Agora in 2026: return to dividend after 6 years (PLN 0.25), EBITDA PLN 148 m, PLN 200 m strategic target

Agora returns to dividend after a 6-year break: PLN 0.25 per share and a strategic PLN 200 m EBITDA target

Agora S.A. - headquartered at ul. Czerska 8/10 in Warsaw (postcode 00-732), registered in the KRS under number 0000059944 - closed 2025 with Group revenue of PLN 1.61 bn (+8.5% YoY), EBITDA of PLN 279.6 m (+8.8%) and net profit of PLN 28.3 m. The strongest signal for dividend investors: after a six-year break the board paid a dividend of PLN 0.25 per share (PLN 11.65 m in total, record date 27 August 2025, payment 18 September 2025) - the first since 2019. The 2026–2029 strategy targets a cumulative PLN 2.50 per share in dividends across four years and lifts EBITDA from the strategy's start point (PLN 48 m) through today's PLN 148 m to PLN 200 m by year-end 2026.

The return to dividend is not just a financial-policy move - it signals that the Agora Group has finished a multi-year portfolio restructuring: the Eurozet consolidation (radio) lifted the radio segment's revenue to PLN 414 m and EBITDA to ~PLN 96 m (+48% in the 2023–2025 cycle), narrowing the earlier gap to RMF FM from 12 to under 9 percentage points. Helios - the cinema chain - recorded PLN 87.8 m in ticket revenue (+7.2%) and PLN 51 m in food-and-beverage (+7.6%) in Q4 2025. Total advertising came to PLN 269.3 m in Q4 (+14.4%), of which outdoor (AMS) +25.8%, radio +16.2%, internet -1.4%.

Agora

WARSZAWA · KRS 0000059944 · SPÓŁKA AKCYJNA

Revenue

1.6 B PLN

Czerska 8/10: a 6-member board, Agora-Holding control with 35.4% of voting rights

The address ul. Czerska 8/10, 00-732 Warsaw places Agora's seat in the Mokotów media cluster - the historic headquarters building of the Gazeta Wyborcza newsroom, which also houses the Radio TOK FM newsrooms and the holding's central office. The company has operated in its current corporate form (Agora S.A., KRS 0000059944) since 7 November 2001 (transformed from an earlier company founded in 1989). On the Warsaw Stock Exchange it has been listed since April 1999 - making Agora one of the longest-listed Polish media issuers (alongside ATM Grupa and SatFilm).

Governance: a six-member management board (CEO Bartosz Hojka plus five board members) - a wide composition reflecting the segmented business model (separate divisions: cinema, radio, press, internet, outdoor advertising, finance). Shareholders: operating control rests with Agora-Holding sp. z o.o. with 11.6% of capital but 35.36% of voting rights thanks to founder-share preferences. Major financial shareholders: OFE PZU „Złota Jesień" (17.45% capital / 12.76% votes), MDIF Media Holdings (11.5% / 8.41%), OFE Nationale-Nederlanden (8.84% / 6.47%).

Under Polish PKD codes the principal activity is 70.10.A - head-office activities, plus segment codes corresponding to the lines of business: 58.14 (magazine publishing), 58.11 (book publishing), 59.14 (film projection - Helios), 60.10 (radio broadcasting), 73.11 (advertising).

Polish media sector on the WSE: Agora as the only multi-segment holding

The Polish media sector listed on the Warsaw exchange has narrow representation in 2026, but Agora remains the only large multi-segment media holding:

• Wirtualna Polska Holding - a flagship internet player (mWIG40), portal WP.pl + Money.pl + Wakacje.pl. Pure digital.
• Cyfrowy Polsat - TV+telecom+energy under Solorz control, mWIG40. Multimedia exposure, but the core is pay TV.
• Agora - the only company combining press (Wyborcza), radio (Eurozet, TOK FM, Złote Przeboje), cinema (Helios), outdoor (AMS) and digital (gazeta.pl, Yieldbird) into a single organic holding.
• Smaller players: 4Fun Media, Atende, ATM Grupa.

