Orange Polska (OPL) Q3 2025 earnings summary

Executive summary

• Q3 2025 delivered strong commercial and financial results, with 9.3% revenue growth and robust expansion in consumer, wholesale, and IT/IS 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.

• Wholesale revenues and margins grew, driven by new fiber infrastructure business and multi-year deals, offsetting expiring contracts.

• IT and IS sales surged 47% year-over-year, mainly from software license resales and integration service contracts, boosting top-line with limited immediate profit impact.

• Full-year guidance confirmed, with focus on high commercial season in Q4 and continued value creation for shareholders.

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%.

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

• Net income for 3Q 2025 was PLN 228 million (down 10.2% yoy); 9M 2025 at PLN 693 million (down 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 (down 28.7% yoy); 9M 2025 at PLN 1,127 million (down 0.6% yoy).

Outlook and guidance

• 2025 guidance reiterated: low single-digit year-over-year growth in revenues and EBITDAAL, eCAPEX expected at PLN 1.8–1.9 billion.

• Management confident in achieving 2025 objectives, with strong 9M results and focus on profitable growth and innovation.

• 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.

• B2B segment shows early signs of recovery, with potential return to growth in the next 2-3 quarters.