Orange Polska (OPL) investor relations material

Executive summary

• Achieved strong profitable growth across all business lines in H1 2026, with robust commercial execution and transformation initiatives driving results.

• Revenue grew 7.6% year-over-year on a comparable basis, reaching PLN 6,683 million in H1 2026, driven by growth across all business lines except legacy services.

• EBITDAAL increased by 6.2% year-over-year to PLN 1,842 million, with margin stable at 27.6%.

• Net income for H1 was PLN 580 million, up 24% year-over-year, supported by strong EBITDA and gains from real estate disposals.

• Management raised full-year 2026 guidance for revenue, EBITDAAL, and organic cash flow, citing better-than-expected H1 results.

Financial highlights

• Q2 revenues increased by 12.3% year-over-year, driven by core telecom, IT/IS, and wholesale segments.

• H1 2026 revenues increased by 7.6% year-over-year to PLN 6,683 million.

• EBITDAAL grew 6.2% year-over-year in H1 to PLN 1,842 million; margin at 27.6%.

• Net income for H1 rose 24% year-over-year to PLN 580 million.

• Organic cash flow in H1 up 43% year-over-year to PLN 493 million, driven by disciplined investing and high proceeds from real estate disposals.

Outlook and guidance

• Full-year revenue growth now expected at low to mid-single-digit percentage, with EBITDAAL growth above 6%.

• Organic cash flow guidance raised to at least PLN 1.2 billion for 2026.

• eCapex guidance maintained at around PLN 1.8 billion.