Slides
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Wirtualna Polska Holding Investor Presentation 2Q 2026 08/09/2026 Warszawa
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Total Group Reporting segments 2 Includes: ﺍPackage OTA in Poland, CEE and DACH ﺍAccommodation intermediaries in CEE Region Ads & Subs Travel Consumer Finance Includes: ﺍMost visited Polish websites ﺍSubscription services Includes: ﺍFinancial lead generation ﺍCommission on financial services (car financing) Purpose: creation of the undisputed leading ecosystem in Poland with its own content, both paid and free Purpose: create an unrivalled travel holding on a pan-European scene Purpose: monetize rapidly growing online market for product-related financing Share of Revenue: Share of EBITDA: 29% 37% Share of Revenue: Share of EBITDA: 58% 56% Share of Revenue: Share of EBITDA: 11% 6% Share of revenue and EBITDA based on 2025 pro forma, excluding Invia Flights Germany
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0 50 100 150 200 250 300 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 EBITDA Adj. [mPLN] 0 100 200 300 400 500 600 700 800 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Cash revenues [mPLN] 3 • In Q2 2026, the Group's cash revenue increased by 8% y/y, to PLN 575.7 million, while adjusted EBITDA was 15% lower y/y, at PLN 103.4 million. • On a pro forma basis, reflecting the results of Invia Group (acquired in April 2025) as if it had been acquired on 1 January 2025, while excluding the results of Invia Flights (the divestment of this company was finalized at the end of May 2026), cash revenue in Q2 2026 was at a similar level to Q2 2025, while adjusted EBITDA decreased by 18% y/y. • Net profit attributable to shareholders of the Parent Company in Q2 2026 amounted to PLN 62.6 million, compared to PLN -11.1 million in 2Q 2025. Net profit was positively impacted primarily by: (1) the gain on the disposal of the subsidiary, Invia Flights Germany GmbH, of PLN 27.6 million; (2) the recognition of gains resulting from an adjustment to corporate income tax (CIT) overpaid for the years 2020–2024 following the application of the IP Box tax relief, amounting to PLN 66.8 million. • Cash flow from operating activities in Q2 2026 amounted to PLN 241.5 million, compared with PLN 166.1 million in Q2 2025, mainly due to a significantly higher change in working capital. • Sale of Invia Flights Germany: On 29 May 2026, the Group completed the sale of shares in its German subsidiary, Invia Flights Germany GmbH, the owner of the Fluege.de platform. Gain of disposal of the subsidiary amounted to PLN 27.6m and cash proceeds accounted for PLN 193.0m. • Net debt at the end of June 2026, under IFRS 16, amounted to PLN 1,282.5 million, compared with PLN 1,426.4 million at the end of March 2026. The net debt to pro forma adjusted EBITDA ratio at the end of June 2026 was 2.3x (excluding the EBITDA of Invia Flights, sold in May 2026). +8% Executive summary Total Group -15%
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4 → Results in the Travel segment in Q3 2026 continue to be affected by the fallout from the geopolitical situation in the Middle East, which weighed on sales of travel packages in the first half of the year - particularly to Turkey and Egypt. This resulted in fewer bookings and a higher number of cancellations, with the strongest impact recorded in March 2026. → Since mid-April 2026, however, a gradual recovery in sales momentum has been observed. In April, sales value remained below the level of the same period last year, while in May it stabilized at a level close to last year's. Since June 2026, sales have been running above the levels achieved in the corresponding months of 2025, with visible year-on-year growth recorded in July and August. This recovery has been supported in particular by customers' growing tendency to book closer to their departure date, including last-minute bookings. At the same time, this trend is contributing to increased competitive pressure, particularly in the DACH market. The Management Board continues to monitor the situation closely and is assessing its potential impact on the Company's operations and results. → As of the date of this report, the Management Board expects the segment's revenue to grow by a low-teens percentage year-on-year in Q3 2026. At the same time, the Management Board expects high single-digit growth in pro forma adjusted EBITDA in outbound travel, alongside a decline in pro forma adjusted EBITDA in domestic travel, which combined should translate into low single-digit growth in pro forma adjusted EBITDA for the Travel segment as a whole in Q3 2026. Outlook for Q3 2026 Total Group Outlook for Advertising and Subscriptions Outlook for Travel → In Q3 2026, the Group expects revenue dynamics in the Advertising & Subscriptions segment to follow trends similar to those in H1 2026. At the same time, the effect of continued investments will still be visible in Q3. → The Group continues and verifies investments (i.e., quality journalism, video production (5 new programs were launched in February and March), the AI algorithm for content recommendation, the AI WP Booster advertising products, and the development of WP ADS, Partner, and Keator), which is driving a year- on-year increase in operating costs and translating into lower margins. → At the same time, the Group does not expect any significant further increase in its cost base in 2027, which should help limit the margin pressure resulting from the investments currently being made.
