Asseco South Eastern Europe S.a. · GPW:ASE
Asseco South Eastern Europe — FY2025 Earnings Presentation
24 slides from Asseco South Eastern Europe's earnings presentation, Feb 26, 2026
Slide 1: ASEE Payten
aasee Payten
Slide 2: Financial results for 2025 and Business Update
Financial results for 2025 And Business Update 26th February 2026
Slide 3: 2025 – Highlights
2025 – Highlights ▪ Current operations delivered solid EBIT growth - adjusted for one-offs ▪ Significant improvement of EBIT in Dedicated Solutions mainly thanks to deliveries of own solutions to utilities clients and completion of multiple road projects ▪ Very good, above initial assumptions, perfo
Slide 4: Q4'2025 results
WD 04’2025 results
Slide 5: Q4'25 – Results affected by one-offs
Q4’25 – Results affected by one-offs mEUR mPLN Q4 2025 Q4 2024 Q4 2025 Q4 2024 Q4 2025 Q4 2024 % Diff Q4 2025 Q4 2024 % Diff no hyper. no hyper. no hyper. no hyper. Revenue 126.2 115.7 125.9 111.1 +13% 534.8 498.7 533.9 478.9 +11% EBITDA 31.5 23.0 31.4 21.4 +47% 133.5 98.9 132.9 92.1 +44% EBIT 25.0
Slide 6: Q4'25 – Impact of one-offs [mEUR]
Q4’25 – Impact of one-offs [mEUR] Reported Adjusted Reported One-offs Assets Goodwill Q4 2025 Q4 2024 Q4 2025 Revenue PPA Total mEUR Q4 2025 Q4 2024 % Diff write-off and write-off and no hyper. no hyper. no hyper. reversal write-off One-Offs provisions earnout Revenue 126.2 115.7 125.9 111.1 +13% 12
Slide 7: Q4'25 – Strong Dedicated and Banking
Q4’25 – Strong Dedicated and Banking Revenue EBITDA EBIT mEUR Q4 2025 Q4 2024 Diff Q4 2025 Q4 2024 Diff Q4 2025 Q4 2024 Diff Payment Solutions 52.9 52.4 +0.5 12.0 12.3 -0.3 7.9 8.5 -0.6 Non-Payment 73.1 58.7 +14.3 19.8 9.1 +10.7 17.7 7.0 +10.8 Banking Solutions 21.2 18.2 +3.0 5.4 3.6 +1.8 4.6 2.9 +1
Slide 8: Q4'25 – ECR and IPD revenues growth
Q4’25 – ECR and IPD revenues growth EBIT per BUs Q4 2025 Revenue eCommerce mEUR Q4 2025 Q4 2024 Diff 13% (13%) ECR + IPD Processing ECR + IPD 6.2 4.7 +1.5 10% (-1%) 3% (4%) POS 41% eComm. + Proc. 15.0 16.9 -2.0 POS(33%) eComm. + Proc. 55% (52%) 31% (55%) ATM (incl. IAD) 11.2 10.0 +1.2 ** POS 20.5 20
Slide 9: Q4'25 – Strong SEE, good WE, weak India, MEA and Turkey
Q4’25 – Strong SEE, good WE, weak India, MEA and Turkey Revenue EBIT mEUR Q4 2025 Q4 2024 Diff % Diff Q4 2025 Q4 2024 Diff % Diff SEE 88.2 65.1 +23.1 +36% 22.7 11.0 +11.7 +107% B&H 25.3 9.7 +15.7 +163% 11.9 1.4 +10.4 >+300% Croatia 14.8 14.6 +0.2 +2% 2.1 2.2 -0.1 -5% Macedonia 8.1 5.1 +3.0 +59% 1.5
Slide 10: 2025 results
WD §=2025 results
Slide 11: FY'25 – Results affected by one-offs
FY’25 – Results affected by one-offs mEUR mPLN 2025 FY 2024 FY 2025 FY 2024 FY 2025 FY 2024 FY % Diff 2025 FY 2024 FY % Diff no hyper. no hyper. no hyper. no hyper. Revenue 424.5 396.9 423.8 390.4 +9% 1 798.7 1 708.2 1 795.9 1 680.4 +7% EBITDA 86.7 76.4 86.5 74.5 +16% 367.5 328.7 366.4 320.5 +14% EB
Slide 12: FY'25 – Impact of one-offs [mEUR]
FY’25 – Impact of one-offs [mEUR] Reported Adjusted Reported One-offs Assets Goodwill 2025 FY 2024 FY 2025 FY Revenue write-off PPA Total mEUR 2025 FY 2024 FY % Diff write-off no hyper. no hyper. no hyper. reversal and write-off One-Offs and earnout provisions Revenue 424.5 396.9 425.4 390.4 +9% 423
Slide 13: FY'25 – Recovery of DS and good Banking (excl. one offs)
FY’25 – Recovery of DS and good Banking (excl. one offs) Revenue EBITDA EBIT mEUR 2025 FY 2024 FY Diff 2025 FY 2024 FY Diff 2025 FY 2024 FY Diff 214 194 20 44 25 19 35 16 19 Payment Solutions 211.5 196.5 +15.0 46.2 49.7 -3.5 29.9 35.3 -5.4 Non-Payment 213.9 193.9 +20.0 43.9 24.7 +19.1 35.5 16.3 +19.
