Slides
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1 Orange Polska 27 October 2026 3Q 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 materially from expected results include, but are not limited to, those set forth in our Registration Statement, 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 obligation to update any forward-looking statementsfor actual events occurring after that date. Y ou are cautioned not to place undue reliance on our forward-looking statements.
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3 Highlights & Business review Liudmila Climoc Chief Executive Officer
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4 Outstanding 3Q positions us to deliver a very strong 2026 Profitable growth of all business engines ▪ Strong volume-value performance in core telco ▪ IT&IS revenues +24% yoy as we capture market demand Stellar financial results: +8% yoy revenues & +16% yoy EBITDAaL 4 High intensity transformation boosts efficiency ▪ Indirect costs down 4% yoy Nexera FiberCo acquisition underscores our network strategy
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5 1,685 1,846 3Q'25 3Q'26 Commercial strategy yields excellent results in volume & value Mobile and fibre net adds create pool for future convergence growth Consistent value strategy drives ARPO growth Convergence ARPO +5.0% yoy 1,840 1,891 3Q'25 3Q'26 Fixed broadband-only ARPO +5.4% yoy PLN 31.3 PLN 73.3 PLN 137.1 Performance in convergence reflects Lead the Future approach Net fibre customer additions hit almost 3-year high* Strong performance in mobile maintained +18 +10+42 +48 Mobile-only handset ARPO +2.6% yoy In kIn kIn k quarterly net customers additions GROW profitably 5 Mobile handset customer base Fibre customer base Convergence customer base 9,465 9,782 3Q'25 3Q'26 +82+108 +3% +3% +10% * Organic net fibre customer additions
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6 ~4.0 3.4 +0.6 Nexera acquisition strengthens growth prospects of our FiberCo JV ▪ Nexera acquisition finalised (PLN 233m cashout from OPL) & contributed to Światłowód Inwestycje FiberCo JV ▪ Światłowód Inwestycje poised for dynamic growth driven by footprint expansion, growth of the take-up rate and synergy potential from combination with Nexera ▪ Światłowód Inwestycje expected to be a source of steady dividends to its shareholders in the long term Planned rollout Nexera increases FiberCo footprint by 30% 2030Sept 2026 Nexera Światłowód Inwestycje 0.8 2.6 6 Światłowód Inwestycje Households connectable (in m) Sept 2025 Sept 2026 Strong demand for fibre is driving network saturation higher Nexera % 34% 34% 37% Active customer lines (in m) 1.2 Take-up rate (# of active customer lines divided by HHC) 1.0 31% (proforma)
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7 Financial review Jacek Kunicki Chief Financial Officer
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8 in PLNm 3Q’26 YoY 9M’26 YoY revenues 3,592 +7.9% 10,275 +7.7%* ▪ Excellent growth of all business engines ▪ Core telecom services revenues accelerating to +5.5% yoy EBITDAaL 1,039 +15.6% 2,881 +9.4%* ▪ Driven by strong core business and operating leverage% of revenues 28.9% +1.9pp 28.0% +0.4pp net income 328 +44% 904 +30% ▪ 9M: EBITDAaL growth and high gains from real estate disposals eCAPEX 357 +8.8% 1,082 -4.0% ▪ 9M: Disciplined investing & high proceeds from real estate disposals organic cash flow 378 +17% 871 +30% ▪ 9M: Growth of EBITDAaL – eCapex partly offset by higher WCR (business growth) Stellar 3Q’26 financial results across the board VALUE creation 8* Year-on-year change on a comparable basis (cb) following sale of Orange Energia in June 2025
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9 Strong 3Q revenue growth across all service lines 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* (+5.5% yoy) ▪ Consistently strong performance driven by customer base and ARPO growth ▪ IT&IS (+24% yoy) ▪ Exceptionally high revenue growth as we capture market opportunities in digital transformation & IT infrastructure ▪ Wholesale** (+13% yoy) ▪ Fibre access in open model & infrastructure rental contracts ▪ Equipment (+8% yoy) ▪ Growing unit prices and improving OPL market share 3Q’25 +37 +117 3,592 3,329 +32 -12 +59 +13%yoy change +4% +24%+8% -3%+8% +7.9% Equipment sales IT&IS Legacy*** & Other Wholesale** 3Q’26 1 3 1 2 +5.5% Convergent services B2C Mobile &fixed BB only service Core telecom services* +30 9.3% 4.6% 2.9% 12.3% 7.9% 6.5% 5.5% 4.8% 4.9% 5.5% 3Q'25 4Q'25 1Q'26 2Q'26 3Q'26 Total reported Core telecom services* 2 3 4 4
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10 EBITDAaL evolution breakdown (yoy change in PLNm) 3Q’25 3Q’26 899 1,039 +15.6% Indirect costs Direct margin EBITDAaL evolution (yoy change in %) ▪ Direct margin +6% yoy: ▪ Robust performance of core business in retail and wholesale ▪ Indirect costs -4% yoy: ▪ Strong impact of cost transformation (efficiency gains in network operations, workforce, copper decommissioning) 2 3Q EBITDAaL +16% yoy: a perfect mix of margin growth & cost efficiency 1 2 +105 +35 10 2.9% 6.2% 9.5% 3.1% 15.6% 3Q'25 4Q'25 1Q'26 2Q'26 3Q'26 1