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5 Total Group Summary Q2 2026 vs Q2 2025 [reported and pro forma] Reported Proforma mPLN Q2 2026 Q2 2025 YoY % Q2 2026 PF Q2 2025 PF YoY PF % Total Group Total revenues 579.4 540.8 7% 564.6 563.7 0% Cash revenues 575.7 535.4 8% 560.9 558.3 0% Adjusted EBITDA IFRS16* 103.4 121.9 -15% 104.7 127.9 -18% % Adj. EBITDA margin 18% 23% -4.8pp EBITDA IFRS16 78.1 88.1 -11% Depreciation and amortisation -71.4 -61.9 15% Result on financial operations +0.2 -29.3 N/A Income tax +58.7 -6.1 N/A Net profit 65.7 -9.3 N/A Net income attributable to equity holders 62.6 -11.1 N/A Adjusted net income attributable to equity holders -13.5 20.0 N/A PF - pro forma results including Invia Group, as if they have been acquired on 1st Janurary of 2024. Pro forma revenue and EBITDA exclude Invia Flights Germany – a subsidiary disposed in May 2026 Invia Group's financial results are included in consolidated data since 1st May 2025
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6 Total Group Summary Q2 2026 vs Q2 2025 [reported and pro forma] Reported Proforma mPLN Q2 2026 Q2 2025 YoY reported Q2 2026 PF Q2 2025 PF YoY PF Total revenue 579.4 540.8 7% 564.6 563.7 0% Cash revenue 575.7 535.4 8% 560.9 558.3 0% Advertising & Subscriptions 173.9 167.2 4% 173.9 167.2 4% Travel 335.5 296.6 13% 320.8 319.5 0% Consumer Finance 55.3 60.3 -8% 55.3 60.3 -8% Other 14.0 14.4 -2% 14.0 14.4 -2% Adj. EBITDA 103.4 121.9 -15% 104.7 127.9 -18% Advertising & Subscriptions 49.3 57.7 -15% 49.3 57.7 -15% Travel 44.0 54.5 -19% 45.3 60.4 -25% Consumer Finance 8.4 7.3 15% 8.4 7.3 15% Other 1.8 2.4 -28% 1.8 2.4 -28% PF - pro forma results including Invia Group, as if they have been acquired on 1st Janurary of 2024. Pro forma revenue and EBITDA exclude Invia Flights Germany – a subsidiary disposed in May 2026 Invia Group's financial results are included in consolidated data since 1st May 2025
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7 Total Group Summary H1 2026 vs H1 2025 [reported and pro forma] mPLN 1H 2026 1H 2025 YoY % 1H 2026 PF 1H 2025 PF YoY PF % Total Group Total revenues 1 163.9 912.8 28% 1 119.9 1 117.8 0% Cash revenues* 1 156.4 903.6 28% 1 112.4 1 108.6 4% Adjusted EBITDA IFRS16 202.6 207.7 -2% 203.1 253.9 -20% % Adj. EBITDA margin 17.5% 23.0% -5.5pp 18.3% 22.9% -5.4pp EBITDA IFRS16 168.7 167.4 1% Depreciation and amortisation -143.0 -106.5 34% Result on financial operations -33.5 -40.8 N/A Income tax +59.6 -16.9 N/A Net profit +51.9 +3.2 N/A Net income attributable to equity holders 45.7 -1.1 N/A Adjusted net income attributable to equity holders -23.4 35.3 N/A Reported Proforma PF - pro forma results including Invia Group, as if they have been acquired on 1st Janurary of 2024. Pro forma revenue and EBITDA exclude Invia Flights Germany – a subsidiary disposed in May 2026 Invia Group's financial results are included in consolidated data since 1st May 2025
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8 Total Group Summary H1 2026 vs H1 2025 [reported and pro forma] mPLN 1H 2026 1H 2025 YoY reported 1H 2026 PF 1H 2025 PF YoY PF Total revenue 1 163.9 912.8 28% 1 119.9 1 117.8 0% Cash revenue 1 156.4 903.6 28% 1 112.4 1 108.6 0% Advertising & Subscriptions 336.5 322.1 4% 336.5 322.1 4% Travel 685.4 444.3 54% 641.4 649.3 -1% Consumer Finance 112.3 116.5 -4% 112.3 116.5 -4% Other 28.4 26.5 7% 28.4 26.5 7% Adj. EBITDA 202.6 207.7 -2% 203.1 253.9 -20% Advertising & Subscriptions 95.0 111.0 -14% 95.0 111.0 -14% Travel 87.3 77.9 12% 87.7 124.0 -29% Consumer Finance 17.2 15.6 10% 17.2 15.6 10% Other 3.2 3.2 0% 3.2 3.2 0% PF - pro forma results including Invia Group, as if they have been acquired on 1st Janurary of 2024. Pro forma revenue and EBITDA exclude Invia Flights Germany – a subsidiary disposed in May 2026 Invia Group's financial results are included in consolidated data since 1st May 2025 Reported Proforma
