Annual report
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Skonsolidowane sprawozdanie finansowe Grupy Asseco South Eastern Europe za rok zakończony dnia 31 grudnia 2024 roku Consolidated Financial Statements of Asseco South Eastern Europe Group for the year ended 31 December 2025
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Present in 26 countries Revenue generated 1,798.7 million 3,986 employees contributing to the achieved results Net result attributable to Shareholders of the Parent Company PLN 198.3 million
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This English version is a translation of the original document prepared in Polish. In case of any discrepancies between the two versions, the original language version shall be binding. Asseco South Eastern Europe Group Consolidated Financial Statements for the year ended 31 December 2025 in accordance with EU IFRS (in thousands of PLN) 3 Consolidated Financial Statements of Asseco South Eastern Europe Group For the year ended 31 December 2025 FINANCIAL HIGHLIGHTS .......................................................................................................................................................................................... 6 CONSOLIDATED STATEMENT OF PROFIT AND LOSS AND OTHER COMPREHENSIVE INCOME ................................................................................................... 7 CONSOLIDATED STATEMENT OF FINANCIAL POSITION ................................................................................................................................................... 8 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY .................................................................................................................................................. 10 CONSOLIDATED STATEMENT OF CASH FLOWS ........................................................................................................................................................... 12 EXPLANATORY NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS ......................................................................................................................... 13 I. GENERAL INFORMATION .............................................................................................................................................................. 13 II. BASIS FOR THE PREPARATION OF FINANCIAL STATEMENTS .......................................................................................................... 14 2.1. Basis for preparation ................................................................................................................................................................ 14 2.2. Impact of the geopolitical and macroeconomic situation on the Group’s business operations ............................................... 14 2.3. Compliance statement ............................................................................................................................................................. 14 2.4. Functional currency, presentation currency and hyperinflation .............................................................................................. 15 2.5. Professional judgement and estimates .................................................................................................................................... 15 2.6. Accounting policies applied ...................................................................................................................................................... 15 2.7. New standards and interpretations published but not in force yet ......................................................................................... 16 2.8. Changes in the presentation methods applied ......................................................................................................................... 16 2.9. Correction of errors .................................................................................................................................................................. 17 2.10. Changes in the comparative data ............................................................................................................................................. 17 2.11. Accounting effects of Turkey’s status as a hyperinflationary economy ................................................................................... 19 III. ORGANIZATION AND CHANGES IN THE STRUCTURE OF ASSECO SOUTH EAS TERN EUROPE GROUP, INCLUDING THE ENTITIES SUBJECT TO CONSOLIDATION ....................................................................................................................................................... 24 IV. INFORMATION ON OPERATING SEGMENTS .................................................................................................................................. 28 V. EXPLANATORY NOTES TO THE CONSOLIDATED STATEMENT OF PROFIT AND LOSS ........................................................................ 31 5.1. Structure of operating revenues .............................................................................................................................................. 31 5.2. Structure of operating costs ..................................................................................................................................................... 35 5.3. Other operating income and expenses .................................................................................................................................... 39 5.4. Financial income and expenses ................................................................................................................................................ 39 5.5. Income tax expense ................................................................................................................................................................ . 41 5.6. Earnings per share .................................................................................................................................................................... 43 5.7. Information on dividends paid out ........................................................................................................................................... 43 VI. EXPLANATORY NOTES TO THE CONSOLIDATED STATEMENT OF FINANCIAL POSITION ................................................................... 45 6.1. Property, plant and equipment ................................................................................................................................................ 45 6.2. Intangible assets ...................................................................................................................................................................... 47 6.3. Right- of-use assets ................................................................................................................................................................... 49 6.4. Goodwill ................................................................................................................................................................................... 50 6.5. Impairment tests ...................................................................................................................................................................... 57 6.6. Other financial assets ............................................................................................................................................................... 59 6.7. Prepayments and accrued income ........................................................................................................................................... 61 6.8. Receivables and contract assets ............................................................................................................................................... 62 6.9. Inventories ............................................................................................................................................................................... 64 6.10. Cash and cash equivalents ....................................................................................................................................................... 65 6.11. Equity of the Parent Company ................................................................................................................................................. 66 6.12. Non-controlling interests ......................................................................................................................................................... 66 6.13. Lease liabilities ......................................................................................................................................................................... 67 6.14. Bank loans and borrowings ...................................................................................................................................................... 69 6.15. Other financial liabilities .......................................................................................................................................................... 70 6.16. Trade payables, state budget liabilities, and other liabilities ................................................................................................... 71 6.17. Contract liabilities .................................................................................................................................................................... 72 6.18. Provisions ................................................................................................................................................................................. 73 6.19. Accruals and deferred income ................................................................................................................................................. 74 6.20. Related party transactions ....................................................................................................................................................... 75 VII. EXPLANATORY NOTES TO THE CONSOLIDATED STATEMENT OF CASH FLOWS ............................................................................... 77
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This English version is a translation of the original document prepared in Polish. In case of any discrepancies between the two versions, the original language version shall be binding. Asseco South Eastern Europe Group Consolidated Financial Statements for the year ended 31 December 2025 in accordance with EU IFRS (in thousands of PLN) 4 7.1. Cash flows – operating activities .............................................................................................................................................. 77 7.2. Cash flows – investing activities ............................................................................................................................................... 77 7.3. Cash flows – financing activities ............................................................................................................................................... 77 VIII. EXPLANATORY NOTES ON OBJECTIVES AND PRINCIPLES OF FINANCIAL RISK MANAGEMENT.........................................................80 8.1. Foreign currency risk ................................................................................................................................................................ 80 8.2. Interest rate risk ....................................................................................................................................................................... 81 8.3. Credit risk ................................................................................................................................................................................. 82 8.4. Financial liquidity risk ............................................................................................................................................................... 82 8.5. Items of income, expenses, gains and losses recognized in the statement of profit and loss in correspondence to balance sheet items............................................................................................................................................................................... 83 IX. OTHER EXPLANATORY NOTES ....................................................................................................................................................... 85 9.1. Off-balance-sheet liabilities ..................................................................................................................................................... 85 9.2. Seasonal and cyclical business ................................................................................................................................................. 86 9.3. Employment ............................................................................................................................................................................. 86 9.4. Remuneration of the entity authorized to audit financial statement s ..................................................................................... 87 9.5. Remuneration of the Management Board and Supervisory Board .......................................................................................... 87 9.6. Capital management ................................................................................................................................................................ 88 9.7. Climate and operations of ASEE Group .................................................................................................................................... 89 9.8. Significant events after the reporting period ........................................................................................................................... 90 9.9. Significant events related to prior years .................................................................................................................................. 90
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This English version is a translation of the original document prepared in Polish. In case of any discrepancies between the two versions, the original language version shall be binding. Asseco South Eastern Europe Group Consolidated Financial Statements for the year ended 31 December 2025 in accordance with EU IFRS (in thousands of PLN) 5 Consolidated Financial Statements of Asseco South Eastern Europe Group for the year ended 31 December 2025 These consolidated financial statements have been approved for publication by t he Management Board of Asseco South Eastern Europe S.A. on 25 February 2026. Management Board: Piotr Jeleński President of the Management Board Miljan Mališ Member of the Management Board Michał Nitka Member of the Management Board Kostadin Slavkoski Member of the Management Board
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This English version is a translation of the original document prepared in Polish. In case of any discrepancies between the two versions, the original language version shall be binding. Asseco South Eastern Europe Group Consolidated Financial Statements for the year ended 31 December 2025 in accordance with EU IFRS (in thousands of PLN) 6 Financial Highlights Asseco South Eastern Europe Group The following table presents the selected financial data of Asseco South Eastern Europe Group: 12 months ended 31 December 2025 12 months ended 31 December 2024 12 months ended 31 December 2025 12 months ended 31 December 2024 PLN’000 PLN’000 EUR’000 EUR’000 Sales revenues 1,798,665 1,708,184 424,494 396,864 Operating profit 251,608 226,750 59,381 52,681 Profit before tax 228,996 251,260 54,044 58,376 Net profit for the reporting period 180,276 204,686 42,546 47,555 Net profit attributable to Shareholders of the Parent Company 198,254 199,223 46,789 46,286 Net cash from operating activities 316,647 203,864 74,730 47,364 Net cash from investing activities (103,579) (158,475) (24,445) (36,819) Net cash from financing activities (168,773) (83,638) (39,831) (19,432) Cash and cash equivalents at the end of the period 311,942 271,211 73,803 63,471 Basic earnings per ordinary share for the reporting period attributable to Shareholders of the Parent Company (in PLN/EUR) 3.82 3.84 0.90 0.89 Diluted earnings per ordinary share for the reporting period attributable to Shareholders of the Parent Company (in PLN/EUR) 3.82 3.84 0.90 0.89 The selected financial data disclosed in these annual consolidated f inancial statements have been translated into EUR as follows: ▪ Items relating to the consolidated statement of profit or loss and the consolidated statement of cash flows were translated using the exchange rate calculated as the arithme tic average of the average exchange rates published by the National Bank of Poland, effective on the last day of each month. This rates amounted to o in the period from 1 January 2025 to 31 December 2025: EUR 1 = PLN 4.2372 o in the period from 1 January 2024 to 31 December 2024: EUR 1 = PLN 4. 3042 ▪ The Group’s cash and cash equivalents as at the end of the reporti ng period and the compar ative period were translated using the average exchange rates published by the National Bank of Poland. These rates were as follows: o exchange rate effective on 31 December 2025: EUR 1 = PLN 4.2267 o exchange rate effective on 31 December 2024: EUR 1 = PLN 4.2730 All amounts in this report are expressed in thousands of Polish zloty (PLN), unless stated otherwise.
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This English version is a translation of the original document prepared in Polish. In case of any discrepancies between the two versions, the original language version shall be binding. Asseco South Eastern Europe Group Consolidated Financial Statements for the year ended 31 December 2025 in accordance with EU IFRS (in thousands of PLN) 7 Consolidated Statement of Profit and Loss and Other Comprehensive Income Asseco South Eastern Europe Group STATEMENT OF PROFIT AND LOSS 12 months ended 31 December 2025 12 months ended 31 December 2024 (restated) Note PLN’000 PLN’000 Operating revenues 5.1 1,798,665 1,708,184 Cost of sales 5.2 (1,294,012) (1,259,667) Allowances for trade receivables 5.2 (17,046) (6,449) Gross profit on sales 487,607 442,068 Selling expenses 5.2 (123,879) (112,111) General and administrative expenses 5.2 (108,406) (105,344) Net profit on sales 255,322 224,613 Other operating income 5.3 2,780 3,610 Other operating expenses 5.3 (6,618) (1,546) Share of profits of associates and joint ventures 124 73 Operating profit 251,608 226,750 Financial income 5.4 174,269 89,731 Financial expenses 5.4 (190,894) (65,221) Impairment loss on financial instruments (5,987) - Profit before tax 228,996 251,260 Income tax expense (current and deferred tax expense) 5.5 (48,720) (46,574) Net profit for the reporting period 180,276 204,686 Attributable to: Shareholders of the Parent Company 198,254 199,223 Non-controlling interests (17,978) 5,463 Basic consolidated earnings per share for the reporting period, attributable to shareholders of the Parent Company (in PLN) 5.6 3.82 3.84 Diluted consolidated earnings per share for the reporting period, attributable to shareholders of the Parent Company (in PLN) 5.6 3.82 3.84 OTHER COMPREHENSIVE INCOME Net profit for the reporting period 180,276 204,686 Items that may be reclassified subsequently to profit or loss (59,288) (25,875) Net gain/loss on valuation of financial assets 150 158 Exchange differences on translation of foreign operations (59,438) (26,033) Items that may not be reclassified subsequentlyto profit or loss - - Actuarial gains/losses - - Total other comprehensive income (59,288) (25,875) TOTAL COMPREHENSIVE INCOME attributable to: 120,988 178,811 Shareholders of the Parent Company 140,132 173,588 Non-controlling interests (19,144) 5,223
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This English version is a translation of the original document prepared in Polish. In case of any discrepancies between the two versions, the original language version shall be binding. Asseco South Eastern Europe Group Consolidated Financial Statements for the year ended 31 December 2025 in accordance with EU IFRS (in thousands of PLN) 8 Consolidated Statement of Financial Position Asseco South Eastern Europe Group ASSETS Note 31 December 2025 31 December 2024 (restated) PLN’000 PLN’000 Non-current assets Property, plant and equipment 6.1 189,544 174,175 Intangible assets 6.2 61,476 90,278 Right-of-use assets 6.3 68,744 68,848 Investment property - 436 Goodwill 6.4 904,836 1,021,959 Investments accounted for using the equity method 300 265 Other receivables 6.8 16,709 5,850 Deferred tax assets 5.5 14,255 11,711 Other financial assets 6.6 3,041 2,481 Prepayments and accrued income 6.7 9,209 3,090 1,268,114 1,379,093 Current assets Inventories 0 68,557 109,968 Prepayments and accrued income 6.7 71,483 61,562 Trade receivables 6.8 346,496 291,469 Contract assets 6.8 77,383 87,249 Corporate income tax receivable 6.8 4,301 4,662 Receivables from the state and local budgets 6.8 4,795 15,841 Other receivables 6.8 96,333 71,917 Other non-financial assets 6,301 4,924 Other financial assets 6.6 919 4,079 Cash and cash equivalents 6.1 311,942 271,211 988,510 922,882 Assets held for sale - 15,320 988,510 938,202 TOTAL ASSETS 2,256,624 2,317,295
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This English version is a translation of the original document prepared in Polish. In case of any discrepancies between the two versions, the original language version shall be binding. Asseco South Eastern Europe Group Consolidated Financial Statements for the year ended 31 December 2025 in accordance with EU IFRS (in thousands of PLN) 9 Consolidated Statement of Financial Position Asseco South Eastern Europe Group EQUITY AND LIABILITIES Note 31 December 2025 31 December 2024 (restated) PLN’000 PLN’000 Equity (attributable to shareholders of the Parent Company) Share capital 6.11 518,943 518,943 Share premium 6.11 38,826 38,826 Transactions with non-controlling interests 6.11 (66,105) (164,855) Other reserves 2,402 1,580 Exchange differences on translation of foreign operations (282,936) (224,664) Retained earnings 1,011,692 904,253 1,222,822 1,074,083 Non-controlling interests 6.12 7,783 8,424 Total equity 1,230,605 1,082,507 Non-current liabilities Bank loans and borrowings 6.14 87,624 85,820 Lease liabilities 6.13 45,211 47,983 Other financial liabilities 6.15 97,400 394,195 Deferred tax liabilities 5.6 9,411 14,575 Provisions 6.18 11,570 10,608 Deferred income 6.19 435 1,045 Accrued expenses 6.19 771 423 Contract liabilities 6.17 14,305 8,541 Other liabilities 6.16 1,422 54 268,149 563,244 Current liabilities Bank loans and borrowings 6.14 65,583 76,912 Lease liabilities 6.13 22,282 17,650 Other financial liabilities 6.15 116,943 46,849 Trade payables 6.16 165,253 195,073 Contract liabilities 6.17 141,245 127,737 Corporate income tax payable 6.16 17,629 9,601 Liabilities to the state and local budgets 6.16 53,692 45,151 Other liabilities 6.16 126,108 104,482 Provisions 6.18 4,438 3,086 Deferred income 6.19 679 660 Accrued expenses 6.19 44,018 40,206 757,870 667,407 Liabilities directly related to assets held for sale - 4,137 757,870 671,544 TOTAL LIABILITIES 1,026,019 1,234,788 TOTAL EQUITY AND LIABILITIES 2,256,624 2,317,295
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Asseco South Eastern Europe Group Consolidated Financial Statements for the year ended 31 December 2025 in accordance with EU IFRS (in thousands of PLN) 10 Consolidated Statement of Changes in Equity Asseco South Eastern Europe Group Note Share capital Share premium Transactions with non- controlling interests Other reserves Exchange differences on translation of foreign operations Retained earnings and current net profit Equity attributable to shareholders of the Parent Company Non-controlling interests Total equity PLN’000 PLN’000 PLN’000 PLN’000 PLN’000 PLN’000 PLN’000 PLN’000 PLN’000 As at 1 January 2025 (restated) 518,943 38,826 (164,855) 1,580 (224,664) 904,253 1,074,083 8,424 1,082,507 Net profit for the reporting period - - - - - 198,254 198,254 (17,978) 180,276 Other comprehensive income for the reporting period - - - 150 (58,272) - (58,122) (1,166) (59,288) Total comprehensive income for the reporting period - - - 150 (58,272) 198,254 140,132 (19,144) 120,988 Share-based payment transactions with employees - - - 672 - - 672 - 672 Obtaining control over subsidiaries - - - - - - - (33) (33) Transactions with non-controlling interests (including contingent financial liabilities to non-controlling shareholders (put options)) 6.11 - - 98,750 - - - 98,750 22,055 120,805 Dividend 5.7 - - - - - (90,815) (90,815) (3,519) (94,334) As at 31 December 2025 518,943 38,826 (66,105) 2,402 (282,936) 1,011,692 1,222,822 7,783 1,230,605
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Asseco South Eastern Europe Group Consolidated Financial Statements for the year ended 31 December 2025 in accordance with EU IFRS (in thousands of PLN) 11 Consolidated Statement of Changes in Equity Asseco South Eastern Europe Group Note Share capital Share premium Transactions with non-controlling interests Other reserves Exchange differences on translation of foreign operations Retained earnings and current net profit Equity attributable to shareholders of the Parent Company Non-controlling interests Total equity PLN’000 PLN’000 PLN’000 PLN’000 PLN’000 PLN’000 PLN’000 PLN’000 PLN’000 As at 1 January 2024 518,943 38,826 (34,877) 717 (198,871) 790,640 1,115,378 7,810 1,123,188 Net profit for the reporting period - - - - - 199,223 199,223 5,463 204,686 Other comprehensive income for the reporting period - - - 158 (25,793) - (25,635) (240) (25,875) Total comprehensive income for the reporting period - - - 158 (25,793) 199,223 173,588 5,223 178,811 Share-based payment transactions with employees - - - 705 - 16 721 13 734 Obtaining control over subsidiaries - - - - - - - 15,093 15,093 Transactions with non-controlling interests (including contingent financial liabilities to non-controlling shareholders (put options)) - - (129,978) - - - (129,978) (15,629) (145,607) Dividend 5.7 - - - - - (85,626) (85,626) (4,086) (89,712) As at 31 December 2024 (restated) 518,943 38,826 (164,855) 1,580 (224,664) 904,253 1,074,083 8,424 1,082,507
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Asseco South Eastern Europe Group Consolidated Financial Statements for the year ended 31 December 2024 in accordance with EU IFRS (in thousands of PLN) 12 Consolidated Statement of Cash Flows Asseco South Eastern Europe Group Note 12 months ended 31 December 2025 12 months ended 31 December 2024 PLN’000 PLN’000 Cash flows – operating activities Profit before tax 228,996 251,260 Total adjustments: 135,524 7,347 Depreciation and amortization 5.2 106,200 98,722 Changes in working capital 7.1 (10,963) (71,031) Interest income/expenses 8,381 8,872 Gain/loss on foreign exchange differences 1,826 169 Gain/loss on financial assets (valuation, disposal, etc.) 2,856 (293) Gain/loss on sale of subsidiaries 6,939 - Other financial income/expenses 26,077 24 Gain/loss on sale, disposal and impairment of property, plant and eq uipment, intangible assets, and right-of-use assets 9,248 2,742 Share-based payment expenses 672 721 Impact of hyperinflation (15,585) (32,502) Other adjustments to profit before tax (127) (77) Cash provided by (used in) operating activities 364,520 258,607 Income tax paid (47,873) (54,743) Net cash from operating activities 316,647 203,864 Cash flows – investing activities Inflows Proceeds from disposal of property, plant and equipment, and intang ible assets 1,449 1,926 Proceeds from sale of shares in subsidiaries, net of cash and cash eq uivalents in subsidiaries sold (1,767) - Proceeds from disposal/settlement of financial assets carried at fa ir value through profit or loss - 217 Proceeds from disposal/settlement of financial assets carried at fa ir value through other comprehensive income 1,082 581 Proceeds from disposal of investments in other debt securities car ried at amortized cost 42 2,347 Loans collected 264 14,558 Interest received 50 36 Dividends received 90 71 Outflows Acquisition of property, plant and equipment, and intangible assets (including R&D expenditures) 7.2 (80,027) (93,230) Expenditures on acquisition of subsidiaries and associates, net of cash and cash equivalents in companies acquired 7.2 (22,680) (80,944) Expenditure on acquisition/settlement of financial assets carri ed at fair value through profit or loss - (1) Expenditure on acquisition/settlement of financial assets carri ed at fair value through other comprehensive income (1,285) (1,255) Expenditure on acquisition/settlement of financial assets carri ed at amortized cost (19) (2,037) Loans granted (778) (744) Net cash from investing activities (103,579) (158,475) Cash flows – financing activities Inflows Proceeds from non-controlling shareholders due to issuance of sha res in subsidiaries - 1,011 Proceeds from bank loans and borrowings 7.3 33,478 110,484 Grants received for the purchase of property, plant and equipment and /or development projects 93 - Proceeds from sale of shares in subsidiaries to non-controlling s hareholders 1,030 2,169 Outflows Repayments of bank loans and borrowings 7.3 (50,664) (59,785) Repayments of lease liabilities 7.3 (22,180) (21,677) Interest paid 7.3 (8,435) (9,280) Acquisition of non-controlling interests 7.3 (24,310) (9,899) Dividends paid out by the Parent Company 7.3 (90,815) (85,626) Dividends paid out to non-controlling shareholders 7.3 (6,970) (11,035) Net cash from financing activities (168,773) (83,638) Net increase (decrease) in cash and cash equivalents 44,295 (38,249) Net foreign exchange differences (14,020) (7,730) Net cash and cash equivalents as at 1 January 239,318 285,297 Net cash and cash equivalents as at 31 December 6.10 269,593 239,318
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This English version is a translation of the original document prepared in Polish. In case of any discrepancies between the two versions, the original language version shall be binding. Asseco South Eastern Europe Group Consolidated Financial Statements for the year ended 31 December 2025 in accordance with EU IFRS (in thousands of PLN) 13 Explanatory Notes to the Consolidated Financial Statements I. General information Asseco South Eastern Europe Group (“ASEE Group”, “Group”, “ASEE”) is a grou p of companies, the Parent Company of which is Asseco South Eastern Europe S.A. (“Parent Company”, “ASEE S.A.”, “Company”, “Issuer”) seated at 14 Olchowa St., Rzeszów, Poland. General information on the Parent Company Name Asseco South Eastern Europe S.A. Registered seat 14 Olchowa St., 35-322 Rzeszów, Poland National Court Register number 0000284571 Statistical ID number (REGON) 180248803 Tax Identification Number (NIP) 813-351-36-07 Core business activity Activities of holding companies, IT activities The Parent Company, Asseco South Eastern Europe S.A., with its registered office in Rzeszów, was established on 10 April 2007 as a joint-stock company under the name Asseco Adria S.A. On 11 Jul y 2007, the Company was entered into the XII Commercial Division of the National Court Register maintained by the District Court in Rzeszów under registration number 0000284571. The Parent Company was assigned the statistical number REGON 180248803. On 11 February 2008, the change of the Parent Company’s name from Asseco Adria Spółka Akcyjna to Asseco South Eastern Europe Spółka Akcyjna was registered. Since 28 October 2009, the Company’s shares have been listed on the main mar ket of the Warsaw Stock Exchange. ASEE S.A. is the Parent Company of the Asseco South Eastern Europe Group. The Parent Company may operate within the territory of the Republic of Poland as well as abroad. The duration of the Parent Company its subsidiaries is indefinite. The Group provides comprehensive solutions and proprietary software necessary for banking operations, as well as advanced payment solutions enabling the development of th e payments market in the region. It also delivers integration and implementation services for IT systems and hardware of global market leaders. The Group operates in Central Europe, South-Eastern Europe, the Iberian Penins ula, as well as in Egypt, Turkey, Colombia, Peru, the Dominican Republic, India and the United Arab Emirates. The scope of the core businesss activities of the Asseco South Eastern Europe Group, broken down into relevant segments, is described in Section IV of these consolidated financial sta tements. The direct parent entity of ASEE S.A. is Asseco International a.s. (“AI”), with i ts registered office in Bratislava, which is part of the Asseco Poland Group. As at 31 December 2025, AI held 26,407,081 shares in the Company, representing 50.89% of the Comp any’s share capital and entitling it to 26,407,081 votes at the General Meeting, which constituted 50.89% of the total number of votes. The ultimat e parent company of the entire Asseco Poland Group is Asseco Poland S.A., with its registered office in Rzesz ów. These consolidated financial statements cover the year ended 31 Decemb er 2025 and include comparative data for the year ended 31 December 2024.
