Orange Polska (OPL) Q2 2025 earnings summary

Executive summary

• Core telecom business maintained strong momentum in Q2 2025, with robust commercial results and growing customer bases, especially in consumer and fiber segments.

• Investments in mobile (notably 5G) and fixed infrastructure continued, with 5G now covering nearly 50% of Poland's population and new 700 MHz spectrum expanding reach.

• Sale of Orange Energia was completed in June 2025, generating a PLN 71 million gain and reinforcing focus on core business.

• Financial results were strong across all levels: revenue, EBITDAaL, net profit, and cash generation all grew year-over-year.

• Full-year 2025 guidance confirmed, with preparations underway for transformation initiatives beyond 2026.

Financial highlights

• Q2 2025 revenues increased by 1.1% year-over-year to PLN 3,158 million; H1 2025 revenues at PLN 6,311 million, up 1.7%.

• EBITDAaL for Q2 2025 was PLN 891 million (+4.3% yoy); H1 2025 at PLN 1,713 million (+3.6% yoy).

• Net income for Q2 2025 was PLN 274 million (+18.6% yoy); H1 2025 at PLN 465 million (+1.5% yoy).

• Organic cash flow in Q2 2025 was PLN 433 million (+11.3% yoy); H1 2025 at PLN 344 million (-16.3% yoy).

• eCapEx for H1 2025 was PLN 799 million (+18.6% yoy), with nearly PLN 300 million invested in fiber and mobile networks.

Outlook and guidance

• Full-year 2025 guidance confirmed: low single-digit growth in revenues and EBITDAaL, eCapEx expected at PLN 1.8–1.9 billion.

• Expecting solid organic cash flow in H2 and continued EBITDAaL growth, targeting around 2% growth in H2.

• Focus on high commercial season in H2 and progressive turnaround in B2B segment.