Poland’s Grupa Polsat Plus posted second‑quarter 2026 revenue of PLN 3.7 billion, a 2.9% year‑on‑year increase and a PLN 60 million (1.65%) beat of the PLN 3.64 billion consensus. Adjusted EBITDA rose 3.6% to PLN 853 million, and net profit surged 53% to PLN 173 million.
Adjusted free cash flow (FCF) after interest for the last twelve months reached PLN 716 million, climbing to PLN 981 million when green‑energy investments are excluded. Total rolling‑12‑month adjusted FCF is approaching PLN 1 billion, up 33% from the end of 2025.
Leverage improved slightly, with net‑debt‑to‑EBITDA at 3.63× at the end of June versus 3.68× in Q1. The weighted‑average interest cost remained steady at 6.6%. Debt maturities total over PLN 400 million in 2026, PLN 830 million in 2027, a syndicated loan due in April 2028 and bonds due in 2030.
The company’s shares closed at $16.11, down 1.68% from the prior close of $16.38. The stock trades within a 52‑week range of $10.71 to $17.95, roughly 10.3% above the low and below the high. Market capitalisation stands at $488 million.
Customer metrics showed continued growth. Multi‑play customers reached 3,039,000, a 1.2% rise, representing nearly 55% of the B2C base. Contract services grew 2.3% YoY to 13.4 million. Internet services added 208,000 RGUs to total 2.2 million, while mobile telephony rose by 182,000 RGUs to 6.7 million. Pay‑TV services numbered 4.5 million. B2C ARPU increased 6.5% to PLN 83.5, and churn held at 7.7% within the 6‑8% target band. The prepaid segment stayed at 2.2 million users, with ARPU up 4% to PLN 18.4 after the launch of a PLN 30 “Plus na Kartę” offer. B2B customers remained stable at 67,000, with ARPU up 2.8% to PLN 1,588.
Network coverage expanded, with 5G reaching about 28 million people (≈75% of Poland) and Netia’s fiber network passing 3.5 million homes.
In the media segment, flagship channel Polsat’s audience share rose to 7.4% from 7.3% a year earlier, while the combined share of all broadcast channels fell to 21.4% from 22.5%. Linear advertising revenue declined 4.1% amid a 6.2% market‑wide drop, yet Polsat’s market share grew to 28.8%. Polsat‑Interia retained its position as Poland’s top internet publisher for a seventh straight quarter, averaging 20 million monthly users and 1.7 billion page views.
The green‑energy arm operates close to 500 MW of renewable capacity, 60% of which is wind. Q2 production fell 11% YoY to roughly 280 GWh due to weather and market conditions, while H1 output rose about 3% to over 600 GWh. Segment EBITDA held at about PLN 65 million for the quarter and climbed 34% YoY to PLN 164 million for the first half, driven by full contribution from the Drzeżewo wind farm. All planned hydrogen‑bus deliveries for 2026 were completed, supplying 30 buses to Kraków and Rzeszów.
Guidance projects adjusted FCF after interest in the high hundreds of millions of PLN for the full year. Green‑energy capital expenditure is expected to stay below PLN 150 million, mainly for final settlements on Drzeżewo and Dobra wind farms. Telecom and media CapEx is targeted at 6‑8% of revenue. The next major spectrum renewals are not anticipated until 2029, and a comprehensive corporate strategy update is slated for autumn 2026.