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+0% PF YoY 84.3 85.8 99.2 98.4 121.9 103.4 153.6 241.6 131.9 124.9 0 100 200 300 400 500 600 700 2024 2025 2026 EBITDA Adj. 4Q 3Q 2Q 1Q 468 +2% YoY +24% YoY +57% YoY 574 -5% YoY +23% YoY +16% YoY -15% YoY 344.7 368.2 580.7 374.3 535.4 575.7429.7 716.2392.4 567.2 0 500 1 000 1 500 2 000 2 500 2024 2025 2026 Cash revenues 4Q 3Q 2Q 1Q 1 541 +7% YoY +43% YoY +67% YoY 2187 +53% YoY +42% YoY +58% YoY +8% YoY -22% PF YoY 9 Quarterly Revenues & EBITDA, (PLN million) Total Group Non-barter revenue; Adj. EBITDA IFRS16 +0% PF YoY -18% PF YoY
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34% 35% 31% 36% 19% 18% 37% 15% 15% 12% 17% 13% 22% 22% 34% 22% 0% 5% 10% 15% 20% 25% 30% 35% 40% Q1 Q2 Q3 Q4 EBITDA margin per segment Ads&Subs Travel CF TOTAL 10 Quarterly EBITDA & % margin, (PLN million) Illustration of seasonality based on 2025 pro forma Non-barter revenue; Adj. EBITDA IFRS16 Ads&Subs Travel CF 24% 19% 23% 21% 18% 25% 29% 50% 21% 26% 12% 31% EBITDA per quarter Q1 / Q2 / Q3/ Q4 40% 44% 20% 57% 36% 53% 49% 75% 36% 57% 6% 5% 4% 7% 6% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Q1 Q2 Q3 Q4 FY EBITDA per segment (%) Ads&Subs Travel CF Other 53 58 47 71 69 65 182 44 8 7 10 9 0 50 100 150 200 250 300 Q1 Q2 Q3 Q4 EBITDA per segment (abs) Ads&Subs Travel CF Other 21% 21% 38% 20%Share of qrt
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TRAVEL
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12 Portfolio of brands after Invia Group acquisition Travel Package OTA Domestic OTA The disposal of Fluege.de was completed in May Multiple 9x Disposed EV 180 PLNm
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13 International Travel update Travel International Travel: ﺍIn the period from January to February 2026, revenue in the International Travel area grew at a high single-digit rate y/y. At the same time, in March 2026 the Group began to observe a negative impact of the geopolitical conflict on the number of bookings, which resulted in a y/y decline in the area's revenue in March 2026 of approximately 30% y/y and an EBITDA loss for this area in that month. Subsequently, from mid-April onward, a gradual recovery in sales was observed - in May, sales were already at a comparable level y/y, and in June 2026 they exceeded the level of June 2025. At the same time, EBITDA for the International Travel area remained below the levels of the corresponding periods of 2025 during this time. ﺍIn Poland, according to data from the Tourist Guarantee Fund, in H1 2026, the volume of travel bookings sold by tour operators was only 1% higher compared to H1 2025. ﺍCurrently, the most significant risk factor for the segment remains the geopolitical situation in the Middle East, particularly with respect to Türkiye and Egypt, which, according to estimates, account for approximately 40-50% of sales in the Group's key markets. Therefore, a potential deterioration in these destinations could impact demand, booking rates, and sales structure. Domestic Travel ﺍIn H1 2026, Szallas Group focused on a significant improvement in the quality and efficiency of its technology platform, workforce restructuring, and the strengthening of local brands and marketing effectiveness. ﺍAccording to Eurostat, at the beginning of 2026, the domestic travel market in the CEE region, measured by overnight stay volumes, remained several percentage points above 2025 levels. In Poland, Hungary and the Czech Republic, overnight volumes grew at a low-to-mid single-digit pace, while Romania was an exception, recording a decline that may be linked to a deterioration of the macroeconomic environment in that country. International Travel Destinations for International Travel Packages 28% 20% 13% 12% 27% Turkiye Egypt Greece Spain Other Source: Wirtualna Polska Holding, Wakacje.pl, Travelplanet, Invia CEE, Ab-in-den-Urlaub 0 50 100 150 200 250 300 350 400 I II III IV V VI VII VIII IX X XI XII Poland: Volume of package tours bookings of travel agencies (with airfare, in thousand) 2019 2025 2026 Source: Tourist Guarantee Fund; package travel and related travel services excl. Poland and neighboring countries
