Cyfrowy Polsat (CPS) Q1 2026 earnings summary

Executive summary

• Q1 2026 delivered strong operational and financial performance, driven by multi-play strategy, management restructuring, and new partnerships, including exclusive sports broadcasting rights and green energy expansion.

• The Group operates in four segments: B2C/B2B services, media, green energy, and real estate, with the largest share of revenue and EBITDA from B2C/B2B services.

• Key developments included a term sheet with Towerlink Poland, exclusive UEFA broadcasting rights, and a completed investment phase in green energy.

• Strategic review of assets is underway, with a long-term strategy to be announced by end of 2026.

Financial highlights

• Revenue grew 3.0% year-over-year to PLN 3.6 billion in Q1 2026, with retail revenue up 3.4%.

• EBITDA increased by 4.7% to PLN 847 million; net profit rose by 54.1% to PLN 134 million.

• Free cash flow for the last 12 months reached PLN 1,197 million, up 62.6% year-on-year.

• CapEx in green energy dropped to PLN 31 million in Q1, five times lower than a year ago; total capex fell 51.9% to PLN 235.7 million.

Outlook and guidance

• The Group expects continued benefits from its multiplay strategy, with 28% of the customer base migrated to new bundled offers by Q1 2026.

• Ongoing expansion of the 5G network and investments in content and sports rights are expected to support future growth.

• Strategic asset review underway, with a long-term strategy and financial policy to be presented by end of 2026.