Financial results for Q1 2026 And Business Update
28th April 2026
Q1 2026 - Highlights
Very good performance of Banking mainly thanks to Core solutions and related own services: +1.4mE
Much smaller cost growth 2% (Q1'26 vs Q1'25), initial optimization effects
Flattish Payment, mainly due to:
Q1'25 still good performance in India and UAE +1.1mE (no receivables write off) - vs. Q1'26, effect of -1.3mE
compensated by
Growth for direct to merchant lines (ECR and IPD) mostly in Croatia and Spain: +0.5mE
Good performance of POS-RS thanks to deliveries and related services: +0.8mE
- Slight YoY improvement of EBIT in Dedicated Solutions but weak quarter comparing H2'25 due to less projects
YoY cash flow improved; high conversion resulted in net cash balance increase
- Q1 transactions:
559m (-3%) eCommerce transactions, 123m (+20%) IPD transactions, 145m (+10%) processing of physical card transactions
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Q1 2026 results
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Q1'26 - Solid performance
mEUR | mPLN | ||||||||||||
Q1 2026 | Q1 2025 | Q1 2026 no hyper. | Q1 2025 no hyper. | % Diff | Q1 2026 | Q1 2025 | Q1 2026 no hyper. | Q1 2025 no hyper. | % Diff | ||||
Revenue | 102.4 | 95.7 | 101.6 | 95.7 | +6% | 434.5 | 400.3 | 431.1 | 400.4 | +8% | |||
EBITDA | 20.0 | 17.9 | 19.8 | 17.9 | +11% | 84.8 | 74.8 | 84.1 | 74.9 | +12% | |||
EBIT | 13.6 | 11.7 | 13.7 | 11.9 | +15% | 57.7 | 49.1 | 58.0 | 49.9 | +16% | |||
NPAT | 11.1 | 9.1 | 9.4 | 7.7 | +22% | 47.1 | 38.2 | 39.8 | 32.2 | +24% | |||
EBITDA % | 19.5% | 18.7% | 19.5% | 18.7% | 19.5% | 18.7% | 19.5% | 18.7% | |||||
EBIT % | 13.3% | 12.3% | 13.4% | 12.5% | 13.3% | 12.3% | 13.4% | 12.5% | |||||
EBIT non-IFRS | 14.6 | 13.1 | 14.6 | 13.1 | +11% | 62.0 | 54.9 | 62.0 | 54.9 | +13% | |||
NPAT non-IFRS | 10.2 | 9.6 | 10.2 | 9.6 | +6% | 43.2 | 40.1 | 43.2 | 40.1 | +8% | |||
Acquisitions effect - Rev: 0.6 | EBIT: 0.0 | EBITDA: 0.2 | NPAT: 0.0 | |||||||||||||
No hyper. - excluding hyperinflation accounting. | |||||||||||||
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Q1'26 - Banking performance improved
Revenue | EBITDA | EBIT | ||||||||||
mEUR | Q1 2026 | Q1 2025 | Diff | Q1 2026 | Q1 2025 | Diff | Q1 2026 | Q1 2025 | Diff | |||
Payment Solutions | 51.4 | 52.8 | -1.4 | 11.8 | 11.7 | +0.2 | 7.7 | 7.7 | +0.0 | |||
Non-Payment | 50.2 | 42.9 | +7.3 | 8.0 | 6.2 | +1.8 | 5.9 | 4.2 | +1.7 | |||
Banking Solutions | 20.8 | 18.4 | +2.3 | 6.6 | 5.2 | +1.5 | 5.9 | 4.4 | +1.4 | |||
Dedicated Solutions | 29.5 | 24.5 | +5.0 | 1.4 | 1.1 | +0.3 | 0.1 | -0.2 | +0.3 | |||
GASEE | 101.6 | 95.7 | +5.9 | 19.8 | 17.9 | +1.9 | 13.7 | 11.9 | +1.7 | |||
Revenue per BUs Q1 2026
Profitability per BUDedicated
Solutions 29% (26%)
Banking Solutions 20% (19%)
Payment
Solutions 51% (55%)
Q1 2026 Q1 202528%
24%
15% 15%
0%
-1%
BAN KI N G SOLU TIONS P AY MEN T S OLU TI ONS DEDI C ATED S OLU TI ONS
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Q1'26 - ECR and IPD revenues growth
Revenue per BUs Q1 2026ECR + IPD
11% (9%)
POS 35%
(35%)
eComm. + Proc.
