Cyfrowy Polsat (CPS) Q2 2025 earnings summary

Executive summary

• Revenue grew 3.9% year-over-year to PLN 3.6 billion in Q2 2025, driven by Green energy and stable telecom/media operations.

• Adjusted EBITDA was PLN 824 million in Q2 2025, down 2.4% year-over-year, with margin at 22%.

• Net profit reached PLN 113 million in Q2 2025, down 35.6% year-over-year, mainly due to one-off effects and higher finance costs.

• Multiplay customer base surpassed 3 million, with 53% of customers using multiplay services.

• Green energy production increased 41% year-over-year to 314 GWh in Q2 2025.

Financial highlights

• Revenue: PLN 3.6 billion in Q2 2025, up nearly 4% year-over-year.

• Adjusted EBITDA: PLN 824 million, 2.4% lower year-over-year.

• Net profit: PLN 113 million, impacted by non-recurring items.

• Free cash flow (ex-Green energy CapEx): over PLN 1 billion in the last 12 months.

• Net debt: nearly PLN 12.1 billion; net debt/EBITDA at 3.66 (excluding project financing).

Outlook and guidance

• Equipment sales expected to improve slightly in Q4 2025, but no sharp increases anticipated due to market saturation.

• Net debt to EBITDA expected to peak around Q1 2025.

• CapEx in Green energy segment to decline as Drzeżewo wind farm investment phase ends.

• Commercial launch of Drzeżewo wind farm planned for Q4 2025, expected to double wind capacity.

• Focus on monetizing recent investments and delivering stable EBITDA.