Income statement

(in millions of PLN)	2020	2021	2022	2023	2024
Revenue	11,962.9	12,444.0	12,915.3	13,626.3	14,265.9
Retail revenue	6,480.4	6,767.0	6,952.1	6,987.1	7,181.8
Wholesale revenue	3,526.7	3,678.8	3,531.7	3,379.9	3,260.4
Sale of equipment	1,596.7	1,450.3	1,805.1	1,921.7	1,794.5
Energy revenue	-	-	-	557.6	1,230.0
Other revenue	359.1	547.9	626.4	780.0	799.2
Operating costs	(10,073.8)	(10,305.5)	(11,399.8)	(12,488.8)	(12,629.3)
Content costs	(1,638.4)	(1,826.9)	(2,063.9)	(2,126.1)	(2,073.8)
Distribution, marketing, customer relation management and retention costs	(963.2)	(1,025.0)	(1,035.0)	(1,026.9)	(1,079.1)
Depreciation, amortization, impairment and liquidation	(2,305.7)	(1,903.2)	(1,829.0)	(1,900.4)	(1,613.1)
Technical costs and cost of settlements with telecommunication operators	(2,460.9)	(2,849.7)	(3,271.5)	(3,332.7)	(3,364.7)
Salaries and employee-related costs	(905.9)	(946.9)	(1,034.0)	(1,158.2)	(1,243.4)
Cost of equipment sold	(1,338.2)	(1,200.7)	(1,454.4)	(1,539.9)	(1,431.9)
Cost of energy sold	-	-	-	(523.3)	(961.5)
Cost of debt collection services and bad debt allowance and receivables written off	(128.9)	(95.4)	(97.8)	(121.0)	(90.6)
Other costs	(332.6)	(457.7)	(614.2)	(760.3)	(771.2)
Gain on disposal of a subsidiary and an associate		3,680.6	153.2	219.7	10.0
Other operating income/(cost), net	(2.9)	(22.7)	(26.5)	(45.6)	119.6
Profit from operating activities	1,886.2	5,796.4	1,642.2	1,311.6	1,766.2
Finance income1)				452,7	426.2
Finance costs1)				(1.372,2)	(1,112.2)
Share of the profit/(loss) of associates accounted for using the equity method	2.0	75.4	94.5	29.7	(0.7)
Gross profit for the period	1,442.1	5,666.1	1,110.3	421.8	1,079.5
Income tax	(295.9)	(1,251.6)	(209.2)	(110.2)	(302.2)
Net profit for the period	1,146.2	4,414.5	901.1	311.6	777.3
Net profit attributable to equity holders of the Parent	1,141.6	4,408.8	900.0	278.5	710.5
Net profit/(loss) attributable to non-controlling interest	4.6	5.7	1.1	33.1	66.8
Basic and diluted earnings per share (in PLN)	1.79	6.95	1,62	0.57	1.41
EBITDA	4,191.9	7,699.6	3,471.2	3,231.2	3,437.6
EBITDA margin	35.0%	61.9%	26.9%	23.7%	24.1%
EBITDA adjusted2)	4,237.8	4,019.0	3,352.1	3,011.5	3,299.9
EBITDA adjusted margin	35.4%	32.3%	26.0%	22.1%	23.1%

1) In 2024, there was a change in the presentation of finance income and finance costs, resulting in a restatement of the comparative figures. This change did not affect the previously reported net profit amounts.

2) We define EBITDA as net profit/(loss), as determined in accordance with IFRS, before depreciation and amortization (other than for programming rights), impairment charges and reversals on property, plant and equipment and intangible assets, net value of disposed property, plant and equipment and intangible assets, revenue obtained from interest, finance costs, positive/(negative) exchange rate differences, income taxes and share of net results of joint ventures. The reconciling item between EBITDA and reported operating profit/ (loss) is depreciation and amortization expense and impairment charges and reversals on property, plant and equipment and intangible assets and net value of disposed property, plant and equipment and intangible assets.