Slide 14: FY'25 – Growth of revenues in all lines (excl. one offs)
FY’25 – Growth of revenues in all lines (excl. one offs) EBIT per BUs 2025 FY Revenue eCommerce 13% (13%) mEUR 2025 FY 2024 FY Diff Processing ECR + IPD 3% (4%) ECR + IPD 23.8 17.9 +5.9 13% (7%) POS 34% ATM eComm. + Proc. 59.5 57.1 +2.5 (29%) POS 29% (31%) 55% (52%) ATM (incl. IAD) 48.3 44.9 +3.4 **
Slide 15: FY'25 – Strong SEE, weaker Turkey, issues in MEA&India
FY’25 – Strong SEE, weaker Turkey, issues in MEA&India Revenue EBIT mEUR 2025 FY 2024 FY Diff % Diff 2025 FY 2024 FY Diff % Diff SEE 274.1 229.2 +44.9 +20% 55.9 35.2 +20.6 +59% B&H 56.4 29.6 +26.8 +91% 20.4 2.8 +17.6 >+300% Croatia 61.9 56.6 +5.3 +9% 10.0 9.3 +0.8 +8% Macedonia 21.7 15.1 +6.6 +44% 4
Slide 16: Cashflow and liquidity
Cashflow and liquidity 18
Slide 17: Cashflow
Cashflow mEUR 2025 2024 2023 Operating cash flow 74.7 47.4 70.5 - Infrastructure for outsourcing & own networks -13.2 -13.6 -7.8 - Capitalized R&D 0.0 0.0 -0.1 - M&A -11.1 -21.1 -18.2 - Other CAPEX -5.4 -7.6 -7.6 - Dividends for minority shareholders -1.6 -2.6 -2.4 Free Cash Flow 43.4 2.5 34.4 Debt
Slide 18: Liquidity situation
Liquidity situation mEUR 31 Dec'25 31 Dec'24 Diff 30 Sep'25 Cash and equivalents 73.8 63.5 +10.3 53.2 Loans (ST) -15.5 -18.0 +2.5 -17.7 Lease (ST) -5.3 -4.1 -1.2 -5.0 Dividends (ST) -0.9 -0.9 +0.0 -0.9 M&A liabilities (ST) -26.8 -10.1 -16.7 -29.7 Net Cash (ST) 25.3 30.4 -5.1 -0.1 Net Cash (ST) + Loa
Slide 19: Outlook for 2026
Outlook for 2026 21
Slide 20: ASEE + Payten
ASEE + Payten mEUR Q1 2026F Q1 2025 % Diff mEUR 2026F 2025F % Diff Revenues BL 91.6 86.9 +5% Revenues BL 289.5 276.2 +5% Margin1 BL 72.0 66.9 +8% Margin1 BL 246.6 233.6 +6% 80 300 70 +8% 250 +6% 60 200 50 40 150 30 72.0 66.9 100 246.6 233.6 20 50 10 0 0 Q1 2026F Q1 2025 2026F 2025F * backlog data fr
Slide 21: ASEE – Banking and Dedicated Solutions
ASEE – Banking and Dedicated Solutions mEUR Q1 2026F Q1 2025 % Diff mEUR 2026F 2025F % Diff Revenues BL 48.2 43.3 +11% Revenues BL 133.1 123.9 +7% Margin1 BL 34.1 29.8 +14% Margin1 BL 99.3 93.1 +7% 40 120 35 +14% 100 +7% 30 80 25 20 60 15 34.1 29.8 40 99.3 93.1 10 5 20 0 0 Q1 2026F Q1 2025 2026F 202
Slide 22: Payten
Payten mEUR Q1 2026F Q1 2025 % Diff mEUR 2026F 2025F % Diff Revenues BL 43.3 43.6 -1% Revenues BL 156.3 152.3 +3% Margin1 BL 37.9 37.0 +2% Margin1 BL 147.3 140.5 +5% 40 160 35 +2% 140 +5% 30 120 25 100 80 20 15 37.9 37.0 60 147.3 140.5 10 40 5 20 0 0 Q1 2026F Q1 2025 2026F 2025F * backlog data from
Slide 23: Legal disclaimer
Legal disclaimer The content presented in this presentation is subject to copyright protection and has the ownership title. Texts, graphics, photographs, sound, animations and videos as well as their distribution in the presentation are protected under the Copyright and related rights Law. Unauthori
Slide 24: Thank you
Thank you http:// asee.io 26
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