Group ASEE – Consolidated Financial Statements (ye25 gasee consolidated financial statements en)

Presence in

Revenue generated

employees contributing to the achieved results

Net result for Parent Company Shareholders

Consolidated Financial Statements

of Asseco South Eastern Europe Group

For the year ended 31 December 2025

Financial Highlights 6

Consolidated Statement of Profit and Loss and Other Comprehensive Income 7

Consolidated Statement of Financial Position 8

Consolidated Statement of Changes in Equity 10

Consolidated Statement of Cash Flows 12

Explanatory Notes to the Consolidated Financial Statements 13

1. GENERAL INFORMATION 13

2. BASIS FOR THE PREPARATION OF FINANCIAL STATEMENTS 14

   1. Basis for preparation 14

   2. Impact of the geopolitical and macroeconomic situation on the Group's business operations 14

   3. Compliance statement 14

   4. Functional currency, presentation currency and hyperinflation 15

   5. Professional judgement and estimates 15

   6. Accounting policies applied 15

   7. New standards and interpretations published but not in force yet 16

   8. Changes in the presentation methods applied 16

   9. Correction of errors 17

   10. Changes in the comparative data 17

   11. Accounting effects of Turkey's status as a hyperinflationary economy 19

3. ORGANIZATION AND CHANGES IN THE STRUCTURE OF ASSECO SOUTH EASTERN EUROPE GROUP, INCLUDING THE ENTITIES SUBJECT TO CONSOLIDATION 24

4. INFORMATION ON OPERATING SEGMENTS 28

5. EXPLANATORY NOTES TO THE CONSOLIDATED STATEMENT OF PROFIT AND LOSS 31

   1. Structure of operating revenues 31

   2. Structure of operating costs 35

   3. Other operating income and expenses 39

   4. Financial income and expenses 39

   5. Income tax expense 41

   6. Earnings per share 43

   7. Information on dividends paid out 43

6. EXPLANATORY NOTES TO THE CONSOLIDATED STATEMENT OF FINANCIAL POSITION 45

   1. Property, plant and equipment 45

   2. Intangible assets 47

   3. Right-of-use assets 49

   4. Goodwill 50

   5. Impairment tests 57

   6. Other financial assets 59

   7. Prepayments 61

   8. Receivables and contract assets 62

   9. Inventories 64

   10. Cash and cash equivalents 65

   11. Equity of the Parent Company 66

   12. Non-controlling interests 66

   13. Lease liabilities 67

   14. Bank loans and borrowings 69

   15. Other financial liabilities 70

   16. Trade payables, state budget liabilities, and other liabilities 71

   17. Contract liabilities 72

   18. Provisions 73

   19. Accruals and deferred income 74

   20. Related party transactions 75

7. EXPLANATORY NOTES TO THE CONSOLIDATED STATEMENT OF CASH FLOWS 77

   1. Cash flows - operating activities 77

   2. Cash flows - investing activities 77

   3. Cash flows - financing activities 77

8. EXPLANATORY NOTES ON OBJECTIVES AND PRINCIPLES OF FINANCIAL RISK MANAGEMENT 80

   1. Foreign currency risk 80

   2. Interest rate risk 81

   3. Credit risk 82

   4. Financial liquidity risk 82

   5. Items of income, expenses, gains and losses recognized in the statement of profit and loss in correspondence to balance sheet items 83

9. OTHER EXPLANATORY NOTES 85

These consolidated financial statements have been approved for publication by the Management Board of Asseco South Eastern Europe S.A. on 25 February 2026.

Management Board:

Piotr Jeleński President of the Management Board

Miljan Mališ Member of the Management Board

Michał Nitka Member of the Management Board

Kostadin Slavkoski Member of the Management Board

‌Financial Highlights

Asseco South Eastern Europe Group

The following table presents the selected financial data of Asseco South Eastern Europe Group:

Net profit attributable to Shareholders of the Parent

Company

198,254

199,223

46,789

46,286

The selected financial data disclosed in these annual consolidated financial statements have been translated into EUR as follows:

• Items relating to the consolidated statement of profit or loss and the consolidated statement of cash flows were translated using the exchange rate calculated as the arithmetic average of the average exchange rates published by the National Bank of Poland, effective on the last day of each month. This rates amounted to

  • in the period from 1 January 2025 to 31 December 2025: EUR 1 = PLN 4.2372

  • in the period from 1 January 2024 to 31 December 2024: EUR 1 = PLN 4.3042

• The Group's cash and cash equivalents as at the end of the reporting period and the comparative period were translated using the average exchange rates published by the National Bank of Poland. These rates were as follows:

  • exchange rate effective on 31 December 2025: EUR 1 = PLN 4.2267

  • exchange rate effective on 31 December 2024: EUR 1 = PLN 4.2730

All amounts in this report are expressed in thousands of Polish zloty (PLN), unless stated otherwise.

‌Consolidated Statement of Profit and Loss and Other Comprehensive Income

Asseco South Eastern Europe Group

(current and deferred tax expense) 5.5 (48,720) (46,574)

Net profit for the reporting period 180,276 204,686

Attributable to:

Shareholders of the Parent Company 198,254 199,223

attributable to shareholders of the Parent Company (in PLN)

Non-controlling interests (19,144) 5,223

‌Consolidated Statement of Financial Position Asseco South Eastern Europe Group

Consolidated Statement of Financial Position Asseco South Eastern Europe Group

‌Consolidated Statement of Cash Flows Asseco South Eastern Europe Group

‌Explanatory Notes to the Consolidated Financial Statements

1. ‌General information

   Asseco South Eastern Europe Group ("ASEE Group", "Group", "ASEE") is a group of companies, the Parent Company of which is Asseco South Eastern Europe S.A. ("Parent Company", "ASEE S.A.", "Company", "Issuer") seated at 14 Olchowa St., Rzeszów, Poland.

   General information on the Parent Company

   Name Asseco South Eastern Europe S.A.

   Registered seat 14 Olchowa St., 35-322 Rzeszów, Poland

   National Court Register number 0000284571

   Statistical ID number (REGON) 180248803

   Tax Identification Number (NIP) 813-351-36-07

   Core business activity Activities of holding companies, IT activities

   The Parent Company, Asseco South Eastern Europe S.A., with its registered office in Rzeszów, was established on 10 April 2007 as a joint-stock company under the name Asseco Adria S.A. On 11 July 2007, the Company was entered into the XII Commercial Division of the National Court Register maintained by the District Court in Rzeszów under registration number 0000284571. The Parent Company was assigned the statistical number REGON 180248803. On 11 February 2008, the change of the Parent Company's name from Asseco Adria Spółka Akcyjna to Asseco South Eastern Europe Spółka Akcyjna was registered.

   Since 28 October 2009, the Company's shares have been listed on the main market of the Warsaw Stock

   Exchange.

   ASEE S.A. is the Parent Company of the Asseco South Eastern Europe Group. The Parent Company may operate within the territory of the Republic of Poland as well as abroad. The duration of the Parent Company its subsidiaries is indefinite.

   The Group provides comprehensive solutions and proprietary software necessary for banking operations, as well as advanced payment solutions enabling the development of the payments market in the region. It also delivers integration and implementation services for IT systems and hardware of global market leaders. The Group operates in Central Europe, South-Eastern Europe, the Iberian Peninsula, as well as in Egypt, Turkey, Colombia, Peru, the Dominican Republic, India and the United Arab Emirates.

   The scope of the core businesss activities of the Asseco South Eastern Europe Group, broken down into relevant segments, is described in Section IV of these consolidated financial statements.

   The direct parent entity of ASEE S.A. is Asseco International a.s. ("AI"), with its registered office in Bratislava, which is part of the Asseco Poland Group. As at 31 December 2025, AI held 26,407,081 shares in the Company, representing 50.89% of the Company's share capital and entitling it to 26,407,081 votes at the General Meeting, which constituted 50.89% of the total number of votes. The ultimate parent company of the entire Asseco Poland Group is Asseco Poland S.A., with its registered office in Rzeszów.

   These consolidated financial statements cover the year ended 31 December 2025 and include comparative data for the year ended 31 December 2024.

2. ‌Basis for the preparation of financial statements

   1. ‌Basis for preparation

      These consolidated financial statements have been prepared on the historical cost basis, except for financial assets measured at fair value through profit or loss or other comprehensive income, financial assets measured at amortized cost, and financial liabilities measured at fair value through profit or loss. Additionally, subsidiaries operating a hyperinflationary economy (Turkey) have restated their financial data to reflect changes in purchasing power based on a general price index so that amounts are expressed in the measurement units at the end of the reporting period. The impact of hyperinflation on the consolidated financial statements is described in explanatory note 2.11.

      These consolidated financial statements have been prepared under the going concern assumption, assuming that the Group will continue its operations for the foreseeable future. As of the date of these consolidated financial statements, there are no circumstances indicating a threat to the Group's ability to continue as a going concern.

      The scope of these consolidated financial statements is in accordance with the Regulation of the Minister of Finance of 6 June 2025 on current and periodic information disclosed by issuers of securities and on the conditions for recognizing as equivalent information required by the laws of a non-member state (consolidated text: Journal of Laws 2025, item 755, as amended) ("Regulation") and covers the annual reporting period from 1 January to 31 December 2025, as well as the comparative period from 1 January to 31 December 2024.

