Orange Polska exceeds expectations. In the third quarter of PLN 899 million EBITDA

In the third quarter of 2025, Orange Polska had PLN 899 million of EBITDA with leasing costs (EBITDAaL) and PLN 228 million of net profit – Orange announced in its quarterly report. Analysts surveyed by PAP Biznes expected an EBITDAaL result of PLN 878 million and a net profit of PLN 244.9 million.

EBITDAaL increased by 3.7%. y/y and by 0.9 percent kdk.

EBITDAaL increased by PLN 25 million on an annual basis. The company indicated that this increase was mainly due to the direct margin (the difference between revenues and direct costs), which increased by 1.1% year-on-year. (PLN 21 million) or 4.2 percent excluding the impact of a one-off event recorded in Q3 2024 (PLN +53 million), which was related to the capitalization of network costs from previous periods.

It was indicated that the increase in the direct margin y/y resulted from the dynamic increase in revenues from high-margin key telecommunications services and wholesale services.

Moreover, it was reported that indirect costs decreased by 1% annually. (PLN 4 million), which reflected greater efficiency of network maintenance, lower increase in labor costs and lower expenditure on advertising and promotion.

The company's net profit in the third quarter of 2025 decreased by 10.2%. year to year and was lower by 16.8%. on a quarterly basis.

Revenues amounted to PLN 3,329 million and were 4.9 percent higher. higher than the PAP Biznes consensus of PLN 3,175 million. Revenues increased by 7.2%. y/y and were higher by 5.4%. kdk.

“All business engines contributed to revenue growth,” the report states.

Total revenues from key telecommunications services (converged, exclusively mobile and exclusively fixed-line Internet) increased by 6.5%. y/y, maintaining a high growth rate thanks to increasing the number of customers and ARPO indicators.

It was added that revenues from IT and integration services increased by 47%. y/y, thanks to large contracts for integration services. Revenues from wholesale services (excluding end-of-life services) increased by 13%, driven by good demand for our infrastructure.

EBIT amounted to PLN 371 million and was 4.9 percent higher. lower than the consensus of PLN 390 million. Operating profit increased by 0.3%. y/y and dropped by 11.7%. compared to the previous quarter.

The number of individual customers of convergent offers increased by 18,000, or 5%. rdr.

The ARPO index from convergent services maintained its growth dynamics and increased by 3.6% annually, reaching PLN 130.5.

The total number of fixed broadband customers increased by 17,000, or 3%. rdr. The number of fiber optic customers increased by 42,000, or 13%. on an annual basis. It was added that 57 percent of fixed-line Internet customers use optical fiber.

Moreover, it was indicated that the number of customers using declining copper technologies continued to decline – their base decreased by 32,000 compared to the previous quarter.

The ARPO indicator for exclusively fixed-line Internet services increased by 4.1% year-on-year, to PLN 69.6.

The number of customers of mobile voice services increased by 108,000, or 4%. y/y, which, as indicated, was the best result in over four years. It was assessed that all brands and offers for individual customers as well as the business market contributed to this strong growth.

The ARPO index excluding mobile voice services increased by 0.5% year-on-year to PLN 30.5. This reflects ARPO growth on the main Orange brand in the consumer market by over 5%. y/y, which was partially offset by a decline in the business market due to intense competition and the growing share of the Nju and Flex brands in the mobile-only customer base.

The prepaid customer base increased by 117,000 in the third quarter. and in annual terms it increased by 0.3%. as a result of marketing activities.

The ARPO rate for prepaid services amounted to PLN 17.3 and increased by 14% year-on-year.

In PSTN fixed voice services, net line loss remained at a similar level to previous quarters and amounted to 27,000, which the company said reflected structural changes in the market.

Organic cash flow after 9 months of 2025 amounted to PLN 668 million and was 1% higher on an annual basis.

Cash from operating activities increased by PLN 192 million year-on-year, supported by an increase in EBITDAaL and lower demand for working capital.

The report states that the above-mentioned factors were compensated by higher investment outlays and a different timing of proceeds from the sale of real estate.

Payments for capital expenditure in the first nine months increased year-on-year by PLN 128 million as a result of a different distribution of investments in both years.

Proceeds from the sale of real estate in the first nine months of 2025 amounted to PLN 64 million, compared to a very high level of PLN 146 million in the same period of 2024.

“Our commercial success translated into strong financial results: higher revenues and an increase in EBITDAaL by almost 3%. The results achieved over the last 9 months give us strong confidence that we will achieve this year's goals,” said the president of Orange Polska, Liudmila Climoc, quoted in the report.

In the report, the company maintained its full-year forecast, which states a low single-digit increase in revenues, EBITDAal and eCapex (economic capital expenditures) in the range of PLN 1.8-1.9 billion in 2025.

“We are pleased with the growth of customer bases, especially in mobile services, where it was excellent – for the first time in several years it exceeded the level of 100,000 on a quarterly basis,” added the president.

Below are the results of Orange Polska in the third quarter of 2025, their reference to the PAP consensus and previous results. Data in PLN million.

(PAP Business)

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