Earnings release
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1 Press Release 9M 2025 Financial Results 13 November 2025 Digital Technologies Forward Q3 2025 results confirm our prior guidance for growth momentum Significant performance improvement in Q3, with Document Lifecycle Management and Digital Technologies the key growth drivers ▪ Group Revenues of €262.4m (14% reduction vs. 9M 2024), adversely impacted by the already realized in H1 2025 normalization in the Turkish payment card market as well as the temporary moderation vs. last year’s significant contribution of metal card sales to Fintech clients in Europe. Document Lifecycle Management and Digital Technologies maintained solid revenue growth trajectory , reaffirming our successful geographical and market share expansion strategy to date. Q3 2025 Group Revenues increased 22% vs. Q2 2025. ▪ Adjusted EBITDA of €36.1m ( 13.7% margin), impacted by the revenue shortfall, despite cost optimization efforts and a more favourable revenue mix towards service-related revenues. Q3 2025 adjusted EBITDA of €16.8m (17.0% margin), increased 16% vs. Q3 2024 and more than doubled vs. Q2 2025, driven by the robust pipeline as well as the contribution of higher-margin services and solutions. ▪ Net Profit of €9.8m (vs. €16.3m in 9M 2024), burdened by the EBITDA reduction and by higher depreciation & amortization expenses (+12% vs. 9M 2024), despite lower financial expenses (-14% vs. 9M 2024). Q3 2025 Net Profit of €7.4m, up by 45% vs. Q3 2024, backed by the EBITDA growth. ▪ Solid operating cash flow generation of €23.2m (+23% vs. 9M 2024), on account of our disciplined focus to optimize cash flow management as well as a reduced pace of working capital build- up. Free Cash Flow (FCF) (Operating Cash Flow minus CAPEX) generation of €11.7m vs. €2.7m in 9M 2024. ▪ Group Leverage maintained at healthy levels (1.9x) with Group Net Debt of €91.2m (€4.4m reduction vs. end-2024). ▪ Q3 2025 results reaffirm Management ’s earlier guidance for robust growth momentum . The Group remains well positioned to deliver a meaningful improvement vs. H2 2024 , supported by efficiency initiatives, disciplined cost management as well as a favourable revenue mix towards higher- margin services and solutions . The Group’s performance in Q3 2025 underscores the success of our strategic initiatives in driving sustained margin enhancement and long-term earnings growth.
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2 November 13, 2025 – AUSTRIACARD HOLDINGS AG (ACAG), the international applied technology group headquartered in Vienna, announces its 9M 2025 financial results. Manolis Kontos, Chairman of the Management Board and Group CEO, commented: "Q3 2025 marked a return to growth momentum for AUSTRIACARD . Strong performance from both Document Lifecycle Management and Digital Technologies alleviated revenue headwinds from cyclical and macroeconomic factors, which burdened our Payment solutions segment performance in H1 2025. Despite these temporary headwinds, our strategy to evolve into a holistic payments and identity solutions provider remains firmly on track and continues to drive sustained revenue growth, building on our strong performance in recent years. During the third quarter we achieved significant sequential growth and a solid year-on-year improvement in EBITDA, confirming our prior guidance, driven by operational efficiency, a robust pipeline and a revenue mix increasingly weighted towards higher-margin services and solutions. Our strong free cash fl ow generation and healthy balance sheet underscore our disciplined financial management an d long-term commitment to sustainable value creation. The progress achieved in Q3 2025 reinforces our confidence in continued growth momentum for the remainder of the year . More importantly, the investments during 2025 in people, product and solutions portfolio development will serve as a key enabler of growth in the years ahead . We remain focused on executing our strategic priorities — expanding our digital and AI-enabled solutions portfolio, enhancing operational scalability, and deepening integration across our markets. We continue to evolve into a holistic solutions provider and a trusted, long-term partner, delivering end-to-end value to clients. With technology at the core of our strategy , AUSTRIACARD is well positioned to convert this momentum into sustainable growth. We will continue to pursu e selective inorganic opportunities that add strategic capabilities and extend our market reach , as part of our commitment to creat e long-term value for our clients and shareholders.”
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3 GROUP PERFORMANCE HIGHLIGHTS1 Group P&L | Highlights in € million 9M 2025 9M 2024 % chg Revenues 262.4 303.5 -14% adjusted EBITDA 36.1 43.5 -17% adjusted EBITDA margin 13.7% 14.3% -0.6% Profit/(Loss) before tax 13.5 21.2 -36% Profit/(Loss) 9.8 16.3 -40% in € million Q3 2025 Q3 2024 % chg Revenues 98.8 108.1 -9% adjusted EBITDA 16.8 14.5 +16% adjusted EBITDA margin 17.0% 13.4% +3.6% Profit/(Loss) before tax 9.7 6.4 +52% Profit/(Loss) 7.4 5.1 +45% Group Financial Position | Highlights in € million 30/09/2025 31/12/2024 Cash & cash equivalents 17.9 21.7 Total Assets 323.8 331.6 Total Equity 128.8 124.8 Net Debt 91.2 95.6 Total Liabilities 194.9 206.8 Group Revenues Group Revenues of €262.4m, a 14% decline vs. 9M 2024 on account of the following k ey items that have already, largely, been realized in H1 2025 results: • the normalization of the Turkish payment card market (€25m total impact to Group 9M 2025 Revenues), primarily driven by cyclicality and a challenging macro backdrop, following several years of exceptional growth (5-year CAGR of 52%). • a temporary moderation vs. last year’s significant contribution of metal card sales to Fintech in Europe (€24m total impact to Group 9M 2025 Revenues). Nevertheless, we are confident that metal cards will continue to increase their revenue contribution going forward. On a positive note, the following items partially compensated for the aforesaid shortfall: • €16.7m revenues related to the delivery of high-security , personalized National Examination Papers with traceability services in East Africa (Document Lifecycle Management) • €10.5m revenues related to contracted, large-scale, public sector digitization projects in Greece (16% increase vs. 9M 2024) (Digital Technologies) 1 The analysis herein is based on the business performance as monitored by Gro up management with a separate presentation of Special Items which include i.a. effects from Management participation programs, fore ign exchange and other valuation related effects below adjusted Profit/(Loss) before tax. Starting as of 2025 the Management view also includes effects from Hyperinflation Accounting for the Türkiye based entity in all positions, therefore previous year figures were adapted accordingly.