Balance sheet

ASSETS

(in millions of PLN)	31 December 2020	31 December 2021	31 December 2022	31 December 2023	31 December 2024
Reception equipment	293.4	284.0	282.0	1)	1)
Other property, plant and equipment	5,391.0	3,326.9	3,600.9	6,494.3	7,423.3
Goodwill	11,808.4	10,802.0	10,818.1	10,980.2	10,975.3
Customer relationships	1,412.7	1,005.7	643.7	300.2	120.1
Brands	2,031.7	2,069.6	2,060.9	1,979.7	1,906.3
Other intangible assets	2,616.4	2,374.1	3,340.6	4,835.8	4,993.0
Right-of-use assets	1,519.4	696.5	527.0	644.6	724.8
Non-current programming assets	282.5	739.4	501.8	304.8	335.7
Investment property	50.0	28.4	647.0	700.0	700.3
Non-current deferred distribution fees	93.5	73.5	79.8	85.0	92.2
Non-current trade receivables	832.0	777.1	930.0	968.1	903.8
Non-current loans granted		57.1	325.6	10.9	2.2
Other non-current assets	1,283.6	1,845.2	1,918.0	702.8	83.6
includes shares in associates accounted for using the equity method	1,257.8	1,764.4	1,884.2	10.1	-
includes shares in third parties valued in fair value through profit or loss			1.6	615.9	5.5
includes derivative instruments	0.4	23.0	17.4	35.2	40.2
Deferred tax assets	223.2	80.2	99.9	142.8	180.5
Total non-current assets	27,837.8	24,159.7	25,775.3	28,149.2	28,441.1
Current programming assets	413.2	630.6	699.2	678.2	641.0
Contract assets	537.7	418.0	362.9	349.0	342.0
Inventories	299.4	595.7	1,162.4	1,215.6	1,028.0
Trade and other receivables	2,390.4	2,435.0	2,751.3	2,947.1	3,052.7
Current loans granted		15.3	250.5	116.2	22.8
Income tax receivable	9.0	4.5	5.0	20.0	34.3
Current deferred distribution fees	222.4	226.8	217.3	227.4	245.4
Other current assets	39.3	107.1	137.2	139.7	970.3
includes shares in other investments held for trading				-	808.6
includes derivative instruments assets	2,0	60.9	63.9	21.6	40.4
Cash and cash equivalents	1,355.4	3,632.4	808.5	3,306.0	2,653.0
Restricted cash	10.4	11.9	9.3	19.7	34.1
Total current assets	5,277.2	8,077.3	6,403.6	9,018.9	9,023.6
Assets held for sale			127.7	8.6	3.3
includes cash and cash equivalents	-	-	-	1.2	-
TOTAL ASSETS	33,115.0	32,237.0	32,306.6	37,176.7	37,468.0

1) As at December 31, 2023 the item "Reception equipment" is accounted for in the item "Other property, plant and equipment"

