Letter of the Chairman of the Supervisory Board

 

Ladies and Gentlemen,

The report presented to you summarises the activities of Polsat Plus Group in 2024.

For Polsat Plus Group, it was a very good year during which all strategic objectives and assumptions were effectively and consistently implemented. The Group continuously developed, focusing its activities on three basic pillars: telecommunications, content production, and green energy.

In 2024, the Group achieved very good operational and financial results while simultaneously realizing its strategic investments. This allowed it to smoothly and promptly – and in some cases, even ahead of schedule – meet its obligations. Among other things, the Group decided to prepay a term loan, which will save it several tens of millions zlotys in interest costs. The prepayment was made possible by the sale of Asseco shares.

In the telecommunications sector, thanks to the rationally acquired frequencies, both in terms of purpose and finance, the Group will be able to develop its 5G network, providing users with even better coverage and service quality. The Group strengthened its position in the content area – both in production and broadcasting, as well as distribution. The internet segment is functioning very well – Polsat-Interia Group, whose main portal Interia.pl and a number of thematic services are leaders in their categories.

Regarding the green energy segment, undoubtedly the key is achieving the goals set by the Group several years ago and transitioning from funding and implementing investments to their operational functioning and monetization. The Group has already completed most of the expenditures for the construction and development of this segment, and a large part of the "green" power plants are already operational – thanks to the free "resources" such as wind and sun.

Thus, the Group has secured very strong and solid foundations for the coming years of operation. However, we must remember our local and international macroeconomic environment. For the Group's situation, a reduction in interest rates would certainly be beneficial, and it could also support the entire Polish economy and business activities in Poland. The ongoing Russian aggression against Ukraine remains a significant global issue. Like all business people, I also observe the turmoil in global trade. Although our Group does not conduct international operations, no economic entity operates in isolation from such events. However, as we have demonstrated many times over the past 30 years, we are prepared for such scenarios, and I am confident that we will continue to conduct our business effectively for the benefit of our shareholders, customers, and employees.

I would like to express my special appreciation and thanks to all the employees of the Group for their commitment, diligence, motivation and efficiency in their daily work.

I would also like to thank our investors for their trust and willingness to continue to participate with me in building the future of the Polsat Plus Group as shareholders.

Yours faithfully,

 

Zygmunt Solorz

Chairman of the Supervisory Board, Cyfrowy Polsat S.A.