Asseco South Eastern Europe S.a. · GPW:ASE
Asseco South Eastern Europe — Q3 2025 Earnings Presentation
35 slides from Asseco South Eastern Europe's earnings presentation, Oct 24, 2025
Slide 1: ASEE Payten
aasee Payten
Slide 2: Financial results for Q3'2025 and Business Update
Financial results for Q3’2025 And Business Update 24th October 2025
Slide 3: Q3'25 – Highlights
Q3’25 – Highlights ▪ Payment EBIT impacted by (non-cash) write-offs and revenue reversals in India and UAE: -7.5mE ▪ Current operations delivered solid EBIT growth - adjusted for one-offs ▪ Payment slowdown, driven by: ▪ Enterprise eComm revenue decline in Turkey (major 2 banks insource transactions
Slide 4: Q3'2025 results
OD = 03’2025 results
Slide 5: Q3'25 – Results affected by one-offs
Q3’25 – Results affected by one-offs mEUR mPLN Q3 2025 Q3 2024 Q3 2025 Q3 2024 Q3 2025 Q3 2024 % Diff Q3 2025 Q3 2024 % Diff no hyper. no hyper. no hyper. no hyper. Revenue 102.5 103.7 101.5 103.8 -2% 437.2 444.8 433.0 444.9 -3% EBITDA 19.0 20.8 18.7 20.8 -10% 80.9 89.1 79.8 89.4 -11% EBIT 10.8 14.9
Slide 6: Q3'25 – Impact of one-offs [mEUR]
Q3’25 – Impact of one-offs [mEUR] Reported Adjusted Reported One-offs Goodwill Q3 2025 Q3 2024 Q3 2025 Revenue Assets PPA Total mEUR Q3 2025 Q3 2024 % Diff write-off no hyper. no hyper. no hyper. reversal write-off write-off One-Offs and earnout Revenue 102.5 103.7 105.5 103.8 +2% 101.5 4.1 4.1 EBIT
Slide 7: Q3'25 – Impact of one-offs [mPLN]
Q3’25 – Impact of one-offs [mPLN] Reported Adjusted Reported One-offs Goodwill Q3 2025 Q3 2024 Q3 2025 Revenue Assets PPA Total mPLN Q3 2025 Q3 2024 % Diff write-off no hyper. no hyper. no hyper. reversal write-off write-off One-Offs and earnout Revenue 437.2 444.8 450.4 444.9 +1% 433.0 17.4 17.4 EB
Slide 8: Q3'25 – Strong Dedicated and Banking (excl. one offs)
Q3’25 – Strong Dedicated and Banking (excl. one offs) Revenue EBITDA EBIT mEUR Q3 2025 Q3 2024 Diff Q3 2025 Q3 2024 Diff Q3 2025 Q3 2024 Diff Payment Solutions 53.2 56.5 -3.3 13.3 15.6 -2.3 9.2 11.8 -2.7 Non-Payment 52.3 47.2 +5.1 11.1 5.2 +5.9 9.1 3.3 +5.8 Banking Solutions 19.8 16.0 +3.8 6.0 3.9 +
Slide 9: Q3'25 – ECR and IPD revenues growth (excl. one offs)
Q3’25 – ECR and IPD revenues growth (excl. one offs) EBIT per BUs Q3 2025 Revenue eCommerce mEUR Q3 2025 Q3 2024 Diff 13% (13%) ECR + IPD Processing ECR + IPD 6.8 5.0 +1.8 POS 28%3% (4%) 16% (9%) (25%) eComm. + Proc. 15.1 16.0 -1.0 POS 55% (52%) ATM (incl. IAD) 11.0 14.4 -3.4 ** eComm. + Proc. ATM (
Slide 10: Q3'25 – Strong SEE, CEE, weak India, MEA and Turkey
Q3’25 – Strong SEE, CEE, weak India, MEA and Turkey (excl. one offs) Revenue EBIT mEUR Q3 2025 Q3 2024 Diff % Diff Q3 2025 Q3 2024 Diff % Diff SEE 66.4 57.9 +8.5 +15% 15.5 10.7 +4.7 +44% B&H 13.8 7.8 +6.0 +77% 5.0 0.8 +4.3 >+300% Croatia 16.0 15.4 +0.6 +4% 3.5 3.8 -0.3 -7% Macedonia 4.8 3.5 +1.3 +37
Slide 11: Q1-3'2025 results
Q1-3’2025 results 11
Slide 12: Q1-3'25 – Results affected by one-offs
Q1-3’25 – Results affected by one-offs mEUR mPLN Q1-3 2025 Q1-3 2024 Q1-3 2025 Q1-3 2024 Q1-3 2025 Q1-3 2024 % Diff Q1-3 2025 Q1-3 2024 % Diff no hyper. no hyper. no hyper. no hyper. Revenue 298.3 281.1 297.9 279.3 +7% 1,263.9 1,209.5 1,262.0 1,201.5 +5% EBITDA 55.2 53.4 55.1 53.1 +4% 234.0 229.8 23