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14 International Travel update Travel -25% -15% -5% 5% 15% 25% 35% - 0.20 0.40 0.60 0.80 1.00 1.20 1.40 1.60 January February March April May June July 2025 2026 y/y dynamics + 13 % y/y - 8 % y/y +22% y/y International Travel TTV per month [y/y dynamics]
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-33% PF YoY126.0 147.8 349.9144.5 296.6 335.5 208.4 490.0 116.6 288.1 0 200 400 600 800 1 000 1 200 1 400 2024 2025 2026 Cash revenues 495 +105% YoY +135% YoY +17% YoY +112% YoY 1222 +137% YoY +13% YoY -3% PF YoY 15 Quarterly Revenues & EBITDA, (PLN million) Travel Non-barter revenue; Adj. EBITDA IFRS16 • In the Travel segment, the results for 2Q 2026 were partly impacted by the first-time consolidation of Invia Group (acquired in April 2025). On a pro forma basis, segment revenue remained stable year-on-year, while adjusted EBITDA decreased by 25% year-on-year. • The key factor affecting the segment’s performance in 2Q 2026 was a significant decline in sales of outbound holiday packages to Turkey and Egypt following the escalation of the armed conflict in the Middle East. At the same time, a gradual improvement in sales dynamics was observed from mid-April 2026. In April, sales remained below the level recorded in the corresponding period of the previous year; in May, they stabilised at a level comparable to the previous year; while since June 2026, sales have been growing year-on-year. +85% YoY +88% YoY -19% YoY -25% PF YoY +0% PF YoY 22.9 23.4 43.2 31.4 54.5 44.0 85.3 182.3 22.8 44.4 0 50 100 150 200 250 300 350 400 2024 2025 2026 EBITDA Adj. 4Q 3Q 2Q 1Q 162 +2% YoY +73% YoY +114% YoY 304
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ADVERTISING & SUBSCRIPTIONS
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Source: IAB Polska/PwC AdEx (net cash), IAB Europe, Adex data for Q1 2026; Publicis Groupe; *Adjusted by revenue recognition of a B2B contract for Audioteka Group 17 • In the coming quarters, the Group expects the share of online advertising within the broader advertising market to continue expanding. However, conditions in the advertising market will continue to depend on the macroeconomic environment, which may be influenced by a range of factors, including broader economic trends, consumer sentiment and geopolitical developments. • According to Publicis Groupe, in 1H 2026 online advertising market in Poland grew by 8.0% YoY, while digital non-search advertising - WP’s most addressable segment - was down by 0.7% YoY. In 2026, Publicis Groupe expects the entire Polish advertising market to grow by 5.8%. • The biggest share in online advertising by sector includes*: Retailers (20%), Computers and AV (9%), Telecoms (9%), Food producers (8%), Finance (7%), Beverages (7%), Automotive (6%), Media and books (6%). Market update Advertising & Subscriptions 30% 32% 34% 36% 41% 43% 44% 44% 48% 47% 46% 45% 44% 42% 40% 39% 0 2 4 6 8 10 12 14 2018 2019 2020 2021 2022 2023 2024 2025 bnPLN Polish advertising market by medium Internet TV Radio Outdoor Press Cinemas Quarterly YoY growth dynamics* of Advertising and Subscriptions revenue 55 63 68 102 141 187 254 259 338 362 697 Croatia Hungary Poland Italy Spain France Czech Rep. Germany Norway Sweden UK Digital Ad Spend per capita in 2025 (EUR) +4% +3% -2% -0% +2% +3% +7% +6% +1% +0% -3% -2% +5% +4% -6% -4% -2% +0% +2% +4% +6% +8% Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
