Cyfrowy Polsat (CPS) Q3 2025 earnings summary

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.