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PPF Group is an international investment group founded in the Czech 
Republic in 1991. It has grown to manage operations in 25 countries around the world.

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PPF Group

The Balkans are a fantastic testing ground for innovation, Telco is becoming Techco, says the head of the joint venture between PPF and Emirates e&

PPF Telecom Group B.V.

PPF entered the telecom industry in 2014 and has been transforming it ever since. In 2015, it pioneered the separation of infrastructure from end-user services. This move revitalised both branches of the traditional telecom model by enhancing efficiency, agility, and, above all, management focus. This innovation has reignited sustainable growth in every telecom operator acquired by PPF. In 2024, PPF spurred a new cycle of growth by partnering with e&amp;, the global technology group, to unlock synergies and drive further innovation. This partnership created the e&amp; PPF Telecom Group.

<h2>Yettel and O2</h2>
The group serves consumer, corporate, and public sector customers through the O2 and Yettel brands, offering mobile voice, data and text messaging, fixed broadband, multi-platform internet television, and corporate data networks.
The group&rsquo;s telecommunications infrastructure providers are consolidated within the CETIN International subgroup, which offers wholesale services to all operators on equal terms.
<h2>CETIN International</h2>
CETIN International is the leading telecommunications infrastructure services provider in the region. It operates a high-quality telecommunication infrastructure portfolio, including the full scope of mobile access network assets, and an extensive fibre backbone and aggregation network.
CETIN offers wholesale telecommunications infrastructureservices to all operators in their four markets on equal terms. In Slovakia and Hungary, CETIN operates radio access networks for mobile services under network sharing agreements. This improves network coverage and capacity, accelerates modernisation, and generates energy savings.
A minority shareholder in CETIN International is GIC, Singapore's sovereign wealth fund, which is a long-term investor with global reach and extensive experience in infrastructure.
PPF holds 50% minus one share in e&amp; PPF Telecom Group, the majority shareholder with 50% plus one share is e&amp;.

Slovakia

Bulgaria

Hungary

Serbia

e&amp; PPF Telecom Group is a major telecommunications service provider in Slovakia, Hungary, Bulgaria, and Serbia. Formed through a strategic partnership between e&amp; and PPF, the group is evolving from a mobile operator into a regional technology leader. It is leveraging PPF&rsquo;s cross-industry expertise, innovative operating model, and local knowledge, along with e&amp;&rsquo;s global presence and competence in advanced technologies and innovation.&nbsp;&nbsp;

Key operational data

“Leveraging the partnership between PPF and e&, we are developing a fully digitised customer journey and product suite to create an ecosystem around telecom services and further enhance the customer experience as our strategic differentiator.”  

