Orange Polska (OPL) Q1 2025 earnings summary

Executive summary

• Launched the Lead the Future strategy and achieved a strong start to 2025 with solid commercial and financial performance, in line with full-year plans.

• Secured two blocks of 700 MHz spectrum for PLN 712 million at favorable prices, supporting future 5G network enhancement.

• Q1 2025 revenue reached PLN 3,153 million, up 2.3% year-over-year, with EBITDAaL at PLN 822 million, and net income at PLN 191 million, down year-over-year due to lower real estate sales and higher depreciation.

• Enhanced fibre + TV offer launched to boost commercial momentum, with ARPU growth across all main segments.

• Management Board reiterated 2025 guidance for low single-digit revenue and EBITDAaL growth.

Financial highlights

• Revenues grew 2.3% year-over-year to PLN 3,153 million, with core telecom revenues up 7.3% and IT & IS up 19%.

• EBITDAaL increased 2.9% year-over-year to PLN 822 million, margin at 26.1% of revenues.

• Net income was PLN 191 million, down 15.7% year-over-year, mainly due to lower gains from real estate sales and higher depreciation.

• eCAPEX rose 48% year-over-year to PLN 431 million in Q1, with full-year guidance at PLN 1.8–1.9 billion.

• Organic cash flow was negative PLN 89 million, impacted by higher capex and lower asset sale proceeds.

Outlook and guidance

• Full-year 2025 objectives confirmed: low single-digit growth in revenues and EBITDAaL, eCAPEX of PLN 1.8–1.9 billion.

• Focus on maintaining commercial momentum, cost savings initiatives for 2025, and launching a new transformation wave for 2026+.

• No adjustments to CapEx plans following the 5G auction; spectrum costs excluded from E-CAPEX.