Asseco South Eastern Europe S.a.GPW: ASE

Szacunkowe wyniki finansowe Grupy ASEE za 4 kw. oraz 2025

· Issued by Asseco South Eastern Europe S.A.

«asee Payten

Financial results for 2025 And Business Update

26th February 2026





2025 - Highlights

  • Current operations delivered solid EBIT growth - adjusted for one-offs

  • Significant improvement of EBIT in Dedicated Solutions mainly thanks to deliveries of own solutions to utilities clients and completion of multiple road projects

  • Very good, above initial assumptions, performance of Banking manly thanks to Core solutions and related own services

  • Payment slowdown, driven by:

    • Enterprise eComm revenue decline in Turkey (major 2 banks insource transactions): -3.2mE

    • Performance in India and UAE - resulting in (non-cash) write-offs and revenue reversals in India and UAE: -5.6mE

    • Weaker performance of IAD mostly due to competition in Albania: -0.8mE

  • Good year for direct to merchant lines (ECR and IPD): +0.8mE, and traditional POS-RS and ATM-RS business: +0.5mE

  • Cash balance increase thanks to good collections. YoY cash flow improved, with solid conversion

  • Q4 transactions:

587m (-7%) eCommerce transactions, 122m (+30%) IPD transactions, 154m (+14%) processing of physical card transactions

3



Q4'2025 results

4





Q4'25 - Results affected by one-offs

mEUR

mPLN

Q4 2025

Q4 2024

Q4 2025

no hyper.

Q4 2024

no hyper.

% Diff

Q4 2025

Q4 2024

Q4 2025

no hyper.

Q4 2024

no hyper.

% Diff

Revenue

126.2

115.7

125.9

111.1

+13%

534.8

498.7

533.9

478.9

+11%

EBITDA

31.5

23.0

31.4

21.4

+47%

133.5

98.9

132.9

92.1

+44%

EBIT

25.0

16.8

25.0

15.5

+62%

105.9

72.2

105.9

66.6

+59%

NPAT

15.0

13.9

14.6

11.9

+23%

63.6

60.0

62.0

51.2

+21%

EBITDA %

25.0%

19.8%

24.9%

19.2%

25.0%

19.8%

24.9%

19.2%

EBIT %

19.8%

14.5%

19.8%

13.9%

19.8%

14.5%

19.8%

13.9%

EBIT non-IFRS

26.1

16.9

26.1

16.9

+55%

110.8

72.7

110.8

72.7

+52%

NPAT non-IFRS

22.4

13.2

22.4

13.2

+69%

94.9

56.9

94.9

56.9

+67%

Acquisitions effect - Rev: -1.1 | EBIT: -0.8 | EBITDA: -0.8 | NPAT: -4.6

No hyper. - excluding hyperinflation accounting.

5





Q4'25 - Impact of one-offs [mEUR]

Q4 2025

no hyper.

Q4 2024

no hyper.

% Diff

125.9

111.1

+13%

31.8

21.4

+49%

25.6

15.5

+66%

18.9

11.9

+59%

25%

20%

19%

14%

26.6

16.9

+57%

22.8

13.2

+73%

Q4 2025

Revenue reversal

Assets write-off and provisions

PPA

write-off

Goodwill write-off and earnout

Total

no hyper.

One-Offs

Reported

Adjusted Reported

One-offs

mEUR

Q4 2025

Q4 2024

Revenue

126.2

115.7

125.9

0.0

0.0

EBITDA

31.5

23.0

31.4

0.0

0.4

0.0

0.0

0.4

EBIT

25.0

16.8

25.0

0.0

0.4

0.2

0.0

0.6

NPAT

15.0

13.9

14.6

0.0

0.4

0.1

3.7

4.3

EBITDA %

25%

20%

25%

EBIT %

20%

14%

20%

EBIT non-IFRS

26.1

16.9

26.1

0.0

0.4

0.4

NPAT non-IFRS

22.4

13.2

22.4

0.0

0.4

0.4

Acquisitions effect - Rev: -1.1 | EBIT: -0.2 | EBITDA: -0.4 | NPAT: -0.3 No hyper. - excluding hyperinflation accounting.