Slide 13: Q1-3'25 – Impact of one-offs [mEUR]
Q1-3’25 – Impact of one-offs [mEUR] Reported Adjusted Reported One-offs Goodwill Q1-3 2025 Q1-3 2024 Q1-3 2025 Revenue Assets PPA Total mEUR Q1-3 2025 Q1-3 2024 % Diff write-off no hyper. no hyper. no hyper. reversal write-off write-off One-Offs and earnout Revenue 298.3 281.1 299.4 279.3 +7% 297.9
Slide 14: Q1-3'25 – Impact of one-offs [mPLN]
Q1-3’25 – Impact of one-offs [mPLN] Reported Adjusted Reported One-offs Goodwill Q1-3 2025 Q1-3 2024 Q1-3 2025 Revenue Assets PPA Total mPLN Q1-3 2025 Q1-3 2024 % Diff write-off no hyper. no hyper. no hyper. reversal write-off write-off One-Offs and earnout Revenue 1,263.9 1,209.5 1,268.6 1,201.5 +6
Slide 15: Q1-3'25 – Recovery of DS and good Banking (excl. one offs)
Q1-3’25 – Recovery of DS and good Banking (excl. one offs) Revenue EBITDA EBIT mEUR Q1-3 2025 Q1-3 2024 Diff Q1-3 2025 Q1-3 2024 Diff Q1-3 2025 Q1-3 2024 Diff 141 135 6 24 16 8 18 9 8 Payment Solutions 158.6 144.1 +14.5 34.3 37.4 -3.2 22.0 26.8 -4.8 Non-Payment 140.8 135.1 +5.6 24.1 15.7 +8.4 17.7 9
Slide 16: Q1-3'25 – Growth of revenues in all lines (excl. one offs)
Q1-3’25 – Growth of revenues in all lines (excl. one offs) EBIT per BUs Q1-3 2025 Revenue eCommerce 13% (13%) mEUR Q1-3 2025 Q1-3 2024 Diff Processing ECR + IPD 3% (4%) ECR + IPD 17.5 13.1 +4.4 POS 31% 14% (10%) (27%) ATM eComm. + Proc. 44.6 40.2 +4.4 POS 29% (31%) 55% (52%) ATM (incl. IAD) 37.1 34.
Slide 17: Q1-3'25 – Strong SEE, CEE, weaker Turkey&WE, issues in MEA&India
Q1-3’25 – Strong SEE, CEE, weaker Turkey&WE, issues in MEA&India Revenue EBIT mEUR Q1-3 2025 Q1-3 2024 Diff % Diff Q1-3 2025 Q1-3 2024 Diff % Diff SEE 186.0 164.2 +21.8 +13% 33.1 24.3 +8.9 +37% B&H 31.1 19.9 +11.1 +56% 8.5 1.3 +7.2 >+300% Croatia 47.1 42.0 +5.1 +12% 7.9 7.0 +0.9 +12% Macedonia 13.6
Slide 18: Cashflow and liquidity
Cashflow and liquidity 18
Slide 19: Cashflow
Cashflow mEUR Q3 2025 LTM 2024 2023 2025 Q1-3 2024 Q1-3 Operating cash flow 74.0 47.8 70.5 38.9 12.7 - Infrastructure for outsourcing & own networks -15.0 -13.6 -7.8 -10.3 -8.9 - Capitalized R&D 0.0 0.0 -0.1 0.0 0.0 - M&A -5.4 -21.1 -18.2 -5.4 -21.1 - Other CAPEX -7.9 -7.7 -7.6 -4.2 -4.0 - Dividends
Slide 20: Liquidity situation
Liquidity situation mEUR 30 Sep'25 2024 YE Diff 30 Sep'24 Cash and equivalents 53.2 63.5 -10.3 47.2 Loans (ST) -17.7 -18.0 +0.3 -23.6 Lease (ST) -5.0 -4.1 -0.9 -4.1 Dividends (ST) -0.9 -0.9 +0.0 -1.1 M&A liabilities (ST) -29.7 -10.1 -19.7 -17.2 Net Cash (ST) -0.1 30.4 -30.5 1.0 Net Cash (ST) + Loans
Slide 21: Outlook for 2025
Outlook for 2025 21
Slide 22: ASEE + Payten
ASEE + Payten mEUR Q4 2025F Q4 2024F % Diff mEUR 2025F 2024F % Diff Revenues BL 102.8 86.9 +18% Revenues BL 397.6 359.9 +10% Margin1 BL 78.5 65.3 +20% Margin1 BL 302.9 266.9 +13% 90 350 80 +13% +20% 300 70 250 60 50 200 40 30 78.5 65.3 150 302.9 266.9 100 20 50 10 0 0 Q4 2025F Q4 2024F 2025F 2024F *
Slide 23: ASEE – Banking and Dedicated Solutions
