«asee Payten
Financial results for Q3'2025 And Business Update
24thOctober 2025
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)
Weak performance in India and UAE
Lower deliveries in POS-RS and ATM-RS (only Q3)
A stronger quarter for direct to merchant lines (ECR and IPD)
- Significant improvement of EBIT in Dedicated Solutions mainly thanks to deliveries of own solutions to utilities
Very good performance of Banking in Core and Channels business lines thanks to own services
- YoY cash flow improved, with strong LTM conversion
- Q3 transactions:
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Q3'2025 results
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Q3'25 - Results affected by one-offs
mEUR | mPLN | |||||||||||||||
Q3 2025 | Q3 2024 | Q3 2025 no hyper. | Q3 2024 no hyper. | % Diff | Q3 2025 | Q3 2024 | Q3 2025 no hyper. | Q3 2024 no hyper. | % Diff | |||||||
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 | 10.8 | 15.1 | -29% | 46.3 | 64.0 | 46.0 | 64.9 | -29% | ||||||
NPAT | 8.7 | 13.1 | 7.9 | 12.4 | -37% | 37.3 | 56.0 | 33.6 | 53.2 | -37% | ||||||
EBITDA % | 18.5% | 20.0% | 18.4% | 20.1% | 18.5% | 20.0% | 18.4% | 20.1% | ||||||||
EBIT % | 10.6% | 14.4% | 10.6% | 14.6% | 10.6% | 14.4% | 10.6% | 14.6% | ||||||||
EBIT non-IFRS | 13.6 | 16.3 | 13.6 | 16.3 | -17% | 58.1 | 69.9 | 58.1 | 69.9 | -17% | ||||||
NPAT non-IFRS | 9.5 | 12.8 | 9.5 | 12.8 | -26% | 40.4 | 54.8 | 40.4 | 54.8 | -26% | ||||||
Acquisitions effect - Rev: -5.0 | EBIT: -8.7 | EBITDA: -6.7 | NPAT: -9.8 | ||||||||||||||||
No hyper. - excluding hyperinflation accounting. | ||||||||||||||||
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Q3'25 - Impact of one-offs [mEUR]
Q3 2025 no hyper. | Q3 2024 no hyper. | % Diff |
105.5 | 103.8 | +2% |
24.4 | 20.9 | +17% |
18.3 | 15.1 | +21% |
12.5 | 12.4 | +1% |
23% 17% | 20% 15% | |
19.3 | 16.3 | +19% |
16.6 | 12.8 | +30% |
mEUR Q3 2025 Q3 2024 | Q3 2025 no hyper. | Goodwill Revenue Assets PPA write-off reversal write-off write-off and earnout | Total One-Offs | ||||||||
Revenue | 102.5 | 103.7 | 101.5 | 4.1 | 4.1 | ||||||
EBITDA | 19.0 | 20.8 | 18.7 | 4.1 | 1.7 | 5.7 | |||||
EBIT | 10.8 | 14.9 | 10.8 | 4.1 | 1.7 | 1.8 | 7.5 | ||||
NPAT | 8.7 | 13.1 | 7.9 | 4.1 | 3.1 | 1.3 | -3.9 | 4.6 | |||
EBITDA % | 19% | 20% | 18% | ||||||||
EBIT % | 11% | 14% | 11% | ||||||||
EBIT non-IFRS | 13.6 | 16.3 | 13.6 | 4.1 | 1.7 | 5.7 | |||||
NPAT non-IFRS | 9.5 | 12.8 | 9.5 | 4.1 | 3.1 | 7.2 | |||||
Acquisitions effect - Rev: -0.9 | EBIT: -1.2 | EBITDA: -0.9 | NPAT: -1.3 No hyper. - excluding hyperinflation accounting.
