CPS CYFROWY POLSAT Giełda Papierów Wartościowych w Warszawie · annual · publ. April 29, 2026

FY 2025 report

Biznes operacyjny jest stabilny: przychody 14,32 mld zł (+0,4% r/r), skorygowana EBITDA 3,12 mld zł z marżą 21,8% (−1,3 pp r/r), a OCF 3,14 mld zł przewyższa EBITDA raportowaną.

Sentiment

Cautious No guidance change

Website

CPS FY 2025 report

Revenue

14.32 bn PLN

— YoY

Net income

-2.6 bn PLN

— YoY

EBITDA

3.02 bn PLN

— YoY

Net debt / EBITDA

3.99x

— YoY

Summary

Investment thesis

Rekordowa strata netto 2,60 mld zł wynika głównie z niegotówkowych odpisów wartości firmy (2,72 mld zł w segmentach B2C/B2B i mediowym) — księgowo bolesna, gotówkowo neutralna, ale sygnalizuje niższe oczekiwania co do przyszłych przepływów.
Lewar pozostaje wysoki: zadłużenie netto 12,03 mld zł, wskaźnik 4,10x EBITDA LTM (3,59x bez finansowania projektowego) wobec 3,81x rok wcześniej; dywidendy za 2024 nie wypłacono z powodu przekroczenia progu 3,5x.
Capex w zielonej energii spadł o 45% do 509,5 mln zł wraz z końcem budowy farm wiatrowych, co poprawia FCF (ok. 1,53 mld zł przed opłatami za częstotliwości), ale rynek pozostaje wrażliwy na stopy procentowe i ceny energii.
Nowy zarząd (prezes Piotr Żak) zapowiada przegląd wszystkich obszarów i nową strategię jesienią 2026 — dopiero wtedy będzie wiadomo, które aktywa są kluczowe, a które mogą zostać zrestrukturyzowane.

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Financials

BETA

FY 2025

CPS · FY 2025

Metric	FY 2025	FY 2024	Δ YoY	Value type	Segment	Conf.

Revenue	14,323.6	—	—	reported	—	1.00
EBITDA	3,016.5	—	—	reported	—	1.00
EBIT	-1,416.6	—	—	reported	—	1.00
EBT	-2,438.1	—	—	reported	—	1.00
Net income	-2,602.6	—	—	reported	—	0.90
EPS (basic) (PLN)	-4.73	—	—	reported	—	1.00
EPS (diluted) (PLN)	-4.73	—	—	reported	—	1.00
Interest expense	1,021.5	—	—	reported	—	0.80
Income tax	164.5	—	—	reported	—	1.00

EBITDA margin	21.06%	—	—	derived	—	1.00
EBIT margin	-9.89%	—	—	derived	—	0.90
EBT margin	-17.02%	—	—	derived	—	0.90
Net margin	-18.17%	—	—	derived	—	0.90

Cash	3,183.2	—	—	reported	—	1.00
Total debt	15,216.7	—	—	reported	—	1.00
Net debt	12,033.5	—	—	reported	—	1.00
Equity	14,406.6	—	—	reported	—	1.00
Total assets	35,269.1	—	—	reported	—	1.00
Working capital	2,447.6	—	—	derived	—	0.90
Current assets	8,466.5	—	—	reported	—	1.00
Current liabilities	6,018.9	—	—	reported	—	1.00
Non-current liabilities	14,843.6	—	—	reported	—	1.00
Inventory	936.5	—	—	reported	—	1.00
Goodwill	15,932.5	—	—	reported	—	0.80
Tangible equity	-1,525.9	—	—	derived	—	0.70

CFO	3,139.8	—	—	reported	—	1.00
CapEx	1,613.1	—	—	reported	—	1.00
FCF	1,526.7	—	—	derived	—	0.80
FCF conversion	50.61%	—	—	derived	—	0.80
CFO conversion	104.09%	—	—	derived	—	0.90

ROE	-16.54%	—	—	derived	—	0.80
ROA	-7.16%	—	—	derived	—	0.80
ROCE	-4.84%	—	—	derived	—	0.80

