Cyfrowy Polsat (CPS) Q1 2026 earnings summary

Executive summary

• Q1 2026 delivered strong operational and financial performance, driven by multi-play strategy, green energy expansion, and exclusive sports rights acquisitions.

• Organizational restructuring, new offers, and strategic partnerships, including with kanał Zero and Towerlink Poland, supported improved results and market position.

• Green energy production and EBITDA surged due to new wind farm capacity, with Drzeżewo Wind Farm operational.

• 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.

Financial highlights

• Revenue grew by 3% year-on-year to PLN 3,635 million, mainly from green energy and retail growth.

• EBITDA increased by 4.7% year-on-year to PLN 847 million; EBITDA margin improved to 23.3%.

• 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.

• Net cash from operating activities increased 39.3% to PLN 952.4 million; CapEx fell 51.9% to PLN 235.7 million.

Outlook and guidance

• Green energy segment expected to deliver around PLN 400 million EBITDA for 2026, with seasonality impacting quarterly results.

• Strategic asset review underway, with a long-term strategy and measurable targets to be announced by end-2026.

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