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This English version is a translation of the original document prepared in Polish. In case of any discrepancies between the two versions, the original language version shall be binding. Asseco South Eastern Europe Group Consolidated Financial Statements for the year ended 31 December 2025 in accordance with EU IFRS (in thousands of PLN) 14 II. Basis for the preparation of financial statements 2.1. Basis for preparation These consolidated financial statements have been prepared on the h istorical cost basis, except for financial assets measured at fair value through profit or loss or other comprehensive income, financial assets measured at amortized cost, and financial liabilities measured at fair value through profit or loss. Additionally, subsidiaries operating a hyperinflationary economy (Turkey) have restated their finan cial data to reflect changes in purchasing power based on a general price index so that amounts are expres sed in the measurement units at the end of the reporting period. The impact of hyperinflation o n the consolidated financial statements is described in explanatory note 2.11. These consolidated financial statements have been prepared under th e going concern assumption, assuming that the Group will continue its operations for the foreseeable future. As of the date of these consolidated financial statements, there are no circumst ances indicating a threat to the Group’s ability to continue as a going concern. The scope of these consolidated financial statements is in accordance with the Regulation of the Minister of Finance of 6 June 2025 on current and periodic information disclosed b y issuers of securities and on the conditions for recognizing as equivalent information required by the laws of a non-member state (consolidated text: Journal of Laws 2025, item 755, as amended) (“Regulation”) and covers the annual reporting period from 1 January to 31 December 2025, as well as the comparative period from 1 January to 31 Decembe r 2024. 2.2. Impact of the geopolitical and macroeconomic situation on the Group’s business operations As of the date of publication of these annual consolidated financi al statements, based on its ongoing analysis of geopolitical and macroeconomic risks, the Management Board concluded that th e Group’s ability to continue operations for a period of no less than 12 months from 31 December 2025 i s not at risk. As a result of the Russian invasion of Ukraine that began in 2022, the geopolitical situation in the entire Central and South-Eastern Europe region has significantly changed, while political ten sions and military activities in Israel, the Gaza Strip, and Lebanon continue to affect the stability of th e Middle East region. The Group continuously monitors the evolving geopolitical situation and its potential impact on future financial position and results. It is difficult to predict the further course of the conflict, and consequently the long-term economic effects for this part of Europe and the United Arab Emirates, as wel l as the impact on the overall macroeconomic environment, which indirectly affects ASEE Group’s financial results. In 2022, Turkey was recognized as a country with a hyperinflationary economy. The Group consolidates financial data from several subsidiaries operating in Turkey, includ ing ASEE Turkey, Payten Turkey, and Paratika, whose functional currency is that of a hyperinflationary econ omy. Accordingly, the consolidated financial statements include financial information of subsidiaries operating in Turkey adjusted for inflation, to reflect the impact of changes in the appropriate price index. The ef fect of hyperinflation adjustments is described in explanatory note 2.11 to these consolidated financial statements. 2.3. Compliance statement These consolidated financial statements have been prepared in complian ce with the International Financial Reporting Standards (“IFRS”) as endorsed by the European Union (“EU IFRS”). IFRS include standards and interpretations accepted by the International Accounting Standards Board (“IASB”) and the International Financial Reporting Interpretations Committee (“IFRIC”). As of the date of approval of these statements for publication, con sidering the ongoing EU endorsement process of IFRS and the Group’s operations, in the scope of accounting policies applied by the Group there is no difference between IFRS that came into force and IFRS endorsed by the EU. Some of the Group companies maintain their accounting books in accordance with the accounting regulations. The consolidated financial statements include adjustments not recorded in the accounting books of the Group’s entities, made to align their financial statements with IFRS.
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This English version is a translation of the original document prepared in Polish. In case of any discrepancies between the two versions, the original language version shall be binding. Asseco South Eastern Europe Group Consolidated Financial Statements for the year ended 31 December 2025 in accordance with EU IFRS (in thousands of PLN) 15 2.4. Functional currency, presentation currency and hyperinflation These consolidated financial statements are presented in Polish zloty (“PLN”), and all amounts, unless stated otherwise, are presented in thousands of PLN (PLN’000). Minor differences of 1 thousand PLN in totals result from rounding. The functional currency of the Parent Company, and simultaneously the presentation currency of these consolidated financial statements, is the Polish zloty (PLN). The function al currencies of the subsidiaries included in these financial statements are the currencies of the primary economic environments in which they operate. For consolidation purposes, the financial statements of foreign s ubsidiaries are translated into PLN using for balance sheet items: exchange rates quoted by the National Bank of Poland at the end of the reporting period and for statement of comprehensive income as well as the stateme nt of cash flows items: average exchange rates calculated as the arithmetic mean of rates published by the National Bank of Poland on the last day of each month of the reporting period. The effects of these translations are recognized in equity under “Exchange differences on translation of foreign operations.” For subsidiaries operating in a hyperinflationary economy, individual items of the statement of comprehensive income are translated into PLN using the respective currency exchange rates as determined by the National Bank of Poland at the end of the reporting period. The difference resulting from the translation of the statement of comprehensive income at the exchange rate effective on the reporting date, instead of using the average exchange rate for the reporting period, is disclosed in the line ‘Exchange differences on translation of foreign operations’. 2.5. Professional judgement and estimates The preparation of the Group’s consolidated financial statements in accordance with IFRS requires management to make judgements, estimates and assumptions that affect the reported amounts in the financial statements. Although these assumptions and estimates are based on the best knowledge of the Group’s management regarding current activities and events, actual results may differ from those estimates. The relevant explanatory notes to the financial statements disclose th e main areas which in the process of applying the accounting policies were subject to accounting estimates and professional judgement made by the management, and whose estimates, if changed, could significantly affect th e Group’s financial data to be presented in these notes in the future. In 2025, there were no significant changes in estimation methodologies compared to the previ ous year. 2.6. Accounting policies applied The table below provides a list of selected accounting policies along with exp lanatory notes in which they have been presented. Selected accounting policies Note Page number Hyperinflation 2.11 19 Sales revenues 5.1 31 Operating costs 5.2 35 Other operating activities 5.3 39 Financial income and expenses 5.4 39 Income tax expense 5.5 41 Earnings per share 5.6 43 Property, plant and equipment 6.1 45 Intangible assets 6.2 47 Right-of-use assets 6.3 49 Goodwill 6.4 50 Impairment tests 6.5 57 Other financial assets 6.6 59 Prepayments and accrued income 6.7 61 Receivables and contract assets 6.8 62 Inventories 6.9 64 Cash and cash equivalents 6.10 65 Non-controlling interests 6.12 66 Lease liabilities 6.13 67
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This English version is a translation of the original document prepared in Polish. In case of any discrepancies between the two versions, the original language version shall be binding. Asseco South Eastern Europe Group Consolidated Financial Statements for the year ended 31 December 2025 in accordance with EU IFRS (in thousands of PLN) 16 Bank loans and borrowings 6.14 69 Other financial liabilities 6.15 70 Trade payables and other liabilities 6.16 71 Contract liabilities 6.17 72 Provisions 6.18 73 Accrued expenses 6.19 74 The accounting policies applied in the preparation of these cons olidated financial statements have remained unchanged compared to those used in the preparation of the Group’s annual consolidated financial statements for the year ended 31 December 2024, except for changes resulting from standards effective as of 1 January 2025. New standards or changes effective from 1 January 2025 are as follows: ▪ Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates: Non-Co nvertibility (issued on August 15, 2023) - effective for annual periods beginning on or after 1 January 2025. The amended standard, which was first applicable in 2025, had no material impact on the Group's consolidated financial statements. 2.7. New standards and interpretations published but not in force yet The following standards and interpretations were issued by the International Accounting Standards Board (IASB) and International Financial Reporting Interpretations Committee (IFRIC), but have not yet come into force: ▪ IFRS 19 Subsidiaries without Public Accountability: Disclosures (published on 9 May 2024) - not endorsed by the EU by the date of approval of these financial statements - effective for reporting periods beginning on or after 1 January 2027; ▪ Amendments to IFRS 19 Subsidiaries without Public Accountability: Disclosures (published on 21 August 2024) - not endorsed by the EU by the date of approval of these financial statements - effective for reporting periods beginning on or after 1 January 2027; ▪ Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates: Translation to a Hyperinflationary Presentation Currency (published on 13 November 2025) - not endorsed by the EU by the date of approval of these financial statements - effective for reporting periods beginning on or after 1 January 2027; ▪ IFRS 18 Presentation and Disclosure in Financial Statements (epublished on 9 April 2024) - effective for reporting periods beginning on or after 1 January 2027; ▪ Amendments to IFRS 9 and IFRS 7 Classification and Measurement of Financial Instruments (issued on May 30, 2024) – effective for reporting periods beginning on or after January 1, 2026; ▪ Amendments to IFRS 9 and IFRS 7 Contracts Referencing Nature- dependent Electricity (published on December 18, 2024) effective for reporting periods beginning on or after January 1, 2026; ▪ Annual Improvements to IFRS Accounting Standards - Volume 11 (published on July 18, 2024) – effective for reporting periods beginning on or after January 1, 2026. The specified effective dates have been set forth in the stan dards published by the International Accounting Standards Board. The actual dates of adopting these standards in the European Union may differ from those set forth in the standards and they shall be announced once they are approved for application by the European Union. The Group did not decide on early adoption of any standard, in terpretation or amendment which has been published but has not yet become effective. The Group is currently conducting an analysis of how the above-m entioned amendments are going to impact its financial statements. 2.8. Changes in the presentation methods applied During the reporting period, the methods of presentation were not subject to any change.
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This English version is a translation of the original document prepared in Polish. In case of any discrepancies between the two versions, the original language version shall be binding. Asseco South Eastern Europe Group Consolidated Financial Statements for the year ended 31 December 2025 in accordance with EU IFRS (in thousands of PLN) 17 2.9. Correction of errors In the reporting period, no events occurred that would require making corrections of any misstatements. 2.10. Changes in the comparative data The Group has restated the comparative data as at 31 December 2024 and for the 12-month period ended 31 December 2024 in connection with the revision of the fair value of acq uired net assets recognized as part of the purchase price allocation for subsidiaries. Detailed information on the acquired assets and liabilities is presented in explanatory note 6.4 to these annual consolidated financial statements. The tables below present the impact of the above changes on the comparative data. STATEMENT OF PROFIT AND LOSS 12 months ended 31 December 2024 Purchase price allocation of subsidiaries 12 months ended 31 December 2024 (restated) PLN’000 PLN’000 PLN’000 Operating revenues 1,708,184 - 1,708,184 Cost of sales (1,259,667) - (1,259,667) Allowances for trade receivables (6,449) - (6,449) Gross profit on sales 442,068 - 442,068 Selling costs (112,111) - (112,111) General and administrative expenses (105,344) - (105,344) Net profit on sales 224,613 - 224,613 Other operating income 3,610 - 3,610 Other operating expenses (1,546) - (1,546) Share of profits of associates 73 - 73 Operating profit 226,750 - 226,750 Financial income 89,731 - 89,731 Financial expenses (65,221) - (65,221) Impairment loss on financial instruments - - - Profit before tax 251,260 - 251,260 Income tax expense (current and deferred tax expense) (46,574) - (46,574) Net profit for the reporting period 204,686 - 204,686 Attributable to: Shareholders of the Parent Company 199,223 - 199,223 Non-controlling interests 5,463 - 5,463 Basic and diluted consolidated earnings per share for the reporting period, attributable to shareholders of the Parent Company (in PLN) 3.84 - 3.84 OTHER COMPREHENSIVE INCOME Net profit for the reporting period 204,686 - 204,686 Items that may be reclassified subsequently to profit or loss (25,877) 2 (25,875) Net gain/loss on valuation of financial assets 158 - 158 Exchange differences on translation of foreign operations (26,035) 2 (26,033) Items that may not be reclassified subsequentlyto profit or loss - - - Actuarial gains/losses - - - Total other comprehensive income (25,877) 2 (25,875) TOTAL COMPREHENSIVE INCOME attributable to: 178,809 2 178,811 Shareholders of the Parent Company 173,586 2 173,588 Non-controlling interests 5,223 - 5,223 ASSETS 31 December 2024 Purchase price allocation of subsidiaries 31 December 2024 (restated) PLN’000 PLN’000 PLN’000 Non-current assets Property, plant and equipment 174,175 - 174,175 Intangible assets 90,278 - 90,278 Right-of-use assets 68,848 - 68,848 Investment property 436 - 436 Goodwill 1,018,670 3,289 1,021,959
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This English version is a translation of the original document prepared in Polish. In case of any discrepancies between the two versions, the original language version shall be binding. Asseco South Eastern Europe Group Consolidated Financial Statements for the year ended 31 December 2025 in accordance with EU IFRS (in thousands of PLN) 18 Investments accounted for using the equity method 265 - 265 Other receivables 5,850 - 5,850 Deferred tax assets 11,711 - 11,711 Other financial assets 2,481 - 2,481 Prepayments and accrued income 3,090 - 3,090 1,375,804 3,289 1,379,093 Current assets Inventories 109,968 - 109,968 Prepayments and accrued income 61,562 - 61,562 Trade receivables 292,385 (916) 291,469 Contract assets 87,249 - 87,249 Corporate income tax receivable 4,662 - 4,662 Receivables from the state and local budgets 15,841 - 15,841 Other receivables 71,917 - 71,917 Other non-financial assets 4,924 - 4,924 Other financial assets 4,079 - 4,079 Cash and cash equivalents 271,211 - 271,211 923,798 (916) 922,882 Assets held for sale 15,320 15,320 939,118 (916) 938,202 TOTAL ASSETS 2,314,922 2,373 2,317,295 EQUITY AND LIABILITIES 31 December 2024 Purchase price allocation of subsidiaries 31 December 2024 (restated) PLN’000 PLN’000 PLN’000 Equity (attributable to shareholders of the Parent Company) Share capital 518,943 - 518,943 Share premium 38,826 - 38,826 Transactions with non-controlling interests (162,161) (2,694) (164,855) Other reserves 1,580 - 1,580 Exchange differences on translation of foreign operations (224,666) 2 (224,664) Retained earnings 904,253 - 904,253 1,076,775 (2,692) 1,074,083 Non-controlling interests 8,424 - 8,424 Total equity 1,085,199 (2,692) 1,082,507 Non-current liabilities Bank loans and borrowings 85,820 - 85,820 Lease liabilities 47,983 - 47,983 Other financial liabilities 394,195 - 394,195 Deferred tax liabilities 14,575 - 14,575 Provisions 5,543 5,065 10,608 Deferred income 1,045 - 1,045 Accrued expenses 423 - 423 Contract liabilities 8,541 - 8,541 Other liabilities 54 - 54 558,179 5,065 563,244 Current liabilities Bank loans and borrowings 76,912 - 76,912 Lease liabilities 17,650 - 17,650 Other financial liabilities 46,849 - 46,849 Trade payables 195,073 - 195,073 Contract liabilities 127,737 - 127,737 Corporate income tax payable 9,601 - 9,601 Liabilities to the state and local budgets 45,151 - 45,151 Other liabilities 104,482 - 104,482 Provisions 3,086 - 3,086
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This English version is a translation of the original document prepared in Polish. In case of any discrepancies between the two versions, the original language version shall be binding. Asseco South Eastern Europe Group Consolidated Financial Statements for the year ended 31 December 2025 in accordance with EU IFRS (in thousands of PLN) 19 Deferred income 660 - 660 Accrued expenses 40,206 - 40,206 667,407 - 667,407 Liabilities directly related to assets held for sale 4,137 - 4,137 671,544 - 671,544 TOTAL LIABILITIES 1,229,723 5,065 1,234,788 TOTAL EQUITY AND LIABILITIES 2,314,922 2,373 2,317,295 2.11. Accounting effects of Turkey’s status as a hyperinflationary economy The Group has subsidiaries operating in a hyperinflationary econom y, for which it applies IAS 29 Financial Reporting in Hyperinflationary Economies. The Group identified hy perinflation in Turkey based on both qualitative and quantitative factors, in particular due to the fact that cumulative inflation over a three-year period exceeded 100% in April 2022 and have remained above 100% till the end of th e reporting period. In accordance with IAS 29, the financial data of Turkish subsidiaries have been restated to reflect purchasing power at the end of the reporting period, based on the Consumer Pri ce Index (CPI) published by the Turkish Statistical Institute. Accordingly, non-monetary items in the statement of financial position as well as the statement of profit and loss have been restated to reflect purchasing power as at the reporting date. Monetary items, such as receivables, liabilities, and bank borrowings, already re flect purchasing power at the closing date, as they are expressed in current monetary units. IAS 29, in conjunction with IAS 21 The Effects of Changes in Foreign Exchange Rates, also requires that all transactions denominated in a hyperinflationary currency, i.e. the Turkish lira (TRY), be translated into the Group’s presentatio n currency, i.e. Polish zloty (PLN), using the exchange rate at the reporting date. Accordingly in the current reporting period, all transactions in Turkey were translated into PLN using the exchange rate as at 31 December 2025, in the prior year, all transactions in Turkey were translated using the exchange rate as at 31 December 2024, whereas the Group typically translates profit or loss items using the average exchange rate for the reporting period. Basis hyperinflation adjustements ▪ Price index: Hyperinflation adjustments for Turkish subsidiaries have been bas ed on officially available data on changes in the consumer price index (CPI) as published by the Turkish Statisti cal Institute. According to this index, the inflation rate for the period of 12 months ended 31 December 2025 reached 31%. Inflation rates for individual periods were as follows: The rates of inflation for particular reporting periods are presented in the table below: Inflation rate for particular periods December 2025 - December 2024 31% December 2024 - December 2023 44% December 2023 - December 2022 65% Three-year cumulative inflation rate December 2025 - December 2022 211% ▪ Currency exchange rate: All financial data of Turkish subsidiaries, both in the statement of financial position and the statement of profit or loss, are translated into the Group’s presentation currency (PLN) us ing the TRY/PLN exchange rate at the reporting date, instead of the G roup’s standard practice of of translating the statement of profit and loss at the average exchange rate for the reporting period. As at 31 December 2025, thi s exchange rate was: TRY 1 = PLN 0.0837. Assumptions for the method and timing of hyperinflation adjustments:
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This English version is a translation of the original document prepared in Polish. In case of any discrepancies between the two versions, the original language version shall be binding. Asseco South Eastern Europe Group Consolidated Financial Statements for the year ended 31 December 2025 in accordance with EU IFRS (in thousands of PLN) 20 • Hyperinflation adjustements in the local currency ▪ The Group has analyzed items of the statement of financial position of its subsidiaries in Turkey and classified them into monetary and non-monetary assets/liabilities . Monetary items have not been restated because they are already expressed in terms of the monetary unit current at the end of the reporting period. ▪ Significant non-monetary items existing in our Turkish subsidiari es include: goodwill arising from the acquisition of these companies, property, plant and equipment, in tangible assets, right- of-use asset, prepayments, and liabilities from contracts with customers. Right- of-use assets have not been additionally revalued because they are periodically indexed by the inflation rate. Other non-monetary items have been restated to reflect the effects of inflation based on changes in the price index. Changes in the price index in the period from initial recognitio n till 31 December 2024 have been recognized in the financial data for prior years. Whereas, effects of changes in the price index in 2025 have been recognized in the financial statements for the current reporting period. The restatements were made from the date of initial recognition o f non-monetary items, but not earlier than the acquisition date of subsidiaries , as it is assumed that non-monetary items were then translated and recognized in the consolidated financial statements at fair valu e, reflecting the purchasing power as at the acquisition date. The restatement significantly increased the value of goodwill, property, plant and equipment, and intangible assets. It also resulted in higher expenses in the statement of profit and loss in the form of higher depreciation an d amortization charges due to the restated gross values of property, plant and equipment and intan gible assets, higher expenses and income from the accounting for restated prepaid expenses and contract liabilities. ▪ Due to the revaluation of non-monetary assets and liabilities, deferred tax calculated as the difference between the tax value and the book value was also revalued. ▪ All of profit and loss transactions for the year 2025 have been restated to reflect changes in the price index from the month when recognized till 31 December, except for depreci ation charges on property, plant and equipment and amortization charges on intangible ass ets that have been remeasured based on the adjusted gross value of these assets, as we ll as expenses and income from the accounting for restated amounts of accruals and contract liabilities. The rem easurement of depreciation and amortization charges has been based on the normal periods of useful life of relevant assets. The restatement of the statement of profit and loss for the inflation rate resulted in an increase in the value of individual items presented in the local currency due to changes in the price index from the date of their recognition till 31 December 2025. ▪ The effects of restating the statement of profit or loss and the statem ent of financial position for inflation in the current reporting period were recognized in financi al income/expenses under “Gain/(loss) on net monetary position.” Adjustments relating to periods up to the end of 2021 were recognized in other comprehensive income for 2022 and in equity under “E xchange differences on translation of foreign operations.” • Translation of financial data into the Group’s presentation currency ▪ Financial statements of Turkish subsidiaries, after hyperinflation adjustme nts in local currency, were translated into PLN by applying the closing TRY/PLN exchange rate to both the statem ent of financial position and all profit or loss items. As at 31 December 2025, this e xchange rate was: TRY 1 = PLN 0.0837. Translation of the statement of financial position has remained unchanged compared to the Group’s usual practice, while the new principle of translating the statement of profit and loss has had a significant impact on its individual items. The effect of trans lating the statement of comprehensive income using the closing exchange rate of the reportin g period has been recognized in “Exchange differences on translation of foreign subsidiaries.” • Time of recognition ▪ IAS 29 has been implemented by the Group since 1 January 2022 and the first hyperinflation restatements were made in the interim consolidated financial statements for the period o f 6 months ended 30 June 2022. As cumulative three-year inflation exceeded 100 % in April 2022, the financial data for the first quarter of 2022 were not subject to hyperinflation adjustments.
