Slides
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1 4Q and FY 2025 results 18 February 2026 Orange Polska
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2 2 Forward looking statement This presentation contains 'forward-looking statements' including, but not limited to, statements regarding anticipated future events and financial performance with respect to our operations. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts. They often include words like 'believe', 'expect', 'anticipate','estimated','project', 'plan', 'pro forma', and 'intend' or future or conditional verbs such as 'will', 'would', or 'may‘. Factors that could cause actual results to differ materially from expected results include, but are not limited to, those set forth in our RegistrationStatement, as filed with the Polish securities and exchange commission,the competitiveenvironmentin which we operate, changes in general economic conditions and changes in the Polish, American and/or global financial and/or capital markets. Forward-looking statements represent management’sviews as of the date they are made, and we assume no obligationto update any forward- looking statementsfor actual events occurringafter that date. Youare cautionednot to place undue relianceon our forward-looking statements. Disclaimer The financial information presented in this document has not been audited and therefore neither the Company nor its Directors or Officers accept responsibility for any errors, omissions or changes made between the unaudited and the audited financial information. The Company will publish audited financial statements with the auditors’ report on 12 March 2026.
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3 2025 – strong start to Lead the Future strategy Liudmila Climoc Chief Executive Officer
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4 ▪ Transformation drives high operating leverage: ▪ More efficient network operations ▪ New social plan signed ▪ Higher capex efficiency improves cash conversion ▪ Excellent commercial performance driving revenue increase: ▪ Strong volume and value growth in retail ▪ New business development in wholesale ▪ Network investments enhance future growth: ▪ 5G coverage reaches c.85% of population ▪ Fibre from Orange available to c.10m households ▪ Nexera acquisition to strengthen FiberCo JV ▪ >4% yoy growth of revenues and EBITDAaL ▪ PLN 1bn OCF ▪ ROCE at 7.9%* Value creation levers 47% total shareholder return** VALUE creation TRANSFORM & innovate GROW profitably EMPOWER people ENHANCE network2025 as strong start to Lead the Future strategy ** source: Bloomberg; change in the share price in 2025 + PLN 0.53 per share dividend paid in 2025 *at the level of WACC following systematic ROCE growth; both calculated on a pre-tax basis
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5 2025 guidance 2025 results Revenues yoy low single digit growth 4.3%* exceeded EBITDAaL yoy low single digit growth 4.0%* exceeded eCAPEX (PLNbn) 1.8-1.9bn 1.8bn met, low end 2025 guidance exceeded on revenues and EBITDAaL 5* Growth from adjusted scope following disposal of Orange Energia; details available on www.orange-ir.pl/resultscenter VALUE creation
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6 9,195 9,543 2024 2025 2028 1,785 1,855 2024 2025 2028 10% growth of fibre customer base in a highly competitive environment 1,566 1,727 2024 2025 2028 Convergence ARPO +4.0% yoy in 4Q Fixed broadband-only ARPO +4.6% yoy in 4Q PLN 30.0 PLN 70.3 PLN 131.3 Consistent net customer additions in convergence Very strong mobile net additions across all brands and markets +84 +71 +176* +160 Mobile-only handset ARPO +0.2% yoy in 4Q** net customers additions in k 6* does not include 41k non-organic growth (acquisition of local fibre operators) ** reflects 5% yoy growth in the main brand on the consumer market offset by decline in B2B and growing share of B brands Mobile handset customer base (in m) Fibre customer base (in m) Convergence customer base (in m) +348+254 low single digit CAGR vs 2024 12-15% growth target vs 2024 high single digit CAGR vs 2024 +4% on target✓ +10% on target✓ +4% on target✓ GROW profitably Very good performance across all key services in line with Lead the Future ambitions
