Earnings call transcript: Orange Polska sees revenue growth in Q1 2025

Orange Polska reported a 2% increase in revenues for the first quarter of 2025, driven by strong performance in core telecom services. The company’s fiber customer base grew significantly, and it secured key assets in a 5G auction. Despite these gains, net income faced pressure due to the timing of real estate sales, and the company is preparing for future cost transformation initiatives. According to InvestingPro data, the stock has shown strong momentum with a 50% return over the past six months and a 42% gain year-to-date, though current analysis suggests the stock may be overvalued.

Key Takeaways

• Revenues increased by 2% in Q1 2025.
• Core telecom services revenues rose over 7%.
• EBITDA improved by nearly 3% year-over-year.
• Fiber customer base expanded by 15%.
• The company secured two blocks in a 5G auction.

Company Performance

Orange Polska demonstrated solid performance in Q1 2025, with revenues up by 2% compared to the same period last year. The growth was largely driven by a 7% increase in core telecom services, reflecting the company’s focus on enhancing its service offerings and expanding its customer base. The telecom sector remains competitive, particularly in the fiber market, where Orange Polska has maintained a strong market share.

Financial Highlights

• Revenue: Increased by 2% year-over-year.
• EBITDA: Rose by nearly 3% compared to Q1 2024.
• Direct margin: 55.8% of revenues.
• Indirect costs: Increased to 29.8% of revenues.

Outlook & Guidance

Orange Polska confirmed its full-year objectives and maintained its eCAPEX guidance at PLN 1.8-1.9 billion. The company is focused on sustaining commercial momentum and enhancing cost efficiency. Looking ahead, Orange Polska is preparing for new transformation initiatives beyond 2025, including further network upgrades and efficiency improvements.

Executive Commentary

CEO Ludmila Klimov emphasized the company’s commitment to growing shareholder value through strong financial outputs and higher dividends. "Commercial success is a key fuel for our profits generation," Klimov stated. CFO Jacek Kunitski highlighted the company’s dedication to fueling mobile growth, which remains a priority for Orange Polska.

Risks and Challenges

• Market Saturation: The mobile market is reaching saturation, which could limit future growth opportunities.
• Competitive Fiber Market: Increased competition in the fiber market may pressure margins.
• Cost Management: Rising indirect costs could impact profitability if not managed effectively.
• Regulatory Environment: Changes in telecommunications regulations could pose risks.
• Economic Uncertainty: Broader economic conditions may affect consumer spending and investment.

Q&A

During the earnings call, analysts inquired about the increase in receivables impairment and the company’s copper sales strategy, which is expected to generate 40-60 million PLN annually. Management also addressed the continuation of the factoring program for low-risk receivables, emphasizing its role in maintaining financial stability.

Orange Polska’s strategic initiatives and ongoing transformation efforts aim to position the company for sustained growth in a competitive market.

Full transcript - Orange Polska SA (OPL) Q1 2025:

Lesa Kivashkar, Investor Relations, Orange Polska: Morning. Thank you for standing by, and let me welcome you to Orange Polska Results Conference Fourth Quarter of twenty twenty five. My name is Lesa Kivashkar, and I’m in charge of Investor Relations. At this time, all participant lines are in a listen only mode. The format of the call will be a presentation by the management team followed by the Q and A session.

Speakers for today will be Ludmila Klimov, the CEO of Orange Polska and Iacze Kunitski, CFO. I’m passing the floor now to Ludmila to begin the presentation.

Ludmila Klimov, CEO, Orange Polska: Thank you, Leshiek. Good morning, and welcome to our conference to summarize first quarter of twenty twenty five. So let’s start with slide four with key highlights. So it was quite important particular quarter for us. First and foremost, we announced and started to execute our new Lead the Future strategy.

With this strategy, we target to grow shareholder value through high financial outputs, high cash flows, and higher dividends. And to achieve this, we we will mix well proven mechanism with new sources of growth, including new wave of cost transformation to boost our efficiency. Another important event was obviously the auction for five g 700 megahertz band. And we are very pleased that we have secured two blocks at the best possible price. This spectrum is very important as it will open new opportunities for us to deliver to our customers, to consumers, and to businesses the best quality of five gs connectivity for handsets, for wireless, and for new use cases, which we will develop.

