Cyfrowy Polsat S.A. (CPS) Earnings Call Transcript & Summary

Good morning. We are extremely pleased to welcome all the guests gathered here for today's event. We warmly welcome our key business partners as well as representatives of financial institutions in the capital market. We also warmly welcome the media representatives present in the room. Also with us today are members of the Polsat Plus Group Supervisory Board as well as members of the Board of Polsat Plus Group companies and key managers. We thank you for coming and wish you an inspiring meeting. Let's begin. Presenting the CEO of Polsat Plus Group, Piotr Zak.

Welcome, everyone. A very warm welcome to you all. Thank you very much for such a time. Welcome and applause, but applause also to you for being here coming here for us. Thank you. And a special welcome, Mr. [indiscernible], present with us in the room today. Thank you for coming. Ladies and gentlemen, I am incredibly happy that we are meeting right here. We are in our largest production hall with 2,400 square meters of production space around us. This is our largest hall in our context at Lubanoa, one of the most modern in Poland and in all of Europe. So an amazing place. As you can see by the scale of this production, however, the truth is that we are only in half of this hall because behind this is a giant wall that we can remove within 2 hours to open up the other half of the hall, there is twice as much space. Unfortunately or fortunately, at the moment, must be the music is being produced on the other side. The set is being built. So a little bit of advertising for Polsat TV. We invite you to must be the music only on Polsat starting [indiscernible]. However, I'm not the best person to introduce our television programs. We have our beloved announcer here with us, a voice from beyond. If you could announce it, please.

Of course, Mr. CEO, must be the music, must be the music returns to Polsat TV this spring. It is an iconic program that has paved the way for the careers of many Polish artists. Must be the music returns this spring. Every Friday at 9:00 p.m. on Polsat TV.