   2. ‌Impact of the geopolitical and macroeconomic situation on the Group's business operations

      As of the date of publication of these annual consolidated financial statements, based on its ongoing analysis of geopolitical and macroeconomic risks, the Management Board concluded that the Group's ability to continue operations for a period of no less than 12 months from 31 December 2025 is not at risk.

      As a result of the Russian invasion of Ukraine that began in 2022, the geopolitical situation in the entire Central and South-Eastern Europe region has significantly changed, while political tensions and military activities in Israel, the Gaza Strip, and Lebanon continue to affect the stability of the Middle East region. The Group continuously monitors the evolving geopolitical situation and its potential impact on future financial position and results. It is difficult to predict the further course of the conflict, and consequently the long-term economic effects for this part of Europe and the United Arab Emirates, as well as the impact on the overall macroeconomic environment, which indirectly affects ASEE Group's financial results.

      In 2022, Turkey was recognized as a country with a hyperinflationary economy. The Group consolidates financial data from several subsidiaries operating in Turkey, including ASEE Turkey, Payten Turkey, and Paratika, whose functional currency is that of a hyperinflationary economy. Accordingly, the consolidated financial statements include financial information of subsidiaries operating in Turkey adjusted for inflation, to reflect the impact of changes in the appropriate price index. The effect of hyperinflation adjustments is described in explanatory note 2.11 to these consolidated financial statements.

   3. ‌Compliance statement

      These consolidated financial statements have been prepared in compliance with the International Financial

      Reporting Standards ("IFRS") as endorsed by the European Union ("EU IFRS").

      IFRS include standards and interpretations accepted by the International Accounting Standards Board ("IASB") and the International Financial Reporting Interpretations Committee ("IFRIC").

      As of the date of approval of these statements for publication, considering the ongoing EU endorsement process of IFRS and the Group's operations, in the scope of accounting policies applied by the Group there is no difference between IFRS that came into force and IFRS endorsed by the EU.

      Some of the Group companies maintain their accounting books in accordance with the accounting regulations. The consolidated financial statements include adjustments not recorded in the accounting books of the Group's entities, made to align their financial statements with IFRS.

   4. ‌Functional currency, presentation currency and hyperinflation

      These consolidated financial statements are presented in Polish zloty ("PLN"), and all amounts, unless stated otherwise, are presented in thousands of PLN (PLN'000). Minor differences of 1 thousand PLN in totals result from rounding.

      The functional currency of the Parent Company, and simultaneously the presentation currency of these consolidated financial statements, is the Polish zloty (PLN). The functional currencies of the subsidiaries included in these financial statements are the currencies of the primary economic environments in which they operate. For consolidation purposes, the financial statements of foreign subsidiaries are translated into PLN using for balance sheet items: exchange rates quoted by the National Bank of Poland at the end of the reporting period and for statement of comprehensive income as well as the statement of cash flows items: average exchange rates calculated as the arithmetic mean of rates published by the National Bank of Poland on the last day of each month of the reporting period.

      The effects of these translations are recognized in equity under "Exchange differences on translation of foreign

      operations."

      For subsidiaries operating in a hyperinflationary economy, individual items of the statement of comprehensive income are translated into PLN using the respective currency exchange rates as determined by the National Bank of Poland at the end of the reporting period. The difference resulting from the translation of the statement of comprehensive income at the exchange rate effective on the reporting date, instead of using the average exchange rate for the reporting period, is disclosed in the line 'Exchange differences on translation of foreign operations'.

   5. ‌Professional judgement and estimates

      The preparation of the Group's consolidated financial statements in accordance with IFRS requires management to make judgements, estimates and assumptions that affect the reported amounts in the financial statements. Although these assumptions and estimates are based on the best knowledge of the Group's management regarding current activities and events, actual results may differ from those estimates.

      The relevant explanatory notes to the financial statements disclose the main areas which in the process of applying the accounting policies were subject to accounting estimates and professional judgement made by the management, and whose estimates, if changed, could significantly affect the Group's financial data to be presented in these notes in the future.

      In 2025, there were no significant changes in estimation methodologies compared to the previous year.

   6. ‌Accounting policies applied

      The table below provides a list of selected accounting policies along with explanatory notes in which they have been presented.

      Selected accounting policies	Note	Page number
      Hyperinflation	2.11	19
      Sales revenues	5.1	31
      Operating costs	5.2	35
      Other operating activities	5.3	39
      Financial income and expenses	5.4	39
      Income tax expense	5.5	41
      Earnings per share	5.6	43
      Property, plant and equipment	6.1	45
      Intangible assets	6.2	47
      Right-of-use assets	6.3	49
      Goodwill	6.4	50
      Impairment tests	6.5	57
      Other financial assets	6.6	59
      Prepayments	6.7	61
      Receivables and contract assets	6.8	62
      Inventories	6.9	64
      Cash and cash equivalents	6.10	65
      Non-controlling interests	6.12	66
      Lease liabilities	6.13	67

      Bank loans and borrowings	6.14	69
      Other financial liabilities	6.15	70
      Trade payables and other liabilities	6.16	71
      Contract liabilities	6.17	72
      Provisions	6.18	73
      Accrued expenses	6.19	74

      The accounting policies applied in the preparation of these consolidated financial statements have remained unchanged compared to those used in the preparation of the Group's annual consolidated financial statements for the year ended 31 December 2024, except for changes resulting from standards effective as of 1 January 2025.

      New standards or changes effective from 1 January 2025 are as follows:

      • Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates: Non-Convertibility (issued on August 15, 2023) - effective for annual periods beginning on or after 1 January 2025.

        The amended standard, which was first applicable in 2025, had no material impact on the Group's consolidated financial statements.

   7. ‌New standards and interpretations published but not in force yet

      The following standards and interpretations were issued by the International Accounting Standards Board (IASB) and International Financial Reporting Interpretations Committee (IFRIC), but have not yet come into force:

      • IFRS 19 Subsidiaries without Public Accountability: Disclosures (published on 9 May 2024) - not endorsed by the EU by the date of approval of these financial statements - effective for reporting periods beginning on or after 1 January 2027;

      • Amendments to IFRS 19 Subsidiaries without Public Accountability: Disclosures (published on 21 August 2024) - not endorsed by the EU by the date of approval of these financial statements - effective for reporting periods beginning on or after 1 January 2027;

      • Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates: Translation to a Hyperinflationary Presentation Currency (published on 13 November 2025) - not endorsed by the EU by the date of approval of these financial statements - effective for reporting periods beginning on or after 1 January 2027;

      • IFRS 18 Presentation and Disclosure in Financial Statements (published on 9 April 2024) - effective for reporting periods beginning on or after 1 January 2027;

      • Amendments to IFRS 9 and IFRS 7 Classification and Measurement of Financial Instruments (issued on May 30, 2024) - effective for reporting periods beginning on or after January 1, 2026;

      • Amendments to IFRS 9 and IFRS 7 Contracts Referencing Nature-dependent Electricity (published on December 18, 2024) effective for reporting periods beginning on or after January 1, 2026;

      • Annual Improvements to IFRS Accounting Standards - Volume 11 (published on July 18, 2024) - effective for reporting periods beginning on or after January 1, 2026.

      The specified effective dates have been set forth in the standards published by the International Accounting Standards Board. The actual dates of adopting these standards in the European Union may differ from those set forth in the standards and they shall be announced once they are approved for application by the European Union.

      The Group did not decide on early adoption of any standard, interpretation or amendment which has been published but has not yet become effective.

      The Group is currently conducting an analysis of how the above-mentioned amendments are going to impact its financial statements.

   8. ‌Changes in the presentation methods applied

      During the reporting period, the methods of presentation were not subject to any change.

   9. ‌Correction of errors

      In the reporting period, no events occurred that would require making corrections of any misstatements.

   10. ‌Changes in the comparative data

       The Group has restated the comparative data as at 31 December 2024 and for the 12-month period ended 31 December 2024 in connection with the revision of the fair value of acquired net assets recognized as part of the purchase price allocation for subsidiaries.

       Detailed information on the acquired assets and liabilities is presented in explanatory note 6.4 to these annual consolidated financial statements.

       The tables below present the impact of the above changes on the comparative data.