ASEE – Banking and Dedicated Solutions mEUR Q4 2025F Q4 2024F % Diff mEUR 2025F 2024F % Diff Revenues BL 61.5 49.8 +23% Revenues BL 203.7 184.9 +10% Margin1 BL 41.4 30.4 +36% Margin1 BL 146.0 121.1 +21% 45 160 40 +36% 140 +21% 35 120 30 100 25 20 41.4 80 146.0 15 30.4 60 121.1 10 40 5 20 0 0 Q4 2025
Slide 24: Payten
Payten mEUR Q4 2025F Q4 2024F % Diff mEUR 2025F 2024F % Diff Revenues BL 41.3 37.1 +11% Revenues BL 193.9 175.0 +11% Margin1 BL 37.1 35.0 +6% Margin1 BL 156.9 145.9 +8% 40 180 160 +8% 35 +6% 140 30 120 25 100 20 15 37.1 35.0 80 60 156.9 145.9 10 40 5 20 0 0 Q4 2025F Q4 2024F 2025F 2024F * backlog da
Slide 25: Appendixes: Q3 Results without one-off adjustment
Appendixies Q3 Results without one-off adjustment 25
Slide 26: Q3'25 – Strong Banking and Dedicated Solutions
Q3’25 – Strong Banking and Dedicated Solutions Revenue EBITDA EBIT mEUR Q3 2025 Q3 2024 Diff Q3 2025 Q3 2024 Diff Q3 2025 Q3 2024 Diff 52 47 5 11 5 6 9 3 6 Payment Solutions 49.1 56.5 -7.4 7.6 15.6 -8.0 1.7 11.8 -10.2 Non-Payment 52.3 47.2 +5.1 11.4 5.2 +6.2 9.1 3.3 +5.8 Banking Solutions 19.8 16.0
Slide 27: Q3'25 – Revenues growth in ECR and IPD
Q3’25 – Revenues growth in ECR and IPD EBIT per BUs Q3 2025 Revenue eCommerce 13% (13%) mEUR Q3 2025 Q3 2024 Diff Processing ECR + IPD 3% (4%) ECR + IPD 6.8 5.0 +1.8 POS 152% 88% (9%) (25%) ATM eComm. + Proc. 11.0 16.0 -5.1 POS 29% (31%) 55% (52%) ** ATM (incl. IAD) 11.0 14.4 -3.4 ATM (incl. IAD) eC
Slide 28: Q3'25 – Strong SEE, CEE results, weak Turkey, India and MEA
Q3’25 – Strong SEE, CEE results, weak Turkey, India and MEA Revenue EBIT mEUR Q3 2025 Q3 2024 Diff % Diff Q3 2025 Q3 2024 Diff % Diff SEE 66.4 57.9 +8.5 +15% 15.5 10.7 +4.7 +44% B&H 13.8 7.8 +6.0 +77% 5.0 0.8 +4.3 >+300% Croatia 16.0 15.4 +0.6 +4% 3.5 3.8 -0.3 -7% Macedonia 4.8 3.5 +1.3 +37% 1.3 0.6
Slide 29: Appendixes: Q1-3 Results without one-off adjustment
Appendixies Q1-3 Results without one-off adjustment 29
Slide 30: Q1-3'25 – Growth in Dedicated Solutions and Banking
Q1-3’25 – Growth in Dedicated Solutions and Banking Revenue EBITDA EBIT mEUR Q1-3 2025 Q1-3 2024 Diff Q1-3 2025 Q1-3 2024 Diff Q1-3 2025 Q1-3 2024 Diff 141 135 6 24 15 9 18 9 8 Payment Solutions 157.1 144.1 +13.0 31.1 37.4 -6.4 17.0 26.8 -9.7 Non-Payment 140.8 135.1 +5.6 24.1 15.1 +9.0 17.7 9.3 +8.4
Slide 31: Q1-3'25 – Growth of revenues in all lines
Q1-3’25 – Growth of revenues in all lines EBIT per BUs Q1-3 2025 Revenue eCommerce 13% (13%) mEUR Q1-3 2025 Q1-3 2024 Diff Processing ECR + IPD 3% (4%) ECR + IPD 17.5 13.1 +4.4 18% (10%) POS 40% ATM eComm. + Proc. 43.0 40.2 +2.9 (27%) POS 29% (31%) 55% (52%) eComm. + Proc. ATM (incl. IAD) 37.1 34.9
Slide 32: Q1-3'25 – Strong SEE, CEE, weaker Turkey&WE, issues in MEA&India
Q1-3’25 – Strong SEE, CEE, weaker Turkey&WE, issues in MEA&India Revenue EBIT mEUR Q1-3 2025 Q1-3 2024 Diff % Diff Q1-3 2025 Q1-3 2024 Diff % Diff SEE 186.0 164.2 +21.8 +13% 33.1 24.3 +8.9 +37% B&H 31.1 19.9 +11.1 +56% 8.5 1.3 +7.2 >+300% Croatia 47.1 42.0 +5.1 +12% 7.9 7.0 +0.9 +12% Macedonia 13.6
Slide 33: Legal disclaimer
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Slide 34: Thank you
Thank you http:// asee.io 34
Slide 35: ASEE
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