Cyfrowy Polsat (CPS) Q4 2025 earnings summary

Executive summary

• Launched a new multi-play offer in June 2025, driving ARPU and service growth in telecom; expanded 5G to 26 million people and fixed broadband to 70% of households.

• Maintained leading positions in TV viewership, online publishing, and sports broadcasting, with a 22.5% TV audience share and 28% advertising market share in 2025.

• Completed major green energy projects, reaching 485 MW (0.5 GW) installed capacity, expanded hydrogen production, and increased hydrogen bus deliveries.

• Sold a 10% stake in Asseco Poland, using proceeds for early debt repayment and secured nearly PLN 1 billion in project financing for green energy.

• Final court ruling in Liechtenstein regarding TiVi Foundation shareholder.

Financial highlights

• FY2025 revenue grew 0.4% year-over-year to PLN 14,324 million; Q4 2025 revenue down 1.5% year-over-year.

• Adjusted EBITDA fell 8% in Q4 and 5.5% for the year, mainly due to higher costs and a high 2024 base.

• Net loss of PLN 2.86 billion in 2025, driven by PLN 2.7 billion non-cash goodwill impairment.

• Free Cash Flow for 2025 at PLN 736 million, in line with guidance.

• Net Debt/EBITDA (excl. project financing) stable at 3.59.

Outlook and guidance

• Expect continued ARPU and multi-play customer growth in telecom, with full-year effect of new wind capacity in 2026 supporting EBITDA growth despite low energy prices.

• Focus on cost control, tight CapEx, improved cash generation, and debt reduction in 2026.