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This English version is a translation of the original document prepared in Polish. In case of any discrepancies between the two versions, the original language version shall be binding. Asseco South Eastern Europe Group Consolidated Financial Statements for the year ended 31 December 2025 in accordance with EU IFRS (in thousands of PLN) 21 The impact of applying IAS 29 on the consolidated financial statements for 2025 is summarized below: STATEMENT OF PROFIT AND LOSS 12 months ended Impact of hyperinflation 12 months ended 31 December 2025 31 December 2025 without impact of IAS 29 according to IAS/IFRS PLN’000 PLN’000 PLN’000 Operating revenues 1,795,855 2,810 1,798,665 Cost of sales (1,289,635) (4,377) (1,294,012) Allowances for trade receivables (17,046) - (17,046) Gross profit on sales 489,174 (1,567) 487,607 Selling costs (123,935) 56 (123,879) General and administrative expenses (108,359) (47) (108,406) Net profit on sales 256,880 (1,558) 255,322 Other operating income 2,765 15 2,780 Other operating expenses (6,618) - (6,618) Share of profits of associates 124 - 124 Operating profit 253,151 (1,543) 251,608 Financial income 159,936 14,333 174,269 Financial expenses (185,015) (5,879) (190,894) Impairment loss on financial instruments (5,987) (5,987) Profit before tax 222,085 6,911 228,996 Income tax expense (current and deferred tax expense) (48,321) (399) (48,720) Net profit for the reporting period 173,764 6,512 180,276 Attributable to: Shareholders of the Parent Company 191,776 6,478 198,254 Non-controlling interests (18,012) 34 (17,978) OTHER COMPREHENSIVE INCOME Net profit for the reporting period 173,764 6,512 180,276 Items that may be reclassified subsequently to profit or loss (47,985) (11,303) (59,288) Net gain/loss on valuation of financial assets 150 - 150 Exchange differences on translation of foreign operations (48,135) (11,303) (59,438) Total other comprehensive income (47,985) (11,303) (59,288) TOTAL COMPREHENSIVE INCOME attributable to: 125,779 (4,791) 120,988 Shareholders of the Parent Company 144,957 (4,825) 140,132 Non-controlling interests (19,178) 34 (19,144) ASSETS 31 December 2025 without impact of IAS 29 Impact of hyperinflation 31 December 2025 according to IAS/IFRS PLN’000 PLN’000 PLN’000 Non-current assets Property, plant and equipment 184,024 5,520 189,544 Intangible assets 60,937 539 61,476 Right-of-use assets 68,744 - 68,744 Goodwill 844,539 60,297 904,836 Investments accounted for using the equity method 300 - 300 Other receivables 16,709 - 16,709 Deferred tax assets 14,206 49 14,255 Other financial assets 3,041 - 3,041 Prepayments and accrued income 9,177 32 9,209 1,201,677 66,437 1,268,114 Current assets Inventories 68,557 - 68,557 Prepayments and accrued income 70,600 883 71,483 Trade receivables 346,496 - 346,496 Contract assets 77,383 - 77,383 Corporate income tax receivable 4,301 - 4,301 Receivables from the state and local budgets 4,795 - 4,795 Other receivables 96,333 - 96,333 Other non-financial assets 6,301 - 6,301
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This English version is a translation of the original document prepared in Polish. In case of any discrepancies between the two versions, the original language version shall be binding. Asseco South Eastern Europe Group Consolidated Financial Statements for the year ended 31 December 2025 in accordance with EU IFRS (in thousands of PLN) 22 Other financial assets 919 - 919 Cash and cash equivalents 311,942 - 311,942 987,627 883 988,510 TOTAL ASSETS 2,189,304 67,320 2,256,624 EQUITY AND LIABILITIES 31 December 2025 without impact of IAS 29 Impact of hyperinflation 31 December 2025 according to IAS/IFRS PLN’000 PLN’000 PLN’000 Equity (attributable to shareholders of the Parent Company) 1,158,945 63,877 1,222,822 Non-controlling interests 7,502 281 7,783 Total equity 1,166,447 64,158 1,230,605 Non-current liabilities Bank loans and borrowings 87,624 - 87,624 Lease liabilities 45,211 - 45,211 Other financial liabilities 97,400 - 97,400 Deferred tax liabilities 8,075 1,336 9,411 Provisions 11,570 - 11,570 Deferred income 435 - 435 Accrued expenses 771 - 771 Contract liabilities 14,305 - 14,305 Other liabilities 1,422 - 1,422 266,813 1,336 268,149 Current liabilities Bank loans and borrowings 65,583 - 65,583 Lease liabilities 22,282 - 22,282 Other financial liabilities 116,943 - 116,943 Trade payables 165,253 - 165,253 Contract liabilities 139,419 1,826 141,245 Corporate income tax payable 17,629 - 17,629 Liabilities to the state and local budgets 53,692 - 53,692 Other liabilities 126,108 - 126,108 Provisions 4,438 - 4,438 Deferred income 679 - 679 Accrued expenses 44,018 - 44,018 756,044 1,826 757,870 TOTAL LIABILITIES 1,022,857 3,162 1,026,019 TOTAL EQUITY AND LIABILITIES 2,189,304 67,320 2,256,624 For the purpose of providing a complete presentation of the impact of hyperinflation on the consolidated statement of financial position and the statement of profit or loss, an impairment of assets held for sale resulting from prior hyperinflationary restatements has also been recognized. As described in section IV. Information on operating segments , the Management analyzes the operations of individual segments and their financial performance excluding the e ffects of hyperinflationary revaluations. Therefore, in the explanatory note on operating segments, the impact of hyperinflation has been disclosed in a separate column in order to reconcile the financial data of segments with the data presented elsewhere in the consolidated financial statements. The table below presents the financial data of segments in two variants: without the impact of IAS 29, and also in accordance with IAS/IFRS. 12 months ended 31 December 2025 Banking Solutions Payment Solutions Dedicated Solutions without impact of IAS 29 according to IAS/IFRS without impact of IAS 29 according to IAS/IFRS without impact of IAS 29 according to IAS/IFRS PLN’000 PLN’000 PLN’000 PLN’000 PLN’000 PLN’000 Sales to external customers 352,661 352,970 913,756 911,662 583,467 588,062 Gross profit on sales 120,605 121,001 232,628 229,192 135,941 137,414 Selling costs (16,756) (16,782) (72,425) (72,304) (34,754) (34,793) General and administrative expenses (27,098) (27,118) (54,341) (54,340) (26,920) (26,948) Net profit on sales 76,751 77,101 105,862 102,548 74,267 75,673 Other operating activities 21 21 (3,052) (3,037) (822) (822)
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This English version is a translation of the original document prepared in Polish. In case of any discrepancies between the two versions, the original language version shall be binding. Asseco South Eastern Europe Group Consolidated Financial Statements for the year ended 31 December 2025 in accordance with EU IFRS (in thousands of PLN) 23 Share of profits of associates - - 124 124 - - Operating profit 76,772 77,122 102,934 99,635 73,445 74,851 Goodwill as at 31 December 2025 202,967 209,753 288,193 312,219 353,379 382,864
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This English version is a translation of the original document prepared in Polish. In case of any discrepancies between the two versions, the original language version shall be binding. Asseco South Eastern Europe Group Consolidated Financial Statements for the year ended 31 December 2025 in accordance with EU IFRS (in thousands of PLN) 24 III. Organization and changes in the structure of Asseco South Eastern Europe Group, including the entities subject to consolidation Selected accounting policies Consolidation rules These consolidated financial statements of ASEE Group encompass assets, liabilities and equity, revenues and costs, as well as cash flows of the Parent Company – ASEE S.A. and its controlled entities (subsidiaries). Annual financial statements of our subsidiaries, after being adjusted to comply with IFRS, are prepared for the same reporting period as adopted by the Parent Company and using consistent accounting policies applied to similar transactions and economic activities. Any discrepancies in the applied accounting policies are eliminated by making appropriate adjustments. All significant outstanding settlements and transactions between the Group companies, including unrealized profits resulting from transactions within the Group, have been fully eliminated. All u nrealized losses are eliminated unless they provide evidence of impairment. Subsidiaries are subject to consolidation from the date the Group obtains control over such entities until such control ceases. The Group controls an investee if, and only if, the Group has: (i) power over the investee (ii) exposure, or rights, to variable returns from its involvement with the investee and (iii) the ability to use its power over the investee to affect its returns. Where the Group holds less than a majority of voting rights in an entity but those rights are sufficient to unilaterally direct the relevant activities, the Group is deemed to have control over that entity. Subsidiaries are consolidated for the period from the date control is obtained until the date control ceases. In the event of loss of control over a subsidiary, the consolidated financial statements include results of a subsidiary for the part of the year during which it was controlled by the Group. Acquisitions of subsidiaries are accounted for using the acquisition method. Changes in ownership interests that do not result in a loss of control are accounted for as equity transactions. In such cases, the carrying amounts of controlling and non-controlling interests are adjusted t o reflect changes in relative ownership interests. Any difference between the adjustment to non-controlling interests and the fair value of consideration paid or received is recognized directly in equity (transactions with non-controlling interests) and attributed to the owners of the Parent Company. Combinations of businesses under common control A business combination involving business entities under common control is a business combination whereby all of the combinin g business entities are ultimately controlled by the same party or parties, both before and after the business combination, and that control is not transitory. This refers in particular to transactions such as a transfer of companies or businesses within the Group, or a merger of the Parent Company with its subsidiary. In the event of a business combination in which an investment in one su bsidiary is contributed to another subsidiary or mergers of two subsidiaries of ASEE S.A., the carrying value of our investment in th e acquiree subsidiary is only transferred at the level of standalone financial statements. Hence, a takeover of one subsidiary by another subsidiary has no impact on the Group’s financial results. To account for business combinations under common control, the Group applies the pooling of interests method, under which: ▪ assets and liabilities of the combining business entities are measured a t their carrying values as disclosed in the Group’s consolidated financial statements. This means that goodwill previously recognized in the consolidated financial statements as well as any other intangible assets recognized in the merger accounting process are transferred to the standalone financial statements, and at the consolidated level there is no fair value remeasurement of net assets as at the transaction date; ▪ transaction costs related to the combination are expensed in the statement of profit and loss (financial expenses); ▪ mutual balances of accounts receivable/ payable are eliminated; ▪ any difference between the consideration paid or transferred and the valu e of net assets acquired (at their carrying values disclosed in the consolidated financial statements) is recognized in equity of the acquirer (such amounts recognized in equity are not included in reserve capital, and therefore they are not distributable); ▪ the statement of profit and loss presents the financial results of bot h combined entities from the date when their merger was effected; whereas, the results for earlier reporting periods are not restated. ASEE Group consists of ASEE S.A. as the parent company and the following subsidiaries an d associates: Name of entity Registered seat Equity interest / Voting rights held by the Group 31 December 2025 31 December 2024 Subsidiary companies ASEE Solutions doo Beograd Serbia 100/100 100/100 Things Solver doo Beograd Serbia 76.14/76.14 76.14/76.14 e-mon doo ., Podgorica Montenegro 75/75 75/75 ASEE doo, Sarajevo Bosnia and Herzegovina 100/100 100/100 Dwelt doo . Banja Luka Bosnia and Herzegovina 60/60* 60/60* BS Telecom Solutions doo Sarajevo Bosnia and Herzegovina 60/60* 60/60* ASEE EOOD Bulgaria 100/100 100/100 ASEE Solutions doo Croatia 100/100 100/100 ASEE DOOEL, Skopje Macedonia 100/100 100/100 ASEE BSS DOOEL, Skopje Macedonia 100/100 100/100
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This English version is a translation of the original document prepared in Polish. In case of any discrepancies between the two versions, the original language version shall be binding. Asseco South Eastern Europe Group Consolidated Financial Statements for the year ended 31 December 2025 in accordance with EU IFRS (in thousands of PLN) 25 ASEE Sh.pk . Kosovo 100/100 100/100 ASEE Albania Sh.pk . Albania 100/100 100/100 Helius Systems Sh.pk . Albania 70/70* 70/70* ASEE Solutions SRL Romania 100/100 100/100 ASEE Solutions SRL Moldova 100/100 100/100 Bithat Solutions srl . Romania 100/100 100/100 Askepnet TOV Ukraine 100/100 100/100 ASEE Bilişim Teknolojileri A.Ş. Türkiye 100/100 100/100 Payten Holding SA Poland 99.07/99.07 99.07/99.07 Necomplus, SL Spain 100/100 84.97/84.97 Necomplus Serveis Andorra, SL Andorra 33.33/33.33 33.33/33.33 Necomplus Portugal Lda Portugal 100/100 100/100 Necomplus Dominicana Srl Dominican Republic 100/100 100/100 Necomplus Colombia SAS Colombia 100/100 100/100 Necomplus PERÚ SAC Peru 100/100 100/100 Monripayments , SL.U. Spain 100/100 n/a Sycket Technologies, SL Spain 70/70* n/a Ifthenpay Lda Portugal 80/80* 80/80* WEO Unipessoal Lda Portugal 80/80* 80/80* Payten Teknoloji A.Ş. Türkiye 100/100 100/100 Paratika Odeme Hizmetleri A. Ş. Türkiye 100/100 100/100 Mobven Teknoloji A. Ş. Türkiye n/a 100/100 Payten doo , Novi Beograd Serbia 100/100 100/100 Chip Card ad , Beograd Serbia 92.51/92.51 92.51/92.51 Afusion doo, Beograd Serbia 95/95 95/95 Monri Payments doo, Beograd Serbia 100/100 100/100 Payten doo . (Sarajevo) Bosnia and Herzegovina 100/100 100/100 Monri Payments doo Bosnia and Herzegovina 100/100 100/100 Payten doo . (Zagreb) Croatia 100/100 100/100 Monri Payments doo Zagreb Croatia 100/100 100/100 Payten doo ., Podgorica Montenegro 100/100 100/100 Payten DOOEL, Skopje Macedonia 100/100 100/100 Payten doo . (Ljubljana) Slovenia 100/100 100/100 Avera doo . Slovenia 75/75* 75/75* Payten Payment Solutions srl . Romania 100/100 100/100 ContentSpeed srl . Romania 80/80* 80/80* SONET společnost sro . The czech republic 100/100 100/100 SONET Slovakia sro Slovakia 100/100 100/100 Payten Egypt LLC Egypt 80/80 80/80 Fawaterk for E-payments LLC Egypt 51/51 n/a Touras India Private Limited India 51/51 51/51 Touras Tech Global Private Limited India 100/100 100/100 Touras Technologies Limited United Arab Emirates 51/51 51/51 Touras Global IT Solutions LLC United Arab Emirates 100/100 100/100 Paygate ( Private ) Limited Sri Lanka n/a 100/100 Associated companies: Clever Solutions Sh.p.k. Albania 45/45 45/45 * this investment is accounted for using the present ownership method, assuming we hold 100% of shares due to the existing put/call options
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This English version is a translation of the original document prepared in Polish. In case of any discrepancies between the two versions, the original language version shall be binding. Asseco South Eastern Europe Group Consolidated Financial Statements for the year ended 31 December 2025 in accordance with EU IFRS (in thousands of PLN) 26 The structure of the ASEE Group is also presented in graphical form: ASEE Solutions d.o.o. Beograd Payten Holding S.A. Serbia Polska 100/100 (100/100) 99.07/99.07 (99.07/99.07) Things Solver d.o.o. Beograd Payten d.o.o. (Sarajevo) Necomp lus. S.L. Serbia Bosnia & Herzegovina Spain 76.14/76.14 (76.14/76.14) 100/100 (100/100) 100/100 ( 84.97/84.97) e-mon d.o.o., Podgorica Monri Payments d.o.o. Necomplus Serveis Andorra. S.L. Montenegro Bosnia & Herzegovina Andorra 75/75 (75/75) 100/100 (100/100) 33.33/33.33 (33.33/33 .33) ASEE d.o.o. Sarajevo Payten d.o.o. (Zagreb) Necomplus Portug al Lda. Bosnia & Herzegovina Croatia Portugal 100/100 (100/100) 100/100 (100/100) 100/100 (100/100) Dwelt d.o.o. Banja Luka Monri Payments d.o.o. Zagreb Nec omplus Dominicana. Srl Bosnia & Herzegovina Croatia Dominican Republic 60/60 (60/60)* 100/100 (100/100) 100/100 (100/100) BS Telecom Solutions d.o.o. Sarajevo Payten d.o.o.. Podgori ca Necomplus Colombia SAS Bosnia & Herzegovina Montenegro Colombia 60/60 (60/60)* 100/100 (100/100) 100/100 (100/100) ASEE EOOD Payten DOOEL. Skopje Necomplus PERÚ SAC Bulgaria Macedonia Peru 100/100 (100/100) 100/100 (100/100) 100/100 (100/100) ASEE Solutions d.o.o. Payten d.o.o.. (Lublana) Payten d.o .o. Novi Beograd Croatia Slovenia Serbia 100/100 (100/100) 100/100 (100/100) 100/100 (100/100) ASEE DOOEL, Skopje Avera d.o.o. Chip Card a.d., Beograd Macedonia Slovenia Serbia 100/100 (100/100) 75/75 (75/75)* 92.51/92.51 (92.51/9 2.51) ASEE BSS DOOEL. Skopje Payten Payment Solutions s.r.l. Afu sion d.o.o., Beograd Macedonia Romania Serbia 100/100 (100/100) 100/100 (100/100) 95/95 (95/95) ASEE Sh.p.k. ContentSpeed s.r.l. Monri Payments d.o.o., Be ograd Kosovo Romania Serbia 100/100 (100/100) 80/80 (80/80)* 100/100 (100/100) ASEE Albania Sh.p.k. SONET společnost s.r.o. Monripayments, S.L. Albania Czech Republic Spain 100/100 (100/100) 100/100 (100/100) 100/100 (na/na) Helius Systems Sh.p.k. SONET Slovakia s.r.o. Touras India Pr ivate Limited Albania Slovakia India 70/70 (70/70)* 100/100 (100/100) 51/51 (51/51) Clever Solutions Sh.p.k. Ifthenpay Lda Touras Tech Global Pr ivate Limited Albania Portugal India 45/45 (45/45) 80/80 (80/80)* 100/100 (100/100) ASEE Solutions S.R.L. WEO Unipessoal Lda Touras Technolog ies Limited Romania Portugal United Arab Emirates 100/100 (100/100) 80/80 (80/80)* 51/51 (51/51) ASEE Solutions S.R.L. Payten Teknoloji A.Ş. Touras Global IT Solutions L.L.C. Moldavia Turkey United Arab Emirates 100/100 (100/100) 100/100 (100/100) 100/100 (100/100) Bithat Solutions s.r.l. Paratika Odeme Hizmetleri A.Ş. Payten Egypt LLC Romania Turkey Egypt 100/100 (100/100) 100/100 (100/100) 80/80 (80/80) Askepnet TOV Sycket Technologies, S.L. Fawaterk for E-pay ments LLC Ukraine Spain Egypt 100/100 (100/100) 70/70 (na/na)* 51/51 (na/na) ASEE Bilişim Teknolojileri A.Ş. subsidiary company Turkey 100/100 (100/100) associated company 100/100 voting rights / equity interest as at 31 Decemb er 2025 (in %) (100/100) voting rights / equity interest as at 31 Dece mber 2024 (in %) * this investment is accounted for using the present owner ship method, assuming we hold 100% of shares due to the existing put/call options Asseco South Eastern Europe S.A. Poland Asseco International a.s. 50.89/50.89 (50.89/50.89 ) Non-controlling shareholders 49.11/49.11 (49.11/49.11)
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This English version is a translation of the original document prepared in Polish. In case of any discrepancies between the two versions, the original language version shall be binding. Asseco South Eastern Europe Group Consolidated Financial Statements for the year ended 31 December 2025 in accordance with EU IFRS (in thousands of PLN) 27 Both as at 31 December 2025 and 31 December 2024, all of our subsidiary companies were subject to consolidation. The Group had no shares in any jointly controlled entities as at 31 December 202 5 or as at 31 December 2024. During the period of 12 months ended 31 December 2025, the Group’s composition changed as follows: ▪ Purchase of the company Fawaterk for E-payments LLC On January 15, 2025, Payten Holding SA acquired 51% of shares in Fawaterk for E- payments LLC based in Cairo (Egypt). ▪ Sale of Mobven Teknoloji Anonim Şirketi On 11 February 2025, a share sale agreement for Mobven Teknoloji Anonim Şi rketi was signed. Payten Teknoloji Anonim Şirketi sold all of its shares (100%) in Mobven and, as a result, the Group lost control over this entity. The consideration for the shares will be paid in seven installments, starting from the first anniversary of the transaction. As at the end of 2024, in connection with the plan to sell the su bsidiary, Mobven’s assets and liabilities were classified in the Group’s statement of financial position as assets held for sale and related liabilities, measured at the lower of their carrying amount and fair value less costs to sell. Acco rdingly, in the prior year, net assets held for sale were recognized at the estimated selling price of the company. In the current reporting period, the result on disposal was determine d as the estimated selling price of the shares less net assets. Additionally, other comprehensive income pre viously recognized was reclassified to profit or loss as part of the disposal result. The loss on dispo sal of Mobven was estimated at PLN 6.9 million and recognized in financial expenses. ▪ Change of name of subsidiary of Touras Technologies Limited - Touras Global IT Solutions LLC On February 25, 2025, the subsidiary of Touras Technologies Limited based in Dubai (United Arab Emirates) changed its name from Safexpay Software Solutions LLC to Touras Global IT Solutions LLC. ▪ Acquisition of Sycket Technologies, SL On April 22, 2025, Payten Holding SA acquired 70% of the shares in Sycket Techn ologies, SL, based in Seville (Spain). ▪ Sales Paygate ( Private ) Limited On June 16, 2025, Paygate ( Private ) Limited, based in Colombo (Sri Lanka), was sold. ▪ Establishment of Monripayments , SLU On December 5, 2025, Payten Holding SA established a company in Spain calle d Monripayments , SLU, acquiring 100% of its shares. ▪ Acquisition of shares in Necomplus, SL On December 10, 2025, Payten Holding SA acquired 15.03% of the shares in Necom plus, SL, based in Alicante (Spain), in connection with the exercise of a put option granted to non-control ling shareholders of Necomplus. The purchase price for the shares was PLN 24,310,000. This transaction was accounte d for in equity as a transaction with non-controlling interests and fully attributed to the eq uity of the Parent Company . Following the transaction, Payten Holding SA holds 100% of the shares in Necomplus, SL.
