in the final stage of our investment cycle, which means CapEx in green energy remains relatively elevated, although it is clearly on a downward trend. After adjusting for this, underlying free cash flow comes to PLN 1.2 billion.

Let's move to the next slide, please. CapEx remains under strict control across the group, reflecting our cautious approach to spending this year. Our TMT business remains CapEx light, and we continue to maintain investment spending at a consistently low level within the guided range of 6% to 7% of revenues. In Q1, CapEx in the segment amounted to PLN 195 million, representing 6% of revenues.

I would also like to stress that we are now on the finish line of our investment program in the green energy segment, which is clearly visible in the level of CapEx incurred in Q1 2026. It amounted to only PLN 31 million, which is 5x lower than a year ago. For the full year, CapEx in energy should not exceed PLN 200 million.

Can I have the next slide, please? On this slide, I would like to highlight a few points. First, our net leverage is slightly higher compared to the end of 2025, both including and excluding project financing. This is fully in line with our expectations and reflects the PLN 590 million payment for the renewal of the 900 megahertz frequency made in January.

Second, the prospective weighted average cost of our debt decreased slightly further to 6.5%, which will support cash generation going forward.

Finally, we resumed the scheduled repayment of our capital under our senior facilities agreement. As you can see, we will repay PLN 622 million by the end of 2026 in equal quarterly installments.

To sum up, we started 2026 with a very strong first quarter. All of our key financial metrics improved, showing that we are delivering on our goals for the year, driving top line growth while keeping OpEx and CapEx under strict control to improve profitability. Thank you for your attention.

Thank you, Kacha. Ladies and gentlemen, allow me to present the key conclusions from our presentation. First, the decision made, new offers and projects implemented in recent months are reflected in a very strong operational results of the first quarter. This confirms that the direction we have chosen is the right one. Our multiplay strategy is not only working, but it's also strengthening our market position and the TMT segment remains a stable and promising foundation of the group.

Second, bearing in mind key role of the TMT segment, we have developed a strategic framework for further cooperation with our key partner, the Cellnex Group. The agreed long-term cooperation framework will support further improvement in cost efficiency, the expansion of coverage and the quality of Plus 5G network.

Third, content remains one of the pillars of our operations, and we treated investments in this area as a priority. That is why we have extended the rights to the UEFA Europa League and the UEFA Conference League until 2031, ensuring the continuity and attractiveness for our offerings over the long term. We have also established a multidimensional partnership with the Zero channel, both in terms of a broad channel distribution and its advertising services.

In conclusion, as announced in April, we are continuing the strategic review of assets aimed at optimal capital allocation and further increasing the value of the group. We plan to announce the group's long-term strategy by the end of 2026. We will define measurable targets for our strategic business, telecommunications and media.

In the green energy and real estate segments, we are reviewing all assets and considering various scenarios in order to select the development path that will deliver the greatest value to the group and its shareholders. And we will also present our approach to financial policy in the medium and long term with particular emphasis of the balance between investments, debt levels and dividend policy.

That is all. Thank you very much, and we are now ready for the Q&A session.

Thank you very much. Surprisingly, I don't have any questions in the Q&A session. So maybe a minute for anyone who would like to post a question. Anybody? Okay. In that case, thank you very much for your participation today. And from this spot, I would like to invite you to our conference in August for the first half of 2026. There we go.

One question. From Ali, HSBC. Please, can you give us a breakdown of the improvement in green energy and expectations for the rest of the year?

Maybe I'll take this question. Well, in terms of the expectations for the rest of the year, we have provided in the past conferences a guidance that we expect approximately PLN 400 million EBITDA from this segment. And as for the moment, we don't see a reason to change this guidance.

Nevertheless, please remember that in renewable energy, we have the seasonality, which means that we have a big, let's say, the high season for the wind in the first and the fourth quarter, while in the second and the third quarter, there is a rather low season from that source, which means that everything now depends from the fourth quarter and of course, the energy prices, which are still uncertain for the rest of the year.

Thanks, Bartek, and a second question. The commentary in the report suggests that business review will be presented towards the end of the year. Has this slipped from autumn? And can you give us any color on what drove this?

Well, I believe that on the last presentation, we have said that the strategy will be presented by the end of the year and the autumn is like from September to November. So this expected for sure after the summertime, but we have not specified the date. Once we'll be ready, we will announce the date.

Thank you very much. Thank you for your questions. There aren't any more. And I think everybody has had enough time to post any questions they might have had. So again, thank you for your participation and see you during our next conference call in August. Thank you very much.

Thank you very much. Bye.

Thank you.

Thank you.

Good afternoon, everyone, and welcome to Cyfrowy Polsat's Earnings Call for the Fourth Quarter and the Full Year of 2025. Please move on to the next slide. Let me introduce today's speakers. We are joined by Mr. Piotr Zak, President of the Management Board; Mr. Maciej Stec, Vice President for Strategy; Ms. Katarzyna Ostap-Tomann, Chief Financial Officer; Mr. Bartlomiej Drywa, member of the Management Board; and last but not least, Mr. Janusz Pliszka, Chief Financial Officer at Telewizja Polsat.

Please turn to the next slide. The agenda for today is as follows: Bartlomiej will begin with the key highlights of 2025. This will be followed by a detailed discussion of the operating performance of our individual business segments by Maciej, Janusz and Bartlomiej. Kacha will then walk you through the group's financial performance for the past year. [Operator Instructions] I will now hand the floor over to Bartlomiej to present the key highlights. Bartlomiej, please go ahead.

I warmly welcome you all. I have a pleasure to present the most important events that took place in the Polsat Plus Group in 2025. I will start, as usual, with the largest segment of our business, the Telecommunications segment. The key event of the past year was the introduction in June 2025 of a new multiplay offer. The new offer was positively received by customers, thanks to its attractiveness and simplicity. The result is an increase in ARPU, an increase in the nominal numbers of services sold and an increase in the saturation rate of customers using additional services.

Maciej will explain this in more detail in his part of the presentation. Our multiplay strategy is supported by the high quality and reach of our telecommunications network. We deliver 5G technology to 26 million of poles. And in 2025, we expanded the coverage of our fixed broadband network to about 70% of households, thanks to the wholesale agreements. An important note here, in 2025, we renewed the frequency in the 900 megahertz band, and we purchased the frequency in the 700 megahertz band. This frequency will help us to further develop our 5G network.

It is worth noting that over the next couple of years, we do not have renewals of our frequency portfolio, which will allow us to improve our cash flows. This will be more evaluated by Kacha in her part of the presentation. Moving to the next segment of our business, the Media segment. Polsat Group and its channels maintained a very strong market position, both in terms of viewership and in terms of advertising market share, specifically, 22.5% share of the viewership market for the entire group of channels and 28% share of the television advertising market.

