Austriacard Holdings Ag · ATHEX:ACAG
Austriacard — Investor Presentation (November 2025)
57 slides from Austriacard's investor presentation, November 2025
Slide 1: Digital Technologies Forward
AUSTRIACARD HOLDINGS AG Digital Technologies Forward Corporate Presentation November 2025
Slide 2: Disclaimer
AUSTRIACARD HOLDINGS Corporate Presentation 2 Disclaimer This presentation (“Presentation”) has been prepared by AUSTRIACARD HOLDINGS AG (the “Company”) solely for informational purposes and is Any securities offered by the Company have not been, and will not be, registered under the Securities Act
Slide 3: Contents
AUSTRIACARD HOLDINGS Corporate Presentation 3 Contents 04. An attractive investment case 14. Growth Strategy 34. Appendix I – Group Information 40. Appendix II – Case Studies 46. Appendix III – Market Statistics 49. Appendix IV – Financial Statements
Slide 4: An attractive investment case
AUSTRIACARD HOLDINGS Corporate Presentation 4 An attractive investment case
Slide 5: About us
AUSTRIACARD HOLDINGS Corporate Presentation 5 About us adj. EBITDA1 Revenues 1 Net Profit1 A global provider of identity and payment solutions, €392m €55m €19m with a strategic focus on digital transformation 14.1% margin technologies, powered by proprietary technology and AI capabilities Operating
Slide 6: Solutions Portfolio
AUSTRIACARD HOLDINGS Corporate Presentation 6 Solutions Portfolio Digital Technologies Identity & Payment Document Lifecycle Management Artificial Intelligence Security Documents & Payment cards Empowered Solutions Traceability Remote KYC/KYB Personalized Digital Card as a service (CaaS) Onboarding
Slide 7: A platform built for scale with a proven track record of growth
AUSTRIACARD HOLDINGS Corporate Presentation 7 A platform built for scale with a proven track record of growth… Revenues1 Adj. EBITDA1 Net Profit1 €m 90, 0 22, 0% CAGR 21, 0% CAGR EBITDA margin 20, 0% 2021-24 19, 0% 2021-24 392,3 14,1% 18, 0% 19,2 13,8% 80, 0 17, 0% +30% 12,3% 12,4% 16, 0% 15, 0% +24
Slide 8: …with a solid financial position…
AUSTRIACARD HOLDINGS Corporate Presentation 8 …with a solid financial position… Net Debt & Leverage1 Total Assets Total Equity €m CAGR 200 ,0 5,0 CAGR 190 ,0 3,9 Net Debt / adj. EBITDA (x) 4,5 2021-24 2021-24 332 125 180 ,0 170 ,0 4,0 3,5 +14% 322 +22% 160 ,0 3,0 107 150 ,0 2,0 1,9 1,7 2,5 140 ,0 13
Slide 9: …and a well diversified Revenue mix supported by a global exposure
AUSTRIACARD HOLDINGS Corporate Presentation 9 …and a well diversified Revenue mix supported by a global exposure Revenues per Solution Revenues per Geographic segment €m 392 392 365 +45% 365 +56% 27 72 16 315 54 315 10 60 112 135 +29% 116 131 +28% 110 178 178 117 9 19 63 62 195 236 230 +29% 225 225
Slide 10: Investment proposition
AUSTRIACARD HOLDINGS Corporate Presentation 10 Investment proposition Diversified digital solutions Proprietary technologies A platform built for scale portfolio in a fast-growing and chip operating systems with a proven track record technology segment of growth supported by value-accretive acquisit
Slide 11: Strategy
AUSTRIACARD HOLDINGS Corporate Presentation 11 Strategy Transition into a full-service Technology is the Dual-track growth strategy solutions provider as a cornerstone of our strategic (organic & inorganic) will trusted, long-term partner architecture, powering solidify our position and innovation a
Slide 12: A seasoned management team with a proven track record
