Orange Polska (OPL) Q3 2025 earnings summary

Executive summary

• Q3 2025 delivered strong commercial and financial results, with robust growth in consumer and wholesale segments, supporting the Lead the Future strategy.

• Customer bases and ARPU increased, with net mobile additions exceeding 100,000, the highest in over four years.

• New business development in wholesale contributed to infrastructure monetisation and revenue growth.

• IT and IS sales spiked, mainly from software license resales and integration service contracts, boosting top-line but with limited immediate profit impact.

• Full-year guidance confirmed, with focus on high commercial season in Q4.

Financial highlights

• Q3 2025 revenues reached PLN 3,329 million, up 9.3% year-over-year; 9M 2025 revenues at PLN 9,640 million, up 4.2%.

• EBITDAAL for Q3 2025 was PLN 899 million (+2.9% yoy); 9M 2025 at PLN 2,612 million (+3.4% yoy).

• Net income for Q3 2025 was PLN 228 million (-10.2% yoy); 9M 2025 at PLN 693 million (-2.7% yoy), impacted by higher net finance costs.

• Organic cash flow in Q3 2025 was PLN 324 million (+28.1% yoy); 9M 2025 at PLN 668 million (+0.6% yoy).

• eCAPEX for Q3 2025 was PLN 328 million (-28.7% yoy); 9M 2025 at PLN 1,127 million (-0.6% yoy), in line with plans.

Outlook and guidance

• Management reiterates guidance for low single-digit revenue and EBITDAAL growth for 2025, with eCAPEX expected in the PLN 1.8–1.9 billion range.

• Confident in achieving 2025 objectives and further value creation for shareholders.

• Expect continued strong wholesale contribution, with new deals offsetting expiring contracts.

• Anticipate solid organic cash flow in Q4, with a peak in property sales planned.

• Next social plan discussions expected to conclude before year-end, covering 2026-2027.