Janusz will talk more about this in his part of the presentation. Our online leg, Polsat Interia Group is the leader among Internet publishers in Poland, yet another quarter in a row. And all of this was made possible by an excellent content mix. This includes both in-house productions loved by millions of poles as well as a carefully constructed portfolio of sports rights that supports both the viewership of our channels and the attractiveness of our pay-TV packages.

Now moving to the youngest segment of our activity, the Green Energy segment. The key event in this segment was undoubtedly the completion of capital-intensive investments planned under the 2023+ strategy. Last year, we completed the construction of our largest wind farm, the Drzezewo Farm. As a result, we reached production capacity of nearly 0.5 gigawatts installed in renewable energy. We started the technical commissioning of this farm in mid-2025. In the first quarter of 2026, we obtained a generation license.

Among other activities in this segment, it is worth noting that we expanded green hydrogen production capacity by an additional 0.5 megawatt alkaline electrolyzer up to 3 megawatts in total. In this facility, we can produce up to 1.2 tonnes of green hydrogen per day. This is needed to execute our project related to the sale of hydrogen buses and hydrogen refueling stations under won tenders. In 2025, we delivered 28 NesoBuses. And for 2026, we have contracted another 49.

Moving to the next slide, we have finally a few corporate events. One of the key events was the sale of a 10% stake in Asseco Poland. We used the proceeds from the disposal to make an early partial debt repayment. In addition, we secured nearly PLN 1 billion of project financing for our largest renewable energy project, the Drzezewo Wind Farm. This is a clear evidence that banks and financial institutions believe in this segment and that the business model we present is credible. Concluding this part, the last piece of information we communicated in the current report in December 2025, the court in Liechtenstein issued a final ruling ending the proceeding concerning the company's shareholder, TiVi Foundation.

That's all from my side regarding the key events of 2025. Now it is time to discuss how these events translated into our operating results. I hand over to Maciej, who will tell you about the operating results of the B2B and B2C segment in Telecommunications. Maciej, the floor is yours.

Thanks, Bartlomiej. Let's start with our B2C and B2B services segment. We recorded very good operating results in this segment in the fourth quarter of last year. Let's look at them in more detail on the next slide. As you may remember, we launched a new multiplay offer in June last year, a very simple and flexible offer, and it's delivering very good results. We are consistently building the scale of our multiplay customer base, and we are highly effective in upselling services to our existing customer base within the refreshed offering.

As a result, our multiplay customer base increased by 38,000 year-on-year. And what's more important, by the end of December, 20% of our customers had already migrated to the new offer. By the end of March, the share increased further to 28%. This clearly confirms the strong attractiveness and popularity of the offer. At the end of 2025, over 3 million customers use our multiplay offering. This means that already 54% of all our customers have at least 2 services with us.

On the other hand, it also highlights the significant potential to further increase multiplay penetration. Effective upselling is also visible in the number of services used by multiplay customers. At the end of 2025, they used 11.9 million RGUs, up by almost 1.8 million year-on-year. At the same time, we continue to maintain a low churn level at 7.7% in 2025. Although this is slightly higher than last year, it remains very low compared to the industry average, confirming high customer satisfaction and loyalty.

Next slide, please. Our strong multiplay performance continues to be a key driver of growth in contract services. By the end of 2025, we provided over 13.5 million contract services to our B2C customers, representing solid year-on-year growth of 2.4%. This growth was mainly driven by strong sales of mobile and fixed Internet services, which increased by almost 270,000 year-on-year. We also saw a solid contribution from mobile telephony with services up by 180,000 year-on-year.

As expected, the pay TV market remains under pressure. The decline in traditional pay TV services is partly mitigated by the continued shift towards IPTV and OTT solutions. Overall, we see a healthy mix within our contract base fully aligned with market trends and supported by our multiplay strategy.

Next slide, please. As I said at the beginning, we are seeing very strong adoption of the new multiplay offer clearly reflected in ARPU growth. In the fourth quarter of 2025, ARPU per B2C customer reached PLN 81.6, up by 5.4% year-on-year. This is a strong momentum, and we expect it to continue in the coming quarters. The growth drivers are clear. We are executing our multiplay strategy consistently. It supports strong mobile and Internet sales and enables effective upselling across the customer base, translating into higher customer value. We also see a strong shift in customer choice. Under the new multiplay offer, customers increasingly choose bundles with 3 or more services. Sales of these bundles have nearly tripled compared to the period before the launch in June last year. This is reflected in higher service saturation per customers. At the end of 2025, each B2C customer had 2.4 services on average, up from 2.3 last year. ARPU growth is a direct result of better bundling, better upselling and a stronger customer mix.

Next slide, please. Moving on to the prepaid segment. We continue to maintain a high and stable prepaid base of around 2.3 million services despite a highly competitive market. Our priority in prepaid is clear. We focus on value, not volume. In the fourth quarter of 2025, prepaid ARPU increased by 5.2% year-on-year, reaching PLN 18.2. Even with a slightly lower base, we see good customer quality. Prepaid customers tend to stay with us longer and top up repeatedly, which supports value over time.

We also strengthened our Polsat Box Go proposition. We simplified the offer to 3 clear packages and expanded content by adding TVN, Warner Bros. Discovery and TVP channels, increasingly the total to nearly 200 channels. This significantly enhances the value proposition and positions Polsat Box Go as one of the strongest TV and streaming offers on the market.

Next slide, please. Moving on to the B2B segment. We maintained a high and stable base over 67,000 B2B customers, which is an important achievement in a very competitive market. As across the whole group, our focus in B2B is on building customer value. In the fourth quarter of 2025, ARPU per B2B customer increased by 2.4% year-on-year, reaching over PLN 1,500 per month. This growth is supported by tailored solutions and long-term relationships with our business customers.

To sum up, I'm very satisfied with our operating performance in the B2C and B2B services segment last year. Our new multiplay offer is clearly working. It is driving multiplay customers growth, higher service penetration and strong ARPU momentum in B2C, up by 5.4%. Churn remains under control at a low level of 7.7%, while strong sales support RGU growth. Prepaid and B2B remained resilient. We maintained solid customer bases in very competitive markets while consistently building value, clearly visible in ARPU growth. Overall, the fourth quarter delivered a solid performance. Importantly, we also see a continuation of these positive trends in the first month of the current year. This confirms that our multiplay strategy is working and that our execution is delivering sustainable growth and higher customer value.

Now I will hand over to Janusz, who will discuss the Media segment. Thank you. Janusz, the floor is yours.