AUSTRIACARD HOLDINGS Corporate Presentation 12 A seasoned management team with a proven track record of driving growth and operational excellence Dr. Mohamed Chemloul Manolis Kontos Jon Neeraas Burak Bilge Vice Chairman Management Markus Kirchmayr Chairman Management Board & EVP Western Europe, EVP
Slide 13: Shareholder Structure
AUSTRIACARD HOLDINGS Corporate Presentation 13 Shareholder Structure Free float1 23,8% Total Shares Outstanding 36,353,868 • Dual Listing: Vienna (VSE) & Athens (ATHEX) Own shares 1,2% • Commencement of Trading: 23 March 2023 74,9% • Sector: Technology Founder2 & • ISIN: AT0000A325L0 Management • Sy
Slide 14: Growth Strategy
AUSTRIACARD HOLDINGS Corporate Presentation 14 Growth Strategy
Slide 15: Our Growth Strategy Pillars
AUSTRIACARD HOLDINGS Corporate Presentation 15 Our Growth Strategy Pillars • transition from Fintech to Tier 2 Banks UK • roll out Card-as-a-Service (CaaS) US • target Fintech and Tier 2 Banks Geographic Focus areas to develop cutting-edge 1 expansion products & comprehensive solutions France • stra
Slide 16: Our Products & Services Portfolio Enhancement Strategy
AUSTRIACARD HOLDINGS Corporate Presentation 16 Our Products & Services Portfolio Enhancement Strategy • Shift to solution-led, recurring revenue models Objectives • Deepen client relationships through platform integration & lifecycle services Payment and Banking 1 solutions as a service • Scale digi
Slide 17: Q3 results confirmed guidance for robust growth momentum in H2 2025
AUSTRIACARD HOLDINGS Corporate Presentation 17 Q3 results confirmed guidance for robust growth momentum in H2 2025 On track to deliver a meaningful improvement vs. H2 2024 Challenges faced in 9M 2025 Opportunities & Mitigants for Q4 2025 and beyond The normalization in the Turkish payment card marke
Slide 18: Key Medium-term Financial Targets (Investor Day, May 2025)
AUSTRIACARD HOLDINGS Corporate Presentation 18 Key medium-term Financial Targets (Investor Day, May 2025) FY 2024 Organic Revenue CAGR 2025-2027 6−7% 9.7% Adjusted EBITDA Margin 15−17% 14.2% CAPEX as % of Revenues (per annum) 4−5% 4.4% Operating Cash Flow as % of EBITDA ̴ 60% 61% Leverage (Net Debt
Slide 19: Digital Technologies
AUSTRIACARD HOLDINGS Corporate Presentation 19 Digital Technologies
Slide 20: Digital Technologies
AUSTRIACARD HOLDINGS Corporate Presentation 20 Digital Technologies A key growth contributor with a series of technologically advanced solutions: • Digital Payments Artificial Intelligence Empowered Solutions • Enterprise Content Management and Content Understanding through AI • Document Digitizatio
Slide 21: Industry Overview & Market Trends: Digital Transformation
AUSTRIACARD HOLDINGS Corporate Presentation 21 Industry Overview & Market Trends: Digital Transformation Global Digital Transformation market CAGR 2024-302 3.289 • Cloud migration & platform modernization to optimize costs and USDbn +24% scale • AI/ML adoption (Generative AI & analytics) to enhance
Slide 22: Greek Public Sector Digital Transformation
AUSTRIACARD HOLDINGS Corporate Presentation 22 Greek Public Sector Digital Transformation 475 digital transformation projects for the period 2021-2026 Awarded Projects To Date supported by €6.4bn of EU Recovery Fund investments (RRF) Received / Total Recognised Remaining In €m Contract Value (total
Slide 23: GaiaB™ Appliance: an important collaboration with Dell Technologies
AUSTRIACARD HOLDINGS Corporate Presentation 23 GaiaB™ Appliance: an important collaboration with Dell Technologies • Development and market of an advanced Generative AI solution for the automation of business processes & operations • Enables businesses of all sizes (from SMEs to large multinationals