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This English version is a translation of the original document prepared in Polish. In case of any discrepancies between the two versions, the original language version shall be binding. Asseco South Eastern Europe Group Consolidated Financial Statements for the year ended 31 December 2025 in accordance with EU IFRS (in thousands of PLN) 28 IV. Information on operating segments According to IFRS 8, an operating segment is a separable component of the Group’s business for which separate financial information is available and regularly reviewed by the ch ief operating decision maker in order to allocate resources to the segment and to assess its performance. Asseco South Eastern Europe Group has identified the following reportable segments reflecting the structure of its business operations: • Banking Solutions, • Payment Solutions, • Dedicated Solutions. These reportable segments correspond to the Group’s operating segments. The Banking Solutions segment includes comprehensive solutions and products necessar y for banking operations, such as: multi-channel solutions for distribution of banking products and services, solutions improving customer communication, integrated core banking systems, authentication se curity solutions, IT reporting systems for regulatory and management reporting, systems for risk management and anti-fraud systems. The segment also offers its clients 24x7 online services an d consultancy in the areas of mobile and electronic banking and digital transformation. The Payment Solutions segment provides comprehensive payment solutions supporting bith online and offline payments, offered by the Payten Group for both financial and non- financial institutions. These solutions are intended for e-Commerce (online payment gateways, support for alternati ve payment methods such as cryptocurrencies, QR codes, cards tokenization, subscription payments), mobil e payments (mPOS, vPOS, SoftPOS), payment card processing, as well as services related to ATMs and EFT POS term inals. The Group delivers software and services as well as ATMs and payment terminals, including under an outsourcing model, allowing clients to lease equipment and use maintenance and infras tructure management services. This segment also operates an independent ATM network under the MoneyGet b rand. In addition, the Group runs a network of independent EFT POS terminals at points of sale – IPD service under the Monri brand enabling merchants to replace two or more payment terminals at the point of sal e with a single device connected directly to multiple acquirers (card issuers). Moreover, the segmen t offers complementary solutions for creating online and mobile stores and marketplace platforms, as well as cash register management and sales support systems (ECR) for retailers. The Dedicated Solutions segment provides services to the sectors of utilities and telecommu nications, public sector (including road infrastructure), government as well as to the banking and finance sector within the following business lines: BPM business process management, customer service and sales support platform, data registers, smart city, AI & Machine Learning, e-Tax, border control, authenticat ion, dedicated solutions, BI and ERP. The company focuses on selling its proprietary solutions but also offers a full range of integration services for solutions from leading global vendors. The Group’s financing activities as well as income taxes are monitored at the w hole group level and therefore they are not allocated to individual operating segments. The Man agement also does not analyze assets and liabilities or cash flows in a breakdown by segments. The table below presents the key financial information reviewed by the chief operating decision maker in the Company. Revenues from none of our clients exceeded 10% of total sales ge nerated by the Group in the period of 12 months ended 31 December 2025.
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This English version is a translation of the original document prepared in Polish. In case of any discrepancies between the two versions, the original language version shall be binding. Asseco South Eastern Europe Group Consolidated Financial Statements for the year ended 31 December 2025 in accordance with EU IFRS (in thousands of PLN) 29 Selected financial data for the period of 12 months ended 31 December 2025 , in a breakdown by operating segments: 12 months ended 31 December 2025 Banking Solutions Payment Solutions Dedicated Solutions Eliminations Hyperinflation Total PLN’000 PLN’000 PLN’000 PLN’000 PLN’000 PLN’000 Sales revenues: 352,661 913,756 583,467 (54,029) 2,810 1,798,665 Sales to external customers 330,459 889,728 575,668 - 2,810 1,798,665 Sales between and/or within segments 22,202 24,028 7,799 (54,029) - - Gross profit on sales 120,605 232,628 135,941 - (1,567) 487,607 Selling costs (16,756) (72,425) (34,754) - 56 (123,879) General and administrative expenses (27,098) (54,341) (26,920) - (47) (108,406) Net profit on sales 76,751 105,862 74,267 - (1,558) 255,322 Other operating activities 21 (3,052) (822) - 15 (3,838) Share of profits of associates - 124 - - - 124 Operating profit 76,772 102,934 73,445 - (1,543) 251,608 Non-cash items Depreciation and amortization (12,427) (69,134) (21,968) - (2,671) (106,200) Impairment losses on segment assets recognized in operating expenses (1,017) (21,690) (4,110) - - (26,817) Impairment losses on goodwill recognized in financial expenses - (132,097) - - - (132,097) Goodwill 202,967 288,193 353,379 - 60,297 904,836 12 months ended 31 December 2025 Banking Solutions Payment Solutions Dedicated Solutions Eliminations Hyperinflation Total EUR’000 EUR’000 EUR’000 EUR’000 EUR’000 EUR’000 Sales revenues: 83,230 215,652 137,701 (12,752) 663 424,494 Sales to external customers 77,990 209,981 135,860 - 663 424,494 Sales between and/or within segments 5,240 5,671 1,841 (12,752) - - Gross profit on sales 28,463 54,901 32,084 - (370) 115,078 Selling costs (3,954) (17,094) (8,201) - 13 (29,236) General and administrative expenses (6,395) (12,824) (6,354) - (11) (25,584) Net profit on sales 18,114 24,983 17,529 - (368) 60,258 Other operating activities 5 (721) (194) - 4 (906) Share of profits of associates - 29 - - - 29 Operating profit 18,119 24,291 17,335 - (364) 59,381 - Non-cash items Depreciation and amortization (2,933) (16,316) (5,185) - (630) (25,064) Impairment losses on segment assets recognized in operating expenses (240) (5,119) (970) - - (6,329) Impairment losses on goodwill recognized in financial expenses - (31,176) - - - (31,176) Goodwill 48,020 68,184 83,606 - 14,266 214,076 The above result data were translated at the average exchange rate for the 12-month period ended 31 December 2025 of: EUR 1: 4.2372, and the balance sheet data at the exchange rate as at 31 December 2025 of: EUR 1: 4.2267. In the current reporting period, the financial data of subsidiaries o perating in Turkey have been restated due to hyperinflation. The Management Board analyzes segment operations and the ir financial data excluding the impact of hyperinflationary restatements. Accordingly, the impact of h yperinflation is presented in a separate column in order to reconcile segment data with the figures presented el sewhere in the consolidated financial statements.
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This English version is a translation of the original document prepared in Polish. In case of any discrepancies between the two versions, the original language version shall be binding. Asseco South Eastern Europe Group Consolidated Financial Statements for the year ended 31 December 2025 in accordance with EU IFRS (in thousands of PLN) 30 Selected financial data for the period of 12 months ended 31 December 2024 , in a breakdown by operating segments: 12 months ended 31 December 2024 Banking Solutions Payment Solutions Dedicated Solutions Eliminations Hyperinflation Total PLN’000 PLN’000 PLN’000 PLN’000 PLN’000 PLN’000 Sales revenues: 314,312 861,104 548,100 (43,129) 27,797 1,708,184 Sales to external customers 292,511 845,976 541,900 27,797 1,708,184 Sales between and/or within segments 21,801 15,128 6,200 (43,129) - - Gross profit on sales 104,926 259,806 68,899 - 8,437 442,068 Selling costs (17,511) (59,677) (33,389) - (1,534) (112,111) General and administrative expenses (27,131) (48,944) (27,125) - (2,144) (105,344) Net profit on sales 60,284 151,185 8,385 - 4,759 224,613 Other operating activities 78 660 1,277 - 49 2,064 Share of profits of associates - 73 - - - 73 Operating profit 60,362 151,918 9,662 - 4,808 226,750 Non-cash items Depreciation and amortization (12,664) (62,030) (20,590) - (3,438) (98,722) Impairment losses on segment assets recognized in operating expenses (1,016) (5,075) (4,256) - - (10,347) Impairment losses on goodwill recognized in financial expenses - (15,482) (13,753) - - (29,235) Goodwill (restated) 207,037 393,196 359,105 - 62,621 1,021,959 12 months ended 31 December 2024 Banking Solutions Payment Solutions Dedicated Solutions Eliminations Hyperinflation Total EUR’000 EUR’000 EUR’000 EUR’000 EUR’000 EUR’000 Sales revenues: 73,024 200,062 127,340 (10,020) 6,458 396,864 Sales to external customers 67,959 196,547 125,900 - 6,458 396,864 Sales between and/or within segments 5,065 3,515 1,440 (10,020) - - Gross profit on sales 24,378 60,361 16,007 - 1,960 102,706 Selling costs (4,068) (13,865) (7,758) - (356) (26,047) General and administrative expenses (6,303) (11,371) (6,303) - (498) (24,475) Net profit on sales 14,007 35,125 1,946 - 1,106 52,184 Other operating activities 18 153 298 - 11 480 Share of profits of associates - 17 - - - 17 Operating profit 14,025 35,295 2,244 - 1,117 52,681 - Non-cash items Depreciation and amortization (2,942) (14,412) (4,784) - (800) (22,938) Impairment losses on segment assets recognized in operating expenses (236) (1,179) (989) - - (2,404) Impairment losses on goodwill recognized in financial expenses - (3,597) (3,195) - - (6,792) Goodwill (restated) 48,452 92,019 84,040 - 14,655 239,166 The above result data were translated at the average exchange rate for the 12-month period ended 31 December 2024 of: EUR 1: 4.3042, and the balance sheet data at the exchange rate as at 31 December 2024 of: EUR 1: 4.2730
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This English version is a translation of the original document prepared in Polish. In case of any discrepancies between the two versions, the original language version shall be binding. Asseco South Eastern Europe Group Consolidated Financial Statements for the year ended 31 December 2025 in accordance with EU IFRS (in thousands of PLN) 31 V. Explanatory notes to the consolidated statement of profit and loss 5.1. Structure of operating revenues Selected accounting policies The Group is engaged in the sale of licenses and broadly defined IT services, and distinguishes the following types of revenues: ▪ revenues from the sale of proprietary licenses and services, ▪ revenues from the sale of third-party licenses and services, and ▪ revenues from the sale of hardware. a) Sale of proprietary licenses and services The category of ‘Proprietary licenses and services’ includes revenues from contracts with customers under which we supply our own software and/or provide related services. ▪ Comprehensive IT projects A significant portion of those revenues is generated from the performance of comprehensive IT projects, whereby the Group is committed to provide the customer with a functional IT system. In those situations the customer can only benefit from a functional system, being the final product that is comprised of our proprietary licenses and significant related services (for example, modifications or implementation). Under such contracts, the Group is virtually always required to provide the customer with comprehensive goods or services, including the supply of proprietary licenses and/or own modification services and/or own implementation services. This means that the comprehensive IT contracts typically represent a separate performance obligation to de liver to the customer a functional IT system. In the case of a performance obligation that involves the provision of a functional IT system, we closely examine the promise in granting a licence under each contract. Each license is analyzed for being distinct from other g oods or services promised in the contract. Generally, the Group considers that a commitment to sell a license under such performance obligat ion does not satisfy the criteria of being distinct, because the transfer of the license is only part of a larger performance obliga tion, and services sold together with the license present such a significant value so that it is impossible to determine whether the license itself is a predominant obligation. Revenues from a performance obligation to provide a functional IT system are recognized over time, during the period of its development. This is because, in accordance with IFRS 15, revenues may be recognized over time of transferring control of the supplied goods/services, as long as the entity’s performance does not create an asset with an alternative use to the entity, and the entity has an enforceable right to payment for performance completed to date throughout the duration of the contract. In the Manag ement’s opinion, in the case of execution of comprehensive IT projects the provider cannot generate an asset with an alternative use because such systems together with the accompanying implementation services are “tailor -made”. The analysis carried out so far showed that essentially all contracts concluded by the Group meet the criterion of ensuring an enforceable righ t to payment for performance completed throughout th e duration of the contract. This means that revenues from comprehensive IT pro jects, which include the sale of proprietary licenses and own services, shall be recognized according to the percentage of completion method (based on the costs incurred so far) over time of transferring control of the sold goods/services to the customer. Relatively small IT projects, which are usually completed within one year or generate revenues that are insignificant in the Management’s opinion, constitute a specific case where revenues may be recognized in the amount the Group is entitled to invoice. The basic method of revenue recognition for these projects is the percentage of total costs incurred so far on a given project. In the case of projects where such approach is impractical for operational reasons or too expensive compared to the project size, the Group recognizes revenues after the completion of work is confirmed by the customer. Revenues are recognized on the basis of a sales invoice issued to the customer, unless such an invoice has not been issued at the reporting date. In such event, revenues are recognized through a posting instruction. The impl ementation time for the said IT projects may vary due to many factors of both internal and external nature. The most important internal factor is the availability of resources, in particular due to large- scale projects implemented at the same time. Whereas, the most important external factor is the availability of resources on the customer’s part, without which it would be impossible to carry out a pro ject either in the phase of defining the scope and re quirements or testing the developed solution. Considering the above, it can be assumed that the duration of small projects is usually between 1 and 3 months. ▪ Sale of proprietary licenses without significant related services In the event the sale of a proprietary license is distinct from other signif icant modification and/or implementation services, and thereby it constitutes a separate performance obligation, the Group considers whether the promise in granting the licence is to provide the customer with either: ✓ a right to access the entity’s intellectual property in the form in which it exists throughout the licensing period; or ✓ a right to use the entity’s intellectual property in the form in which it exists at the time of granting the license. The vast majority of licenses sold separately by the Group (thus representing a separate performance obligation) are intended to provide the customer with a right to use the intellectual property, which means revenues from the sale of such licenses are recognized at the point in time at which control of the licence is transferred to the customer. This is tantamount to stating that in the case of proprietary licenses sold without significant related services, regardless of the licensing period, the arising revenues are recognized on a one-off basis at the point in time of transferring control of the licence. We have also identified instances of selling licenses the nature of which is to provide a right to access the intellectual property. Those licenses are, as a rule, sold for a definite period. In accordance with IFRS 15, the Group now recognizes such revenues based on the determination whether the license provides the customer with a right to access or a right to use. ▪ Maintenance services and warranties The category of ‘Proprietary licenses and services’ also presents revenues from own maintenan ce services, including revenues from warranties. Such services, in principle, constitute a separate performance oblig ation where the customer consumes the benefits of goods/services as they are delivered by the provider, as a consequence of which revenues a re recognized over time during the service performance period. In many cases, the Group also provides a warranty for goods and services sold. Most warranties granted by the Group meet the definition of service, these are the so-called extended warranties the scope of which is broa der than just an assurance to the customer that the product/service complies with agreed-upon specifications. The conclusion regarding the extended nature of a warranty is made whenever
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This English version is a translation of the original document prepared in Polish. In case of any discrepancies between the two versions, the original language version shall be binding. Asseco South Eastern Europe Group Consolidated Financial Statements for the year ended 31 December 2025 in accordance with EU IFRS (in thousands of PLN) 32 the Group contractually undertakes to repair any errors in the delivered software within a strictly specified time limit and/or when such warranty is more extensive than the minimum required by law. In the context of IFRS 15, the fact of granting an extended warranty indicates that the Group actually provides an additional service. In accordance with IFRS 15, this means the Group needs to recognize an extended warranty as a separate performance obligation and allocate a portion of the transaction price to such service. In all cases where an extended warranty is accompanied by a maintenance service, which is even a broader category than an extended warranty itself, revenues are recognized over time because the customer consumes the benefits of such service as it is performed by the provider. If this is the case, the Group continues to allocate a portion of the tra nsaction price to such maintenance service. Likewise, in cases where a warranty service is provided after the project completion and is not accompani ed by any maintenance service, then a portion of the transaction price and analogically recognition of a portion of contract revenues will have to be deferred until the warranty service is actually fulfilled. In the case of warranties the scope of which is limi ted to the statutory minimum, our accounting policy remained unchanged, meaning such future and contingent obligations will be covered by provisions for warranty repairs which, if materialized, will be charged as operating costs. b) Sale of third-party licenses and services The ‘Third-party licenses and services’ category includes revenues from the sale of third-party licenses as well as from the provision of services which, due to technological or legal reasons, must be carried out by subcontractors (e.g. maintenance of hardware and software and outsourcing services provided by their manufacturers). Revenues from the sale of third-party licenses are as a rule accounted for as sales of goods, which means that such revenues are recognized at the point in time at which control of the licence is transferred to the customer. Concurrently, revenues from third-party services, including primarily third -party maintenance services, are recognized over time when such services are provided to the customer. Whenever the Group is involved in the sale of third-party licenses or services, we consider whether the Group acts as a principal or an agent; however, in mo st cases the conclusion is that the Group is the main party required to satisfy a performance obligation and therefore the resulting revenues are recognized in the gross amount of consideration. c) Sale of hardware The ‘Sale of hardware’ category includes revenues from contracts with customers for the delivery of infrast ructure. In this category, revenues are recognized basically at the point in time at which control o f the equipment is transferred. This does not apply only to situations where hardware is not delivered separately from services provided alongsid e, in which case the sale of hardware is part of a performance obligation involving the supply of a comprehensive infrastructure system. However, such comprehensive projects are a rare practice in the Group as the sale of hardware is predominantly performed on a distribution basis. In the case of contracts that contain a component of providing a service or equipment, the entity considers whether such arrangements contain a lease (i.e. whether the entity conveys the right to control the use of an identified asset for a period of time in exchange for consideration). The Group has not identified any finance lease components within contracts concluded with customers. Variable consideration In accordance with IFRS 15, when the transaction price specified in a contract includes a variable comp onent, the Group estimates the amount of consideration to which it expects to be entitled in exchang e for transferring the promised goods or services to the customer. The Group includes variable consideration in the transaction price only to the extent that it is highly probable that a significant reversal of previously recognized revenue will not occur when the uncertainty associated with the variable consideration is resolved. The Group is party to numerous contracts that include penalties for failure to perform or improper performance of contractual obligations. Such expected penalties may result in adjustments to consideration initially stated as a fixed amount. When estimating the amount of consideration to which the Group is entitled, the expected value method is applied, reflecting the probability-weighted amount of payments, including potential penalties and other contractually variable elements that could affect the consideration. This effectively may reduce the amount of revenue recognized. Apart from contractual penalties, there are no other significant factors that may affect the amount of consideration (such as rebates or discounts), but in the event they were identified, they would also affect the amount of revenues recognized by the Group. Allocation of the transaction price to performance obligations The Group allocates the transaction price to each performance obligation (or distinct good or service) in an amount that depicts the amount of consideration to which the entity expects to be entitled in exchange for transferring the promised goods or services to the customer. Significant financing component In determining the transaction price, the Group adjusts the promised amount of consideration for the effects of the time value of money if the timing of payments agreed to by the parties to the contract (eit her explicitly or implicitly) provides the custom er or the Group’s company with a significant benefit of financing the transfer of goods or services to the customer. In those circumstances, the contract is deemed to contain a significant financing component. As a practi cal expedient, the Group does not adjust the promised amount of consideration for the effects of a significant financing component if it expects, at the contract inception, that the period between when a promised good or service is transferred to the customer and when the customer pays for that good or service will be one year or less. A contract with a customer does not contain a significant financi ng component if, among other factors, the difference between the promised consideration and the cash selling price of the good or service ari ses for reasons other than the provision of finance to the customer, and the difference between those amounts is proportional to t he reason for the difference. This usually occurs when the contractual payment terms provide protection from the other party failing to adequately complete some or all of its obligations under the contract. Costs of contracts with customers The incremental costs of obtaining a contract are those costs that the Group incurs to obtain a contract with a customer that it would not have incurred if the contract had not been obtained. The Group recognizes such costs as an asset if it expects to recover those costs. Such capitalized costs of obtaining a contract shall be amortized over a period when the Group satisfies the performance obligations arising from the contract. As a practical expedient, the Group recognizes the incremental costs of ob taining a contract as an expense when incurred if the amortization period of the asset that the Group would have otherwise recognized is one year or less.