e& PPF Telecom Group

Where do you mostly operate now? In Prague, the Balkans, or the Middle East?
Today my home base is Prague, but my role is truly regional. I spend a significant amount of time across our markets in Central and Eastern Europe &ndash; Slovakia, Hungary, Bulgaria and Serbia &ndash; while also working very closely with our colleagues from e&amp; in the Middle East. The centre of gravity for us, is here in Europe, yet the partnership with e&amp; gives us a global perspective and access to capabilities that go far beyond one region.
What is it like to spend thirty years in the same industry? And how does your current role at PPF differ from your previous positions at Vodafone?
Telecommunications has changed so dramatically over the past thirty years that it never felt like doing &ldquo;the same thing&rdquo;. We have moved from basic voice and SMS to mobile internet, from feature phones to smartphones, and now to 5G, cloud and AI-enabled services. At Vodafone I had the privilege of leading large operations in several countries and driving transformation from within a global group. At PPF, and now e&amp; PPF Telecom Group, the mandate is broader: to shape a regional champion, make bold investment decisions and build bridges between very different markets and cultures, together with a strategic partner that has already gone through the &ldquo;telco to techco&rdquo; journey.
Is there any difference in the work culture at PPF compared to Vodafone?
Every organisation reflects its shareholders and its history. Vodafone is a global corporation with deeply standardised processes and a very strong, unified culture. PPF, on the other hand, combines entrepreneurial spirit with long-term ownership and a very pragmatic, hands-on approach to value creation. You can see the &nbsp;faster decision‑making, and a higher tolerance for calculated risk with a &nbsp;strong focus on results at PPF, while still keeping the professionalism and governance you would expect from a large international group.&nbsp;
If you were to summarize your know-how in managing such a large company in one paragraph, what would it look like?&nbsp;
Leadership in a group of this size is about three things: clarity, trust and execution. First, you must be crystal clear on where the company is going and why &ndash; people will forgive many things, but not confusion. Second, you build teams you genuinely trust, give them space and hold them accountable for outcomes, not activity. And third, you relentlessly focus on execution: translating strategy into concrete investments, measurable goals and visible improvements for customers, employees and shareholders.
Do you remember when Petr Kellner offered you the position of leading PPF&rsquo;s telecommunications division? After all, you were competitors back then.
Yes, that is a moment you do not forget. We knew about each other from opposite sides of the table when PPF was building its telecom portfolio and I was still in Vodafone, so there was a lot of mutual respect combined with tough competition. However, the actual opportunity to meet Petr came later, after I had already moved back to India. The conversation was about ambitions &ndash; how far the telecom business in this region could go with the right investment horizon and leadership. That long‑term, entrepreneurial view was ultimately what convinced me to join PPF.
Did you know that both of you started in the same business? In the early 90s, you were both trading copiers.&nbsp;
It is a funny coincidence, but it also says something about that generation of entrepreneurs and managers. Starting in very down‑to‑earth businesses teaches you discipline, customer focus and respect for cash &ndash; nothing is guaranteed, every customer matters. Those lessons stayed with me when I moved into telecoms and they are still relevant today, even when we talk about 5G, AI or complex M&amp;A.&nbsp;
PPF Group recently made changes in management &ndash; Didier Stoessel and Kateřina Jir&aacute;skov&aacute; became CEOs. Does this affect the strategy or direction of e&amp; PPF Telecom Group?
The strategic direction of e&amp; PPF Telecom Group remains unchanged. The management changes at PPF do not alter our mandate to grow the telecom business, accelerate investments and create value in our markets. I continue to have the full support of PPF&rsquo;s leadership and of e&amp;, and our teams in Slovakia, Hungary, Bulgaria and Serbia are focused on executing the same strategy that has already proven successful.&nbsp;
What is it like working for two shareholders &ndash; PPF and Emirates Telecommunication Group Company (known as e&amp;)? Do their approaches to developing the telecommunications business differ in any way?
It is a privilege, but it also requires discipline and transparency. PPF brings deep local knowledge of Central and Eastern Europe and a strong track record in building telecom assets here, while e&amp; contributes global scale, a proven techco transformation and access to capabilities in areas like AI, cloud and digital services. Their perspectives are naturally different, yet highly complementary &ndash; and my job is to align them around a common plan and make sure our local teams can execute without unnecessary complexity.
Which markets within your portfolio do you consider the most promising over the next 3&ndash;5 years &mdash; and why?
Each of our four core markets has a clear growth story, but in slightly different ways. Slovakia and Hungary offer room to grow convergent services and digital ecosystems on top of already strong mobile positions, while Bulgaria and Serbia stand out through continued demand for high‑speed broadband and pay‑TV, as well as overall macro growth potential. The common thread is that penetration of advanced digital services is still lower than in Western Europe, so there is more runway for innovation to enhance customer experiences.
What does this year&rsquo;s acquisition of SBB in Serbia mean for the long-term strategy of the group?
SBB is a landmark transaction for us because it demonstrates, in a very concrete way, what we mean by building a converged operator. By combining SBB&rsquo;s leading broadband and TV business with our mobile operator Yettel Serbia, we are creating a truly integrated player with over 700,000 broadband and TV customers and a strong mobile market share. It strengthens our position in one of the most attractive markets in the region and serves as a blueprint for how we can approach convergence and scale elsewhere. The same strategic logic underpins our acquisition of UPC Slovakia in December, where integrating fixed broadband and TV services with O2&lsquo;s mobile operations will set the foundation for a fully converged offering and deeper customer relationships.
What other acquisitions are you considering in the Balkans or Southeast Europe? What types of companies are you looking for?&nbsp;
We do not comment on specific targets, but our strategy is clear: we look for assets that deepen our presence in existing markets or give us logical adjacency, and where we can create value through convergence, scale or capabilities. That includes fixed broadband, pay‑TV, and potentially digital or infrastructure‑focused companies that fit our long‑term plan and meet our financial criteria.
Why do telecommunications in this region offer much better opportunities than in Western Europe?
Central and Eastern Europe offers a combination of solid economic fundamentals, underpenetration in some advanced services and a more dynamic competitive environment. In many Western European markets, growth is low, regulation is heavy and consolidation is slow, which limits returns. This part of the region offers a fantastic test bed for innovation which in turn drives greater quality networks and customer experience.
Do you truly have no intention of gradually dissolving PPF Telecom Group into e&amp;? After all, e&amp; is much larger and likely interested in eventually absorbing your joint business.
The creation of e&amp; PPF Telecom Group was never about dissolving one organisation into the other, but about building a strong regional platform together. e&amp; holds a controlling stake in our operating companies, while PPF remains a significant shareholder, and both are committed to long‑term value creation in this structure. Any future steps will be guided by what is best for our customers, employees and shareholders in the region, not by an abstract desire to &ldquo;absorb&rdquo; for its own sake.&nbsp;
How do you and e&amp; think about joint expansion in the Middle East? What types of companies or services are you looking to invest in in this region?
Our primary mandate as e&amp; PPF Telecom Group is Central and Eastern Europe, while e&amp; directly leads its operations in the Middle East, Asia and Africa. That said, there is a lot of exchange of know‑how and, where it makes sense, we can participate in joint initiatives &ndash; particularly around digital platforms, cloud, AI‑enabled services or enterprise solutions that can be scaled across several regions.
The vision of a &ldquo;techco&rdquo; model &mdash; what does this specifically mean for e&amp; PPF Telecom? What services or products could be created in addition to the existing ones?
For us, techco means moving beyond connectivity to become a partner in our customers&rsquo; digital lives and businesses. Concretely, this involves areas like cloud and cybersecurity services for enterprises, IoT solutions for industry and smart cities, and digital platforms that integrate content, payments and everyday services for consumers. We are building on e&amp;&rsquo;s experience with this transformation, adapting proven concepts to the realities of Slovakia, Hungary, Bulgaria and Serbia.
What is your approach to consolidating infrastructure and services (mobile networks, fixed internet, IPTV) within the group to achieve the maximum synergies?
PPF was one of the pioneers of separating infrastructure from retail operations in this region, and that remains a cornerstone of our model. We operate dedicated infrastructure companies alongside our service brands, which allows us to invest efficiently in networks while giving commercial teams the freedom to innovate on products and customer experience. Where it creates value, we integrate fixed and mobile networks more tightly, share platforms and harmonise IT, but always with the end customer in mind, not just synergy spreadsheets.&nbsp;
How far is e&amp; PPF in the real-world deployment of AI, and what can customers expect from such changes?
AI is already present in our business today &ndash; in network planning, preventive maintenance, fraud detection and increasingly in customer interactions. In practical terms, customers can expect more personalised offers, smarter digital assistants, faster problem resolution and networks that &ldquo;heal&rdquo; themselves before a problem becomes visible. Over time, AI will help us make services simpler, more relevant and more sustainable, without losing the human touch where it really matters.
Which technologies do you consider key to the future of telecommunications in the regions where you operate &mdash; such as 5G, optical networks, cloud services, IoT?
All of these technologies are part of one ecosystem. 5G and fibre provide the capacity and low latency; cloud enables flexible computing; and IoT connects everything from factories to homes and cities. In our markets, continued rollout of fibre and 5G, combined with cloud‑based services and secure IoT, will be critical to supporting economic growth and the digital transformation of industry and public services
What will the customer experience (customer journey) look like in the coming years &mdash; what do you plan to improve for end users?
The customer journey will be much more digital, personalised and even more seamless. Our goal is that most interactions &ndash; from onboarding to troubleshooting &ndash; can be done in a few taps in an app or online, with the same simplicity as the best digital platforms, while still offering excellent human support when needed. We are investing in self‑care apps, fully digital onboarding, smarter recommendation engines and consistent experience across all channels, so that customers feel we understand them and respect their time.
Telecommunications are beginning to expand into new sectors. Do you see room for new business models? For example, bundling services, telecom integration with digital services, fintech, entertainment, or AI?&nbsp;
Absolutely. The future of telecom lies precisely at these intersections. We already see strong potential in bundles that combine connectivity with entertainment, cloud, security and sometimes financial services, especially in markets where trust in telco brands is high. With AI, we can personalise these ecosystems much better and create new models &ndash; from smart homes and connected cars to digital‑first SME solutions &ndash; where telecoms are not just a utility, but a partner in everyday life and business.
&nbsp;