Slide 24: Identity & Payment Solutions
AUSTRIACARD HOLDINGS Corporate Presentation 24 Identity & Payment Solutions
Slide 25: Identity & Payment solutions
AUSTRIACARD HOLDINGS Corporate Presentation 25 Identity & Payment solutions • Production and personalization of a high volume of our innovative metal cards • Production of National IDs, e-IDs, Health cards with high-security elements Payment cards • Expansion into the MEA region with a holistic syst
Slide 26: Industry Overview & Market Trends: Cards
AUSTRIACARD HOLDINGS Corporate Presentation 26 Industry Overview & Market Trends: Cards ACAG is the leader in smart cards for Fintech in Europe, and growing in North America EUROPE NORTH AMERICA 68.7 million 34 49.5 million 4.5 Challenger Bank cards issued2 Challenger Bank cards issued2 in 2024 (+10
Slide 27: Industry Overview & Market Trends: VISA & MASTERCARD Cards
AUSTRIACARD HOLDINGS Corporate Presentation 27 Industry Overview & Market Trends: VISA & MASTERCARD Cards Cards in circulation (m) CAGR CAGR 2016-24 2016-24 1.506 1.477 938 906 +7.2% +9.7% US EUROPE 862 701 711 +7.6% US 697 704 +3.5% 432 531 EUROPE 391 411 445 +3.1% 322 CEMEA 2016 2017 2018 2019 202
Slide 28: Industry Overview & Market Trends: Smart & Metal Cards
AUSTRIACARD HOLDINGS Corporate Presentation 28 Industry Overview & Market Trends: Smart & Metal Cards Global Smart Card Market Size Global Metal Payment Cards Market Size USDbn CAGR USDbn 2025-30 CAGR 30,6 2025-32 29,0 +8.6% +10.3% 20,3 +10% 13,3 14,6 2025 2030 2024 2025 2032 Rising demand for Risin
Slide 29: Industry Overview & Market Trends: Fintech & Challenger Banks
AUSTRIACARD HOLDINGS Corporate Presentation 29 Industry Overview & Market Trends: Fintech & Challenger Banks ACAG has a leading position with Challenger Banks Global Fintech Market Size Top European Neobanks USDbn Customers (m) CAGR AUSTRIACARD clients 2024-33 65 920 +16% 228 20 16 14 2024 2033 10 5
Slide 30: Payments and Banking as a Service
AUSTRIACARD HOLDINGS Corporate Presentation 30 Payments and Banking as a Service CARD AS A SERVICE Onboarding Card Issuance Payment AI/ML Financial Growth & Compliance & Enablement Processing Management Opportunities Secure BIN Sponsorship Issuer Processing Ledger Hyper Personalised Onboarding IBAN
Slide 31: Move up the value chain
AUSTRIACARD HOLDINGS Corporate Presentation 31 Owning the Secure Citizen Identity Value Chain: From Components to End-to-End Solutions Move up the value chain Enrolment Validation Personalisation Verification Document Print & Encoding AFIS/ABIS & Data Document reader Bio & Data ID Production Managem
Slide 32: Document Lifecycle Management
AUSTRIACARD HOLDINGS Corporate Presentation 32 Document Lifecycle Management
Slide 33: Document Lifecycle Management
AUSTRIACARD HOLDINGS Corporate Presentation 33 Document Lifecycle Management National Examination Papers • high security, personalized question booklets & answer sheets, supported by traceability services Security Documents & for national distribution and scanning of answer sheets to capture and val
Slide 34: Appendix I: Group Information
AUSTRIACARD HOLDINGS Corporate Presentation 34 Appendix I Group Information
Slide 35: Key Milestones
AUSTRIACARD HOLDINGS Corporate Presentation 35 Key Milestones 1897 2000 2012 2020 2023 Foundation of Establishment of New smart card New smart card ATHEX & VSE listing (March 2023) printshop by P. Lykos INFORM LYKOS personalization center in personalization ROMANIA Poland center in USA Completion of
