Slides
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1 Orange Polska 28 July 2026 2Q 2026 results Lead the Future
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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 conditionalverbs such as 'will', 'would', or 'may‘. Factors that could cause actual results to differ materiallyfrom expected results include, but are not limited to, those set forth in our RegistrationStatement, as filed with the Polish securities and exchange commission, the competitive environment in 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’s views as of the date they are made, and we assume no obligationto update any forward-looking statementsfor actual events occurringafter that date. You are cautionednot to place undue relianceon our forward-lookingstatements.
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3 Highlights & Business review Liudmila Climoc Chief Executive Officer
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4 Excellent 2Q/1H’26 commercial and financial performance Profitable growth driven by all business engines: ▪ Core telco services: solid customer demand & better ARPO dynamics ▪ B2B: improving profitability fuelled by spectacular +50% IT&IS revenue growth in 2Q ▪ Wholesale: robust performance supported by big contracts Strong 1H boosts our confidence in strategy execution & prospects for 2026 4 Transformation across all functions securing high operating leverage (indirect costs flat yoy ex one-off*) VALUE creation TRANSFORM & innovate GROW profitably EMPOWER people ENHANCE network * Excluding PLN 75m additional network rollout margin for FiberCo in 1H 2025 Strong 1H financial results ▪ Revenues: +7.6% yoy ▪ EBITDAaL: +6.2% yoy
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5 1,642 1,799 2Q'25 2Q'26 Very successful commercial growth both in volume and value Mobile and fibre net adds create pool for future convergence growth Convergence ARPO +4.5% yoy 1,822 1,881 2Q'25 2Q'26 Fixed broadband-only ARPO +4.3% yoy PLN 30.5 PLN 72.2 PLN 134.7 Performance in convergence reflects Lead the Future approach Consistent fibre customer base growth despite intensive competition Strong momentum in mobile maintained +21 +11+38 +38 Mobile-only handset ARPO +2.1% yoy In kIn kIn k quarterly net customers additions GROW profitably 5 Mobile handset customer base +4% Fibre customer base +10% Convergence customer base +3% 9,357 9,700 2Q'25 2Q'26 +85+86 #1 in MNP* * Leader in Mobile Number Portability in 1H (both in 1Q and 2Q)
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6 Robust performance of B2B and Wholesale supported by big contracts; rising activity in the defence sector 204 238 2Q'25 2Q'26 in m PLN Wholesale revenues* Strong revenue growth despite lack of national roaming contract *wholesale revenues excluding non-fibre fixed wholesale and interconnect (legacy) Wholesale boosts asset monetisation +17% GROW profitably 6 401 600 2Q'25 2Q'26 IT&IS revenues +50% Spectacular IT&IS revenue growth thanks to accumulation of contracts for digital transformation B2B improves its performance ▪ Improving trend in B2B mobile amid tough market ▪ Growth supported by energy sector transformation contract (IoT in equipment revenues) ▪ First significant contract signed in defence industry, a milestone development for the future ▪ 2Q boosted by infrastructure contracts ▪ Coupled with consistent growth from wholesale fibre access (+41% yoy more active customer lines) in m PLN IT&IS Telco B2B
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7 3600 transformation drives operational excellence & efficiency increase ▪ Transformation is a strategic lever of value creation in Lead the Future ▪ Ambitious transformation plan covers our entire operating model 7 TRANSFORM & innovate FY 2024FY 2023 FY 2025 1H 2026 ~flat* +21* +99* Indirect costs flat yoy* in 1H 2026 securing our high operating leverage Transformation initiatives across all areas Labour Copper decomissioning Cost of sales Energy Property Network maintenance IT Other 1H (in PLNm) * Excluding additional network rollout margin for FiberCo in 2024-2025 2H
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8 Improved 2026 goals underscored by at least +20% yoy OCF growth 8 *Growth from adjusted scope following disposal of Orange Energia; details available on www.orange-ir.pl/resultscenter 2026 guidance as presented in February 2026 updated guidance Revenues yoy low single digit growth* upgraded low-to-mid single digit growth* EBITDAaL yoy +3-5%* upgraded >+6%* eCAPEX (PLN) around 1.8bn confirmed Organic cash flow (PLN) at least 1.1bn upgraded at least 1.2bn VALUE creation TRANSFORM & innovate GROW profitably EMPOWER people ENHANCE network