PPF banka, the PPF Foundation, and the City of Prague launch joint programme to support financing for social service providers

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PPF banka a.s.

PPF Banka

As the financial hub of PPF Group, the bank facilitates international payments, provides financing, manages financial assets, and trades on capital markets for Group companies.&nbsp;&nbsp;
PPF banka&rsquo;s services are built on professional expertise and bespoke solutions with added value. For customers, it is a stable, professional, and reliable partner, financing businesses across key sectors, including trade, industrial production, energy (including renewables), agriculture, forestry, IT, e-commerce, and other services.&nbsp;
The bank also finances commercial and residential real estate and other development projects. It has long-standing partnerships with Czech regions and statutory cities, supporting initiatives in energy, the circular economy, education, and beyond. Private clients also benefit from a highly personalised approach tailored to their financial needs.

As the financial hub of PPF Group, the bank facilitates international payments, provides financing, manages financial assets, and trades on capital markets for Group companies.&nbsp;&nbsp;
PPF banka&rsquo;s services are built on professional expertise and bespoke solutions with added value. For customers, it is a stable, professional, and reliable partner, financing businesses across key sectors, including trade, industrial production, energy (including renewables), agriculture, forestry, IT, e-commerce, and other services.&nbsp;
The bank also finances commercial and residential real estate and other development projects. It has long-standing partnerships with Czech regions and statutory cities, supporting initiatives in energy, the circular economy, education, and beyond. Private clients also benefit from a highly personalised approach tailored to their financial needs.&nbsp;
In 2024, the bank focused on enhancing services for existing customers and supporting their business activities. In line with its strategy, PPF banka invested in digitalisation, cybersecurity, and service efficiency, including upgrades to its mobile app and online banking. Despite the challenging external environment, the bank continued to provide financing across a wide range of industries.&nbsp;&nbsp;
From an earnings perspective, 2024 was the most successful year in the bank&rsquo;s history. It posted a net profit of almost EUR 167 million, surpassing the previous year by almost EUR 12 million.&nbsp;&nbsp;&nbsp;
PPF banka has long been a key market maker in Czech government bonds, consistently ranking among the Ministry of Finance&rsquo;s top primary dealers. In 2024, it secured first place in the overall ranking for both the primary and secondary market, reaffirming its position as one of the leading dealers in Czech government securities.

Czech Republic

PPF banka specialises in financial and capital market trading, providing structured financing for business projects, exports, acquisitions, leveraged transactions and real estate to clients from corporate, public and private sectors.

“The biggest mistake you can make in life is to always be afraid of making one.”

