Total Revenue: Increased by 3.6% to over PLN3.5 million.
Adjusted EBITDA: Increased by 12.7% year over year.
Net Profit: Posted PLN250 million in the third quarter.
Free Cash Flow: Last 12 months’ free cash flow amounted to PLN1.1 billion, excluding CapEx on renewable and hydrogen projects.
Net Debt-to-EBITDA Ratio: 3.4 at the end of the third quarter.
ARPU per B2C Customer: Increased by 5% year over year to PLN77.2.
ARPU per B2B Customer: Increased by 4% year over year, exceeding PLN1,500.
Churn Rate: Decreased to 7.2%.
Green Energy Segment EBITDA: Generated PLN82 million in the third quarter.
TV Advertising Revenue: Increased by 5.2% year on year to PLN965 million.
Green Energy Production: Produced more than 300 gigawatt hours of electricity in the third quarter, up by 57% year on year.
Release Date: November 21, 2024
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Cyfrowy Polsat SA (FRA:CP9) reported a 12.7% increase in adjusted EBITDA, driven by strong operating performance and cost control.
The company expanded its 5G Plus network to over 3,800 transmitters, covering over 25 million people in Poland.
Cyfrowy Polsat SA secured exclusive broadcasting rights to the Formula 1 Grand Prix races from 2025 to 2028, enhancing its sports content offering.
The company achieved significant milestones in its green energy strategy, including the start of test production of green hydrogen and the installation of a 2.5-megawatt electrolyzer.
The green energy segment generated PLN82 million of EBITDA in Q3 2024, with expectations to contribute PLN500 million to PLN600 million annually by 2026.
The media segment faced challenges due to competitors holding broadcasting rights to major sporting events, impacting TV advertising growth.
Despite a 3% increase in advertising revenue, Cyfrowy Polsat SA’s market share in TV advertising and sponsorship was slightly below the market growth rate.
The pay TV base is under pressure from a declining number of satellite TV services and the phasing out of the low-margin IPLA product.
The company’s net debt-to-EBITDA ratio increased slightly to 3.4, indicating a need for careful financial management.
The B2C and B2B services segment’s EBITDA was negatively impacted by a write-off of photovoltaic panel stock.
Q: Is it expected to reach a 4.0 net debt to EBITDA this year or in 2025? A: Katarzyna Ostap-Tomann, CFO, stated that for 2024, they do not expect to reach 4.0. For 2025, she could not commit to a definitive answer as it depends on the pace of spending and incoming funds.