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Q3'25 - Impact of one-offs [mPLN]
Q3 2025 no hyper. | Q3 2024 no hyper. | % Diff |
450.4 | 444.9 | +1% |
104.3 | 89.4 | +17% |
78.0 | 64.9 | +20% |
53.3 | 53.2 | +0% |
23% 17% | 20% 15% | |
82.5 | 69.9 | +18% |
70.9 | 54.8 | +29% |
mPLN Q3 2025 Q3 2024 | Q3 2025 no hyper. | Goodwill Revenue Assets PPA write-off reversal write-off write-off and earnout | Total One-Offs | ||||||||
Revenue | 437.2 | 444.8 | 433.0 | 17.4 | 17.4 | ||||||
EBITDA | 80.9 | 89.1 | 79.8 | 17.4 | 7.1 | 24.5 | |||||
EBIT | 46.3 | 64.0 | 46.0 | 17.4 | 7.1 | 7.5 | 32.0 | ||||
NPAT | 37.3 | 56.0 | 33.6 | 17.4 | 13.1 | 5.7 | -16.5 | 19.7 | |||
EBITDA % | 19% | 20% | 18% | ||||||||
EBIT % | 11% | 14% | 11% | ||||||||
EBIT non-IFRS | 58.1 | 69.9 | 58.1 | 17.4 | 7.1 | 24.5 | |||||
NPAT non-IFRS | 40.4 | 54.8 | 40.4 | 17.4 | 13.1 | 30.5 | |||||
Acquisitions effect - Rev: -3.9 | EBIT: -5.3 | EBITDA: -3.9 | NPAT: -5.4 No hyper. - excluding hyperinflation accounting.
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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 | +2.1 | 5.3 | 3.2 | +2.1 | |||
Dedicated Solutions | 32.5 | 31.2 | +1.3 | 5.1 | 1.4 | +3.7 | 3.8 | 0.1 | +3.7 | |||
GASEE | 105.5 | 103.8 | +1.8 | 24.4 | 20.8 | +3.6 | 18.3 | 15.1 | +3.1 | |||
Revenue per BUs Q3 2025
Profitability per BU
27%
20%
21%
17%
12%
0%
Dedicated
Solutions 31% (30%)
Banking Solutions 19% (15%)
Payment
Solutions 50% (54%)
BANKING SOLUTIONS PAYMENT SOLUTIONS DEDICATED SOLUTIONS
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Q3'25 - ECR and IPD revenues growth (excl. one offs)
RevenuemEUR |
ECR + IPD eComm. + Proc. ATM (incl. IAD) POS |
Payment |
Q3 2025 | Q3 2024 | Diff |
6.8 | 5.0 | +1.8 |
15.1 | 16.0 | -1.0 |
11.0 20.3 | 14.4 21.1 | -3.4 -0.8 |
53.2 | 56.5 | -3.3 |
ECR + IPD
POS 28% 16% (9%)
(25%)
eComm. + Proc.
ATM (incl. IAD) 34% (43%)
22% (23%)
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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% | 1.3 | 0.6 | +0.6 | +101% | |||
Serbia | 24.0 | 23.3 | +0.7 | +3% | 3.6 | 3.4 | +0.1 | +4% | |||
Other* | 7.8 | 7.9 | -0.0 | -1% | 2.1 | 2.1 | +0.0 | +0% | |||
CEE | 15.9 | 18.3 | -2.4 | -13% | 1.1 | 0.5 | +0.6 | +107% | |||
WE | 12.8 | 13.3 | -0.5 | -4% | 1.5 | 1.8 | -0.3 | -16% | |||
MEA | 0.2 | 0.5 | -0.3 | -58% | -0.7 | 0.0 | -0.7 | ||||
TURKEY | 10.2 | 12.0 | -1.8 | -15% | 1.9 | 2.7 | -0.8 | -30% | |||
INDIA | 0.2 | 1.3 | -1.2 | -88% | -0.2 | 0.5 | -0.8 | ||||
LATAM | 2.6 | 2.6 | +0.0 | +2% | 0.3 | 0.1 | +0.2 | +214% | |||
Adj. PPA | 0.0 | 0.0 | +0.0 | -1.1 | -1.2 | +0.1 | |||||
Adj. IC eliminations | -2.7 | -2.1 | -0.5 | 0.0 | -0.1 | +0.1 | |||||
GASEE | 105.5 | 103.8 | +1.8 | +2% | 18.3 | 15.1 | +3.1 | +21% | |||
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* Other entities include: Albania, Bulgaria, Kosovo, Montenegro, Slovenia | |||||||||||