Thank you, Maciej. I will now have the pleasure of presenting the results of the Media segment for the first time. I have been responsible for the finance function at Telewizja Polsat for the last 15 years, and I have been a member of the Management Board of Telewizja Polsat since 2019.

Next slide, please. Let us begin with the audience share of the Polsat channels. In the fourth quarter of 2025, our channels achieved a 22.7% share of the commercial audience, maintaining the same level as in the fourth quarter of 2024. We are exceptionally pleased with this result as it contrasts with the performance of our major competitors whose audience shares declined in Q4 2025 compared with Q4 2024. The Polish TV advertising market grew by 2.5% during the quarter, while advertising revenues of our channels increased at a slightly lower rate of 1%. However, trends in the advertising market shares are better assessed over longer periods as single quarter results tend to be affected by seasonality.

So let us move to the next slide. As indicated on the previous slide, annual figures provide a better reflection of our position in the TV advertising market. In 2025, the Polish TV ad market grew by 1.2%, while advertising revenues of our channels increased by 1.5%, in line with the market. This market growth was consistent with expectations, which anticipated low single-digit growth. As the annual results show, our channels maintained a high and stable 28% share of the Polish TV advertising market. Turning back to viewership. Our audience share increased from 22% to 22.5% in 2025. We are particularly proud of this achievement as we reached the leading position for the full year 2025. Moreover, our main channel, Polsat, was the only major TV channel to increase its audience share.

Next slide, please. Let us now move to the results of our online business. The Polsat Interia Group maintains a very strong position in the Polish online portal market, both in the fourth quarter and throughout the entire year 2025, the group ranked #1 among online publishers in Poland and was also the leader in the mobile category. We have built a very strong, stable and importantly, repeatable business scale in the online segment. On average, we reached more than 20 million users per month, generating approximately 1.8 billion page views.

This clearly demonstrates that the Polsat Interia Group combines the largest reach with high intensity of content consumption, which translates into strong attractiveness for advertisers and the stability of our results. Moreover, the online business perfectly complements television, strengthening the group's overall media and advertising offering.

Next slide, please. Our very strong viewership results, both in the fourth quarter and throughout the entire year are the direct result of consistently strong programming schedules and an attractive sports offering. In the entertainment segment, we have consistently focused on proven high-quality formats such as Dancing with the Stars, Who Wants to Be a Millionaire, Your Face Sounds Familiar, Cash Battle and First Love. Our productions have built a loyal audience for our channels and strengthened our position in the television advertising market.

At the same time, sports remains a key pillar of our programming offering. We provide viewers with broadcasts across a wide range of disciplines, including football, volleyball, tennis and motorsports. Throughout our coverage, Polish audiences were able to witness the success of domestic teams and athletes, a Gold Medal in the Volleyball Nations League, a Bronze Medal at the World Volleyball Championships, strong performances by Polish football clubs in the UEFA Conference League and Iga Swiatek for Triumph on the Grass Courts of Wimbledon. This combination of entertainment and sport enabled us to achieve a 22.5% audience share in 2025 despite a highly fragmented market and intense competition for viewers' attention. Equally important, the quality of our programming and the broad reach of our audience translated into stable advertising results, both in the fourth quarter and across the full year.

Thank you for your attention. I would like now to hand over to Bartlomiej.

Thank you, Janusz. Ladies and gentlemen, allow me to present the operating results of the Green Energy segment. As I mentioned at the beginning of our presentation, with the launch of the Drzezewo Wind Farm in 2025, we ended the capital-intensive period in this segment. We have built a portfolio with a total capacity of about 0.5 gigawatt in renewable energy, consisting of about 100 megawatts of biomass, about 100 megawatts of photovoltaics and nearly 300 megawatts of wind energy capacity.

Allow me to remind you of the map of our investments. As you will surely notice, there is one more project under construction, a small wind farm called Dobra with 2 wind turbines. We will complete these investments in the second half of this year.

On the next slide, we will see how these investments translated into electricity production. Here, you can see growth in energy production, both quarterly and annually. The main reason for this was higher wind production capacity. Energy production from solar sources was at similar level, while biomass production was lower year-on-year due to the planned overhaul of the biomass turbine, which took place in the third quarter and part of the fourth quarter of 2025. It is important to mention that such maintenance work is performed every few years. It is worth noting that increases in wind energy production were nominally driven by higher installed capacities. However, 2025 was relatively weaker than 2024 and the recent years in terms of windiness and sunshine.

On the next slide, we present how this energy production translated into EBITDA for the segment. EBITDA growth in the fourth quarter is entirely driven by higher wind capacity. In the full year, this did not compensate for 2 biomass-related effects. First, the biomass turbine overhaul, which reduced energy production; and second, the effect of the high base of the comparable period. Please remember that in 2024, we benefited from unusually low biomass prices and relatively better energy selling prices from this source.

Finally, it is worth recalling that energy prices in 2025 remained relatively low and continue to be so in the current period of 2026. But in 2026, we will benefit from the full annual effect of production capacity growth. So despite relatively low energy prices, we anticipate a significant increase in EBITDA in this segment in 2026.

That is all for me. Now I will hand over to Kacha, who will tell you how these operating results translated into our financial results. Kacha, the floor is yours.

Thank you, Bartlomiej. Let me now discuss the financial results in the fourth quarter and the full year 2025. Starting with our key financial metrics. The fourth quarter results are presented on the top chart and the full year results are on the bottom chart. In the fourth quarter of 2025, total revenue was lower by 1.5% year-on-year. This reflects a mixed performance across business segments. Full year revenues remained stable at PLN 14.3 billion.

EBITDA adjusted for one-offs decreased by 8% in Q4 and by 5.5% in the full year 2025. In both periods, the main reasons were higher operating costs and a high base in 2024 in the Real Estate segment. I will go into more details on revenue and EBITDA drivers on later slides. Looking at the net results in Q4, we recognized an impairment on goodwill in the amount of PLN 2.7 billion. We informed about this in the current report last week. This impairment depressed our net result. In Q4, we recorded net loss of PLN 2.9 billion. And in 2025, the net loss was PLN 2.6 billion as the result of this impairment.

It is very important to stress that this goodwill impairment was noncash and has no impact on our operations, EBITDA or our cash flows. It reflects more conservative assumptions applied in our impairment test, given the high uncertainty and challenging macroeconomic and market environment.

Let's move to the next slide, please. Our free cash flow for the last 12 months reached PLN 736 million. This is an outcome lower than in 2024, but fully in line with my previous guidance. Our key covenant, net debt-to-EBITDA, excluding project financing, remained stable as compared to last year at the level of 3.59x. I'm especially happy with this result given that in 2025, we faced outflows for telco frequencies and still relatively high CapEx on our renewable energy projects.