Shareholders

PPF banka

Non-profit organisations are a key pillar of the social services system in the capital. They provide daily care for seniors, people with disabilities, and other vulnerable groups. However, at the beginning of each year they often face a difficult situation in which they must cover wages and operating costs without yet having access to approved and paid subsidies. As a result, they are frequently forced to rely on commercial loans during the first months of the year.
&ldquo;Social service providers repeatedly, through no fault of their own, find themselves at the beginning of the year in a situation where they must cover operating costs without having access to the allocated funds. I consider this situation unsustainable. This new instrument will bring them greater certainty and stability for their day-to-day work,&rdquo; said Alexandra Udženija, Deputy Mayor of the City of Prague.
The programme launched today is based on financial assistance in the form of interest-free loans that will enable selected social service providers to bridge the period from the beginning of the year until the payment of grants from the City of Prague and, where applicable, from the Ministry of Labour and Social Affairs (MoLSA). This instrument eliminates pressure on organisations&rsquo; cash flow, reduces the need for commercial financing and contributes to their overall stability and efficient management.
&ldquo;Our goal is a stable and sustainable social services system that can flexibly respond to the needs of the city&rsquo;s residents. This programme is a concrete step towards making it easier for non-profit organisations to operate. We greatly value their work and cannot imagine the social services system functioning without them. I would like to thank PPF Group for their willingness and goodwill in supporting non-profit organisations, which are an indispensable element of social care in the capital. It proves that cooperation between non-profits, the city, and the private sector makes sense,&rdquo; added Udženija.
The cooperation model between the City of Prague (also as a shareholder of PPF banka), PPF banka, and the PPF Foundation is based on the principles of transparency, efficiency, cost-effectiveness and measurable impact. It constitutes a long-term, coordinated approach to supporting social services and the public interest in caring for those in need.
&ldquo;Non-profit organisations working in social services perform irreplaceable work, and we are pleased to take part in a programme that will support their financial stability. We are also glad that this initiative is being implemented through the cooperation of our two largest shareholders &ndash; the City of Prague and PPF Group,&rdquo; said Petr Jir&aacute;sko, CEO of PPF banka.
The programme will be implemented by the PPF Foundation, to whose budget PPF banka is a major contributor.
&ldquo;This programme offers a practical and systemic solution to the timing mismatch between operating costs and income from public grants. The PPF Foundation will provide non-profit organisations with an interest-free loan allowing them to ensure continuity of care and focus on their core mission of helping people who need it,&rdquo; said Jana Tomas Sedl&aacute;čkov&aacute;, a PPF Foundation trustee.
The City of Prague will recommend participating service providers and ensure that the programme is linked to the city&rsquo;s grant system. Social service providers interested in this interest-free bridging financing have already been contacted by Prague City Hall.
&ldquo;As one of the largest providers of field-based personal assistance services in the Czech Republic, we would like to express our sincere thanks to Deputy Mayor Alexandra Udženija and PPF Group for creating bridging financing for social service providers in Prague. This is a unique model of support with no parallel in other regions of the country. Each year we face significant financial pressure at the beginning of the year due to delays in receiving grants and have been forced to use bank loans or overdrafts, often at high cost. The loan provided by the PPF Foundation with the support of the City of Prague therefore offers a systemic solution that stabilises our finances and reduces the risk of limiting services for people in need,&rdquo; said Jiř&iacute; Boh&aacute;ček, Chairman and Director of the registered association HEWER, z. s.
Source: Prague City Hall Press Release

Europe is a great place. The Czech Republic can grow through industry and IT, says PPF's "foreign minister"

PPF, a. s. 

PPF Gate

PPF a.s.&rsquo;s objective is to provide consulting to both the PPF Group N. V. holding company, which manages the entire PPF Group, and the various individual PPF Group companies. In delivering these services, it strives to maximize efficiencies and synergies across the group while making the best possible use of the knowledge and skills of its top-notch experts.&nbsp;

PPF a.s. is the principal consulting company within PPF Group.

PPF a.s. 

