Based on our estimates, the Q4 period for Agora showed positive momentum for EBITDA construction. According to our model, it is assumed that the advertising-exposed segments will continue to perform well. Additionally, the film and book segment had another strong quarter. Based on our simulation, it is estimated that Agora's Q4 2023 EBITDA adj. could have been PLN 86.8 million, which includes an EBIT of PLN 39.1 million. It is likely that the financial balance in Q4 2023 was heavily influenced by the strengthening of the PLN against the EUR. Therefore, it is assumed that Agora's net income attributable to shareholders in Q4 2023 could have been PLN 49.2 million.