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4 After excluding the adverse negative effect of both the Turkish payment ca rd market and the metal cards sales to Fintech in Europe, 9M 2025 Group Revenues increased by 3% vs. 9M 2024 (or by €8m). Overall, the following categories within our Group continue to deliver solid revenue growth, hence reaffirming our successful strategy to date: • Document Lifecycle Management (+11% vs. 9M 2024), particularly our document output (including the aforesaid National Examinations project in East Africa) and our payment cards distribution services, particularly in WEST (+36% vs. 9M 2024), which are linked to higher volume of personalized cards for our Fintech clients. • Digital Technologies (+10% vs. 9M 2024), largely supported by the large-scale, public sector digitalization projects in Greece, which, since the beginning of Q3 2025, are in full implementation mode, as w ell as from the roll-out of our technologically advanced solutions (e.g. Card-as-a-Service) and our proprietary agentic AI platform GaiaB™ (albeit the contribution is still relatively small). Revenues by Segment in € million 9M 2025 9M 2024 €m chg % chg Western Europe, Nordics, Americas (WEST) 87.4 105.7 (18.3) -17% Central Eastern Europe & DACH (CEE) 149.6 173.9 (24.3) -14% Türkiye / Middle East and Africa (MEA) 46.9 63.2 (16.3) -26% Eliminations & Corporate (21.4) (39.2) 17.9 -45% Total 262.4 303.5 (41.1) -14% in € million Q3 2025 Q3 2024 €m chg % chg Western Europe, Nordics, Americas (WEST) 32.7 40.8 (8.1) -20% Central Eastern Europe & DACH (CEE) 45.6 52.3 (6.7) -13% Türkiye / Middle East and Africa (MEA) 30.6 22.3 8.2 +37% Eliminations & Corporate (10.1) (7.3) (2.7) +37% Total 98.8 108.1 (9.3) -9% Central Eastern Europe & DACH (CEE) Revenues in the segment registered a 14% decline vs. 9M 2024 to €149.6m, largely due to the reduction in the intra- segment revenues between CEE and MEA segments (€21m revenue impact for the segment, driven by a 63% drop in card volumes vs. 9M 2024), on account of the aforesaid headwinds in the Turkish payment card market. The aforesaid revenue shortfall was only marginally compensated by revenue growth from public sector digitization projects in Greece (16% increase vs. 9M 2024). Western Europe, Nordics, Americas (WEST) Revenues in the segme nt registered a 17% decline vs. 9M 2024 to €87.4m, largely due to the aforesaid temporary moderation vs. last year’s significant contribution of metal card sales to Fintec h in Europe (€24m impact to Group Revenues). As previously communicated (H1 2025 Results Press Release) , during the course of 2024 certain of our Fintech clients in Europe had launched metal cards campaigns , resulting in sizeable metal cards orders, which have not been repeated with the same scale during this year, although we continue to register strong momentum in metal card sales across the WEST/US markets . On a positive note, revenues related to the distribution of Fintech-related personalized cards have continued their upward trajectory, generating solid growth of 36% vs. 9M 2024, reaffirming our strategy to focus on serving the fast-growing Fintech sector. Moreover, our prior years investments in the US are delivering meaningful results, as evident in the 17% revenue growth i n 9M 2025, driven primarily by our strategic focus on the Challenger Banks/Fintech sector (sales of metal cards a nd personalized cards distribution services have been the key contributors). Worth highlighting that in 2025 we have onboa rded significant Tier 1 Fintechs in the US, which wil enable sustained growth in the coming years for this important geography. Moreover, we continue to expand
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5 our customer base, having signed 98 new customers in 9M 2025, including also Tier 1 Banks in the UK, with a solid backlog of customer onboardings scheduled in Q4 2025 . These developments are expected to have a meaningful contribution to the WEST segment performance from 2026 onwards. Overall, our strategy for the WEST segment is centered on the development o f cutting-edge products and comprehensive solutions (e.g. Card-as-a-Service) that will enable our targeted inroads in the fast growing segment of the Challenger Banks/Fintech and the Tier 2 Banks. Türkiye, Middle East and Africa (MEA) Revenues in the segment registered a 26% decline vs. 9M 2024 to € 46.9m, adversely impacted by the continued normalization of the Turkish payment card market (€21m impact to segment revenues), on account of the persistent macroeconomic volatility and uncertainty, together with cyclicality an d normalized customer stock levels, following high levels of paid stock after several years of substantial growth. Notwithstandin g said headwinds, our solid market share in Türkiye remained unchanged, while in Q3 