KPL GPW Periodic report · PAP Biznes
Kino Polska TV SA (KPL) · Q1 2026 results and valuation
Share price: 17.50 zł · 2026-11-10
Kino Polska TV SA operates a commercial television station dedicated to Polish music. The channel is available through cable, digital satellite platforms, and local providers in Poland. Source: Wikipedia
Results Q1 2026 vs Q1 2025 · year over year · published 28 May 2026 and 22 May 2025
Net income up 5.5% year on year. The report's language is unchanged.
1 · Numbers
+5.5%
Net income vs Q1 2025
Net income 20.1M vs 19.0M
Revenue +3.0%
Why Net income rose because higher revenues from TV channel production, which increased by 17% due to an expanded scope of activity for Canal+ and SPI Groups, offset the decline in license sales.
2 · How the report reads
Unchanged
Language tone vs last period
Report language: upbeat for a company report — about as upbeat as in Q1 2025.
Weak signal: formal report language, not a call.
3 · What stood out
In Q1 2026, Kino Polska TV SA's revenues from international markets reached 24.4 million PLN, representing a 5.4% increase and accounting for 31% of total revenues.
Valuation
Is Kino Polska TV SA undervalued?
Reverse DCF. Free cash flow from the last full fiscal year (2025-12-31), grown for 10 years, discounted back, plus a terminal value. “Implied growth” is the rate the current price assumes.
At 5.4% growth a year (3-year revenue growth), the model's fair value is 55.48 zł a share — the stock trades 68% below it. Today's price assumes −11.6% growth a year.
Current price
17.50 zł
close of 2026-11-10
Market implies growth of iThe yearly free-cash-flow growth, for the next 10 years, that today’s share price already assumes. If you believe the company grows faster than this, the stock is cheap under this model; slower, and it is expensive.
-11.6% for 10 yrs
Fair value / share
55.48 zł
Buy below
41.61 zł
Price vs fair value
Undervalued 68%
Price vs buy-below price
Undervalued 58%
Read between the lines
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Figure
EBITDA for the first quarter of 2026 was 43,881 thousand PLN, which represents a 4% increase compared to the same period in 2025.
Source quote
“EBITDA for the first quarter of 2026 amounted to 43,881 thousand PLN, which, compared to the same months of 2025, represents an increase of 4%.”
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Figure
International market revenues reached 24.4 million PLN in Q1 2026, representing a 5.4% increase over the same period last year and accounting for 31% of total revenue.
Source quote
“In Q1 2026, the Group's revenues from international markets accounted for 31% of its total revenues and amounted to 24.4 million PLN, representing a 5.4% increase compared to the same period last year.”
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Figure
KPL aims to maintain its 5th position among Poland's largest media groups with an annual share of 2.6% to 3% in commercial audience viewership.
Source quote
“The actions taken aim to maintain the 5th position among the largest media groups in Poland with an average annual share of 2.6 - 3% in commercial audience viewership (SHR, All 16-59, live).”
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Key theme
The Group expects an increase in the number of subscribers, which will make the non-linear products segment an even more significant source of revenue in the future.
Source quote
“The Group expects an increase in the number of subscribers, which will make the non-linear products segment an even more significant source of its revenue in the future.”
Tone
How upbeat the language was, compared with other companiesiTone counts positive minus negative finance words, adjusted for length. Executives mostly speak positively, so the labels compare each call with every company's latest call: “typical” is the middle third, “very upbeat” the top tenth, “cautious” the bottom tenth.. Dot: Q1 2026. Ring: Q1 2025.
Upbeat for a company report — about as upbeat as in Q1 2025. Periodic reports carry legally required risk wording, so their tone moves little and is a weak signal.
Sentences that drove the tone
“In the quarter under discussion, slight increases were recorded in all categories: advertising revenue rose by 6% y/y, broadcasting revenue rose by 0.4% y/y, while residual sales, covering TV channel production...”
Full figures
PLN · PAP Biznes report (2026-05-28), consolidated statement; quarter vs the same period a year earlier (restated); net income to parent shareholders
| Metric | Q1 2026 | Q1 2025 | Change |
|---|---|---|---|
| Revenue | 78.9M | 76.6M | +3.0% |
| Operating income | 25.7M | 23.8M | +8.0% |
| Net income | 20.1M | 19.0M | +5.5% |
| EPS | 1.01 | 0.96 | +5.2% |
| P/E today 4.2 | 5.2 | 5.8 | −0.6 |
Topics
Topics are drawn from the full report text, not management commentary.
Most discussed now
- In the FilmBox brand movie channels and the Group's thematic channels segment, higher advertising sales revenues were generated (an…
- In this regard, the Group monitors debt indicators and maintains an active policy regarding dividend payments, the issuance of new shares…
- Revenue generated by the Kino Polska brand channels reached a level close to the revenue generated in Q1 2025.
- Fading As of the date of publication of the Report, the Management Board does not foresee any direct in the medium and long term
Faded since Q1 2025
- Fading The Group also intends to continue work on in-house productions for its channels.
Latest announcements
Official filings, newest first. Summaries are generated from each filing and its attachment; every figure is checked against the source.
- Zwołanie Nadzwyczajnego Walnego Zgromadzenia Kino Polska TV S.A. · ESPI 22/2026 · routine
- Odpowiedzi na pytania akcjonariusza otrzymane przez Emitenta poza Walnym Zgromadzeniem · ESPI 21/2026 · routine
- Informacja o dywidendzie od spółki zależnej · ESPI 20/2026
The Shareholders' Meeting of Filmbox Iberia S.L. adopted a resolution to pay a 2024 dividend in the amount of 5,570,150.65 EUR.
- Half-year report · ESPI periodic · routine
- Wstępne wyniki finansowe Kino Polska TV S.A. oraz Grupy Kapitałowej Kino Polska TV S.A. za okres 3 i 6 miesięcy zakończony 30 czerwca 2026 r. · ESPI 19/2026
The Group reported a net profit of PLN 40,676 thousand for the 6 months ended June 30, 2026, compared to PLN 39,005 thousand in 2025, while the Company reported PLN 19,219 thousand versus PLN 37,052 thousand.
- Decyzja dotycząca likwidacji spółki zależnej · ESPI 18/2026
The General Meeting of SPI International Magyarorszag Kft. decided to liquidate the subsidiary as of September 1, 2026, to simplify the Group's organizational structure.
- Zmiana terminu przekazania raportu okresowego · ESPI 17/2026
- Otrzymanie zawiadomienia sporządzonego na podstawie art. 69 ust. 1 lub 2 w zw. z art. 87 ust. 1 pkt. 2 lub 2a lub 2b ustawy o ofercie · ESPI 16/2026
TOTAL FUNDUSZ INWESTYCYJNY ZAMKNIĘTY increased its share in the share capital from 11.98% to 13.7%, increasing the number of shares held from 2,375,000 to 2,715,000.