Slide 36: Proven track record of value-accretive, synergistic M&A
AUSTRIACARD HOLDINGS Corporate Presentation 36 Proven track record of value-accretive, synergistic M&A Disciplined M&A driving Scale and Solutions Portfolio Expansion, capitalizing on the transformative acquisition of AUSTRIACARD in 2007 Transaction Company Country Date Description Rationale/Synergi
Slide 37: Key Competitors
AUSTRIACARD HOLDINGS Corporate Presentation 37 Key Competitors Our strengths Close proximity to our core markets enables faster Strategic EU Footprint response times and stronger client engagement Proven ability to adapt quickly to evolving client Client-Centric Agility requirements, with a strong t
Slide 38: A well diversified Revenue mix transitioning into higher-margin, solution-led recurring Revenue
AUSTRIACARD HOLDINGS Corporate Presentation 38 A well diversified Revenue mix transitioning into higher-margin, solution-led recurring Revenue Solutions Geographic Segments 9% 17% Group 9M 2025 51% 53% 41% €262m 31% Document Western Europe, Central Eastern Türkiye, Middle Identity & Digital Lifecycl
Slide 39: Leverage maintained at healthy levels in 9M 2025
AUSTRIACARD HOLDINGS Corporate Presentation 39 Leverage maintained at healthy levels in 9M 2025, supported by strong Operating and Free Cash Flow generation Net Debt & Leverage1 Operating Cash Flow Free Cash Flow2 €m Net Debt / adj. EBITDA (x) % of adj. EBITDA CAPEX as % of Revenues 120,0 43% 64% 5,
Slide 40: Appendix II: Case Studies
AUSTRIACARD HOLDINGS Corporate Presentation 40 Appendix II Case Studies
Slide 41: Key Projects
AUSTRIACARD HOLDINGS Corporate Presentation 41 Key Projects Romanian Bank • Document Digitization solution (incl. digitizing the historical archive and daily created loan contracts) • Document Management System for electronic bills o easy file organization and categorization Largest Greek Energy com
Slide 42: Case study: Romanian Financial Institution
AUSTRIACARD HOLDINGS Corporate Presentation 42 Case study: Romanian Financial Institution Generative AI-based document understanding & assignment • Leveraged our in-house developed Generative AI technology, integrating the latest technologies and natural language instructions, to automate document c
Slide 43: Case study: Romanian Bank
AUSTRIACARD HOLDINGS Corporate Presentation 43 Case study: Romanian Bank Asset Management & Patrimony along with electronic archiving • Implemented our Assets Management solution to centralize and streamline real estate asset documentation by integrating a structured, hierarchical classification wit
Slide 44: Case study: Greek Public Sector
AUSTRIACARD HOLDINGS Corporate Presentation 44 Case study: Greek Public Sector Digital Transformation & automation of the pension awarding system • For years, the pension award process was time-consuming, resulting in hundreds of thousands of pension requests being delayed. • Our AI-enabled Data Man
Slide 45: Case study: Greek Public Sector
AUSTRIACARD HOLDINGS Corporate Presentation 45 Case study: Greek Public Sector Digital Transformation of the Government's mission critical ministries • The Greek government is currently executing the RRF digital transformation roadmap at all critical ministries, including the scanning of governmenta
Slide 46: Appendix III: Market Statistics
AUSTRIACARD HOLDINGS Corporate Presentation 46 Appendix III Market Statistics