Is the old world over? 
The world is neither worse nor better. It is simply returning to a more familiar state. The past thirty years were, in many respects, a historical anomaly: peace, globalised capitalism, seemingly risk-free opportunities This description exaggerates somewhat, but not completely. Human history includes only a handful of periods marked by such stability and prosperity.
The first was during the Roman Empire. The second followed the Napoleonic Wars, when Europe experienced nearly a century of relative peace and industrial growth between 1815 and the First World War. The third came after the fall of the Soviet Union and the end of the Cold War, when three decades of expansion fostered the illusion that history itself had ended. But it had not. The world has reverted to its natural condition, where conflict feels normal and power and politics again matter greatly.
What has changed?
If we accept that those thirty years were an anomaly, then politics has rediscovered its strength, especially in the West.
Not elsewhere? 
In Asia, the state and power have always come first, with business and money following behind. Jack Ma briefly believed he mattered more than the Chinese president, and reality corrected him quickly. America has also changed; even the wealthiest now defer to Donald Trump. Europe was the last place where we convinced ourselves politics no longer mattered. The war in Ukraine shattered that illusion.
Where did Europeans go wrong?
We grew accustomed to the belief that the world operates according to rules, everywhere and all the time. That if you order a container of paper cups and plates online to sell in a stationery shop in Moravia, someone in China loads it onto a ship, and forty days later the goods arrive. No complications. No risk. War, pirates in the Indian Ocean, major supply disruptions&mdash;these possibilities never crossed our minds. Above all, we stopped considering that someone might actively seek to break those global rules.
But all of this is happening, and no global policeman stands ready to punish those who ignore the rules. The United States once played that role and played it well. But that era has ended.&nbsp;&nbsp;
Was globalisation a dead end?
On the contrary. Globalisation made us wealthier, especially the poorest people in the poorest countries. Global capitalism is clearly a positive force, but it works only if the majority respect the rules.
Once those rules stop applying, two paths remain. One involves clinging to the old model and occasionally crashing into a wall. The other means deciding that we want independence in certain areas, such as energy, food, medicine. This choice reflects the fear that closed borders might leave shelves empty. Covid offered a preview. So did Russia&rsquo;s weaponisation of raw materials. So does Donald Trump&rsquo;s habit of overturning core policies overnight.&nbsp;&nbsp;
Autonomy, however, carries a cost. Everything becomes more expensive when global trade falters. Politicians rarely say this openly.
It seems we have entered a time when simply functioning demands more money and more effort.
The post-Cold War decades, when Germany prospered on cheap Russian gas, American security guarantees and exports to China, belong to the past. Every business decision now must account for geopolitical, supply and security risks. Risk has a price tag. That explains why everything costs more.
Is there a positive side to this? Is self-sufficiency the upside?
From an economic standpoint, self-sufficiency never ranks as optimal. Ideally, security would never enter business calculations, but reality dictates otherwise, not as we might prefer. This new reality costs money. We pay for stable supply, for production closer to home, for certainty that goods will arrive at all. The economy is drifting back towards borders, alliances and physical presence. That is the real turnaround. One positive outcome is that whether we like it or not, it will kick us into action. The question is whether we respond by working harder.
How important today is nearshoring, the strategy under which a company moves its business processes or production to a nearby country, often a neighbouring one, to shorten supply chains and benefit from geographical proximity?
Consider rare earth elements. China controls them;, America does not. That gives China a strong hand, because modern defence systems, from fighter jets to submarines to supercomputers, depend on them. The United States would prefer such materials closer to home, or at least inside allied territory.
As borders re-emerge, the world divides into "us" and "them". These lines follow alliances as much as geography. The European Union, NATO, and the wider West, joined by Japan, South Korea and Australia&mdash;in this environment, strategic resources increasingly belong either inside one&rsquo;s borders or inside those of trusted allies. This reality shapes nearly every strategic decision today.
What investment potential does Europe still have?
Europe is a great place, though we don't appreciate it enough...
Few people would say that today. 
But it's true! Europe is safe. Its economy functions. Healthcare is excellent. Rules exist and generally hold. Even small details matter, like drinkable tap water. Critics will object, pointing to flaws in healthcare systems or varying water taste across Europe. But compare Europe honestly with the rest of the world and ask where you would choose to live long-term?
So what went wrong? 
Just as we forgot that power defines global affairs, we forgot that prosperity never lasts forever. We are finite. States rise and fall; companies expand and collapse. Europe peaked about twenty years ago and now faces tougher times. It&rsquo;s not decline, but slower growth. Others innovate faster, adapt faster. Europe missed that train because life felt comfortable, not because it has been hard.
Europeans started behaving like ageing rentiers. Defence spending stalled, innovation slowed, all in the name of keeping things pleasant and unchanged. In that sense, Putin and Trump have served as wake-up calls. Europe has lived under &ldquo;parental care&rdquo; for too long, and now reality has forced us into the cold. We have to start turning things around, even if it hurts.
But isn't it too late? 
That depends on us; fate is in our own hands. But I see reasons for optimism. Change has begun. Europe&rsquo;s strongest army today belongs to Ukraine. The second strongest? Poland. Economic growth concentrates in Central and Eastern Europe. Germany and Poland are rearming. And the good news is that the Czech Republic and Poland are growing despite Germany&rsquo;s stagnation. That's not a failure, but an encouraging sign.
Why is that happening? Are we catching up, or do we hold a real competitive advantage?
Central Europe is growing from a lower base, which makes progress easier than in mature economies. The region also keeps a level of drive that many Western countries have lost. People want to work, build wealth and seize opportunities. Despite regulatory hurdles, the Czech Republic is a gold mine compared to Paris or Berlin.
Industry never vanished here, and that now works in our favour, where investment is returning to security and manufacturing. Poland proves that success did not come by chance. When it joined the EU, poverty dominated. Over the past decade, growth has doubled ours, driven by large-scale infrastructure and industrial investment.
Should we follow the same path? 
Industry is vital, but the region is also developing into an IT hub. Nearshoring and friendshoring is pushing companies to place key IT centres among trusted partners rather than in Asia. This shift creates a real opportunity.
So that these companies don't choose Warsaw...
Or Prague. Global firms such as the British bank Barclays, the FNZ pension fund and the American pharmaceutical company MSD already operate IT centres in the Czech Republic. This confirms that Czechs combine traditional industry with innovation and start-ups.
Of course, Poland is also doing well, and Poland&rsquo;s success benefits the entire region. The same applies to Croatia and the Balkans. Despite inflation and minor downturns, Central Europe, or the Visegrad region, continues to perform well and still offers room for expansion.
Has Visegrad reached its limits? 
From an economic perspective, our countries remain tied together. Replacing exports to Poland or Slovakia with exports to Argentina or Nigeria, for example, makes no sense. Strong relations with neighbours are important, regardless of political orientation, and dialogue to find common ground wherever possible matters more than ideology. Economically, Germany and Poland stand out as neighbours.
Should the Czech Republic focus on deeper European integration, as recommended by the Draghi report and various think tanks, to remain prosperous at the international level? What is our starting position?
