Consolidated report for Q3 2021

Cyfrowy Polsat S.A. Capital Group

Interim Consolidated Report

for the three month period ended September 30, 2021

Warsaw, November 9, 2021

Table of Contents

Report of the Management Board on the activities of Cyfrowy Polsat S.A. Capital Group for the three month period ended September 30, 2021

Interim condensed consolidated financial statement for the nine month period ended September 30, 2021

Interim condensed financial statement for the nine month period ended September 30, 2021

Report of the Management Board on the activities

of Cyfrowy Polsat S.A. Capital Group for the three-month period ended September 30, 2021

Report of the Management Board

on the activities of Cyfrowy Polsat S.A. Capital Group for the three-month period ended September 30, 2021

Table of Contents

Polsat Plus Group at a glance

Our mission and main strategic goals

Disclaimers

Financial data overview

2

3

4

5

6

1. Characteristics of Polsat Plus Group	10
1.1. Who we are	10
1.2. Composition and structure of Polsat Plus Group	11
1.3. B2C and B2B services segment	16
1.4. Media segment: television and online	20
1.5. Shareholders with qualifying holdings of shares of Cyfrowy Polsat	26

1.6. Shares of Cyfrowy Polsat held by Members of the Management Board and the

		Supervisory Board	28
2.	Significant events	29
	2.1.	Corporate events	29
	2.2.	Business related events	32
3. Operating and financial review of Polsat Plus Group	37
	3.1. Operating review of the Group	37
	3.1.1. B2C and B2B services segment	39
	3.1.2. Media segment: television and online	41
	3.2. Review of the Group's financial situation	46
	3.2.1.	Income statement analysis	47
	3.2.2.	Operating segments	55
	3.2.3.	Balance sheet analysis	58
	3.2.4.	Cash flow analysis	62
	3.2.5. Liquidity and capital resources	64
	3.2.6. Information on guarantees granted by the Company or subsidiaries	67
4.	Other significant information	70

4.1. Transactions concluded with related parties on conditions other than market

conditions	70
4.2. Discussion of the difference of the Company's results to published forecasts	70
4.3. Material proceedings at the court, arbitration body or public authorities	70
4.4. Factors that may impact our operating activities and financial results	73
4.4.1. Estimated impact of COVID-19 on operations and financial results of the Group 73
4.4.2. Factors related to social-economic environment	74
4.4.3. Factors related to the operations of the Group	81
4.4.4. Factors related to the regulatory environment	86
4.4.5. Financial factors	89
Glossary	91

Report of the Management Board

3

on the activities of Cyfrowy Polsat S.A. Capital Group for the three-month period ended September 30, 2021

Polsat Plus Group at a glance

Polsat Plus Group is Poland's largest media and telecommunications group and the leader on the Polish entertainment and telecommunications markets. Within the scope of our activities we provide a comprehensive array of integrated services in the following areas:

• pay TV services offered under the Polsat Box brand by Cyfrowy Polsat - the largest pay TV provider in Poland and one of the leading satellite platforms in Europe - and our subsidiary Netia. We offer our customers access to about 150 TV channels broadcast in satellite, terrestrial and internet (IPTV, OTT) technologies as well as additional modern OTT services and Multiroom. We also provide online video services through online services Polsat Box Go and Polsat Go, the leaders on Poland's online video market;
• telecommunication services, including voice and data transmission services, as well as various added services (VAS). We provide mobile telecommunication services under the Plus brand through our subsidiary Polkomtel - one of Poland's leading telecommunications operators, and fixed-line telecommunication services mainly through our subsidiary Netia;
• mobile broadband internet, offered mainly under the Plus brand. We provide these services in the state-of-the-art LTE, LTE Advanced and 5G technologies. We offer the largest LTE coverage and the first commercial, and concurrently the largest and fastest 5G network in Poland, thanks to which our customers enjoy the best quality of services;
• fixed-linebroadband internet, offered under Netia and Plus brands based on the infrastructure of our subsidiary Netia whose own access networks reach approximately 2.8 million homes passed in ca. 180 Polish locations as well as based on access to networks of other fixed-line operators.
• broadcasting and television production through Telewizja Polsat, the leading commercial TV broadcaster on the Polish market, offering 39 popular TV channels, including our main channel POLSAT, one of the leading FTA channels in Poland;
• internet media through the portal Interia.pl, one of the three largest horizontal portals in Poland and a member of our Group, as well as a number of thematic portals;
• wholesale services to other operators, including, i.a., network interconnection, IP and voice traffic transit, lease of lines, and national and international roaming services.

We operate mainly on the territory of Poland in two business segments: the B2C and B2B services

segment and the media segment: television and online.

Cyfrowy Polsat shares are listed in the Warsaw Stock Exchange on Warsaw since May 6, 2008.