       STATEMENT OF PROFIT AND LOSS	12 months ended 31 December	Purchase price allocation of	12 months ended 31 December 2024
       	2024 PLN'000	subsidiaries PLN'000	(restated) PLN'000
       Operating revenues	1,708,184	-	1,708,184
       Cost of sales	(1,259,667)	-	(1,259,667)
       Allowances for trade receivables	(6,449)	-	(6,449)
       Gross profit on sales 442,068 - 442,068
       Selling expenses	(112,111)	-	(112,111)
       General and administrative expenses	(105,344)	-	(105,344)
       Net profit on sales 224,613 - 224,613
       Other operating income	3,610	-	3,610
       Other operating expenses	(1,546)	-	(1,546)
       Share of profits of associates	73	-	73
       Operating profit 226,750 - 226,750
       Financial income	89,731	-	89,731
       Financial expenses	(65,221)	-	(65,221)
       Impairment loss on financial instruments	-	-	-

       Profit before tax 251,260 - 251,260

       Income tax expense

       (current and deferred tax expense)

       (46,574) - (46,574)

       Net profit for the reporting period 204,686 - 204,686

       Non-controlling interests 5,463	-	5,463
       Basic and diluted consolidated earnings per share for the reporting 3.84	-	3.84

       Attributable to:

       Shareholders of the Parent Company 199,223 - 199,223

       period, attributable to shareholders of the Parent Company (in PLN)

       OTHER COMPREHENSIVE INCOME Net profit for the reporting period 204,686 - 204,686

       Items that may be reclassified subsequently to profit or loss (25,877) 2 (25,875)

       Net gain/loss on valuation of financial assets	158	-	158
       Exchange differences on translation of foreign operations	(26,035)	2	(26,033)
       Items that may not be reclassified subsequently to profit or loss - - -
       Actuarial gains/losses	-	-	-

       Total other comprehensive income	(25,877)	2	(25,875)
       TOTAL COMPREHENSIVE INCOME attributable to:	178,809	2	178,811
       Shareholders of the Parent Company	173,586	2	173,588

       Non-controlling interests 5,223 - 5,223

       31 December 2024 Purchase price 31 December 2024 allocation of (restated) ASSETS subsidiaries PLN'000 PLN'000 PLN'000

       Non-current assets

       Property, plant and equipment	174,175	-	174,175
       Intangible assets	90,278	-	90,278
       Right-of-use assets	68,848	-	68,848
       Investment property	436	-	436
       Goodwill	1,018,670	3,289	1,021,959

       Investments accounted for using the equity method	265	-	265
       Other receivables	5,850	-	5,850
       Deferred tax assets	11,711	-	11,711
       Other financial assets	2,481	-	2,481
       Prepayments	3,090	-	3,090

       1,375,804 3,289 1,379,093

       Current assets

       Inventories	109,968	-	109,968
       Prepayments	61,562	-	61,562
       Trade receivables	292,385	(916)	291,469
       Contract assets	87,249	-	87,249
       Corporate income tax receivable	4,662	-	4,662
       Receivables from the state and local budgets	15,841	-	15,841
       Other receivables	71,917	-	71,917
       Other non-financial assets	4,924	-	4,924
       Other financial assets	4,079	-	4,079
       Cash and cash equivalents	271,211	-	271,211
       923,798 (916) 922,882
       Assets held for sale	15,320		15,320

       939,118 (916) 938,202

       TOTAL ASSETS 2,314,922 2,373 2,317,295

       31 December 2024 Purchase price 31 December 2024 allocation of (restated) EQUITY AND LIABILITIES subsidiaries PLN'000 PLN'000 PLN'000

       Equity (attributable to shareholders of the Parent Company)

       Share capital	518,943	-	518,943
       Share premium	38,826	-	38,826
       Transactions with non-controlling interests	(162,161)	(2,694)	(164,855)
       Other reserves	1,580	-	1,580
       Exchange differences on translation of foreign operations	(224,666)	2	(224,664)
       Retained earnings	904,253	-	904,253

       	1,076,775	(2,692)	1,074,083
       Non-controlling interests	8,424	-	8,424
       Total equity	1,085,199	(2,692)	1,082,507
       Non-current liabilities

       Bank loans and borrowings	85,820	-	85,820
       Lease liabilities	47,983	-	47,983
       Other financial liabilities	394,195	-	394,195
       Deferred tax liabilities	14,575	-	14,575
       Provisions	5,543	5,065	10,608
       Deferred income	1,045	-	1,045
       Accrued expenses	423	-	423
       Contract liabilities	8,541	-	8,541
       Other liabilities	54	-	54

       558,179 5,065 563,244

       Current liabilities

       Bank loans and borrowings	76,912	-	76,912
       Lease liabilities	17,650	-	17,650
       Other financial liabilities	46,849	-	46,849
       Trade payables	195,073	-	195,073
       Contract liabilities	127,737	-	127,737
       Corporate income tax payable	9,601	-	9,601
       Liabilities to the state and local budgets	45,151	-	45,151
       Other liabilities	104,482	-	104,482
       Provisions	3,086	-	3,086

       Deferred income	660	-	660
       Accrued expenses	40,206	-	40,206
       667,407 - 667,407
       Liabilities directly related to assets held for sale	4,137	-	4,137

       	671,544	-	671,544
       TOTAL LIABILITIES	1,229,723	5,065	1,234,788
       TOTAL EQUITY AND LIABILITIES	2,314,922	2,373	2,317,295

   11. ‌Accounting effects of Turkey's status as a hyperinflationary economy

       The Group has subsidiaries operating in a hyperinflationary economy, for which it applies IAS 29 Financial Reporting in Hyperinflationary Economies. The Group identified hyperinflation in Turkey based on both qualitative and quantitative factors, in particular due to the fact that cumulative inflation over a three-year period exceeded 100% in April 2022 and have remained above 100% till the end of the reporting period.

       In accordance with IAS 29, the financial data of Turkish subsidiaries have been restated to reflect purchasing power at the end of the reporting period, based on the Consumer Price Index (CPI) published by the Turkish Statistical Institute. Accordingly, non-monetary items in the statement of financial position as well as the statement of profit and loss have been restated to reflect purchasing power as at the reporting date. Monetary items, such as receivables, liabilities, and bank borrowings, already reflect purchasing power at the closing date, as they are expressed in current monetary units. IAS 29, in conjunction with IAS 21 The Effects of Changes in Foreign Exchange Rates, also requires that all transactions denominated in a hyperinflationary currency, i.e. the Turkish lira (TRY), be translated into the Group's presentation currency, i.e. Polish zloty (PLN), using the exchange rate at the reporting date. Accordingly in the current reporting period, all transactions in Turkey were translated into PLN using the exchange rate as at 31 December 2025, in the prior year, all transactions in Turkey were translated using the exchange rate as at 31 December 2024, whereas the Group typically translates profit or loss items using the average exchange rate for the reporting period.

       Basis hyperinflation adjustements

       • Price index:

         Hyperinflation adjustments for Turkish subsidiaries have been based on officially available data on changes in the consumer price index (CPI) as published by the Turkish Statistical Institute. According to this index, the inflation rate for the period of 12 months ended 31 December 2025 reached 31%.

         Inflation rates for individual periods were as follows:

         The rates of inflation for particular reporting periods are presented in the table below:

         Inflation rate for particular periods

         December 2025 - December 2024 31%

         December 2024 - December 2023 44%

         December 2023 - December 2022 65%

         Three-year cumulative inflation rate

         December 2025 - December 2022 211%

       • Currency exchange rate:

   All financial data of Turkish subsidiaries, both in the statement of financial position and the statement of profit or loss, are translated into the Group's presentation currency (PLN) using the TRY/PLN exchange rate at the reporting date, instead of the Group's standard practice of translating the statement of profit and loss at the average exchange rate for the reporting period. As at 31 December 2025, this exchange rate was: TRY 1 = PLN 0.0837.

   Assumptions for the method and timing of hyperinflation adjustments:

   • Hyperinflation adjustements in the local currency

     • The Group has analyzed items of the statement of financial position of its subsidiaries in Turkey and classified them into monetary and non-monetary assets/liabilities. Monetary items have not been restated because they are already expressed in terms of the monetary unit current at the end of the reporting period.

     • Significant non-monetary items existing in our Turkish subsidiaries include: goodwill arising from the acquisition of these companies, property, plant and equipment, intangible assets, right-of-use asset, prepayments, and liabilities from contracts with customers. Right-of-use assets have not been additionally revalued because they are periodically indexed by the inflation rate. Other non-monetary items have been restated to reflect the effects of inflation based on changes in the price index. Changes in the price index in the period from initial recognition till 31 December 2024 have been recognized in the financial data for prior years. Whereas, effects of changes in the price index in 2025 have been recognized in the financial statements for the current reporting period.

       The restatements were made from the date of initial recognition of non-monetary items, but not earlier than the acquisition date of subsidiaries, as it is assumed that non-monetary items were then translated and recognized in the consolidated financial statements at fair value, reflecting the purchasing power as at the acquisition date. The restatement significantly increased the value of goodwill, property, plant and equipment, and intangible assets. It also resulted in higher expenses in the statement of profit and loss in the form of higher depreciation and amortization charges due to the restated gross values of property, plant and equipment and intangible assets, higher expenses and income from the accounting for restated prepaid expenses and contract liabilities.

     • Due to the revaluation of non-monetary assets and liabilities, deferred tax calculated as the difference between the tax value and the book value was also revalued.

     • All of profit and loss transactions for the year 2025 have been restated to reflect changes in the price index from the month when recognized till 31 December, except for depreciation charges on property, plant and equipment and amortization charges on intangible assets that have been remeasured based on the adjusted gross value of these assets, as well as expenses and income from the accounting for restated amounts of accruals and contract liabilities. The remeasurement of depreciation and amortization charges has been based on the normal periods of useful life of relevant assets. The restatement of the statement of profit and loss for the inflation rate resulted in an increase in the value of individual items presented in the local currency due to changes in the price index from the date of their recognition till 31 December 2025.

     • The effects of restating the statement of profit or loss and the statement of financial position for inflation in the current reporting period were recognized in financial income/expenses under "Gain/(loss) on net monetary position." Adjustments relating to periods up to the end of 2021 were recognized in other comprehensive income for 2022 and in equity under "Exchange differences on translation of foreign operations."

   • Translation of financial data into the Group's presentation currency

     • Financial statements of Turkish subsidiaries, after hyperinflation adjustments in local currency, were translated into PLN by applying the closing TRY/PLN exchange rate to both the statement of financial position and all profit or loss items. As at 31 December 2025, this exchange rate was: TRY 1 = PLN 0.0837. Translation of the statement of financial position has remained unchanged compared to the Group's usual practice, while the new principle of translating the statement of profit and loss has had a significant impact on its individual items. The effect of translating the statement of comprehensive income using the closing exchange rate of the reporting period has been recognized in "Exchange differences on translation of foreign subsidiaries."