Big applause. Thank you. Ladies and gentlemen, take it easy. We are not here just to advertise Polsat TV, but we will be talking about the strategy of the entire Polsat Plus Group for the coming years. And this is an important day not only for the Polsat Plus Group, but also for me personally. This is a strategy I have worked very hard on. This is the first promise I have kept for you. I promised that we would need at the end of October for the strategy presentation, and here we are. So please check off the first box. But it is also a strategy of a new generation while respecting the entire heritage of this group thousands of people who have put their hearts into it, who have put their lives into it. So starting today, we are beginning something new. Starting today, we move forward the future. Starting today, we think progressively growing ambitiously and innovatively and that is why we are here today to kick off this process. I have an idea for it. I have a vision for it. I will tell you all about it in a moment. But before we get to that, let's look at where we are today. What the Polsat Plus Group simply is today. Polsat Plus Group, Polsat Television, the largest broadcaster in Poland. We reached over 30 million residence every month with our content. Plus network operator, 11 million voice and Internet services, nearly 71,000 B2B clients. Polsat [indiscernible] millions of holes in several million apartments and homes have our satellite TV services. Polsat Box Go, the largest provider of online TV channels. To this, we add, of course, the most important streams, everything in one application. Polsat Media, the largest advertising broker on the market, a 40% market share in Poland. In total, we manage 106 TV channels, not only Polsat but also other broadcasters increasingly available online too. Media, our fiber optics over 3.4 million households in our network reach, over 50,000 kilometers of fiber. And believe me, building all of this over the years was quite a challenge. [indiscernible] for many months, month after month, #1 in the web portal rankings in Poland. Over 20 million unique users use our services every month. Let's not forget the real estate division, almost 40 hectares of beautiful land [indiscernible], a new district of Warsaw. A beautiful view of the old town, a beautiful view of the city center. A large part is already built up, but much is still ahead of us. And let's not forget, of course, energy over 480 megawatts. Depending on how the sunshines in photovoltaic farms, wind farms and from biomass units. All this combined creates the Polsat Plus group today, unique in Poland, the largest media and telecommunications group in Poland. A similar group simply does not exist here. I have the pleasure of managing a truly unique asset where thousands of people work, and I'm very proud of that, but I also realize how great this responsibility is Six months ago, we took on the challenge of creating this strategy for you, and we really had to think from the ground up about who we are and what distinguishes us. What is our competitive advantage? And what should we build on in the future? And here, I spoke with everyone external advisers, employees within the organization and friends, people completely unrelated to our organization to extract the essence of our organization. And really, 2 or 3 elements kept repeating, which I would like to tell you about because it is simply important in the context of building this vision and this strategy. The first thing that kept repeating is the number of daily contacts we have with the customer. We are not an organization that sends out a bill once a month, serving as our only contact with the customer. Now we have that contact several, a dozen or even dozens of times a day due to how our customers use our services whether they're watching something on TV, calling friends or loved ones on the phone, streaming content or using mobile or home Internet. There are simply a great many of these touch points between our customers and it's every single day. What is related to this, but has slightly different implications is the fact that we simply know our customers. Over the last few decades, we have built such a relationship with our customers that our brand recognition in Poland is almost 100%. Someone would have had to arrive in Poland quite recently, not to have heard of at least one of our products and our knowledge of our customers is also incredibly good. Where other organizations look through the lens of a single service or just one slice of our customer's life, we see how all these pieces fit together. We simply see their entire behavior in one place within our systems and databases through the diverse contacts we have with our customers every day. So that is what sets us apart. That was the trait that appeared most often among those I spoke with. And now how are we using this? And how have we used it over the last few years. In 2 ways this also came up repeatedly. First of all our Polish identity and locality. On one hand, we operate only in Poland. We have no foreign branches. Our customers are right here. What does that mean that we can focus on them. We are not distracted. We don't have to worry about the different preferences of people abroad or in other markets. We focus right here in Poland. On one hand, we are only in Poland, but on the other hand, we are across all Poland. Excuse me, I'm blocking the view here. However, you can see on the screen, our fiber optic network, almost every city in Poland are broadcasting stations. That's certainly not even a fraction of all we have in Poland and a big balloon of representing our headquarters, our hearts, our emotions here over Warsaw, over [indiscernible], our production centers, Polsat Television. So on one hand, we are only in Poland, and we know our customers here. But on the other hand, we have got all of Poland locally in every city close to our customers, close to what they need. Because we are in Poland, we are able to make decisions quickly. We don't have to send a memo to a foreign headquarters asking for permission in the states or in Germany, whether we can do something or thank someone, right? I have an example from just the last few weeks. I think Matthew was the first to call me 20 minutes after our volleyball players won the European championship. I got a call, hey, something incredible has happened for Poland. There's a lot of social excitement around this. We are proud of our volleyball players. We should reward them in some extra way. We should launch an advertising campaign around this and start promoting it. Within 20 minutes, the decision was made that, hey, we're doing it. Our social media was fired up. Our news outlets were fired up and finance was fired up to pay out an additional bonus. In 20 minutes, were able to handle all of that. Something like that is not possible when you are a gigantic international corporation with its own processes. So that is once again one of those advantages we have used over the last few years. And fourth, our scale in the Media and Telecommunications segment, we have between 30% and 40% of the market. This is a very large scale, thanks to which we can aggregate data, throw our conclusions from it and get to know our customer better to provide them with the best services. This is exactly what I was saying earlier. Everything works together. These elements were the foundation for building our vision for where we want to be in the future for how we want to look for building our vision and consequently, our strategy. Without further ado. Our vision the Polsat Plus Group is the largest integrated media and telecommunications group in Poland. Using the best technological solutions in one ecosystem, we connect audiences, network infrastructure, content and advertising. And artificial intelligence allows us to respond quickly and accurately to changing customer needs. Our ambition is to be present in every area of the digital world in every aspect of the lives of our viewers and our individual and business customers. Condensing the goal of the entire group into 1 or 2 segments First of all, it is very difficult. It is not an easy path, but it is also an incredibly important tool because it allows us to define what we want to focus on in the future. What is our essence? What is most important to us? And every word in this vision is important, but the absolutely most important word is ecosystem meaning the way in which all our services coexist and harmonized to provide our customer with the best service at the end of the day. From this vision, the purpose of our meeting directly follows the strategy, a set of tools and goals that we must achieve in the meantime to lead us to that place to fulfill this vision in the near future. 3 years, 4 years, 5 years, 6 years ahead. So moving on to our strategy Polsat Plus Group focus, what you have all been waiting for. Our strategy will consist of 4 basic pillars. If anyone wants to take anything away from this meeting, these are the most important slides. So please take note. 4 points, first, a focus on media and telecommunications, a review of options for res and real estate; number two, strategic partnerships, faster growth of our core business; three, lower debt, refinancing and deleveraging; and the fourth thing, without which none of the others could happen, a new management model, driving innovation, motivation and organic growth throughout the organization. I will go through all these elements I mentioned so that you can hear about them in detail. Focusing on Media and Telecommunications. We want to build a business that is simple coherent and easy to understand. I think you've all been waiting for this. So if you want, and I was reading analyst notes just yesterday and the day before. I heard this was expected. So I'm convinced that you were all just waiting for this slide. Energy and real estate have significant value. They were good investments when they were made, but that doesn't mean they have to be built within the Polsat Plus Group. We want to have a clear, cohesive and transparent business. I'm impatient by nature. For those of you who might not know me, so we have already started this process. We have already begun talks with potential clients. We have already hired reputable investment banks to help us in the process of divesting these assets. And we have already started this review of strategic options. I would like to emphasize here that we have no deadline. We have no rigid calendar. we will make these decisions when we believe they build the most value for our organization. We won't do it in a rush won't do it ahead of time. The second pillar of our strategy, strategic partnerships, and this is key in the context of building our core business. As I mentioned earlier, our greatest asset is our trusted customers who trust. Oh, I see you're taking pictures in the back, but all of this will be available later, don't worry. Our greatest asset is our customers and our contact with our customers. You can't buy that. It had to be built over the last 30 years. However, technological solutions, product solutions, all those things we can acquire from external partners in a way that allows us to grow faster than we could on our own. Let's just learn from other people's mistakes. Let's benefit from those effects ourselves. I know [indiscernible] will describe each of these partnerships in great detail in his presentation. So I'll just quickly skim through them. So you have a rough idea of what I'm talking about. First off, Cellnex. This is an agreement already signed. At the beginning of September, this is the expansion of our telecommunications infrastructure. [ Matthias ] has a big slide on this, you will welcome everyone. However, I would like to offer my thanks. I see that a delegation from CXU is with us. Next is Vodafone. [ Matthew ] will talk a lot more about this again. This is a cooperation in the telecommunications segment ended increasing the number of products we are able to cross-sell. There are also cost optimizations here at the level of our call center. I know that the first workshops have already taken place. This was signed just 2 days ago. Maybe some of you have already seen it, maybe some haven't yet. However, the second partnership, and I know there is a delegation from Vodafone here. I haven't seen them yet. Mr. [indiscernible] with his team. Good morning. Welcome. YouTube, an agreement also signed just 2 days ago, but for me personally, it's incredibly important at Polsat TV and the entire Polsat Plus group, we have 30,000 to 40,000 hours of content just sitting on the shelf, so to speak. And the cooperation with you, Ms. [indiscernible] is here with us today. Thank you very much for coming. This is building on what we are good at. We are good at content, delivering it to as many customers as possible, Google Cloud [indiscernible] is with us. Good morning. Welcome. This is an agreement mind you, that has been ongoing for a long time. As I announced it over 2 years ago, but now it is entering a stage of intensive investment. This involves selling Google Cloud products to our B2B customers. It also involves training, workshops and learning for our employees on how to use modern tools and increase their efficiency. It's also a very cool strategic cooperation over the last few years, but it will also continue in the future. And last but not least, [ 11 labs ] I announced this a few months ago, [indiscernible] is with us present here. He is -- we all know that feeling when we call a help line. We are a little annoyed and the system on the other side doesn't want to cooperate with us, and that is not a nice feeling. Cooperation with 11 labs, among other things, is meant to change exactly that so that our customers are satisfied at the end of the day. Without dragging it on, point 3 of our strategy. The third pillar of our strategy lower debt. [indiscernible] will talk about this in her part of the presentation, providing details. However, this is incredibly important for 2 reasons: Firstly, lowering our net debt-to-EBITDA ratio to below 2.5x by 2030. That is our goal. This will allow us to unlock the dividend potential for the Polsat Plus Group from [indiscernible]. On the other hand, freeing up capital and lowering debt gives us flexibility to act. We are able to make investment decisions faster and more efficiently when they arise rather than juggling our possibilities and pushing certain elements into the future because we simply cannot afford them at that given moment. So flexibility and dividend potential from 2030 onwards. Employee [indiscernible]. The one I already touched upon a little bit in April when I met with you, that is a new management model. We started by implementing a new model, an incentive model for top management. This has proven to be a very big success, at least so far I personally see the commitment of our teams. I see the engagement of our employees, looking at the results they want to achieve at the end of the day. So I would like our employees to be promoted for their courage, ambition, innovation, introducing new solutions, implementing artificial intelligence and the skills to use these tools. And it really is my responsibility. The responsibility of the supervisory and management board to implement and instill this model and this sense of responsibility for their future among all our employees, so that everyone feels co-responsible for improving and making things better. For all the managers here in the room, I'm convinced we all know that feeling or at least I know it where I walk into a meeting and asked the question, why are we doing this? Why are we doing it this way? And someone looks at me with a blank base and says, "Well, we've always done it this way." I'm allergic to these kinds of answers. I know we've always done it this way, and there's probably a reason for it, but let's consider why is that? Why does the decision-making process look like this? Why does the investment process look like this? Let's think about it. Could something be done better, maybe there's a newer tool than the one created 30 years ago to manage system. Maybe we are able to introduce something more modern, and these are the values I would like to instill in every person working in our organization. And it's not just about systems and processes, but about the people I'm talking about we need a new generation of managers. And to be clear, I'm not talking about age here because it is not about age. The key is the desire, ambition and willingness to learn new competencies and develop. Developing in the digital world, developing skills and using AI and using new technological solutions. And I want to start this ambition, this emotion in everyone. These were the 4 pillars of our new strategy, [indiscernible] will tell you about them in detail in a moment. However, I won't just summarize why all of this -- why we are doing all this. I think it is quite obvious we want this to be an amazing place to work, an amazing place for shareholders, an amazing place for investors so that everyone can be proud to cooperate, consist and invest in the Polsat Plus Group. We simply want to increase the value of our group and all my actions, all our actions are directed precisely to that. The most important thing, however, is not just a promise but to deliver. So I'm stepping off the stage and starting to deliver. And in the meantime, I hand over the microphone to [indiscernible] who will leave the next part of the presentation. Thank you all very much.

[indiscernible], CEO. Thank you. It will be presented by management Board member [indiscernible].

