Asseco Poland S.a. · GPW:ACP
Asseco Poland — Q3 2025 Earnings Presentation
45 slides from Asseco Poland's earnings presentation, Dec 2, 2025
Slide 1: Asseco Group's results Q1-Q3 2025
Asseco Group's results Q1-Q3 2025 December 1, 2025 August 27, 2024
Slide 2: Summary of the Group's results in Q1-Q3 2025
Summary of the Group's results in Q1-Q3 2025 • Three strategic pillars – federated organizational model, deep sectoral and geographical diversification, consistent development of proprietary product offering • Very good results of the Asseco Group and increased operational efficiency o 11% increase
Slide 3: Exclusion of Sapiens Group's data from consolidated results
Exclusion of Sapiens Group’s data from consolidated results • Signing of a conditional agreement for the sale of a majority stake in Sapiens International by Formula Systems (FS): → FS's share in Sapiens will decrease from 43.5% to approx. 18% – loss of control over Sapiens → classification as disco
Slide 4: Summary of activities
Summary of activities 4
Slide 5: Revenues by operating segments
Revenues by operating segments Sales revenues Asseco Poland Segment (PLN million) • Asseco's involvement in the development of the digital ecosystem of the state • Implementation of transformation projects in public administration, +11% 12 255 energy, and healthcare • Stable stream of recurring reve
Slide 6: Revenues by product groups
Revenues by product groups PLN million 2 767 +8% 2 552 Solutions for finance 25% 23% +16% 2 973 Solutions for public institutions 2 563 Revenues +9% 1 213 1 114 ERP solutions 12 255 +12% 2 255 2 007 18% Other IT solutions 24% 10% 2 764 +10% 3 046 Infrastructure and other Q1-Q3 2024 Q1-Q3 2025 Share
Slide 7: Solutions for finance
Solutions for finance Revenues (PLN million) Q1-Q3 2025 Q1-Q3 2024 Change Asseco Poland Segment 484.5 441.1 +10% Asseco International Segment 1 185.7 1 118.1 +6% 2 659 2 452 2 552 2 767 Formula Systems Segment 1 097.6 992.5 +11% 2 170 Asseco Group* 2 767.2 2 551.6 +8% Q1-Q3 2021 Q1-Q3 2022 Q1-Q3 202
Slide 8: Solutions for public institutions
Solutions for public institutions Revenues (PLN million) Q1-Q3 2025 Q1-Q3 2024 Change Asseco Poland Segment 883.1 729.6 +21% Asseco International Segment 373.9 280.3 +33% 2 645 2 973 Formula Systems Segment 1 728.6 1 558.1 +11% 2 394 2 563 2 053 Asseco Group* 2 973.1 2 563.2 +16% Q1-Q3 2021 Q1-Q3 20
Slide 9: ERP solutions
ERP solutions Revenues (PLN million) Q1-Q3 2025 Q1-Q3 2024 Change Asseco Poland Segment 51.7 42.5 +22% Asseco International Segment 716.5 688.0 +4% Formula Systems Segment 447.8 386.3 +16% 1 026 1 081 1 114 1 213 872 Asseco Group* 1 213.1 1 114.2 +9% Q1-Q3 2021 Q1-Q3 2022 Q1-Q3 2023 Q1-Q3 2024 Q1-Q3
Slide 10: Other IT solutions
Other IT solutions Revenues (PLN million) Q1-Q3 2025 Q1-Q3 2024 Change Asseco Poland Segment 133.7 145.5 -8% Asseco International Segment 68.5 73.5 -7% 2 081 2 007 2 255 Formula Systems Segment 2 052.8 1 791.3 +15% 1 468 1 719 Asseco Group* 2 255.2 2 007.4 +12% Q1-Q3 2021 Q1-Q3 2022 Q1-Q3 2023 Q1-Q3
Slide 11: Group's development – acquisitions