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161.3 155.0 162.6 174.1 167.2 173.9 167.4 153.9 215.7 198.0 0 100 200 300 400 500 600 700 800 2024 2025 2026 Cash revenues +2% YoY +7% YoY 719 +6% YoY -4% YoY -4% YoY +5% YoY -6% YoY 675 +4% YoY 54.4 53.3 45.7 58.1 57.7 49.3 60.9 47.3 99.5 70.9 0 50 100 150 200 250 300 2024 2025 2026 EBITDA Adj. 4Q 3Q 2Q 1Q -9% YoY +11% YoY 273 -2% YoY -1% YoY -22% YoY -30% YoY 228 -17% YoY 18 Quarterly Revenues & EBITDA, (PLN million) Advertising & Subscriptions Non-barter revenue; Adj. EBITDA IFRS16 • In the Advertising and Subscription segment, cash revenue increased by 4% year-on-year, primarily driven by improved advertising revenue dynamics (compared to 2025) and the continued growth in subscription revenue. • Adjusted EBITDA decreased by 15% year-on-year, mainly as a result of continued investments (including quality journalism, video production – five new programmes were launched in February and March – AI solutions in publishing products, AI solutions in WP Booster advertising products, and the development of WP ADS, WPartner and WKreator), which contributed to an increase in operating expenses year-on-year and consequently lower profitability margins. -14% YoY -15% YoY
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CONSUMER FINANCE
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20 • In H1 2026, 350 thousand new passenger cars and light commercial vehicles (up to 3.5 thousand tons) were registered in Poland, representing an increase of 10% y/y. Market update Consumer Finance • In H1 2026, according to BIK data, total loan sales in Poland were 31% higher y/y than in H1 2025. Sales of cash loans on the Polish market grew by 16% y/y in H1 2026. Cars Financials 450 500 550 600 650 700 750 I V IX I V IX I V IX I V IX I V IX I V IX I V IX I V 2019 2020 2021 2022 2023 2024 2025 2026 First registration of cars L TM (in thousand) Source: PZPM 0 2 4 6 8 10 12 14 I II III IV V VI VII VIII IX X XI XII Cash loan sales in Poland (bnPLN) 2019 2025 2026 Source: BIK
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6.4 8.4 8.8 8.4 7.3 8.4 6.9 10.3 8.8 8.9 0 5 10 15 20 25 30 35 40 2024 2025 2026 EBITDA Adj. 4Q 3Q 2Q 1Q +3% YoY 31 +31% YoY -14% YoY +48% YoY +2% YoY +14% YoY 35 +5% YoY +15% YoY 21 Quarterly Revenues & EBITDA, (PLN million) Consumer Finance Non-barter revenue; Adj. EBITDA IFRS16 • In the Consumer Finance segment, revenue was lower by 8% y/y, at 55.3 PLN million. • The segment's adjusted EBITDA increased by 15% y/y, to 8.4 PLN million. 47.5 56.2 57.0 49.2 60.3 55.3 48.3 60.6 49.4 69.6 0 50 100 150 200 250 300 2024 2025 2026 Cash revenues 4Q 3Q 2Q 1Q +17% YoY -3% YoY 195 +18% YoY +23% YoY +25% YoY +41% YoY 239 +1% YoY -8% YoY
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TOTAL GROUP
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24% 26% 36% 34% 24% 24% 35% 28% 21% 22% 33% 21% 18% 18% 4.2 6.4 6.0 7.5 19.9 27.5 16.5 36.7 26.8 17.4 10.1 13.3 10.8 5.7 126.5 144.9 141.2 133.6 227.3 235.2 240.1 178.4 260.9 260.5 277.6 240.8 286.5 284.13.9 4.1 4.0 4.6 3.9 4.1 4.2 4.6 2.9 3.7 3.6 3.9 3.0 3.6 98.4 97.0 96.5 90.3 143.0 140.6 140.1 134.2 144.2 149.8 153.0 147.7 152.8 153.8 27.4 23.4 28.4 24.5 27.4 23.4 28.4 24.5 27.8 32.0 34.8 40.1 28.5 25.1 260.4 275.8 276.1 260.5 421.5 430.8 429.3 378.4 462.6 463.4 479.2 445.8 481.5 472.2 -10 90 190 290 390 490 590 1Q2024 2Q2024 3Q2024 4Q2024 1Q2024 PF 2Q2024 PF 3Q2024 PF 4Q2024 PF 1Q2025 PF 2Q2025 PF 3Q2025 4Q2025 1Q2026 2Q2026 COGS Salary and employee benefits expense Materials and energy used External services Other 23 Quarterly operating costs (PLN million) Total Group • PF - pro forma results including Invia Group and Creative Eye, as if they have been acquired on 1st January of 2024. • Data for 2024 also includes adjustments on revenue in Audioteka Group due to change in revenue recognition on one B2B contract. • Invia Group's financial results are included in consolidated data since 1st May 2025. • Creative Eye's financial results are included in consolidated data since 1st October 2024. Margin ’24 = 30% Margin ’24PF 28% Reported Margin ’25PF 25% Pro forma