Thank you very much, Piotr. A warm welcome to you all. I have the pleasure, together with [ Matthew Candano ] to lead the next part of the presentation. Ladies and gentlemen, Piotr has told us all where we are headed. Our task is to tell you how we will get there. So I will have the pleasure of speaking about main pillars of our strategy. Then [ Matthew ] will take a deeper dive and tell you how we intend to grow in telecommunications media and convergence. And then [indiscernible] will tie it all together beautifully and give you what I'm sure you're all waiting for the final figures. When it comes to the main assumptions, we must first answer 4 questions here. Where are we coming from? Why are we changing the strategy at all now and what we want to focus on has already been mentioned, but also in what time frame we want to deliver all of this. So where are we coming from? This will be brief, as Piotr has already said a lot about our businesses. So I just want to show you what the Polsat Plus Group looks like today. But from the perspective of our segments, we have 4 telecommunications, media, energy and real estate, and this is the effect of implementing the 2023 plus strategy. However, every strategy has its time. That one has been fulfilled. We have built a strong Polish group, but it is time for a change. Why? Because there is a new reality, and we have observed 4 things. 4 things happened that caused us to decide to change this strategy. Firstly, we must remember that the 2023s plus strategy was designed in 2021. That was an environment of low interest rates and low inflation. Diversification made the most sense at that time. But today, we have a new reality and the 4 things that have changed related, first of all, to the strategic cycle and new leadership. Piotr spoke about that. As for the strategic cycle, that strategy was delivered. All goals were achieved. That is why this is the perfect moment to do something new. The second factor is technology and behavior of our customers. AI, robotization, automation, streaming. All of this is developing very quickly, and content, products and services are currently reaching our customers mainly digitally. The third thing concerns the macroeconomic environment and our approach to cost, you can see for yourselves what has been happening in the last few years. Uncertainty, very high volatility. That is why our approach to cost management must be even more flexible, and that is why AI appears so often in all areas of our vision, our operations and our future actions. And the fourth thing, probably the most important for many of you is the allocation of capital and debt. Our holding structure clearly undervalues the group because the market does not fully see the value of each business individually. On the other hand, high debt means that we do not manage capital very effectively, so we must improve the allocation of this capital and reduce our debt. 4 changes lead to one conclusion, which Piotr mentioned earlier, mainly that we should focus on something and we intend to focus on TMT. Why we are focused on TMT and why it is our core business was also mentioned earlier? Piotr gave you 2 key figures. Market shares in telecommunications and media is 20% to 40%. This is a position that would be a pity not to exploit. Therefore, telecommunications and content for our core business, and we have 3 primary business goals there. The first is to continue growing through multiple because it is our proven growth engine where we still have gigantic potential. This is [indiscernible] specialty, about which I will tell you more in a moment. The second is scaling the business through strategic partnerships, which Piotr just spoke about. And the third is the use of artificial intelligence in every element of our operations so that our organization is agile and responds quickly to the changing environment. Energy and real estate are becoming noncore businesses. In connection with this, we have initiated a review of strategic options, and this review is intended to bring us 2 goals. Firstly, simplifying the group, which is a response to the holding discount and secondly, reducing our debt because every [indiscernible] we obtained from the sale of noncore assets will be allocated directly to deleveraging. Let's stay for a moment with the TMT business, i.e., while we are focusing on the most. Piotr said a lot about our brands, but he also used the keyword ecosystem. I will show you what this ecosystem looks like. These are our brands, and what connects them are the 2 things Piotr mentioned. Firstly, the customer and our interaction with the customer multiple times a day. And the second thing, since we interact with them multiple times a day, why not use that to upsell another product and another product regardless of whether it is a Polsat BoX Plus or Polsat Go Box customer. This is exactly our multiplay strategy through which we intend to continue growing in the future. And let's look now at how the partnerships we have signed overlap with this ecosystem with this ring of our assets. YouTube covers media cooperation with Polsat Media and Polsat. Google Cloud provides modern cloud and AI solutions for the B2B segment as well as for our own organization. This is a direct cooperation with [indiscernible] and Plus. Vodafone provides solutions designed to streamline us internally while also building a great shelf of B2B solutions for our external clients. This cooperation will cover the entire telecommunications segment, meaning Media Plus and [indiscernible] Polsat as well. And finally, Cellnex. Perhaps listed last, but our most important partner because they are building the most modern and largest 5G network in Poland for us. As you can see, all these partnerships perfectly encompass our entire ecosystem from media down to the network. And this is how we intend to build our future value. Returning for a moment to noncore assets. Piotr mentioned that we have started a strategic review process, and I will show you who we will be working with in this process. But I will start unusually with telecommunications and media. However, I must clarify immediately that for the core business, it is not about a sale. Here, we will cooperate with Societe General. And together with this bank, we want to build further sustainable value for our TMT segment. When it comes to green energy and real estate, that is the noncore business in real estate, we will be assisted by a bank and in green energy by [ UniCredit ]. And with these banks, we are looking for partners for our investments, investors willing to buy these assets from us. You know the mechanics, Piotr mentioned them. Time is not what [indiscernible], what counts above all is the price and the highest value for shareholders in order to pay off our debt as quickly as possible. Ladies and gentlemen, we have said what and we have said how. So now it is time to tell you the schedule according to which we want to implement this. We have divided this schedule into 3 key stages in 4 areas: TMT, meaning the market side, then our operations, then our assets and finally, our finances. The first stage, the years 2024 to 2027. The simplification and stabilization stage. During this time, we will primarily be developing the 5G network very dynamically and continuing our multiplay strategy. When it comes to our operations, I'm sorry, I clicked it too fast. When it comes to our operations, we are starting to optimize our business through the implementation of AI and are beginning cooperation with our partners. Assets that was mentioned just a moment ago. We are starting a review of strategic options, while in refinancing, we have debt reduction, investments and modernization that is the next stage 2028/2029. You may have noticed that this all overlaps because it is very fluid. We continue to develop a 5G network and strengthen our B2B digital media offering based precisely on these partnerships. We want to scale the effects of AI within our organization to become a more agile organization. Our investments, I emphasize, will be concentrated solely and exclusively in the TMT area. However, this is accompanied throughout by high cost discipline and the consistent implementation of debt reduction. And the most important year, which is 2030 in the following years. This is a period we have called the period of realizing our ambitions. Then from a market perspective, we want to be the #1 operator, the #1 choice for all mass market B2C and B2B customers. Regarding our organization, we want all these actions to lead to simply higher margins and for us to be much more efficient. Meanwhile, in terms of our assets, we count on becoming a purely media and telecommunications company. What is this supposed to achieve financially? [indiscernible] will talk about that in a moment, but it's about sustainable EBITDA growth in the long term and a low level of debt, which Piotr mentioned to you. To summarize this part, the plan is very simple. First, divestment of assets, business optimization, then debt reduction targeted TMT investments, EBITDA growth and at the end of the day, what we are all striving for. increasing the group's value for our shareholders. That's all from my side. Now it's probably the time for what is most interesting from a business perspective, which is telecommunications, media and convergence. Thank you all very much. [indiscernible], I invite you to the screen.

It will be presented in detail by the Vice President of the Management Board of the Polsat Plus Group, [indiscernible].

