In This Article:
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Revenue: Increased by 4.7% year-on-year to PLN 14.3 billion.
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Adjusted EBITDA: Grew by 9.6% to PLN 3.3 billion.
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Net Profit: Increased by nearly 29% in Q4 to PLN 168 million; full-year net profit was almost PLN 800 million.
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Free Cash Flow: Adjusted for green energy expenditures, amounted to over PLN 1.3 billion.
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Net Debt to EBITDA Ratio: Increased slightly to 3.59 despite high investments.
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Telecommunication Segment ARPU: B2C increased by 4.8% to PLN 76.1; B2B increased by 3.4% to over PLN 1,500.
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Churn Rate: Decreased to 7% in 2024.
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Green Energy Segment EBITDA: Generated PLN 282 million in 2024.
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Green Energy Production: Increased by 53% year-over-year, exceeding 1,000 gigawatt hours.
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Media Segment Advertising Revenue: Grew by 4.2%, reaching almost PLN 1.4 billion.
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CapEx for Green Energy: Nearly PLN 1 billion in 2024.
Release Date: April 10, 2025
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Positive Points
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Cyfrowy Polsat SA (FRA:CP9) reported a 4.7% year-on-year increase in group revenues, reaching PLN14.3 billion.
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The company's adjusted EBITDA grew by 9.6% to PLN3.3 billion, indicating strong financial performance.
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The telecommunication segment saw an increase in average revenue per B2C contract customer by 4.8% and B2B customers by 3.4%.
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The media segment achieved a 22% market share in TV viewership, with strong performance in advertising revenue.
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The green energy segment reported a 64% year-over-year increase in green energy production, reaching 295 gigawatt hours in Q4 2024.
Negative Points
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The media segment faced pressure on EBITDA due to higher production costs and write-offs of programming assets.
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The pay TV base is under pressure, although mitigated by growth in IPTV and OTT technologies.
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Interest rates remain high at 5.75%, posing macroeconomic challenges.
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The company's net debt to EBITDA ratio increased slightly to 3.59, despite high investments in green energy.
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The prepaid segment experienced a slight decrease in the base, although ARPU remained stable.
Q & A Highlights
Q: Which quarter can we expect the majority of the remaining expenditures on the Derjava wind farm? A: The cash outflow will be mainly in the 2nd and 3rd quarters of 2025. - Katarzyna Ostap-Tomann, Chief Financial Officer, Member of the Management Board
Q: Shall we expect further write-offs in the media segment in the future? A: Not to this extent because there will always be some small amount written off at the end of each year, but not in the amount of this year. - Katarzyna Ostap-Tomann, Chief Financial Officer, Member of the Management Board