Can I have the next slide, please? Let's look at revenue and EBITDA drivers in the fourth quarter segment by segment. This time, I will start with our smallest business segment, real estate because it has the biggest impact. In Q4, revenue was lower by PLN 115 million and EBITDA decreased by PLN 74 million. This is the effect of a high base in the fourth quarter of 2024. Last year, we had a very strong quarter. I mean, 2024, we had a very strong quarter due to accumulated handovers of apartments in Port Praski when we completed a residential building.

In B2C and B2B, solid growth of retail revenue supported by very good sales on ARPU growth was offset by weaker equipment sales. Lower EBITDA was also driven by pressure on OpEx. On the cost side, we recorded higher technical costs, mainly related to network maintenance and rollout and higher payroll costs. In the fourth quarter, the Media segment performed very well and contributed to revenue and EBITDA. We benefited good advertising and sales of content to cable operators. At the same time, we kept content costs stable.

In the Green Energy segment, revenue and EBITDA growth was driven by higher energy production from wind. As Bartlomiej said, in the second half of 2025, we launched the Drzezewo wind farm, which doubled our capacity in wind power. Additionally, we delivered more hydrogen buses, which clearly supports revenues. 14 NesoBuses were delivered in Q4 2025 compared to 3 in the fourth quarter of 2024. In Q4 of 2025, we adjusted EBITDA for 3 noncash one-offs. The most important is the impairment on the inventory of photovoltaic panels in the amount of almost PLN 84 million.

As a reminder, we made similar impairments in 2024 and Q2 2025. This is the last one as we have written off the entire value of this stock. For your reference, we have provided a slide with detailed the composition of one-offs impacting EBITDA in the appendix of this presentation.

Next slide, please. As far as 2025 results are concerned, in the B2C and B2B segment, total revenue was stable. This was mainly the net effect of higher retail revenue following a very good sales momentum and lower equipment sales. EBITDA of this segment remained under cost pressure. In particular, we recorded higher network-related costs, higher wholesale access costs following excellent uptake of customers of our fixed Internet service, higher payroll and higher marketing and distribution expenses linked to our new multiplay offering.

In Media, revenue increase driven by the strong performance, which Janusz discussed earlier. At the same time, EBITDA was under some pressure from content costs. Let me remind you that in 2025, we expanded our portfolio of sports rights, in Q3, Polsat channels added the Volleyball Nations League and World Championships. In Green Energy, revenue was higher year-on-year, mainly because of higher hydrogen bus sales and higher energy production, especially from the wind. EBITDA was impacted by the planned biomass unit overhaul and also by a high comparable base in 2024 when profitability on biomass energy sales was exceptionally strong.

In the real estate, the drivers are exactly the same as in the fourth quarter. Lower revenues and EBITDA were due to a very high base in 2024 when we handed over a large portion of apartments to customers.

Can I have the next slide, please? In 2025, we generated PLN 736 million in adjusted free cash flow after interest, excluding green energy development CapEx. Starting from the top of the bridge, lower operating cash generation in 2025 is mainly the result of lower adjusted EBITDA. In 2025, we paid about PLN 1.3 billion in cash interest and leases after hedging. Out of this, about PLN 1 billion represents debt service on our bonds and loans. Following the interest rate cuts, which started in Poland in mid-2025, we paid interest lower by about PLN 100 million.

Free cash flow after interest settled at PLN 530 million in 2025. Nonrecurring events include the disposal of Asseco shares, the payment for the 700 megahertz band and minor outflows on share acquisitions in the Media segment. Before we move on, please note that we also renewed the 900 megahertz reservation for PLN 590 million. This payment went through in January and will be reflected in free cash flow of Q1 of 2026. The next telco frequency renewals are expected in 2029. After adjusting for PLN 510 million of green energy development CapEx, we arrived at PLN 736 million of core free cash flow.

Let's move on to CapEx on the next slide, please. As always, CapEx remains under control. In our case, TMT is a CapEx-light business. The CapEx to revenue ratio of this business was around 7% in the fourth quarter and 8% in the full year. These investments mainly include Netia's fixed network and IT. In the Green Energy segment, I want to stress that CapEx-intensive projects are coming to an end. This is already visible in 2025 figures. Development CapEx in green energy was significantly lower year-on-year, down by 45% in the full year and 77% in the fourth quarter.

In 2026, we expect to make final settlement for the Drzezewo wind farm and complete the construction of the last small wind farm, Dobra. This would amount to about PLN 200 million of CapEx in total for 2026.

Next slide, please. Let me now comment on our debt and leverage. At the end of 2025, net debt to EBITDA for last 12 months, excluding project financing, is 3.59x, exactly the same as in 2024. At the consolidated level, including project financing, net leverage increased to 4.10x. Gross debt was broadly stable year-on-year at PLN 15.2 billion. This reflects 2 important financing moves in 2025. First, in February 2025, we made a partial prepayment under our senior facilities agreement of PLN 681 million. Second, in August 2025, we secured project financing for the Drzezewo wind farm up to PLN 953 million.

I'm very glad to report that average cost of debt has significantly fallen. As you can see at the bottom of the table, the prospective weighted average interest cost on loans and bonds decreased to 6.6% in 2025 from 8.3% a year earlier. This is, of course, the effect of interest rate cuts. Our debt structure is stable, excluding project financing, 68% are bank loans and 32% are bonds. The currency mix is predominantly Polish zloty, 83% and 17% euro, and it is fully floating interest rate. We hedge about 28% of our exposure in PLN and about 20% in euro.

Turning to debt maturity. I would like to remind you that in 2026, we are returning to scheduled debt amortization. In 2026, we have PLN 717 million scheduled for repayment and PLN 830 million in 2027. In 2028, we have a bullet repayment of our debt under the senior facilities agreement. To summarize, 2025 was quite a challenging time for our group. Looking ahead, the intensive investment cycle in green energy is now behind us. We are entering 2026 with clear financial priorities. We are focusing on strict cost control, tight CapEx management, improved cash generation and reducing our debt.

Thank you for your attention.

Okay. That concludes the official part of the presentation, and we can now move to the Q&A session. In the Q&A panel, I see one question from Mr. [ Bartosz Koszowski from IC ]. Could you please discuss any direct, indirect or anticipated impact of the Middle East crisis on the company's operational and financial performance?

Okay. Maybe I'll answer that. The Middle East crisis does not directly impact our operations. It probably will impact our operations indirectly, but less than the Polish economy as a whole.

