Letter of the President of the Management Board

Ladies and Gentlemen,

I am pleased to present to you Polsat Plus Group’s annual report for 2025, which also includes the sustainability report.

The past year was a period of numerous challenges and a difficult macroeconomic environment. The Group continued the implementation of its Strategy 2023+ across its core business segments: telecommunications, media and green energy.

The Group worked on strengthening the foundations of its business, including the bundled services offering. Activities focused, among others, on the process of selecting and combining services such as fibre broadband, television, mobile internet, mobile subscriptions and streaming services. An increasing number of customers are using Plus’s 5G network, which now covers 26 million people, representing 70% of the country’s population. Polsat Box continued to enhance its range of TV services delivered via the internet, a distribution channel that is gaining importance year by year.

In the media segment, we delivered very strong results in both television and online markets. Thanks to an attractive programme schedule and a strong portfolio of sports broadcasting rights, TV Polsat channels were the audience ratings leader, and our TV advertising revenues increased. At the same time, Polsat‑Interia Group was the largest online publisher in Poland.

We are finalising our strategic investments in the green energy segment. In total, we have 485 MW of installed generation capacity in renewable energy sources, including wind, solar and biomass.

Despite the challenging macroeconomic environment, we achieved stable financial results. Group revenues exceeded PLN 14.3 billion, while adjusted EBITDA amounted to over PLN 3.1 billion. Our priority going forward will be even more effective cash flow management and stricter cost control.

Already in the first quarter of 2026, with viewers seeking modern ways of accessing entertainment in mind, we significantly expanded the offering of our Polsat Box Go streaming service. It now provides access to nearly 200 TV channels, including a comprehensive selection of sports and news channels, as well as a wide range of films, series and programmes. As a result, it offers a unique combination of traditional television, a rich VOD library and the convenience associated with streaming services.

In March 2026, we introduced a new offer for Plus and Polsat Box customers, who will be the only ones on the market to have access to five of the world’s leading streaming services. In addition to Disney+, HBO Max and SkyShowtime, Apple TV and Amazon Prime have joined the offer. In this way, Plus and Polsat Box have become a unique and the largest aggregator of global streaming services on the Polish market, available at an attractive price.

The year 2026 began with changes in the Group’s organisation, as well as in its supervisory and management bodies. I am fully aware of market expectations regarding the announcement of a new strategy and future plans for the Group, which we intend to present to the market in a comprehensive manner in autumn this year. This does not mean, however, that we are waiting until then. Immediately after taking over leadership of the Management Board, we launched initiatives that are already delivering positive cost, sales and, consequently, financial effects. My objective is to manage the Group in such a way that after reviewing every part of our business – a process that is currently under way – we can determine which areas require only minor adjustments, which need more significant changes in approach and which will be fundamental to building value and shaping the future of the entire Polsat Plus Group.

The results achieved by our Group are the outcome of the hard work of the entire team. I would like to sincerely thank all employees for their full commitment, professionalism and sense of responsibility in their day‑to‑day work. I would also like to thank our shareholders and financial partners for their trust. I greatly appreciate and thank our customers and viewers for their loyalty. Their everyday choice of our services and programmes motivates us to continue our efforts and to further improve our offering.

 

Yours faithfully,

 

Piotr Żak

President of the Management Board, Cyfrowy Polsat S.A.