As you recall, a month ago, we have presented our plans in these areas in detail. And another vital consequence of the auction is also a much lower than our previous expectations price for the renewal of licenses for 800 megahertz spectrum, which is scheduled for 02/1931. But switching now to current business and to Q1 performance, let me tell you that results for the quarter were solid and in line with our expectations. We are quite satisfied with our commercial performance as we achieved good growth of customer bases across all main segments, and the services and growth of ARPOUR. On the business market, we are very glad that our IT and S revenues are back to growth.

Although, we should state that the market environment in this area is still volatile. And as an output, our financial results are very solid, especially if we look at operating activity as demonstrated by more than 2% revenue growth and almost 3% of the EBITDA growth. And as usually, let’s zoom now on highlights of our commercial activities on the next slide. So talking about our commercial performance. Q1 first quarter reflected solid customer demand and our focus on value, but also intensive market competition, especially in fiber and convergence.

In convergence, we are very happy that both customer volumes and ARPU grew at a solid pace. ARPU was benefiting from our value approach in pricing, good demand for TV content, and growing popularity of higher speeds of fiber. The options with higher speeds, which we are actively promoting, already conceded close to 60% of our new sales. In the same time, fiber customer base increased 15% year over year. It is a very good dynamic, considering intensive and diverse competitive landscape.

Fixed broadband ARPU growth accelerated to 4.6% year on over year. One of the reasons which was contributing to it are higher ARPU customers of fiber operators acquired by us in last quarter of last year, and accordingly contributing now to the results in Q1. For mobile, customer base continues to grow at 3%, which is very solid given market saturation. Customer net additions in in first quarter were really outstanding with both segments, consumer and business contributing to to this achievement. And we are very pleased that our value strategy translates into ARPU growth.

Please note that in January, we once again implemented price increase on the consumer offers, which has helped us to to achieve these results. These are solid results demonstrate that we maintain good balance between volume and value in our commercial activity despite very active competitive environment. And this is essential for our future value creation. We have recently launched a new improved TV offer in combination with fiber. It will help us to encourage new households, new customers to to choose offers from Orange, which is our strategic ambition.

Thank you for for now, and I hand over the floor to Jacek.

Jacek Kunitski, CFO, Orange Polska: Thank you, Usmira. Good morning, everyone. Let’s start the financial review on Slide seven with highlights of our performance. We’ve generated a very solid increase of both revenues and EBITDA in the first quarter of the year, making a good start of 2025. Revenues are back to growth with outstanding dynamics of the core telecom revenues exceeding 7%.

Strong core business performance resulted in higher direct margin and in turn this drove an almost 3% year over year growth of the EBITDA. The net income has reached almost million in Q1. It decreased year over year due to a different timing of real estate sales, and these are expected to be much more back end loaded in 2025 as compared to the phasing that we have achieved in 2024. Our eCapEx exceeded PLN400 million in the first quarter of the year as we progressed full speed with the EU subsidized fiber rollout for the white zones and with transformation projects to drive efficiency gains. It was also influenced by the above mentioned timing of real estate sales.

We’re comfortable with this result and as we reiterate that 2025 eCapEx guidance in the range of PLN 1,800,000,000.0 to PLN 1,900,000,000.0. Finally, the organic cash flow was seasonally low, reflecting payments for peak commercial and investing activity that occurred in the last quarter of twenty twenty four. In addition, it too reflected the timing of real estate sales that is different between the two years. Let’s now review our results in Q1 in more detail, starting with top line. We’re pleased that our revenues are back to growth in Q1.

We’re even more pleased when we look at the structure of this growth. Core telecom services, so the key driver of our profits grew by over 7% year over year. And while the 7% may be a bit flattering comparison, the underlying growth amounted to just over 6.5 and we’re more than pleased with this trajectory improvement. The acceleration versus the tempo achieved in the previous quarters was achieved due to four important drivers: first, consistent growth of all our key customer bases second, upward price adjustments as we raised postpaid tariffs in Q1 of this year, and we increased the prices of prepaid twice during the last five months. Third driver is the upsell of additional services like content or additional mobile themes to convergence and to our convergent customers.

And finally, the use of AI driven customer value management in everyday commercial tactics. Our next key area of growth is IT and IS. Its revenues finally increased year over year after we have registered a weaker performance throughout last year. The key driver of this was an increase in integration and resale of software licenses. So obviously, the contribution to profits was much smaller than the contribution to the top line.