Okay. We have a really long question from [ Ari ] directed to Piotr. I will read it out, all of it. Point one, what was your impression of the individual business divisions prior to you joining? And what have been your early findings since you joined? Were there any positive, negative surprises?

Point two, you mentioned in your annual report letter regarding market expectations. Anything you would say about what the market thinks about the individual decisions that it doesn't get right now?

And point three, any thoughts that you can share on timing of updates before the autumn strategy update, i.e., will it be a big reveal at the point? Or should we expect any update before then? Are there any major CapEx commitments for any of the decisions that should be paused while you are reviewing the enlarged group?

Thank you very much for the questions, and I'll go through these one by one. First of all, after having joined, I -- just for some context, I know the group very well. I've been involved with it for years -- for many years. So there were no big surprises. I think the most positive surprise that I found was the level of ambition that I found within the teams that are already here. People had so many great ideas. They wanted to share them. They wanted to have a platform to really spread their wings and really share their ideas. And so in that context, my job was really easy. All the necessary ingredients were already here. I just had to let people speak and let people give their own ideas. And so that was a very positive sentiment.

With regards to the second question and market expectations, I would say that market analysts have an amazing grasp of the numbers, of the Excel spreadsheets, of the specifics of every single market, every single division, our position within that market. However, what I think really lacks from an outside perspective is really looking internally on the ambitions of the individual team members, on the ideas of the individual team members and the opportunities that show up in the most unexpected places.

And so while the market may have very good consensus as to what our results will be within 6 months or within 1 year, I think if we extend that time frame and we look at 2 years in the future, 3 years in the future, that's where we have a lot of opportunity to evolve and bring out the ideas from within the organization, ideas that analysts will never think of or never even consider without actually spending 12 hours a day in the business, running the business, that's where you really get the -- maybe sometimes smaller ideas of day-to-day improvements. But if you add up enough of those improvements over time, it can make a huge change for the whole organization.

With regards to the third question and the update on the autumn strategy, we have finished our major CapEx commitments for the green energy sector for the time being. Our telecommunications and media operations run on yearly budgets that have been pretty predictable over the last years. So I would say you're correct in the question that there are no major CapEx commitments in the near future, which does not mean, and I would like to highlight this, we regardless of working on the autumn strategy that will be announced by the end of this year, we will be looking at every project that comes across my desk individually deciding, hey, maybe this isn't part of the grand strategy, maybe we don't necessarily need this, but this is just such a good opportunity.

This is such a good investment. We want to do this even if we have to sell it in a year or 2 years, it's just such a good investment from our perspective that we have to do it. So again, there are no long-term CapEx commitments that we have planned for the time being, but I don't want to block ourselves and exclude that something might show up in the coming months that we'll be happy to invest in. And of course, we'll be very transparent. We'll be talking to analysts. We'll be talking to the market. We'll be sharing this information. So any decision we make, we'll be informing about it straight away. And I think that answers all the questions. So thank you.

That was actually the last question that we have in the Q&A session. So with that in mind, thank you very much for your participation today. And I will hand over to Piotr.

Thank you very much to everyone. I didn't have a speech during the actual presentation. My members of the Board here did a very good job. So I'm very happy. I was here to answer all the questions, and I did that. So thank you very much. If you have any questions, feel free to reach out to our team. We'll try to answer everything as soon as possible. And see you in a couple of weeks for the quarterly results.

Thank you. Bye.

Good afternoon, ladies and gentlemen. Welcome to the earnings call for the third quarter of 2025 of Polsat Plus Group.

Can we please move on to the next slide. We will begin with the presentation of our results delivered by Andrzej Abramczuk, President of the Management Board; Maciej Stec, Vice President for Strategy; and Katarzyna Ostap-Tomann, Chief Financial Officer and ESG Officer.

[Operator Instructions]

With that, let's move on to the presentation. Andrzej, the floor is yours.

Good afternoon, ladies and gentlemen, and welcome on the conference regard of the results for the third quarter of 2025. Thank you for joining us today. Here is our agenda. First, I will share the key highlights of the quarter. Next, we will review operating and financial results in detail. Finally, we will summarize and move to the Q&A session.

Let's begin with the key highlights for the quarter. Let's start from the telco segment. In the B2C and B2B service segment, our new multiplay offer is performing above expectations. Since its launch in June, 11% of our customer base has already migrated to this offer. Additionally, bundles with the 3 or more services are gaining strong momentum, sales have nearly tripled. Average revenue per user also showed consistent growth, up 4% year-on-year.

Turning to the Media segment. This was an exceptional quarter for the sport. We broadcast the Volleyball Nations League and the World Championship, and we strengthened our portfolio with premium rights, including Formula 1, Bundesliga, UEFA Conference League and European League. This investment strengthened our position and driven audience engagement. However, the concentration of major sport events in the one quarter results in the visible increase in content cost. Looking ahead, we secured exclusive right in Poland for WTA tour tennis from 2027 until 2031, a great addition to our support offering.

In the Green Energy segment, we are coming to an end to develop investments. The Drzezewo wind farm has been completed and the commercial launch is planned for early 2026. Also, in the third quarter, we carried out our major maintenance on one of biomass unit. The energy market remains challenging with low energy price.

Let's take a quick look at the number. In the third quarter, revenue was PLN 3.4 billion and EBITDA amount PLN 766 million. ARPU per B2C customer exceeded PLN 80, up 4%. Our multiplay customer base surpassed 3 million and continue to grow, supported by the success of our multiplay strategy. Like I said, our reach programming and sport offer are very popular with the viewers. And in the third quarter, audience share rose to 22.7%, up 1 percentage point. Green energy production reached 237 gigawatts and was lower year-on-year due to the scheduled maintenance of the biomass unit. Overall, this quarter delivered solid operating performance, especially in B2C, B2B and media, but at the same time, we faced certain challenges.

Let's now to the more detailed review of our operating results. Maciej, over to you.

Thank you, Andrzej. I'm pleased to share the operating results from each of our business segments. I'll begin with the Media segment, focusing on both television and online performance. Could we move to the next slide, please? In the third quarter of 2025, our viewership figures and position in the advertising market remains strong. Polsat, our main channel, was the market leader with a 7.3% audience share, while our thematic channels collectively reached 15.5%. Altogether, TV Polsat Group achieved a total audience share of 22.7%, marking a 1 percentage point increase compared to last year.

The TV advertising and sponsorship market in Poland was slightly softer in the third quarter, declining by 2.6% year-on-year. The reason behind this is that last year, there were major sporting events that took place in Europe, the Olympic Games in Paris and the UEFA Euro championships in Germany. Our advertising revenue followed a similar trend. However, in real terms, this was only PLN 8 million lower than in Q3 2024. As a result, our market share remained stable at 27.6% in Q3.