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1% 2% 1% 2% 4% 5% 2% 7% 5% 3% 1% 2% 2% 1% 37% 39% 33% 34% 41% 42% 36% 34% 44% 44% 39% 42% 49% 49% 1% 1% 1% 1% 1% 1% 1% 1% 0% 1% 1% 1% 1% 1%29% 26% 22% 23% 26% 25% 21% 26% 24% 25% 21% 26% 26% 27% 8% 6% 7% 6% 5% 4% 4% 5% 5% 5% 5% 7% 5% 4% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 1Q2024 2Q2024 3Q2024 4Q2024 1Q2024 PF 2Q2024 PF 3Q2024 PF 4Q2024 PF 1Q2025 PF 2Q2025 PF 3Q2025 4Q2025 1Q2026 2Q2026 COGS Salary and employee benefits expense Materials and energy used External services Other 24 • PF - pro forma results including Invia Group and Creative Eye, as if they have been acquired on 1st January of 2024. • Data for 2024 also includes adjustments on revenue in Audioteka Group due to change in revenue recognition on one B2B contract. • Invia Group's financial results are included in consolidated data since 1st May 2025. • Creative Eye's financial results are included in consolidated data since 1st October 2024. 24% 26% 36% 34% 24% 24% 35% 28% 21% 22% 34% 22% 18% 18% Total Group Quarterly operating costs as % of Revenues Margin ’24 = 30% Margin ’24PF 28% Reported Margin ’25PF 25% Pro forma
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25 Total Group Illustration of Quarterly Pro forma Cash Flows reflecting typical seasonality of cash generation in Travel segment (mPLN) Adj. EBITDA Change in Working Capital Adj. EBITDA after change in working capital and CAPEX* * Group’s Pro Forma CAPEX is not seasonal and in analyzed periods was in the range of PLN 43-61m PLN per quarter. Note: Data exclude Invia Flights disposed in May . 126 128 237 121 98 105 0 50 100 150 200 250 + 109 + 116 - 208 + 1 + 79 + 166 - 250 - 200 - 150 - 100 - 50 + 0 + 50 + 100 + 150 + 200 196 206 -23 73 117 218 -50 0 50 100 150 200 250 1Q 2025 PF 2Q 2025 PF 3Q 2025 4Q 2025 1Q 2026 2Q 2026
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121.9 88.1 -9.3 -33.1 -0.8 -61.9 -29.3 -6.1 -20 0 20 40 60 80 100 120 140 160 Q2 2025 Adjusted EBITDA Costs relating to acquisitions & restructuring Other EBITDA Depreciation and amortisation Profit on the sale of an associated company Result on financial operations Income tax Net profit 26 Adjusted EBITDA and net income Q2 2026 (PLN million) Total Group [REPORTED] * Adjusted cash conversion: Adjusted EBITDA IFRS16 minus capital expenditures; (payment for CAPEX regarding non-current period presented in a separate line) 103.4 78.1 65.7 +27.6 +58.7 -25.3 0.0 -71.4 -27.4 0 20 40 60 80 100 120 140 160 Q2 2026
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121.9 80.9 125.1 229.1 +77.9 +21.3 +1041.7 -883.3 -41.0 -33.1 -2.2 -18.2 +1.5 -47.6 -6.7 -100 -50 0 50 100 150 200 250 300 350 400 Adjusted EBITDA CAPEX Adjusted cash conversion* Acquisitions & restructuring related costs w/o Travel Segment in Travel Segment Without M&A in Newly acquired Travel assets Tax Other OpCF after CAPEX Acqusitions & investments Stock buyback Debt drawdowns Debt service & repayments Lease payments Net cash flow Q2 2025 66% Adjusted cash conversion* 103.4 60.3 198.4 169.6+114.1 +61.3 +4.5 +205.4 +225.9 -43.1 -25.3 -8.6 -7.9 -226.7 -221.1 -11.3 0 50 100 150 200 250 300 350 400 Adjusted EBITDA CAPEX Adjusted cash conversion* Acquisitions & restructuring related costs w/o Travel Segment in Travel Segment Without M&A in Newly acquired Travel assets Tax Other OpCF after CAPEX Acqusitions & investments Stock buyback Debt drawdowns Debt service & repayments Lease payments Net cash flow Q2 2026 58% Adjusted cash conversion* 27 Adjusted EBITDA and cash flows Q2 2026 (PLN million) Total Group [REPORTED] * Adjusted cash conversion: Adjusted EBITDA IFRS16 minus capital expenditures; (payment for CAPEX regarding non-current period presented in a separate line) Δ NWC Δ NWC Change in Working Capital: -900
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28 Adjusted EBITDA and cash flows H1 2026 (PLN million) Total Group [REPORTED] * Adjusted cash conversion: Adjusted EBITDA IFRS16 minus capital expenditures; (payment for CAPEX regarding non-current period presented in a separate line) Δ NWC Δ NWC Change in Working Capital: 202.6 99.0 283.3 200.1+19.8 +125.8 +100.4 +7.0 +206.8 +225.9 - 103.6 - 32.7 - 36.0 - 226.7 - 269.2 - 19.1 0 100 200 300 400 500 600 Adjusted EBITDA CAPEX Adjusted cash conversion* Acquisitions & restructuring related costs w/o Travel Segment in Travel Segment Without M&A in Newly acquired Travel assets Tax Other OpCF after CAPEX Acqusitions & investments Stock buyback Debt drawdowns