Asseco South Eastern Europe (ASE) H1 2025 earnings summary

Executive summary

• Q2 and H1 2025 saw significant improvement in Dedicated Solutions and strong banking results, though project delays in Serbia and eCommerce slowdowns in India and Turkey impacted some revenue timing.

• Payment Solutions and banking segments outperformed, with Payment Solutions as the largest contributor to group revenues and gross profit.

• Net profit for shareholders declined to PLN 78.1 million, impacted by higher taxes and hyperinflation adjustments.

• The group operates in 26 countries and employs 4,088 people as of June 2025.

Financial highlights

• Q2 2025 revenue rose 11% year-over-year to €100.2m; H1 2025 revenue increased 12% to €195.9m; operating profit up 15% in H1; net profit up 1% (impacted by one-off losses and higher taxes).

• Operating profit for the group was PLN 99.6 million, compared to PLN 90.6 million a year earlier.

• Q2 2025 EBITDA margin at 18.1%; EBIT margin at 11.8%.

• Cash and cash equivalents at period end were PLN 289.98 million, up from PLN 271.2 million at the end of 2024.

• Dividend of PLN 1.75 per share (PLN 90.8 million total) was paid in July 2025.

Outlook and guidance

• Backlog for Q3 and the full year up 13% year-over-year, supporting continued revenue growth.

• 2025 revenue forecast for ASEE + Payten is €364.5m, up 9% from 2024; margin1 expected to rise 13%.

• Management sees no threat to going concern for at least 12 months from June 2025.