Let's move to the next slide, please. Given the seasonal nature of the media business, it's important to assess our results over a longer period. Over the first 9 months of 2025, we delivered strong audience figures. Our group's total audience share rose to 22.4% year-on-year with our main channel Polsat accounting for 7.4% and our thematic channels contributing 15.1%. These achievements are in line with our long-term strategy.

Turning to the advertising market for the first 3 quarters of 2025, the sectors performed as we had anticipated with growth rates in the low single digits. We outperformed the market, increasing our advertising revenue by 1.7% to PLN 981 million, which resulted in a market share of 28.2% for the 9-month period.

Let's move on to the next slide. We consistently maintain a very strong position in the Polish online media market according to media panel data. In the third quarter, Polsat-Interia Group was the clear leader among Internet publishers in Poland, achieving the highest average monthly number of users, 20.5 million and a total of 2 billion page views during the quarter. What's important, Polsat-Interia Group is also a market leader in the mobile category, holding the top spot for 3 consecutive months in Q3 of 2025. These results demonstrate the strength and stability of our digital platforms, and we will continue to strengthen our position in the online media segment.

Can I get the next slide, please? Our autumn programming schedule delivered strong results, combining popular entertainment formats with major sports events. Flagship shows such as Dancing with the Stars, newly acquired format of Millionaires, Your New Home, Your Face Sounds Familiar, attracted large audiences, while premium sports broadcast further strengthened our position.

This quarter, we broadcast several exceptional sporting events. Notably, we earned matches of the Volleyball Nations League, including 12 games held in Poland, where our national team won the competition. We also covered the men's and women's Volleyball World Championships in the Philippines in August, September, where our men's team won the Bronze Medal. These Volleyball events are a vital part of our programming, supporting viewership and confirming our leadership in sports broadcasting. However, they also led to higher one-off content costs during the third quarter.

Additionally, we have recently expanded our sports rights portfolio, acquiring rights to major events such as Formula 1, Bundesliga and the UEFA Conference and Europa Leagues. These investments contributed to higher content costs, especially when compared to last year when our cost base was lower as we no longer held the rights to the UEFA Champions League.

Overall, as a result of these initiatives, our audience share rose to 22.7%, confirming the effectiveness of our programming strategy and the strength of our diversified content portfolio. However, this quarter's results were affected by increased content costs.

Next slide, please. Let's now look at the B2C and B2B services segment and its performance in Q3 2025. Next slide, please. We continue to see strong performance in our multiplay offering, supported by the new offer introduced in June 2025. As Andrzej has already highlighted, customer interest in our new multiplay packages is very high, and we are successfully moving customers to this offer. At the end of the third quarter, more than 3 million customers were using our multiplay services, representing 53% of our total customer base. Over the past year, we grew the multiplay base by 41,000 customers, again, thanks to the continued effective upselling of our services.

Our multiplay customers account to 11 million RGUs and increased over 1.1 million year-on-year. This growth was also driven by the new multiplay offering and strong demand for bundles consisting of 3 and more services. Importantly, churn remains low at 7.4%, which reflects the strength of our multiplay strategy and the value it brings to our customers.

Let's move to the next slide, please. Our strong multiplay performance is closely linked to the overall growth of our contract services portfolio. In the third quarter, we delivered more than 13.3 million contract services, representing a 2% increase compared to the previous year. Mobile telephony continued to be a key driver of growth with 195,000 more services provided than last year. We also observed as a key driver, demand for Internet services, adding 207,000 mobile and fixed connections year-on-year. The pay TV base continues to face pressure, but this is partly offset by the growing adoption of IPTV and OTT solutions, which help us maintain a competitive position in the pay TV segment.

Next slide, please. As a result of our consistent long-term execution of the multiplay strategy, we continue to see growth in ARPU per B2C customer. In the third quarter, ARPU increased by 4% year-on-year and reached PLN 80.3. This progress was driven by solid sales of mobile and Internet services as well as the consistent execution of our multiplay approach. I would like to highlight that for the first time, our average revenue per customer has exceeded PLN 80. This is a clear evidence of the effectiveness of our strategy.

We are also observing a constant rise in the number of services used by each customer with an average of 2.36 RGUs per customers at the end of the third quarter. This result demonstrates our successful upselling and bundling efforts. As Andrzej mentioned earlier, sales of packages with 3 or more services have almost tripled since we introduced the new multiplay offer in June. This not only shows strong customer interest in our new offer, but also proves that there is further potential to increase the saturation of our customer base with additional services in the future.

Let's move to the next slide, please. In the prepaid segment, we maintain a high stable base of 2.41 million services despite operating in a highly competitive and challenging market environment, which I underline quarter-by-quarter. ARPU in this segment increased by 3.4% year-on-year, reaching PLN 18.4. This growth was supported in part by the launch of new and attractive pay TV packages on Polsat Box Go, Polsat Lovers, Premium and Premium Sport priced at PLN 20, PLN 30 and PLN 50, respectively. Each package builds on the previous one, offering flexible access to up to 180 TV channels, including 24 premium sports channels, a wide range of exclusive sports broadcast and a rich VOD library.

I'm confident that this new offering, together with our continued efforts to increase the value of prepaid customers will help us further grow prepaid ARPU even in the face of the market challenges.

Next slide, please. In the B2B segment, we continue to maintain a stable customer base of around 68,000. I would like to underline that the B2B market is very demanding, and we operate in a highly competitive environment. Our main objective in this area as in all other segments is to increase customer value. ARPU per B2B customer increased by 2.1% year-on-year, reaching almost PLN 1,550 per month. This growth demonstrates our commitment to providing high-quality services tailored to the specific needs of our clients and to building strong long-term relationships with our business customers, which ensures continued resilience in this segment.

Next slide, please. Let us now turn our attention to the Green Energy business. The next slide, please. In the Green Energy segment, production in the third quarter was 21% lower year-on-year, amounting to 237 gigawatt hours. This decrease was mainly due to scheduled major maintenance on one of our biomass units, which continued throughout the quarter and significantly reduced output. Such maintenance is routine, occurring every 8, 10 years with the other units expected to undergo similar work in around 5 years. Despite this temporary reduction, total green energy generation for the first 9 months of the year increased by 15% year-on-year, reaching 830 gigawatt hours. This growth was driven by the expansion of our wind energy capacity and our largest wind farm, Drzezewo has now been completed and is currently generating energy as part of its technical commissioning.