Three structural features of the Agora model that explain the current results and the return to dividend:

• Diversification as an absorber of advertising cycles - the cinema segment (Helios) and radio (Eurozet) generate cash flows independent of the digital-advertising cycle. In a year of digital decline (e.g. 2025: internet -1.4% in Q4) other segments still grow (outdoor +25.8%, radio +16.2%). That structurally lowers earnings volatility versus the purely digital WP Holding.
• Eurozet as a game-changer in the radio segment - full consolidation of Eurozet (TOK FM + Radio Złote Przeboje + Antyradio) together with Agora Radio Group moved the group from third to second on the Polish radio market, narrowing the gap to RMF FM. The 48% EBITDA jump in radio across the 2023–2025 cycle is the single strongest factor on the road to the PLN 200 m Group EBITDA 2026 target.
• Operating control by Agora-Holding stabilises strategy - founder-share preferences (35.36% of votes vs 11.6% of capital) protect against hostile takeover and let management run a long-term restructuring without activist-fund pressure. That makes Agora an issuer with a safe dividend perspective but limited exposure to market discipline.

Implication for the investment profile: dividend returns, capitalisation still low, Helios as the flywheel

“The return to dividend after a 6-year break is not only a gesture toward shareholders but a formal confirmation that the restructuring cycle is over. The 2026–2029 strategy with PLN 2.50 in cumulative dividends per share places the company among the dividend mid-caps of the Polish media market. The main risk: digital advertising remains compressed and the success of the plan depends on continued growth at Helios and Eurozet. On the positive side, operating control by Agora-Holding shields the long-term strategy from quarterly-results pressure.”

Three expected consequences of the return to dividend for the Agora investment profile in 2026:

• Attractive for dividend mid-caps in the Polish media market - PLN 2.50 cumulative dividends per share over 2026–2029 at the current ~PLN 12 share price imply a cumulative ~21% yield over four years, or about 5% per annum. That places Agora between WP Holding (4–6% per annum) and Cyfrowy Polsat (3–5% per annum with longer breaks).
• Helios and Eurozet as growth flywheels - the cinema segment is steadily recovering from the post-COVID cycle; ticket-revenue growth +7.2% and F&B +7.6% in Q4 2025 shows that cinema-goers are returning to durable habits. Eurozet pushed the radio segment to PLN 96 m EBITDA - in 2026 the board targets a further 10–15% radio growth.
• Digital weakness (gazeta.pl) as an unresolved problem - despite rising digital subscriptions at Wyborcza (+~10%) and ARPU (+~14%), gazeta.pl remains the segment that CEO Bartosz Hojka explicitly named as needing further efficiency improvement. Investors should watch whether Agora announces, in the 2026–2027 cycle, a concrete restructuring or sale plan for the portal.

For the Mazowieckie voivodeship itself, Agora is one of the oldest Warsaw-listed media companies - with a 25-year listing history on the WSE and an organic link to Poland's media transformation of the 1990s.

What you'll find in the Agora S.A. profile

The Agora S.A. profile in our database carries the full picture of the company: composition of the six-member management board (with CEO Bartosz Hojka), the KRS registration history from 7 November 2001, the registered address at ul. Czerska 8/10 in Warsaw, e-delivery status (AE:PL-63251-98368-HCSFC-16), the website agora.pl, and the assigned PKD codes classifying the activity as media (press, radio, cinema, outdoor, internet). The profile is also available in English - important for international media-fund investors, since Agora is the only multi-segment Polish media holding listed on the WSE.

Data: Polish KRS Court Register (KRS 0000059944); Agora S.A. current report - 2025 financial results (April 2026); Strefa Inwestorów - Agora 2025 dividend (AGM resolution, 18 September 2025); Wirtualne Media - segmental analysis of Helios + Eurozet + Wyborcza (April 2026); Investing.com / ISBnews - Agora's PLN 200 m EBITDA 2026 strategy; Stockwatch - Agora shareholder structure; PKD 70.10.A classification + segment codes; company history - founded 1989, S.A. 2001, WSE IPO April 1999, as of 2026-05-02.