I reject the idea that prosperity depends on EU federalisation or a "United States of Europe". I don&rsquo;t hold this position from a Eurosceptic view. On the contrary, EU membership brings clear benefits. I say this because domestic work is still unfinished and our attention shifts towards new ambitions.
What do you mean?
The European Union's greatest strength is the single market, but it is by no means complete. Thousands of internal barriers hold Europe back, not America or China. Before we talk about deeper integration, Europe should finish the single market, build a capital union and liberalise finance. Europe should also acknowledge its limits.
The Draghi report promises everything at once: cheap energy, the Green Deal, economic growth, social harmony, strong business and trade unions, and global influence. But reality resembles a household budget. Trade-offs exist, or some things cannot be done within the budget. The Green Deal illustrates this clearly. Europe produces only seven percent of global emissions, and even if it applied extreme regulations, it would not change global outcomes, only weaken itself. This has already happened.
Europe does not need more federation or constant value signalling. It needs a return to its original purpose: connecting economies so they remain strong and competitive, and investing seriously in security. After all, we have a war zone six hundred kilometres from our borders. The Green Deal no longer fits today&rsquo;s budget.
How has the war in Ukraine accelerated change?
It has triggered profound changes. Croatia reintroduced compulsory military service. Finland, neutral for eighty years, joined NATO under Prime Minister Sanna Marin. Sweden, proud of its independence, also joined NATO. Poland&rsquo;s military is purchasing tanks at a scale rarely seen elsewhere. These changes are reshaping Europe at a fundamental level.
Migration policy also changed. In 2015, Central Europe faced ridicule for rejecting a wave of migration from the Middle East. Today, Denmark enforces the strictest migration rules, and Germany plans to follow. The ridicule has stopped.
You attend forums like Davos and the Munich Security Conference. A huge amount of capital is currently flowing into defence. Will armaments create growth opportunities for the Czech Republic?
The Czech Republic benefits from a strong industrial base, including arms manufacturing. We never let it disappear. At the same time, the automotive sector, long a pillar of prosperity, faces structural change. People's relationships to cars have shifted, Chinese manufacturers and electromobility are entering the market, and younger generations no longer view car ownership as a life goal. &Scaron;koda Auto is currently Volkswagen Group&rsquo;s most profitable brand, and it deserves recognition, but reliance on automotive production will not suffice ten years from now..
Industry needs a new direction: chips, ICT, advanced manufacturing, investment in semiconductors, such as Onsemi in Moravia, defence technologies from drones to rocket engines, pharmaceuticals, advanced e-commerce and logistics. This mix shows that the Czech economy retains strong potential. PPF contributes to this mix by building ICT infrastructure, operating advanced mobile networks, supporting the digital economy, and developing intelligent transport systems.
How do you see the future of the alliance between Europe and America? Should we start worrying about the level of this relationship? Is it appropriate for Europe to maintain its independence and no longer trust anyone?
I would put it simply: Europe is our family and America are our cousins. Families can disagree and argue, but the bonds remain, including with cousins across the ocean. Cultural, historical, and security ties connect us more closely than any other alternative.
And NATO? 
The transatlantic alliance may be facing strain today, but no stronger alliance exists. European and American elites have misread the story of an America that no longer exists, and Europeans grew comfortable under American protection. Today's America has a different composition, different priorities, and looks mainly towards the Pacific. Europe must accept that reality and move forward without nostalgia. We are mutually dependent and must find ways to keep the relationship functioning. To be honest, I don't think America presents any real alternative to Europe either.
Jan Růžička, Director of External Relations at PPF. | Source: e15 Michaela Szkanderov&aacute;
How do you view this world? How does PPF respond to it?
PPF has a huge advantage because it is a family business, which lets us make decisions quickly and easily. PPF is not controlled by an anonymous stock exchange and thousands of investors. PPF is controlled by four active owners who set the group's strategic direction and make decisions quickly. After Russia invaded Ukraine, the decision to exit Russia followed immediately in March 2022. Contract signings began by May. A listed company could not move that fast.
You exited Russia and China and sold your businesses in the Philippines, Kazakhstan and Indonesia. Where is your centre of gravity now? 
Definitely in Europe. The money from the sales did not sit idly but flowed actively into investments in Poland, Germany, the Czech Republic and the Balkans. And it happened practically overnight.
You are one of those who believe in Europe.
Many claim that Europe has stagnated and is useless. Anyone convinced of that should move their business based in Prague, Vienna, or Poland elsewhere. Europe has fundamental advantages: the rule of law, democracy, predictability, and despite some problems, a functional and transparent business environment. From our perspective, this foundation supports long-term business. Eighty percent of our activity now focuses on Europe, from Scandinavia to Central and Southeastern Europe. PPF invests in virtually all countries of Central and Eastern Europe and views the region as a high-quality, promising area for business.
PPF is pushing digital platforms such as Oneplay. It has also linked O2 and Airbank, and <a href="https://www.e15.cz/rozhovory/balkan-je-skvelym-testem-inovaci-z-telca-se-stava-techco-rika-sef-spolecne-firmy-ppf-a-emiratske-e-1429783">banks with telecommunications in the Balkans</a>. Is this kind of integration the future?
We learnt this in Asia, where people commonly use super apps, unlike Europe, where we have separate services such as Uber, D&aacute;mej&iacute;dlo, Rohl&iacute;k, Heur&eacute;ka and others. In Asia, platforms combine everything from food to real estate purchases to dating in a single application. These online platforms in Asia naturally expand into offline business, because people are social beings. They want to meet up, see clothes in a shop or touch the toys they are buying for their children. In Europe, it's basically the same, only it has moved in the opposite direction.
How is it different in Europe? 
We are building on a strong traditional business and using it as a foundation for our digital platforms. This is exactly where PPF's advantage lies: it owns a unique combination of telecommunications, media, banking and e-commerce. Anyone trying to replicate this would need to assemble several independent companies to create comparable platforms, which would add unnecessary complexity. In our case, everything already fits together.
The interconnectedness of our key pillars creates enormous value for customers, something clearly visible in the Czech Republic. Over the long term, these segments have proven that they work very well together. In Central and Eastern Europe, we also benefit from having room to build these models. It is no coincidence that one of DHL's biggest competitors today is Poland's InPost, where PPF is the largest shareholder.
Why is it important for PPF to stay anchored in Central Europe?
PPF has a Czech and Central European heart, and I am personally delighted that the Kellners decided to keep this region as our home. This gives us a major advantage in building platforms that demand substantial capital and advanced technology. We have what is often called "patient capital". Our shareholders do not operate under short-term pressure, unlike many American funds that must exit after five years. This approach gives us the time to wait for results and build businesses steadily, with a long-term perspective.
What is the goal? 
We have capital, stable financing and a clear DNA. We are not typical "techies", but an industry-focused holding company, a group that knows how to build, operate and improve a business. In a way, we represent the famous Czech "golden hands", only at scale and in a global context.
Nevertheless, the company still has a strong appetite. Although we have sold a several assets over the last three years, we have also invested billions in new companies. We want to grow, we know who we are, and we feel a sense of responsibility. It also matters that we're not alone in this. If the Czech Republic has a deeper &nbsp;strength, it lies in the fact that we are a nation of traders.
The interview was translated and edited for clarity.