2025 we have witnessed early signs of a market stabilization, as evident in the 17% increase vs. Q2 2025 in card personalization revenues. Moreover, segment revenues related to the Document Lifecycle Managem ent solutions increased 67% vs. 9M 2024 , largely on account of the National Examinations project in East Africa revenue contribution (€16.7m). Overall, our strategy for the MEA segment is focused on diversifying the segment’s earnings mix by pursuing targeted initiatives and opportunities in the Document Lifecycle Management (e .g. high-security , personalized National Examination Papers with traceability services , high security ballot papers and supportive material for elections ) and holistic Citizen Identity services that are already building a recurring revenue base, and will continue to increase their Revenue and EBITDA contribution in this geographical segment. Revenues by Solution in € million 9M 2025 9M 2024 €m chg % chg Identity & Payment 133.5 187.0 (53.5) -29% Document Lifecycle Management 106.4 96.0 10.4 +11% Digital Technologies 22.6 20.4 2.1 +10% Total 262.4 303.5 (41.1) -14% in € million Q3 2025 Q3 2024 €m chg % chg Identity & Payment 45.5 65.0 (19.4) -30% Document Lifecycle Management 45.8 38.4 7.4 +19% Digital Technologies 7.4 4.8 2.7 +56% Total 98.8 108.1 (9.3) -9% Identity & Payment Revenues have been adversely impacted by the continued normalizatio n of the Turkish payment card market as well as the temporary moderation vs. last year’s significant contribution of metal card sales to Fintech in Europe , both of which have been already, largely, realized in H1 2025 results. On a positive note: • 9M 2025 solution revenues in the US increased 13% vs. 9M 2024, with metal card sales the key growth driver. • Q3 2025 personalization revenues increased 10% vs. Q3 2024, driven primarily by WEST (+15% vs. Q3 2024) and MEA (+16% vs. Q3 2024)
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6 Document Lifecycle Management Revenues registered a solid 11% increase vs. 9M 2024, largely driven by the following categories: • document output : +16% vs. 9M 2024 , predominantly on account of the revenues related to the National Examinations project in East Africa. • distribution services: +7% vs. 9M 2024, with WEST the key growth driver (+36% vs. 9M 2024), driven by the distribution of Fintech-related personalized cards. Q3 2025 segment revenues increased 19% vs. Q3 2024, with the National Examinations project in East Africa and the distribution services (+9% vs. Q3 2024) the key growth drivers. Digital Technologies Revenues reported a solid 10% increase vs. 9M 2024, largely on account of the 16% increase vs. 9M 2024 in revenues related to contracted, large-scale, public sector digitization projects in Greece. To date, we have been awarded (both directly and indirectly) public sector digitization projects in Greece worth in total approx. €60m, of which approx. €27m has been cumulatively received/recognized (from 2023 until end-September 2025), with the remaining amount of approx. €33m to be recognized from Q4 2025 onwards (the majority is expected to be recognized w ithin the course of 2026). Moreover and on the back of prior years’ investments in R&D, aimed at scaling our digital services offering, we continue to make good progress in rolling out Card- as-a-Service (CaaS) for Challenger Banks/Fintech in WEST as well as securing document digitization projects in MEA (revenues for both have more tha n doubled vs. 9M 2024, albeit from a rather very low base). In addition, in October 2025, we entered into an important collaboration with Dell Techn ologies, a global technology leader, to develop and market our proprietary GaiaB™ Appliance. GaiaB™ Appliance is an advanced Generative AI solution for the automation of business processes and operations, which comes pre-integra ted with Dell PowerEdge servers and will operate entirely on-premises or in private cloud environments. This collaboration reinforces the Group’s strategic transformation into a large-scale applied technology provider and showca ses our internationally acclaimed expertise in Agentic AI. Group Gross Profit in € million 9M 2025 9M 2024 €m chg % chg Gross profit I 130.9 138.3 (7.4) -5% Gross profit I margin 49.9% 45.6% +4.3% Gross profit II 61.7 73.8 (12.1) -16% Gross profit II margin 23.5% 24.3% -0.8% in € million Q3 2025 Q3 2024 €m chg % chg Gross profit I 54.1 50.1 4.0 +8% Gross profit I margin 54.7% 46.3% +8.4% Gross profit II 24.9 24.7 0.2 +1% Gross profit II margin 25.2% 22.8% +2.4% Gross profit I: the reported 5% decline vs. 9M 2024 is largely attributed to the aforesaid revenue shortfall. Gross profit I margin widened by more than 4 percentage points to 49.9%, on the back of a more favourable revenue mix towards higher-margin services and solutions, which are not burdened by the assoc iated material costs. Worth highlighting that all 3 geographic segments have reported expanded Gross Profit I margin (MEA by 18 percentage points, WEST by 3.4 percentage points and CEE by 2.5 percentage points ). Please refer to pages 12-14 for a detailed analysis of the Group’s geographic segments. Gross profit II: the reported 16% reduction vs. 9M 2024 is attributed to:
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7 • the Gross Profit I reduction, and • higher production costs (due to depreciation & amortization expenses and project-related transportat ion costs). Gross profit II margin tightened by less than 1 percentage point to 23.5%, as the more favourable revenue mix towards higher-margin services and solutions has largely compensated for the Gross Prof it I reduction and higher production costs. Group Operating Expenses (OPEX) in € million 9M 2025 9M 2024 €m chg % chg Production costs (69.2) (64.5) (4.7) +7% Selling and distribution expenses (16.6) (18.0) 1.4 -8% Administrative expenses (19.1) (21.1) 2.0 -10% R&D expenses (6.9) (5.7) (1.2) +21% + Depreciation, amortization & impairment 14.2 12.6 1.6 +12% Total (97.9) (96.7) (0.9) +1% as % of Revenues 37.2% 31.9% in € million Q3 2025 Q3 2024 €m chg % chg Production costs (29.2) (25.4) (3.8) +15% Selling and distribution expenses (5.5) (6.1) 0.6 -10% Administrative expenses (6.0) (6.8) 0.8 -12% R&D expenses (2.3) (2.2) (0.2) +8% + Depreciation, amortization & impairment 4.6 4.4 0.2 +5% Total (38.4) (36.1) (2.3) +6% as % of Revenues 38.8% 33.4% Group OPEX (excluding depreciation, amortization & impairment) marginally increased (by €0.9m) vs. 9M 2024, as our disciplined focus on operational efficiency improvements delivered an 9% reduct ion vs. 9M 2024 to Group SG&A (includes both Selling and distribution, and Administrative) expenses. Notably, our SG&A cost rationalisation efforts are clearly visible in both CEE (-14% 9M 2024) and WEST (-7% vs. 9M 2024). Moreover, higher R&D expenses reflect our continued investment in R&D capabilities to support future business growth (especially in Digital Technologies). Group Operating Profitability in € million 9M 2025 9M 2024 €m chg % chg adjusted EBITDA 36.1 43.5 (7.4) -17% adjusted EBITDA margin 13.7% 14.3% -0.6% adjusted EBIT 21.8 30.9 (9.0) -29% adjusted EBIT margin 8.3% 10.2% -1.8% in € million Q3 2025 Q3 2024 €m chg % chg adjusted EBITDA 16.8 14.5 2.3 +16% adjusted EBITDA margin 17.0% 13.4% +3.6% adjusted EBIT 12.2 10.1 2.1 +21% adjusted EBIT margin 12.3% 9.3% +3.0%
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8 Group adjusted EBITDA : the reported 17% reduction vs. 9M 2024 is largely associated to the revenue shortfall (€41m decline), which more than offset our cost savings in both cost of sale s (€29m reduction) and SG&A (-9% vs. 9M 2024) . That said Group adjusted EBITDA margin contracted by less than 1 percentage point to 13.7%, supported by the more favourable revenue mix towards higher-margin services and solutions. Group adjusted EBIT: following the adjusted EBITDA reduction, higher depreciation & amortization expenses, associated to our prior-year CAPEX and M&A activity, further burdened Group adjusted EBIT (-29% vs. 9M 2024). The more favourable revenue mix towards higher-margin services and solutions contributed to containing the adjusted EBIT margin tightening to less than 2 percentage points at 8.3%. Please refer to pages 12-14 and 21-22 in the Appendix for a detailed analysis of the Group segments per Geography. Special items in € million included in 9M 2025 9M 2024 €m chg % chg Management participation programs EBITDA (2.4) (2.9) 0.5 -18% FX gains/(losses) Profit before tax (0.7) (0.1) (0.5) +379% IAS 29 Hyperinflation Profit before tax (0.4) (0.9) 0.5 -54% Total (3.4) (3.9) 0.5 -13% Special items: lower costs related to (a) the management participation programs (attributed to the lower number of eligible participants) and (b) hyperinflation (IAS 29) were partially offset by higher FX losses (particularly related to the USD intragroup receivables). Group Net Results in € million 9M 2025 9M 2024 €m chg % chg Profit/(Loss) before tax 13.5 21.2 (7.7) -36% Profit/(Loss) attributable to Owners of the Company 8.6 16.2 (7.6) -47% Profit/(Loss) 9.8 16.3 (6.4) -40% EPS (basic) (€) 0.24 0.45 -46% in € million Q3 2025 Q3 2024 €m chg % chg Profit/(Loss) before tax 9.7 6.4 3.3 +52% Profit/(Loss) attributable to Owners of the Company 7.2 5.6 1.6 +29% Profit/(Loss) 7.4 5.1 2.3 +45% EPS (basic) (€) 0.20 0.15 +31% Group Profit: lower financial expenses (-14% vs. 9M 2024), driven by lower base interest rates as well as a reduction to the average outstanding debt position (refer to page 11 regarding net debt), on ly marginally compensated for the aforesaid reduction to Group EBITDA/EBIT, which adversely impacted Group bottom-line result s.
