Slides
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Financial results for 2025 And Business Update 26th February 2026
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3 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: 558m (-7%) eCommerce transactions, 135m (+53%) IPD transactions, 156m (+23%) processing of physical card transactions
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4 Q4’2025 results
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5 Q4’25 – Results affected by one-offs Acquisitions effect – Rev: -1.1 | EBIT: -0.8 | EBITDA: -0.8 | NPAT: -4.6 No hyper. – excluding hyperinflation accounting. 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%
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6 Q4’25 – Impact of one-offs [mEUR] Adjusted Reported mEUR Q4 2025 Q4 2024 Q4 2025 no hyper. Q4 2024 no hyper. % Diff Q4 2025 no hyper. Revenue reversal Assets write-off and provisions PPA write-off Goodwill write-off and earnout Total One-Offs Revenue 126.2 115.7 125.9 111.1 +13% 125.9 0.0 0.0 EBITDA 31.5 23.0 31.8 21.4 +49% 31.4 0.0 0.4 0.0 0.0 0.4 EBIT 25.0 16.8 25.6 15.5 +66% 25.0 0.0 0.4 0.2 0.0 0.6 NPAT 15.0 13.9 18.9 11.9 +59% 14.6 0.0 0.4 0.1 3.7 4.3 EBITDA % 25% 20% 25% 19% 25% EBIT % 20% 14% 20% 14% 20% EBIT non-IFRS 26.1 16.9 26.6 16.9 +57% 26.1 0.0 0.4 0.4 NPAT non-IFRS 22.4 13.2 22.8 13.2 +73% 22.4 0.0 0.4 0.4 One-offs Reported Acquisitions effect – Rev: -1.1 | EBIT: -0.2 | EBITDA: -0.4 | NPAT: -0.3 No hyper. – excluding hyperinflation accounting.
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8 Q4’25 – Strong Dedicated and Banking 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 EBITDA EBIT Payment Solutions 42% (47%) Banking Solutions 17% (16%) Dedicated Solutions 41% (36%) Revenue per BUs Q4 2025 22% 15% 25% 16% 16% 10% BA N K I N G S O L U TIO NS P A Y M E N T S O L U TI ONS DE DI C A TE D S O L U TI O NS Profitability per BU Q4 2025 Q4 2024
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9 POS 55% (52%) eCommerce 13% (13%) Processing 3% (4%) ** Q4’25 – ECR and IPD revenues growth mEUR Q4 2025 Q4 2024 Diff ECR + IPD 6.2 4.7 +1.5 eComm. + Proc. 15.0 16.9 -2.0 ATM (incl. IAD) 11.2 10.0 +1.2 POS 20.5 20.8 -0.3 Payment 52.9 52.4 +0.5 Revenue ECR + IPD 10% (-1%) eComm. + Proc. 31% (55%) ATM (incl. IAD) 17% (13%) POS 41% (33%) EBIT per BUs Q4 2025 Data excl. one-offs presented before
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10 Q4’25 – Strong SEE, good WE, weak India, MEA and Turkey * Other entities include: Albania, Bulgaria, Kosovo, Montenegro, Slovenia 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% Revenue EBIT Data excl. one-offs presented before
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11 2025 results
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12 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
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13 FY’25 – Impact of one-offs [mEUR] Adjusted Reported mEUR 2025 FY 2024 FY 2025 FY no hyper. 2024 FY no hyper. % Diff 2025 FY no hyper. Revenue reversal Assets write-off and provisions PPA write-off Goodwill write-off and earnout Total One-Offs Revenue 424.5 396.9 425.4 390.4 +9% 423.8 1.6 1.6 EBITDA 86.7 76.4 90.1 74.5 +21% 86.5 1.6 2.1 3.6 EBIT 59.4 52.7 65.3 51.6 +27% 59.7 1.6 2.1 1.9 5.6 NPAT 42.5 47.6 45.6 41.2 +11% 39.6 1.6 3.5 1.5 -0.5 6.1 EBITDA % 20% 19% 21% 19% 20% EBIT % 14% 13% 15% 13% 14% EBIT non-IFRS 66.4 56.2 70.1 56.2 +25% 66.4 1.6 2.1 3.6 NPAT non-IFRS 51.3 45.2 56.4 45.2 +25% 51.3 1.6 3.5 5.1 One-offs Reported 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