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This English version is a translation of the original document prepared in Polish. In case of any discrepancies between the two versions, the original language version shall be binding. Asseco South Eastern Europe Group Consolidated Financial Statements for the year ended 31 December 2025 in accordance with EU IFRS (in thousands of PLN) 33 Costs to fulfil a contract are the costs incurred in fulfilling a contract with a customer. The Group recognizes such costs as an asset if they are not within the scope of another standard (for example, IAS 2 ‘In ventories’, IAS 16 ‘Property, Plant and Equipment’ or IAS 38 ‘Intangible Assets’) and if those costs meet all of the following criteria: (i) the costs relate d irectly to a contract or to an anticipated contract with a customer; (ii) the costs generate or enhance resources of the Gro up that will be used in satisfying (or in continuing to satisfy) performance obligations in the future; and (iii) the costs are expected to be recovered. Other practical expedients used by the Group When appropriate, the Group also applies a practical expedient permit ted under IFRS 15 whereby if the Group has a right to consideration from a customer in an amount that corresponds directly with the value to the customer of the Group’s performance completed to date (for example, a service contract in which an entity bills a fixed amount for each hour of service provided), the Group may recognize revenue in the amount it is entitled to invoice. Revenues other than revenues from contracts with customers (not subject to IFRS 15) Revenues other than revenues from contracts with customers are generated by the Group primarily from outsourcing of IT hardware (e.g. ATMs, servers and POS terminals). Each time the Group determines whether all the risks and rewards incidental to the use of rented equipment have been transferred to the customer. Estimates As described above, the Group satisfies performance obligations, a large number of which (including those for the provision of a functional IT system) are measured using the percentage of completion meth od. Such measurement requires estimation of future operating cash flows in order to measure the progress of project execution. T he percentage of completion shall be measured as the relation of costs already incurred (provided such costs contribute to the progress of work) to the total costs planned, or as a portion of man-days worked out of the total work effort required. Determining thi s measure of progress, and consequently revenue recognition, requires the application of professional judgment and significant estimates. Similarly, estimates and professional judgment are required determine the expect ed revenues from contracts with customers where consideration is variable, such as when agreements include penalties for delays in delivering IT systems or related services. Estimates of revenues other than revenues from contracts with customers are related to the assessment of the nature of contracts involving the provision of assets to customers (the Group acting as a lessor). Considering the fact that the lease term is in most cases shorter than the majority of the leased assets ’ economic useful life, and that significant risks and rewards incid ental to ownership of leased assets have not been transferred to the Group’s customers, the Group has concluded that these contracts are operating leases. Operating revenues in the period of 12 months ended 31 December 202 5 and in the comparative period were as follows: 12 months ended 31 December 2025 12 months ended 31 December 2024 PLN’000 PLN’000 Operating revenues by type of products Proprietary software and services 1,397,506 1,274,639 Third-party software and services 82,162 143,981 Hardware and infrastructure 318,997 289,564 Total 1,798,665 1,708,184 i. Operating revenues of segments in a breakdown by type of products Operating revenues of individual segments from sales to external customers by type of products during the period of 12 months ended 31 December 2025 and in the comparative period were as follows: Banking Solutions Payment Solutions Dedicated Solutions Total PLN’000 PLN’000 PLN’000 PLN’000 12 months ended 31 December 2025 Proprietary software and services 322,107 675,196 400,203 1,397,506 Third-party software and services 2,924 8,951 70,287 82,162 Hardware and infrastructure 5,737 203,487 109,773 318,997 Total operating revenues 330,768 887,634 580,263 1,798,665 Banking Solutions Payment Solutions Dedicated Solutions Total PLN’000 PLN’000 PLN’000 PLN’000 12 months ended 31 December 2024 Proprietary software and services 288,033 660,388 326,218 1,274,639 Third-party software and services 3,422 4,428 136,131 143,981 Hardware and infrastructure 3,543 192,444 93,577 289,564 Total operating revenues 294,998 857,260 555,926 1,708,184 ii. Operating revenues in a breakdown by countries where they were generated
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This English version is a translation of the original document prepared in Polish. In case of any discrepancies between the two versions, the original language version shall be binding. Asseco South Eastern Europe Group Consolidated Financial Statements for the year ended 31 December 2025 in accordance with EU IFRS (in thousands of PLN) 34 12 months ended 31 December 2025 12 months ended 31 December 2024 PLN’000 PLN’000 Operating revenues by countries Albania 21,861 20,211 Austria 18,333 20,142 Bosnia and Herzegovina 233,168 118,574 Bulgaria 21,379 19,322 Croatia 226,534 205,219 Montenegro 40,089 28,960 The czech republic 23,062 22,110 Dominican Republic 15,246 16,491 Spain 154,157 152,693 Kosovo 32,939 28,105 Macedonia 88,711 59,553 Peru 22,061 24,056 Poland 6,384 10,366 Portugal 48,624 46,976 Romania 192,607 201,855 Serbia 395,106 397,311 Slovakia 14,124 10,089 Slovenia 25,362 29,449 Türkiye 168,346 212,693 Italy 5,354 8,896 Other countries 45,218 75,113 Total operating revenues 1,798,665 1,708,184 iii. Revenues from contracts with customers by the method of recog nition in the statement of profit and loss 12 months ended 31 December 2025 12 months ended 31 December 2024 PLN’000 PLN’000 Revenues from contracts with customers recognized in accordance with IFRS 15, of which: 1,685,722 1,607,238 From goods and services transferred at a specific point in time 412,220 440,572 From goods and services transferred over the passage of time 1,273,502 1,166,666 Other operating revenues (mainly from leases) 112,943 100,946 Total operating revenues 1,798,665 1,708,184 Operating revenues not recognized in accordance with IFRS 15 mainly relate to the Group’s revenues from ATM and POS terminal outsourcing services. Such contracts are treated as operating lease agreem ents, and the revenues from them are recognized in accordance with IFRS 16. iv. Other performance obligations The table below discloses revenues that the Group expects to recognize in the future from performance obligations that are not satisfied or only partially satisfied as at the reporting date: Transaction price allocated to performance obligations to be satisfied within: PLN’000 1 year 178,818 Over 1 year 236,132 Total 414,950 Because the Group closely monitors its revenues for the next three years only, the amount disclosed in the line ‘Over 1 year’ corresponds to revenues contracted for 2026-2027.
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This English version is a translation of the original document prepared in Polish. In case of any discrepancies between the two versions, the original language version shall be binding. Asseco South Eastern Europe Group Consolidated Financial Statements for the year ended 31 December 2025 in accordance with EU IFRS (in thousands of PLN) 35 v. Outsourcing contracts – the Group acting as a lessor The Group implements a number of contracts for outsourcing of payme nt transaction processes. The total amounts of future minimum lease payments receivable under such contracts have been estimated as follows: 31 December 2025 31 December 2024 PLN’000 PLN’000 Future minimum lease payments (i) within 1 year 119,028 106,797 (ii) within 1 to 5 years 80,395 49,870 (iii) within more than 5 years 6,088 3,782 Total 205,511 160,449 5.2. Structure of operating costs Selected accounting policies The Group discloses its operating costs both by nature and function . Cost of sales comprises the costs arising directly from purchases of goods sold and generation of services sold. Selling costs include the co sts of distribution and marketing activities. General and administrative expenses include the costs of the Group companies’ management and administration activities. Cost of goods, materials and services sold (COGS) represent the costs of purch ases of goods and subcontractor services (excluding personnel outsourcing) used in the implementation of projects. Such costs are associated both with revenues presented as own revenues (regarding revenues from services that are performed by subcontractors, if the use of third-party resources results from the Group’s decision that treats such third-party resources as a substitute for own resources) , as well as third-party revenues (services that must be performed by third parties – mostly software or hardware manufacturers). Employee benefits comprise all forms of compensation provided by Group companies in exchange for services rendered by employees or upon termination of employment. For work performed by employees for the Group, the expected undiscounted value of employee benefits payable in exchange for that work is recognized in profit or loss. Beyond salaries, costs of employee benefits include paid absences, bonuses under the Group’s incentive schemes, post-employment benefits, and costs of share-based payment transactions with employees. Estimates Due to the fact that the Group’s costs are accounted for on an accrual basis, a portion of costs disclosed in the statement of profit and loss represent costs recognized as a result of estimates regarding, for example, the co sts expected to arise from a bonus scheme offered to some employees of the Group companies. The table below presents operating costs incurred in the period of 12 months ended 31 December 2025 and in the comparative period: Operating costs 12 months ended 31 December 2025 12 months ended 31 December 2024 PLN’000 PLN’000 Cost of goods, materials and third-party services sold (COGS) (536,247) (551,102) Employee benefits (650,239) (623,507) Third-party non-project services and outsourcing of employees (93,843) (85,778) Depreciation and amortization (106,200) (98,722) Maintenance costs of property and company cars (81,054) (72,823) Business trips (10,370) (9,473) Advertising (12,723) (14,334) Recognition (reversal) of allowances for trade receivables (17,046) (6,449) Write-off for impairment of tangible and intangible assets (9,771) (3,897) Other operating expenses (25,850) (17,486) Total (1,543,343) (1,483,571) Cost of sales (1,294,012) (1,259,667) Selling costs (123,879) (112,111) General and administrative expenses (108,406) (105,344) Recognition (reversal) of allowances for trade receivables (17,046) (6,449) Total (1,543,343) (1,483,571) Third-party non-project services comprise consulting and advisory servi ces not related to specific projects, as well as auditing, legal, banking, postal, courier services, and stock exchange fees. Maintenance costs of property and company cars include the costs of repairs of equipment and spare parts used for the executed projects, costs of repairs and maintenance of property, pl ant and equipment (including
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This English version is a translation of the original document prepared in Polish. In case of any discrepancies between the two versions, the original language version shall be binding. Asseco South Eastern Europe Group Consolidated Financial Statements for the year ended 31 December 2025 in accordance with EU IFRS (in thousands of PLN) 36 infrastructure provided under outsourcing contracts), maintenance costs of intangible assets, office space rental and maintenance fees, as well as maintenance of company cars. Other operating expenses include primarily telecommunications costs, costs of provisions for warranty repairs and onerous contracts. The significant increase in impairment losses on trade receivables i n the current period compared to the comparative period is mainly due to the recognition of an impairment loss on receivables from Touras companies in India and the UAE in the total amount of PLN 9,586 thousand. The costs of impairment losses on tangible and intangible assets in the current year include primarily the costs of impairment losses on intangible assets recognized on the acquisition of Touras Indie and Askepnet in the total amount of PLN 9,454 thousand. Share-based payment transactions with employees Currently, the Group has two share-based payment plans as define d in IFRS 2 which are settled in equity instruments. 2021 plan On 23 September 2021, Asseco International a.s. and managers of ASEE Group companies signed agreements for the acquisition of shares in ASEE S.A. The whole incentive p lan covers 547,550 shares of ASEE S.A. which represent 1.06% of the Company’s share capit al. Members of the Management Board of ASEE S.A. as well as parties related through Members of the Management Board of ASEE S.A. acquired 341,336 shares in total. The above-mentioned agreements constitute an equity-settled share -based payment transaction as defined by IFRS 2. The purchase rights were vested on 23 September 2021. The purchase price was set at the market price on the acquisition date and amounted to PLN 40 per share. According to the conclude d agreements, the managers shall exercise all the rights attached to shares acquired (dividend ri ghts, voting rights, etc.) since the shares acquisition date, this is from 23 September 2021. The payment for sh ares shall be made in 9 instalments, the first one after signing the agreements and subsequently in 8 annual in stalments, payable from 31 July 2023. Interest will be charged starting from the shares acquisition date til l making the payment, in the amount of 1.5% + max (EURIBOR12M,0) on an annual basis. The amount of such variable comp onent will be determined at the beginning of each subsequent annual interest period. The accrued interest will be paid each year along with the payment of consecutive instalments of the price. The right to pay the acquisition price in instalments is granted to persons participating in this plan provided they continue to serve in a managerial position at the Group and do not violate any material conditions of the agreement (among o thers, make timely payments according to the schedule, establish a pledge on shares acquired, refrain from selling these shares during the lock-up period, etc.). The managers are not allowed to sell these shar es over a lock-up period of 5 years. The managers shall be entitled to make an early payment for all the shares acquired at the agreed price of PLN 40 per share upon expiry of a 4-year period, i.e. from 23 September 20 25. Any unpaid portion of the selling price shall be secured by establishing a pledge on shares purchased by each buyer. The agreements also provide for put and call options, enabling the parties to resell or repurchase any unpaid shares. The fair value of this incentive plan was estimated based on the Black-Scholes Merton model. The value of option rights was measured using Monte Carlo simulation techniques combined with the linear least squares regression, i.e. the Longstaff-Schwartz method. The total fair value of the plan as at the rights vesting date amounted to PLN 1,984 thousand. The incentive plan costs will be accounted for, along with the corresponding increase in equity, as the costs of employee benefits and recognized in the financial results of ASEE Group for the years 2021-2029. The fair value of equity instruments awarded under the incentive plan has been measured based on the following assumptions: Market price of 1 share of ASEE on the acquisition date PLN 40 Purchase price of 1 share PLN 40
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This English version is a translation of the original document prepared in Polish. In case of any discrepancies between the two versions, the original language version shall be binding. Asseco South Eastern Europe Group Consolidated Financial Statements for the year ended 31 December 2025 in accordance with EU IFRS (in thousands of PLN) 37 Expected volatility in share price 29% Expected volatility in EUR/PLN exchange rate 6% Interest rate on PLN 1.5% to 1.7% Interest rate on EUR -0.54% to - 0.40% The expected share price volatility of 29% was computed based on historical quotes of our shares in the period of six months preceding the date of the shares sale transaction, taking into account t heir average prices. In the valuation process, possible changes in the asset value re sulting from the payment of dividends were taken into account. As at the valuation date, it is expected that dividend s to be paid over the exercise period of purchase rights for ASEE shares will amount to PLN 1.00 per share annually. The options may be exercised within 1 year for shares to be p aid up in 2026, 2 years for shares to be paid up in 2027, and 3 years for shares to be paid up in 2028. These peri ods were correlated with the lock-up period applicable to the sale of shares. The standalone financial statements present the costs related to the acquisition of 316,425 shares, including 280,000 shares acquired by Piotr Jeleński, CEO of ASEE S.A., and 25,000 shares acqu ired by Michał Nitka, Member of the Management Board of ASEE S.A. The costs of this share-based payment plan disclosed in the conso lidated financial statements of ASEE Group for the year ended 31 December 2025 amounted to PLN 315 thousand, as comp ared to PLN 292 thousand in 2024. In correspondence, this transaction was recognized as a separate item of the Group’s equity, in the same amount as disclosed in remuneration costs. 2022 plan On 22 August 2022, ASEE S.A. signed agreements to sell shares in Payten Holding S.A. to the managers of ASEE Group companies. The whole incentive plan covers 426,571 shares of Payten Holding S.A. which represent 0.93% of the company’s share capital. The above-mentioned agreements constitute an equity-settled share -based payment transaction as defined by IFRS 2. The purchase rights were vested on 22 August 2022. The purchase price amounted to PLN 22.57 per share. According to the concluded agreements, the managers shall exercise all the rights attached to shares acquired (dividend rights, voting rights, etc.) since the shares acquisition date. The payment for shares shall be made in 9 instalments, the first one after signing the agreements and subseque ntly in 8 annual instalments, payable from 31 December 2024. Interest will be charged starting from the shares acquisition date till making the payment, in the amount of 1.5% + max (EURIBOR12M,0) on an annual basis. T he amount of such variable component will be determined at the beginning of each subsequen t annual interest period. The accrued interest will be paid each year along with the payment of consecutive instalments of the price. The right to pay the acquisition price in instalments is granted to persons participati ng in this plan provided they continue to serve in a managerial position at the Group and do not violate any material conditions of the agreement (among others, make timely payments according to the schedule, establish a pledge on shares acquired, refrain from selling these shares during the lock-up period, etc.). The man agers are not allowed to sell these shares over a lock-up period of 5 years. The managers shall be entitled to make an early payment for all the shares acquired at the agreed price of PLN 22.57 per share upon expiry of a 4-year period, i.e. from 23 August 2026. Any unpaid portion of the selling price shall be secured by e stablishing a pledge on shares purchased by each buyer. The agreements also provide for put and call options, enabling the parties to resell or repurchase any unpaid shares. The fair value of this incentive plan was estimated based on the Black-Scholes Merton model. The value of option rights was measured using Monte Carlo simulation techniques combined with the linear least squares regression, i.e. the Longstaff-Schwartz method. The total fair value of the plan as at the rights vesting date amounted to PLN 2,141 thousand. The incentive plan costs will be accounted for, along with the corresponding increase in equity, as the costs of employee benefits and recognized in the financial results of ASEE Group for the years 2022-2030.