Welcome, everyone. It's fantastic to be able to see you all live. So thank you very much for coming in such large numbers. Indeed, Piotr spoke about the vision, [indiscernible] are specified the goals and a bit of the schedule, and I will tell you what we will actually be doing physically on a daily basis. So I hope it will be interesting. And let's move on to what is the essence of our business. As you know, for over a dozen years, we have been consistently implementing a multiplay strategy. This multiplay strategy has 2 fundamental pillars of our business, providing high-quality telecommunication services on one hand and on the other, what sets us apart? We don't just have unique content. We produce it ourselves every day. We have built a strong Polish group. We are the #1 pay TV platform. We are the #2 mobile operator. We are a pioneer in implementing LTE, specifically LTE on the 1800 band with Chairman [indiscernible]. We are also a pioneer when it comes to high-speed 5G Internet on a unique 2.6 gigahertz TDD frequency, providing a wide portfolio of services that we see here. These include voice services, television, mobile Internet and fiber optic Internet. On top of that, streaming additional services like cybersecurity and unique content. We are the #1 content producer. We are the #1 online publisher. Every day, 365 days a year, 24 hours a day, we produced 48 television channels. We are available on all devices and through all transmitters, terrestrial, digital, cable, satellite and Internet. We are simply everywhere. What is most important in our strategy is that our multiplay strategy combines essential services with emotions. I say it simply, these are just commodities. Today, we practically cannot function without a mobile subscription, mobile Internet or fiber optic Internet. Of course, our everyday life is a bit tough, right? Television provides us with an element of entertainment, a breather from everyday problems. As you know, we have a very simple offer here. We introduced it in June last year as part of our multiplay strategy, and we simplified it to the maximum. From these 4 services, we chose 2 and pay 80 [indiscernible]. We add a third service, we paid 30 Polish [indiscernible]. We had a fourth service, we paid 30 Polish [indiscernible]. Our bills are very simple 80, 110, 140, 170 and we can organize entire household. So let's say we have a 3-person household. What can we do? Free mobile subscriptions for the family. Fiber-optic Internet plus the mobile Internet say for a tablet plus television, and we have 6 or 7 of these services. But what is the essence and what is the unique of our group or unique content, and these are not bot contents? What is important is that we control and produce this content. So we have a huge advantage here because we know the needs of our viewers. And as you probably recognize here, such flagship productions is dancing with the stars millionaires. Oh, Piotr mentioned must be the music at the beginning. You are welcome because you can see there, if you walk down this corridor, you can see how this sonography for must be the music is being built in the other part of this hall. We also produced series, but what is the core of our business really and what distinguishes us on the Polish market in our entire segment or 2 segments? One is the new segment. We produced 4 news channels daily that help us live better and really is happening. 4 News channels here in Poland, led by Polsat News and [ LiDAR ] is any at 24. But the quintessence of our business and historically from the beginning regarding [indiscernible] Polsat, today Polsat bot [indiscernible], which we do under 2 brands. I don't know aware. But we have 2 sports brands. One is Polsat sport, but we are also the full owners of the brands, and that is a fantastic thing because we have all the sports rights regarding volleyball, for example. And here, we can graduate the volleyball players, and Piotr also said, indeed, and said, Piotr, we don't have such an obligation for dam. This is a fantastic thing depending the European championship. I know the decision is difficult. We are fighting for financial results, but we should award a price, and Piotr says, well, what do you propose? I say, well, I don't know PLN 1 million. All right, yes, indeed, we enter. We have been a sponsor of volleyball for 28 years, yes, and that is how the decision was made more or less over the phone to pay a bonus to the middle blockers, a fantastic thing because it really comes from the heart, not from a contractual obligation. So we have the entire middle blocker unit. What is also important starting next year, we will be the home of tennis, a fantastic thing here. We have all the rights to all the [indiscernible] 1000 tournaments, ATP 500 and others when it comes to men's tournaments. Here, we are cheering for [indiscernible], but of course, also for [indiscernible], who is returning to form. But what is cool is that from January we will also have women's tenant, meaning all the WTA 500 and WTA 1,000 tournaments for women's tenants. So starting in January on 11 sports channels, we will be able to see [indiscernible], of whom we are immensely proud. We have a huge amount of these rights because naturally, as a Polish company, we focus on where Polish athletes can achieve success, which is why, for example, we don't buy rights to the Champions League, we buy rights to the Conference League and the [indiscernible] League. We always play there. We try to play there. This year, we might still be a little too high for us for the moment because it's a [indiscernible] have to deal with tough rivals and it's not going the best, but we are simply sticking with Polish sport. On top of that, big brands like Formula One, the most prestigious tennis tournaments in the world, that is the grand slam [indiscernible]. Series just a huge amount of content. So on one hand, the [indiscernible] and on the other, unique content, and that creates our multiplay packages. And these multiplay packages, we adopted in line with our new slogan. It should be simple and cheap. We are not a complicated operator that does complicated things, right? We want to be, I would say, a bit like electricity in the socket, we deliver it. It works, we bill you. And on the other hand, for daily worries, we have content. But the most important thing for us because this is our strength, our uniqueness is what [indiscernible] said under that big time, what sets us apart? What sets us apart is that we are simply with our customers, we are a Polish company, we know their needs, and that is the essence. We build one relationship, greater convenience for the customer, higher value for the customer because the more they take the cheaper it is we can actually do business while doing so. Let's talk now about where we really are within our strategy, Multiplay. Multiplay has been revenue growth and loyalty for years, which you observe each quarter as we report these results. I will say, yes, our business today in terms of B2C client ARPU in the first half of 2026 is an average bill of 83 [indiscernible]. This client has an average of 2.4 services in the first half of 2026. But what I look at the most is what is in the middle, that is churn. We truly have one of the lowest churn rates in the world among telecom and media operators. It is only 7.7%. Why do I monitor this indicator? Because this indicator truly testifies to the satisfaction and loyalty of our customers. Above all, if we provide high-quality services, those customers should not leave and that proves our strategy as a success and so the number of multi-play customers is growing. As you see here from 2023, in the first half of 2026, we have 3,040,000 customers. 3,040,000 customers within our multiplay strategy. The penetration of this customer base today is 55% but I will focus on that other piece, meaning 45% still have one service, 55% have 2 services or more, but 45% still have 1 service. What does that result in? It creates massive room for future growth for us in this core business that is within our strategy of focusing today on the TMT segment because our task. I saw a few tricks for [indiscernible] here, our Head of Sales, right? Our task is, first of all, for that 45% that is over 2.5 million customers to convince them a second service. So that is a growth potential, I would say, of times 2. we are happy about that in our quarterly results, of course. You tell me that our clients as many as 2.4 services if they are a multi-play client. But from this perspective, I see only 2.4 services because as you saw, we have 4 basic services. Additionally, streaming -- additionally, cybersecurity, those services total 6 or 7. We dreamed that in the medium term, our client will have 3 or 4 services from us so that we truly serve the households. So there is one relationship, one bill and a very convenient life with us for the next several decades. The essence of our strategy, our focus here on TMT and what is meant to strengthen our multiplay strategy, our partnerships but as you see on this slide, Field Track also spoke about this at the beginning. These are not accidental partnerships. These are partnerships meant to strengthen our competitive advantage, and they are fantastic global partners. Cellnex, Vodafone, YouTube, Google Cloud. I will now say a little bit more about each of these partnerships. And so we will start with the partnership with Cellnex, which in reality aims for what [indiscernible] also mentioned, the dynamic development of the network and even higher service quality. Our network is already fantastic today because when we look at these results, we have a strong position already today. 77% of the population, 28 million people are within the range of our 5G mobile Internet of up to 600 megabits per second. This is on that unique frequency that only we have, which is 2.6 gigahertz TDD. Already today, 5G Ultra coverage is up to 1 gigabit per second. I remind you that these are mobile Internet speeds. That is 45% of the population, 70 million people, and we have not even really developed high speed 5G and the C-band yet, meaning 3.5 to 3.6 gigahertz. What is our ambition? And here, I truly thank [indiscernible] Company, we have a goal that we have set for ourselves, and it is indeed very ambitious but very great. Please take a look at this last bank. We want so that by 2028, that is within 2 years. The average speed of our Internet will be 100 megabits per second in 90%. That is why I emphasize here nonpopulation but territory. I remind you that for such life so that we can do everything effectively on the Internet, we need 10 megabits per second. 