Financial Data and Key Metrics Changes - The company reported revenue of PLN 3,600,000,000, an increase of nearly 4% year over year [8][37] - Adjusted EBITDA was stable at PLN 824,000,000, a slight decline of 2.4% compared to the previous year due to higher costs [37][40] - Net profit settled at PLN 113,000,000, with a year-over-year decrease attributed to one-off effects [38][40] - Free cash flow for the last twelve months adjusted for CapEx in the green energy segment reached over PLN 1,000,000,000, indicating strong cash generation capacity [38][41] Business Line Data and Key Metrics Changes - In the media segment, audience share grew to 22.5%, with advertising revenues increasing by 3.7% year over year [10][34] - The telecommunications segment introduced a new multiplay offering, resulting in over 3,000,000 multiplay customers, a significant increase from the previous definition [21][24] - Green energy production increased by over 40% to 314 gigawatt hours in Q2 2025, driven by the expansion of wind production capacity [30][32] Market Data and Key Metrics Changes - The advertising market grew by 3.2% year over year, with the company outperforming this growth [12][14] - The company maintained a stable market share of 28.2% in the advertising market [13] - The B2B segment saw a 4% year-over-year increase in ARPU, reaching nearly PLN 1,550 per month [28] Company Strategy and Development Direction - The company is focused on a long-term strategy aimed at building customer value and driving ARPU growth through its new multiplay offering [4][50] - The completion of the Dzhevo wind farm is expected to double the company's wind capacity, supporting future EBITDA growth [32][51] - The company aims to monetize its investments in green energy and deliver promised EBITDA in upcoming periods [34][51] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to navigate a challenging operating environment, citing strong customer satisfaction and loyalty reflected in a low churn rate of 7.1% [24][34] - The management team highlighted the importance of the new multiplay strategy in driving customer value and maintaining a competitive edge [20][50] - Future interest savings are anticipated due to recent interest rate cuts, although the overall cost of debt service remains high [42][47] Other Important Information - The company secured a bank loan of nearly PLN 1,000,000,000 for the Jejuvo project, indicating strong confidence from financial institutions [7][51] - The company is nearing the completion of its major strategic investment in renewables, with a focus on stable returns moving forward [46][51] Q&A Session Summary Question: What is your view on the planned digital tax? - The company believes regulating digital tax in Poland is necessary for fair competition with global tech companies, but the impact depends on the specific formula of the tax [54] Question: Could you provide an outlook for equipment sales in 2025? - The company anticipates a slight improvement in equipment sales, but does not expect significant increases due to market saturation [55] Question: When is the company expected to reach the peak of its net debt to EBITDA? - The peak is expected around the first quarter of 2025 [57]