Earnings call transcript: Grupa Polsat Plus tops revenue forecast in Q2 2026

Grupa Polsat Plus reported Q2 2026 revenue of PLN 3.7 billion, surpassing the forecasted PLN 3.64 billion. Adjusted EBITDA rose, and net profit increased by 53% compared to the previous year. Core telecom and media operations were credited with driving the improvement, fueled by higher customer spending and cost discipline. The company's telecom unit continued to benefit from its multiplay strategy, with over 3 million customers utilizing the bundle of mobile, internet, and pay TV services.

Around 55% of the B2C base now falls within this multiplay offer. The media business also contributed positively, as the broader TV advertising market weakened but Polsat managed to gain share by recording TV advertising and sponsorship revenue that fell less than the market average. However, green energy performance was mixed, with wind output improving, while biomass and solar were weaker due to market and weather conditions.

The company highlighted its network assets, including 5G coverage reaching nearly 28 million people, or around 75% of Poland's population, and Netia's fiber footprint of 3.5 million homes passed. Revenue reached PLN 3.7 billion, exceeding the forecasted PLN 3.64 billion by PLN 60 million or 1.65%. The company expects adjusted free cash flow after interest to reach high hundreds of millions of zlotys in 2026 and TMT capital expenditure to remain in the 6% to 8% range of revenue.