Orange Polska S.A.

Q3 2026 headline performance: strong commercial + cost efficiency (good surprise) - Revenues: +8% YoY - EBITDAaL: almost +16% YoY, with PLN +140m EBITDA increase in a single quarter (even slightly more than full-year 2025), and Q3 EBITDAaL > PLN 1bn for the first time. - Net income: +44% YoY in Q3 standalone (+30% YoY YTD). - Cash: Organic cash flow up +30% YoY YTD, reaching ~PLN 900m in nine months.

Where the growth came from (investor “so what” drivers) - Core telco services: +5.5% YoY revenue growth; management says customer base growth + ARPO dynamics are improving. - IT & IS: +24% YoY revenue growth (strong quarter), driven by large project wins (digital transformation, infrastructure upgrades in public/private sectors), plus some demand timing effects (customers “hurrying” after memory chip constraints). - Wholesale: +13% YoY, driven by fiber access in an open model and backhaul contract signed in prior year. - Indirect costs: ~PLN 35m lower YoY in Q3, supporting operating leverage.

Guidance / outlook (forecasts explicitly discussed) - Management maintained earlier positioning: they guided >6% EBITDAaL growth YoY, and said “perfect execution” could lead to ~7–8% full-year growth. - With Q3 execution, they now suggest they are on track to reach ~2% excess above the 6% floor (i.e., roughly the upper end of that range), while reiterating that Q4 comparables—especially in wholesale—are tougher due to big Q4’25 contract timing. - Q4 EBITDAaL expectation: very solid growth, potentially mid-single digits YoY for Q4 standalone. - H2 focus: Q4 is described as the most demanding commercial period, so consistency is key.