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7 Winning new customers with leading product strategy 7 # of households with Orange presence back to growth GROW profitably Multi-brand strategy reinforced by new image Enriched offers fuelling volume & value Offer personalisation supported by geomarketing Best customer experience & convenience CVM platfrom Geo approach 209 TV channels OTT AI chatbot value strategy anti-hate service my Orange app
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8 156 213 2024 2025 Wholesale maximises monetisation of our infrastructure 787 892 2024 2025 in m PLN Wholesale revenues* Strong revenue performance thanks to new business development and higher growth in fibre wholesale *wholesale revenues excluding non-fibre fixed wholesale and interconnect (legacy) Growth of fibre customers accelerated as we leverage newly open wholesale access in k Wholesale fibre customers 3.7 2.1 2.4 +0.5 +0.8 The leading fibre-only wholesaler (JV 50/50% OPL & APG) 2025 2028 770k customer lines +27% yoy PLN 144m EBITDA* in 2025 +40% yoy Nexera** Planned footprint 2024 29% 32% **subject to approval of competition authorities FiberCo network rollout (in mHHC) fully funded following PLN 3.7bn debt refinancing Our infrastructure assets meet growing demand from other operators +36% +13% take-up rate *standalone S-I GROW profitably 8
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9 take-up rate* Enhancing network leadership Growing fibre footprint efficiently RAN modernisation C-band 700 MHz 3G switch off completed almost completed advanced Efficient mobile network development (sites) ongoing 50 cities with 8Gb/s speed (xGSPON technology) * Refers to parts of the network with OPL investment (i.e. own network & co-owned FiberCo JV); calculation takes into account both retail & wholesale customers 2024 off balance sheet 1 million new households in the range of our fibre *5G coverage in population Efficiency fuelled by RAN sharing progress in 2025total progress o/w 2025 #1 ranking** in in FTTH technology ~9 ~10 84% 5G coverage (vs 38% in 2024) 26% >90% in 2028* own FiberCo JV (co-owned) 2025 Own built in low penetrated areas FiberCo JV Wholesale agreements 28% wholesale ENHANCE network agreements **Orange Polska was ranked #1 in download speed for FTTH broadband in 2025 SpeedTest.pl ranking 9
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10 3600 transformation of our operating model Digital-first sales & care 28% digital sales (vs 25% in 2024) Efficient network operations ~7% lower unit costs of service installation • Automated ticket dispatch • Less work for technicians (e.g. FTTH self-installation) 30% less tickets for copper network interventions: • Process reengineering & progressive copper phase out 61% penetration of My Orange App (vs 55% in 2024) 10 3.1m My Orange App users 10% calls reduction thanks to AI Agent • Cost savings across all functions • New social plan for 1,000 FTEs in 2026-27 (12% of total) Lean processes & organisation TRANSFORM & innovate
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11 Top ESG achievements support environment and OPL business Top energy efficiency CO2e emissions scope 1&2 (vs -95% target by 2028) Reinforcement on circularity Growing share of refurbished fixed devices (as % of total units distributed) 100% 11 223k beneficiaries of digital education programmes in 2025 20 years of Orange Foundation long-term proof of our commitment to communities, digital education and online safety Digital inclusion supports growth of Polish economy and Orange Polska Providing connectivity to rural Poland 84% 5G coverage 414 29 2020 2025 -93% k tonnes 34% 45% 2024 2025 Electricity from renewable sources in 2025 >500k HHC with fibre from OPL in white zones
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12 Financial review Jacek Kunicki Chief Financial Officer
