Cyfrowy Polsat S.A. Ord

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 Maciek, Janusz and Bartek will walk you through the operating performance of our main business segments. After that, Ania 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 full name and institution of the person asking. And with that, I will hand over to Bartek 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 deliver 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, RPU growth in B2C accelerated to 6.5% year on year. For us, this is a clear confirmation that our strategy is working exactly as intended. It is not only helping us sell more services, it is helping us build a higher quality customer base. Second, we continue to invest in network quality and coverage. Our 5G network now reaches nearly 28 million people, or almost 75% of Poland's population. This gives us a strong platform for future growth and allows us to further improve the customer experience. Third, we launched a new prepaid offer. The idea is very simple. We want prepaid to be straightforward, transparent and attractive. Customers increasingly value simplicity, and this offer reflects exactly that approach. Magical Shoulder provides more details of the operating performance of the telecom segment in this 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 2027-2031 seasons. These are important assets that support the long-term attractiveness of our media offering. We also extended our sponsorship partnership with the Polish women's and men's national volleyball teams. Volleyball has always been a part of our story for almost three decades and we are proud to continue supporting one of Poland's most successful sports. 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 3.7 billion zloty and adjusted EBITDA increased to 853 million zloty. And what is the most important, our free cash flow generation remained very strong, approaching 1 billion zloty on a rolling 12-month basis. 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 Maciek, 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 multi-play and contract service basis, accelerated growth and continued to build customer value across B2C, prepaid and B2B. Let's look at the operating results in more detail. Before moving to the results, let me briefly explain a methodology refinement we made to the presentation of our operating KPIs. As part of our KPI review, we refined the definition of multiplayer 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 We have restated the historical data to ensure full comparability. You can see the adjustment in the multiplayer customer base. On the top chart, under the previous definition, this quarter we would have reported 3,059,000 multiplayer 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 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 multiplayer 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, builds customer value and helps us keep churn low. Churn was only 7.7% in the second quarter. It improved compared with the first quarter and remained consistently very, very low. Let me remind you that our long-term objective is to keep churn in the 6-8% range. So, the message is clear. Our multiplayer 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 multiplayer 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 RGU's. 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 RPU on the next slide. Our focus on customer value and loyalty supported by our multiplayer strategy is consistently driving ARPU growth. B2C ARPU increased by 6.5% year-on-year to 83.5 slots 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 tests 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 multiplayer strategy. We are now just past the first anniversary of the launch of our new simple multiplayer offering. I am pleased to say that the offer remains very popular. 34% of our customers have already chosen it. This continued trend supports further growth in customer value and loyalty. Progress in contracting B2C services is clearly visible across all areas, our multiplayer 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 RPO increased by 4% year-on-year to 18.4 zlotys. What is important, Polsat Box Go subscription continued to record solid growth, supported by the new packaging Polsat Lovers Premium and Premium Sport packages. But, given the pressure we have experienced in the period segment over the past quarters, in August we introduced a new, ultra-simple offer, Plus na Kartę. Its goal is to strengthen the attractiveness of our prepared proposition. The concept is very simple. One Zloty gives customer 1 day and 10 GB. We are now promoting the 30 Zloty package, which offers 30 days, 300 GB and unlimited calls and messages. What is important? Responding to customer expectations, we also simplify 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. Our pure B2B customer increased by 2.8% year-on-year to 1,588 slots 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 multiplayer strategy, we made strong progress in B2C. We expanded the multiplayer 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 RPO growth, which was up by 6.5% this quarter. We continue to build value in our other customer segments. RPO 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.