Cyfrowy Polsat S.A. Ord

Good afternoon, ladies and gentlemen. It is my pleasure to welcome you to the earnings call of Polsat Plus Group for the fourth quarter of 2024 and the full year 2024. Could I please have the next slide? Today, the results will be presented to you by the CEO of Cyfrowy Polsat, Mr. Mirosław Błaszczuk, Vice President Responsible for Strategy, Mr. Maciej Stac, and the CFO and Management Board Member Responsible for ESG, Ms. Katarzyna Ostaptoman. As we proceed with the presentation, please post any questions you may have in the Q&A panel. Please remember to include your name and institution with your questions as we do not accept anonymous questions. This will help us address your queries more effectively and ensure a smooth Q&A session. Thank you very much and I pass the floor over to Mr. Błaszczuk.

Good morning everyone. I am pleased to welcome you to Polsat Plus Group's results conference for the fourth quarter of 2024 and the entire year 2024. Today's presentation will follow the standard plan. First, I will present the most important events that took place in the past year. Then Maciek will discuss the operational results of all our business segments and Kasia will present the Group's financial results. We will conclude the presentation with a brief summary of 2024 and our goals for 2025, followed by a Q&A session. Next slide, please. The year 2024 was a very good year for Polsat Plus Group. I'm very pleased with the operational results achieved in all our business segments. Combined with cost discipline, they translated into strong financial results. Let's move on to the next slide. Let's start with the telecommunication segment. We consistently implement our long-term multiply strategy, focusing on building customer value and loyalty. As a result, in 2024, the average revenue per B2C contract customer increased by 4.8% to 76.1 PLN and for B2B customer by 3.4% to over 1,500 PLN. I'm very pleased with the falling churn rate, which was only 7% in 2024. In this segment we continuously expand and improve our Plus 5G network. It now covers 26 million people, that's 70% of Poland's population. As you may remember, we decided to base our 5G network on the unique 2.6 GHz TDD frequency back in 2020, and in 2024 we renewed this reservation for another 15 years. Additionally, at the beginning of 2024 we obtained the reservation in the 3.6 GHz band, and just two weeks ago the 700 MHz auction was concluded, in which we acquired one block for 363 million PLN. This way we have secured frequency resources that we will use in the coming years to further develop our 5G network to provide our customers with the best quality of services. We are also consistently increasing the coverage of our fixed internet access service. Today we cover almost 11 million households using both our own network and wholesale access. Next slide, please. Moving on to the media segment, I am pleased to inform you that our TV channels achieved very good viewership results, capturing a 22% market share. I would also like to highlight the success of our portal InteriaPL, which in 2024 became the leader among Internet publishers in Poland. We have also strengthened our offering in the key sports segments by securing exclusive rights to broadcast several prestigious events. These include, among others, the Formula One Grand Prix, the UEFA Europe League, the UEFA Conference League, the German Bundesliga and the French League One. We are also very pleased with the return of the men's and women's national handball to Polsat. These sport rights will contribute to the attractiveness of our sport offering in the coming years. Next slide, please. In the green energy segment, we are consistently implementing the strategy 2023 plus and building our third business pillar. In 2024, we launched two more wind farms in Człuchów and Przerów. As a result, our installed wind power capacity increased to 150 MW. At the same time, we are dynamically building our largest wind farm in Dzerzewo with a capacity of 139 MW where 32 Ensemble turbines are already standing. In the green hydrogen area, I am very pleased to inform you that we have completed our green hydrogen value chain by launching green hydrogen production at our electrolyzer in Konin. Hydrogen is produced by a 2.5 MW PM air-chlorizer with a capacity of up to 1,000 kg of hydrogen per day. Additionally, we have put into operation more hydrogen refueling stations. Today, there are already six public Neso stations in Warsaw, Rybnik, Gdańsk, Gdynia, Lublin and Wrocław. We also won tenders for the delivery of 555 hydrogen-powered buses to various cities in Poland. Next slide, please. We ended 2024 with very good financial results. Kasia will, of course, present the details, but I would like to highlight the strong growth we recorded in 2024. The group's revenues were 4.7% higher year-on-year, amounted to 14.3 billion PLN. Adjusted EBITDA increased by 9.6% to 3.3 billion PLN. I would also like to underline that effective cash flow management within our wide portfolio of strategic investments is our priority. I would like to remind you of an important event that took place in the first quarter of this year. We decided to sell our stake in Asseco and allocated the proceeds to the partial early repayment of our loan in the amount of 681 million PLN, which further strengthens our financial position. Next slide, please. Ladies and gentlemen, the year 2024 was full of significant events for our group in each segment. It was a very successful year for our company, both in terms of business results and financial achievements. Our TMT business is developing organically according to plan. The execution of the strategy 2023 plus in the green energy segment is already bringing tangible results. Good operational results translated into significant increases in both revenues and EBITDA. I am proud of the achievements of the past year and I look to the future with optimism. Now let's move on to the detailed operational results of our business segments, starting with the media segment. Maciek, over to you.

