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.

Thank you, Maciek. Again, I have the opportunity and pleasure of presenting the results of our media segment. Next slide, please. We are pleased with the audience growth achieved by our flagship channel, Polsat, whose audience share increased to 7.4 from 7.3 in Q2 2025. 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 Maja Chwalińska's outstanding run at Roland Garros. We especially cheer for Polish women's tennis players as WTA Tour tournaments will be available on our 11 channels starting in 2027. 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, Interia Polsat remains the number one internet publisher in Poland. We are also number one 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 channel's 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 launch Hitster, a new music entertainment show based on a successful international format adapted from the popular board game. In addition, will premiere Gliniarze Śląsk, a spin-off of a series that has already run for 20 seasons and nearly 1200 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 Four additional seasons starting in 2027. We would also like to mention that Eleven Sports Network is preparing to launch a new channel that from the next year will broadcast, among other events, women's tennis tournaments from the WTA Tour. remain committed to providing our viewers with access to the most attractive sports events, including those in which Polish athletes achieve success on the international stage. A recent example is the Polish national team's victory in the Volleyball Nations League. To sum up, we had a very successful spring season and despite challenging market conditions delivered audience growth for our flagship channels while maintaining a stable combined audience share across all our channels at 21.7 in the 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 MW 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 two slides, I will show how this portfolio translated into energy production and financial results in the second quarter. Please move to the next slide. 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 GWh, 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 GWh. 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 favourable 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 65 million zloty. 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. EBDA increased by almost 34% year-on-year to 164 million zloty. The key driver was the full contribution of the Drzezowa Wind Farm. It expanded the scale of our operations and significantly strengthened profitability. Let me conclude my part with two 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 3.7 billion zlotys. 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 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 173 million zlotys. This reflects stronger operating performance while financing costs remained stable. Cash generation also remained very strong. Adjusted free cash flow for the last 12 months was close to 1 billion zlotys, 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 two core business areas, the B2C and B2B services segment and the media segment. In the B2C and B2B services segment, revenue increased by 60 million zlotys. As Maciek 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 50 million zlotys, almost 3% year on year. Additionally, we recorded better equipment sales, which grew by 3.4% year on year. Combined with continued cost discipline, especially in marketing and customer service, this translated into a 12 million slots increase in EBITDA of this segment. In the media segment, revenue increased by 6 million zlotys. Higher revenue from cable and satellite operators more than offset the lower TV advertising and sponsorship revenue that Janusz discussed earlier. We also continued our cost efficiency initiatives in this segment. As a result, media segment EBITDA increased by 17 million zlotys. As I mentioned before, growth in the green energy segment was mainly driven by the delivery of 30 hydrogen buses to Kraków and Rzeszów. Following this delivery, we have completed all hydrogen bus deliveries planned for 2026. EBITA 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 10 million zlotys related to one-off items. These were sales of non-core assets in the media segment and the B2C and B2B services segment. With that, let me turn to free cash flow on the next slide. We continue to generate strong and recurring free cash flows. Over the last 12 months, we generated close to 1 billion zlotys of adjusted free cash flow after interest and excluding capex related to the green energy segment. The starting point is higher adjusted EBITDA, which reached 3.2 billion on the 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 170 million zlotys. 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 MHz Spectrum won in last year's auction and the renewal of the 900 MHz reservation in January this year. Together, these payments exceeded 800 million zlotys. Here, let me reiterate what we have been saying several times before. The next major spectrum renewals are not expected until 2029. In addition, we acquired the remaining minority stakes in several companies in the media segment. We also see the reversal of the one-off asset disposal effect that I mentioned on the previous slide. excluding non-recurring items adjusted last 12 months free cash flow after interest amounted to 716 million zloty. Over the last 12 months, we invested 265 million in the development of our green energy business. Excluding these investments, adjusted last 12 months pre-cash flow reached 981 million zlotys. This confirms the strong cash generation capacity of our core operations. At this point, I would like to reaffirm the free cash flow guidance for 2026. We continue to expect adjusted free cash flow after interest to reach the high hundreds of millions of zlotys this year. Let me now move on to capex on the next slide. Capex as ever remains under control. Our core businesses, the B2C and B2B services segment and the media segment remain structurally Capex-like. 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 6-8%. At the same time, we have completed our investments in the green energy segment. Capex in this area is five times lower than last year. I expect total capex for renewable energy in 2026 to stay below 150 million zlotys. Our disciplined approach to CAPEX, together with the completion of renewable energy investments, will support our key priority in the coming quarters – gradual deleveraging. 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 400 million zlotys of scheduled repayments remains due this year. A further 830 million zlotys 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 four key takeaways from today's presentation. First, our telecom business continues to perform very well. The multiplayer strategy remains the main driver of customer value and loyalty. We see this clearly in RPU growth across all customer segments. Plus 6.5% in B2C, plus 2.8% in B2B, and plus 4% in prepaid. Second, we launched a new prepaid offer. It strengthens our position in prepaid and reflects the 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 flows generated approached 1 billion zloty 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.