Debt service & repayments Lease payments (incl. right to use of the buildings) Net cash flow 1H 2026 48%* Adjusted cash conversion* 207.7 128.0 217.4 367.7+21.1 +118.6 +21.3 +1148.6 -79.7 -39.0 -30.0 -2.7 -76.5 -12.5 -200 -100 0 100 200 300 400 500 600 Adjusted EBITDA CAPEX Adjusted cash conversion* Acquisitions & restructuring related costs w/o Travel Segment in Travel Segment Without M&A in Newly acquired Travel assets Tax Other OpCF after CAPEX Acqusitions & investments Stock buyback Debt drawdowns Debt service & repayments Lease payments (incl. right to use of the buildings) Net cash flow 1H 202562%* Adjusted cash conversion* -900-900 -909.3 -900
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29 Balance sheet and financial leverage ratios Total Group * Liabilities and operational reserves adjusted: short-term part of net debt, short-term part of Mux license, short-term part of put option liability, dividend liability, short-term part of TV Content is presented in non-current assets line *Short term programming assets presented in non-current assets ** Deferred Tax Asset and Deferred Tax Liability = before offsetting ***Adj. Financial leverage ratio (Net debt + M&A/contingent l.+ building leases/ Adj. Ebitda LTM) Balance sheet 31 March 3o June 3o September 31 December 31 March 30 June mPLN 2025 2025 2025 2025 2026 2026 Non-current assets 1 626.8 2 895.7 2 954.5 2 820.0 2 844.1 2 613.4 including Deferred tax assets 8.3 19.0 15.1 14.8 35.2 40.0 Other current assets 10.2 9.3 9.1 3.2 2.9 2.4 Working Capital* -70.7 -336.7 -123.4 -186.4 -237.8 -349.1 Receivables and other current assets 438.1 961.2 628.9 607.5 806.7 808.9 Liabilities and operational reserves -508.9 -1298.0 -752.2 -793.9 -1044.5 -1158.1 Net debt -443.0 -1183.2 -1382.1 -1385.2 -1338.4 -1202.4 Cash and cash equivalents 395.6 624.1 403.3 400.5 433.3 604.2 Bank loans -787.1 -1806.1 -1784.3 -1784.7 -1770.8 -1805.7 Leases (excl. Building leases) -51.5 -1.2 -1.1 -1.0 -0.9 -0.9 Other provisions and liabilities -101.4 -436.2 -354.4 -315.4 -339.9 -316.8 Contingent and other M&A liabilities (including put options liability) -33.9 -34.2 -8.6 -13.2 -13.2 -13.2 Building leases 0.0 -79.9 -103.9 -97.2 -88.0 -80.3 Broadcasting license 0.0 0.0 0.0 0.0 0.0 0.0 Deferred tax liabilities -67.6 -256.5 -241.9 -204.9 -238.6 -223.3 Dividend 0.0 -65.5 0.0 0.0 0.0 -38.7 Equity 1023.9 946.2 1066.7 936.4 930.1 746.1 Leverage ratio 31 March 3o June 3o September 31 December 31 March 30 June x 2025 2025 2025 2025 2026 2026 Adjusted EBITDA LTM IFRS16 469.7 493.2 581.2 574.2 586.7 569.1 Adjusted EBITDA LTM IFRS16 Pro forma 612.3 584.6 561.5 Adj. Financial leverage ratio 1.0 2.6 2.6 2.6 2.5 2.3 Adj. Financial leverage ratio based on EBITDA pro forma 2.1 2.2 2.3 Net deffered tax asset / liability** -59.3 -237.6 -226.8 -190.1 -203.4 -183.3 DTA -36.9 -33.3 -37.4 29.5 -44.8 -37.4 DTL -22.3 -204.3 -189.4 -219.6 -158.5 -145.9
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30 % share Shareholder Shares based Votes based Jacek Świderski & OrfeSA 12.7% 18.4% Michał Brański & 10xSA 12.7% 18.4% Krzysztof Sierota & Albemuth Inwestycje SA 12.7% 18.4% Treasury Stock 12.9% 9.3% Free Float 49.1% 35.6% incl. Allianz OFE 12.1% 8.8% 100% 100% % shares % votes • The Management Board will recommend a dividend of at least 1 PLN per share, but up to 70% of consolidated net income for a given financial year. • The dividend recommendation will take into account, among others: ➢ current financial situation, ➢ investment plans, ➢ potential acquisition plans, ➢ expected level of free cash flow. Shareholders Dividend policy Wirtualna Polska Holding Shareholding structure and dividend policy Dividend paid in 2026 at PLN 1.3 per share. The dividend record date was 13 July, and the dividend payment date was 20 July 2026.Founders 55% Freefloat 36% Treasury Stock 9% Founders 38% Freefloat 49% Treasury Stock 13% Pursuant to Article 364 § 2 of the Polish Commercial Companies Code, the Company does not exercise voting rights attached to its treasury shares.