Thank you, Mirek. Hello, everyone. Indeed, like Mirek said, we had very good results in our operating segments in the fourth quarter and 2024. So let me start with the media segment. Next slide, please. The fourth quarter was very good for TV Polsat. We had a strong position both in terms of viewership and advertising. The audience share of our thematic channels grew to 15.2%, driving up the total audience share of our channels to 22.7%. Our main channel Polsat had a share of 7.5%, which is a stable result year over year. Advertising spending in the fourth quarter grew at a rate of almost 3%. During this time, our TV advertising revenue increased by 1.8%, which gave us a market share of 28%. Can I have the next slide, please? In my opinion, it's always better to look at the performance of our media segment over a longer time horizon because of seasonality. On this slide, we have the results for the full year. Our position in terms of audience shares remained strong throughout the year. Our main channel Polsat achieved 7.1% of audience shares and our thematic channels had 14.9%. As a result, our portfolio of TV channels maintained high stable audience share of 22%. This is an excellent result because please remember that last year we had the Olympic Games in Paris and the UEFA European Championships in Germany, which were broadcast by our competitors. So I'm very satisfied that we maintained a stable position, which is in line with our long-term strategy. In 2024, the TV advertising market expanded at 5.9%, our advertising revenue grew at a slightly lower rate of 4.2%, reaching almost 1.4 billion zlotys. And as a result, we had 28% of market share at the end of last year, so a very good result. Can I have the next slide, please? Let's move on to our online business. We are particularly proud of the results of Polsat Interior because, as you can see on this slide, we have successfully built our position in the online market. In 2024, Polsat Interior Group was the number one internet publisher in Poland in terms of real users. We are also very pleased that in 2024 Polsat Interior Group remained the market leader in the mobile category because the amount of content consumed on the small screen is rapidly growing and this leading position gives us a competitive edge. In the fourth quarter of 2024, the average monthly number of our users reached 20.8 million and the number of page views exceeded 1.8 billion, demonstrating our strong market presence. We see synergies between Interia and Polsat on a daily basis and this business leg delivers consistent, solid financial results. Next slide, please. Summarizing, 2024 was a very good year for both Television and Interia. Our TV channels had an audience share of 22% and we increased advertising and sponsorship revenues by over 4%, while Interia became a leading player in the online market. As you can see, we focus on producing engaging content, particularly our own published productions, which are extremely important to our viewers. In the first column, you can see our own productions. These are proven formats, series and content that are well known and loved by our viewers. This attractive own content in the Polish language translates into a very good viewership results for our channels both in 2024 and at the beginning of 2025. The second pillar is strengthening the sports channel offering. As you can see on the left side, we are extremely pleased with our sports offering for the coming years. As you know, we have acquired the rights to Formula One, which is performing very well on 11 sport channels network. We also purchased the rights to the Europa League and Conference League, where Polish teams are playing and they are doing very well. We are broadcasting Bundesliga since the beginning of 2025 and we have renewed the rights to broadcast the French League, Ligue 1. And the last but not least, we are also very happy that national handball, both women's and men's, is returning to Polsat Sport channels. So we have two pillars, entertainment and series production and sports focused on major rights, but also on Polish sports. We expect that in 2025 we will continue our good streak, both in terms of viewership and advertising market. Next slide, please. Moving on to the B2C and B2B services segment, I can say that we had a very good quarter and year in this segment as well. Let's look at the results. Next slide, please. As you know, in this segment we have been consistently implementing the Multiplay strategy for many years and we focus our efforts on building customer value and loyalty. We have a high and stable base of Multiplay customers despite challenging market conditions. We operate in a highly competitive environment and we are facing macroeconomic headwinds. Interest rates remain high at 5.75%. and high cumulated inflation over the past years. Despite all of this, our multiple customer base increased by 2.4% to over 2.5 million customers, representing 44% of our total customer base. This group contracted a total of 7.7 million services, making an increase of 261,000 year-on-year. At the end of the fourth quarter of 2024, churn decreased to only 7%. This shows customer loyalty and the very good quality of these services relative