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9 Group P&L (Management Reporting2) in € million 9M 2025 9M 2024 €m chg % chg Revenues 262.4 303.5 (41.1) -14% Costs of material & mailing (131.5) (165.2) 33.6 -20% Gross profit I 130.9 138.3 (7.4) -5% Gross profit I margin 49.9% 45.6% +4.3% Production costs (69.2) (64.5) (4.7) +7% Gross profit II 61.7 73.8 (12.1) -16% Gross profit II margin 23.5% 24.3% -0.8% Other income 4.0 3.0 1.0 +32% Selling and distribution expenses (16.6) (18.0) 1.4 -8% Administrative expenses (19.1) (21.1) 2.0 -10% R&D expenses (6.9) (5.7) (1.2) +21% Other expenses (1.2) (1.1) (0.1) +6% + Depreciation, amortization & impairment 14.2 12.6 1.6 +12% adjusted EBITDA 36.1 43.5 (7.4) -17% adjusted EBITDA margin 13.7% 14.3% -0.6% - Depreciation, amortization & impairment (14.2) (12.6) (1.6) +12% adjusted EBIT 21.8 30.9 (9.0) -29% Financial income 0.3 0.3 (0.0) -9% Financial expenses (5.3) (6.2) 0.9 -14% Result from associated companies 0.1 0.1 (0.1) -46% Net finance costs (4.9) (5.7) 0.8 -14% adjusted Profit/(Loss) before tax 16.9 25.1 (8.2) -33% Special items (3.4) (3.9) 0.5 -13% Profit/(Loss) before tax 13.5 21.2 (7.7) -36% Income tax expense (3.7) (5.0) 1.3 -26% Profit/(Loss) 9.8 16.3 (6.4) -40% 2 The analysis herein is based on the business performance as monitored by Gro up management with a separate presentation of Special Items which include i.a. effects from Management participation programs, fore ign exchange and other valuation related effects below adjusted Profit/(Loss) before tax. Starting as of 2025 the Management view also includes effects from Hyperinflation Accounting for the Türkiye based entity in all positions, therefore previous year figures have been adapted accordingly.
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10 GROUP FINANCIAL POSITION Statement of financial position in € million 30/09/2025 31/12/2024 €m chg % chg Non-current assets 156.9 165.2 (8.3) -5% Current assets 166.8 166.4 0.5 0% Total assets 323.8 331.6 (7.8) -2% Total Equity 128.8 124.8 4.0 3% Non-current liabilities 108.0 117.3 (9.3) -8% Current Liabilities 86.9 89.5 (2.6) -3% Total Equity and Liabilities 323.8 331.6 (7.8) -2% Total Equity as of 30/09/2025 reached €128.8m, a €4m increase vs. 31/12/2024, since net profit generation in the period has been partially offset by: • dividend payments to shareholders (€4m or €0.11 per share) • negative effect in the FX translation reserve (impact from USD and RON). Net Working Capital in € million 30/09/2025 31/12/2024 €m chg % chg Inventories 63.8 72.8 (9.0) -12% Contract assets 28.6 15.0 13.6 +91% Current income tax assets 2.0 0.5 1.5 +291% Trade receivables 40.1 45.3 (5.2) -12% Other receivables 14.5 11.1 3.4 +31% 149.0 144.6 4.3 +3% Current income tax liabilities (4.5) (3.6) (0.9) +24% Trade payables (27.4) (43.8) 16.4 -37% Other payables (25.7) (17.0) (8.7) +51% Contract liabilities (12.0) (7.2) (4.8) +67% Deferred income (1.7) (1.8) 0.1 -5% (71.3) (73.4) 2.1 -3% Net Working Capital 77.7 71.3 6.4 +9% % of Revenues (12 months rolling) 22.1% 18.2% Net Working Capital: the € 6m increase (+9%) vs. 31/12/2024 is largely attributed to the reductio n in Trade Payables (€16m), due to vendor payments for chips , as well as to the increase in Contract assets (€14m) (related to the ongoing implementation of contracted public sector digitization projects in Greece, which are invoiced upon project completion). These more than offset the positive effects of the reduced pace of working capital build-up as well as our continued efforts to improve cash collections from clients and to enhance inventory management.
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11 Statement of cash flows in € million 9M 2025 9M 2024 €m chg % chg Cash flows from operating activities 23.2 18.9 4.3 +23% Cash flows from investing activities (7.9) (12.0) 4.1 -34% Cash flows from financing activities (18.2) (6.1) (12.2) +200% Net increase/(decrease) in cash and cash equivalents (2.9) 0.8 (3.8) n/m Capital expenditure (CAPEX) incl. Right-of-use assets, excl. M&A (11.4) (16.2) 4.8 -30% Cash flows from operating activities resulted in €23.2m inflow (+23% vs. 9M 2024), largely on account of the reduced pace of the working capital build-up. Cash flows from investing activities resulted in €7.9m net outflow, reflecting: • regular investments in plant and equipment • investments in additional machinery for delivering large-scale security printing projects in MEA • in-house software development, aimed at enhancing our Digital Technologies solutions, and • positive cash effect from a property sale, on the back of our ongoing initiatives to streamline operations. Cash flows from financing activities resulted in €18.2m outflow, reflecting: • net repayments of loans and borrowings (revolving