Orange Polska (OPL) Q1 2026 earnings summary

Executive summary

• Achieved robust commercial and financial performance in Q1 2026, with strong net customer additions, ARPU growth across all key services, and market leadership in mobile number portability.

• Delivered outstanding financial results: EBITDAAL up 9.5% year-over-year, organic cash flow up by PLN 175 million, and net income up over 54%.

• Maintained momentum in executing transformation and value strategies, focusing on cost discipline and commercial excellence.

• Positive momentum in wholesale with 6% year-over-year revenue growth and a solid pipeline for Q2.

• High confidence in achieving strong full-year results, with guidance reaffirmed despite a volatile market.

Financial highlights

• Revenues reached PLN 3,183 million, up 2.9% year-over-year, driven by core telecom (+4.8% yoy), IT & IS (+7% yoy), and wholesale (+6% yoy).

• EBITDAAL grew 9.5% year-over-year to PLN 913 million, with a margin of 28.7%; underlying growth was 6.1% excluding a PLN 28 million VAT relief.

• Net income surged to PLN 295 million, up 54.5% year-over-year, supported by strong EBITDAAL and real estate gains.

• Organic cash flow improved by PLN 175 million year-over-year to PLN 86 million, aided by EBITDAAL growth, real estate sales, and lower capex.

• eCapEx for Q1 was PLN 300 million, down 30% year-over-year due to harsh winter weather and property disposals.

Outlook and guidance

• Full-year 2026 guidance reaffirmed: low single-digit revenue growth, EBITDAAL growth of 3–5%, eCapEx around PLN 1.8 billion, and organic cash flow at least PLN 1.1 billion.

• Management expresses high confidence in achieving annual targets, with a focus on commercial execution and cost control.

• Expecting 4.8% year-over-year core telco revenue growth in Q2, with a strong commercial pipeline.