   • Time of recognition

     • IAS 29 has been implemented by the Group since 1 January 2022 and the first hyperinflation restatements were made in the interim consolidated financial statements for the period of 6 months ended 30 June 2022. As cumulative three-year inflation exceeded 100% in April 2022, the financial data for the first quarter of 2022 were not subject to hyperinflation adjustments.

   STATEMENT OF PROFIT AND LOSS

   12 months ended

   31 December 2025

   Impact of

   12 months ended

   31 December 2025

   The impact of applying IAS 29 on the consolidated financial statements for 2025 is summarized below:

   	without impact of IAS 29	hyperinflation	according to IAS/IFRS
   	PLN'000	PLN'000	PLN'000
   Operating revenues	1,795,855	2,810	1,798,665
   Cost of sales	(1,289,635)	(4,377)	(1,294,012)
   Allowances for trade receivables	(17,046)	-	(17,046)
   Gross profit on sales 489,174 (1,567) 487,607
   Selling costs	(123,935)	56	(123,879)
   General and administrative expenses	(108,359)	(47)	(108,406)
   Net profit on sales 256,880 (1,558) 255,322
   Other operating income	2,765	15	2,780
   Other operating expenses	(6,618)	-	(6,618)
   Share of profits of associates	124	-	124
   Operating profit 253,151 (1,543) 251,608
   Financial income	159,936	14,333	174,269
   Financial expenses	(185,015)	(5,879)	(190,894)
   Impairment loss on financial instruments	(5,987)		(5,987)
   Profit before tax 222,085 6,911 228,996
   Income tax expense (current and deferred tax expense)	(48,321)	(399)	(48,720)
   Net profit for the reporting period 173,764 6,512 180,276
   Attributable to:
   Shareholders of the Parent Company 191,776 6,478 198,254
   Non-controlling interests	(18,012)	34	(17,978)
   OTHER COMPREHENSIVE INCOME Net profit for the reporting period	173,764	6,512	180,276
   Items that may be reclassified subsequently to profit or loss	(47,985)	(11,303)	(59,288)
   Net gain/loss on valuation of financial assets	150	-	150
   Exchange differences on translation of foreign operations	(48,135)	(11,303)	(59,438)

   Total other comprehensive income	(47,985)	(11,303)	(59,288)
   TOTAL COMPREHENSIVE INCOME attributable to:	125,779	(4,791)	120,988
   Shareholders of the Parent Company	144,957	(4,825)	140,132

   Non-controlling interests (19,178) 34 (19,144)

   31 December 2025 Impact of hyperinflation 31 December 2025 without impact of according to IAS/IFRS ASSETS IAS 29 PLN'000 PLN'000 PLN'000

   Non-current assets

   Property, plant and equipment	184,024	5,520	189,544
   Intangible assets	60,937	539	61,476
   Right-of-use assets	68,744	-	68,744
   Goodwill	844,539	60,297	904,836
   Investments accounted for using the equity method	300	-	300
   Other receivables	16,709	-	16,709
   Deferred tax assets	14,206	49	14,255
   Other financial assets	3,041	-	3,041
   Prepayments	9,177	32	9,209
   1,201,677 66,437 1,268,114
   Current assets
   Inventories	68,557	-	68,557
   Prepayments	70,600	883	71,483
   Trade receivables	346,496	-	346,496
   Contract assets	77,383	-	77,383
   Corporate income tax receivable	4,301	-	4,301
   Receivables from the state and local budgets	4,795	-	4,795
   Other receivables	96,333	-	96,333
   Other non-financial assets	6,301	-	6,301

   987,627 883 988,510

   TOTAL ASSETS 2,189,304 67,320 2,256,624

   EQUITY AND LIABILITIES	31 December 2025 without impact of IAS 29 PLN'000	Impact of hyperinflation PLN'000	31 December 2025 according to IAS/IFRS PLN'000
   Equity (attributable to shareholders of the Parent Company)	1,158,945	63,877	1,222,822
   Non-controlling interests	7,502	281	7,783
   Total equity	1,166,447	64,158	1,230,605
   Non-current liabilities
   Bank loans and borrowings	87,624	-	87,624
   Lease liabilities	45,211	-	45,211
   Other financial liabilities	97,400	-	97,400
   Deferred tax liabilities	8,075	1,336	9,411
   Provisions	11,570	-	11,570
   Deferred income	435	-	435
   Accrued expenses	771	-	771
   Contract liabilities	14,305	-	14,305
   Other liabilities	1,422	-	1,422
   Bank loans and borrowings	65,583	-	65,583
   Lease liabilities	22,282	-	22,282
   Other financial liabilities	116,943	-	116,943
   Trade payables	165,253	-	165,253
   Contract liabilities	139,419	1,826	141,245
   Corporate income tax payable	17,629	-	17,629
   Liabilities to the state and local budgets	53,692	-	53,692
   Other liabilities	126,108	-	126,108
   Provisions	4,438	-	4,438
   Deferred income	679	-	679
   Accrued expenses	44,018	-	44,018

   266,813 1,336 268,149

   Current liabilities

   	756,044	1,826	757,870
   TOTAL LIABILITIES	1,022,857	3,162	1,026,019
   TOTAL EQUITY AND LIABILITIES	2,189,304	67,320	2,256,624

   Other financial assets	919	-	919
   Cash and cash equivalents	311,942	-	311,942

   For the purpose of providing a complete presentation of the impact of hyperinflation on the consolidated statement of financial position and the statement of profit or loss, an impairment of assets held for sale resulting from prior hyperinflationary restatements has also been recognized.

   As described in section IV. Information on operating segments, the Management analyzes the operations of individual segments and their financial performance excluding the effects of hyperinflationary revaluations. Therefore, in the explanatory note on operating segments, the impact of hyperinflation has been disclosed in a separate column in order to reconcile the financial data of segments with the data presented elsewhere in the consolidated financial statements.

   The table below presents the financial data of segments in two variants: without the impact of IAS 29, and also in accordance with IAS/IFRS.

   12 months ended 31 December 2025 Banking Solutions Payment Solutions Dedicated Solutions without according to without according to without according impact of IAS/IFRS impact of IAS/IFRS impact of to IAS/IFRS IAS 29 IAS 29 IAS 29 PLN'000 PLN'000 PLN'000 PLN'000 PLN'000 PLN'000
   Sales to external customers	352,661	352,970	913,756	911,662	583,467	588,062
   Gross profit on sales	120,605	121,001	232,628	229,192	135,941	137,414

   Selling costs	(16,756)	(16,782)	(72,425)	(72,304)	(34,754)	(34,793)
   General and administrative expenses	(27,098)	(27,118)	(54,341)	(54,340)	(26,920)	(26,948)
   Other operating activities	21	21	(3,052)	(3,037)	(822)	(822)

   Share of profits of associates	-	-	124	124	-	-
   Operating profit	76,772	77,122	102,934	99,635	73,445	74,851
   Goodwill as at 31 December 2025	202,967	209,753	288,193	312,219	353,379	382,864

3. ‌ Organization and changes in the structure of Asseco South Eastern Europe Group, including the entities subject to consolidation

   Selected accounting policies

   Consolidation rules

   These consolidated financial statements of ASEE Group encompass assets, liabilities and equity, revenues and costs, as well as cash flows of the Parent Company - ASEE S.A. and its controlled entities (subsidiaries).

   Annual financial statements of our subsidiaries, after being adjusted to comply with IFRS, are prepared for the same reporting period as adopted by the Parent Company and using consistent accounting policies applied to similar transactions and economic activities. Any discrepancies in the applied accounting policies are eliminated by making appropriate adjustments.

   All significant outstanding settlements and transactions between the Group companies, including unrealized profits resulting from transactions within the Group, have been fully eliminated. All unrealized losses are eliminated unless they provide evidence of impairment.

   Subsidiaries are subject to consolidation from the date the Group obtains control over such entities until such control ceases. The Group controls an investee if, and only if, the Group has: (i) power over the investee (ii) exposure, or rights, to variable returns from its involvement with the investee and (iii) the ability to use its power over the investee to affect its returns.

   Where the Group holds less than a majority of voting rights in an entity but those rights are sufficient to unilaterally direct the relevant activities, the Group is deemed to have control over that entity.

   Subsidiaries are consolidated for the period from the date control is obtained until the date control ceases. In the event of loss of control over a subsidiary, the consolidated financial statements include results of a subsidiary for the part of the year during which it was controlled by the Group. Acquisitions of subsidiaries are accounted for using the acquisition method.

   Changes in ownership interests that do not result in a loss of control are accounted for as equity transactions. In such cases, the carrying amounts of controlling and non-controlling interests are adjusted to reflect changes in relative ownership interests. Any difference between the adjustment to non-controlling interests and the fair value of consideration paid or received is recognized directly in equity (transactions with non-controlling interests) and attributed to the owners of the Parent Company.

   Combinations of businesses under common control

   A business combination involving business entities under common control is a business combination whereby all of the combining business entities are ultimately controlled by the same party or parties, both before and after the business combination, and that control is not transitory.

   This refers in particular to transactions such as a transfer of companies or businesses within the Group, or a merger of the Parent Company with its subsidiary.