10 megabits per second support to all live streaming, even on a large television a fantastic support to all live streaming, even on a large television, a fantastic thing. In 2028, basically across all of Poland, we will have 100 megabits per second. So here, we are truly developing this very dynamically. We have set ourselves very ambitious goals. I can say here that these are very ambitious goals because we are indeed investing primarily in scale and quality already in 2027. We will build 3,800 5G stations in the 3.6 gigahertz band. As you can easily calculate, there are 365 days, that is 10 stations a day, 10 stations a day. So let's realize what type of work this is. By 2031, there will be 5,000 new locations, thanks to passive infrastructure sharing. Thanks to [indiscernible]. Thank you very much. I would say that we indeed signed this agreement in September, and it is a fantastic thing because already today, we can boast about it. We signed the agreement in September. And already today, we have built over 1,000 new sites, of which 650 are new locations and 350 are equipped with all the radio layers we possess on new Nokia Ericsson equipment, a fantastic thing. Thank you to [indiscernible] because indeed very important for us. You know. Thanks a lot. We will modernize and utilize our unique frequency spectrum because we truly are the only ones with this unique frequency spectrum. This 2.6 gigahertz TDD frequency gives us a huge amount because this is that 5G Internet of up to 600 megabits per second. So ahead of us is we're farming band aggregation and switching off 3G to maximize the use of the frequency spectrum we possess. So this, we will have 5G stand-alone, which will further maximize the use of this spectrum. This is a very important matter because in the low bands 900 and 700. If we switch off 3G, we will expand to 10 megahertz LTE in the 900 band. And in the 700 band, we will be building, we are already building on 5G on 5 megahertz today. So it's a fantastic thing. There will be very wide coverage. And in places where we use it. There will be extremely high speed so that many customers with the population that's concentrated can truly enjoy very fast mobile Internet. And what is most important in this partnership is that we managed to make a deal that I would call win for both sides, meaning we are investing in networks in a cost-effective way. Intensive network expansion in '27,'29 precisely with controlled cost growth. For your modeling, we have simplified this indicator here. I think this is a very cool thing, and we indeed discussed it for a long time. We introduced it into the technical cost line, which [indiscernible] is presenting here in the reports, the line. And now indeed, this dynamic growth over the last 3 years, the growth of total technical costs will be 5% to 6% CAGR in '26, '29. And this is exactly related to the stages that Bartek was talking about a moment ago. But what is probably more significant is that once we finish these investments, these technical costs will grow steadily after 2030 at a 1% to 2% CAGR over the next 5 years. This means it will be under control and will grow below inflation, giving us the opportunity to leverage our business, i.e., growth in EBITDA. That is also a very important parameter for us in the Cellnex agreement, and we thank you for that as well. We agree that the inflation indexation of certain components we have in the contract will not exceed 4%. So I would say if inflation is 10%, we index prices by 4%. So we have security here as well regarding the cost side. What does this mean for us? For us, this partnership means greater coverage, greater network capacity, higher quality and very high cost efficiency, thanks to network sharing, thanks to the partnership with Cellnex. Now I will move on to the partnership with Vodafone. This is a different partnership. This is a partnership for growth and efficiency. What is significant in this partnership is, as you can see, we are utilizing Vodafone's experience and solutions to accelerate the growth and transformation of the business, a fantastic thing. We signed the agreement with Vodafone the day before yesterday at the British Embassy which hosted us. And it's a fantastic thing because we can truly draw from the experiences of a company that has over different interests when it comes to mobile operations. It is, of course, a company that has a leading position in the U.K., but also a letting perhaps leader position. As [indiscernible] would say, in Germany, contrary to appearances, it is the leading #2 in Germany. And it's a fantastic thing. We are already working with them. Our teams are already collaborating here from their entire service portfolio because we have access to everything, we chose 2 of the most important things, what I simply call quick wins. We need to find some quick wins to do something, implement it and have it. And these 2 quick wins in 2 different segments. First, we want to implement AI and automate our customer care, which is what Piotr was talking about regarding the call center. I call it a transformation. We have 2 seats in call center. And here, we also have in customer care. And we want to move exactly from call center to customer care using Vodafone and also 11 Labs. So this is a fantastic collaboration because Vodafone has overhauled their entire customer service system using AI. I'll explain it as simply as possible. You call -- explain the problem and the system either gives the answer itself or directs you to the exact consultants who will resolve the process. Furthermore, this process is time controlled, and the customer is accurately about when they will receive an answer to their inquiry. A fantastic thing. Regarding the use of AI, it is very spectacular because we get access to Vodafone's proven AI solutions and their customer service automation process. We were in Stockholm watching it live for a whole day as the people work what is probably most interesting is the Vodafone benchmark. They estimated about a 20% reduction in customer service costs. What does this mean for us? We have a line item there for marketing, distribution and so on. That line in our financial report is very broad. But I can say that we spend a few hundred millions [indiscernible] on customer care. A few hundred millions [indiscernible]. So a 20% cost reduction means dozens of millions of [indiscernible] annually indefinitely. But that's not all because this product this partnership to be exact is like Best Buy in the United States, 2 for the price of 1. Yes, you walk into a store in the States into Best Buy, and you get 2 for the price of one. What is the second element, the potential for a significant increase in NPS and customer service. This is a fantastic thing. It refers exactly the churn. NPS is the Net Promoter Score, which is actually a metric of one customer recommending us to another. And here, I'm not sure if I can say this, but there were huge increases or hold when it comes to Vodafone's customer service quality metrics. So we have 2 in 1. On one hand, we save costs. On the other hand, customer is more satisfied and recommend us. So we might actually be reducing churn. Another thing here is also very good. We will develop our B2B business by leveraging Vodafone's experience and solutions to create new revenue streams and accelerate growth. It's a fantastic thing because when it comes to B2B, first of all, it's well known that the U.K. is a little bit ahead of us. Regarding this, we can draw on all those experiences regarding which segments and which products to target in small, medium and large enterprises. So that is exactly what [indiscernible] would likely say. We probably have a customer call next week, and I believe we have a B2B assessment the week after so we will be able to determine exactly which products and which product groups have proven successful in the U.K. market. But more importantly, we also have access to their platforms, meaning we can effectively plug Vodafone's platforms into our system and start selling immediately. This means we have a shorter time to market. Because building such a platform to support B2B clients often takes years and we are getting access to it. And here are some new revenue streams because, for example, we have the investor and banking segment present here as well, right? Everyone probably knows what a network API is, right? So all that directive, which will be in 28, if I remember correctly, related to fraud. So let me explain what a network API is. Our card makes a transaction in the Caymans, but our phone is in Warsaw. And then we can actually know that a fraud is taking place. So the bank can block the transaction in real time. It's a fantastic thing because these are huge costs for the entire system worldwide. Furthermore, regarding IoT devices, we will be Vodafone's partner in areas like international tenders. How does this happen today? Obviously, everyone wants to reduce the need for customers to have to do anything with their products. It used to be that for IoT to work, we had a slot for hard. We had to insert the card, activated and so on. Today, devices arrive with the card already installed, meaning Chinese manufacturers produced for 17 European markets, and that card must work across those 17 markets. It isn't known exactly yet where the product will end up. We don't know that yet. And we will be that partner. If that product ends up in Poland, then the Internet of things will simply work in Poland on [indiscernible]. Travel is something everyone has experienced, right? Anyone who has landed in Switzerland with their personal phone and reloaded the system or turn it on knows how much that cost. Because reloading a system in Switzerland with a mobile operator costs between 500 and 1,000 Polish [indiscernible], we haven't even used the Internet yet, and we already have a 500 minus 1,000 Polish [indiscernible] bill. So travel eSIMs are rather eSIMs that we can simply install on our phone and then choose a data package that we need in a given market. So if we are in the States, we get a package from, for example, a local network, I don't know, AT&T, T-Mobile or whatever, and we pay, for example, I don't know, $30, right? -- And thousands of [indiscernible]. And this is also a fantastic thing because Vodafone also changed its strategy 5 years ago in this segment focused on all those digital ICT services. And in B2B revenues, this segment grew from 12% to about 25% over the last 5 years, a fantastic thing, and that is exactly what we are starting. We expect that all these products. The first thing that will be here will be ready by next year or early 2028. Hence, it is indeed a very big transformation. For us, is a cost transformation because these are huge savings in terms of customer care, but also an increase in our improvement of customer experience, a fantastic thing because today, the relationship with the customer is the most important thing for upselling products and potentially revenue growth in the B2B segment due to this international cooperation as a local network for Vodafone, but also due to products that we can sell in the future. The partnership with YouTube is a fantastic thing because it is something like, I would say, making something out of nothing. Fuel track also mentioned that exactly 30 or 40. I think [indiscernible] we have more with us from what I remember in Poland Box Go. They 50,000 plus hours of our programs there, and we still have some that are not recorded you know not digitized. However, we have made a breakthrough decision. We want to enter this partnership with a real bank, meaning we want to use our attractive unique TV content to reach a new audience. Why a new audience? Because today, we have either someone who's a TV fan and continues to use television or I would say they are already active online and want to have everything available the Internet. So some people don't go to 1 store and some people don't go to the other store, and that is how they are divided. So you have to be on the shelf in both stores, preferably like at account [indiscernible] in a supermarket. And then it will all work out so we want to reach a new audience and build an additional source of revenue. And the most important thing is the last line here, the one I'm pointing at. I don't know if you can