to their prices. This makes me very happy because it indicates a long-term relationship with our customers. We are confident that as we continue our multiplayer offerings, we will maintain this low churn rate in the future. Can I have the next slide, please? We provided over 13 million contract services to our B2C customers by the end of the fourth quarter of 2024. Mobile telephony and internet services were the key drivers of this growth. We added 191,000 mobile voice services, reaching a total of 6.4 million. Internet access services also grew by 95,000 up to 2.1 million. Our pay TV base is facing some pressure, but we successfully mitigate this with a growing number of pay TV services in IPTV and OTT technologies. These new technologies are helping us offset the decline in traditional pay TV services. Next slide, please. ARPU per contract B2C customer remains on a dynamic growth path, reflecting the success of our multi-play strategy and the strong demand for our services. In the fourth quarter of 2024, ARPU increased by 5.2% year-over-year up to 77.4 zloty. Effective upselling of products to our existing and new customers is a strong driver of this increase and is reflected in the high level of RGU saturation per customer. In the fourth quarter of 2024, it was 2.3 services per customer. Additionally, growing demand for data driven by the popularization of 5G terrorists is a positive factor for us. As Mirek mentioned in the introduction, we acquired 5G frequencies, the C-band and the 700 MHz, and we renewed the 2.6 GHz TDD frequency. All these frequencies will help us to improve both coverage and quality of our 5G network and will support our results going forward. Next slide, please. In the prepaid segment, we provided 2.5 million services at the end of 2024. I want to emphasize that we have maintained a stable base of prepaid services in a highly competitive market. We focus on building ARPU. Despite a slight decrease in the base, we maintain a stable ARPU level of 17.3 slots at the end of the fourth quarter. This is a good result, especially considering the fierce competition in this market segment. Next slide please. I'm also very pleased with our performance in the B2B segment in the fourth quarter of 2024 and the full year. As you can see, we consistently maintain a high and stable base over 68,000 B2B customers over the long term. At the same time, RPO per B2B customer increased by 4.6%, close to 5% in the fourth quarter to 1,530 zlotys. This increase in ARPU highlights our commitment to delivering high-value, tailor-made services to our business customers that meet their needs and expectations. Before we move to the green energy, let me briefly sum up our results in the B2C and B2B services segment. This was a very good quarter and entire year for us. We continue to grow thanks to our multiplayer strategy. ARPU growth is consistently high in our key customer groups, 5.2% per B2C customer and 4.6% per B2B customer in the fourth quarter. Also, churn is consistently low and falling only 7% at the end of 2024. These results showcase our strategic goal, which is to build customer value and loyalty. Can I have the next slide, please? Today I'm very excited to share some remarkable achievements in our green energy segment. Only three and a half years ago, in December 2021, we announced our ambitious strategy 2023+, aiming to transform Pulsat Plus Group into a leader in connectivity, content and clean energy. We set two new goals to become a leading producer of clean green energy and green hydrogen. This afternoon, I'm delighted to announce that we have successfully realized these objectives. Can I have the next slide, please? We achieved our first goal and today we are leading producer of clean green energy. We have 105 MW installed in two biomass units and 82 MW completed in photovoltaic farms. Recognizing the potential of wind power, we decided to focus our investments in this renewable energy source. It will soon have nearly 300 MW installed, including our flagship Drzezewo wind farm with a capacity of 139 MW. With these strategic investments, we are on track to reach over 1,700 GWh of clean energy production within just five years after announcing our strategy. To put this into perspective, 1,700 GWh represent approximately 1% of Poland's total energy consumption, a truly remarkable achievement. Furthermore, we will reach this milestone with lower investment costs than we initially projected. By 2026, our investment expenditures will amount to about 3.9 billion zlotys, which is 1.1 billion less than our 2021 guidance. We have also reached our second major goal by establishing a complete green hydrogen value chain. Today we produce green hydrogen using renewable energy thanks to our 2.5 MW electrolyzers in Konin, which can produce even 1000 kg of green hydrogen every day. That's enough to refuel about 40-50 Neso buses daily. We are also working on 0.5 MW alkaline electrolyzer, which will boost our hydrogen production capacity in the future. We use 10 hydrogen trailers to store and transport our hydrogen to our network of 6 publicly available hydrogen refueling stations across Poland. We have developed a hydrogen-powered bus, the NesoBus. Already 90 NesoBuses were sold