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11 -295 -1,492 +148 -430 871 -201 9M OCF +PLN 203m yoy Cash flow evolution breakdown in 9M 2026 in PLNm yoy change +202 4,155 3,810 4,209 Sep'25 Dec'25 Sep'26 1.1x 1.1xnet debt /EBITDAaL 5.6%4.1%effective interest rate on debt during the period -227 +155 +84 -11 +203 +486 +689 OCF reflects: ▪ >9% 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 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 2,940 EU subsidies, spectrum & others Free cash flow 670 1.2x 4.3%
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12 Summary Liudmila Climoc Chief Executive Officer
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13 Forward focus Short term focus on high commercial season in 4Q Excellent results drive us to expect outstanding financial performance in 2026 13 Mid term focus on extending our growth trajectory from a high FY 2026 starting point
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14 Q&A 14
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15 Appendix
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16 2026 goals underscored by +20% yoy OCF growth 16 *Growth from adjusted scope following disposal of Orange Energia; details available on www.orange-ir.pl/resultscenter 2026 guidance Revenues yoy low-to-mid single digit growth* EBITDAaL yoy >+6%* eCAPEX (PLN) around 1.8bn Organic cash flow (PLN) at least 1.2bn VALUE creation TRANSFORM & innovate GROW profitably EMPOWER people ENHANCE network
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17 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 9 months ended 30 September 2026 (available at https://www.orange-ir.pl/results- center/). in PLNm 3Q 2026 3Q 2025 9M 2026 9M 2025 Operating income 522 371 1,394 1,103 Less gains on disposal of fixed assets -13 -23 -95 -42 Less gain on disposal of Orange Energia 0 11 0 -60 Add-back of depreciation, amortisation and impairment of property, plant and equipment and intangible assets 528 541 1,605 1,572 Add share of loss of joint venture adjusted for elimination of margin earned on asset related transactions with joint venture 37 33 95 104 Interest expense on lease liabilities -36 -36 -107 -110 Adjustment for the impact of employment termination programs and reorganisation costs -4 2 -16 45 Adjustment for the costs related to acquisition, disposal and integration of subsidiaries 5 0 5 0 Adjustment for the impact of deconsolidation of Orange Energia 0 0 0 22 EBITDAaL (EBITDA after Leases) 1,039 899 2,881 2,634* 17 *Comparable base (cb) following sale of Orange Energia in June 2025
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18 Details of bottom line evolution in 3Q’26 and 9M’26 in PLNm 3Q 2026 3Q 2025 Change 9M 2026 9M 2025 Change EBITDAaL 1,039 899 +140 2,881 2,634* +247 Gain on sale of Orange Energy shares 0 -11 +11 0 60 -60 Gains on disposal of assets 13 23 -10 95 42 +53 D&A of PPE and intangible assets -528 -541 +13 -1,605 -1,572 -33 Share of loss of joint venture adjusted for elimination of margin earned on asset related transactions with joint venture -37 -33 -4 -95 -104 +9 Add back interest expense on lease liabilities 36 36 0 107 110 -3 Adjustment for the impact of significant risks, employment termination programs and reorganization costs 4 -2 +6 16 -45 +61 Adjustment for the costs related to acquisition,disposal and integration of subsidiaries -5 0 -5 -5 0 -5 Adjustment for the impact of deconsolidation of Orange Energia 0 0 0 0 -22 +22 Operating income 522 371 +151 1,394 1,103 +291 Net financial costs -119 -94 -25 -298 -262 -36 o/w other interest expense and financial charges -63 -57 -6 -154 -161 +7 o/w foreign exchange loss/gain -8 - -8 -13 3 -16 Income tax -75 -49 -26 -192 -148 -44 Net income 328 228 +100 904 693 +211 *Comparable base (cb) following sale of Orange Energia in June 2025
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19 Details of organic cash flow evolution in 3Q’26 and 9M’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 3Q 2026 3Q 2025 Change 9M 2026 9M 2025 Change Net cash flow from operating activities before change in working capital 1,005 940 +65 2,940 2,738 +202 Change in working capital* 8 -60 +68 -295 -68 -227 Net cash flow from operating activities 1,013 880 +133 2,645 2,670 -25 CAPEX -379 -367 -12 -1,241 -1,203 -38 Change in CAPEX payables** -134 -89 -45 -254 -439 +185 Cash proceeds from sale of fixed assets 3 0 +3 3 -5 +8 Proceeds from sale of property, plant and ,equipment and intangible assets 13 36 -23 148 64 +84 Repayment of lease liabilities -138 -136 -2 -430 -419 -11 Organic cash flow 378 324 +54 871 668 +203 Payments for telecommunication licences 0 0 0 0 -712 +712 Investments grants received/used and other -46 115 -161 -201 25 -226 Free cash flow 332 439 -107 670 -19 +689
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20 20 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)