PLAY - 2Q16 RESULTS

Play, the #2 Polish mobile operator, reported another set of strong results.Revenue was up by 12% yoy to PLN 1,429m and EBITDA by 9% to PLN 491m. Play continued to outperform its competitors adding 197k customers qoq and 1.6m yoy taking 39% of all phone numbers moved between MNOs. EBITDA margin remained very satisfactory at 33%, although 100bps down vs. 2Q15. Indeed ARPU was lower (-3.2% yoy) due to customers migration to family tariffs.