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This English version is a translation of the original document prepared in Polish. In case of any discrepancies between the two versions, the original language version shall be binding. Asseco South Eastern Europe Group Consolidated Financial Statements for the year ended 31 December 2025 in accordance with EU IFRS (in thousands of PLN) 38 The fair value of equity instruments awarded under the incentive plan has been measured based on the following assumptions: Market price of 1 share of Payten Holding S.A. on the acquisition date PLN 26.06 Purchase price of 1 share PLN 22.57 Expected volatility in share price 30-36% Expected volatility in EUR/PLN exchange rate 6-8% Interest rate on PLN 5.6%-6.5% Interest rate on EUR 0.67%-1.26% Payten Holding shares are not listed and their market price has been computed by reference to the market price of ASEE shares. The expected volatility in the price of Payten Holding shares has been calibrated based on historical quotes of ASEE shares in the period comparable to the maturity of pu rchase rights. In the valuation process, possible changes in the asset value re sulting from the payment of dividends were taken into account. As at the valuation date, it is expected that dividend s to be paid over the exercise period of purchase rights for Payten Holding shares will amount to PLN 0.73 per share annually. The options may be exercised within 4 months for shares to be paid up in 2027, within 1 year and 4 months for shares to be paid up in 2028, within 2 years and 4 months fo r shares to be paid up in 2029, and within 3 years and 4 months for shares to be paid up in 2030. These peri ods were correlated with the lock-up period applicable to the sale of shares. The costs of this share-based payment plan disclosed in the conso lidated financial statements of ASEE Group for the year ended 31 December 2025 amounted to PLN 357 thousand, as comp ared to PLN 413 thousand in 2024. In correspondence, this transaction was recognized as a separate item of the Group’s equity, in the same amount as disclosed in remuneration costs. i. Reconciliation of depreciation and amortization charges The table below presents the reconciliation of depreciation and amortiza tion charges recognized in the statement of profit and loss with those disclosed in the tables of changes in property, plant and equipment, intangible assets, as well as in right-of-use assets: 12 months ended 31 December 2025 12 months ended 31 December 2024 PLN’000 PLN’000 Depreciation charges as disclosed in the table of changes in property, plant and equipment (57,047) (51,349) Amortization charges as disclosed in the table of changes in intangible assets (26,560) (25,769) Depreciation charges as disclosed in the table of changes in right-of-use assets (23,257) (22,237) Depreciation charges on investment property (5) (32) Reduction of amortization charges due to recognition of grants to internally generated licenses 669 665 Total depreciation and amortization charges disclosed in the statement of profit and loss and in the statement of cash flows (106,200) (98,722)
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This English version is a translation of the original document prepared in Polish. In case of any discrepancies between the two versions, the original language version shall be binding. Asseco South Eastern Europe Group Consolidated Financial Statements for the year ended 31 December 2025 in accordance with EU IFRS (in thousands of PLN) 39 5.3. Other operating income and expenses Selected accounting policies In other operating activities, the Group discloses primarily income and expenses that are not related to our core IT operations. Other operating income and expenses in the period of 12 months en ded 31 December 2025 and in the comparative period were as follows: Other operating income 12 months ended 31 December 2025 12 months ended 31 December 2024 PLN’000 PLN’000 Gain on disposal of property, plant and equipment and right-of-use assets 855 1,476 Rental income from office space 300 170 Reversal of a provision for the costs of court litigation relating to other operations 32 136 Grants and subsidies received 222 311 Gain from lease modification 152 97 Other 1,219 1,420 Total 2,780 3,610 Other operating expenses 12 months ended 31 December 2025 12 months ended 31 December 2024 PLN’000 PLN’000 Loss on disposal of property, plant and equipment (60) (97) Charitable contributions to unrelated parties (480) (409) Provisions created, including for the costs of court litigation relating to other operations (1,162) - Allowances for other receivables (3,264) (226) Other (1,652) (814) Total (6,618) (1,546) 5.4. Financial income and expenses Selected accounting policies Interest income comprises primarily interest on investments in debt securities (including loans granted and cash deposits with a maturity of more than three months). Such income is measured at amortized cost using the effective interest rate. Other interest income comprises interest on trade receivables, interest on leases, as well as discounts on cost s (liabilities) accounted for using the effective interest method. Interest expenses incurred on external financing obtained by the Group are charged at amortized cost. Financial income earned during the period of 12 months ended 31 Dece mber 2025 and in the comparative period was as follows: Financial income 12 months ended 31 December 2025 12 months ended 31 December 2024 PLN’000 PLN’000 Interest income on loans granted and bank deposits 8,899 7,779 Positive foreign exchange differences 9,182 7,996 Gain on exercise and/or valuation of financial assets carried at fair value through profit or loss 94 244 Gain on remeasurement of contingent consideration in a business combination 139,190 6,452 Gain on remeasurement of liability for non-controlling interests (put options) 1,660 43,940 Gain on the net monetary position – hyperinflation 14,414 23,282 Other financial income 830 38 Total financial income 174,269 89,731 Gain on the net monetary position resulted from the inflation-relat ed revaluation of non-monetary items in the statement of financial position and the statement of profit and loss of our subsidiaries operating in Turkey,
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This English version is a translation of the original document prepared in Polish. In case of any discrepancies between the two versions, the original language version shall be binding. Asseco South Eastern Europe Group Consolidated Financial Statements for the year ended 31 December 2025 in accordance with EU IFRS (in thousands of PLN) 40 using the rate of inflation in the current year. Detailed informati on on such revaluation is presented in note 2.11. Financial expenses incurred during the period of 12 months ended 31 December 2025 and in the comparative period were as follows: Financial expenses 12 months ended 31 December 2025 12 months ended 31 December 2024 PLN’000 PLN’000 Interest expenses on bank loans and borrowings (6,722) (6,897) Interest expenses on leases (3,712) (3,320) Other interest expenses (699) (702) Negative foreign exchange differences (5,283) (3,660) Loss on remeasurement of contingent consideration in business combination and/or acquisition of non-controlling interests (426) (10,786) Loss on remeasurement of liability for non-controlling interests (put options) (31,557) (3,437) Loss on exercise and/or valuation of financial assets carried at fair value through profit or loss - (188) Loss on disposal of subsidiaries (6,939) - Dividends declared to non-controlling interests of acquisitions accounted for using the present ownership method (3,405) (6,971) Write-down on assets held for sale resulting from previous hyperinflation revaluation - (15,482) Write-down on goodwill arising from consolidation (132,097) (13,753) Other financial expenses (54) (25) Total financial expenses (190,894) (65,221) In the current year, the Group recognized a goodwill impairment loss of PLN 132,097 thousand, relating to the impairment of goodwill recognized on the acquisitions of Touras Indi a and Touras Tech UAE. The impairment amount was determined based on the results of impairment testing. A detailed description of the transactions is provided in explanatory note 6.4 to these consolidated financial statements . Dividends declared to non-controlling interests arise from acquisition s accounted for using the present ownership method and relate to the following subsidiaries: Ifthenpay, Helius , Avera, and Weo. The loss on disposal of investments in subsidiaries relates to Mobven, over which the Group lost control on 11 February 2025 following the sale of all shares held in the subsidiary. Positive and negative foreign exchange gains and losses are presented net (i.e., as the excess of gains over losses or vice versa) at the level of each subsidiary. Gains/losses on remeasurement of contingent consideration for controlling interests in subsidiaries result from changes in estimates of deferred, contingent liabilities arising from the acquisition of controlling intrests in subsidiaries. In the current period, the Group decreased the contingent cons ideration liabilities for the acquired controlling interests in Touras India and Touras Tech UAE, recognizing a gain of PLN 134,053 thousand, which significantly contributed to the increase in remeasurement gains presented i n the table above. Gains/losses on remeasurement of liabilities for non-controlling in terests (put options) arise from changes in estimates used to determine liabilities under put option agreements, wh ere contract terms transfer the benefits of ownership of the equity instrument subject to the p ut option to the parent company (i.e., present ownership method). In the comparative period, the write-down of assets held for sale re sulting from previous hyperinflation revaluation related to the reclassification of Mobven’s net assets to assets held for sale and their measurement at the lower of carrying amount and fair value less costs to sell. The write-down was fully allocated to goodwill recognized on the acquisition of Mobven, subsequently adjusted in lat er periods for hyperinflation in accordance with IAS 29 – Financial Reporting in Hyperinflationary Economies.
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This English version is a translation of the original document prepared in Polish. In case of any discrepancies between the two versions, the original language version shall be binding. Asseco South Eastern Europe Group Consolidated Financial Statements for the year ended 31 December 2025 in accordance with EU IFRS (in thousands of PLN) 41 5.5. Income tax expense Selected accounting policies The Group recognizes and measures current and deferred income tax assets and liabilities in accordance with the requirements of IAS 12 ‘Income Taxes’ on the basis of taxable profit (tax loss), tax base, unused tax losses, unused tax credits and tax rates, tak ing into account the assessment of uncertainty over tax treatments. Income tax comprises both current and deferred components. Estimates At each reporting date, the Group assesses the recoverability of deferred tax assets. This assessment requires the exercise of professional judgment and the use of estimates, including projections of future taxable profits. In accordance with IFRIC 23 – Uncertainty over Income Tax Treatments, if the Group considers it probable that a particular tax treatment or a group of tax treatments applied by the Group companies will be accepted by the relevant taxation authority, each Group company determines taxable profit (tax loss), tax base, unused tax losses, unused t ax credits, and applicable tax rates consistently with the treatment applied or intended to be applied in its income tax filings. In assessing such probability, the Group assumes that the taxation authority, which is authorized to examine and challenge tax treatment s, will conduct an inspection and have access to all relevant information. If the Group concludes that it is not probable that a particular tax treatment or group of tax treatments will be accepted by the taxation authority, the effects of this uncertainty are reflected in accounting for income tax in the period in which the assessment is made. The Group recognizes an income tax liability using one of the foll owing approaches, depending on which method provides the most reliable prediction of the resolution of the uncertainty: ▪ Most likely amount – recognizing the single most likely amount within a range of possible outcomes; or ▪ Expected value – recognizing the sum of amounts weighted by the probability of each possible outcome. The main components of income tax expenses (current and deferred portions): 12 months ended 31 December 2025 12 months ended 31 December 2024 PLN’000 PLN’000 Current income tax expense as disclosed in the statement of profit and loss, of which: (56,866) (48,110) Current portion of income tax (52,006) (50,482) Corrections of CIT filings for prior years (378) 2,372 Global Minimum Tax - Pillar II (4,482) - Deferred income tax 8,146 1,536 Income tax expense as disclosed in the statement of profit and loss (48,720) (46,574) The Group operates in multiple tax jurisdictions and is subject to v arious tax laws and regulations. In each country, rules regarding value-added tax, corporate income tax, personal incom e tax, and social security contributions are subject to frequent changes, and established precede nts are often limited. Applicable tax regulations are not always clear, which may result in differing interpreta tions. Tax filings may be subject to review or audit by tax authorities. In the event of identified non -compliance, the taxpayer may be required to settle any outstanding tax liabilities with statutory interest. Payment of such amounts does not necessarily exempt the Group from potential administrative or criminal liability. These factors contribute to a relatively high degree of uncertainty regarding the Group’s tax positions. Tax audits may cover several prior years, depending on the jurisdicti on in which a Group company operates. Consequently, the amounts recognized in the financial statements may be adjus ted in the future upon final determination by tax authorities. During the reporting period, the Group did not recognize any current or defe rred taxes directly charged to equity. Global Minimum Tax (Pillar II) The Global Minimum Tax (Pillar II) regulations impose new tax and reporting obligations on companies belonging to capital groups – both Polish and international – with consolidated revenues of at least EUR 750 million. The ASEE Group is part of the Asseco Poland Group, which meets the above revenue criterion and is therefore subject to Pillar II regulations. The Pillar II reform aims to combat base erosion and profit shifting (BEPS) by introducing a global minimum effective tax rate of 15% on eligible income. The effective tax ra te, not the nominal rate, is used in the calculation. This tax is calculated at the level of individual coun tries (jurisdictions), meaning that it generally applies collectively to all group companies in a given country.
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This English version is a translation of the original document prepared in Polish. In case of any discrepancies between the two versions, the original language version shall be binding. Asseco South Eastern Europe Group Consolidated Financial Statements for the year ended 31 December 2025 in accordance with EU IFRS (in thousands of PLN) 42 Pillar II rules became effective in Poland in 2025, while in certain o ther jurisdictions they were effective from 2024. The ASEE Group continuously monitors legislative developments re lated to Pillar II implementation in all jurisdictions where its subsidiaries operate and evaluates the potential impact on the Group’s operations. As of the date of publication of these consolidated financial sta tements for 2025, the global minimum tax regulations have been implemented in 12 countries where the Group o perates: Poland, Bulgaria, Spain, Portugal, Croatia, the Czech Republic, Slovakia, Slovenia, Romania, Turkey, the United Arab Emirates, and Macedonia. In the remaining jurisdictions where Group companies currently o perate, implementation is ongoing or has not yet begun. The Group has collected preliminary data and assessed the potentia l application of transitional safe harbours based on Country-by-Country Reporting (CbCR) and local reporting packages. Using financial data for 2024 and 2025 (covering ASEE subsidiaries only), the Group has prepared an ini tial internal assessment of the Pillar II impact and recognized a consolidated tax liability of PLN 4,482 thousand arising from the international tax reform. The final liability depends on the financial results o f Asseco Poland subsidiaries operating in the same tax jurisdictions as ASEE Group companies; therefore, the ultimate top-up ta x may differ from the current estimate. The Group has applied the mandatory exception for the recognition an d disclosure of deferred tax assets and liabilities related to income taxes under Pillar 2, in accordance with the amendments to IAS 12 issued in May 2023. The table below presents the reconciliation of income tax payable on profit before tax at the statutory tax rate, with corporate income tax computed at the Group’s effective tax rate: 12 months ended 31 December 2025 12 months ended 31 December 2024 PLN’000 PLN’000 Profit before tax 228,996 251,260 Statutory corporate income tax rate 19% 19% Corporate income tax computed at the statutory tax rate 43,509 47,739 Difference due to different rates of corporate income tax paid abroad (5,575) (196) Change in estimates of deferred tax assets recognized on the so-called “external temporary differences” resulting from dividend payments within the Group 5,691 6,634 Utilization of tax credits and other tax deductibles (4,891) (1,095) Non-taxable income achieved in a special technological zone (7,465) (12,608) Non-tax-deductible expenses incurred in a technological zone 4,670 9,036 Representation expenses 289 281 Depreciation and amortization charges, differences in rates of depreciation and amortization 750 186 Write-downs on receivables/inventories/tangible assets/goodwill 23,612 6,182 Revaluation of put option liabilities (22,908) (5,364) Costs of share-based payment transactions with employees 128 132 Remuneration of the Supervisory Board 95 100 Changes in the calculation of corporate income tax for the prior years (877) (2,345) Gain/loss on disposal of a subsidiary 1,735 - Utilization of tax losses and change in deferred tax assets arising from tax losses 6,968 (681) Impact of hyperinflation (3,941) (3,823) Minimum tax (local and global) 4,886 - Other permanent differences 2,044 2,396 At an effective tax rate of: 21.3% in 2025; 18.5% in 2024 48,720 46,574 The effective tax rate in 2025 was 21.3%, an increase of 2.7 percentage points compared t o the previous year
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This English version is a translation of the original document prepared in Polish. In case of any discrepancies between the two versions, the original language version shall be binding. Asseco South Eastern Europe Group Consolidated Financial Statements for the year ended 31 December 2025 in accordance with EU IFRS (in thousands of PLN) 43 The table below presents information on deferred tax assets and liabilities: Deferred tax liabilities, gross Deferred tax assets, gross 31 December 2025 31 December 2024 31 December 2025 31 December 2024 PLN’000 PLN’000 PLN’000 PLN’000 Property, plant and equipment 2,853 3,180 1,649 3,191 Intangible assets 7,141 12,357 1,550 674 Right-of-use assets 6,873 5,507 - - Loans granted 284 213 299 - Inventories - - 2,136 1,853 Prepayments and accrued income 409 563 55 59 Trade receivables 21 - 2,279 1,660 Contract assets 1,325 2,220 453 172 Other receivables - 1,396 - - Cash 1 - 5 - Bank loans and credits 470 - 15 - Provisions - - 873 881 Trade payables 4 98 817 926 Contract liabilities 619 597 1,072 1,444 Financial liabilities, including lease liabilities 196 - 7,336 6,235 Other liabilities - - 95 192 Accrued expenses - - 3,840 3,540 Deferred income 15 19 13 - Losses deductible against future taxable income - - 2,568 2,459 Deferred tax liabilities, gross 20,211 26,150 Deferred tax assets, gross 25,055 23,286 Write-down due to inability to realize a deferred tax asset - - - - Deferred tax assets, net 25,055 23,286 Deferred tax liabilities/assets, net 9,411 14,575 14,255 11,711 The Group made an estimate of taxable income planned to be achieve d in the future and concluded it will enable full recovery of deferred tax assets disclosed in these consolidated financial statements. 5.6. Earnings per share Selected accounting policies Basic earnings per share attributable to shareholders of the Parent Company for each reporting period is computed by dividing net profit from continuing operations for the reporting period by the weighted average number of shares outstanding in that period. Diluted earnings per share attributable to shareholders of the Parent Company for each reporting period is calculated by dividing net profit from continuing operations for the reporting period by the total of weighted average number of shares outstanding in that period and all shares from potential new issuances. Both during the reporting period and the comparative period, there were no instruments that could potentially dilute basic earnings per share, hence our basic earnings per shar e and diluted earnings per share are equal. The table below presents net profits and numbers of shares used for the calculation of earnings per share. 12 months ended 31 December 2025 12 months ended 31 December 2024 Weighted average number of ordinary shares outstanding, used for calculation of basic earnings per share 51,894,251 51,894,251 Net profit attributable to shareholders of the Parent Company for the reporting period (in thousands of PLN) 198,254 199,223 Consolidated earnings per share for the reporting period (in PLN) 3.82 3.84 5.7. Information on dividends paid out The Ordinary General Meeting of Shareholders of Asseco South Eastern Europe S.A. with its registered office in Rzeszów, acting under Article 395 § 2 item 2) and Article 396 § 1 of the Comm ercial Companies Code and under §12 section 4 item 2) of the Company's Articles of Association, resolved on 4 June 2025 to pay a dividend of PLN 90,815 thousand, equivalent to PLN 1.75 per share, to all shareholders of t he Company.