   In the event of a business combination in which an investment in one subsidiary is contributed to another subsidiary or mergers of two subsidiaries of ASEE S.A., the carrying value of our investment in the acquiree subsidiary is only transferred at the level of standalone financial statements. Hence, a takeover of one subsidiary by another subsidiary has no impact on the Group's financial results.

   To account for business combinations under common control, the Group applies the pooling of interests method, under which:

   • assets and liabilities of the combining business entities are measured at their carrying values as disclosed in the Group's consolidated financial statements. This means that goodwill previously recognized in the consolidated financial statements as well as any other intangible assets recognized in the merger accounting process are transferred to the standalone financial statements, and at the consolidated level there is no fair value remeasurement of net assets as at the transaction date;

   • transaction costs related to the combination are expensed in the statement of profit and loss (financial expenses);

   • mutual balances of accounts receivable/ payable are eliminated;

   • any difference between the consideration paid or transferred and the value of net assets acquired (at their carrying values disclosed in the consolidated financial statements) is recognized in equity of the acquirer (such amounts recognized in equity are not included in reserve capital, and therefore they are not distributable);

   • the statement of profit and loss presents the financial results of both combined entities from the date when their merger was effected; whereas, the results for earlier reporting periods are not restated.

   ASEE Group consists of ASEE S.A. as the parent company and the following subsidiaries and associates:

   Name of entity Registered seat Equity interest / Voting rights held by the Group
   		31 December 2025	31 December 2024
   Subsidiary companies
   ASEE Solutions doo Beograd	Serbia	100/100	100/100
   Things Solver doo Beograd	Serbia	76.14/76.14	76.14/76.14
   e-mon doo ., Podgorica	Montenegro	75/75	75/75
   ASEE doo, Sarajevo	Bosnia and Herzegovina	100/100	100/100
   Dwelt doo . Banja Luka	Bosnia and Herzegovina	60/60*	60/60*
   BS Telecom Solutions doo Sarajevo	Bosnia and Herzegovina	60/60*	60/60*
   ASEE EOOD	Bulgaria	100/100	100/100
   ASEE Solutions doo	Croatia	100/100	100/100
   ASEE DOOEL, Skopje	Macedonia	100/100	100/100
   ASEE BSS DOOEL, Skopje	Macedonia	100/100	100/100

   ASEE Sh.pk .	Kosovo	100/100	100/100
   ASEE Albania Sh.pk .	Albania	100/100	100/100
   Helius Systems Sh.pk .	Albania	70/70*	70/70*
   ASEE Solutions SRL	Romania	100/100	100/100
   ASEE Solutions SRL	Moldova	100/100	100/100
   Bithat Solutions srl .	Romania	100/100	100/100
   Askepnet TOV	Ukraine	100/100	100/100
   ASEE Bilişim Teknolojileri A.Ş.	Türkiye	100/100	100/100
   Payten Holding SA	Poland	99.07/99.07	99.07/99.07
   Necomplus, SL	Spain	100/100	84.97/84.97
   Necomplus Serveis Andorra, SL	Andorra	33.33/33.33	33.33/33.33
   Necomplus Portugal Lda	Portugal	100/100	100/100
   Necomplus Dominicana Srl	Dominican Republic	100/100	100/100
   Necomplus Colombia SAS	Colombia	100/100	100/100
   Necomplus PERÚ SAC	Peru	100/100	100/100
   Monripayments , SL.U.	Spain	100/100	n/a
   Sycket Technologies, SL	Spain	70/70*	n/a
   Ifthenpay Lda	Portugal	80/80*	80/80*
   WEO Unipessoal Lda	Portugal	80/80*	80/80*
   Payten Teknoloji A.Ş.	Türkiye	100/100	100/100
   Paratika Odeme Hizmetleri A. Ş.	Türkiye	100/100	100/100
   Mobven Teknoloji A. Ş.	Türkiye	n/a	100/100
   Payten doo , Novi Beograd	Serbia	100/100	100/100
   Chip Card ad , Beograd	Serbia	92.51/92.51	92.51/92.51
   Afusion doo, Beograd	Serbia	95/95	95/95
   Monri Payments doo, Beograd	Serbia	100/100	100/100
   Payten doo . (Sarajevo)	Bosnia and Herzegovina	100/100	100/100
   Monri Payments doo	Bosnia and Herzegovina	100/100	100/100
   Payten doo . (Zagreb)	Croatia	100/100	100/100
   Monri Payments doo Zagreb	Croatia	100/100	100/100
   Payten doo ., Podgorica	Montenegro	100/100	100/100
   Payten DOOEL, Skopje	Macedonia	100/100	100/100
   Payten doo . (Ljubljana)	Slovenia	100/100	100/100
   Avera doo .	Slovenia	75/75*	75/75*
   Payten Payment Solutions srl .	Romania	100/100	100/100
   ContentSpeed srl .	Romania	80/80*	80/80*
   SONET společnost sro .	The czech republic	100/100	100/100
   SONET Slovakia sro	Slovakia	100/100	100/100
   Payten Egypt LLC	Egypt	80/80	80/80
   Fawaterk for E-payments LLC	Egypt	51/51	n/a
   Touras India Private Limited	India	51/51	51/51
   Touras Tech Global Private Limited	India	100/100	100/100
   Touras Technologies Limited	United Arab Emirates	51/51	51/51
   Touras Global IT Solutions LLC	United Arab Emirates	100/100	100/100
   Paygate ( Private ) Limited	Sri Lanka	n/a	100/100
   Associated companies:
   Clever Solutions Sh.p.k.	Albania	45/45	45/45

   * this investment is accounted for using the present ownership method, assuming we hold 100% of shares due to the existing put/call options

   The structure of the ASEE Group is also presented in graphical form:

   BS Telecom Solutions d.o.o. Sarajevo Bosnia & Herzegovina

   60/60 (60/60)*

Necomplus PERÚ SAC

Peru 100/100 (100/100)

subsidiary company

associated company

Clever Solutions Sh.p.k.

Albania 45/45 (45/45)

ASEE Solutions d.o.o. Beograd

Serbia

100/100 (100/100)

Touras Tech Global Private Limited

India

100/100 (100/100)

Bithat Solutions s.r.l.

Romania 100/100 (100/100)

Askepnet TOV

Ukraine 100/100 (100/100)

Helius Systems Sh.p.k.

Albania 70/70 (70/70)*

ContentSpeed s.r.l.

Romania

80/80 (80/80)*

Touras Global IT Solutions L.L.C. United Arab Emirates 100/100 (100/100)

100/100 voting rights / equity interest as at 31 December 2025 (in %) (100/100) voting rights / equity interest as at 31 December 2024 (in %)

* this investment is accounted for using the present ownership method, assuming we hold 100% of shares due to the existing put/call options

Both as at 31 December 2025 and 31 December 2024, all of our subsidiary companies were subject to consolidation.

The Group had no shares in any jointly controlled entities as at 31 December 2025 or as at 31 December 2024. During the period of 12 months ended 31 December 2025, the Group's composition changed as follows:

• Purchase of the company Fawaterk for E-payments LLC

  On January 15, 2025, Payten Holding SA acquired 51% of shares in Fawaterk for E- payments LLC based in Cairo (Egypt).

• Sale of Mobven Teknoloji Anonim Şirketi

  On 11 February 2025, a share sale agreement for Mobven Teknoloji Anonim Şirketi was signed. Payten Teknoloji Anonim Şirketi sold all of its shares (100%) in Mobven and, as a result, the Group lost control over this entity. The consideration for the shares will be paid in seven installments, starting from the first anniversary of the transaction.

  As at the end of 2024, in connection with the plan to sell the subsidiary, Mobven's assets and liabilities were classified in the Group's statement of financial position as assets held for sale and related liabilities, measured at the lower of their carrying amount and fair value less costs to sell. Accordingly, in the prior year, net assets held for sale were recognized at the estimated selling price of the company.

  In the current reporting period, the result on disposal was determined as the estimated selling price of the shares less net assets. Additionally, other comprehensive income previously recognized was reclassified to profit or loss as part of the disposal result. The loss on disposal of Mobven was estimated at PLN 6.9 million and recognized in financial expenses.

• Change of name of subsidiary of Touras Technologies Limited - Touras Global IT Solutions LLC

  On February 25, 2025, the subsidiary of Touras Technologies Limited based in Dubai (United Arab Emirates) changed its name from Safexpay Software Solutions LLC to Touras Global IT Solutions LLC.

• Acquisition of Sycket Technologies, SL

  On April 22, 2025, Payten Holding SA acquired 70% of the shares in Sycket Technologies, SL, based in Seville (Spain).

• Sales Paygate ( Private ) Limited

  On June 16, 2025, Paygate ( Private ) Limited, based in Colombo (Sri Lanka), was sold.

• Establishment of Monripayments , SLU

  On December 5, 2025, Payten Holding SA established a company in Spain called Monripayments , SLU, acquiring 100% of its shares.

• Acquisition of shares in Necomplus, SL

On December 10, 2025, Payten Holding SA acquired 15.03% of the shares in Necomplus, SL, based in Alicante (Spain), in connection with the exercise of a put option granted to non-controlling shareholders of Necomplus. The purchase price for the shares was PLN 24,310,000. This transaction was accounted for in equity as a transaction with non-controlling interests and fully attributed to the equity of the Parent Company. Following the transaction, Payten Holding SA holds 100% of the shares in Necomplus, SL.

1. ‌Information on operating segments

   According to IFRS 8, an operating segment is a separable component of the Group's business for which separate financial information is available and regularly reviewed by the chief operating decision maker in order to allocate resources to the segment and to assess its performance.