28% (32%)
ATM (incl. IAD)
26% (24%)
Revenue
mEUR |
ECR + IPD eComm. + Proc. ATM (incl. IAD) POS |
Payment |
Q1 2026 | Q1 2025 | Diff |
5.9 | 4.7 | +1.2 |
14.5 | 16.9 | -2.4 |
13.3 | 12.7 | +0.7 |
17.7 | 18.5 | -0.8 |
51.4 | 52.8 | -1.4 |
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Q1'26 - Strong SEE and CEE
Revenue | EBIT | |||||||||
mEUR | Q1 2026 | Q1 2025 | Diff | % Diff | Q1 2026 | Q1 2025 | Diff | % Diff | ||
SEE | 66.5 | 56.8 | +9.7 | +17% | 10.3 | 7.8 | +2.5 | +32% | ||
B&H | 7.3 | 7.2 | +0.1 | +2% | 1.1 | 1.1 | +0.0 | +3% | ||
Croatia | 16.8 | 13.8 | +3.0 | +22% | 2.5 | 1.8 | +0.7 | +37% | ||
Macedonia | 5.7 | 3.8 | +1.9 | +51% | 1.5 | 0.6 | +0.9 | +169% | ||
Serbia | 29.4 | 25.0 | +4.4 | +18% | 4.1 | 3.6 | +0.5 | +14% | ||
Other* | 7.2 | 7.0 | +0.2 | +3% | 1.1 | 0.7 | +0.4 | +51% | ||
CEE | 14.1 | 12.9 | +1.3 | +10% | 1.3 | 0.8 | +0.5 | +57% | ||
WE | 10.4 | 12.1 | -1.7 | -14% | 1.0 | 1.0 | -0.0 | -2% | ||
TURKEY | 10.3 | 11.7 | -1.4 | -12% | 2.3 | 2.4 | -0.1 | -5% | ||
LATAM | 2.5 | 1.8 | +0.6 | +35% | 0.3 | 0.1 | +0.2 | +257% | ||
MEA&I | 0.6 | 2.8 | -2.2 | -79% | -0.4 | 1.2 | -1.5 | |||
Adj. PPA | 0.0 | 0.0 | +0.0 | -1.0 | -1.2 | +0.2 | ||||
Adj. IC eliminations | -2.8 | -2.4 | -0.4 | -0.1 | -0.1 | -0.0 | ||||
GASEE | 101.6 | 95.7 | +5.9 | +6% | 13.7 | 11.9 | +1.7 | +15% | ||
* Other entities include: Albania, Bulgaria, Kosovo, Montenegro, Slove
8 nia
Cashflow and liquidity
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Cashflow
mEUR | Q1 2026 LTM | 2025 | 2024 | 2026 Q1 | 2025 Q1 | |||
Operating cash flow | 80.0 | 74.7 | 47.4 | 20.6 | 15.3 | |||
- Infrastructure for outsourcing & own networks | -11.1 | -13.2 | -13.6 | -3.5 | -5.6 | |||
- Capitalized R&D | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||
- M&A | -10.0 | -11.1 | -21.1 | 0.0 | -1.1 | |||
- Other CAPEX | -5.5 | -5.4 | -7.6 | -1.6 | -1.5 | |||
- Dividends for minority shareholders | -4.3 | -1.6 | -2.6 | -2.8 | -0.1 | |||
Free Cash Flow | 49.0 | 43.4 | 2.5 | 12.6 | 7.0 | |||
Debt Increase | 6.1 | 7.9 | 25.7 | 0.5 | 2.4 | |||
Debt Service | -19.5 | -19.2 | -21.1 | -3.5 | -3.2 | |||
Total Cash Flow | 35.6 | 32.2 | 7.1 | 9.7 | 6.2 | |||
Oper CF/EBITDA* | 88% | 83% | 64% | 112% | 86% | |||
Adjusted Oper CF/EBITDA* | 88% | 83% | 74% | 112% | 86% | |||
FCF/EBIT* | 75% | 66% | 5% | 104% | 59% | * EBITDA, EBIT excluding | ||
hyperinflation | ||||||||
impact | ||||||||