see it behind me, but most importantly, with limited investment was a limited one? Yes, I confirm. We won't be producing programs specifically for YouTube, and we won't be competing with influencers either, so they don't have to worry. We will simply upload our content to YouTube and then we will want to make a business out of it. As we want to make this business happen, we will reach new audiences with our content, thanks to you. And here, you can see simply the distribution of attractive content. There is actually a trend now on YouTube, among young people watch vintage content. They want to see that [indiscernible] relax show you produced back then Mr. President. They would love to see it. But you know Mr. President, we used to report over those stakes. You know how it is, right? So we lost a bit of it, but it's a cool thing. Reaching audiences we don't cover with our today. So -- but what is fantastic. We truly think this strategic partnership, and thank Ms. [indiscernible] and YouTube is that the product is great because we can do business together control monetization, maximize the of this. Content. So really, as [indiscernible] said at the beginning, this also concerns our #1 advertising agency in Poland, Polsat Media, meaning Polsat Media is able to sell ads on YouTube. So we have control ad sales and pricing policy. If we sell the ad, we share some of the revenue. If we don't sell it, YouTube sells it and also shares that revenue with us. maximizing the value of the video assets we own. We are increasing revenue and scaling the business. I believe these are incremental revenues. Is it safe for us? Of course, we always look at it from that television perspective, right, because television. I was also in television for 10 years, and I think, God, what if this takes away from TV, that would be a shame for TV, right? We always control it and we can actually very easily either hold something back or not, but we can very clearly assess whether this is simply incremental revenue. So here we are counting on incremental revenue. For us, these are new audiences that we don't have, that we don't have access to today. It's greater reach for our content. It's higher advertising value. We can also sell advertising packages based on YouTube, [indiscernible], Polsat, Bosco and all the video formats we have in the company. And ultimately, it is meant to be an additional revenue stream and an incremental one of that with very limited costs, meaning a very limited investment partnership with Google Cloud. A fantastic thing here because it's the development of Google Cloud and the AI transformation of our business as well, why am I talking about this? Because it's also a fantastic thing because look, it's a partnership where Google Cloud opens access to advanced cloud solutions, which is meant to accelerate the development of offerings for business clients. For the first time in these solutions, these are solutions we already have today because big companies like Pontel, I don't know, orange, some big player, PGE. They already have very good solutions like cloud, cybersecurity and so on. Today, these Google Cloud solutions are effectively bringing advanced technology to the masses. It is fantastic for business clients that an everyday customer off the street can now use the latest technology that was previously available only to large companies that can piece it together for huge sums of money. What is important is that we have had this contract for 2 or 3 years, and everyone always wonders, why is that? Because you don't have an offer, you aren't selling it. I say yes because we basically realize that it is useful for us. And here, on your congratulations because we really had a huge event in September since we, as a company, is something on September 21, you know. Within [indiscernible] Polsat, we migrated to a new SAP, a completely new SAP, and we embedded it directly in the Google Cloud. If SAP doesn't work, the company grinds to a halt in about an hour. We did the transformation. We started it on September 21, and that was the deadline. We started on Friday at 5:00 p.m. and finished on Monday at 6:00 a.m. Listen, what server potential we used -- we had at our disposal 12.8. TV of RAM, we occupied nearly 70 terabytes of this space. I remind you that an iPhone has 12. [indiscernible] RAM, 128- sorry, we had 128 terabytes of RAM at our disposal fantastic stuff. So we use it ourselves, and it is an optimization for us. So more profitable for us to focus on transforming our business and diversifying. We are developing and scaling our cloud and AI offerings. What I said a moment ago, we want to introduce the same solutions, simple packages that we are very good at doing for small and medium enterprises, namely cloud, AI, data and security. So imagine a pharmacy today that has an IT specialist. This IT guy keeps coming in and saying that servers have doubled in price. We have to buy the server. We have to buy some cybersecurity because that is leaking and someone got robbed their data again, right. And together, Google Cloud and [indiscernible] can guarantee a solution where we don't have the IT guy. We have space on the server. We have it all. If our business grows scale it up and pay accordingly each month. We don't have to spend. I don't know, 100,000 Polish [indiscernible] on a server today because we can pay 1,000 monthly. This is a difficult segment but we are building long-term revenue sources because I believe this is a cross-selling of digital services within the client base. I would call it a multiplayer in B2B, a multiplayer in B2B. Of course, it is a difficult segment to convince people that there can be just secure a solution as a server in my room. So there is indeed a huge amount of work to be done, but I believe this relationship will truly be I would say, like a lifelong marriage if someone takes these services. That is why we are developing our cloud and AI offering in B2B, transforming our business which we are actually doing every single day. Additionally, we are building a new source of revenue but that is not the end because there are essentially 3 super important things from our business perspective. We still have a lot to accomplish within our business. And the first thing, which is, I would say, very important from our business point of view. We have decided to open up the NTIA fixed line network. This is what Piotr showed at the beginning. That is 3.4 million households. 2.5 million have access to 1 gigabit per second Internet and this is how we are entering the whole market. We will do this next year. So on one hand, we buy networks from others, but these networks be available for others to buy from us. Thanks to this, we gained new recurring revenue from infrastructure with limited capital expenditure because we already have it we are simply saturating our existing network because we believe that by having a multiplay strategy that is the services. And also having control over the content, we have a very strong position and can confidently compete in our network with other operators. And in doing so, we gain new revenue streams and monetize the infrastructure. Next is cost optimization for [indiscernible] as well as automating routine tasks in the company and so on. We even let it go at the management board level today because it used to be that way. I would say regarding that these presentations had to be in a specific format to look corporate and nice. Okay. Listen, just insert the group will go more or less and let's run these presentations with AI. We happen to have Microsoft and copilot. So the data is on our internal servers. So everything regarding this AI happens safely within the company but it gives us powerful capabilities in terms of time, which means optimized operating costs but also more efficient internal processes. And what is also essential in these 3 years. And here, I'm referring back to [indiscernible] slide. These first 2 stages, 27, 28, 29, we must simplify our systems and optimize IT costs. This is important. We are already a little used to this. We have been working on these operating systems for several years. What does it consist of? It consist to the fact that today, we have new systems and old systems for security. So we are maintaining and developing the new systems. Here, we focus more on development and maintenance while in the old systems, we focus more on maintenance and have to develop a little over these 3 years, we will be shutting down legacy systems. We have a plan for this. This is also a big thing for AI. We are testing various solutions because today, we don't have to build complex SaaS systems in some segments, and I can have you work on raw data. And for us, this is very important. Why? Because on 1 hand, it means operating costs, but I would bet on the second one. We must have greater business agility, which [indiscernible] talked about. We have to be smarter. We have to be agile because we compete with very large global organizations. So as a Polish company, we must be agile, smart, know the customer better, and that is what we will focus on. That's not all. [indiscernible] also mentioned this in point number 4. Yes, as far as I remember and this is a fantastic thing because this year, we are already running a pilot program of our incentive system. So these results will not be guaranteed by us might. We might look nice standing here on this stage. Instead, it's the people sitting here. I see many faces from our team, right, the directors. We have indeed prepared an incentive system for the management staff with clear goals. Which gives us higher productivity, but above all, for all of us sitting here, a higher guarantee of achieving and implementing the strategy goals we are presenting to you today. To sum up, this is indeed the end. On my part, so only [indiscernible] remains with the most attractive segment. In summary, the strategy, 3 levers of DMT value growth. First, multi-play, meaning 3,040,000 customers, that is how to cross-sell a second service to 45%. On the other hand, how to turn 2.4 services per customer into 3 or 4 services, right? This is exactly what we will be working on. And thanks to this our ARPU is also growing. You are observing how our revenues are growing. ARPU has been growing by 5% to 6% in the last quarters. Strategic partnerships that strengthen our competitive advantage and are fantastic because all these partnerships are win-win, right? Meaning [indiscernible] is dynamic network development, we are truly building the best network in Poland on unique frequency spectrum. Vodafone means both cost optimization and cool joint businesses for the future, but also sharing experiences in the businesses we run daily. YouTube content monetization, incremental revenues, Google Cloud transformation of our business, which ultimately means lowering costs, diversifying risks related to RAM service server purchases and so on because utilizing this space also leads to limited risk. A big deal, opening the fixed line network to wholesale for other operators, which represents, I would say, 2.5 million. Homes passed, AI in customer service and operations means tens of millions in annual savings. IT system transformation is a powerful thing if we can retire legacy systems. There will be massive savings and agility will increase as well. And the entire management staff, the motivation is performance-based as this pilot program will be fully operational next year. Yes, [indiscernible] can you confirm?