or are contracted by various cities in Poland. Finally, we want to set a good example and decarbonize our car fleet at Polsat Plus Group by using 150 hydrogen-powered cars. Just three years after announcing our strategy 2023+, we've established a fully operational green hydrogen chain. As we move forward, we'll be testing, optimizing and scaling it according to the market demand. Next slide, please. Over the past year, we have recorded a dynamic growth in our green energy production, driven by our expanding capacity for wind energy generation. In the fourth quarter of 2024, our green energy production increased by an impressive 64% year-over-year, reaching 295 GWh. And this significant increase was the effect of commissioning of 123 MW at the Człuchów and Przydów wind farms. But the successful and timely development of our wind projects not only highlights our commitment to sustainable energy, but also shows our ability to execute large-scale projects efficiently. For the entire year of 2024, our green energy production grew by 53% compared to the previous year, exceeding 1000 GWh. It means we produced more than 1 TWh of the green clean energy. One of our most ambitious projects, the construction of the largest wind farm in Drzezewo with a capacity of 139 megawatts is progressing ahead of schedule. I would say we have already assembled 32 turbines out of 63. At this rate, we are likely to launch the first turbine in technical commissioning before the end of the second quarter, which means that this farm will start to generate revenue very soon. Next slide, please. And now it's my great pleasure to report that in 2024 we have generated already 282 million zlotys of EBDA in our green energy segment. This is a very impressive result considering that it has only been three and a half years since we started to build this business segment. In the fourth quarter of 2024, EBDA of the green energy segment was 79 million zlotys. This result was driven mainly by the expansion of our renewable energy capacity to 338 MW at the end of the year from 215 MW at the end of 2023. Additionally, in 2024, we were able to secure favorable terms for the supply of biomass and we also enjoyed a stable regulatory environment, which is very important in the energy sector. As I have already mentioned, EBITDA for the full year amounted to 282 million zlotys. Please remember that we started to consolidate our green energy segment since July 2023, so the results for the full year are not fully comparable. Looking ahead to 2025, with the completion of the Drzezewo wind farm, we will double our installed capacity in wind power and this expansion will further support our EBDA growth in the future and solidify our position in the renewable energy market. Next slide, please. On this slide, I'm very pleased to present the progress we've made with our 2023 plus strategy. I'm incredibly proud because today we can say that we will successfully meet our ambitious target of 500 million Zloty of VBDA by 2026. What's more, we will achieve this target with lower capex. We will spend 1.1 billion Zloty less than we assumed. Back in 2021, we announced that we want to generate 500-600 million zlotys of incremental EBDA annually from our new energy business in 2026. In 2024, we have already reached nearly 300 million zlotys with the contribution from Drzezhevo Wind Farm. I'm confident that in 2026, we will deliver the promised EBDA of about 500 million zlotys. We estimate that in 2026 our energy production capabilities will reach 1.7 TWh annually, representing approximately 1% of Poland's total energy consumption. Just three years after announcing the strategy, we already have assets that allowed us to produce over 1 TWh of green energy in 2024. More importantly, we achieved all this with the lower investment expenditures. By the end of 2024, we have spent 3.2 billion zlotys in total and we anticipate that at the end of 2026 our capex for the development of this segment will settle at about 3.9 billion zlotys. That is 1.1 billion zlotys less than the originally assumed 5 billion. Ladies and gentlemen, this was my last slide. I would quickly like to sum up my part of the presentation. All our business segments performed very well, both in the fourth quarter and the full year 2024. In the B2C and B2B segment we execute our long-term multiplayer strategies centered around increasing customer value and customer loyalty. This is reflected in growing RP in our key customer segments and consistently low churn. In the media segment we maintain very good viewership figures on a strongly fragmented market and we have a solid position in TV advertising, We are also successfully building the position of POSAT Interia Group, which is now a leading player in the online market. And finally, in the green energy segment, we are finalizing our strategic investments and this business segment is moving from the development phase to the business as usual phase. I'm extremely happy to confirm that in 2026 we will deliver on our promises by generating approximately 500 million zlotys of VBDA from our energy segment using less capex by 1.1 billion zlotys. And that's all from me today. Thank you very much for your attention. Kasia, over to you.