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This English version is a translation of the original document prepared in Polish. In case of any discrepancies between the two versions, the original language version shall be binding. Asseco South Eastern Europe Group Consolidated Financial Statements for the year ended 31 December 2025 in accordance with EU IFRS (in thousands of PLN) 44 The record date for entitlement to the dividend was set at 3 July 2025, and the dividend was paid on 10 July 2025. The total number of shares entitled to the dividend was 51,894,251. In 2024, the Ordinary General Meeting of Shareholders of Asseco South Eastern Europe S.A. seated in Rzeszów, acting on the basis of art. 395 § 2 item 2 and art. 396 § 1 of the Commercial Companies Code, as well as pursuant to §12 sec. 4 item 2 of the Company’s Articles of Association, resolved on 7 May 2024 to distribute a dividend of PLN 85,626 thousand, equivalent to PLN 1.65 per share, to all shareholders of the Company. The record date for entitlement to the dividend was set at 13 June 2024, and the dividend was paid on 20 June 2024. The total number of shares entitled to the dividend was 51,894,251.
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This English version is a translation of the original document prepared in Polish. In case of any discrepancies between the two versions, the original language version shall be binding. Asseco South Eastern Europe Group Consolidated Financial Statements for the year ended 31 December 2025 in accordance with EU IFRS (in thousands of PLN) 45 VI. Explanatory notes to the consolidated statement of financial position 6.1. Property, plant and equipment Selected accounting policies Initial recognition Property, plant and equipment are measured at cost less accumulated depreciation and any impairment losses. The initial cost of an item of property, plant and equipment comprises its purchase price, including all costs directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating as intended by management. The cost also includes the cost of replacing component parts of machinery and equipment when incurred, provided that the recognition criteria are met. Expenditures incurred after the asset has been put into use, such as maintenance and repairs, are recognized in profit or loss as incurred. At initial recognition, items of property, plant and equipment are divided into components of significant value for which separate periods of useful life may be adopted. General overhaul expenses constitute a component of assets as well. Subsequent measurement and depreciation Depreciation is calculated using the straight-line method over the estimated useful life of the asset. Impairment of property, plant and equipment At each reporting date, the Group assesses whether there are any indications that an item of property, plant and equipment may be impaired. If such indications exist, or when an annual impairment test is required, the Group estimates the recoverable amount of the asset or the cash-generating unit to which the asset has been allocated. Impairment losses for assets used in continuing operations are recognized within operating expenses in the statement of profit or loss. Derecognition An item of property, plant and equipment is derecognized upon disposal or when no future economic benefits are expected from its use or disposal. Any gain or loss arising on derecognition of the asset (calculated as the difference between net disposal proceeds and the carrying amount of the asset) is recognized in profit or loss in the period in which the asset is derecognized. Estimates At each reporting date, the Group assesses whether there are objective indicators of impairment of property, plant and equipment. Depreciation is generally calculated using the straight-line method over the estimated useful life of the asset. Depreciation rates are determined based on the expected useful lives of individual items of prop erty, plant and equipment. In 2025, there were no significant changes in the depreciation rates applied by the Group. The Group entities review the estimated useful lives of assets at least annually, based on current expectations. Changes in the net book value of property, plant and equipment that took place during the period of 12 months ended 31 December 2025 are presented below: Land and buildings Outsourcing and other equipment Transportati on vehicles Other tangible assets Tangible assets under construction Total PLN’000 PLN’000 PLN’000 PLN’000 PLN’000 PLN’000 Net book value of property, plant and equipment as at 1 January 2025 6,625 126,091 17,041 18,779 5,639 174,175 Additions, of which: 1,421 63,040 4,378 12,057 13,098 93,994 Purchases and modernization 62 13,558 4,378 8,816 12,089 38,903 Obtaining control over subsidiaries - 3,181 - 16 - 3,197 Acquisition of right-of-use assets - - - - - - Transfers from tangible assets under construction 673 8,721 - 2,758 - 12,152 Transfers from inventories to tangible assets 37,403 - 467 1,006 38,876 Transfers from investment properties 427 427 Reversal of impairment losses 259 177 - - 3 439 Reductions, of which: (584) (46,056) (5,297) (7,373) (16,255) (75,565) Depreciation charges (325) (44,418) (5,011) (7,293) - (57,047) Disposal and liquidation (259) (425) (286) (80) (186) (1,236) Loss of control over subsidiaries - (84) - - - (84) Recognition of impairment losses - (201) - - - (201) Transfers from tangible assets under construction - - - - (12,152) (12,152) Transfers to inventories - (928) - - (3,917) (4,845) Reclassification to assets held for sale - - - - - - Other - (371) - 371 - - Impact of hyperinflation - 405 2,055 2,175 - 4,635 Exchange differences on translation of foreign operations (85) (2,319) (2,561) (2,631) (99) (7,695) Net book value of property, plant and equipment as at 31 December 2025 7,377 140,790 15,616 23,378 2,383 189,544
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This English version is a translation of the original document prepared in Polish. In case of any discrepancies between the two versions, the original language version shall be binding. Asseco South Eastern Europe Group Consolidated Financial Statements for the year ended 31 December 2025 in accordance with EU IFRS (in thousands of PLN) 46 As at 1 January 2025 Gross value 11 494 426 738 29 565 56 908 5 642 530 347 Accumulated depreciation and impairment losses (4 869) (300 647) (12 524) (38 129) (3) (356 172) Net book value as at 1 January 2025 6 625 126 091 17 041 18 779 5 639 174 175 As at 31 December 2025 Gross value 12 954 439 351 31 422 65 834 2 383 551 944 Accumulated depreciation and impairment losses (5 577) (298 561) (15 806) (42 456) - (362 400) Net book value as at 31 December 2025 7 377 140 790 15 616 23 378 2 383 189 544 Changes in the net book value of property, plant and equipment that took place during the period of 12 months ended 31 December 2024 are presented below: Land and buildings Outsourcing and other equipment Transportati on vehicles Other tangible assets Tangible assets under construction Total PLN’000 PLN’000 PLN’000 PLN’000 PLN’000 PLN’000 Net book value of property, plant and equipment as at 1 January 2024 6,866 97,728 11,109 16,751 4,576 137,030 Additions, of which: 414 73,350 9,203 5,989 14,603 103,559 Purchases and modernization 333 13,360 8,750 5,887 9,120 37,450 Obtaining control over subsidiaries 81 893 164 9 - 1,147 Acquisition of right-of-use assets - - 289 - - 289 Transfers from tangible assets under construction - 12,947 - 93 - 13,040 Transfers from inventories to tangible assets - 45,962 - - 5,480 51,442 Reversal of impairment losses - 188 - - 3 191 Reductions, of which: (553) (43,093) (4,734) (6,468) (13,524) (68,372) Depreciation charges (290) (40,325) (4,324) (6,410) - (51,349) Disposal and liquidation - (505) (197) (53) - (755) Recognition of impairment losses (263) (561) - - - (824) Transfers from tangible assets under construction - - - - (13,040) (13,040) Transfers to inventories - (919) - - (484) (1,403) Reclassification to assets held for sale - (783) (213) (5) - (1,001) Other - (892) 15 773 - (104) Impact of hyperinflation - 990 2,318 2,728 - 6,036 Exchange differences on translation of foreign operations (102) (1,992) (870) (994) (16) (3,974) Net book value of property, plant and equipment as at 31 December 2024 6,625 126,091 17,041 18,779 5,639 174,175 As at 1 January 2024 Gross value 11,218 371,531 22,674 47,972 4,582 457,977 Accumulated depreciation and impairment losses (4,352) (273,803) (11,565) (31,221) (6) (320,947) Net book value as at 1 January 2024 6,866 97,728 11,109 16,751 4,576 137,030 As at 31 December 2024 Gross value 11,494 426,738 29,565 56,908 5,642 530,347 Accumulated depreciation and impairment losses (4,869) (300,647) (12,524) (38,129) (3) (356,172) Net book value as at 31 December 2024 6,625 126,091 17,041 18,779 5,639 174,175 Some pieces of equipment have been transferred from inventorie s to tangible assets because they are utilized in the performance of our outsourcing contracts. As at 31 December 2025, property, plant and equipment in the amount of PLN 23,977 thousand served as security for bank loans taken out and open credit and guarantee facilities. As at 31 December 2024, tangible assets with a book value of PLN 15,612 thousand served as collateral for bank loans as well as for bank overdraft and guarantee facilities.
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This English version is a translation of the original document prepared in Polish. In case of any discrepancies between the two versions, the original language version shall be binding. Asseco South Eastern Europe Group Consolidated Financial Statements for the year ended 31 December 2025 in accordance with EU IFRS (in thousands of PLN) 47 6.2. Intangible assets Selected accounting policies Intangible assets purchased Intangible assets acquired separately are measured on initial recognition at cost. Intangible assets acquired in a business combination are recognized at their fair value at the acquisition date. Internally generated intangible assets The Group presents in separate categories the final products of development projects (“internally generated software and licenses”) and the products which have not been finished yet (“costs of development projects in progress”). An intangible asset generated internally as a result of development work (or completion of the development phase of an internal project) is recognized if, and only if, the Company is able to demonstrate: (i) the technical feasibility of completing such intangible asset so that it would be available for use or sale; (ii) the intention to complete the construction of such intangible asset; (iii) the ability to use or sell such intangible asset; (iv) how such intangible asset is going to generate probable future economic benefits; (v) the availability of adequate technical, financial and other resources to complete the development work and to make the intangible asset ready for use or sale; (vi) the ability to measure reliably the expenditure attributable to the intangible asset during its development. The cost of an internally generated intangible asset comprises all di rectly attributable expenditures incurred from the date when the asset first meets the recognition criteria described above. Expenditures previously reco gnized as an expense are not subsequently capitalized. The cost includes expenditures directly attributable to the creation, production and preparation of the asset for its intended use. Subsequent measurement and amortization The useful life of an intangible asset is assessed as either definite or indefinite. Intangible assets with a definite period of useful life are amortized using the straight-line method over their expected useful life, and amortization charges are expensed adequately in the statement of profit and loss. All the intangible assets subject to amortization are amortized under the straight-line method. Intangible assets with indefinite useful lives, as well as those not yet available for use, are tested for impairment at least annually and whenever there is an indication of impairment. Where the carrying amount exceeds the recoverable amount (being the higher of fair value less costs to sell and value in use), the asset is written down to its recoverable amount. Gains or losses arising from the derecognition of intangible assets are measured as the difference between net disposal proceeds and the carrying amount of the asset and are recognized in profit or loss when the asset is derecognized. Estimates At each reporting date, the Group determines if there are any objective ind ications of impairment of a given component of intangible assets. The period of useful life of an intangible asset shall be assessed and classified as definite or indefinite. Intangible a ssets with a definite period of useful life are amortized using the straight-l ine method over their expected useful life, and amortization charges are expensed adequately in the statement of profit and loss. The Group reviews the estimated useful lives of intangible assets at least annually based on current expectations. The costs of internally generated intangible assets are measured and capitaliz ed in line with the Group’s accounting policy. The determination of when to begin the capitalization of such costs is subject to the management’s professional judgement as to the technological and economic feasibility of completing the development project. This moment is determined by reaching a stage (milestone) of the project, at which the Group is reasonably certain of being able to complete the intangible asset so that it will be available for use or sale, and that future economic benefits to be obtained from use or sale of such intangible asset will exceed its production cost. In determining the amount of costs eligible for capitalization, management estimates the present value of future cash flows expected to be generated by the intangible asset. Changes in the net book value of intangible assets that took place du ring the period of 12 months ended 31 December 2025 are presented below: Software and internally generated licenses Costs of development projects in progress Purchased software, patents, licenses and other intangibles Intangible assets recognized in business combinations Total PLN’000 PLN’000 PLN’000 PLN’000 PLN’000 Net book value of intangible assets as at 1 January 2025 (restated) 77,474 - 12,334 470 90,278 Additions, of which: 4,194 - 7,118 - 11,312 Purchases and modernization - - 7,118 - 7,118 Obtaining control over subsidiaries 4,194 - - - 4,194 Capitalization of development project costs - - - - - Transfers from the costs of development projects in progress - - - - - Reductions, of which: (29,776) - (6,089) (475) (36,340) Amortization charges for the reporting period (20,129) - (5,956) (475) (26,560) Disposal and liquidation - - (58) - (58) Transfers to internally generated software - - - - - Impairment losses (9,647) - (75) - (9,722) Other - - - - -
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This English version is a translation of the original document prepared in Polish. In case of any discrepancies between the two versions, the original language version shall be binding. Asseco South Eastern Europe Group Consolidated Financial Statements for the year ended 31 December 2025 in accordance with EU IFRS (in thousands of PLN) 48 Impact of hyperinflation 69 - 318 - 387 Exchange differences on translation of foreign operations (3,556) - (610) 5 (4,161) Net book value of intangible assets as at 31 December 2025 48,405 - 13,071 - 61,476 As at 1 January 2025 Gross value 165,112 - 68,402 5,013 238,527 Accumulated amortization and impairment losses (87,638) - (56,068) (4,543) (148,249) Net book value as at 1 January 2025 77,474 - 12,334 470 90,278 As at 31 December 2025 Gross value 161,133 - 73,371 5,151 239,655 Accumulated amortization and impairment losses (112,728) - (60,300) (5,151) (178,179) Net book value as at 31 December 2025 48,405 - 13,071 - 61,476 Changes in the net book value of intangible assets that took place du ring the period of 12 months ended 31 December 2024 are presented below: Software and internally generated licenses Costs of development projects in progress Purchased software, patents, licenses and other intangibles Intangible assets recognized in business combinations Total PLN’000 PLN’000 PLN’000 PLN’000 PLN’000 Net book value of intangible assets as at 1 January 2024 (restated) 70,549 - 14,512 1,216 86,277 Additions, of which: 29,979 - 3,439 - 33,418 Purchases and modernization - - 3,438 - 3,438 Obtaining control over subsidiaries 29,979 - 1 - 29,980 Capitalization of development project costs - - - - - Transfers from the costs of development projects in progress - - - - - Reductions, of which: (22,502) - (5,852) (710) (29,064) Amortization charges for the reporting period (19,270) - (5,789) (710) (25,769) Disposal and liquidation - - (63) - (63) Transfers to internally generated software - - - - - Impairment losses (3,232) - - - (3,232) Other - - 97 - 97 Impact of hyperinflation 136 - 490 - 626 Exchange differences on translation of foreign operations (688) - (352) (36) (1,076) Net book value of intangible assets as at 31 December 2024 77,474 - 12,334 470 90,278 As at 1 January 2024 Gross value 137,471 - 64,904 5,190 207,565 Accumulated amortization and impairment losses (66,922) - (50,392) (3,974) (121,288) Net book value as at 1 January 2024 70,549 - 14,512 1,216 86,277 As at 31 December 2024 Gross value 165,112 - 68,402 5,013 238,527 Accumulated amortization and impairment losses (87,638) - (56,068) (4,543) (148,249) Net book value as at 31 December 2024 77,474 - 12,334 470 90,278 As at 31 December 2025 and 31 December 2024, intangible assets were not pledged as collateral for bank borrowings. During the 12-month period ended 31 December 2025, the Group recognized imp airment losses on intangible assets amounting to PLN 9,722 thousand, including PLN 9,647 thousand relating to assets recognized on the acquisition of Touras and Askepnet. These impairments resulted from a deterioration in the expected ability of these assets to generate future economic benefits. For the purposes of impairment testing, intangible assets are allocated to individual cash-generating units (CGUs) or groups of CGUs. Details of the annual impairment testing are d isclosed in explanatory note 6.5 to these consolidated financial statements.