6





Q4'25 - Strong Dedicated and Banking

Revenue

EBITDA

EBIT

mEUR

Q4 2025

Q4 2024

Diff

Q4 2025

Q4 2024

Diff

Q4 2025

Q4 2024

Diff

Payment Solutions

52.9

52.4

+0.5

12.0

12.3

-0.3

7.9

8.5

-0.6

Non-Payment

73.1

58.7

+14.3

19.8

9.1

+10.7

17.7

7.0

+10.8

Banking Solutions

21.2

18.2

+3.0

5.4

3.6

+1.8

4.6

2.9

+1.7

Dedicated Solutions

51.9

40.5

+11.4

14.4

5.5

+8.9

13.1

4.1

+9.1

GASEE

125.9

111.1

+14.8

31.8

21.4

+10.4

25.6

15.5

+10.1

Revenue per BUs Q4 2025

Profitability per BU

Q4 2025 Q4 2024

25%

22%

16%

15% 16%

10%

Dedicated Payment

Solutions Solutions

41% (36%) 42% (47%)

Banking Solutions 17% (16%)

BA N KI N G S O LU TIO NS P A Y M EN T S O LU TI ONS DEDI C A TED S O LU TI ONS

8



Q4'25 - ECR and IPD revenues growth

mEUR

ECR + IPD

eComm. + Proc. ATM (incl. IAD) POS

Payment

Data excl. one-offs presented before

Revenue

Q4 2025

Q4 2024

Diff

6.2

4.7

+1.5

15.0

16.9

-2.0

11.2

10.0

+1.2

20.5

20.8

-0.3

52.9

52.4

+0.5

EBIT per BUs Q4 2025

ECR + IPD

10% (-1%)

POS 41%

(33%)

eComm. + Proc.

31% (55%)

ATM (incl. IAD)

17% (13%)

9



Q4'25 - Strong SEE, good WE, weak India, MEA and Turkey

Revenue

EBIT

mEUR

Q4 2025

Q4 2024

Diff

% Diff

Q4 2025

Q4 2024

Diff

% Diff

SEE

88.2

65.1

+23.1

+36%

22.7

11.0

+11.7

+107%

B&H

25.3

9.7

+15.7

+163%

11.9

1.4

+10.4

>+300%

Croatia

14.8

14.6

+0.2

+2%

2.1

2.2

-0.1

-5%

Macedonia

8.1

5.1

+3.0

+59%

1.5

1.0

+0.5

+50%

Serbia

30.9

28.0

+3.0

+11%

5.1

5.1

+0.0

+0%

Other*

9.0

7.8

+1.3

+16%

2.1

1.2

+0.9

+77%

CEE

15.7

18.4

-2.7

-15%

-0.1

0.8

-0.8

WE

13.0

13.0

-0.0

-0%

2.7

1.5

+1.2

+85%

MEA

0.3

0.5

-0.2

-45%

-0.2

-0.8

+0.6

TURKEY

9.9

12.5

-2.6

-21%

1.3

2.7

-1.5

-54%

INDIA

0.4

1.8

-1.4

-76%

-0.1

1.3

-1.4

LATAM

2.6

3.4

-0.8

-24%

0.2

0.4

-0.2

-58%

Adj. PPA

0.0

0.0

+0.0

-1.0

-1.4

+0.5

Adj. IC eliminations

-4.1

-3.6

-0.5

0.2

0.0

+0.1

+268%

GASEE

125.9

111.1

+14.8

+13%

25.6

15.5

+10.1

+66%

Data excl. one-offs presented before

10

* Other entities include: Albania, Bulgaria, Kosovo, Montenegro, Slovenia



2025 results

11





FY'25 - Results affected by one-offs

mEUR

mPLN

2025 FY

2024 FY

2025 FY

no hyper.

2024 FY

no hyper.

% Diff

2025 FY

2024 FY

2025 FY

no hyper.

2024 FY

no hyper.