CME Boss Sam Barnett On The Power Of Local Shows, ‘Love Island’ And ‘The Bachelor’ In Central Europe; &  Beating Global Streamers At Their Own Game

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CME MEDIA ENTERPRISES B.V.

CME MEDIA SERVICES LIMITED Czech Republic

Operating in Croatia, the Czech Republic, Bulgaria, Romania, Moldova, Slovakia, and Slovenia, CME made significant strides in 2024 by adhering to its &ldquo;anytime, anywhere&rdquo; strategy. Its growth has been fuelled by high-quality local content, increased streaming consumption, and strong performance in TV advertising. Since its acquisition by PPF in 2020, CME has become one of the CEE&rsquo;s largest and most invested-in broadcasters, poised for further expansion. Central to its strategy is its ability to connect with local audiences through resonant stories, supported by a robust long-term content plan and digital agility. In 2024, over 100 projects &ndash; both linear and Voyo-exclusive &ndash; were in development across CME&rsquo;s operations.&nbsp;

As SVOD services rapidly advance across Europe in response to rising consumer expectations, CME has continued to scale up the Voyo platform, premiering 48 originals by the end of 2024. This content garnered critical acclaim from viewers and industry professionals across the region, including ten Czech Lion Film Award nominations for Markovič Method: Hojer.&nbsp; At the close of the year, Voyo had 950,000 paying subscribers in the Czech Republic and Slovakia, with the total across all markets approaching 1.4 million. In most regions, Voyo is among the top three SVOD providers and the number-one local provider. In November 2024, CME, in partnership with the telecommunications operator Yettel, launched Voyo in Serbia, marking its first foray into a market where it does not have a dedicated TV station.&nbsp;
Launching in March 2025, Oneplay &ndash; the new over-the-top video streaming and live television platform from CME&rsquo;s Czech broadcaster Nova and PPF&rsquo;s telecom operator O2 Czech Republic &ndash; exemplifies CME&rsquo;s deep digital transformation. Replacing both Voyo and O2 TV, it brings together the best of television and online content in a single package, offering a wide range of Czech and international channels, from live sports and blockbuster films to niche cinema, children&rsquo;s programming, documentaries, and more.

News continues to be a cornerstone of CME&rsquo;s programming, maintaining significant market and audience share. In 2024, CME continued operating&nbsp; the CME News Bureau in Brussels, serving as a hub for correspondents from all CME stations to report on EU, NATO, and broader European affairs for domestic audiences. &nbsp;
CME continued its strategy of securing premium sports content for live broadcasts, with key acquisitions including Formula 1 for the Czech and Slovak markets, and UEFA EURO 2024 for Slovakia and Romania.&nbsp;
Recognising its influence on millions of people daily, CME is uniquely positioned to raise awareness, raise awareness, inspire, and advocate for positive change. Its sustainability initiative, CME Cares, continues to address the most pressing social and environmental challenges facing the media sector. CME has worked towards earning Top Employers Institute certification for all its stations, already achieving this goal in the Czech Republic and Romania for 2025, with other countries in the pipeline. The company has also pioneered employee engagement, consistently achieving high NPS scores across the group. The CME Content Academy, a two-year multidisciplinary programme aimed at nurturing young talent to become future leaders in the entertainment industry, made further progress in 2024.

Information about CME Media Enterprises B.V. can be found <a href="https://www.cme.net/about-cme" target="_blank" rel="noopener">here</a>.

Romania

Slovenia

Croatia

Moldova

CME is a media and entertainment company operating leading television stations in six Central and Eastern European segments. CME broadcasts 47 television channels, reaches 49 million viewers, and operates Voyo, a leader in streaming services. The company invests heavily in in-house production, content, and distribution platforms as it consolidates its marketleading position.

„We are leading the transformation of media in our region with innovative products, premium local content and a strong commitment to meeting the evolving demands of our audiences.“

Central European Media Enterprises (CME) 

The first interview with the two heads of PPF. Why they withdrew from Asia and how much they believe in Europe

Czechs have a great thing going, but some don’t even know it, says e& PPF Telecom Group CEO Balesh Sharma

Kasper Taczek PPF in conversation with the German Association for the Protection of Investors (Schutzgemeinschaft der Kapitalanleger e.V.)

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Kasper Taczek im Gespräch mit der Schutzgemeinschaft der Kapitalanleger e.V.

