Orange Polska (OPL) Q4 2025 earnings summary

Executive summary

• Achieved strong commercial and financial performance in 2025, exceeding guidance on revenue and EBITDA/EBITDAAL growth, delivering a 47% total shareholder return through share price appreciation and dividends.

• Progressed in all pillars of the four-year "Lead the Future" strategy, including commercial growth, network expansion, and transformation for efficiency.

• Transformation initiatives improved cost efficiency, operating leverage, and profit margins, including a new social plan and higher capex efficiency.

• Significant advances in 5G and fiber coverage, with 84-85% 5G population coverage and fiber reaching 10 million homes.

Financial highlights

• Revenue grew 4.3% year-over-year to PLN 13,133m, with core telecom services up 6.5%, wholesale up 13%, and IT & IS up 14%.

• EBITDA/EBITDAAL increased 4.0% year-over-year to PLN 3,473m, with margin at 26.4% of revenues.

• Net income reached PLN 760-762 million, impacted by a PLN 150 million restructuring provision.

• Organic cash flow hit PLN 1,013 million, with CapEx/eCAPEX intensity at 13.8%.

Outlook and guidance

• 2026 targets: low single-digit revenue growth, 3%-5% EBITDA/EBITDAAL growth, and at least PLN 1.1 billion organic cash flow.

• Midterm guidance upgraded: expect at least PLN 1.4 billion organic cash flow in 2028, a 40% increase from 2025.

• Dividend floor set at PLN 0.61 per share, a 15% increase, with further increases targeted and maintained through 2028.