Sales of IT subsidiaries were broadly stable flat year over year as the market continues to be quite challenging. Finally, revenues from equipment dropped by 14% year over year, affected by a market decline, but also by the lower price mix of handsets that we have sold in Q1 as part of our commercial tactics. To sum up on the top line, we’re very happy with the pace of growth of the core telecom services. We’re satisfied with IT and IS improvement even if we note that more progress is still required throughout the year to get this revenue line to the proper growth trajectory that we wish to have over the lead the future strategy period. Let’s now look at our profitability on Slide number nine.

Our EBITDA in Q1 grew by almost 3% year over year. It benefited from a solid growth of the direct margin, which has more than compensated for the increase of indirect costs. The growth of the direct margin was driven by strong and consistent growth of core telecom services that I have just described. Direct margin was at roughly 55.8% of revenues, So it is in line with the strategy slightly above the 55% level that we would like to maintain or improve throughout this new strategic period. Our indirect costs have increased year over year.

They were driven up by salary increases and cost pressures stemming from inflation. These were partly compensated by cost savings, favorable ForEx impact. The ratio of indirect cost to revenues was at 29.8%. And obviously, while we aim to bring this below 29.5%, Hence, more work is needed to increase the efficiency of our operations in the midterm. To sum up, we’re satisfied with the EBITDA result for q one.

It gives us the confidence to deliver the full year objective, and the direct margin growth and indirect cost efficiency is obviously our recipe for the shareholder value creation in the new strategy, and we will continue to execute this in the subsequent quarters of 2025. Thank you very much, and I hand the floor back to Dimira for the conclusions.

Ludmila Klimov, CEO, Orange Polska: Okay. Let me briefly summarize and present our focus for next month. We started the year well. We are happy with our commercial and financial performance in first quarter, and we confirm our full year objectives. Going forward, I would like to mention two priorities.

First of all, to keep good commercial momentum with this will be our main focus by delivering the best offers and best experience for our customer. I mentioned the revamped TV offer in combination with fiber, which we have just launched. So commercial success is a key fuel for our profits generation. And secondly, as we speak, we are preparing the launch of new transformation wave that in line with lead the future priority will support our cost efficiency beyond 2025. We believe that a combination of commercial success and the improved efficiency is a variety recipe for growth of shareholder value in the new strategy.

That is all from us, and we are now ready to take your questions.

Lesa Kivashkar, Investor Relations, Orange Polska: Thank you. We are now moving to q and a session. If you are dialed in via the phone and would like to ask a question, please press 2 Our first questions will be coming from the line of Marcin Novak from Epopema. Marcin, your line is open. So please ask ask your questions.

Marcin Novak, Analyst, Epopema: Good morning. Thank you for the presentation. I have two questions. First one, the core telecom service revenues are growing quite strongly. But at the same time, we are busy recognizing the level of impairment on receivables nearly at the pandemic levels.

And, simultaneously, you are seeing a lower equipment sales. Do you see any issues with the respective customer groups in terms of their resilience? Do you feel that it is something that should be concerning for for for the market? And the second question, could you please comment on the results of energy retailing in 2024 in terms of EBITDA generation and contribution to consider the results. When do you think the sales process that you commented on in the report may end?

And can you comment on the potential level or scale of proceeds from it? Thank you.

Jacek Kunitski, CFO, Orange Polska: Thank you, Martin, for for these questions. So I guess I will answer for the bad debt first. You have seen that we have an increased level of impairment of receivables both in quarter four of last year and in q one of this year. In fact, the results in q one of this year was slightly smaller than what we what we have accounted for in the last quarter of of of last year. So this is nothing that is very new.

It does have well, it is it is linked with, first of all, starting from from from in in in h two of last year, we’ve had a number of b to b customers that were overdue and that finally ended up not paying us or being significantly delayed in their payment. So we have registered this and reflected this through the increased provision. We have, this this year in q one, we have, increased the provision, relating to, equipment sold in installments. It mostly reflects the equipment that we have sold, I would say, SIM free, so so without a direct link to the contract. Quite often, this is linked with equipment that is not purely a handset, and it is less linked with customers actually not paying us, but rather with a certain delay of of payments.

So we’ve reflected this in the provision, both retrospective and the prospective. We have adjusted both our scoring, but also the collection. We’re adjusting collection processes to make sure that we remind customers a bit quicker if they are delayed with an invoice or two. And we will obviously be observing this very closely. I wouldn’t say this is a major change in the trajectory or major cause of concern.