% Diff

Revenue

424.5

396.9

423.8

390.4

+9%

1 798.7

1 708.2

1 795.9

1 680.4

+7%

EBITDA

86.7

76.4

86.5

74.5

+16%

367.5

328.7

366.4

320.5

+14%

EBIT

59.4

52.7

59.7

51.6

+16%

251.6

226.8

253.2

221.9

+14%

NPAT

42.5

47.6

39.6

41.2

-4%

180.3

204.7

167.8

177.3

-5%

EBITDA %

20.4%

19.2%

20.4%

19.1%

20.4%

19.2%

20.4%

19.1%

EBIT %

14.0%

13.3%

14.1%

13.2%

14.0%

13.3%

14.1%

13.2%

EBIT non-IFRS

66.4

56.2

66.4

56.2

+18%

281.4

242.1

281.4

242.1

+16%

NPAT non-IFRS

51.3

45.2

51.3

45.2

+14%

217.3

194.4

217.3

194.4

+12%

Acquisitions effect - Rev: -0.8 | EBIT: -9.8 | EBITDA: -6.8 | NPAT: -9.6

No hyper. - excluding hyperinflation accounting. Total loss on disposal of shares in Mobven treated as no hyper

12





FY'25 - Impact of one-offs [mEUR]

2025 FY

no hyper.

2024 FY

no hyper.

% Diff

425.4

390.4

+9%

90.1

74.5

+21%

65.3

51.6

+27%

45.6

41.2

+11%

21%

15%

19%

13%

70.1

56.2

+25%

56.4

45.2

+25%

Reported

Adjusted Reported

One-offs

mEUR 2025 FY 2024 FY

2025 FY

no hyper.

Assets Goodwill

Revenue write-off PPA write-off

reversal and write-off and earnout

provisions

Total One-Offs

Revenue

424.5

396.9

423.8

1.6

1.6

EBITDA

86.7

76.4

86.5

1.6

2.1

3.6

EBIT

59.4

52.7

59.7

1.6

2.1

1.9

5.6

NPAT

42.5

47.6

39.6

1.6

3.5

1.5

-0.5

6.1

EBITDA %

20%

19%

20%

EBIT %

14%

13%

14%

EBIT non-IFRS

66.4

56.2

66.4

1.6

2.1

3.6

NPAT non-IFRS

51.3

45.2

51.3

1.6

3.5

5.1

Acquisitions effect - Rev: 0.8 | EBIT: -4.2 | EBITDA: -3.2 | NPAT: -3.5

No hyper. - excluding hyperinflation accounting. Total loss on disposal of shares in Mobven treated as no hyper

13





FY'25 - Recovery of DS and good Banking (excl. one offs)

Revenue

EBITDA

EBIT

mEUR

2025 FY

2024 FY

Diff

2025 FY

2024 FY

Diff

2025 FY

2024 FY

Diff

Payment Solutions

211.5

196.5

+15.0

46.2

49.7

-3.5

29.9

35.3

-5.4

Non-Payment

213.9

193.9

+20.0

43.9

24.7

+19.1

35.5

16.3

+19.2

Banking Solutions

78.0

68.0

+10.0

21.1

17.0

+4.1

18.1

14.0

+4.1

Dedicated Solutions

135.9

125.9

+10.0

22.8

7.8

+15.0

17.3

2.2

+15.1

GASEE

425.4

390.4

+35.0

90.1

74.5

+15.7

65.3

51.6

+13.8

Dedicated Solutions

32% (32%) Payment

Solutions

Banking 50% (50%) Solutions

18% (17%)

Revenue per BUs 2025 FY

Profitability per BU

2025 FY 2024 FY

23%

21%

18%

14%

13%

Data excl. one-offs presented before

2%

BANKING SOLUTIONS PAYMENT SOLUTIONS DEDICATED SOLUTIONS

15



FY'25 - Growth of revenues in all lines (excl. one offs)

EBIT per BUs 2025 FY

POS 34%

(29%)

ECR + IPD

13% (7%)

eComm. + Proc.

35% (48%)

ATM (incl. IAD)

19% (16%)

Revenue

mEUR

ECR + IPD

eComm. + Proc.