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31 Total Group Pro forma figures for 2025 and H1 2026 to ensure data comparability Disposal of Invia Flights – pro forma figures for 2025 and H1 2026 In May 2026 the Group finalized the disposal of Invia Flights. Following a reassessment of the presentation of this business in accordance with the criteria set out in IFRS 5 Non-current Assets Held for Sale and Discontinued Operations, it was concluded that Invia Flights does not represent a separate major line of business of the Group and therefore does not meet the criteria for classification as a discontinued operation. Consequently, the results of Invia Flights for the period up to the date of disposal have been presented as part of continuing operations in the financial statements for the first half of 2026, including the second quarter of 2026. To ensure data comparability, we present quarterly revenue and EBITDA for 2025 and 1H 2026 including and excluding Invia Flights. mPLN 1Q25 PF 2Q25 PF 3Q25 4Q25 FY 2025 PF 1Q26 2Q26 1Q25 PF 2Q25 PF 3Q25 PF 4Q25 PF FY 2025 PF 1Q26 2Q26 Revenue 592 597 722 579 2 490 584 579 554 564 687 545 2 350 555 565 Cash Sales - Advertising & subscriptions 155 167 154 198 674 163 174 155 167 154 198 674 163 174 Sales - Travel 368 352 490 288 1 499 350 336 330 319 454 255 1 358 321 321 Sales - Consumer finance 56 60 61 70 247 57 55 56 60 61 70 247 57 55 Sales - Other 12 14 14 14 55 14 14 12 14 14 14 55 14 14 Sales - Barter 4 5 6 11 27 4 4 4 5 6 11 27 4 4 Interco adj. -3 -3 -3 -3 -11 -3 -3 -3 -3 -3 -3 -11 -3 -3 Adjusted EBITDA 132 132 242 125 631 99 103 126 128 237 121 612 98 105 Advertising & subscriptions 53 58 47 71 229 46 49 53 58 47 71 229 46 49 Travel 69 65 182 44 361 43 44 64 60 178 41 343 42 45 Consumer finance 8 7 10 9 35 9 8 8 7 10 9 35 9 8 Other 1 2 2 1 6 1 2 1 2 2 1 6 1 2 excluding Invia Flightsincluding Invia Flights
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SUMMARY H12026 Cash revenue 1156.4mPLN +28% YoY / +252.8m EBITDA Adj. 202.6mPLN -2%YoY / -5m Net Income 51.9mPLN N/A% YoY / +48.8m Cash Revenue PF +0% YoY/ +3.9m EBITDA Adj. PF -20% YoY / -50.8m
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IR contact Investor Relations contact: Wirtualna Polska Holding Żwirki i Wigury 16, Warsaw, Poland ir@grupawp.pl Małgorzata Żelazko Director of Investor Relations and Financial Analysis Malgorzata.Zelazko@grupawp.pl
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DISCLAIMER This Presentation has been prepared by Wirtualna Polska Holding S.A. with its registered office in Warsaw (the “Company”) in connection with the publication of financial results. Matters discussed in this Presentation may constitute forward-looking statements. Forward-looking statements are those other than statements of historical facts. Statements which include the words “expects”, “intends”, “plans”, “believes”, “projects”, “anticipates”, “will”, “targets”, “aims”, “may”, “would”, “could”, “continue” and similar statements of a future or forward-looking nature indicate such forward-looking statements. Forward- looking statements include statements regarding financial performance, business strategy, plans and objectives of the Company for future operations (including development plans relating to the Company). All forward- looking statements included in this Presentation address matters that involve known and unknown risks, uncertainties and other factors which could cause the Company's actual results, performance or achievements to differ materially from those indicated in these forward-looking statements and from past results, performance or achievements of the Company. Such forward-looking statements are based upon various assumptions of future events, including numerous assumptions regarding the Company's present and future business strategies and future operating environment. Although the Company believes that these estimates and assumptions are reasonable, they may prove to be incorrect. The Company and its respective agents, employees or advisors do not intend to, and expressly disclaim any duty, undertaking or obligation to make or disseminate any supplement, amendment, update or revision to any of the information, opinions or forward-looking statements contained in this Presentation to reflect any change in events, conditions or circumstances. This Presentation contains certain statistical and market information. Such market information has been sourced from and/or calculated based on data provided by third-party sources identified in this Presentation or by the Company, if not attributed exclusively to third-party sources. Because such market information has been prepared in part based upon estimates, assessments, adjustments and judgments which are based on the Company’s or third-party sources’ experience and familiarity with the sector in which the Company operates and has not been verified by an independent third party, such market information is to a certain degree subjective. While it is believed that such estimates, assessments, adjustments and judgments are reasonable and that the market information prepared appropriately reflects the sector and the market in which the Company operates, there is no assurance that such estimates, assessments, adjustments and judgments are the most appropriate for making determinations relating to market information or that market information prepared by other sources will not differ materially from the market information included herein. The information, opinions and forward-looking statements contained in this Presentation speak only as at the date of this Presentation and are subject to change without notice. Company is under no obligation to update or keep current the information contained in this Presentation and makes no representation, express or implied, as to the accuracy or completeness of the information contained in this Presentation. To the extent permitted under the applicable provisions of law, neither the Company, nor any of its respective affiliates, advisors or representatives shall have any liability whatsoever (in negligence or otherwise) for any loss however arising from any use of this Presentation or its contents or otherwise arising in connection with this Presentation. To the extent permitted under the applicable provisions of law, no representation, warranty or undertaking, expressed or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or the opinions contained herein. This Presentation does not constitute or form part of, and should not be construed as, an offer, solicitation or invitation to subscribe for, underwrite or otherwise acquire, any securities of the Company or any member of its group (the “Group”), nor should it or any part of it form the basis of, or be relied on in connection with, any contract to purchase or subscribe for any securities of the Company or any member of its Group, nor shall it or any part of it form the basis of or be relied on in connection with any contract or commitment whatsoever. This Presentation does not constitute a recommendation regarding any securities of the Company or its Group.