Thanks Maciek. Welcome everyone. Like Mirek and Maciek, I'm also extremely pleased with the result of the past year and the fourth quarter. Despite numerous challenges, we ended 2024 above expectations. Next slide, please. This slide shows the key financial indicators for the fourth quarter and the entire year. As you can see, we have indeed achieved very good results. This is yet another quarter in which we report solid, repeatable financial results, which makes me very, very happy. Revenue in the fourth quarter increased by 4% and for the entire year 2024 by nearly 5%. Adjusted EBITDA for one-time factors in the fourth quarter amounted to 740 million zlotys, while for the entire year it was at the level of 3.3 billion zlotys. This means growth rates of nearly 10% in both analyzed periods, which in my opinion is a great success. We also see strong increases at the net profit level. In the fourth quarter we recorded a net profit increase of nearly 29% to 168 million zlotys, while the entire year closed with a net profit of almost 800 million zlotys. Next slide, please. Here we have free cash flow, which after adjusting for green energy expenditures amounts to over 1.3 billion zlotys. This indicates the group's high ability to generate cash. We will return to free cash flow on one of the next slides. Net debt to EBITDA increased from 351 to just 359, despite huge investments in green energy during the year. This is an incredibly good result also in the terms of our debt. This is partly due to the very good EBITDA result, effective cash management at the group level and slightly different phasing of CAPEX. Please note that in 2025 we still have some expenses to complete the wind farm in Drzezewo. Therefore, I expect that the leverage may still increase before we move to the leveraging phase after completing the BRES investments. Next slide, please. Here we see that the composition of revenue and EBITDA for the draw your attention to the increasingly better results of the B2C and B2B services segment. Retail revenue from our customers is growing and thanks to effective cost control EBITDA in this segment is stabilizing. In the fourth quarter, the media segment was under pressure in terms of EBITDA results. This is mainly due to higher production costs. As you know, the fourth quarter is the quarter in which we broadcast the autumn scheduling and additionally we decided to write off some programming assets. We see a strong contribution of the green energy segment to EBITDA, 81 million zlotys. Maciek has talked about this in detail on one of his slides and discussed the drivers. As you might remember, during the last conference, I flagged that in the real estate segment, we will recognize much higher results in the fourth quarter. And as expected, you can see this contribution here. In the fourth quarter, we handed over a large pool of apartments from our completed investments in Port Praski to customers. In the first quarter of 2025, the contribution will be smaller as most of the apartments have already been handed over. Next slide, please. Here you can see the contribution of individual segments to the group's revenue and EBITDA for the entire 2024. Revenue growth of nearly 5% and adjusted EBITDA of nearly 10% is mainly due to the energy segment. Please remember that 2023 and 2024 are not fully comparable as the consolidation of the new segment began in mid-2023. The results of the real estate segment for the full year are largely the result of handing over the apartments to customers, as mentioned on the previous slide. also very good results in the media segment, revenue