Asseco South Eastern Europe (ASE) H2 2024 earnings summary

Executive summary

• Sales revenues reached PLN 1,708.2 million for 2024, up 4% year-over-year, with net profit attributable to shareholders at PLN 199.2 million.

• The Group operates in 27 countries and employs 4,181 people as of year-end 2024.

• Major acquisitions included Touras India, Touras Tech UAE, Askepnet (Ukraine), and WEO (Portugal), expanding the Payment and Dedicated Solutions segments.

• The Group continued to adjust for hyperinflation in Turkey, impacting financials and segment reporting.

• Dividends of PLN 85.6 million (PLN 1.65 per share) were paid in 2024.

Financial highlights

• Operating profit was PLN 226.8 million, up slightly from PLN 225.5 million in 2023.

• Net profit for the period was PLN 204.7 million, marginally down from PLN 207.9 million year-over-year.

• Cash and cash equivalents at year-end were PLN 271.2 million, down from PLN 313.1 million.

• Net cash from operating activities was PLN 203.9 million, with negative cash flows from investing (PLN -158.5 million) and financing (PLN -83.6 million) activities.

• Basic and diluted EPS stood at PLN 3.84, nearly flat year-over-year.

Outlook and guidance

• Management sees no threat to going concern for at least 12 months from year-end 2024.

• The acquisition of Askepnet in Ukraine is expected to positively impact future results, though current contribution is not material.

• The Group is monitoring the implementation of global minimum tax (Pillar 2) but expects no material tax liability for 2024.