EQUITY AND LIABILITIES

(in millions of PLN)	31 December 2020	31 December 2021	31 December 2022	31 December 2023	31 December 2024
Share capital	25.6	25.6	25.6	25.6	25,6
Share premium	7,174.0	7,174.0	7,174.0	7,174.0	7.174,0
Share of other comprehensive income of associates	21.2	32.1	51.9	-	-
Other reserves	99.7	2,801.3	2,815.9	2,752.8	2.790,8
Retained earnings	7,112.3	7,823.6	8,057.6	8,334.1	8.987,4
Treasury shares		(2,461.0)	(2,854.7)	(2,854.7)	(2.854,7)
Equity attributable to equity holders of the Parent	14,432.8	15,395.6	15,270.3	15,431.8	16.123,1
Non-controlling interests	(6.6)	(11.0)	540.5	873.4	946,2
Total equity	14,426.2	15,384.6	15,810.8	16,305.2	17.069,3
Loans and borrowings	8,887.8	7,671.8	6,624.8	9,534.3	9.142,7
Issued bonds	1,959.2	1,942.1	1,900.4	3,955.4	3.670,8
Lease liabilities	1,140.5	497.5	345.6	444.6	502,8
UMTS license liabilities	136.7	-	-	-	-
Deferred tax liabilities	902.1	794.9	978.7	1,035.0	1.087,5
Other non-current liabilities and provisions	388.1	319.8	330.9	385.6	301,6
includes derivative instruments	16.8	-	4.3	24.0	10,8
Total non-current liabilities	13,414.4	11,226.1	10,180.4	15,354.9	14.705,4
Loans and borrowings	753.0	1,072.7	1,512.6	1,069.7	1.315,1
Issued bonds	38.7	66.4	176.0	393.7	366,9
Lease liabilities	432.5	201.1	178.6	166.2	181,9
UMTS license liabilities	126.7	139.9	-	-	-
Contract liabilities	675.6	650.8	606.8	682.2	678,0
Trade and other payables	2,155.3	2,531.2	3,767.1	3,172.6	3.090,9
includes derivative instruments	39.2	-	2.1	20.2	8,2
Liabilities to shareholders of the Parent Company related to dividend for 2019	415.7	-	-	-	-
Liabilities due to tender offer for shares in Netia S.A.	548.0	-	-	-	-
Income tax liability	128.9	964.2	74.3	31.4	60,5
Total current liabilities	5,274.4	5,626.3	6,315.4	5,515.8	5.693,3
Liabilities held for sale	-	-	-	0.8	-
Total liabilities	18,688.8	16,852.4	16,495.8	20,871.5	20.398,7
EQUITY AND LIABILITIES	33,115.0	32,237.0	32,306.6	37,176.7	37.468,0