Group’s development – acquisitions Acquisitions on the Polish market: Acquisitions on the Israeli market: Infocomp specializes in advanced IT and process Gav Systems and Gav Expert provide services in the field outsourcing services for hospital systems. of high-tech employee outsourcing and call cen
Slide 12: Financial information
Financial information 12
Slide 13: Selected consolidated financial data for Q1-Q3 2025
Selected consolidated financial data for Q1-Q3 2025 PLN 12 255 million PLN 9 338 million Sales revenues Proprietary software and services CAGR 2021-2025: +8% CAGR 2021-2025: +9% PLN 1 847 million PLN 1 445 million Non-IFRS EBITDA Non-IFRS EBIT CAGR 2021-2025: +8% CAGR 2021-2025: +7% PLN 516 million
Slide 14: Non-IFRS results Q1-Q3 2025 vs. Q1-Q3 2024
Non-IFRS results Q1-Q3 2025 vs. Q1-Q3 2024 Sales revenues +1 035 +355 12 255 11 000 PLN million -135 Revenues, Przychody Q1-Q3 2024 FX rates kursy organic wyniki results, organiczne acquisitions akwizycje Revenues, Przychody Q1-Q3 2024 Q1-Q3 2025 2025 Q1-Q3 2025 walut Q1-Q3 Q1-Q3 2025 Non-IFRS opera
Slide 15: Non-IFRS results Q1-Q3 2025 vs. Q1-Q3 2024
Non-IFRS results Q1-Q3 2025 vs. Q1-Q3 2024 Non-IFRS net profit attributable to shareholders of the parent company +128 516 PLN million 400 -11 Non-IFRS net profit, one-offs 2024* one-offs 2024* results Q1-Q3 2025 Non-IFRS net profit, Zysk netto non-IFRS wyniki Q1-Q3 2025 Zysk netto non-IFRS Q1-Q3 20
Slide 16: Revenues and operating profit
Revenues and operating profit Δ excluding effect of exchange Q1-Q3 2025 Q1-Q3 2024 Δ Q3 2025 Q3 2024 Δ rate differences Q1-Q3 / Q3: Sales revenues 12 254.5 11 000.1 +11% 4 267.5 3 670.9 +16% +13% / +17% Proprietary software and services 9 338.1 8 372.5 +12% 3 246.8 2 813.9 +15% Non-IFRS EBITDA* 1 84
Slide 17: Reconciliation of operating profit and net profit
Reconciliation of operating profit and net profit Q1-Q3 2025 Q1-Q3 2024 Δ Q3 2025 Q3 2024 Δ Non-IFRS operating profit* 1 445.3 1 228.2 +18% 512.2 442.1 +16% Operating profit 1 213.3 1 046.9 +16% 427.0 381.4 +12% Interest income -94.9 -96.4 - -31.8 -35.7 - Foreign exchange transactions -32.3 -14.1 -
Slide 18: Financial results of regions and subsidiaries
Financial results of regions and subsidiaries Non-IFRS net profit contribution Sales revenues Non-IFRS operating profit* to Asseco Poland* Q1-Q3 2025 Q1-Q3 2024 Q1-Q3 2025 Q1-Q3 2024 Q1-Q3 2025 Q1-Q3 2024 Asseco Poland Segment 1 696.8 1 492.2 346.8 255.0 256.4 168.5 Asseco Poland (excluding dividend
Slide 19: Cash generated (LTM)
Cash generated (LTM) Formula Systems Asseco International Asseco Poland Asseco Group Segment Segment Segment CFO BT* 2 641.2 1 254.0 806.0 584.2 CAPEX+ leasing** -580.9 -242.9 -244.2 -96.2 Free cash flow*** 2 060.3 1 011.1 561.8 488.0 Cash conversion ratio**** 108% 104% 107% 114% Figures in PLN mill
Slide 20: Stable liquidity situation
Stable liquidity situation as at September 30, 2025 Formula Systems Asseco International Asseco Poland Asseco Group Eliminations Segment Segment Segment Cash 2 708.8 1 560.2 779.3 369.3 - Interest liabilities (ST) -1 393.6 -1 034.2 -247.0 -115.0 2.6 Liabilities from loans and borrowings (ST) -1 170.