I confirm.

[indiscernible] this will hit sustainable growth in TMT value. And how will we do that? We need to have optimal costs, strategic partnerships to strengthen us and revenue growth through our multiplay strategy and new business areas. And that's all from me. And now the most interesting part in my opinion, because, well, for the first ever we will show such detailed financial guidance. [indiscernible], the floor is yours. Thank you very much.

Before you, a member of the Management Board of Grupo Polsat Plus, [indiscernible].

Welcome, everyone. I have the pleasure to show how these initiatives and strategic partnerships will translate into our results and our balance sheet. We are basing this on our financial priorities, which we have clearly defined. These priorities will work together and reinforce each other. The first of them is revenue growth. Regarding the B2C segment, we will rely on the proven flywheel of our business, which is multiplay. I will repeat what multiplay is again. You have heard it many times, and we'll certainly hear it many more. As for the second growth lever for revenue, we are talking about the B2B segment, where we will launch new modern products that we can deploy quickly and with low expenditure due to our strategic partnerships. Our next financial priority is cost optimization. [indiscernible] has talked in detail about how we want to achieve this. Naturally, we will strive to stabilize our cost base. We will lower some of these items, and our strategic partnerships will play a role here, too. We will force work on implementing IT simplification, automation and AI solutions. Our next financial priority is targeted in [indiscernible] TMT. We will selectively choose the projects we want to pursue. These will be projects designed to grow our B2C and B2B segments. These will be projects opening our stationary network, ones that ultimately open our digital channels and ensure funds are used most effectively. The last of our financial priorities is capital release. By this, we mean the sale of our noncore assets, specifically in the Real Estate and Energy segment. We will allocate the proceeds from the sales entirely to debt reduction. And I repeat again, the timing won't be key because we want to maintain flexibility regarding scope and structure. And the most important thing will be the value of which we sell these assets. The first 2 priorities namely revenue growth and savings are meant to strengthen our EBITDA. The next 2, being targeted investments in the sale of noncore assets are intended to lead us to debt reduction and all of this is meant to build lasting value for our organization. Let's now take a look at the time line for achieving our financial goals. From a financial perspective, the implementation of this strategy involves plans for the next few years. We are starting ladies and gentlemen, with financing. This is a process that we would like to formally begin later this year. As a reminder, we have approximately 7 billion [indiscernible] in bank debt with a bullet payment due in April 2028. Additionally, PLN 4 billion in bonds mature in the year 2030. In parallel, we will be conducting a review of strategic options. Regarding the sale of noncore assets. We are already working here, as [ Bartek ] mentioned, with renowned advisers who will support us in this process. Throughout the period of our strategy, we will keep a close eye on costs, optimize them and work on growing our revenues. Here, we will also discipline our capital expenditures and direct them where they will perform best. And we arrive at the moment of deleveraging. This process is already happening because I recall that at the end of the second quarter, I informed you that we have a lower debt level. However, the pace will certainly depend on the timing and value of which we sell our noncore assets as well as on how we deliver our EBITDA and cash flows. And this leads us ladies and gentlemen, so the 2 stages in the EBITDA, which we see here, we see this yellow color clearly. It shows this in quite some detail. 2 stages of our strategy implementation. The first is the medium-term one, which is from 2027 to 2029. And this is a period when we are significantly modernizing our network, working on this optimization and building our EBITDA. And the next period is the harvest period when we are already in our target structure, when we are fully realizing the investments we have made and when we have high cash flows and a high level of EBITDA growth. Ladies and gentlemen, this is probably the slide you are all waiting for. Meaning these 2 stages can be seen very clearly if we look at the numbers in our financial guidance until the year 2029. We are going through a period of change and major transformation. And in this period, ladies and gentlemen, we have pressure on EBITDA with a CAGR of 2026 to 2029 of 23%. Let me remind you, this is a period when our network is developing so dynamically when we reached that moment where we are competitive in terms of quality and the number of stations. The greatest pressure will fall on 2027. While later, we will have a period of stabilization and small growth. However, we then move on to the second period and the expected EBITDA from 2029 to 2030 is a large increase of 46%. The next indicator that we will be reporting to you, but which should come as no surprise to anyone is the level of CapEx to revenue. Here consistently, just like in previous years, since the sale of our technical infrastructure to Cellnex, we will ensure that this ratio stays within the 6% to 8% range. It is currently around 7% and will remain so in the coming years. We will direct it, as we have mentioned many times, towards very selectively chosen investments. And the most important indicator, which Piotr already mentioned, is the net debt to EBITDA ratio. Here, our ambition is that by 2030, this ratio will not exceed the level 2.5. We will be a leveraged strong group that will realize high cash flows and high EBITDA value. Everything we have talked about today leads us to one overarching goal, which is long-term value creation. We want to achieve this by 2030 by organizing and simplifying our structure creating strong financial foundations and reducing our debt to a safe level. By 2030, we want to rebuild the potential for dividend payments for you. Thank you very much.