It is something that we will observe, adjust our processes, and I do believe that we will be able to bring the level of bad debt down over the period. It doesn’t mean that that that we we’re assured that q two will be lower, but it means that we are confident that this will this is a wave that will drop over over time. And then regarding orange and erga here, I will I will not comment much. You you’ve seen that we have mentioned in subsequent events to the financial statements that we are in the advanced process of disposal of this subsidiary. We expect the sale agreement to be signed in the near future.

And so considering the the stage in which we are right now, I would refrain from neither giving additional unpublished data nor about commenting this transaction overall in any way. But thank you very much for your patience.

Marcin Novak, Analyst, Epopema: Thank you.

Lesa Kivashkar, Investor Relations, Orange Polska: Next question is coming from the line of Pavel Puhalski from Santander. Please go ahead with your questions. Your line is open.

Jacek Kunitski, CFO, Orange Polska: We can’t hear you, Pavel.

Lesa Kivashkar, Investor Relations, Orange Polska: The line is open, if you would like to ask a question. If we cannot hear Pavel, let us switch to the line of Dominik Nisch from Trigon. Dominik, your line is open.

Dominik Nisch, Analyst, Trigon: Thank you. Hi. So you surprised us with with the base, at least, me, of growth in in mobile revenues. I think it’s the fastest in in a couple of quarters or years. So what should we expect in the coming quarters on this line, and what’s the current situation in the prepaid and postpaid mobile only markets?

Do you see room for price increases this year? Thank you.

Ludmila Klimov, CEO, Orange Polska: Thank you for for the question. Indeed, we are very happy with mobile market performance with net adds in in in q one. To to be frank, we we have been maintaining already the net adds close to 70,000 per quarter in the past past quarters. But in, you know, in q one of this year, with this, it was particularly remarkable. And all business lines are contributing to it.

So we have a very balanced performance coming from consumer offers and brands from old brands, from orange, from new, and good performance on flex, and also from b two b, which has also a very good good quarter. And how we, you know, how we explain this, Jacek was commenting on the price increases, which we have been implementing several price increases, but it was very well combined with commercial offers, with promotions, which has been able to to attract customers. So it was well received in q one, and we we we hope and we target to maintain this performance. That’s why I was commenting that this will be our main focus for the quarters to keep this commercial pace. And we expect it to continue.

Also, to to emphasize, may probably prepay on it is not only postpaid performance, which was contributing to the result, but also prepay, mainly thanks to good, you know, good acquisition mix. So we were able to to get customers according to our fair share in in on on the market. And simultaneously, we have been implementing price increases in November of last year, which is which is becoming very visible when you look on the full quarter, full full three months in q one. So all in all, it’s a good performance for prepay, and it is very good performance on postpaid as well.

Jacek Kunitski, CFO, Orange Polska: And I guess it’s it’s it’s fair to say that, you know, we we expect this to continue, and we will do everything in our power to fuel this. Obviously, when it comes to prepaid, since the one of the May we we’ve done one of the major price increases in the fourth quarter of last year, the pace of, you know, Teteris Paribus, the pace of of of growth will naturally slow down slightly in q four as we will be on a more comparable base in terms of pricing unless we follow this up with some other actions. But, you know, as of today, I would say this is this is what you need to expect, and and we will do our best to keep this up in q two and q three.

Dominik Nisch, Analyst, Trigon: That’s clear. Thank you.

Lesa Kivashkar, Investor Relations, Orange Polska: Thank you. Pavel Buchalski has sent us a couple of questions online, so let me read them one by one. The first question is how much copper is available for sale going forward?

Jacek Kunitski, CFO, Orange Polska: So thank you for your question, Pavel. I think regarding copper, it really depends on the pace at which we decommission the copper network. So it is a little bit linked also with customer base evolution. It is not linear. We we rather decommission copper on a progressive basis, looking where looking at micro regions or micro areas and identifying those areas where, first of all, we have a lot of infrastructure, but without so many clients, so that it’s profitable for us to dismantle.

And second of all, that the physical location of the copper is allowing us to extract it and to sell it with a profit. So it isn’t it it’s not like we have, you know, a a predefined value which is just sitting here and waiting to be to be sold. If that were the case, we would have sold it as soon as possible. It is rather that it, you know, it it depends on the pace. So what I can do is is is I will I will let you know how much we’ve done in the future.

When I’m looking at, you know, data for 2022, the net sale of of of of Coppra was about 47,000,000, 40 5 million in 2023, about 41,000,000 in 2024. I I do remember years where we did a little bit less or a little bit more. It is not something out of the ordinary, but I would guess, you know, you could expect that we are able to do between 40 to 60,000,000 zloty per year for for the next well, several years at least.