   Asseco South Eastern Europe Group has identified the following reportable segments reflecting the structure of its business operations:

   • Banking Solutions,

   • Payment Solutions,

   • Dedicated Solutions.

   These reportable segments correspond to the Group's operating segments.

   The Banking Solutions segment includes comprehensive solutions and products necessary for banking operations, such as: multi-channel solutions for distribution of banking products and services, solutions improving customer communication, integrated core banking systems, authentication security solutions, IT reporting systems for regulatory and management reporting, systems for risk management and anti-fraud systems. The segment also offers its clients 24x7 online services and consultancy in the areas of mobile and electronic banking and digital transformation.

   The Payment Solutions segment provides comprehensive payment solutions supporting bith online and offline payments, offered by the Payten Group for both financial and non-financial institutions. These solutions are intended for e-Commerce (online payment gateways, support for alternative payment methods such as cryptocurrencies, QR codes, cards tokenization, subscription payments), mobile payments (mPOS, vPOS, SoftPOS), payment card processing, as well as services related to ATMs and EFT POS terminals. The Group delivers software and services as well as ATMs and payment terminals, including under an outsourcing model, allowing clients to lease equipment and use maintenance and infrastructure management services. This segment also operates an independent ATM network under the MoneyGet brand. In addition, the Group runs a network of independent EFT POS terminals at points of sale - IPD service under the Monri brand enabling merchants to replace two or more payment terminals at the point of sale with a single device connected directly to multiple acquirers (card issuers). Moreover, the segment offers complementary solutions for creating online and mobile stores and marketplace platforms, as well as cash register management and sales support systems (ECR) for retailers.

   The Dedicated Solutions segment provides services to the sectors of utilities and telecommunications, public sector (including road infrastructure), government as well as to the banking and finance sector within the following business lines: BPM business process management, customer service and sales support platform, data registers, smart city, AI & Machine Learning, e-Tax, border control, authentication, dedicated solutions, BI and ERP. The company focuses on selling its proprietary solutions but also offers a full range of integration services for solutions from leading global vendors.

   The Group's financing activities as well as income taxes are monitored at the whole group level and therefore they are not allocated to individual operating segments. The Management also does not analyze assets and liabilities or cash flows in a breakdown by segments. The table below presents the key financial information reviewed by the chief operating decision maker in the Company.

   Revenues from none of our clients exceeded 10% of total sales generated by the Group in the period of 12 months ended 31 December 2025.

   Selected financial data for the period of 12 months ended 31 December 2025, in a breakdown by operating segments:

   12 months ended 31 December 2025

   Banking Solutions Payment

   Solutions

   Dedicated

   Solutions

   Eliminations Hyperinflation

   Total

   PLN'000		PLN'000	PLN'000	PLN'000	PLN'000	PLN'000
   Sales revenues:	352,661	913,756	583,467	(54,029)	2,810	1,798,665
   Sales to external customers	330,459	889,728	575,668	-	2,810	1,798,665
   Sales between and/or within segments	22,202	24,028	7,799	(54,029)	-	-
   Gross profit on sales	120,605	232,628	135,941	-	(1,567)	487,607
   Selling expenses	(16,756)	(72,425)	(34,754)	-	56	(123,879)
   General and administrative expenses	(27,098)	(54,341)	(26,920)	-	(47)	(108,406)
   Net profit on sales	76,751	105,862	74,267	-	(1,558)	255,322
   Other operating activities	21	(3,052)	(822)	-	15	(3,838)
   Share of profits of associates	-	124	-	-	-	124
   Operating profit	76,772	102,934	73,445	-	(1,543)	251,608
   Non-cash items
   Depreciation and amortization	(12,427)	(69,134)	(21,968)	-	(2,671)	(106,200)
   Impairment losses on segment assets recognized in operating expenses	(1,017)	(21,690)	(4,110)	-	-	(26,817)
   Impairment losses on goodwill recognized in financial expenses	-	(132,097)	-	-	-	(132,097)
   Goodwill	202,967	288,193	353,379	-	60,297	904,836

   12 months ended 31 December 2025 Banking Solutions Payment Dedicated Eliminations Hyperinflation Total Solutions Solutions EUR'000 EUR'000 EUR'000 EUR'000 EUR'000 EUR'000
   Sales revenues:	83,230	215,652	137,701	(12,752)	663	424,494
   Sales to external customers	77,990	209,981	135,860	-	663	424,494
   Sales between and/or within segments	5,240	5,671	1,841	(12,752)	-	-
   Gross profit on sales	28,463	54,901	32,084	-	(370)	115,078
   Selling expenses	(3,954)	(17,094)	(8,201)	-	13	(29,236)
   General and administrative expenses	(6,395)	(12,824)	(6,354)	-	(11)	(25,584)
   Net profit on sales	18,114	24,983	17,529	-	(368)	60,258
   Other operating activities	5	(721)	(194)	-	4	(906)
   Share of profits of associates	-	29	-	-	-	29
   Operating profit	18,119	24,291	17,335	-	(364)	59,381
   						-
   Non-cash items
   Depreciation and amortization	(2,933)	(16,316)	(5,185)	-	(630)	(25,064)
   Impairment losses on segment assets recognized in operating expenses	(240)	(5,119)	(970)	-	-	(6,329)
   Impairment losses on goodwill recognized in financial expenses	-	(31,176)	-	-	-	(31,176)
   Goodwill	48,020	68,184	83,606	-	14,266	214,076

   The above result data were translated at the average exchange rate for the 12-month period ended 31 December 2025 of: EUR 1: 4.2372, and the balance sheet data at the exchange rate as at 31 December 2025 of: EUR 1: 4.2267.

   In the current reporting period, the financial data of subsidiaries operating in Turkey have been restated due to hyperinflation. The Management Board analyzes segment operations and their financial data excluding the impact of hyperinflationary restatements. Accordingly, the impact of hyperinflation is presented in a separate column in order to reconcile segment data with the figures presented elsewhere in the consolidated financial statements.

   12 months ended 31 December 2024

   Banking Solutions Payment

   Solutions

   Dedicated

   Solutions

   Eliminations Hyperinflation

   Total

   PLN'000

   PLN'000

   PLN'000

   PLN'000

   PLN'000

   PLN'000

   Selected financial data for the period of 12 months ended 31 December 2024, in a breakdown by operating segments:

   Sales revenues:	314,312	861,104	548,100	(43,129)	27,797	1,708,184
   Sales to external customers	292,511	845,976	541,900		27,797	1,708,184
   Sales between and/or within segments	21,801	15,128	6,200	(43,129)	-	-
   Gross profit on sales	104,926	259,806	68,899	-	8,437	442,068
   Selling costs	(17,511)	(59,677)	(33,389)	-	(1,534)	(112,111)
   General and administrative expenses	(27,131)	(48,944)	(27,125)	-	(2,144)	(105,344)
   Net profit on sales	60,284	151,185	8,385	-	4,759	224,613
   Other operating activities	78	660	1,277	-	49	2,064
   Share of profits of associates	-	73	-	-	-	73
   Operating profit	60,362	151,918	9,662	-	4,808	226,750
   Non-cash items
   Depreciation and amortization	(12,664)	(62,030)	(20,590)	-	(3,438)	(98,722)
   Impairment losses on segment assets recognized in operating expenses	(1,016)	(5,075)	(4,256)	-	-	(10,347)
   Impairment losses on goodwill recognized in financial expenses	-	(15,482)	(13,753)	-	-	(29,235)
   Goodwill (restated)	207,037	393,196	359,105	-	62,621	1,021,959

   12 months ended 31 December 2024 Banking Solutions Payment Dedicated Eliminations Hyperinflation Total Solutions Solutions
   EUR'000		EUR'000	EUR'000	EUR'000	EUR'000	EUR'000
   Sales revenues:	73,024	200,062	127,340	(10,020)	6,458	396,864
   Sales to external customers	67,959	196,547	125,900	-	6,458	396,864
   Sales between and/or within segments	5,065	3,515	1,440	(10,020)	-	-
   Gross profit on sales	24,378	60,361	16,007	-	1,960	102,706
   Selling costs	(4,068)	(13,865)	(7,758)	-	(356)	(26,047)
   General and administrative expenses	(6,303)	(11,371)	(6,303)	-	(498)	(24,475)
   Net profit on sales	14,007	35,125	1,946	-	1,106	52,184
   Other operating activities	18	153	298	-	11	480
   Share of profits of associates	-	17	-	-	-	17
   Operating profit	14,025	35,295	2,244	-	1,117	52,681
   						-
   Non-cash items
   Depreciation and amortization	(2,942)	(14,412)	(4,784)	-	(800)	(22,938)
   Impairment losses on segment assets recognized in operating expenses	(236)	(1,179)	(989)	-	-	(2,404)
   Impairment losses on goodwill recognized in financial expenses	-	(3,597)	(3,195)	-	-	(6,792)

   Goodwill (restated) 48,452 92,019 84,040 - 14,655 239,166

   The above result data were translated at the average exchange rate for the 12-month period ended 31 December 2024 of: EUR 1: 4.3042, and the balance sheet data at the exchange rate as at 31 December 2024 of: EUR 1: 4.2730

2. ‌Explanatory notes to the consolidated statement of profit and loss

   1. ‌Structure of operating revenues

      Selected accounting policies

      The Group is engaged in the sale of licenses and broadly defined IT services, and distinguishes the following types of revenues:

      • revenues from the sale of proprietary licenses and services,

      • revenues from the sale of third-party licenses and services, and

      • revenues from the sale of hardware.