ATM (incl. IAD) POS

Payment

2025 FY

2024 FY

Diff

23.8

17.9

+5.9

59.5

57.1

+2.5

48.3

44.9

+3.4

79.9

76.7

+3.2

211.5

196.5

+15.0

16

Data excl. one-offs presented before



FY'25 - Strong SEE, weaker Turkey, issues in MEA&India

Revenue

EBIT

mEUR

2025 FY

2024 FY

Diff

% Diff

2025 FY

2024 FY

Diff

% Diff

SEE

274.1

229.2

+44.9

+20%

55.9

35.2

+20.6

+59%

B&H

56.4

29.6

+26.8

+91%

20.4

2.8

+17.6

>+300%

Croatia

61.9

56.6

+5.3

+9%

10.0

9.3

+0.8

+8%

Macedonia

21.7

15.1

+6.6

+44%

4.1

2.6

+1.4

+55%

Serbia

102.6

99.3

+3.3

+3%

15.1

15.5

-0.4

-2%

Other*

31.6

28.7

+2.9

+10%

6.3

5.1

+1.2

+23%

CEE

58.6

63.6

-5.0

-8%

2.6

1.9

+0.6

+34%

WE

51.4

47.3

+4.1

+9%

6.5

6.6

-0.1

-1%

MEA

2.4

1.2

+1.2

+102%

-1.3

-0.8

-0.5

TURKEY

41.1

45.2

-4.0

-9%

7.5

10.8

-3.3

-30%

INDIA

0.7

3.1

-2.4

-78%

-1.9

1.8

-3.8

LATAM

9.7

10.8

-1.1

-10%

1.0

0.9

+0.1

+15%

Adj. PPA

0.0

0.0

+0.0

-4.7

-4.7

-0.0

Adj. IC eliminations

-12.8

-10.0

-2.7

-0.2

-0.2

+0.0

GASEE

425.4

390.4

+35.0

+9%

65.3

51.6

+13.8

+27%

Data excl. one-offs presented before

17

* Other entities include: Albania, Bulgaria, Kosovo, Montenegro, Slovenia



Cashflow and liquidity

18





Cashflow

mEUR

2025 2024 2023

Operating cash flow 74.7 47.4 70.5

- Infrastructure for outsourcing & own networks

-13.2

-13.6

-7.8

- Capitalized R&D

0.0

0.0

-0.1

- M&A

-11.1

-21.1

-18.2

- Other CAPEX

-5.4

-7.6

-7.6

- Dividends for minority shareholders

-1.6

-2.6

-2.4

Free Cash Flow

43.4

2.5

34.4

Debt Increase

7.9

25.7

7.1

Debt Service

-19.2

-21.1

-12.7

Total Cash Flow

32.2

7.1

28.8

Oper CF/EBITDA*

83%

64%

101%

Adjusted Oper CF/EBITDA*

83%

74%

89%

FCF/EBIT*

66%

5%

68%

* EBITDA, EBIT

excluding hyperinflation

impact and

one-offs





mEUR

31 Dec'25

31 Dec'24

Diff

Cash and equivalents

73.8

63.5

+10.3

Loans (ST)

-15.5

-18.0

+2.5

Lease (ST)

-5.3

-4.1

-1.2

Dividends (ST)

-0.9

-0.9

+0.0

M&A liabilities (ST)

-26.8

-10.1

-16.7

Net Cash (ST)

25.3

30.4

-5.1

Net Cash (ST) + Loans (LT) + Lease (LT)

-6.1

-0.9

-5.2

Receivables and Prepayments (ST)

131.4

118.2

+13.2

PoC valuation assets/liab.

7.4

7.3

+0.1

Liabilities, Provisions and Deferred Income (ST)

-125.8

-119.0

-6.8

Inventory

16.2

25.7

-9.5

Net Operating Assets

54.5

62.6

-8.0

Liquidity situation

Key M&A liabilities -

NCI Put Options:

  • Dwelt B&H: 9.1

  • BSTS B&H: 8.8

  • Ifthenpay Prt: 4.7

  • Helius Alb: 2.6

Increase mostly due to

reclassification from LT

30 Sep'25

53.2

-17.7

-5.0

-0.9

-29.7

-0.1

-33.6

116.3

14.4

-109.9

16.7

37.3

20

Outlook for 2026

21





ASEE + Payten

mEUR

Q1 2026F

Q1 2025

% Diff

mEUR

2026F

2025F

% Diff

Revenues BL

91.6

86.9

+5%

Revenues BL

289.5

276.2

+5%

Margin1 BL

72.0

66.9

+8%

Margin1 BL

246.6

233.6

+6%

66.9

+8%

72.0

80

70

60

50

40

30

20

10

0

Q1 2026F Q1 2025

300

250

200

150

100

50

0

233.6

+6%

246.6

2026F 2025F

* backlog data from February 2026 and February 2025 respectively backlog data excluding hyperinflation effect

22