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9 Financial review Jacek Kunicki Chief Financial Officer
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10 in PLNm 2Q’26 yoy 1H’26 yoy revenues 3,500 +12.3% 6,683 +7.6% ▪ Excellent growth of all business engines ▪ Core telecom services +5% yoy EBITDAaL 929 +3.1% 1,842 +6.2% ▪ Robust underlying growth due to strong core business and operating leverage% of revenues 26.5% -2.4pp 27.6% -0.4pp net income 281 +2.5% 576 +23.8% ▪ 1H: EBITDAaL and high gains from real estate disposals eCAPEX 425 +15% 725 -9% ▪ 1H: disciplined investing and high proceeds from real estate disposals organic cash flow 407 -6.0% 493 +43% ▪ 1H: Growth of EBITDAaL – eCapex partly offset by higher WCR (business growth) 2Q results deliver strong 1H growth: revenues +7.6% yoy, EBITDAaL +6.2% yoy and OCF +43% yoy VALUE creation 10
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11 Steep 2Q revenue growth with +5% yoy core telecom services & +50% yoy IT&IS Revenue evolution breakdown in PLNm Revenue evolution (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 ▪ Core telecom services* (+4.9% yoy) ▪ Unwavering dynamics in convergence, fibre and post-paid mobile ▪ Balanced volume-value drivers ▪ IT&IS (+50% yoy) ▪ Accumulation of contracts for digital transformation and infrastructure upgrades ▪ Wholesale** (+17% yoy) ▪ Infrastructure rental contracts offsetting end of the national roaming contract ▪ Equipment (+19% yoy) ▪ Solid retail dynamics coupled with large B2B contract 2Q’25 cb +27 +199 3,500 3,118 +72 -7 +57 +17%yoy change +3% +50%+8% -2%+19% +12.3% Equipment sales IT&IS Legacy*** & Other Wholesale** 2Q’26 1 3 1 2 +4.9% Convergent services B2C Mobile &fixed BB only service Core telecom services* +34 1,1% 9,3% 4,6% 2.9% 12.3% 6,8% 6,5% 5,5% 4.8% 4.9% 2Q'25 3Q'25 4Q'25 1Q'26 2Q'26 Total reported Core telecom services* 2 3 4 4
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12 EBITDAaL evolution breakdown (yoy change in PLNm) 2Q’25 cb 2Q’26 901 929 +3.1% Indirect costs Direct margin EBITDAaL evolution (yoy change in %) ▪ EBITDAaL +3.1% yoy: ▪ Very strong underlying growth (note +PLN 75m one-off in Q2’25)* ▪ Direct margin +6.1% yoy: ▪ Robust performance of core business in retail and wholesale ▪ Indirect costs broadly flat yoy (ex one-off*): ▪ Positive impact of cost transformation programme (efficiency gains in network operations, workforce, property costs and G&As) 3 1 2Q EBITDAaL +3.1% yoy showcasing very strong underlying performance 2 3 +109 -81 12 4,3% 2,9% 6,2% 9,5% 3,1% 2Q'25 3Q'25 4Q'25 1Q'26 2Q'26 2 1 * In 2Q’25 we booked PLN 75m additional margin on network rollout for FiberCo o/w -75m due to one-off*
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13 +107 -46 +63 +16 -11 -18 465 1H net income +24% yoy D&A Other Net finance costs Net income evolution in 1H 2026 (yoy change in PLNm) Result on disposal of assets ▪ EBITDAaL growth – sustainable net income growth potential ▪ Depreciation growth linked to new 5G licence and change in capex structure ▪ Very high gain from real estate disposals 1H’26 Income tax 1H’25 EBITDAaL +24% 1 2 3 2 31 576
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14 -37 -136 46 54 257 223 226 253 197 184 110 147 Fibre Mobile network Fixed & core network IT Systems and Infrastructure Others Proceeds from assets disposal Investment areas (in PLNm) 799eCapex 1H’25 1H’26 725 1H eCapex reflects investments in connectivity and high property disposals ▪ Growth in fibre due to network rollout in EU subsidised projects (PLN 74m) ▪ Mobile reflects 5G network rollout in core and RAN renewal (PLN 120m) ▪ Very high proceeds from property disposals (front-end loaded)
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15 -303 -982 +135 -292 493 -155 1H OCF +PLN 150m yoy Cash flow evolution breakdown in 1H 2026 in PLNm yoy change +137 3,810 3,487 Dec'25 Jun'26 1.1x 1.0x net debt /EBITDAaL 4.5%4.1%effective interest rate on debt during the period -295 +208 +107 -9 +149 +647 +796 OCF reflects: ▪ >6% EBITDAaL growth ▪ Higher working capital reflects growing business and timing ▪ Different phasing of capex through the year ▪ High proceeds from sale of assets FCF reflects: ▪ Spectrum: PLN 712m paid for 700MHz in 1H’25 ▪ EU subsidies: higher yoy use of advances (rollout of fibre networks) Net debt: ▪ PLN 800m of dividend paid in July ▪ As of end of June effective interest rate at 5.6% following debt refinancing (effective from mid-June) 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 1,935 EU subsidies, spectrum & others Free cash flow 338