        1. Sale of proprietary licenses and services

           The category of 'Proprietary licenses and services' includes revenues from contracts with customers under which we supply our own

           software and/or provide related services.

           • Comprehensive IT projects

             A significant portion of those revenues is generated from the performance of comprehensive IT projects, whereby the Group is committed to provide the customer with a functional IT system. In those situations the customer can only benefit from a functional system, being the final product that is comprised of our proprietary licenses and significant related services (for example, modifications or implementation). Under such contracts, the Group is virtually always required to provide the customer with comprehensive goods or services, including the supply of proprietary licenses and/or own modification services and/or own implementation services. This means that the comprehensive IT contracts typically represent a separate performance obligation to deliver to the customer a functional IT system. In the case of a performance obligation that involves the provision of a functional IT system, we closely examine the promise in granting a licence under each contract. Each license is analyzed for being distinct from other goods or services promised in the contract. Generally, the Group considers that a commitment to sell a license under such performance obligation does not satisfy the criteria of being distinct, because the transfer of the license is only part of a larger performance obligation, and services sold together with the license present such a significant value so that it is impossible to determine whether the license itself is a predominant obligation.

             Revenues from a performance obligation to provide a functional IT system are recognized over time, during the period of its development. This is because, in accordance with IFRS 15, revenues may be recognized over time of transferring control of the supplied goods/services, as long as the entity's performance does not create an asset with an alternative use to the entity, and the entity has an enforceable right to payment for performance completed to date throughout the duration of the contract. In the Management's opinion, in the case of execution of comprehensive IT projects the provider cannot generate an asset with an alternative use because such systems together with the accompanying implementation services are "tailor-made". The analysis carried out so far showed that essentially all contracts concluded by the Group meet the criterion of ensuring an enforceable right to payment for performance completed throughout the duration of the contract. This means that revenues from comprehensive IT projects, which include the sale of proprietary licenses and own services, shall be recognized according to the percentage of completion method (based on the costs incurred so far) over time of transferring control of the sold goods/services to the customer. Relatively small IT projects, which are usually completed within one year or generate revenues that are insignificant in the Management's opinion, constitute a specific case where revenues may be recognized in the amount the Group is entitled to invoice. The basic method of revenue recognition for these projects is the percentage of total costs incurred so far on a given project. In the case of projects where such approach is impractical for operational reasons or too expensive compared to the project size, the Group recognizes revenues after the completion of work is confirmed by the customer. Revenues are recognized on the basis of a sales invoice issued to the customer, unless such an invoice has not been issued at the reporting date. In such event, revenues are recognized through a posting instruction. The implementation time for the said IT projects may vary due to many factors of both internal and external nature. The most important internal factor is the availability of resources, in particular due to large-scale projects implemented at the same time. Whereas, the most important external factor is the availability of resources on the customer's part, without which it would be impossible to carry out a project either in the phase of defining the scope and requirements or testing the developed solution. Considering the above, it can be assumed that the duration of small projects is usually between 1 and 3 months.

           • Sale of proprietary licenses without significant related services

             In the event the sale of a proprietary license is distinct from other significant modification and/or implementation services, and thereby it constitutes a separate performance obligation, the Group considers whether the promise in granting the licence is to provide the customer with either:

             • a right to access the entity's intellectual property in the form in which it exists throughout the licensing period; or

             • a right to use the entity's intellectual property in the form in which it exists at the time of granting the license.

             The vast majority of licenses sold separately by the Group (thus representing a separate performance obligation) are intended to provide the customer with a right to use the intellectual property, which means revenues from the sale of such licenses are recognized at the point in time at which control of the licence is transferred to the customer. This is tantamount to stating that in the case of proprietary licenses sold without significant related services, regardless of the licensing period, the arising revenues are recognized on a one-off basis at the point in time of transferring control of the licence. We have also identified instances of selling licenses the nature of which is to provide a right to access the intellectual property. Those licenses are, as a rule, sold for a definite period. In accordance with IFRS 15, the Group now recognizes such revenues based on the determination whether the license provides the customer with a right to access or a right to use.

           • Maintenance services and warranties

             The category of 'Proprietary licenses and services' also presents revenues from own maintenance services, including revenues from warranties. Such services, in principle, constitute a separate performance obligation where the customer consumes the benefits of goods/services as they are delivered by the provider, as a consequence of which revenues are recognized over time during the service performance period.

             In many cases, the Group also provides a warranty for goods and services sold. Most warranties granted by the Group meet the definition of service, these are the so-called extended warranties the scope of which is broader than just an assurance to the customer that the product/service complies with agreed-upon specifications. The conclusion regarding the extended nature of a warranty is made whenever

             the Group contractually undertakes to repair any errors in the delivered software within a strictly specified time limit and/or when such warranty is more extensive than the minimum required by law. In the context of IFRS 15, the fact of granting an extended warranty indicates that the Group actually provides an additional service. In accordance with IFRS 15, this means the Group needs to recognize an extended warranty as a separate performance obligation and allocate a portion of the transaction price to such service. In all cases where an extended warranty is accompanied by a maintenance service, which is even a broader category than an extended warranty itself, revenues are recognized over time because the customer consumes the benefits of such service as it is performed by the provider. If this is the case, the Group continues to allocate a portion of the transaction price to such maintenance service. Likewise, in cases where a warranty service is provided after the project completion and is not accompanied by any maintenance service, then a portion of the transaction price and analogically recognition of a portion of contract revenues will have to be deferred until the warranty service is actually fulfilled. In the case of warranties the scope of which is limited to the statutory minimum, our accounting policy remained unchanged, meaning such future and contingent obligations will be covered by provisions for warranty repairs which, if materialized, will be charged as operating costs.

        2. Sale of third-party licenses and services

           The 'Third-party licenses and services' category includes revenues from the sale of third-party licenses as well as from the provision of services which, due to technological or legal reasons, must be carried out by subcontractors (e.g. maintenance of hardware and software and outsourcing services provided by their manufacturers). Revenues from the sale of third-party licenses are as a rule accounted for as sales of goods, which means that such revenues are recognized at the point in time at which control of the licence is transferred to the customer. Concurrently, revenues from third-party services, including primarily third-party maintenance services, are recognized over time when such services are provided to the customer. Whenever the Group is involved in the sale of third-party licenses or services, we consider whether the Group acts as a principal or an agent; however, in most cases the conclusion is that the Group is the main party required to satisfy a performance obligation and therefore the resulting revenues are recognized in the gross amount of consideration.

        3. Sale of hardware

The 'Sale of hardware'category includes revenues from contracts with customers for the delivery of infrastructure. In this category, revenues are recognized basically at the point in time at which control of the equipment is transferred. This does not apply only to situations where hardware is not delivered separately from services provided alongside, in which case the sale of hardware is part of a performance obligation involving the supply of a comprehensive infrastructure system. However, such comprehensive projects are a rare practice in the Group as the sale of hardware is predominantly performed on a distribution basis.

In the case of contracts that contain a component of providing a service or equipment, the entity considers whether such arrangements contain a lease (i.e. whether the entity conveys the right to control the use of an identified asset for a period of time in exchange for consideration). The Group has not identified any finance lease components within contracts concluded with customers.

Variable consideration

In accordance with IFRS 15, when the transaction price specified in a contract includes a variable component, the Group estimates the amount of consideration to which it expects to be entitled in exchange for transferring the promised goods or services to the customer. The Group includes variable consideration in the transaction price only to the extent that it is highly probable that a significant reversal of previously recognized revenue will not occur when the uncertainty associated with the variable consideration is resolved.

The Group is party to numerous contracts that include penalties for failure to perform or improper performance of contractual obligations. Such expected penalties may result in adjustments to consideration initially stated as a fixed amount. When estimating the amount of consideration to which the Group is entitled, the expected value method is applied, reflecting the probability-weighted amount of payments, including potential penalties and other contractually variable elements that could affect the consideration. This effectively may reduce the amount of revenue recognized.

Apart from contractual penalties, there are no other significant factors that may affect the amount of consideration (such as rebates or discounts), but in the event they were identified, they would also affect the amount of revenues recognized by the Group.

Allocation of the transaction price to performance obligations

The Group allocates the transaction price to each performance obligation (or distinct good or service) in an amount that depicts the amount of consideration to which the entity expects to be entitled in exchange for transferring the promised goods or services to the customer.

Significant financing component

In determining the transaction price, the Group adjusts the promised amount of consideration for the effects of the time value of money if the timing of payments agreed to by the parties to the contract (either explicitly or implicitly) provides the customer or the Group's company with a significant benefit of financing the transfer of goods or services to the customer. In those circumstances, the contract is deemed to contain a significant financing component. As a practical expedient, the Group does not adjust the promised amount of consideration for the effects of a significant financing component if it expects, at the contract inception, that the period between when a promised good or service is transferred to the customer and when the customer pays for that good or service will be one year or less.

A contract with a customer does not contain a significant financing component if, among other factors, the difference between the promised consideration and the cash selling price of the good or service arises for reasons other than the provision of finance to the customer, and the difference between those amounts is proportional to the reason for the difference. This usually occurs when the contractual payment terms provide protection from the other party failing to adequately complete some or all of its obligations under the contract.