Slide 47: Industry Overview & Market Trends: Total Cards in selected EU countries
AUSTRIACARD HOLDINGS Corporate Presentation 47 Industry Overview & Market Trends: Total Cards1 in selected EU countries Cards in circulation (m) 5-year CAGR 2019-2024 +11.3% 207 +4.7% 26 AUSTRIA GERMANY 23 +5.1% 165 23 ROMANIA 19 18 +3.8% 114 +5.7% GREECE SPAIN 109 86 9 48 46 43 +1.5% 8 11 POLAND 1
Slide 48: Industry Overview & Market Trends: Cards Personalization
AUSTRIACARD HOLDINGS Corporate Presentation 48 Industry Overview & Market Trends: Cards Personalization Services1 Solutions2 CAGR CAGR USDbn 2025-29 5,1 USDbn 2025-29 4,3 +8% +8% +8% 3,8 +8% 3,2 3,5 2,9 2024 2025 2029 2024 2025 2029 Rising adoption of Introduction of Demand for secure Expansion of s
Slide 49: Appendix IV: Financial Statements
AUSTRIACARD HOLDINGS Corporate Presentation 49 Appendix IV Financial Statements
Slide 50: Income Statement (IFRS) FY2024
AUSTRIACARD HOLDINGS Corporate Presentation 50 Income Statement (IFRS) in € thousand FY2024 FY2023 Revenues 392,285 364,563 Cost of sales (297,730) (276,255) Gross profit 94,555 88,308 Other income 4,987 3,837 Selling and distribution expenses (23,338) (23,483) Administrative expenses (31,447) (28,2
Slide 51: Income Statement (IFRS) 9M 2025
AUSTRIACARD HOLDINGS Corporate Presentation 51 Income Statement (IFRS) in € thousand 9M 2025 9M 2024 Revenues 262,443 303,494 Cost of sales (200,779) (229,712) Gross profit 61,664 73,782 Other income 3,959 3,004 Selling and distribution expenses (16,578) (17,967) Administrative expenses (21,475) (24
Slide 52: Balance Sheet
AUSTRIACARD HOLDINGS Corporate Presentation 52 Balance Sheet in € thousand 30 September 2025 31 December 2024 31 December 2023 Property, plant and equipment and right of use assets 96,049 100,545 96,275 Intangible assets and goodwill 56,363 59,555 55,526 Equity-accounted investees 423 395 324 Other
Slide 53: Cash Flow Statement FY2024
AUSTRIACARD HOLDINGS Corporate Presentation 53 Cash Flow Statement in € thousand FY2024 FY2023 Cash flows from operating activities Profit/(Loss) before tax 25,875 21,015 Adjustments for: - Depreciation, amortization and impairment 17,772 16,127 - Net finance cost 8,177 10,391 - Other non-cash trans
Slide 54: Cash Flow Statement 9M 2025
AUSTRIACARD HOLDINGS Corporate Presentation 54 Cash Flow Statement in € thousand 9M 2025 9M 2024 Cash flows from operating activities Profit/(Loss) before tax 13,536 21,241 Adjustments for: - Depreciation, amortization and impairment 14,203 12,626 - Net finance cost 5,943 6,734 - Other non-cash tran
Slide 55: Group Segments FY2024 FY2023
AUSTRIACARD HOLDINGS Corporate Presentation 55 Group Segments FY2024 FY2023 in € thousand WEST CEE MEA Corporate & Total Total WEST CEE MEA Corporate & Total Total ex-IAS 29 Eliminations IAS 29 ex-IAS 29 Eliminations IAS 29 ex-IAS 29 ex-IAS 29 Revenues 127,370 185,923 72,047 0 385,340 6,946 392,285
Slide 56: Group Segments 9M 2025 9M 2024
AUSTRIACARD HOLDINGS Corporate Presentation 56 Group Segments 9M 2025 9M 2024 Corporate & Corporate & in € thousand WEST CEE MEA Total WEST CEE MEA Total Eliminations Eliminations Revenues 85,615 146,047 46,861 (16,080) 262,443 104,138 157,027 63,134 (20,806) 303,494 Intersegment revenues 1,754 3,55
Slide 57: Thank you
AUSTRIACARD HOLDINGS Corporate Presentation 57 Thank you AUSTRIACARD HOLDINGS Lamezanstrasse 4-8, 1230 Vienna, Austria www.austriacard.com Investor Relations Tel AU: +43 (1) 61065 357 Tel GR: +30 210 669 78 60 investors@austriacard.com
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