growth of 22 million and EBITDA of 14 million year over year. So we see here the effects of very good operational results, which Maciek talked about. As I mentioned in my previous slide, the B2B and B2C services segment is doing better and better, and here the results are slowly stabilizing. Next slide, please. Here you can see our free cash flow. Despite the high level of interest cost, our free cash flow in 2024 adjusted for non-recurring expenses and capex for the development of the green energy segment amounted to over 1.3 billion zlotys. This is a very good result that shows our potential to convert EBITDA into cash. interest and leasing costs, net of hedging instruments settled at the level of over 1.4 billion. Of course, most of this position is interest costs, which are beyond our control and are determined by the decision of the National Bank of Poland. You can also see the outflows for the reservation of telecommunication frequencies throughout the year. This amounted to 550 million zlotys. Please remember that we obtained the reservation of one block in the 700 MHz for 263 million zlotys and in the second quarter of this year we will renew the reservation of frequencies in the 900 MHz band. These two factors imply an outflow of nearly 1 billion zlotys. Acquisitions amounting to just over 200 million are the result of setting the transaction of acquiring shares in Pantanomo in 2023. Next slide, please. We move on to discussing capital and investment expenditures. In the TMT area, the B2C and B2B services segment and the media segment remains capex-light. Here, capex is at the level of about 6% of revenue both in the fourth quarter and the entire year. In the fourth quarter, we spent nearly 400 million zlotys on green energy and in the entire year 2024, nearly 1 billion zlotys on investments in green energy. We are building according to the schedule and budget and I would even say that the projects are being completed ahead of schedule. In 2025 we are finishing the investment in Drzezewo and basically from 2026 you should expect a significant reduction in investment expenditures in this segment because, as you know, Investments in energy are characterized by very high capital intensity in the initial phase of implementation, and after the farms are operational, maintenance capex in the long term remains at a low level. Next slide, please. The last slide shows the group's debt. As I mentioned, the net debt to EBITDA ratio is 3.59 in 2024, increasing only slightly despite high investments during the year. The weighted average cost of interest on loans and bonds is 8.3%, which is roughly the same as at the end of the previous year. In this slide, you can see the maturity of our debt at the end of 2024. I would like to remind you that in the first quarter, after selling Asseco shares, we prepaid the nearest capital installments on the term loan, so that maturity will be different at the end of the first quarter. I'm very pleased that thanks to this, we will save around 30 million zlotys on interest. Ladies and gentlemen, I would like to conclude my part of the presentation. I'm very pleased with the financial results of our group in the fourth quarter and the entire year of 2024. I'm very happy with the consistent revenue growth and EBITDA result. We are approaching the end of investments in the development of the energy segment and moving to the monetization phase of these investments. This means that in the coming periods, this segment will increasingly contribute to the Group's results. Thank you very much for your attention and I hand over to Mirek for the summary.

