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Edge28 Nov 2025
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Cyfrowy Polsat (CPS) investor relations material
Cyfrowy Polsat Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary20 Nov, 2025
Executive summary
Sales and ARPU grew strongly, with multiplay and retail revenue growth, but Q3 and nine-month net profit and EBITDA declined due to higher content costs, scheduled maintenance in green energy, and increased finance costs.
Media segment benefited from major sports broadcasts and new premium rights, driving audience engagement but also increasing content costs.
Completion of the Drzeżewo wind farm doubled wind capacity, ending a capital-intensive investment phase in renewables.
The Group continued to expand its multiplay offering, 5G network, and renewable energy projects.
Net profit for the nine months was PLN 257.1 million, down 57.8% year-over-year, mainly due to lower EBITDA and higher finance costs.
Financial highlights
Q3 revenue was PLN 3.43 billion, down 4.1% year-over-year, while nine-month revenue rose 1.1% to PLN 10,552.0 million.
Adjusted EBITDA for Q3 was PLN 766 million (down 15.2% YoY); for nine months, PLN 2,398.9 million (down 4.8% YoY), with a margin of 22.7%.
Net profit for Q3 was PLN 57 million; for nine months, PLN 257.1 million.
Free cash flow (LTM, adjusted for green energy investments) was PLN 860 million; full-year 2025 expected at PLN 600-700 million.
Net debt at period end was PLN 12,130.5 million; net debt/EBITDA LTM (excl. project financing) at 3.54x.
Outlook and guidance
Free cash flow for 2025 is expected to be PLN 600-700 million.
Retail revenue growth is expected to continue, supported by multiplay strategy and ARPU increases.
Green energy EBITDA for 2026 is projected at PLN 400 million if current low energy prices persist.
Ongoing investments in renewables and network expansion are anticipated to increase future revenue and EBITDA.
The Group foresees stable macroeconomic conditions in Poland, with GDP growth projected at 3.2% in 2025 and 3.5% in 2026.
What is the current status of TiVi Foundation control disputes?
Assess green energy segment's financial contribution.
How do recent debt actions affect Group's leverage?
Green Energy 2026 EBITDA outlook given current prices
Quantify multiplay's RGU saturation potential
Technical costs: expected rise and duration?
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Next Cyfrowy Polsat earnings date
Q4 202510 Apr, 2026
Next Cyfrowy Polsat earnings date
Q4 202510 Apr, 2026
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Frequently asked questions
Cyfrowy Polsat S.A. provides digital satellite platform, digital terrestrial television, and telecommunication services in Poland. It offers telecommunication services, including mobile voice and data services; and Internet services, as well as live sports, film, music, and television channels. The company also broadcasts news, cartoons, movies, and other programmes through its satellite platform.
In addition, it offers broadcasting of the terrestrial television on a network of fifteen transmitter stations covering 85% of the population in the populated area of the country; in-home communication services through networks based on technologies enabling the delivery of interactive TV, IPTV broadband Internet access, high definition TV with digital sound quality transmission using ADSL2+ technology; health insurance plans; credit cards; and fixed lines to business customers. The company was founded in 1996 and is based in Warsaw, Poland.
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