Thank you very much.

I will now read the questions in exactly the order that we received them. The first four questions come from Bojan Jurikowicz from Oddo. I will read them one by one. Where do you currently stand with Cellnex and future collaboration on the network rollout? Has there been any update 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 appendings and we are very close just to close it. So, I believe everything is on good path just to sign it soon.

The second question. How do you think about 150 million zloty capex guidance for green energy segment in the context of declining fundamentals and electricity prices? Is that something we should have in mind also mid-term?

Ladies and gentlemen, CAPEX in REST should not exceed 150 million zlotys and it mainly reflects final settlements for the Drzezhevo and Dobra wind farms. But in subsequent years this should move to maintenance capacity which we expect to be much lower, something like low tens of millions of PLN per year.

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

Deliveraging 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 Bojan's 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 HSBC. Thank you for taking our questions. Please, can you kindly give us the drivers of churn in the quarter, year over year, and quarter over quarter, and views on this for the balance of the year?

The churn, as you can see, is under control because we treat the churn between 6% and 8% as our goal, so it's very low churn here. But of course, the churn effect is the effect of pushing RPO, so when you push RPO up and when you see we accelerated RPO 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 this quarters which is also important because then with the percentage of the customers with higher volume of ending contracts it's also influencing this 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, Bartek. We have seen one of your competitors complete a fiber M&A deal. Do you have any expectation on how this might impact fiber pricing in the sector or if it would impact market competition?

We cooperate with Fiberhost and INEA from years on different fields of buying infrastructure or buying fiber internet. They buy content from us, so we have a lot of business over there. So I believe we will continue. And I believe this is a reasonable transaction in terms of the volume of money paid for it. So I believe that it will be a reasonable return on investment for the buyer. So I believe it will not change the market in a dramatic way. We don't expect anything. The last thing I believe that we concentrate on our strategy, our multiplayer strategy, as far as you know, we control all key assets. So we have Netia with 3.5 million home past here and we sell our internet. So we control over content via Polsat Television and especially sports content. We develop and roll out our network, 5G network, as Bartek said at the beginning of the presentation, 28 million of Polish population has access to our 5G, so it's 75%, so we control over key assets, so we just continue to execute our strategy.

Thank you, and a few follow-ups from Ali. The 2028 debt maturities, is that at the start or end of the year?

When will you look to renegotiate these? Sorry.

Ladies and gentlemen, the 2028 debt matures in April. So it's more like beginning of the year. But as far as the refinancing process is concerned, we will inform the market when the refinancing process begins. 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 two years. Are you seeing any signs of this reversing, for example, improving, i.e. improving, for example, Polsat over the next two or three 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 lots of regulatory issues which are Nothing to do with the daily business we are doing. We are happy that we have completed all the investments. We look at these investments long term. 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.

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

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. Thank you. Goodbye. Thank you. Bye.

Thank you.