Orange Polska (OPL) Q2 2025 earnings summary

Executive summary

• Core telecom business maintained strong momentum in Q2 and H1 2025, with robust commercial results, growing customer bases, and continued infrastructure development in mobile (notably 5G) and fixed (fiber).

• Sale of Orange Energia was completed, generating a gain of PLN 70–71 million and reinforcing the focus on core telecom business.

• Financial results were strong: revenue, EBITDAaL, and net profit all grew year-over-year, with margin improvements.

• Full-year 2025 guidance confirmed, with preparations for transformation initiatives beyond 2026.

Financial highlights

• Q2 2025 revenues increased by 1.1% year-over-year to PLN 3,158 million; H1 2025 revenues up 1.7% to PLN 6,311 million.

• EBITDAaL for Q2 2025 was PLN 891 million (+4.3% yoy); H1 2025 at PLN 1,713 million (+3.6% yoy).

• Net income for H1 2025 was PLN 465 million (+1.5% yoy); Q2 2025 net income was PLN 274 million (+18.6% yoy).

• Organic cash flow in H1 2025 was PLN 344 million, with expectations to exceed PLN 900 million for the full year.

• eCapEx for H1 2025 was PLN 799–800 million, up 18.6% year-over-year.

Outlook and guidance

• 2025 guidance reiterated: low single-digit growth in revenues and EBITDAaL, eCapEx expected at PLN 1.8–1.9 billion.

• Management targets solid organic cash flow in H2 and continued EBITDAaL growth, with a focus on B2B IT/IS turnaround.

• The Lead the Future strategy aims for at least PLN 1.2 billion organic cash flow in 2028 and maintains a dividend floor of PLN 0.53 per share.