Lesa Kivashkar, Investor Relations, Orange Polska: That’s the first question. The second question is, does the company plan to adjust its short or midterm CapEx following finalization of five g auction?

Jacek Kunitski, CFO, Orange Polska: Nope. When when it comes to CapEx, our definition does not include spectrum. So when we were guiding both for this year and for the long term plan, we had in mind, first of all, that whatever we will pay for the license, it is not part of the eCAPEX definition, but we were also implicitly assuming that we will have two blocks of the spectrum that we indeed have won in the auction. So no adjustments that I foresee right now.

Lesa Kivashkar, Investor Relations, Orange Polska: And the third question is I saw a slowdown at both fiber and Convergent net additions. Anything to worry about or q one twenty twenty five was just a lazy period growth, and growth should accelerate going forward?

Ludmila Klimov, CEO, Orange Polska: It is a set and slow down, but we we need to to remember that markets on fiber and then conversions became increasingly more competitive. But if you look on Orange Podcast performance for last year, it is really very, very positive. We are getting very nice share in net adds from the market on very high broadband. With fiber for last quarter, it was more than 40% of net adds of the market. We will see what will be in the results of this quarter with the net adds, but we expect it will be in this range.

So it, you know, we as well, we need to remember that in q four, we have been closing several m and a deals, which are also as part of numbers of of net debt. So organic growth is not changing changing a lot. Also, it’s it’s increasingly more more competitive. And over all in all, if you look on our performance with broadband, what is remarkable is that we manage very well to between shift of technologies, so we are fully compensating and and even overcompensating the decrease of legacy copper customer base with with new fiber. While convergence is remaining our main target, The growth for q one is in line with our expectations.

We need to remember that we are each time comparing to higher denominator, higher base. So it is difficult to keep the same percentage in absolute numbers because denominator is higher. And the 15% growth of the base of fiber is really very, very nice performance. So we are we are happy, and we are keeping it going forward.

Jacek Kunitski, CFO, Orange Polska: Yeah. And I think, you know, to to to to be to be blunt, when when we look at especially at convergence, it’s 16,000 net additions in q one versus 1818 one year ago. And, you know, our figures for q two, q ’3 of last year was were also in the vicinity of 19, 18 million 80,000. So it’s it’s it’s really not not a major difference in q four as was new, I mentioned, was influenced by the nonorganic activity. And on fiber, also, the if you take out the m and a, the the the the the slowdown is really insignificant.

Lesa Kivashkar, Investor Relations, Orange Polska: K. We have a follow-up question from Marcin Novak from Ipopema. Marcin, your line is open.

Marcin Novak, Analyst, Epopema: Hello. Again, two more questions from my side, if I may. First one, do you maybe plan to start part of of part of your receivables to improve working capital evolution? Orange did that in the past, if I recall. And the second question, you commented on plans for the new transformation wave since 2026.

What areas those cost savings initiative would be focused on? And maybe why haven’t they been addressed earlier?

Jacek Kunitski, CFO, Orange Polska: I think very much. The first question we have I got is right. Were you asking about factoring?

Marcin Novak, Analyst, Epopema: Yes. Yes.

Jacek Kunitski, CFO, Orange Polska: So we we we do it, Martin. We we have an agreement with one of the banks, and we systematically sell the those accounts well, those receivables that are with a relatively low level of risk. So it’s mostly handsets, mostly handsets from retention. It’s handsets from retention, you know, after we see that that that the first two or three invoices have been paid, and it’s it’s mostly b two c customers. So we we do it on a regular basis, and and and this factoring program is is there.

I do believe the last time that we had extended it was 2023. And right now, it’s it’s it’s going without any major changes. So that is just part of us recovering the cash early and being able to reinvest this cash to make more more profit. So so nothing new on on on this front. And the second Transformation.

No. On the transformation, it is it’s always a very relevant question. And I and I think we’ve we’ve been asking ourselves this question, you know, for for many strategic plans because each strategic plan is is usually, you know, includes a certain amount of cost transformation. But we we definitely do see that new possibilities from both the changes of our profile were much more fiber oriented than copper oriented versus five or six or seven years ago, but also changes from the IT systems that we now have or the possibilities of AI or possibilities of going more into digital, they unlock new options and new possibilities for us to consume less resource. And when I mean that, it’s both in terms of the labor and non labor spending.