Slide 21: Financial information – Proportional recognition
Financial information Proportional recognition 21
Slide 22: Non-IFRS results Q1-Q3 2025 vs. Q1-Q3 2024 – proportional recognition
Non-IFRS results for Q1-Q3 2025 vs. Q1-Q3 2024 –proportionalrecognition Sales revenues PLN million +559 +67.0 4 881 4 295 -40 Revenues, FX rates organic results acquisitions Revenues, Przychody Q1-Q3 2024 kursy wyniki organiczne akwizycje Przychody Q1-Q3 2024 Q1-Q3 2025 Q1-Q3 2025 walut Q1-Q3 2025 Q
Slide 23: Revenues and operating profit – proportional recognition
Revenues and operating profit – proportional recognition Δ excluding effect of exchange Proportional recognition* Q1-Q3 2025 Q1-Q3 2024 Δ Q3 2025 Q3 2024 Δ rate differences Q1-Q3 / Q3: Sales revenues 4 880.5 4 295.3 +14% 1 685.7 1 436.5 +17% +15% / +18% Proprietary software and services 3 775.9 3 38
Slide 24: Stable liquidity situation – proportional recognition
Stable liquidity situation – proportional recognition as at September 30, 2025 Formula Systems Asseco International Asseco Poland Proportional recognition* Asseco Group Eliminations Segment Segment Segment Cash 1 240.2 248.5 631.5 360.2 - Interest liabilities (ST) -461.0 -161.3 -177.8 -120.7 -1.2 Li
Slide 25: Cash generated (LTM) – proportional recognition
Cash generated (LTM) – proportional recognition Formula Systems Asseco International Asseco Poland Proportional recognition* Asseco Group Segment Segment Segment CFO BT** 1 229.4 165.6 490.9 572.9 CAPEX + leasing*** -282.9 -33.4 -149.4 -95.1 Free cash flow**** 946.5 132.2 341.5 477.8 Cash conversion
Slide 26: Order backlog
Order backlog 26
Slide 27: Group's order backlog
Group’s order backlog Proprietary software and services Fixed exchange rates* Variable exchange rates** +13% 12 461 12 341 11 041 +12% 11 041 +14% 2 027 +14% 2 027 Asseco Poland Segment 1 785 1 785 +14% 3 155 +12% 3 098 Asseco International Segment 2 763 2 763 +12% +11% Formula Systems Segment 6 492
Slide 28: Attachments
Attachments 28
Slide 29: Sales revenues by product groups
Sales revenues by product groups Q1-Q3 2025 %∆ Q1-Q3 2024 Solutions for finance 2 767 +8% 2 552 23% 24% Solutions for public institutions 2 973 +16% 2 563 Revenues 12 255 ERP solutions 1 213 +9% 1 114 PLN million 10% 25% Other IT solutions 2 255 +12% 2 007 18% Infrastructure and other 3 046 +10% 2 7
Slide 30: Sales revenues by type
Sales revenues by type Q1-Q3 2025 %∆ Q1-Q3 2024 76% Proprietary software and services 9 338 +12% 8 373 Revenues Third-party software and services 1 374 +10% 1 249 12 255 11% PLN million Hardware and infrastructure 1 542 +12% 1 378 13% Sales revenues 12 255 +11% 11 000 Data in PLN million. 30
Slide 31: Non-IFRS EBIT – segments
Non-IFRS EBIT – segments 347 255 26% 379 347 Non-IFRS EBIT 50% 1 445 729 PLN million 631 24% Q1-Q3 2024 Q1-Q3 2025 Formula Systems Segment Asseco International Segment Asseco Poland Segment Data in PLN million. Data does not include consolidation adjustments. 31
Slide 32: Non-IFRS EBIT
Non-IFRS EBIT PLN million Non-IFRS EBIT 1 445.3 Non-IFRS EBIT +18% 1 228.2 232.0 PPA, SBP, M&A 181.3 1 213.3 EBIT 1 046.9 Q1-Q3 2024 Q1-Q3 2025 PPA: cost of amortization of intangible assets recognized as part of the merger settlement. SBP: cost of equity-settled transactions with employees. M&A: in
Slide 33: Non-IFRS net profit for the Group
Non-IFRS net profit for the Group PLN million Non-IFRS net profit attributable to shareholders Non-IFRS net profit of the parent company attributable to shareholders of the parent company 516.2 +29% 399.9 63.0 PPA, SBP, M&A, 30.7 hyperinflation Net profit 453.2 attributable to shareholders 369.1 of
Slide 34: Net profit attributable to shareholders – change