It's worth mentioning that energy production in the first 9 months of 2025 was noticeably affected by weaker weather conditions. Nevertheless, wind energy continued to be the main driver of growth. Production from wind sources increased by 56% year-on-year in the third quarter and by 73% for the 9-month period, reflecting the positive impact of our new capacity.

Can I have the next slide, please? EBITDA in the Green Energy segment amounted to PLN 175 million for the first 9 months of 2025, representing a 14% decrease year-on-year. In the third quarter, EBITDA stood at PLN 52 million, 37% lower than the previous year. This decline was primarily the result of scheduled major maintenance work on the biomass unit, which significantly reduced production during the quarter. And the comparison to last year is impacted also by an exceptionally strong base driven by higher contracted prices and more favorable supply terms for biomass energy.

Ongoing low market energy prices also continued to affect profitability. The completion of the Drzezewo wind farm doubled our installed wind capacity to 289 megawatts. With this project, we have reached our target capacity in wind energy, combined with stable energy prices going forward, this positions us to strengthen EBITDA in the coming period. This milestone marks the final stage of our investment program in renewables.

Ladies and gentlemen, before I hand over to Kacha, I would like to very briefly summarize our operating performance across segments in the past quarter. In Q3 2025, our Media segment achieved excellent viewership results with a 22.4% audience share in 9 months of 2025. We maintained a strong position in the advertising market with a 28.2% market share and ad revenue growing by 1.7%. The third quarter, the financial results of the Media segment was affected by higher one-off content costs due to new sports rights and major volleyball events.

In the B2C and B2B services segment, multiplay continues to drive growth. Over 3 million customers now use multiplay services and ARPU per B2C customer exceeded PLN 80 for the first time. The commercial momentum of our multiplay offer is very good, supporting our operating results in the coming quarters. Prepaid and B2B segments remain resilient with growing ARPU supported by attractive offers and tailored solutions.

In green energy, we completed the Drzezewo wind farm, reaching our target wind capacity and finalizing our renewable investment pipeline. The operating and financial results of this segment were heavily impacted this quarter by the renovation of the biomass unit, which is a one-off event. I expect that going forward, EBITDA will improve on the back of higher wind capacity, providing that energy price remain at least stable. Still, I would like to signal that reaching our strategic EBITDA goal in 2026 is going to be challenging, and I would rather anticipate a result in approximate PLN 400 million next year. That said, please remember that our renewable energy projects are long-term, 30 years investment, and this is how they should be analyzed.

Kacha, please, come on, the floor is yours.

Thank you. Good afternoon, everyone. Can I have the next slide, please?

Before moving to a detailed discussion of financial results, I want to emphasize what Andrzej and Maciej have already mentioned. In the third quarter, we faced several one-off events. In the Media segment, we had higher costs from the new sports rights and major volleyball events. In the Green Energy segment, we carried out a major overhaul of one of our biomass units. These factors had a clear impact on our Q3 results.

Revenue declined by 4.1% to PLN 3.4 billion. Adjusted EBITDA reached PLN 766 million, primarily impacted by higher content costs this quarter. We closed the quarter with a net profit of PLN 57 million. Free cash flow for the last 12 months adjusted for green energy investments was PLN 860 million at the end of Q3. I would like to signal that in the full year 2025, Free cash flow may be around PLN 600 million to PLN 700 million. Net debt-to-EBITDA stood at 3.54x, slightly lower than at the end of 2024. However, I expect this ratio to rise in Q4 or Q1 2026 due to the upcoming payment for the renewal of the 900 megahertz frequency reservation pending the regulator's decision.

Can I have the next slide, please? Here, you can see a detailed breakdown of revenue and EBITDA by segment. Revenue was significantly impacted by lower results in the Green Energy segment, driven by several factors. First, we recorded lower energy sales due to weaker market prices, reduced production volumes caused by the biomass unit maintenance and a strong comparative base in Q3 2024 when we had exceptionally favorable biomass energy contracts.

Second, there were no revenues from hydrogen bus deliveries in this quarter as these are scheduled for Q4. Revenue from buses is recognized on the same principle as in the real estate at the time of delivery to the customer. These revenues will fluctuate depending on the delivery schedule.

In the B2C and B2B services segment, the main reason for the revenue decline was weaker equipment sales. This reflects a general market trend as customers replace phones less frequently, which reduces overall device sales.

Turning to EBITDA. The impact of content cost in the Media segment is clear. This quarter includes cost of new sports rights, which Maciej presented in detail and significant costs related to global prestigious volleyball events, which were compared against at a very low base last year when Champions League costs were no longer present. I want to stress that a large part of these costs related to volleyball events are one-off and will not repeat in the coming quarters. EBITDA in B2C and B2B services was affected by lower margins on equipment sales and higher costs, including network and employee-related expenses influenced by last year's inflation and increases in the minimum wage. Maciej has already discussed the reason for the EBITDA decline in the Green Energy segment.

Next slide, please. Our adjusted free cash flow after interest and development CapEx in the Green Energy segment was PLN 860 million over the last 12 months, which I consider a very good result. Interest costs remain a key factor that puts pressure on free cash flow. We are already seeing savings on interest costs due to the interest rate cuts, but please remember that these reductions are reflected in our results with some delay and will continue to lower our debt servicing costs in 2026.

I also want to highlight telco frequency reservation payments. PLN 645 million relates to the renewal of the 2,600 megahertz band in Q4 last year and the 700 megahertz block. We are still waiting for the regulators' decision on the terms for extending the 900 megahertz reservation. After that, we do not expect further renewals for several years. Finally, development CapEx in green energy is gradually declining as we are now at the final stage of these investments.

Next slide, please. On this slide, we show the breakdown of capital expenditures by business segment. In the TMT area, which includes both B2C and B2B services and the Media segment, we operate under a CapEx-lite model. The CapEx to revenue ratio stood at 8% in both the third quarter and 9 months of 2025. CapEx in this segment mainly relates to Netia's fixed network and IT. As mentioned earlier, development CapEx in the Green Energy segment is almost completed. In Q3, CapEx in this segment was PLN 113 million and PLN 420 million for the first 9 months. I still expect elevated spending in Q4 due to the settlement for the execution of the Drzezewo wind farm, after which our development investments are essentially over.

Can we go to the next slide, please? My final slide, as usual, covers the group's debt. As mentioned earlier, net debt-to-EBITDA ratio, excluding project financing, was 3.54x, including all group debt together with investment loans for renewable energy projects, the ratio was 4.03x. The debt structure and maturity profile remain unchanged. In Q1 2026, we resumed scheduled principal repayments on the term loan maturing in 2028. The bonds mature in 2030. Please note the weighted average interest cost, 7.3% based on the repo and the balance sheet date. This rate is steadily declining with interest rate cuts. Recall please that at the end of 2024, we reported 8.3% and this will have a positive impact on our free cash flow going forward.