loan facilities) (€5.7m) • interest expenses (€4.8m) • dividend payment to shareholders (€4m or €0.11 per share) (payment effected on July 4) • payments of finance leases (€3.2m) • share buy-back programme (€0.5m) Net Debt in € million 30/09/2025 31/12/2024 €m chg % chg Cash and cash equivalents (17.9) (21.7) 3.8 -18% Loans and borrowings 109.1 117.4 (8.3) -7% Net Debt 91.2 95.6 (4.4) -5% Group Net Debt of €91.2m declined by €4.4m vs. 31/12/2024 and by €4.9m vs. 30/06/2025 , on the back of improved operating and free cash flow generation, which has been used to reduce the Group’s debt position. Group Leverage (Net Debt / adjusted EBITDA 12-month rolling basis) maintained at healthy levels (1.9x), within our medium-term target range of 1.5x-2x. Financial Position | Key Metrics 30/09/2025 31/12/2024 Net Equity / Total Assets 39.8% 37.6% Net Debt / adjusted EBITDA (12 months rolling) (x) 1.9 1.7 Non-Financial Performance Indicators 9M 2025 9M 2024 chg % chg Number of sold cards (million) 83.7 118.0 (34.3) -29% Average number of employees (FTE) 2,120 2,352 (232) -10% Group Headcount (end-of-period) 2,377 2,499 (122) -5%
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12 SEGMENTS REPORTING Central Eastern Europe & DACH (CEE) in € million 9M 2025 9M 2024 €m chg % chg Revenues 149.6 173.9 (24.3) -14% Costs of material & mailing (79.9) (97.2) 17.3 -18% Gross profit I 69.7 76.7 (7.0) -9% Gross profit I margin 46.6% 44.1% +2.5% Production costs (38.2) (37.4) (0.9) +2% Gross profit II 31.5 39.4 (7.8) -20% Gross profit II margin 21.1% 22.6% -1.6% Other income 3.8 2.9 0.9 +31% Selling and distribution expenses (8.5) (9.9) 1.4 -14% Administrative expenses (10.8) (12.5) 1.7 -14% R&D expenses (5.7) (4.5) (1.3) +28% Other expenses (1.0) (0.7) (0.3) +38% + Depreciation, amortization & impairment 8.5 7.5 1.0 +14% adjusted EBITDA 17.7 22.1 (4.4) -20% adjusted EBITDA margin 11.8% 12.7% -0.9% - Depreciation, amortization & impairment (8.5) (7.5) (1.0) +14% adjusted EBIT 9.2 14.6 (5.4) -37% Operating expenses (OPEX) excl. Depreciation, amortization & impairment in € million 9M 2025 9M 2024 €m chg % chg Production costs (38.2) (37.4) (0.9) +2% Selling and distribution expenses (8.5) (9.9) 1.4 -14% Administrative expenses (10.8) (12.5) 1.7 -14% R&D expenses (5.7) (4.5) (1.3) +28% + Depreciation, amortization & impairment 8.5 7.5 1.0 +14% Total (54.8) (56.8) 2.0 -4% as % of Revenues 36.6% 32.7%
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13 Western Europe, Nordics, Americas (WEST) in € million 9M 2025 9M 2024 €m chg % chg Revenues 87.4 105.7 (18.3) -17% Costs of material & mailing (48.1) (61.7) 13.6 -22% Gross profit I 39.3 44.0 (4.7) -11% Gross profit I margin 44.9% 41.6% +3.4% Production costs (18.0) (17.0) (1.0) +6% Gross profit II 21.3 27.0 (5.7) -21% Gross profit II margin 24.4% 25.5% -1.2% Other income 0.2 0.0 0.1 +293% Selling and distribution expenses (6.2) (6.8) 0.6 -9% Administrative expenses (6.0) (6.3) 0.3 -5% R&D expenses (0.5) (1.1) 0.7 -60% Other expenses (0.2) (0.1) (0.0) +33% + Depreciation, amortization & impairment 5.0 4.7 0.3 +7% adjusted EBITDA 13.7 17.4 (3.7) -21% adjusted EBITDA margin 15.7% 16.4% -0.7% - Depreciation, amortization & impairment (5.0) (4.7) (0.3) +7% adjusted EBIT 8.7 12.7 (4.0) -31% Operating expenses (OPEX) excl. Depreciation, amortization & impairment in € million 9M 2025 9M 2024 €m chg % chg Production costs (18.0) (17.0) (1.0) +6% Selling and distribution expenses (6.2) (6.8) 0.6 -9% Administrative expenses (6.0) (6.3) 0.3 -5% R&D expenses (0.5) (1.1) 0.7 -60% + Depreciation, amortization & impairment 5.0 4.7 0.3 +7% Total (25.6) (26.5) 0.9 -3% as % of Revenues 29.3% 25.1%
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14 Türkiye / Middle East and Africa (MEA) in € million 9M 2025 9M 2024 €m chg % chg Revenues 46.9 63.2 (16.3) -26% Costs of material & mailing (23.9) (43.6) 19.6 -45% Gross profit I 22.9 19.6 3.3 17% Gross profit I margin 48.9% 31.0% +17.9% Production costs (13.1) (10.2) (2.8) +28% Gross profit II 9.9 9.4 0.5 +5% Gross profit II margin 21.0% 14.9% +6.2% Other income 0.0 0.0 (0.0) n/m Selling and distribution expenses (1.9) (1.3) (0.6) +48% Administrative expenses (1.8) (1.4) (0.4) +29% R&D expenses (0.5) 0.0 (0.5) n/m Other expenses (0.0) (0.2) 0.2 -91% + Depreciation, amortization & impairment 0.7 0.5 0.2 +38% adjusted EBITDA 6.4 7.1 (0.7) -10% adjusted EBITDA margin 13.6% 11.2% +2.4% - Depreciation, amortization & impairment (0.7) (0.5) (0.2) +38% adjusted EBIT 5.7 6.6 (0.9) -13% Operating expenses (OPEX) excl. Depreciation, amortization & impairment in € million 9M 2025 9M 2024 €m chg % chg Production costs (13.1) (10.2) (2.8) +28% Selling and distribution expenses (1.9) (1.3) (0.6) +48% Administrative expenses (1.8) (1.4) (0.4) +29% R&D expenses (0.5) 0.0 (0.5) n/m + Depreciation, amortization & impairment 0.7 0.5 0.2 +38% Total (16.5) (12.4) (4.2) +34% as % of Revenues 35.2% 19.6%