mEUR | 31 Mar'26 | 31 Dec'25 | Diff |
Cash and equivalents | 82.0 | 73.8 | +8.2 |
Loans (ST) | -11.8 | -15.5 | +3.7 |
Lease (ST) | -5.2 | -5.3 | +0.0 |
Dividends (ST) | -1.2 | -0.9 | -0.3 |
M&A liabilities (ST) | -26.3 | -26.8 | +0.5 |
Net Cash (ST) | 37.5 | 25.3 | +12.1 |
Net Cash (ST) + Loans (LT) + Lease (LT) | 6.4 | -6.1 | +12.4 |
Receivables and Prepayments (ST) | 125.0 | 131.4 | -6.5 |
PoC valuation assets/liab. | 9.6 | 7.4 | +2.2 |
Liabilities, Provisions and Deferred Income (ST) | -123.7 | -125.8 | +2.1 |
Inventory | 15.7 | 16.2 | -0.5 |
Net Operating Assets | 64.0 | 54.5 | +9.5 |
Liquidity situation
Key M&A liabilities - NCI Put Options:Dwelt B&H: 7.9
BSTS B&H: 8.5
Ifthenpay Prt: 4.7
Helius Alb: 2.6
30 Sep'25
53.2
-17.7
-5.0
-0.9
-29.7
-0.1
-33.6
116.3
14.4
-109.9
16.7
37.3
Outlook for 2026
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ASEE + Payten
mEUR | Q2 2026F | Q2 2025 | % Diff | mEUR | 2026F | 2025F | % Diff |
Revenues BL | 88.2 | 94.6 | -7% | Revenues BL | 325.7 | 327.9 | -1% |
Margin1 BL | 71.5 | 68.7 | +4% | Margin1 BL | 268.6 | 254.7 | +5% |
80
70 +4%
60
50
40
30 71.5 68.7
20
10
0
Q2 2026F Q2 2025
300
250
200
150
100
50
0
254.7
+5%
268.6
2026F 2025F
* backlog data from April 2026 and April 2025 respectively backlog data excluding hyperinflation effect
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ASEE - Banking and Dedicated Solutions
mEUR | Q2 2026F | Q2 2025 | % Diff | mEUR | 2026F | 2025F | % Diff |
Revenues BL | 47.2 | 44.2 | +7% | Revenues BL | 159.0 | 151.4 | +5% |
Margin1 BL | 33.0 | 30.2 | +10% | Margin1 BL | 115.9 | 107.8 | +7% |
35 | ||
30 | +10% | |
25 | ||
20 | ||
15 | 33.0 | |
10 | ||
5 | ||
0 | ||
Q2 2026F | ||
30.2
Q2 2025
140
120
100
80
60
40
20
0
+7%
115.9
107.8
2026F 2025F
* backlog data from April 2026 and April 2025 respectively backlog data excluding hyperinflation effect
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Payten
mEUR | Q2 2026F | Q2 2025 | % Diff | mEUR | 2026F | 2025F | % Diff | |
Revenues BL | 41.0 | 50.4 | -19% | Revenues BL | 166.7 | 176.6 | -6% | |
Margin1 BL | 38.4 | 38.5 | -0% | Margin1 BL | 152.7 | 146.9 | +4% |
0%
38.4
38.5
45
40
35
30
25
20
15
10
5
0
Q2 2026F Q2 2025
180
160
140
120
100
80
60
40
20
0
+4%
152.7
146.9
2026F 2025F
* backlog data from April 2026 and April 2025 respectively backlog data excluding hyperinflation effect
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