The implementation of the strategic directions announced in 2023 by the Agora Management Board for the next four years is yielding tangible results. Financial results have more than tripled ² since then. The Group achieved the highest average commercial reach³ in the past year and significantly increased its share in the advertising and cinema markets. The Agora Group's positive results are also due to the successful consolidation of Eurozet, the largest acquisition in the company's history.

The Movies and Book segment, which includes the Helios cinema chain, NEXT FILM, and Agora Publishing House, recorded the most significant revenue increase compared to last year. The Movies and Book segment's revenue in the fourth quarter of 2025 increased by 14.8%, reaching PLN 212.9 million. In 2025, Helios sold over 12 million tickets – a 2.5% increase compared to the previous year and recorded an increase in revenue from concession sales and advertising. The segment's film business also generated higher revenue in 2025. NEXT FILM released nine new productions, three of which were among the most popular Polish films in cinemas in 2025. The decline in Agora Publishing House's revenue is related to the separation of its music business into NEXT FILM.

In the fourth quarter, the Agora Group's advertising revenue increased by 14.4% compared to the same period in 2024, reaching PLN 269.3 million. The business that contributed most to the growth in advertising revenue for the entire Group was the Radio segment (radio advertising increased by 16.2%, to PLN 120.2 million). Total revenue in the Radio segment in the last quarter of 2025 increased by 20.6% compared to 2024, reaching PLN 137.1 million. In addition to advertising revenue, this result was also influenced by revenue from Radio Zet lottery and TOK FM Premium subscriptions. The dynamic development of digital services translated into a 25.9% increase in TOK FM Premium subscriptions, reaching 55,500.

Another segment with higher advertising revenues in the fourth quarter of 2025 compared to the previous year was the Outdoor Advertising segment. Advertising revenues in this segment increased by 25.8% to PLN 74.7 million. The most significant factor in this growth was AMS acquisition of Synergic. The AMS Group's estimated share of outdoor advertising expenditure in the fourth quarter was over 28.0%.

The Digital and Print Press segment recorded EBIT losses of PLN 4.6 million and EBITDA losses of PLN 4 million in the fourth quarter of 2025. The main factors negatively impacting these results were increased operating costs, including the creation of a provision related to restructuring, as well as a decline in printing revenue. Advertising revenue in this segment increased by over 7% in the fourth quarter of 2025 and by 4.6% in all of 2025, reaching PLN 61.2 million. During both periods, “Gazeta Wyborcza” maintained its leading position in terms of sales among opinion-forming newspapers. The number of active paid digital subscriptions to “Gazeta Wyborcza” at the end of December 2025 reached a record 322,000, and digital revenue accounted for almost 53% of the daily's total revenue

In the fourth quarter of 2025, total revenue in the Internet segment decreased by 1% compared to the same period in 2024, reaching PLN 38.6 million. Revenue from online advertising sales was 1.4% lower than in the fourth quarter of the previous year, reaching PLN 35.9 million. Gazeta.pl recorded a decline in advertising revenue, while Yieldbird saw a simultaneous increase. In 2025, total Internet segment revenue decreased by 2.8% to PLN 127.3 million due to lower online advertising sales recorded by Gazeta.pl and Yieldbird.

Net operating costs in the fourth quarter of 2025 amounted to PLN 460.5 million, 19.2% higher than in the same period of 2024. In 2025, the Agora Group's net operating costs increased by 8.5% to PLN 1,516.9 million. Restructuring costs had a significant impact on operating costs.

In 2025 and 2026, intensive internal synergy initiatives are being implemented in the Digital and Print Press segment (Wyborcza ltd.), the Internet segment (Gazeta.pl ltd), and other digital news media within the Group. The scope of these projects is broad and includes, among others: increasing the efficiency of technological projects thanks to the integration of the IT teams of Gazeta.pl and Wyborcza.pl, increasing the number of the Group's subscribers thanks to the intensification of joint editorial activities and potential changes in the traffic distribution logic, and finally increasing

Detailed information regarding the management of sustainability, key ESG factors, environmental, social, and governance –  and their impact on the Agora Group’s operations is presented in the “Agora Group Sustainability Report for 2025” published today.

Footnotes:

¹ Data source: consolidated financial statements of the Agora Group according to IFRS for 2025.

² EBITDA result excluding IFRS 16

³ Source: Mediapanel/Gemius study; January – December 2025; indicators: "Real Users – daily average"; Channel space type: Commercial; crossmedia data for platforms: Internet, Radio, Television, Outdoor. Top Media Owners ranking. Prepared by Agora S.A