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15 The present 9M 2025 Results Press Release is available on the Company’s website: https://www.austriacard.com/investor-relations-ac/financial-reporting-ac/ Conference call Financial Results AUSTRIACARD HOLDINGS AG Management will host a conference call and live webc ast to present the 9M 2025 Financial Results. Date Thursday, 13th November 2025 Time 18:00 (GR) 17:00 (CEST) 16:00 (UK) 11:00 (NY) Duration The conference call is expected to last approximately 60 minutes, followed by Q&A Live Conference Call Greece +30 213 009 6000 or +30 210 946 0800 Austria +43 720 816 079 Germany +49 (0) 800 588 9310 UK +44 (0) 800 368 1063 USA +1 516 447 5632 International +44 (0) 203 059 5872 Live Webcast Real-time webcast (audio only) on the Internet: LIVE WEBCAST ABOUT AUSTRIACARD HOLDINGS AG AUSTRIACARD HOLDINGS AG leverages over 130 years of experience in information management, printing, and communications to deliver secure and transparent experiences for its customers. They offer a comprehensive suite of products and services, including payment solutions, identification solutions, smart cards, card personalization, digitization solutions, and secure data management. ACAG employs a global workforce of 2,400 people and is publicly traded on both the Athens and Vienna Stock Exchanges under the symbol ACAG. Contact person: Mr. Dimitris Haralabopoulos, Group IR Director E-Mail: investors@austriacard.com Tel (AT): +43 1 61065 357 Tel (GR): +30 210 669 78 60 Website: www.austriacard.com Symbol: ACAG ISIN: AT0000A325L0 Stock Exchanges: Vienna Prime Market (VSE), Athens Main Market (ATHEX)
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16 APPENDIX
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17 Digital Technologies Forward Press Release H1 2025 Financial Results A. PRIMARY FINANCIAL STATEMENTS Consolidated statement of financial position in € thousand 30 September 2025 31 December 2024 Assets Property, plant and equipment and right of use assets 96,049 100,545 Intangible assets and goodwill 56,363 59,555 Equity-accounted investees 423 395 Other receivables 1,167 1,259 Deferred tax assets 2,924 3,474 Non-current assets 156,925 165,227 Inventories 63,775 72,795 Contract assets 28,580 14,952 Current income tax assets 2,042 523 Trade receivables 40,077 45,297 Other receivables 14,482 11,061 Cash and cash equivalents 17,889 21,737 Current assets 166,845 166,366 Total assets 323,770 331,593 Equity Share capital 36,354 36,354 Share premium 32,749 32,749 Own shares (2,584) (2,064) Other reserves 17,660 19,856 Retained earnings 41,186 37,385 Equity attributable to owners of the Company 125,365 124,281 Non-controlling interests 3,473 524 Total Equity 128,839 124,805 Liabilities Loans and borrowings 93,474 101,261 Employee benefits 3,603 4,005 Other payables 1,658 1,726 Deferred tax liabilities 9,312 10,336 Non-current liabilities 108,046 117,328 Current tax liabilities 4,485 3,615 Loans and borrowings 15,601 16,097 Trade payables 27,408 43,807 Other payables 25,716 16,985 Contract liabilities 11,989 7,188 Deferred income 1,686 1,769 Current Liabilities 86,885 89,460 Total Liabilities 194,931 206,788 Total Equity and Liabilities 323,770 331,593
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18 Consolidated income statement in € thousand 9M 2025 9M 2024 Revenues 262,443 303,494 Cost of sales (200,779) (229,712) Gross profit 61,664 73,782 Other income 3,959 3,004 Selling and distribution expenses (16,578) (17,967) Administrative expenses (21,475) (24,013) R&D expenses (6,909) (5,717) Other expenses (1,183) (1,113) + Depreciation, amortization & impairment 14,203 12,626 EBITDA 33,682 40,601 - Depreciation, amortization & impairment (14,203) (12,626) EBIT 19,479 27,975 Financial income 361 351 Financial expenses (6,374) (7,214) Result from associated companies 70 129 Net finance costs (5,943) (6,734) Profit/(Loss) before tax 13,536 21,241 Income tax expense (3,701) (4,980) Profit/(Loss) 9,835 16,260 Profit/(Loss) attributable to: Owners of the Company 8,588 16,222 Non-controlling interests 1,246 38 Profit/(Loss) 9,835 16,260 Earnings/(loss) per share basic 0.24 0.45 diluted 0.22 0.42
