According to our simulation, advertising revenues in Q4 could amount to nearly PLN 34 million, and this will represent a 3.8% y/y increase. For Zoom TV, we assumed further double-digit y/y growth (+15% y/y), and for Stopklatka we assumed an increase in advertising revenues of over 3% y/y. We continue to expect a weak quarter in advertising at Kino Polska. We anticipate that KPL's Q4 2023 revenues will reach PLN 82.1 million, a 2% increase year-over-year. Assuming lower cost growth than revenues, we expect the EBITDA adj. reading to increase to PLN 23 million, a 6.6% increase year-over-year.
At the EBIT level, our simulation predicts a reading of PLN 22.8 million, a 4.9% decrease year-over-year. In LTM terms, our simulation indicates a reading of EBITDA adj. at the LTM level of PLN 73.4 million, a 4.1% increase year-over-year, and EBIT in the neighborhood of PLN 65.6 million, an 8% increase year-over-year. At the net level, we anticipate a Q4 2023 reading of PLN 18.9 million, which should result in a total value of PLN 51.4 million for 2023.
