Cyfrowy Polsat (CPS) · Q2 2026 results and valuation

At 3.5% growth a year (3-year revenue growth), the model's fair value is 26.58 zł a share — the stock trades 51% below it. Today's price assumes −1.2% growth a year.

1. Figure

   Equipment sales revenue fell by 41.6 million PLN (5.1%) year-on-year due primarily to lower sales volume.

   Source quote

   “Equipment sales revenue fell by PLN 41.6 million (-5.1%) y/y, primarily due to lower sales volume.”

2. Figure

   Retail revenue from individual and business customers rose by 51.8 million PLN (+2.9%) year-over-year to 1,863.1 million PLN in the second quarter of 2026.

3. Figure

   The cost of sold energy rose by 63.4 million PLN (12.9%) in the first half of 2026 to 553.1 million PLN due to higher biomass delivery prices.

4. Figure

   Net financial costs for the first half of 2026 were 479.1 million PLN, which was 44.8 million PLN lower than the previous year, reducing expenses by 8.6%.

5. Figure

   The company warned that revenue and cost synergies from past or future acquisitions and strategic alliances may deviate from plans or take longer to realize if certain goals are not met.

   Source quote

   “If we are unable to achieve all or some of the set objectives, the benefits resulting from past or future acquisitions or strategic alliances, including estimated revenue and cost synergies, may deviate from those planned or may not be realized in part or in full, or their realization may take longer than anticipated.”

2 more

1. Key theme

   Revenue increased due to higher sales of hydrogen buses resulting from a larger volume of deliveries during the period.

   Source quote

   “This growth resulted primarily from higher revenues from the sale of hydrogen buses, related to a higher volume of deliveries completed during the period under review.”

2. Key theme

   Growth resulted from high sales of telecommunications and bundled services, which led to an increase in ARPU across all customer segments.

   Source quote

   “This growth resulted primarily from very strong sales of telecommunications services and the popularity of the Group's bundled service offers, which translated into an increase in ARPU across all customer segments.”

Typical for a company report — about as upbeat as in Q2 2025. Periodic reports carry legally required risk wording, so their tone moves little and is a weak signal.

Sentences that drove the tone

“This has a negative impact on the economics of such an investment, and the accumulation of this phenomenon may have an adverse effect on our business results, financial position, or development prospects.”

“It cannot be ruled out that the pricing policy of our main competitors may force us to lower the prices of certain products and services, which could have a negative impact on our revenue and profitability.”

“Consequently, the lack of acceptance of our programming offer by our clients or the inability to profitably produce or acquire rights to broadcast programs may have a significant adverse impact on our...”