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19 Consolidated income statement in € thousand Q3 2025 Q3 2024 Revenues 98,822 108,120 Cost of sales (73,924) (83,434) Gross profit 24,898 24,686 Other income 1,477 1,019 Selling and distribution expenses (5,491) (6,117) Administrative expenses (6,793) (7,642) R&D expenses (2,346) (2,179) Other expenses (349) (493) + Depreciation, amortization & impairment 4,616 4,397 EBITDA 16,011 13,672 - Depreciation, amortization & impairment (4,616) (4,397) EBIT 11,395 9,275 Financial income 137 102 Financial expenses (1,829) (2,990) Result from associated companies 0 0 Net finance costs (1,692) (2,888) Profit/(Loss) before tax 9,703 6,387 Income tax expense (2,344) (1,306) Profit/(Loss) 7,359 5,081 Profit/(Loss) attributable to: Owners of the Company 7,227 5,589 Non-controlling interests 132 (508) Profit/(Loss) 7,359 5,081 Earnings/(loss) per share basic 0.20 0.15 diluted 0.19 0.14
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20 Consolidated statement of cash flows in € thousand 9M 2025 9M 2024 Cash flows from operating activities Profit/(Loss) before tax 13,536 21,241 Adjustments for: -Depreciation, amortization & impairment 14,203 12,626 -Net finance costs 5,943 6,734 -Other non-cash transactions 1,244 2,739 34,926 43,340 Changes in: -Inventories 9,020 (14,133) -Contract assets (13,628) 3,072 -Trade and other receivables 1,799 (3,132) -Contract liabilities 4,800 (10,605) -Trade and other payables (8,973) 3,919 -Taxes paid (4,789) (3,567) Net cash from/(used in) operating activities 23,155 18,894 Cash flows from investment activities Interest received 311 306 Acquisition of subsidiary, net of cash acquired 0 (1,297) Proceeds from sale of property, plant and equipment 1,795 0 Dividends received from associated companies 42 58 Payments for acquisition of property, plant and equipment & intangible assets (10,006) (11,053) Net cash from/(used in) investing activities (7,857) (11,986) Cash flows from financing activities Interest paid (4,757) (5,880) Proceeds from loans and borrowings 4,957 17,339 Repayment of borrowings (10,619) (9,422) Payment of lease liabilities (3,206) (3,315) Acquisition of own shares (520) (739) Dividends paid to non-controlling interest 10 (429) Dividends paid to owners of the company (3,950) (3,627) Acquisition of non-controlling interests (156) 0 Net cash from/(used in) financing activities (18,241) (6,074) Net increase/(decrease) in cash and cash equivalents (2,943) 833 Cash and cash equivalents at 1 January 21,737 23,825 Effect of movements in exchange rates on cash held (906) (175) Cash at 30 September 17,889 24,483
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21 B. SEGMENT REPORTING 9M 2025 in € thousand WEST CEE MEA Corporate Eliminations Total Revenues 85,615 146,047 46,861 1,793 (17,873) 262,443 Intersegment revenues 1,754 3,553 5 935 (6,247) Segment revenues 87,370 149,600 46,865 2,729 (24,121) 262,443 Costs of material & mailing (48,098) (79,857) (23,946) 20,364 (131,538) Gross profit I 39,272 69,743 22,919 2,729 (3,757) 130,905 Production costs (17,965) (38,214) (13,063) (69,241) Gross profit II 21,307 31,529 9,856 2,729 (3,757) 61,664 Other income 193 3,775 91 (101) 3,958 Selling and distribution expenses (6,161) (8,538) (1,878) (16,578) Administrative expenses (6,002) (10,829) (1,759) (4,258) 3,740 (19,108) R&D expenses (455) (5,750) (495) (210) (6,909) Other expenses (160) (995) (18) (14) 9 (1,178) + Depreciation, amortization & impairment 4,989 8,511 677 26 14,203 adjusted EBITDA 13,710 17,704 6,383 (1,635) (109) 36,052 - Depreciation, amortization & impairment (4,989) (8,511) (677) (26) (14,203) adjusted EBIT 8,721 9,192 5,706 (1,661) (109) 21,849 Financial income 311 Financial expenses (5,311) Result from associated companies 70 Net finance costs (4,929) adjusted Profit/(Loss) before tax 16,920 Special items (3,384) Profit/(Loss) before tax 13,536 Income tax expense (3,701) Profit/(Loss) 9,834
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22 9M 2024 in € thousand WEST CEE MEA Corporate Eliminations Total Revenues 104,138 157,027 63,134 1,210 (22,015) 303,494 Intersegment revenues 1,525 16,887 30 1,000 (19,442) Segment revenues 105,663 173,914 63,164 2,210 (41,457) 303,494 Costs of material & mailing (61,712) (97,194) (43,552) 37,277 (165,181) Gross profit I 43,951 76,720 19,612 2,210 (4,180) 138,313 Production costs (16,964) (37,356) (10,216) 5 (64,531) Gross profit II 26,987 39,363 9,396 2,210 (4,175) 73,782 Other income 49 2,893 12 50 3,004 Selling and distribution expenses (6,774) (9,927) (1,266) (17,967) Administrative expenses (6,305) (12,521) (1,368) (5,112) 4,175 (21,131) R&D expenses (1,127) (4,489) (101) (5,717) Other expenses (120) (723) (200) (68) (1,111) + Depreciation, amortization & impairment 4,658 7,474 490 3 12,626 adjusted EBITDA 17,368 22,071 7,064 (3,018) 43,484 - Depreciation, amortization & impairment (4,658) (7,474) (490) (3) (12,626) adjusted EBIT 12,710 14,597 6,573 (3,021) 30,859 Financial income 343 Financial expenses (6,200) Result from associated companies 129 Net finance costs (5,728) adjusted Profit/(Loss) before tax 25,131 Special items (3,890) Profit/(Loss) before tax 21,241 Income tax expense (4,980) Profit/(Loss) 16,260