Cyfrowy Polsat (CPS) Q2 2026 earnings summary

Executive summary

• Multiplay strategy drove ARPU growth across B2C (+6.5% YoY), B2B (+2.8% YoY), and prepaid (+4.0% YoY) segments, enhancing customer value and loyalty.

• 5G network coverage expanded to nearly 28 million people, reaching 75% of Poland's population.

• Media segment extended exclusive UEFA Europa and Conference League rights through 2031 and maintained flagship channel audience growth despite market headwinds.

• Green energy segment reached target portfolio, shifting focus to operational performance and cash generation.

• Net profit for the 6 months ended 30 June 2026 was PLN 306.1 million, up from PLN 199.7 million year-over-year.

Financial highlights

• Revenue increased by 2.9% year-on-year to PLN 3.7 billion in Q2 2026, with H1 revenue at PLN 7,329.7 million.

• Adjusted EBITDA rose 3.6% year-on-year to PLN 853 million in Q2, with H1 EBITDA at PLN 1,710.1 million.

• Net profit surged 53% year-on-year to PLN 173 million in Q2; H1 net profit reached PLN 306.1 million.

• Adjusted free cash flow for the last 12 months was close to PLN 1 billion, up 33% year-on-year.

• Net debt-to-EBITDA ratio at 3.63, slightly above year-end 2025 due to spectrum payments.

Outlook and guidance

• Free cash flow guidance for 2026 reaffirmed at high hundreds of millions of PLN after interest.

• CapEx for green energy segment expected below PLN 150 million in 2026, dropping to maintenance levels in subsequent years.

• Management assesses the outlook for operational performance as stable, despite macroeconomic and geopolitical risks.

• Long-term strategy and asset review to be announced in autumn 2026; ongoing network investments and product innovation expected to support future growth.