Polish media and telecoms conglomerate Grupa Polsat Plus reported a 2.9% year-over-year increase in revenue to PLN 3.7 billion for the second quarter of 2026, outpacing analyst expectations by 1.65%. Adjusted EBITDA rose 3.6% to PLN 853 million, lifting the margin to 23% from 22% a year earlier. Net profit surged 52.7% to PLN 173 million, driven by strong performance across its core segments.
The B2C and B2B services segment, which accounts for 72% of group EBITDA, contributed PLN 104 million of the total revenue increase, with adjusted EBITDA up 2% to PLN 617 million. The media segment added PLN 6 million in revenue despite a 6.2% decline in Poland’s total TV advertising market, with adjusted EBITDA rising 12% to PLN 158 million. TV Polsat Group maintained a 21.4% audience share, while its digital unit Polsat-Interia Group reported 20 million average monthly users, ahead of competitors.
Multiplay services continued to drive growth, with the customer base expanding to 3.039 million at the end of June, representing 55% of the total B2C customer base and up from 53% a year earlier. Average revenue per user (ARPU) accelerated to PLN 83.5, marking a 6.5% year-over-year increase. The company’s 5G network now covers nearly 28 million people, or 75% of Poland’s population.
The green energy segment contributed PLN 61 million to revenue, primarily from hydrogen bus deliveries, with total segment revenue up 16% to PLN 441 million. Wind energy generation rose 14% to 126 GWh, supported by the full contribution of the Drzeżewo wind farm. Total operational renewable capacity reached nearly 500 megawatts, though full-year 2026 capex is expected to remain below PLN 150 million.
Grupa Polsat Plus reported total gross debt of PLN 15.0 billion, net debt of PLN 12.3 billion, and a net debt to EBITDA ratio of 3.63x at the end of June. Adjusted free cash flow after interest rose 33.3% to PLN 981 million on a last-twelve-months basis. The company’s next major debt maturity of PLN 4.7 billion is due in 2028, with spectrum renewals expected in 2029.