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13 in PLNm 2025 yoy 4Q’25 yoy Comment on FY 2025 results revenues 13,133 +4.3%* 3,493 +4.6%* ▪ Core telecom services (+6.5%), wholesale (+13%) & IT&IS (+14%) as key drivers EBITDAaL 3,473 +4.0%* 861 +6.2%* ▪ Driven by profitable growth of core business and cost efficiency% of revenues 26.4% -0.1pp* 24.7% +0.3pp* net income 762 -17% 69 -66% ▪ Stable yoy excl. headcount restructuring provision eCAPEX % of revenues 1,806 13.8% -0.8% -0.6pp 679 19.4% -1.3% -0.7pp ▪ Disciplined investing incl. PLN 0.5bn mobile capex organic cash flow 1,013 +2.8% 345 +7.5% ▪ Driven by EBITDAaL growth and lower WCR despite less proceeds from real estate sales ROCE 7.9% unch. ▪ ROCE at the level of WACC, opening path for economic value creation Excellent 2025 financial results VALUE creation 13 * change on adjusted scope following disposal of Orange Energia in June 2025
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14 Strong revenue growth driven by core telco services and wholesale Revenue evolution breakdown in PLNm Revenue growth trajectory (yoy change in %) *convergence, mobile-only and broadband-only **wholesale excluding non-fibre fixed wholesale and interconnect, ***legacy: narrowband only, non-fibre fixed wholesale and interconnect revenues ▪ 4Q Core telecom services* +5.5% yoy ▪ Strong performance driven by customer base and ARPO growth; ▪ Lower dynamics reflects higher comparable base in pre-paid (price hikes in Nov ‘24) ▪ 4Q Wholesale +27% yoy ▪ Outstanding quarter due to contribution of the new fibre contract overlapping with the last quarter of national roaming contract 4Q’24 +32 +9 3,493 3,338 +21-19 +58 0 +27%yoy change +3% +2%+9% -6% +4% -0.1% +4.6% Equipment sales IT&IS OtherLegacy***Wholesale** -2.0% 2.3% 1.1% 9.3% 4.6% 6.3% 7.3% 6.8% 6.5% 5.5% 4Q'24 1Q'25 2Q'25 3Q'25 4Q'25 Total reported Core telecom services* 4Q’25 1 2 1 2 +5.5% Convergent services B2C Mobile &fixed BB only service Core telecom services* +54 +4.3% 13,133 12,587 2024 2025
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15 ▪ 4Q Direct margin +5% yoy: ▪ Strong performance of core retail telco and wholesale ▪ 4Q Indirect costs +4% yoy: ▪ High comparable base: +PLN 33m additional fibre rollout margin for FiberCo in Q4’24 ▪ Positive impact of cost transformation program +93 -43 EBITDAaL evolution breakdown (yoy change in PLNm) 4Q’24 4Q’25 811 861 Indirect costs Direct margin EBITDAaL growth trajectory (yoy change in %) 6.8% 2.9% 4.3% 2.9% 6.2% 4Q'24 1Q'25 2Q'25 3Q'25 4Q'25 2 1 Robust EBITDAaL growth driven by very strong direct margin 1 2 15 +4.0% 2024 2025 3,338 3,473 +6.2%
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16 Net income affected by headcount restructuring provision (2026-2027) +135 -123 -48 -151 +42 -54 +48 913 D&A of PPE and intangible assets other net finance costs Net income evolution in 2025 (yoy change in PLNm) result on disposal of assets ▪ EBITDAaL growth – sustainable net income growth potential ▪ Depreciation growth linked mainly to new 5G spectrum & change in capex structure ▪ Net finance costs – higher debt (5G license) & higher debt cost (refinancing) ▪ New social plan for 1,000 employees in 2026-27 as part of cost transformation 2025 income tax2024 EBITDAaL -17% 1 2 3 2 31 new social plan provision 762 4 4 16
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17 -220 -138 191 138 521 530 575 539 515 473 240 264Fibre Mobile network Fixed & core network IT Systems and Infrastructure Others incl. non-fibre CPE Proceeds from assets disposal Investment areas (in PLNm) 1,822 14.3% 2024 eCapex % revenues 1,806 13.8% 2025 Disciplined Capex investments include mobile network & fibre deployment ▪ Higher fibre related capex due to network rollout with EU subsidies (PLN 84m); ▪ Mobile reflects 5G network rollout and RAN renewal (PLN 300m) ▪ IT systems & infrastructure growing due to transformation projects ▪ Lower proceeds from real estate disposal 17
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18 -2,127 +94 -555 1,013 -712 -8 +3 Strong, PLN 1bn organic cash flow and sound balance sheet Cash flow evolution breakdown in 2025 in PLNm yoy change +90 3,670 3,810 Dec'24 Dec'25 1.1x 1.1x net debt /EBITDAaL 4.3%3.8% effective interest rate on debt during the period +100 -68 -103 +9 +28 -407 -229 -608 PLN 1bn OCF achieved due to: ▪ 4% EBITDAaL growth ▪ Decrease of working capital requirement ▪ Lower proceeds from sale of assets FCF reflects: ▪ Spectrum: PLN 712m paid for 700MHz in 2025 vs PLN 305m paid in 2024 for C-band ▪ EU subsidies: PLN -8m net use of advances in 2025 vs PLN 225m net received advances in 2024 (rollout of fibre networks) Net debt in PLNm Organic cash flow Change in working capital Cash capex Cash proceeds from sale of assets Net cash from operating activities before working capital Repayment of finance lease & others 3,598 Spectrum EU subsidies & others Free cash flow 293 PLN 2.9m debt refinanced in July 2025 with the effect from June 2026 % of revenues 8% 18