It’s both on the side of our own workforce, the outsourced workforce, but also third party services where we do find new options to run our operations more efficiently. And and and and throughout last year, I’ll just give you an example, we’ve been running quite a nice program on the transfer on the end to end transformation of our network maintenance and and and, you know, activities. And even though this was something that was you know, it wasn’t an ancient process, And even though this concerns to a large extent also the the fiber operations, we were able to identify new initiatives, new ways of managing our external partners and their workforce, and working with those partners to extract quite significant cost savings. So I think we should never cease, and and we have still quite a big organization and a lot of spending. And I think our efficiency ratios are not yet at the level at which we would like them to be.

And so we will identify new initiatives to reduce the operating expenses.

Marcin Novak, Analyst, Epopema: Thank you.

Lesa Kivashkar, Investor Relations, Orange Polska: Thank you. Thank you. The next question question is coming from the line of Nora Najee from Erste Bank. Nora, your line is open.

Ludmila Klimov, CEO, Orange Polska: Hi. Thanks for the opportunity to ask questions. Only from only one from my side. Perhaps it’s too early to ask, but if you could share any color, how do you perceive the first reaction of customers to the new TV offer? Thank you.

Too early indeed. Yes. We we we launched the offer March, and, you know, it’s time to to roll out it across channels. Of course, we we hope for good results, but it’s it’s too early, Nora.

Lesa Kivashkar, Investor Relations, Orange Polska: Okay. The next question is coming from the line of David Guzhinsky from PKOBP. David, your line is open.

David Guzhinsky, Analyst, PKOBP: Hi. Thank you for taking back my question. I want to ask about other operating income cost line in p and l. Would you be able to provide some breakdown of that position, especially, like, how much came from Fibreco and how much from other sources? Yeah.

Jacek Kunitski, CFO, Orange Polska: Thank you very much for your question. I think, yeah, what is what is important to remember is that just the nature of other operating income expenses makes it I wouldn’t wanna say volatile, but it’s less predictable between the different quarters because it’s, you know, it’s it’s a line that includes a lot of items, risk provisions, forex forex impact, gain on sale of copper, of course, the settlements with Fibroco, and other services that we that we render, that we sell, which are non non telecom services. So it’s it’s it’s really other. What what I can comment, you know, for for this quarter is when we look on the year on year perspective, so q one versus q one of last year, we see an increase of what, about 8,000,000 zloty. And here, there are there are few factors.

First of all, the impact of the Fibroco is less positive than it was in q one of last year by about ten million overall. We did not have a catch up. And and and you do remember that last year in q one, we had a catch up of of just over 30,000,000. But we we do have higher amount of recurring income because we are at this at this stage of the of the project as we are. And so the net net is is is only a 10,000,000 drop.

Sale of copper was comparable to one year ago. I think there’s a 4,000,000 increase. There is, I think, a 13,000,000 increase of Forex where we made some gains in q one of this year versus some losses in q one of last year. And, also, we have a year on year increase of above 10,000,000. Lot of different services that we render that are not rendered to to the fiber core, but they are they are, I would say, non classical telecom revenues.

So we classify them in other operating income rather than in than in the revenue line. And if we compare versus q four of of of last year, so quarter on quarter, you know, the the the other operating income expense line is basically unchanged. There is a there is a big drop of the net net fiber co impact of around 40,000,000 zloty, But then we almost sold no copper in q four of last year, while we sold copper worth about 30,000,000 zloty in the first quarter of this year. So these are the major compensating items between the if if if you’re analyzing the q on q position. I hope that that helps you understand the the different movements.

David Guzhinsky, Analyst, PKOBP: Yeah. Thank you so much for the detailed Pleasure. Description. And to also want to maybe complement this picture with the impact of Orange and Energia in first quarter. Like like, have you seen negative impact on EBITDA in the first quarter?

Jacek Kunitski, CFO, Orange Polska: I think, here, I will I will need to be less talkative because of the advance process of the disposal of this subsidiary. We’ve decided not to be very vocal on the subsidiary at all in this in this disclosure, and so please accept that we need to be patient, and I will not comment.

David Guzhinsky, Analyst, PKOBP: Okay. No. Not a worry. Thank you so much.

Lesa Kivashkar, Investor Relations, Orange Polska: Thank you. Thank you. It appears we have no further questions. So thank you very much for listening us today, and talk to you In July. In July.

Ludmila Klimov, CEO, Orange Polska: Thank you very much. Thank you.

Jacek Kunitski, CFO, Orange Polska: Good day. Bye bye.

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