That's all from me today. It was a challenging quarter financially, but I want to emphasize that much of the pressure came from one-off factors that will not repeat in the coming quarters.

Thank you for your attention. And now I hand over to Andrzej.

Thank you, Kacha and Maciej. Our results to the third quarter in line with our expectations and were under impact of the several one-off events. Firstly, the Media segment was higher costs related to the sports right and secondly, in the green energy, scheduled maintenance of biomass unit reduced production. On the positive side, our new multiplay offer continue to perform very well. It supports ARPU growth and will driven retail revenue in the coming period. We also had a strong start at the autumn programming schedule, combined with robust sport offering, this delivered excellent viewership has strengthened our position in the advertising market.

Finally, we completed the Drzezewo wind farm, this doubled our installed wind capacity and marked the end of capital-intensive investment phase in renewable energy.

This brings us to the end of the presentation, and we will now take your questions. Thank you.

Thank you very much. We have a couple of questions that you have posted in the Q&A panel. So thank you for those questions. And I will read them as they were posted.

The first 2 comes from Nora from Erste.

I have 2 questions, please. Could you please elaborate on the technical costs? Will these continue to rise after the third quarter of 2025 due to network rollout expenses? If so, approximately until when?

As far as the technical costs are concerned, it's not only the rollout cost, rollout expense that we have there. We also have wholesale network access, which is -- which we use for our fixed line in Plus. So this is -- basically, these are the 2 components of the rising rollout cost -- the rising technical costs. As far as rollout is concerned, it will rise during 2026, definitely because we are expanding our 5G network.

And second question, what is your expectation for EBITDA in 2026? Do you expect positive year-on-year dynamics in retail?

As far as EBITDA for 2026 is concerned, we are finishing at the moment our budget. So I won't be able to give you the specific details of what we expect for the consolidated EBITDA. We'll do everything that we can to have positive dynamics in the TMT segment.

The next question comes from Bojan from ODDO BHF.

Could you please provide a bit more details on your additional financing you've taken during the third quarter, type of debt volume, interest rate tenure?

So we're talking of the financing of Drzezewo wind farm, which was completed in August. It was a term loan with the consortium of 3 Polish financial institutions. It was PLN 874 million plus revolving loan of PLN 56 million and a small amount for recuring VAT. It's taken for 15 years at a variable rate.

Three questions from Ali from HSBC.

Can you talk about the multiplay additions? How much of this is new customers versus the existing subscriber base? And can you comment on the margin dilution impact from multiplay and how you offset or think about this?

Okay. When we talk about multiplay additions, in fact, it doesn't matter because it's included in our ARPU, which we report because you have dilution inside and growth also inside. So our ARPU in third quarter of 2025 increased by 4%. And first time, it was more than PLN 80. When you take a look at our new offering, it's more concentrated on total check per subscriber because in our new offering, you choose 2 services out of 4 basic services and you pay PLN 80.

Then you add another service for PLN 30. So in fact, it's a very simple offering, which builds the ARPU and you can easily upgrade your offering. So first check is PLN 80. Next check is PLN 110. For 4 services, it's PLN 140. That's what we mentioned in the presentation. With new offering, we observed that we have more contracts done for 3 and more services. And in fact, it's 3 and 4 services. We observed in our offering -- in our data now that we triple such a transaction. So in fact, it's included in our ARPU, so you can develop your model according our ARPU easily.

If energy prices were to remain at current low levels, what kind of EBITDA would the division generate in '26, '27 versus previous expectation, PLN 500 million.

It would be more or less PLN 400 million with the current prices.

Margins in B2B and B2C continue to be challenging, revenues decline and inflationary cost growth. Could you give us any color on how you expect that to evolve over the next couple of years?

As far as the B2B and B2C margins for the foreseeable period are concerned, they are obviously challenging. But as Board of Directors, we do everything in our capacity in order to maintain the margins for the foreseeable future.

And that's what I presented in the B2C and B2B segment. When you take a look at the offering, so 53% of our base has 2 or more services. It means that 47% has only 1 service, which is important. So we can -- we have space here just to grow. But the second is more important when you take a look at saturation of RGUs per our multiplay subscribers is only 2.36 in the third quarter of 2025. In basic offering, we have 4 services and additional services, we have 3 or 4 more. So in total, we have 6 to 8 services just to sell to the households.

So there is very big space and very big potential just to grow, especially with this new offering, which I explained previously, it was like that first, you pay PLN 80, PLN 110, PLN 140, PLN 170, PLN 200. So you can operate for the whole family and even your friends. So this is very easy just to upgrade our offering and you can choose your services in a flexible way.

A follow-up from Nora. One more question, please.

Does the reduction in recurring EBITDA in the Green Energy segment to PLN 400 million in 2026 also apply to subsequent years?

Look, it depends on the cost of energy. Actually, I'm sorry to say that I'm not a fortune teller to tell what the prices of energy will be in the subsequent years. The only thing I can tell you if the prices will maintain the level from today, I estimate future EBITDA is PLN 400 million. This is pure mathematics.

Yes. And this is for 2026 because we have outlook for 2026 because now we are contracting 2026 now. 2027 will be contracted on the base of next year energy pricing, and this is important how it operates. So you need to understand there is a delay with our revenues in this segment.

And a question from [indiscernible].

Should we expect adjusted EBITDA to decline in the fourth quarter of 2025? What level of free cash flow should we expect in 2026?

As far as EBITDA is concerned for the whole 2025, the comparable EBITDA will be a bit lower than 2024. So that's more or less my estimation. As far as the free cash flow is concerned, it really depends on the working capital and mainly this depends on the cost of capital. So for 2026 at the moment, I won't be able to give you an estimate.

And a follow-up from Bojan.

Could you please give us a bit more clarity on workforce costs till the year-end and also implications for 2026?

In 2025, we have suffered an increase in workforce costs. This was partly to -- mainly this was due to the factors that we do not control. The increase on the minimum wage, that's the first thing. The other thing is still the press of inflation or impact of inflation on the workforce cost. So basically, what we expect in 2026 is lowering -- I mean, not lowering workforce cost, but lowering the increase. So the impact will not be so high in 2026 because we see both inflation and the press on the wages a bit lessening right now in the fourth quarter.

That was the last question that we have. So thank you from my side for joining, and I will pass over to Andrzej.

Thank you, Agata. Thank you, Kacha and Maciej. Ladies and gentlemen, thank you very much for the participation in our quarterly conference. And let's see when we presented our yearly results. Thank you.

Thank you.

Thank you very much. Bye.