Thank you, Kasia and Maciek. Before we move on to the Q&A session, I will briefly summarize 2024 I present our goals for 2025. Next slide, please. We entered 2024 with very good operational results in each of our business segments and excellent financial results for the group. I'm extremely pleased and proud of our achievements in the past year. In the B2C and B2B services segment, we constantly implement our Multiply strategy, building customer value and loyalty. This resulted in an increase in RPU in the B2C and B2B customer groups and the churn rate decreased to just 7%. Additionally, we maintain a stable position in highly competitive prepared service market. We consistently develop our networks, both mobile and fixed. The Plus 5G network is already available to 26 million people, which is 70% of Poland's population, and our fixed internet service covers 11 million households. In the media segment, we maintain high and stable viewership results and a strong position in the advertising market, in line with our strategy. Interia has positioned itself as a leader in the Internet market. With the attractive programming offer for our viewers in mind, we have strengthened our portfolio of sports rights. In the green energy segment, we maintain our strategic goal of approximately 500 million PLN EBITDA in 2026. In the green energy segment, we maintain our strategic goal of approximately 500 million PLN EBITDA in 2026. but more importantly, with investment expenditures over 1 billion PLN lower than originally planned. Thanks to the dynamic implementation of our energy investments, the installed capacity in wind farms increased to 150 MW, and we completed the green hydrogen value chain by starting the production of green hydrogen using our own electrolyzer. I am particularly pleased with the very good financial results of the group. We recorded strong growth in revenues and EBITDA effectively managing our investment within the Strategy 2023 Plus and keeping costs under control. In summary, 2024 was an intensive year full of efforts on our part to execute our strategic plans. In summary, 2024 was an intensive year full of efforts on our part to execute our strategic plans. Looking at the first months of 2025, I'm also optimistic about this year. Next slide, please. In 2025, we intend to continue our long-term strategy of building value in each segment. In the B2C and B2B service area, we aim to further increase RPU while maintaining a low churn rate through our Multiply strategy. By integrating content, mobile internet, fixed internet and telephone services, we provide our customers with a comprehensive and valuable offer. We will consistently expand our 5G network using the 3.6 GHz and 700 MHz bands to provide even faster and more reliable internet access to even more people in Poland. In the media segment, our priority remains to maintain high viewership results for our channels and a strong position in the TV advertising market. We aim to use our content to attract and retain viewers, ensuring that our media segment remains solid. In the green energy segment, we will focus on completing the construction and launching the Dzerzhévo wind farm. This fine wind doubled our installed wind capacity to nearly 300 MW by the end of 2025, significantly increasing our green energy production capabilities. The strategic investments in this segment are almost completed and we will focus on maximizing revenues from the sale of green energy. In the finance area, we will continue to manage investments and control costs effectively. This will ensure financial discipline and support sustainable growth. At the same time, after completing the main strategic investments in the renewable energy, we want to focus on reducing the group's debt. To conclude our presentation, I think it is the perfect moment to remind you once again for our long-term strategy. Next slide, please. Ladies and gentlemen, our operations are based on three key business pillars. In the telecommunication and content areas, we have been successfully implementing the multiplayer strategy for many years. These are well-developed, stable segments that generate strong recurring cash flows. The construction of a new third pillar, green energy, is slowly coming to an end and we are smoothly transitioning to the monetization place of our investments in this segment. All this, combined with cost discipline and maximizing cash flows, allows us to achieve our primary goal, which is to build the group's value for our shareholders. Ladies and gentlemen, this concludes today's presentation. Thank you very much for your attention. We are now happy to answer your questions.

Thank you very much. I have three questions in the Q&A panel. All of them come from Laura Nagy from Ersta Group. Thank you for the presentation. I'd have three questions, if I may. The first one is, which quarter can we expect the majority of the remaining expenditures on the Drzeżewo wind farm?

Cash outflow will be mainly second and third quarters of 2025.

Shall we expect further write-offs in the media segment in the future?

Not to this extent, because always there will be some small amount written off at the end of each year, but not in the amount of this year.

Thank you. And Nora's last question. If the Polish Central Bank cuts the interest rates as expected by the market, can we expect CPS to refinance the existing debt?

At the moment, we do not consider refinancing our existing debt.

That's all the questions I have in the chat section. So thank you very much for joining us today. And I pass the floor over to Mr. Błaszczyk.

Thank you for participating in today's presentation of the operationally financed results of our group in 2024. I hope that we have answered all questions and we hope to hear from you at the presentation of the results of our group for the first quarter of 2025. Thank you and have a nice day.