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15 FY’25 –Recovery of DS and good Banking (excl. one offs) mEUR 2025 FY 2024 FY Diff 2025 FY 2024 FY Diff 2025 FY 2024 FY Diff 214 194 20 44 25 19 35 16 19 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 Revenue EBITDA EBIT Payment Solutions 50% (50%)Banking Solutions 18% (17%) Dedicated Solutions 32% (32%) Revenue per BUs 2025 FY 23% 14% 13% 21% 18% 2% BANKING SOLUTIONS PAYMENT SOLUTIONS DEDICATED SOLUTIO NS Profitability per BU 2025 FY 2024 FY Data excl. one-offs presented before
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16 POS 55% (52%) eCommerce 13% (13%) ATM 29% (31%) Processing 3% (4%) ** FY’25 –Growth of revenues in all lines (excl. one offs) mEUR 2025 FY 2024 FY Diff ECR + IPD 23.8 17.9 +5.9 eComm. + Proc. 59.5 57.1 +2.5 ATM (incl. IAD) 48.3 44.9 +3.4 POS 79.9 76.7 +3.2 Payment 211.5 196.5 +15.0 Revenue ECR + IPD 13% (7%) eComm. + Proc. 35% (48%) ATM (incl. IAD) 19% (16%) POS 34% (29%) EBIT per BUs 2025 FY Data excl. one-offs presented before
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17 FY’25 –Strong SEE, weaker Turkey, issues in MEA&India * Other entities include: Albania, Bulgaria, Kosovo, Montenegro, Slovenia 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% Revenue EBIT Data excl. one-offs presented before
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18 Cashflow and liquidity
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Cashflow * EBITDA, EBIT excluding hyperinflation impact and one-offs 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%
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20 Liquidity situation mEUR 31 Dec'25 31 Dec'24 Diff 30 Sep'25 Cash and equivalents 73.8 63.5 +10.3 53.2 Loans (ST) -15.5 -18.0 +2.5 -17.7 Lease (ST) -5.3 -4.1 -1.2 -5.0 Dividends (ST) -0.9 -0.9 +0.0 -0.9 M&A liabilities (ST) -26.8 -10.1 -16.7 -29.7 Net Cash (ST) 25.3 30.4 -5.1 -0.1 Net Cash (ST) + Loans (LT) + Lease (LT) -6.1 -0.9 -5.2 -33.6 Receivables and Prepayments (ST) 131.4 118.2 +13.2 116.3 PoC valuation assets/liab. 7.4 7.3 +0.1 14.4 Liabilities, Provisions and Deferred Income (ST) -125.8 -1 19.0 -6.8 -109.9 Inventory 16.2 25.7 -9.5 16.7 Net Operating Assets 54.5 62.6 -8.0 37.3 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
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21 Outlook for 2026
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22 ASEE + Payten mEUR Q1 2026F Q1 2025 % Diff Revenues BL 91.6 86.9 +5% Margin1 BL 72.0 66.9 +8% 72.0 66.9 0 10 20 30 40 50 60 70 80 Q1 2026F Q1 2025 +8% mEUR 2026F 2025F % Diff Revenues BL 289.5 276.2 +5% Margin1 BL 246.6 233.6 +6% 246.6 233.6 0 50 100 150 200 250 300 2026F 2025F +6% * backlog data from February 2026 and February 2025 respectively backlog data excluding hyperinflation effect
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23 ASEE – Banking and Dedicated Solutions mEUR Q1 2026F Q1 2025 % Diff Revenues BL 48.2 43.3 +11% Margin1 BL 34.1 29.8 +14% 34.1 29.8 0 5 10 15 20 25 30 35 40 Q1 2026F Q1 2025 +14% mEUR 2026F 2025F % Diff Revenues BL 133.1 123.9 +7% Margin1 BL 99.3 93.1 +7% 99.3 93.1 0 20 40 60 80 100 120 2026F 2025F +7% * backlog data from February 2026 and February 2025 respectively backlog data excluding hyperinflation effect
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24 Payten mEUR Q1 2026F Q1 2025 % Diff Revenues BL 43.3 43.6 -1% Margin1 BL 37.9 37.0 +2% 37.9 37.0 0 5 10 15 20 25 30 35 40 Q1 2026F Q1 2025 +2% mEUR 2026F 2025F % Diff Revenues BL 156.3 152.3 +3% Margin1 BL 147.3 140.5 +5% 147.3 140.5 0 20 40 60 80 100 120 140 160 2026F 2025F +5% * backlog data from February 2026 and February 2025 respectively backlog data excluding hyperinflation effect
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