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19 +4.3% yoy (+6.5% core telco services) Our value creation model is yielding solid results 19 2025 achievements REVENUE GROWTH with core telco services as key driver high operating leverage (cost efficiency) + Our value creation model Capex efficiency+ EBITDAaL GROWTH ORGANIC CASH FLOW GROWTH 55.3% direct margin +0.8pp. yoy indirect cost efficiency (% revenues) +4.0% yoy 13.8% of revenues vs 14.3% in 2024 PLN 1 bn direct margin >55% revenue √ √ operating leverage √ VALUE creation
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20 2026 outlook Liudmila Climoc Chief Executive Officer
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21 Priorities for 2026 to capture further value creation Fuel solid growth of core telco services in B2C 21 Achieve profitable growth of B2B Execute high-impact transformation Ensure excellence in connectivity VALUE creation TRANSFORM & innovate GROW profitably EMPOWER people ENHANCE network
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22 2026 guidance 22*Growth from adjusted scope following disposal of Orange Energia; details available on www.orange-ir.pl/resultscenter 2025 results 2026 guidance Revenues yoy +4.3% low single digit growth* EBITDAaL yoy +4.0% +3-5%* eCAPEX (PLN) 1.8bn around 1.8bn Organic cash flow (PLN) 1.0bn at least 1.1bn VALUE creation TRANSFORM & innovate GROW profitably EMPOWER people ENHANCE network
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23 Lead the Future guidance 2025 to 2028 as presented in March 2025 updated guidance EBITDAaL yoy low-to-mid single digit CAGR Confirmed low-to-mid single digit CAGR* (2025/26 trends point towards higher end) eCAPEX (PLN) <14% of revenues Upgraded c.1.8bn p.a. trending towards 13% of revenues Organic cash flow (PLN) at least 1.2bn in 2028 Upgraded at least 1.4bn in 2028 Update of mid-term guidance 23* Growth from adjusted scope following disposal of Orange Energia; details available on www.orange-ir.pl/resultscenter VALUE creation TRANSFORM & innovate GROW profitably EMPOWER people ENHANCE network
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24 PLN 0.61 +15% vs 2025 per share to be paid in 2026 from 2025 profits* * Management recommendation, subject to approval of General Meeting of Shareholders PLN 0.61 per share as a new floor until 2028 Future dividend growth to be decided yearly, considering projection of underlying financial results & soundness of the balance sheet Dividend Policy We are committed to growing shareholder returns VALUE creation 24
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25 Q&A 25
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26 Appendix
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27 Reconciliation of operating performance measure in PLNm 4Q 2025 FY 2025 4Q 2024 FY 2024 Operating income 171 1,274 340 1,419 Less gains on disposal of fixed assets -23 -65 -38 -113 Less gain on disposal of Orange Energia 0 -60 0 0 Add-back of depreciation, amortisation and impairment of property, plant and equipment and intangible assets 572 2,144 486 2,021 Add share of loss of joint venture adjusted for elimination of margin earned on asset related transactions with joint venture 26 130 47 152 Interest expense on lease liabilities -36 -146 -36 -148 Adjustment for the impact of employment termination programs and reorganisation costs 151 196 2 -10 Adjustment for the impact of deconsolidation of Orange Energia 0 0 7 14 Adjustment for the costs related to acquisition, disposal and integration of subsidiaries 0 0 3 3 EBITDAaL (EBITDA after Leases) 861 3,473 811* 3,338* *Comparable base following sale of Orange Energia in June 2025
