Kino Polska TV, the Warsaw-listed broadcaster behind the FilmBox film channels, made a net profit of PLN15.3m ($4m) in the third quarter of 2026, 20% less than a year earlier, according to preliminary group figures it filed with the Warsaw Stock Exchange on 13 November. Revenue from contracts with customers slipped 1% to PLN78.9m ($20.5m), while operating profit fell 26% to PLN18m ($4.7m).
Key facts
- Company: Kino Polska TV S.A., Warsaw; channels include Kino Polska, FilmBox, Stopklatka TV and Zoom TV
- Q3 2026 (group, preliminary): revenue PLN78.9m (−1%), operating profit PLN18m (−26%), net profit PLN15.3m (−20%)
- Nine months to 30 September: revenue PLN239.3m (−1%), net profit PLN56m (−4%)
- Operating margin: 22.8%, down from 30.3% a year earlier (FilmBunch calculation from the filed figures)
- Next: full quarterly report on 19 November; extraordinary general meeting on 30 November
The quarter’s story is the gap between flat sales and sharply lower profit. On almost the same revenue as a year ago, the group kept 22.8 groszy of operating profit from every zloty of sales, against 30.3 groszy in the third quarter of 2025. The company named three drags: weaker results at the free-to-air channel Stopklatka TV, lower licence sales, and negative exchange-rate differences that it said had a significant negative effect on its results.
Where the money came from
The preliminary report carries no segment figures; those come with the full statement. It does give the direction of travel. Zoom TV, another free-to-air channel, made the biggest gain on last year, both in the quarter and over nine months. The FilmBox and thematic channels, the Kino Polska-branded channels and the TV-channel production segment also improved. Stopklatka TV and licence sales went the other way.
The nine-month picture is gentler. Revenue was PLN239.3m ($62.2m), 1% below the PLN241.5m of January to September 2025. Operating profit fell 6% to PLN68.2m and net profit 4% to PLN56m. The first half carried most of the year’s profit so far: taking the third quarter out of the nine-month total leaves PLN40.7m of net profit for January to June.
The parent company on its own moved the other way. Kino Polska TV S.A. booked a standalone net profit of PLN29.6m in the quarter, up from PLN8m, which the company said also reflected a larger dividend than a year earlier from its Spanish subsidiary, Filmbox Iberia. In September Filmbox Iberia’s shareholders’ meeting approved a payout of €5.57m ($6.3m) for 2024, a filing from 18 September shows. That is cash moving inside the group, and it does not lift the consolidated result.
Shareholders and what comes next
SPI International, the FilmBox owner that Canal+ bought several years ago, holds 66% of Kino Polska TV, according to Wirtualnemedia, the Polish media-industry site, which reported on 15 November that the shares closed at PLN17.05 on Friday, down 20% since the start of the year. The company has 19,821,404 shares in issue.
A minority investor is pressing for answers. TOTAL Fundusz Inwestycyjny Zamknięty, a Warsaw closed-end fund managed by IPOPEMA TFI, raised its stake to 13.7% in August, according to a notification the company published on 10 August. On 10 November Kino Polska TV disclosed that the fund had used its right under the Polish commercial companies code to add a new item to the agenda of the 30 November extraordinary general meeting: a discussion of the company’s strategy and dividend policy. The meeting was called to adopt new articles of association, new rules for the supervisory board and the general meeting, and a gender-balance policy for the boards. The fund’s item is a discussion, not a resolution.
It follows written questions from a shareholder, not named in the filing, that the company answered on 20 October. They covered the group’s cash-pooling arrangement with SPI International B.V., under which the shareholder put Kino Polska TV’s receivable from SPI at PLN190.4m ($49.5m) at the end of June, up from PLN153m at the end of 2025. The board replied that the cash pool is a liquidity tool approved by the supervisory board in December 2022, that it earned the company net interest of PLN1.4m in the first half, and that it would not publish the internal analyses behind it or the details of its strategy.
Shareholders received PLN1.18 a share for 2025, PLN23.4m in total, paid on 28 August, up from PLN0.63 for each of the two previous years, according to the company’s investor calendar. The full third-quarter report is due on 19 November; the company said it would publish an update before then if the final figures differ materially from the preliminary ones.
Dollar figures are converted at the European Central Bank reference rates for 30 September 2026, the last day of the quarter (about PLN3.85 to the dollar).
Our reading
Kino Polska TV sits where film rights meet linear television: its channels programme films, and one of its segments sells licences. A weaker quarter for licence sales and for a free-to-air film channel, while a general entertainment channel grows, is a signal worth watching for producers and rights holders who sell catalogue films to Polish television. It also contrasts with US pay-TV, where STARZ doubled its adjusted operating profit in its own third quarter, and it comes as streamers push harder into Poland, as with BBC Player’s arrival on Prime Video there.
The preliminary figures do not say how much of the profit fall came from currency movements rather than trading. That split and the segment table are the evidence to look for on 19 November. Eleven days later, the general meeting will show how the board answers a 13.7% holder on payouts, while two-thirds of the shares sit with SPI International, the other side of its cash pool.
Sources
- Kino Polska TV S.A., current report 24/2026, preliminary results for the three and nine months to 30 September 2026, 13 November 2026 (via Bankier.pl ESPI)
- Kino Polska TV S.A., current report 23/2026, shareholder request to extend the agenda of the 30 November EGM, 10 November 2026 (GPW)
- Kino Polska TV S.A., amended agenda of the extraordinary general meeting of 30 November 2026
- Kino Polska TV S.A., investor relations calendar (reporting dates, 2025 dividend)
- Kino Polska TV S.A., number of shares and votes as of 3 November 2026
- Wirtualnemedia.pl, Grupie Kino Polska TV ubyło 20 proc. zysku, 15 November 2026
- Kino Polska TV S.A., current report 23/2026 (full text via Bankier.pl ESPI), 10 November 2026
- Kino Polska TV S.A., dividend from a subsidiary (Filmbox Iberia), current report of 18 September 2026 (via Bankier.pl ESPI)
- Kino Polska TV S.A., IPOPEMA TFI notification for TOTAL FIZ (13.7% after purchase on 3 August), 10 August 2026
- Kino Polska TV S.A., answers to a shareholder's questions (art. 428 §6 KSH), 20 October 2026
- Kino Polska TV S.A., management board
- European Central Bank, euro foreign exchange reference rates, 30 September 2026