Cash flow statement

(in millions of PLN)	2020	2021	2022	2023	2024
Net profit/(loss)	1,146.2	4,414.5	901.1	311.6	777.3
Adjustments for:	2,651.7	(724.8)	2,072.4	2,316.6	2,783.3
Depreciation, amortization, impairment and liquidation	2,305.7	1,903.2	1,829.0	1,919.6	1,671.4
Payments for film licenses and sports rights	(511.9)	(645.0)	(587.1)	(654.0)	(571.7)
Amortization of film licenses and sports rights	519.6	558.8	668.6	660.5	519.7
Interest expense	364.8	299.4	660.6	1,078.2	1,031.1
Change in inventories	13.2	(295.4)	(82.5)	150.1	117.5
Change in receivables and other assets	119.3	(25.7)	(13.3)	(32.1)	(153.5)
Change in liabilities, provisions and deferred income	(401.3)	(55.0)	(224.2)	(268.5)	445.8
Change in contract assets	101.0	119.7	55.1	13.9	7.0
Change in contract liabilities	(37.5)	(30.6)	(48.1)	(38.0)	(4.2)
Valuation of hedging instruments	1)	1)	11.4	(28.8)	(0.2)
Share of the profit of associates accounted for using the equity method	(2.0)	(75.4)	(94.5)	(29.7)	0.7
Foreign exchange losses/(gains), net	45.8	(1.9)	14.6	(119.8)	(41.2)
Income tax	295.9	1,251.6	209.2	110.2	302.2
Net additions of reception equipment provided under operating lease	(147.1)	(110.0)	(113.1)	(145.8)	(141.1)
Gain on the sale of shares in a subsidiary and an associate		(3,680.6)	(153.2)	(219.7)	(10.0)
Premium for early redemption of bonds	-	-	-	10.1	0.4
Cumulative catch-up and early redemption costs	(44.8)	-	-	-	-
Cumulative catch-up	-	-	-	(20.8)	(2.5)
One-time loans repayment	-	-	-	20.8	-
(Profit)/net loss on derivatives	2)	2)	(71.7)	6.7	(67.8)
Dividend income					(30.8)
Change in value of Asseco Poland S.A. shares				(0,8)	(194.2)
Gain on disposal of IP					(198.7)
Other adjustments	31.0	62.1	11.6	(95,5)	103.4
Cash from/(used in) operating activities	3,797.9	3,689.7	2,973.5	2,628.2	3,560.6
Income tax paid	(552.9)	(463.0)	(1,278.4)	(342.1)	(271.8)
Interest received from operating activities	6.7	7.6	66.6	106.3	138.4
Net cash from/(used in) operating activities	3,251.7	3,234.3	1,761.7	2,392.4	3,427.2
Acquisition of property, plant and equipment	(1,006.4)	(924.1)	(776.9)	(1,289.4)	(1,465.9)
Acquisition of intangible assets	(211.5)	(234.7)	(337.5)	(312.5)	(318.3)
Acquisition of bonds	(8.3)	(27.8)	-	(20.0)	-
Concession payments	(126.8)	(159.4)	(514.0)	(1,345.9)	(564.6)
Acquisition of shares in associates	(11.4)	(500.0)	(4.9)	-	-
Acquisition of subsidiaries, net of cash acquired	(479.2)	(946.4)	(266.5)	(84.9)	(237.4)
Proceeds from sale of shares in a subsidary and an associate		7,111.9	757.4	913.8	13.3
Proceeds from sale of property, plant and equipment	8.4	5.7	78.2	26.2	258.0
Repayment of loans granted	-	1.0	272.5	133.0	96.0
Granted loans	(13.0)	(64.9)	(686.9)	(343.4)	(11.3)
Dividends received	57.2	59.2	64.0	73.8	30.8
Bonds redemption with interest	1.4	8.6	-	22.0	21.9
Other inflows/(outflows)	3.3	(1.2)	11.8	11.6	3.5
Net cash from/(used in) investing activities	(1,786.3)	4,327.9	(1,876.6)	(2,215.7)	(2,174.0)
Loans and borrowings inflows	35.0	1,665.0	141.2	3,885.1	565.8
Repayment of loans and borrowings	(857.9)	(2,682.8)	(1,045.1)	(2,327.0)	(730.5)
Bonds (redemption)/issue	1,000.0	-	-	2,145.3	(311.9)
Payment of interest on loans, borrowings, bonds and commissions2)	(315.3)	(213.3)	(616.9)	(1,203.3)	(1,200.4)
Payment of interest on lease liabilities	(46.0)	(32.4)	(20.2)	(27.4)	(36.0)
Dividends paid	(232.5)	(1,186.2)	(660.8)	-	-
Hedging instrument effect	-	(37.4)	109.4	60.8	24.7
Payment of lease liabilities	(399.2)	(335.4)	(196.4)	(195.5)	(210.3)
Other inflows/(outflows)	(40.1)	(1.5)	(23.0)	(1.8)	16.1
Own shares buy-back		(2,464.0)	(393.9)	-	-
Net cash from/ (used in) financing activities	(856.0)	(5,282.9)	(2,705.7)	2,336.2	(1,882.5)
Net increase/(decrease) in cash and cash equivalents	609.4	2,279.3	(2,820.6)	2,512.9	(629.3)
Cash and cash equivalents at the beginning of the period	753.1	1,365.8	3,644.3	817.8	3,325.7
Effect of exchange rate fluctuations on cash and cash equivalents	3.3	(0.8)	(5.9)	(3.8)	(9.3)
Transfer to assets held for sale	-	-	-	(1.2)	-
Cash and cash equivalents at the end of the period	1,365.8	3,644.3	817.8	3.325,7	2,687.1

1) Item included in "Other adjustments".
2) Includes impact of hedging instruments, premiums paid for early bonds’ repayment and amount paid for costs related to the new financing.

Financial ratios

	2020	2021	2022	2023	2024
EBITDA margin1)	35.0%	61.9%	26.9%	23.7%	24.1%
Net profit margin2)	9.6%	35.5%	7.0%	2.3%	5.4%
Return on assets (ROA)3)	3.5%	13.7%	2.8%	0.8%	2.1%
Return on equity (ROE)4)	8.6%	40.2%	6.0%	1.9%	4.8%
Current ratio5)	1.0	1.4	1.0	1.6	1.6
Debt ratio6)	56.4%	52.3%	51.1%	56.1%	54.4%

1) EBITDA/sales revenue
2) net profit/sales revenue
3) net profit/total assets
4) net profit/(equity-net profit)
5) current assets/current liabilities
6) total liabilities/total assets