Balesh Sharma: Partnership with e& confirms PPF's commitment to Bulgaria

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Balesh Sharma is CEO of e&amp; PPF Telecom Group. The group was formed following last year's announcement of a strategic partnership between the Czech PPF Group and global technology group e&amp;, which operates in the Middle East, Asia, Africa and Europe.
In Bulgaria, e&amp; PPF Telecom Group is represented by telecommunications operator Yettel Bulgaria and infrastructure company CETIN Bulgaria.
What are the results of this partnership today? How do you see its role for Central and Eastern Europe, and what specifically are you focusing on in Bulgaria?
Balesh Sharma discusses this in an exclusive interview with Economic.bg below.
Mr. Sharma, in October last year,&nbsp;<a href="https://www-economic-bg.translate.goog/bg/a/view/yettel-veche-e-s-nov-majoritaren-sobstvenik?_x_tr_sl=auto&amp;_x_tr_tl=en&amp;_x_tr_hl=cs&amp;_x_tr_pto=wapp">PPF Group completed a transaction with global technology group e&amp;</a>, resulting in the creation of a new regional leader, e&amp; PPF Telecom Group. Nine months later, what has this partnership brought? What have you achieved so far, and what lies ahead?
The last few months have been very dynamic, and time has flown by. The partnership with e&amp; is fully meeting expectations. It is giving us much greater opportunities for investment in the region and accelerating the achievement of our strategic goals, which benefits both sides.
Before the agreement was signed, we had a very strong position in Central Europe, but realistically, we were a mid-sized telecommunications group, especially compared to larger competitors. Thanks to our partnership with e&amp;, we now have the scale and resources to make new investments and drive innovation in all our markets.
A clear example of this strategy is the acquisition of SBB in Serbia by e&amp; PPF Telecom Group. In less than six months, we've already invested 820 million euros&mdash;concrete proof of our new direction. And this is just the beginning.
Does the acquisition of SBB mean you have a more ambitious expansion strategy in the region, including Bulgaria?
We're always looking for opportunities to grow our telecommunications business, both organically and through partnerships, expanding our service portfolio or, where it makes sense, through acquisitions.
The acquisition of SBB, a leading TV and internet services provider in Serbia, was strategically justified. Market dynamics and synergies with our existing operations made it a logical step. It was one of the markets where we lacked the products and services that SBB offers.
However, acquisitions are not our only focus. Our main priority remains value creation, whether through organic growth, innovation or strategic transactions. PPF has always pursued an active investment approach, and through our partnership with e&amp;, we have two powerful engines under our wings, so to speak. This gives us the financial strength to move forward and support innovation in all our markets, including Bulgaria.
Is this transaction a sign that PPF is planning to withdraw from the region or from Bulgaria?
Quite the contrary. The transaction clearly signals our long-term commitment. PPF has been a long-standing investor in Bulgaria and active in the local market for many years.
Telecommunications have always been a key pillar of PPF's portfolio, and our deep knowledge of the region was one of the main reasons why e&amp; approached us.
PPF is well known for its regional expertise in telecommunications. How do you differentiate yourself in the European telecommunications market?
PPF has a long tradition in Europe. We know the markets, regulatory environments and customer profiles. e&amp; recognized this as a strategic advantage. Our partnership was a natural step, and its benefits are already beginning to show.
PPF has a history of innovation in the telecommunications sector. Our approach of separating network infrastructure from commercial operations was one of the first in the world and has been successfully applied in markets such as Bulgaria, Serbia, Hungary, the Czech Republic and Slovakia. We were first to introduce this model in Bulgaria, and our competitors later adopted it as well, proving that our strategy was the right one.
We also invest in network quality. For example, Yettel Bulgaria has received the Best in Test certificate for best network eight times from the independent comparative analysis organization umlaut. This year, the company achieved its best result yet, with more than 950 points out of a maximum 1000, ranking its network among the top 10 in Europe and the top 20 in the world.
But in addition to technology, we're also a proven employer. Yettel Bulgaria has twice been awarded the Top Employer certificate by the Top Employers Institute. It's this balance between innovation and operational efficiency that sets us apart.
What is e&amp; PPF Telecom Group's vision for the next five years? Are you focusing on the so-called "techco" model, like many other telecommunications companies?
The telecommunications industry is changing, and we're definitely part of this evolution. The future lies in not just being a connection provider but offering much more. We see the transition from the traditional telco model to the so-called "techco" model as a key part of our development. In practice, the techco model combines telecommunications with innovative digital services, artificial intelligence, and customer-oriented platforms. e&amp; has already undergone this transformation, which puts us in a good position to draw on its experience.
We're also moving in this direction with confidence and a clear goal. As head of e&amp; PPF Telecom Group, it's my job to ensure we're ready for the future&mdash;flexible, digitally oriented and adaptable to change.
Artificial intelligence is a hot topic today. What role does it play in your business, both globally and locally?
Artificial intelligence is playing a transformative role in telecommunications. Globally, it enables preventive maintenance, intelligent network management, and advanced analytics solutions. Locally, including in markets such as Bulgaria, we're already using AI-based tools to personalize the customer experience and optimize operations.
For example, we're integrating AI into customer interactions, from personalized offers in digital channels and physical locations to increasing customer service efficiency. The goal is to create value for both the customer and the business.
PPF Group recently made changes to its management team. Didier Stoessel and Kateřina Jir&aacute;skov&aacute; became CEOs. Does this affect the strategy or direction of e&amp; PPF Telecom Group?
Our strategic direction remains unchanged. As CEO of e&amp; PPF Telecom Group, my role has always been to create value for our customers, shareholders and society as a whole. I set the strategic vision, but local management handles implementation. I have the full confidence and support of the current management teams, including those in Bulgaria. We're keeping both the team and the strategy&mdash;we aren't changing anything that has proved successful.
What is Yettel Bulgaria's main priority at the moment?
Without a doubt, digital transformation. We're focusing on fully digitizing operations and transforming Yettel into a telecommunications company ready for the future. Our goals for 2025 are ambitious, and the local team, led by CEO Jason King, is doing an excellent job of achieving them.
We're actively upgrading the Yettel app into a comprehensive digital platform. It's the first telco app in the country to offer features such as fully digital number portability and tariff activation, as well as expanded payment options through Google Pay and Apple Pay.
We also plan to integrate AI-based tools to improve and personalize the customer experience. From a commercial perspective, we'll be strengthening our exclusive online offerings with the aim of achieving a 30% share of digital transactions.
Of course, we still have a lot of work ahead of us, but this is an exciting time for both the telecom sector in Europe and our customers in Bulgaria.

Newsroom