1 profit NetNet profit Q1-Q3,2024 Q1-Q3 2024 369.1 Group’s EBIT GroupEBIT Asseco Group Other markets +166.4 1 Asseco Poland Segment Minority Minority interest shareholders’ in EBIT EBIT -61.4 EBIT +86.5 +79.9 +166.4 Change Group’s Financial finance activities activity -42.4 of the Group 2 Finance Ch
Slide 35: Explanation of change in consolidated cash balance
Explanation of change in consolidated cash balance* 1 Cash from investing activities (PLN million) M&A -205.5 +1 534.9 CAPEX + R&D -220.8 -282.6 Loans, deposits, debt instruments and other 45.0 -381.3 Total -381.3 -813.9 -167.3 -243.7 1 2 3 213.6 2 859.7 2 Cash from financing activities (PLN million
Slide 36: Explanation of change in stand-alone cash balance
Explanation of change in stand-alone cash balance* 1 Cash from investing activities (PLN million) +324.6 Dividends +202.0 CAPEX + R&D -31.4 M&A +4.7 -48.8 +171.6 Loans and other -3.7 Total +171.6 1 -394.5 267.3 2 214.3 Cash from financing activities (PLN million) 2 Dividend -268.7 Debt and leasing -
Slide 37: Financial results by product groups
Financial results by product groups Sales revenues Non-IFRS EBITDA* non-IFRS EBIT* Q1-Q3 2025 Q1-Q3 2024 Q1-Q3 2025 Q1-Q3 2024 Q1-Q3 2025 Q1-Q3 2024 Solutions for finance 2 767.2 2 551.6 466.3 471.6 369.8 370.4 Asseco Poland Segment 484.5 441.1 117.1 102.9 100.1 86.2 Asseco International Segment 1 1
Slide 38: Financial results by product groups
Financial results by product groups Sales revenues Non-IFRS EBITDA* Non-IFRS EBIT* Q3 2025 Q3 2024 Q3 2025 Q3 2024 Q3 2025 Q3 2024 Solutions for finance 977.9 907.6 157.0 175.3 128.6 140.5 Asseco Poland Segment 174.2 154.1 44.4 38.9 380 33.2 Asseco International Segment 393.6 405.5 73.8 97.2 65.0 79
Slide 39: Financial results by product groups – proportional recognition
Financial results by product groups – proportional recognition Sales revenues Non-IFRS EBITDA** Non-IFRS EBIT** Proportional recognition* Q1-Q3 2025 Q1-Q3 2024 Q1-Q3,2025 Q1-Q3 2024 Q1-Q3 2025 Q1-Q3 2024 Solutions for finance 1 269.5 1 167.1 257.4 246.4 211.6 197.0 Asseco Poland Segment 460.6 418.2
Slide 40: Financial results by product groups – proportional recognition
Financial results by product groups – proportional recognition Sales revenues Non-IFRS EBITDA** Non-IFRS EBIT** Proportional recognition* Q3 2025 Q3 2024 Q3 2025 Q3 2024 Q3 2025 Q3 2024 Solutions for finance 447.3 414.9 90.8 92.6 77.4 75.9 Asseco Poland Segment 166.2 146.6 42.8 37.4 36.6 32.0 Asseco
Slide 41: Financial results of regions and subsidiaries – proportional recognition
Financial results of regions and subsidiaries – proportional recognition Non-IFRS net profit contribution Sales revenues Non-IFRS operating profit** Proportional recognition* to Asseco Poland** Q1-Q3 2025 Q1-Q3 2024 Q1-Q3 2025 Q1-Q3 2024 Q1-Q3 2025 Q1-Q3 2024 Asseco Poland Segment 1 665.3 1 459.9 33
Slide 42: Non-IFRS EBIT by product groups
Non-IFRS EBIT by product groups PLN million 225 17% 26% 223 226 186 non-IFRS EBIT 370 280 16% 1 445 PLN million 370 370 25% 254 16% 168 Q1-Q3 2024 Q1-Q3 2025 Solutions for finance Solutions for public institutions ERP solutions Other IT solutions Infrastructure and other Non-IFRS recognition include
Slide 43: Legal disclaimer
Legal disclaimer The content available in the presentation is protected by copyright and is proprietary. Texts, graphics, photographs, sound, animations, and videos, as well as their arrangement in the presentation, are protected under the Copyright and Related Rights Act and other related regulatio
Slide 44: Digitization leader in Poland
• DIGITIZATION LEADER IN POLAND
Slide 45: Asseco Group Asseco Poland
Asseco Group Asseco Poland www.asseco.com www.asseco.pl @asseco_group @asseco_pl linkedin.com/company/asseco-group linkedin.com/company/asseco-poland youtube.com/user/AssecoPolandSA facebook.com/AssecoPolandKariera/ facebook.com/AssecoPolandKariera/.