Current ratio	1.41x	—	—	derived	—	0.90
Quick ratio	1.25x	—	—	derived	—	0.90
Cash ratio	0.53x	—	—	derived	—	0.90
Interest coverage	-1.39x	—	—	derived	—	0.70

Net debt / EBITDA	3.99x	—	—	derived	—	0.80
Debt / equity	1.06x	—	—	derived	—	0.90
Debt / assets	0.43x	—	—	derived	—	0.90
Net debt / equity	0.84x	—	—	derived	—	0.90

Revenue growth (YoY)	0.4%	—	—	derived	—	1.00
EBITDA growth (YoY)	-12.25%	—	—	derived	—	1.00
EBIT growth (YoY)	-180.21%	—	—	derived	—	0.90
Net income growth (YoY)	-434.81%	—	—	derived	—	0.90
EPS growth (YoY)	-435.46%	—	—	derived	—	0.90
EBITDA margin Δ (YoY)	-3.04 pp	—	—	derived	—	1.00
EBIT margin Δ (YoY)	-22.27 pp	—	—	derived	—	0.90
Net margin Δ (YoY)	-23.62 pp	—	—	derived	—	0.90

FY 2025 · Δ YoY

Revenue

14,323.6 —

FY 2024: —

EBITDA

3,016.5 —

FY 2024: —

EBIT

-1,416.6 —

FY 2024: —

EBT

-2,438.1 —

FY 2024: —

Net income

-2,602.6 —

FY 2024: —

EPS (basic) (PLN)

-4.73 —

FY 2024: —

EPS (diluted) (PLN)

-4.73 —

FY 2024: —

Interest expense

1,021.5 —

FY 2024: —

Income tax

164.5 —

FY 2024: —

EBITDA margin

21.06% —

FY 2024: —

EBIT margin

-9.89% —

FY 2024: —

EBT margin

-17.02% —

FY 2024: —

Net margin

-18.17% —

FY 2024: —

Cash

3,183.2 —

FY 2024: —

Total debt

15,216.7 —

FY 2024: —

Net debt

12,033.5 —

FY 2024: —

Equity

14,406.6 —

FY 2024: —

Total assets

35,269.1 —

FY 2024: —

Working capital

2,447.6 —

FY 2024: —

Current assets

8,466.5 —

FY 2024: —

Current liabilities

6,018.9 —

FY 2024: —

Non-current liabilities

14,843.6 —

FY 2024: —

Inventory

936.5 —

FY 2024: —

Goodwill

15,932.5 —

FY 2024: —

Tangible equity

-1,525.9 —

FY 2024: —

CFO

3,139.8 —

FY 2024: —

CapEx

1,613.1 —

FY 2024: —

FCF

1,526.7 —

FY 2024: —

FCF conversion

50.61% —

FY 2024: —

CFO conversion

104.09% —

FY 2024: —

ROE

-16.54% —

FY 2024: —

ROA

-7.16% —

FY 2024: —

ROCE

-4.84% —

FY 2024: —

Current ratio

1.41x —

FY 2024: —

Quick ratio

1.25x —

FY 2024: —

Cash ratio

0.53x —

FY 2024: —

Interest coverage

-1.39x —

FY 2024: —

Net debt / EBITDA

3.99x —

FY 2024: —

Debt / equity

1.06x —

FY 2024: —

Debt / assets

0.43x —

FY 2024: —

Net debt / equity

0.84x —

FY 2024: —

Revenue growth (YoY)

0.4% —

FY 2024: —

EBITDA growth (YoY)

-12.25% —

FY 2024: —

EBIT growth (YoY)

-180.21% —

FY 2024: —

Net income growth (YoY)

-434.81% —

FY 2024: —

EPS growth (YoY)

-435.46% —

FY 2024: —

EBITDA margin Δ (YoY)

-3.04 pp —

FY 2024: —

EBIT margin Δ (YoY)

-22.27 pp —

FY 2024: —

Net margin Δ (YoY)

-23.62 pp —

FY 2024: —