[indiscernible]. Thank you. Ladies and gentlemen, CEO [indiscernible] has just presented the key pillars, business assumptions and goals of the new development strategy for the Polsat Plus Group. At this moment, technical preparations are underway on stage for the next part of today's meeting.

We are moving on to the Q&A session, during which you will take the initiative. However, before we give you the floor, a brief organizational note and a few technical tips that will allow us to conduct this part efficiently. Please signal your wish to ask a question by clearly raising your hand. Our team of assistance present in the room will immediately approach you and hand you a microphone. In the interest of good organizations and the time of all participants, please ask only one specific question per turn. Before asking your question, we kindly ask you to introduce yourself by name and state the name of the financial institution or editorial office you represent today. This will allow our speakers to respond precisely questions. I see that everything on stage is ready. Time for discussion. The Q&A session will be led for you by today's moderator, [indiscernible].

Good morning. I welcome you all very warmly. It is a great pleasure to see you all here today. Thank you very much to the speakers for presenting the Polsat Plus Group strategy. We now have time for the Q&A session. I would like to invite back to the stage, Mr. Piotr Zak, [indiscernible]. I give the floor to you. I invite questions from the floor. First time in history, please go ahead. A microphone will be brought here.

Good morning. Dawid Górzynski, PKO BP, Brokerage House. My question relates to the financial goals, especially for this first period beginning until 2029. From what I understand and see at least from the company's current position. On the revenue side, the company seems to be performing quite well. So I conclude that the announced pressure on the EBITDA margin will stem from the cost side. I wanted to understand which cost items will be the most significant in this period. perhaps, if possible, broken down by individual years for next year, which was said to be the most difficult for the company and for the following years.

Thank you. I will start by saying that we will obviously do everything possible to ensure that the cost optimization that [indiscernible] announced and talked about are implemented as quickly as possible. If we succeed in achieving that, then the results will obviously be better. So that is an assurance from my side. However, our best projections at the moment are indeed those that have been presented. And [indiscernible], if you would like to address the details by year, I don't know if you have that broken down, but please, I yield the floor to you.

Thank you very much. Indeed, EBITDA, especially in [ 327 ], will be under pressure, primarily in the context of our network modernization be carried out very dynamically next year. That will be the main cause of this EBITDA decline because as for the rest of the cost we assume that we will keep them fairly stable at their current level. However, in 2028, we expect a rebound. So I would attribute this decline primarily to 2027.

Go ahead, please.

[ Adrian ], Virtual Media. Are you considering further acquisitions in the telecommunications and media sector? Was that possible given the current position of the Polsat Plus Group? This intend to continue investing heavily in satellite division, given the decline in its popularity you also planning investments are competing for slots on digital terrestrial television multiplexes, there are competitions here. I will ask for questions one by one, so I can remember that specific investment. Are you planning acquisitions in [ MEA ] Telecommunications or perhaps the Internet sector?

I am a person who, as a rule says, never say never, and we will analyze all potential transactions and potential acquisitions that may appear on the market. However, at the moment, nothing is planned for the immediate future, but we will do everything that we deem to be in the best interest of building the group's value for us, for the shareholders and for our customers in the future. So we are not ruling anything out but we are also not predicting eating in the near term.

And as for your presence on satellite transponders and terrestrial digital television, do you intend to increase investments there? Quite for more slots on the digital terrestrial television multiplexes? And do you intend to maintain the current transponder fleet or downsize like some other broadcasters or digital platforms?

I mean we believe that this market is very mature and has largely stabilized. And I don't think additional competition at this level is needed by anyone. However, [indiscernible], I'll pass the floor to you if you'd like to add something.

Well, those are 2 completely different questions. So let's start with the one regarding digital terrestrial television. We have a lot of channels on digital terrestrial television and analyze the costs and revenues of these channels daily because, indeed, the cost of broadcasting on digital terrestrial television are very high. And of course, slowly, there isn't really a frantic trend. People are moving from digital terrestrial to the Internet or I would say, to cable and satellite operators fiberoptics develop.

So that's one question. And now regarding satellite television. We serve all customers across all technologies when it comes to our Polsat Box offer. In satellite technology, as you know, we feel pressure. But I would say that this pressure in 2026 is already significantly lower than in previous years, and we are effectively mitigating. The pressure at satellite TV with other technologies like IPTV and especially on, which is Polsat Box Go. Yes, we have very good results there. We are satisfied with them.

There was mention of YouTube, will there be linear channels?

Linear channels of the Polsat Plus Group on YouTube, it is an increasingly popular trend globally as well as in Poland. We prefer not to disclose all the details at this moment. When there is something, we will, of course, inform you and share it with you.

Are there planned changes to the TV channel portfolio? For example, will Polsat [indiscernible] undergo such a change or other channels? Where do this recent changes in the news division comes from and what it's supposed to change?

There will be more news on Polsat News as the name implies, and there will be more viewership as always.

But in what way?

Once again, I do not want to go into details. Regarding acquisition or channel changes, they will be announced when they are announced. Our primary goal in the television segment is to build viewership to build the largest possible reach so that as many people in Poland as possible simply have access to our channels to our entertainment panels, but also, as you mentioned, to our news channels, which are very important in everyone's life, it seems to me.

Sir, Thank you very much. You have already asked several questions. I would like to give others the opportunity to ask questions.

Hello. [indiscernible], LC Brokerage House. Two questions. First, what is the total value for which you tend to sell the net assets? And the second question what is the reason for the change in dividend policy? Because until now, the main trigger was supposed to the net debt ratio. And now you are suggesting that the first dividend will appear only when this ratio is at the of 2.5 in 2030.

Could I ask for the first question again? I apologize.

The total, total, total amount for which you intend to sell the core asset? The largest one possible.

A simple answer, of course, something is assumed in the excel sheet because something must be assumed. However, as I said at the beginning, we are not in a hurry. It is not something we have to do in a month in a year, in 2 years. We will commonly analyze and make these decisions and sell these assets at the moment when we believe the market will be ready for it we will have the right partner. We will have the right investor as I say, something is assumed in itself, but I think it is more important to know that we will make this decision when we are ready, and then we will announce it regarding specific amounts. And could I ask for the second question again?

What about the dividend policy?

Dividend policy. The first thing is the most important thing for us is to lower this net debt to EBITDA ratio. On one hand, to rebuild the dividend potential. But on the other hand to unlock flexibility for making decisions for the future. And I think this ratio below 2.5 is a really stable safe ratio for many, many, many years to come. So we will limit these fluctuations a little. In the level of our debt until 2030, it will already be below 2.5. And as for what happens with the dividend later, we will make that decision when we feel we are in a safe and stable place where our business is growing steadily. We are building the business, and we have reduced debt. That is when we will make those decisions. Thank you very much.

Please, next question.