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28 Details of bottom-line evolution in 4Q’25 and FY 2025 in PLNm 4Q 2025 4Q 2024 Change FY 2025 FY 2024 Change EBITDAaL 861 811* +50 3,473 3,338* +135 Gain on sale of Orange Energy shares 0 0 0 60 0 +60 Gains on disposal of assets 23 38 -15 65 113 -48 D&A of PPE and intangible assets -572 -486 -86 -2,144 -2,021 -123 Share of loss of joint venture adjusted for elimination of margin earned on asset related transactions with joint venture -26 -47 +21 -130 -152 +22 Add back interest expense on lease liabilities 36 36 0 146 148 -2 Adjustment for the impact of significant risks, employment termination programs and reorganization costs -151 -2 -149 -196 10 -206 Adjustment for the costs related to acquisition,disposal and integration of subsidiaries* 0 -3 +3 0 -3 +3 Adjustment for the impact of deconsolidation of Orange Energia 0 -7 +7 0 -14 +14 Operating income 171 340 -169 1,274 1,419 -145 Net financial costs -83 -88 +5 -345 -291 -54 o/w other interest expense and financial charges -48 -49 +1 -209 -169 -40 o/w foreign exchange loss/gain 3 -1 +4 6 9 -3 Income tax -19 -51 +32 -167 -215 +48 Net income 69 201 -132 762 913 -151 *Comparable base following sale of Orange Energia in June 2025
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29 * Does not include change in the working capital related to capex which is presented in change of CAPEX payables **Includes exchange rate effect on derivatives economically hedging capital expenditures, net in PLNm 4Q 2025 4Q 2024 Change FY 2025 FY 2024 Change Net cash flow from operating activities before change in working capital 860 858 +2 3,598 3,508 +90 Change in working capital* 71 75 -4 3 -97 +100 Net cash flow from operating activities 931 933 -2 3,601 3,411 +190 CAPEX -741 -762 +21 -1,944 -2,042 +98 Change in CAPEX payables** 261 222 +38 -183 -17 -166 Cash proceeds from sale of fixed assets 30 51 -21 94 197 -103 Repayment of lease liabilities -136 -125 -11 -555 -568 +13 Adjustment for payment for costs related to acquisition, disposal and integration of subsidiaries 0 2 -2 0 4 -4 Organic cash flow 345 321 +24 1,013 985 +28 Payments for telecommunication licences 0 0 0 -712 -305 -407 Investments grants received/used and other -33 -40 +7 -8 225 -233 Other 0 -2 +2 0 -4 +4 Free cash flow 312 279 +33 293 901 -608 Details of organic cash flow evolution in 4Q’25 and FY 2025
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30 30 Glossary 5G Fifth generation of mobile technology, which is the successor to the 4G mobile network standard ARPO Average Revenue per Offer Convergent services Revenues from B2C convergent offers which combine at least a broadband access and a mobile voice contract with a financial benefit. Do not include equipment, incoming and visitor roaming revenues Core telecom services Convergence, mobile-only and broadband-only services EBITDAaL EBITDA after leases, key measure of operating profitability used by management (for definition please refer to the Notes to IFRS Consolidated Financial Statements of the Orange Polska Group) eCapex Economic Capex, key measure of resources allocation used by management (for definition please refer to the Notes to IFRS Consolidated Financial Statements of the Orange Polska Group) Fibre fixed broadband access network based on FTTH (Fibre To The Home ) /DLA (Drop Line Agnostic) technology which provides the end user with speed of above 100Mbps Fixed broadband-only services Revenues from fixed broadband offers (excluding B2C convergent offers and equipment sales) including TV and VoIP services HHC (Households connectable) Households where broadband access service based on fibre technology can be rendered IT&IS IT & Integration Services Mobile-only services Revenue from mobile offers (excluding convergent offers) and Machine to Machine (M2M) connectivity. Mobile only services revenue does not include equipment sales, incoming and visitor roaming revenue Organic Cash Flow Organic Cash Flow- key measure of cash generation used by management (for definition please refer to the Notes to IFRS Consolidated Financial Statements of the Orange Polska Group) ROCE Return on capital employed (pre-tax basis) = EBIT (ex. extraordinary items) / (Shareholder’s Equity + Average net debt) Take-up rate Number of customer lines divided by available number of households connectable to fibre network