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16 Summary Liudmila Climoc Chief Executive Officer
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17 Summary Excellent commercial and financial results in 1H leading to upgrade of full-year targets 17 Development of new growth areas for the future 2H focus on high commercial season and transformation initiatives for 2027
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18 Q&A 18
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19 Appendix
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20 Reconciliation of operating performance measure Disclosures on performance measures have been presented in the Note 2 to Condensed IFRS Quarterly Consolidated Financial Statements of the Orange Polska Group for the 6 months ended 30 June 2026 (available at https://www.orange-ir.pl/results-center/). in PLNm 2Q 2026 2Q 2025 1H 2026 1H 2025 Operating income 429 420 872 732 Less gains on disposal of fixed assets -32 -15 -82 -19 Less gain on disposal of Orange Energia 0 -71 0 -71 Add-back of depreciation, amortisation and impairment of property, plant and equipment and intangible assets 542 511 1,077 1,031 Add share of loss of joint venture adjusted for elimination of margin earned on asset related transactions with joint venture 26 41 58 71 Interest expense on lease liabilities -36 -38 -71 -74 Adjustment for the impact of employment termination programs and reorganisation costs 0 43 -12 43 Adjustment for the impact of deconsolidation of Orange Energia 0 10 0 22 EBITDAaL (EBITDA after Leases) 929 901* 1,842 1,735* 20 *Comparable base (cb) following sale of Orange Energia in June 2025
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21 Details of bottom line evolution in 2Q’26 and 1H’26 in PLNm 2Q 2026 2Q 2025 Change 1H 2026 1H 2025 Change EBITDAaL 929 901* +28 1,842 1735* +107 Gain on sale of Orange Energy shares 0 71 -71 0 71 -71 Gains on disposal of assets 32 15 +17 82 19 +63 D&A of PPE and intangible assets -542 -511 -31 -1,077 -1,031 -46 Share of loss of joint venture adjusted for elimination of margin earned on asset related transactions with joint venture -26 -41 +15 -58 -71 +13 Add back interest expense on lease liabilities 36 38 -2 71 74 -3 Adjustment for the impact of significant risks, employment termination programs and reorganization costs 0 -43 +43 12 -43 +55 Adjustment for the impact of deconsolidation of Orange Energia 0 -10 +10 0 -22 +22 Operating income 429 420 +9 872 732 +140 Net financial costs -90 -88 -2 -179 -168 -11 o/w other interest expense and financial charges -47 -53 +6 -91 -104 +13 o/w foreign exchange loss/gain -1 -2 +1 -5 3 -8 Income tax -58 -58 0 -117 -99 -18 Net income 281 274 +7 576 465 +111 *Comparable base (cb) following sale of Orange Energia in June 2025
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22 Details of organic cash flow evolution in 2Q’26 and 1H’26 * Does not include change in the working capital related to capex which is presented separately **Includes exchange rate effect on derivatives economically hedging capital expenditures, net in PLNm 2Q 2026 2Q 2025 Change 1H 2026 1H 2025 Change Net cash flow from operating activities before change in working capital 1,019 961 +58 1,935 1,798 +137 Change in working capital* -125 100 -225 -303 -8 -295 Net cash flow from operating activities 894 1,061 -167 1,632 1,790 -158 CAPEX -473 -395 -78 -862 -836 -26 Change in CAPEX payables** 83 -126 209 -120 -355 +235 Cash proceeds from sale of fixed assets 40 22 +18 135 28 +107 Repayment of lease liabilities -137 -129 -8 -292 -283 -9 Organic cash flow 407 433 -26 493 344 +149 Payments for telecommunication licences 0 -412 +412 0 -712 +712 Investments grants received/used and other -131 -36 -95 -155 -90 -65 Free cash flow 276 -15 +291 338 -458 +796
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23 23 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 Note 2 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 Note 2 to IFRS Consolidated Financial Statements of the Orange Polska Group) FTTH 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 HFC Hybrid Fibre Coaxial technology for fast broadband access HHC (Households connectable) Households where broadband access service based on fibre technology can be rendered IT&IS IT & Integration Service 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 2 to IFRS Consolidated Financial Statements of the Orange Polska Group) ROCE Return on capital employed = EBIT (ex. extraordinary items) / (Shareholder’s Equity + Average net debt)