Costs of contracts with customers

The incremental costs of obtaining a contract are those costs that the Group incurs to obtain a contract with a customer that it would not have incurred if the contract had not been obtained. The Group recognizes such costs as an asset if it expects to recover those costs. Such capitalized costs of obtaining a contract shall be amortized over a period when the Group satisfies the performance obligations arising from the contract.

As a practical expedient, the Group recognizes the incremental costs of obtaining a contract as an expense when incurred if the amortization period of the asset that the Group would have otherwise recognized is one year or less.

Costs to fulfil a contract are the costs incurred in fulfilling a contract with a customer. The Group recognizes such costs as an asset if they are not within the scope of another standard (for example, IAS 2 'Inventories', IAS 16 'Property, Plant and Equipment' or IAS 38 'Intangible Assets') and if those costs meet all of the following criteria: (i) the costs relate directly to a contract or to an anticipated contract with a customer; (ii) the costs generate or enhance resources of the Group that will be used in satisfying (or in continuing to satisfy) performance obligations in the future; and (iii) the costs are expected to be recovered.

Other practical expedients used by the Group

When appropriate, the Group also applies a practical expedient permitted under IFRS 15 whereby if the Group has a right to consideration from a customer in an amount that corresponds directly with the value to the customer of the Group's performance completed to date (for example, a service contract in which an entity bills a fixed amount for each hour of service provided), the Group may recognize revenue in the amount it is entitled to invoice.

Revenues other than revenues from contracts with customers (not subject to IFRS 15)

Revenues other than revenues from contracts with customers are generated by the Group primarily from outsourcing of IT hardware (e.g. ATMs, servers and POS terminals). Each time the Group determines whether all the risks and rewards incidental to the use of rented equipment have been transferred to the customer.

Estimates

As described above, the Group satisfies performance obligations, a large number of which (including those for the provision of a functional IT system) are measured using the percentage of completion method. Such measurement requires estimation of future operating cash flows in order to measure the progress of project execution. The percentage of completion shall be measured as the relation of costs already incurred (provided such costs contribute to the progress of work) to the total costs planned, or as a portion of man-days worked out of the total work effort required. Determining this measure of progress, and consequently revenue recognition, requires the application of professional judgment and significant estimates.

Similarly, estimates and professional judgment are required determine the expected revenues from contracts with customers where consideration is variable, such as when agreements include penalties for delays in delivering IT systems or related services.

Estimates of revenues other than revenues from contracts with customers are related to the assessment of the nature of contracts involving the provision of assets to customers (the Group acting as a lessor). Considering the fact that the lease term is in most cases shorter than the majority of the leased assets' economic useful life, and that significant risks and rewards incidental to ownership of leased assets have not been transferred to the Group's customers, the Group has concluded that these contracts are operating leases.

Operating revenues in the period of 12 months ended 31 December 2025 and in the comparative period were as follows:

Operating revenues of individual segments from sales to external customers by type of products during the period of 12 months ended 31 December 2025 and in the comparative period were as follows:

Banking Solutions

PLN'000

Payment Solutions Dedicated Solutions

PLN'000

PLN'000

Total

PLN'000

Proprietary software and services 322,107 675,196 400,203 1,397,506

Third-party software and services 2,924 8,951 70,287 82,162

Hardware and infrastructure 5,737 203,487 109,773 318,997

Total operating revenues 330,768 887,634 580,263 1,798,665

Banking Solutions Payment Solutions Dedicated Solutions

PLN'000 PLN'000 PLN'000

Total

PLN'000

Proprietary software and services 288,033 660,388 326,218 1,274,639

Third-party software and services 3,422 4,428 136,131 143,981

Hardware and infrastructure 3,543 192,444 93,577 289,564

Total operating revenues 294,998 857,260 555,926 1,708,184

1. Operating revenues in a breakdown by countries where they were generated

   	12 months ended	12 months ended
   	31 December 2025 PLN'000	31 December 2024 PLN'000
   Operating revenues by countries
   Albania	21,861	20,211
   Austria	18,333	20,142
   Bosnia and Herzegovina	233,168	118,574
   Bulgaria	21,379	19,322
   Croatia	226,534	205,219
   Montenegro	40,089	28,960
   The czech republic	23,062	22,110
   Dominican Republic	15,246	16,491
   Spain	154,157	152,693
   Kosovo	32,939	28,105
   Macedonia	88,711	59,553
   Peru	22,061	24,056
   Poland	6,384	10,366
   Portugal	48,624	46,976
   Romania	192,607	201,855
   Serbia	395,106	397,311
   Slovakia	14,124	10,089
   Slovenia	25,362	29,449
   Türkiye	168,346	212,693
   Italy	5,354	8,896
   Other countries	45,218	75,113
   Total operating revenues	1,798,665	1,708,184

2. Revenues from contracts with customers by the method of recognition in the statement of profit and loss

   	12 months ended 31 December 2025 PLN'000	12 months ended 31 December 2024 PLN'000
   Revenues from contracts with customers recognized in accordance with IFRS 15, of which:	1,685,722	1,607,238

   From goods and services transferred at a specific point in time	412,220	440,572
   From goods and services transferred over the passage of time	1,273,502	1,166,666
   Other operating revenues (mainly from leases)	112,943	100,946
   Total operating revenues	1,798,665	1,708,184

   Operating revenues not recognized in accordance with IFRS 15 mainly relate to the Group's revenues from ATM and POS terminal outsourcing services. Such contracts are treated as operating lease agreements, and the revenues from them are recognized in accordance with IFRS 16.

3. Other performance obligations

   The table below discloses revenues that the Group expects to recognize in the future from performance obligations that are not satisfied or only partially satisfied as at the reporting date:

   Transaction price allocated to performance obligations to be satisfied

   within:

   PLN'000

   1 year 178,818

   Over 1 year 236,132

   Total 414,950

   Because the Group closely monitors its revenues for the next three years only, the amount disclosed in the line

   'Over 1 year' corresponds to revenues contracted for 2026-2027.

4. Outsourcing contracts - the Group acting as a lessor

The Group implements a number of contracts for outsourcing of payment transaction processes. The total amounts of future minimum lease payments receivable under such contracts have been estimated as follows:

Selected accounting policies

Interest income comprises primarily interest on investments in debt securities (including loans granted and cash deposits with a maturity of more than three months). Such income is measured at amortized cost using the effective interest rate. Other interest income comprises interest on trade receivables, interest on leases, as well as discounts on costs (liabilities) accounted for using the effective interest method.

Interest expenses incurred on external financing obtained by the Group are charged at amortized cost.

Financial income earned during the period of 12 months ended 31 December 2025 and in the comparative period was as follows:

12 months ended

Financial income

31 December 2025

12 months ended

31 December 2024

PLN'000 PLN'000

Interest income on loans granted and bank deposits 8,899 7,779

Positive foreign exchange differences 9,182 7,996

Gain on exercise and/or valuation of financial assets carried at fair value through profit or loss

94 244

Gain on the net monetary position resulted from the inflation-related revaluation of non-monetary items in the statement of financial position and the statement of profit and loss of our subsidiaries operating in Turkey,

using the rate of inflation in the current year. Detailed information on such revaluation is presented in note 2.11.

Financial expenses incurred during the period of 12 months ended 31 December 2025 and in the comparative period were as follows:

Loss on remeasurement of contingent consideration in business combination

and/or acquisition of non-controlling interests

(426) (10,786)

Loss on remeasurement of liability for non-controlling interests (put options) (31,557) (3,437)

Loss on exercise and/or valuation of financial assets carried at fair value

through profit or loss

- (188)

Loss on disposal of subsidiaries (6,939) -

Dividends declared to non-controlling interests of acquisitions accounted for

using the present ownership method

(3,405) (6,971)

In the current year, the Group recognized a goodwill impairment loss of PLN 132,097 thousand, relating to the impairment of goodwill recognized on the acquisitions of Touras India and Touras Tech UAE. The impairment amount was determined based on the results of impairment testing. A detailed description of the transactions is provided in explanatory note 6.4 to these consolidated financial statements.

Dividends declared to non-controlling interests arise from acquisitions accounted for using the present ownership method and relate to the following subsidiaries: Ifthenpay, Helius, Avera, and Weo.

The loss on disposal of investments in subsidiaries relates to Mobven, over which the Group lost control on 11 February 2025 following the sale of all shares held in the subsidiary.

Positive and negative foreign exchange gains and losses are presented net (i.e., as the excess of gains over losses or vice versa) at the level of each subsidiary.

Gains/losses on remeasurement of contingent consideration for controlling interests in subsidiaries result from changes in estimates of deferred, contingent liabilities arising from the acquisition of controlling intrests in subsidiaries. In the current period, the Group decreased the contingent consideration liabilities for the acquired controlling interests in Touras India and Touras Tech UAE, recognizing a gain of PLN 134,053 thousand, which significantly contributed to the increase in remeasurement gains presented in the table above.

Gains/losses on remeasurement of liabilities for non-controlling interests (put options) arise from changes in estimates used to determine liabilities under put option agreements, where contract terms transfer the benefits of ownership of the equity instrument subject to the put option to the parent company (i.e., present ownership method).

In the comparative period, the write-down of assets held for sale resulting from previous hyperinflation revaluation related to the reclassification of Mobven's net assets to assets held for sale and their measurement at the lower of carrying amount and fair value less costs to sell. The write-down was fully allocated to goodwill recognized on the acquisition of Mobven, subsequently adjusted in later periods for hyperinflation in accordance with IAS 29 - Financial Reporting in Hyperinflationary Economies.