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This English version is a translation of the original document prepared in Polish. In case of any discrepancies between the two versions, the original language version shall be binding. Asseco South Eastern Europe Group Consolidated Financial Statements for the year ended 31 December 2025 in accordance with EU IFRS (in thousands of PLN) 49 Development projects The Group undertakes development projects aimed at creating new so ftware or significantly enhancing or expanding existing applications offered by the Group. However, i n the year ended 31 December 2025, as well as in the comparative period, the Group neither capitalized developme nt costs nor completed development projects initiated in prior years. Total research and development expenditure recognized as an expense duri ng the 12-month period ended 31 December 2025 amounted to PLN 19,116 thousand (PLN 22,443 thousand in the comparative period). 6.3. Right-of-use assets Selected accounting policies At the contract inception, the Group determines whether a contract is a lease or contains a lease. Short-term leases and leases of low-value assets The Group has applied the recognition exemptions for short-term leases to lease contracts with a lease term of 12 months or less from the commencement date and which do not include a purchase option. The G roup also applies the exemption for leases of low-value assets. Lease payments associated with short-term leases and leases of low-value assets are recognized as an expense on a straight- line basis over the lease term Initial recognition and measurement of right-of-use assets For contracts identified as leases, the Group recognizes right-of-use assets in the statement of financial position at the commencement date (i.e., the date on which the underlying asset is available for use by the Group). Right-of-use assets are initially measured at cost. The cost of a right-of-use asset comprises: the amount of the initial measurement of the lease liability, any lease payments made at or before the commencement date less any lease incentives received, any initial direct costs incurred by the lessee, and an estimate of costs to be incurred by the lessee in dismantling and removing the underlying asset. Subsequent measurement of right-of-use assets The Group measures right- of-use assets using the cost model, i.e., at cost less accumulated depreciat ion and impairment losses, adjusted for any remeasurement of the lease liability (i.e., lease modifications that do not result in a separate lease). Depreciation of right-of-use assets is recognized on a straight-line basis. If ownership of the underlying asset is transferred to the Group by the end of the lease term, or if the cost of the right-of-use asset reflects that the Group will exercise a purchase option, depreciation is charged from the commencement date to the end of the useful life of the underlying asset. Otherwise, depreciation is charged from the commencement date to the earlier of the end of the useful life of the right-of-use asset or the end of the lease term. The Group applies the requirements of IAS 36 Impairment of Assets to determine whether a right-of-use asset is impaired. Estimates At the contract inception, the Group makes an assessment whether the contra ct is a lease or contains a lease, and estimates the incremental borrowing rate and the lease term. At each reporting date, the Group determines if there are any objective indications of impairment of a given right-of-use asset. Depreciation is generally calculated on a straight-line basis over the estimated useful life of the asset. Changes in the net book value of right- of-use assets that took place during the period of 12 months ended 31 December 2025 are presented below: Land and buildings Means of transport The remaining Together thousand PLN thousand PLN thousand PLN thousand PLN Net value of the right-of-use asset as of January 1, 2025 54 370 14,232 246 68,848 Increases in stock due to: 27,705 3,909 92 31,706 Conclusion of a new leasing agreement 20,063 3,844 92 23,999 Modifications to current contracts 6,977 37 - 7,014 Taking control over subsidiaries 665 28 - 693 Decreases in status due to: (23,952) (5 130) (257) (29,339) Depreciation write-off for the reporting period (18,278) (4,722) (257) (23,257) Early termination of the contract (5,610) (408) - (6,018) Modifications to current contracts (64) - - (64) The remaining - (28) - (28) Exchange rate differences from the conversion of foreign units (2,216) (225) (2) (2,443) Net value of the right of use as of December 31, 2025 55 907 12,758 79 68,744 As of January 1, 2025 Gross value 101 554 23,853 1,857 127 264 Accumulated depreciation and impairment losses (47,184) (9,621) (1,611) (58,416)
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This English version is a translation of the original document prepared in Polish. In case of any discrepancies between the two versions, the original language version shall be binding. Asseco South Eastern Europe Group Consolidated Financial Statements for the year ended 31 December 2025 in accordance with EU IFRS (in thousands of PLN) 50 Net carrying amount as at 1 January 2025 54 370 14,232 246 68,848 As of December 31, 2025 Gross value 114 087 24,663 92 138,842 Accumulated depreciation and impairment losses (58 180) (11,905) (13) (70,098) Net carrying amount as at 31 December 2025 55 907 12,758 79 68,744 Changes in the net book value of right- of-use assets that took place during the period of 12 months ended 31 December 2024 are presented below: Land and buildings Transportation vehicles Other Total PLN’000 PLN’000 PLN’000 PLN’000 Net book value of right-of-use assets as at 1 January (restated) 36,640 8,255 1,142 46,037 Additions, of which: 35,779 11,343 - 47,122 Conclusion of new lease contracts 19,430 10,413 - 29,843 Modification of existing contracts 10,474 930 - 11,404 Obtaining control over subsidiaries 5,875 - - 5,875 Reductions, of which: (17,267) (5,144) (829) (23,240) Depreciation charges for the reporting period (16,626) (4,815) (796) (22,237) Acquisition of right-of-use assets - (17) - (17) Early termination of contracts (638) (257) - (895) Modification of existing contracts (3) (40) (33) (76) Reclassification to assets held for sale - (15) - (15) Other 57 (22) (38) (3) Exchange differences on translation of foreign operations (839) (200) (29) (1,068) Net book value of right-of-use assets as at 31 December 2024 54,370 14,232 246 68,848 As at 1 January 2024 Gross value 87,836 20,754 3,012 111,602 Accumulated depreciation and impairment losses (51,196) (12,499) (1,870) (65,565) Net book value as at 1 January 2024 36,640 8,255 1,142 46,037 As at 31 December 2024 Gross value 101,554 23,853 1,857 127,264 Accumulated depreciation and impairment losses (47,184) (9,621) (1,611) (58,416) Net book value as at 31 December 2024 54,370 14,232 246 68,848 6.4. Goodwill Selected accounting policies Goodwill Goodwill is an asset representing future economic benefits arising from assets acquired as part of a business acquisition that cannot be individually identified or separately recognized. At the acquisition date, goodwill is allocated to each cash-generating unit (CGU) or group of CGUs that are expected to benefit from the synergies of the business combination. After initial recognition, goodwill is accounted for at cost less any accumulated impairment charges. Goodwill is tested for impairment on an annual basis as at 31 December, or more frequently if there are indications to do so. Goodwill is not subject to amortization. An impairment loss is determined by estimating the recoverable amount of a cash-generating unit to which goodwill has been allocated. In the event the recoverable amount of a cash-generating unit is lower than its carrying value, an impairmentloss is recognized. Goodwill is derecognized in the case of losing control over the cash-generating unit to which it was allocated. Within the Group, there are often combinations of businesses under co mmon control, whereby all of the combining business entities are ultimately controlled by the same party or parties, both before and after the business combination, and that control is not transitory. Under such transactions, the fair value of combined assets (including in tangible assets) is not remeasured. Accordingly, goodwill previously recognized in the consolidated financial statements remains unchanged. Estimates Goodwill is tested for impairment on an annual basis as well as at each reporting date when there is a justified indication to do so. Performing such a test requires estimating the recoverable amount of a cash-gen erating unit and is usually carried out using the discounted cash flow method, which entails the need to make estimates f or future cash flows, changes in working capital and the weighted average cost of capital. Detailed information on impairment tests has been provided in explanatory note 6.5.
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This English version is a translation of the original document prepared in Polish. In case of any discrepancies between the two versions, the original language version shall be binding. Asseco South Eastern Europe Group Consolidated Financial Statements for the year ended 31 December 2025 in accordance with EU IFRS (in thousands of PLN) 51 For impairment testing purposes, goodwill arising from obtaining control over subsidiaries is allocated to the group of cash-generating units that constitute operating segments. The table below presents goodwill as of December 31, 2025 and December 31, 2024, broken down by operating segment: December 31, 2025 December 31, 2024 (restated) thousand PLN thousand PLN Banking solutions 209 753 214 091 Payment solutions 312 219 418 055 Dedicated solutions 382 864 389 813 TOTAL 904 836 1,021,959 Gross value 1,043,152 1,035,712 Impairment write-offs (138,316) (13,753) Net carrying amount as at 31 December 904 836 1,021,959 The change in goodwill in 2025 and in the comparative period resulted from the fol lowing movements: January 1, 2025 (restated) Taking control The impact of hyperinflation Exchange rate differences Impairment of value Transfer to assets for sale December 31, 2025 thousand PLN thousand PLN thousand PLN thousand PLN thousand PLN thousand PLN thousand PLN Banking solutions 214 091 - 1,919 (6,257) - - 209 753 Payment solutions 418 055 47 170 6,887 (27,796) (132,097) - 312 219 Dedicated solutions 389 813 - 8,287 (15,236) - - 382 864 TOTAL 1,021,959 47 170 17,093 (49,289) (132,097) - 904 836 January 1, 2024 Taking control The impact of hyperinflation Exchange rate differences Impairment of value Transfer to assets for sale December 31, 2024 (restated) thousand PLN thousand PLN thousand PLN thousand PLN thousand PLN thousand PLN thousand PLN Banking solutions 214 988 - 2,441 (3,338) - - 214 091 Payment solutions 262 127 170 485 15,550 (8,862) - (21,245) 418 055 Dedicated solutions 398 319 3,660 10,542 (8,955) (13,753) - 389 813 TOTAL 875 434 174 145 28,533 (21,155) (13,753) (21,245) 1,021,959 In the period of 12 months ended 31 December 2025, the balance of goodwill arising from consolidation was affected by the following transactions: i. Hyperinflation in Turkey As a result of the Turkish economy being classified as hyperin flationary, the Group applied IAS 29 Financial Reporting in Hyperinflationary Economies. This standard requires the restatement of non-monetary assets to reflect changes in purchasing power using a general price index, so that they are expressed in terms of the measuring unit current at the end of the reporting period. One of the non-monetary assets is goodwill recognized on the acquisition of control over Turkish subsidiaries. Th is goodwill originates from acquisitions completed in the period 2010–2021. The inflationary revaluation of goodwill by the price index for 202 5, translated at the exchange rate of 31 December 2025, amounted in total to PLN 15,151 thousand which was recognized in financial income, under “Gain/Loss on the net monetary position”, for the year 2025. The impact of hyperinflation on our consolidated financial statements has been described in explanatory note 2.11.
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This English version is a translation of the original document prepared in Polish. In case of any discrepancies between the two versions, the original language version shall be binding. Asseco South Eastern Europe Group Consolidated Financial Statements for the year ended 31 December 2025 in accordance with EU IFRS (in thousands of PLN) 52 ii. Acquisition of shares in Fawaterk for E- payments LLC On 15 January 2025, Payten Holding S.A. acquired a 51% stake of shares in Fa waterk for E-payments LLC, a company based in Cairo, Egypt. The total purchase price of this 51% stake in Fawaterk determined at the acquisition date amounted to USD 0.8 million and it comprised: a consideration paid on the transaction date, as well as the fair value of conditional payments depending on on the future financial performance of the acqui ree. Non-controlling interests were measured at the proportionate share of the acquiree’s identifiable net assets and recognized at the AEE Group level. Additionally, Payten Holding entered into an agreement with one of the non-controlling shareholders of Fawaterk concerning put/call options. The amount of liabilities under put o ptions has been disclosed in explanatory note Error! Reference source not found. to these consolidated financial statements. The provisional values of identifiable assets and liabilities of Fawaterk as at the acquisition date are presented below (translated using the PLN/EGP exchange rate at the acquisition date): Provisional values as at the acquisition date Provisional values as at the acquisition date Level in fair value hierarchy EGP’000 PLN’000 Assets acquired Property, plant and equipment 200 16 3 Other receivables 7,733 624 3 Cash and cash equivalents - - 3 Other assets 550 44 3 Total assets 8,483 684 Liabilities acquired Bank loans and borrowings 1,047 84 3 Trade payables 460 37 3 Liabilities to the state and local budgets 162 13 3 Other liabilities 7,648 617 3 Total liabilities 9,317 751 Net assets value (834) (67) Equity interest acquired 51% 51% Value of non-controlling interests (409) (33) Purchase price 42,508 3,430 Goodwill as at the acquisition date 42,933 3,464 * Figures translated to PLN at the exchange rate effective on 31 December 202 4: EGP 1 = PLN 0.0807 The input data used for the purchase price allocation was based on the financial statements of the acquiree prepared as at 31 December 2024. These data were prepared in accordance with the accounting policies applied within the ASEE Group. Goodwill recognized in the ASEE Group’s consolidated financial statemen ts in connection with the acquisition of Fawaterk was allocated to the Payment Solutions segment. Acquisition-related expenses were recognized in the statement of profit and loss. iii. Acquisition of shares in Sycket Technologies, SL On 22 April 2025, Payten Holding S.A. acquired 70% of shares in Sycket Technologies, S.L., a company based in Seville, Spain. All non-controlling interests are subject to put/call options and accounted for using the present ownership method. Therefore, this acquisition is accounted for as if the Group had purchased 100% of shares in Sycket and it does not recognize any non-controlling interests. The total purchase price determined at the acquisition date amounted to E UR 11.2 million and it comprised: a cash consideration paid on closing of EUR 1.5 million, the fair value of contingent consideration dependent on the future financial performance of the acquiree of EUR 3.8 million, as well as the fair value of liabilities under put options held by non-controlling shareholders in the amount of EU R 5.9 million. The provisional values of identifiable assets and liabilities o f Sycket as at the acquisition date are presented below (translated using the PLN/EUR exchange rate at the acquisition date ):
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This English version is a translation of the original document prepared in Polish. In case of any discrepancies between the two versions, the original language version shall be binding. Asseco South Eastern Europe Group Consolidated Financial Statements for the year ended 31 December 2025 in accordance with EU IFRS (in thousands of PLN) 53 Provisional values as at the acquisition date Provisional values as at the acquisition date Level in fair value hierarchy EUR’000 PLN’000 Assets acquired Property, plant and equipment 751 3,213 3 Intangible assets 990 4,235 3 Intangible assets recognized as at the acquisition date (PPA) 825 3,529 3 Right-of-use assets 163 697 3 Trade receivables 74 317 3 Cash and cash equivalents 76 325 3 Other assets 25 107 3 Total assets 2,079 8,894 Liabilities acquired Bank loans and borrowings 474 2,028 3 Lease liabilities 163 697 3 Trade payables 123 526 3 Liabilities to the state and local budgets 106 453 3 Deferred tax liabilities 206 881 3 Deferred tax liabilities on intangible assets recognized as at the acquisition date (PPA) 206 881 3 Other liabilities 48 205 3 Total liabilities 1,120 4,790 Net assets value 959 4,104 Equity interest acquired 100%* 100%* Purchase price 11,176 47,809 Goodwill as at the acquisition date 10,217 43,705 * The acquisition has been accounted for using the present ownership method due to the put/call options contained in the company acquisition agreement. Figures translated to PLN at the exchange rate effective on 30 April 2025: EUR 1 = PLN 4.2778 The input data used for the purchase price allocation was based on the financial statements of the acquiree prepared as at 30 April 2025. These data were prepared in accordance with the accounting policies applied within the ASEE Group. As a result of the purchase price allocation, the Group recognized intangible assets constituted by ECR software for the restaurant and hotel industry, including electronic cash registers. T he valuation of the software was performed based on forecast future revenues, expected EBITDA margins and the return on contributory assets. The resulting cash flows were discounted using a discount rate consistent w ith the weighted average cost of capital (WACC) determined for the acquired company. On the liabilities side , a deferred tax liability was recognized in relation to the identified intangible assets. Goodwill recognized in the ASEE Group’s consolidated financial statemen ts in connection with the acquisition of Sycket was allocated to the Payment Solutions segment. Acquisition-related expenses were recognized in the statement of profit and loss. iv. Allocation of the purchase price of shares in Touras India Private Limited (formerly Paygate Indi a Private Limited) in India and Touras Technologies Limited (formerly Paygate Limited) in the Unite d Arab Emirates On 1 July 2024, Payten Holding S.A. based in Warsaw entered into a framework agreemen t defining a scheme for the acquisition of shares in Paygate India Private Limited in Ind ia and Paygate Limited in the United Arab Emirates, as well as individual share purchase agreements for both entities . Following the acquisition of control, both companies were renamed: Paygate India Private Limited to Touras India Private Limited (hereinafter “Touras India”), and Paygate Limited to Touras Technologies Limited (hereinafter “Touras Tech UAE”). Acquisition of shares in Touras India Private Limited (formerly Paygate India Private Limited) Payten Holding S.A. acquired 55% of shares in Touras India Private Lim ited, a company based in Gurugram, India. Touras India Private Limited holds 100% of shares in Touras Tech Global Private Limited (India) (formerly Safexpay Technologies Private Limited) based in Thane West, India. The total purchase price of the 55% stake in Touras India Group determined at the acquisition date amounted to EUR 23.6 million and it comprised: a cash consideration paid of EUR 6 million, as well as the fair value of
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This English version is a translation of the original document prepared in Polish. In case of any discrepancies between the two versions, the original language version shall be binding. Asseco South Eastern Europe Group Consolidated Financial Statements for the year ended 31 December 2025 in accordance with EU IFRS (in thousands of PLN) 54 contingent consideration dependent on the future financial performance of the entity and its subsidiary amounting to EUR 17.6 million. Non-controlling interests were measured at the proportionate share of the acquiree’s identifiable net assets and recognized at the ASEE Group level. Additionally, Payten Holding entered into agreements with the non- controlling shareholders of Touras India concerning put/call options. The amount of liabilities under put options has been disclosed in explanatory note Error! Reference source not found. to these consolidated financial statements. In the third quarter of 2025, the purchase price allocation process was completed. The fair values of identifiable assets and liabilities of Touras India Group as at the acquisition date w ere as follows: Provisional values as at the acquisition date Provisional values as at the acquisition date Fair values as at the acquisition date Fair values as at the acquisition date Level in fair value hierarchy INR’000 PLN’000 INR’000 PLN’000 Assets acquired Property, plant and equipment 21,693 1,049 21,693 1,049 3 Intangible assets, of which: 498,400 24,091 498,400 24,091 3 Intangible assets recognized as at the acquisition date (PPA) 479,339 23,169 479,339 23,169 3 Right-of-use assets 114,480 5,534 114,480 5,534 3 Trade receivables 346,978 16,772 327,858 15,847 3 Receivables from the state and local budgets 248,162 11,995 248,162 11,995 3 Other receivables 106,228 5,135 106,228 5,135 3 Cash and cash equivalents 7,001 338 7,001 338 3 Other financial assets, including loans granted 357,681 17,289 357,681 17,289 3 Other assets 5,994 290 5,994 290 3 Total assets 1,706,617 82,493 1,687,497 81,568 Liabilities acquired Bank loans and borrowings 44,747 2,163 44,747 2,163 3 Lease liabilities 6,931 335 6,931 335 3 Trade payables 50,357 2,434 50,357 2,434 3 Liabilities to the state and local budgets 158,755 7,674 158,755 7,674 3 Deferred tax liabilities, of which: 121,579 5,877 121,579 5,877 3 Deferred tax liabilities on intangible assets recognized as at the acquisition date (PPA) 119,835 5,792 119,835 5,792 3 Other liabilities 749,070 36,207 749,070 36,207 3 Provisions 11,412 552 117,138 5,662 3 Total liabilities 1,142,851 55,242 1,248,577 60,352 Net assets value 563,766 27,251 438,920 21,216 Equity interest acquired 55% 55% 55% 55% Value of non-controlling interests 253,695 12,263 197,514 9,547 Purchase price 2,108,619 101,922 2,108,619 101,922 Goodwill as at the acquisition date 1,798,548 86,934 1,867,213 90,253 Figures translated to PLN at the exchange rate effective on 28 June 20 24: INR 1 = PLN 0.048336 (the last exchange rate quoted by the N ational Bank of Poland in June 2024, used for the conversion of data as at 30 June 2024) The input data used for the purchase price allocation were based on the financial statements of the entity prepared as at 30 June 2024. The input data were prepared in accordance with the accounting policies adopted by the ASEE Group. As a result of the purchase price allocation, the Group recognized intan gible assets constituted by payment gateway software and a platform for processing cash withdrawals and recurring payments called “Payouts”. The valuation of the software was performed based on forecast f uture revenues, expected EBITDA margins and the return on contributory assets. The resulting cash flows were discou nted using a discount rate consistent with the weighted average cost of capital (WACC) determined for th e acquired company. On the liabilities side, a deferred tax liability was recognized in relation to the id entified intangible assets. Acquisition-related expenses were recognized in the statement of profit and loss. The goodwill recognized in the consolidated financial statements of the ASEE Group in connection with the acquisition of the Touras India group increased the goodwill in the Payment Solutions segment. However, upon completing the purchase price allocation process and recognizing the specif ic financial difficulties for these companies, not the entire Payment Solutions segment, reflected in the recogn ition of significant revenue
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This English version is a translation of the original document prepared in Polish. In case of any discrepancies between the two versions, the original language version shall be binding. Asseco South Eastern Europe Group Consolidated Financial Statements for the year ended 31 December 2025 in accordance with EU IFRS (in thousands of PLN) 55 reversals and asset write-offs, a significant decline in revenue and a loss generated in current operations, negative operating cash flows, and integration difficulties, the Group decided to write off the goodwill arising from the acquisition of the Touras India companies, recognizing financial costs of PLN 70,563 thousand. The impairment was recognized based on an impairment test and the esti mation of the recoverable value of the business in India . The recoverable amount was determined by estimating future cash flows generated by the Indian entities and applying an appropriate discount rate to calcul ate their present value. The projected cash flows reflect management’s strategy and plans for the resp ective entities, taking into account both geographic and sector-specific market conditions, as well as the current and expected o rder backlog. Detailed cash flow projections covered a five-year period. The revenue growth rate assumed in the impairment test, calculated as a comp ound annual growth rate (CAGR) over the detailed forecast period, amounted to 19.4% (calculated after adjus ting revenue for one-off events). The after-tax discount rate used in the model was 11.0% as of December 31, 2025. The individual components of the discount rate adopted were estimated based on market data on risk -free rates, the beta coefficient, which was leveraged based on the market debt/equity structure, and the expected market ra te of return. Lower projected financial performance of the Touras India entities als o resulted in a reduction of contingent consideration liabilities related to the acquisition, leading to the recognition of a financial profit in the amount of PLN 85,835 thousand, which was presented and described in point 5.4 of the explanatory notes. Acquisition of shares in Touras Technologies Limited (formerly Paygate Limited) in the United Arab Emirates Payten Holding S.A. acquired 51% of shares in Touras Tech Limited, a company based in Dubai. Touras Tech UAE holds 100% of shares in Safexpay Software Solutions LLC based in Dubai. The total purchase price of the 51% stake in Touras Tech UAE determined at the acquisition date amounted to EUR 16 million and comprised: a consideration paid at closing of EUR 2 million, a deferred considaration of EUR2 million, as well as the fair value of contingent consideration dependent on the future financial performance of the entity and its subsidiary in the amount of EUR 12 million. Non-controlling interests were measured at the proportionate share of the a cquiree’s net assets and recognized at the ASEE Group level. Additionally, Payten Holding S.A. entered into put/call option agreements with the non-controlling shareholders of Touras Tech UAE. The liability arising from the put option is disclosed in explanatory note Error! Reference source not found. to these consolidated financial statements. In the third quarter of 2025, the purchase price allocation process was completed. The fair values of identifiable assets and liabilities of Touras Tech UAE Group as at the acquisition date were as follows: Provisional values as at the acquisition date Provisional values as at the acquisition date Fair values as at the acquisition date Fair values as at the acquisition date Level in fair value hierarchy AED’000 PLN’000 AED’000 PLN’000 Assets acquired Property, plant and equipment 10 11 10 11 3 Trade receivables 13,576 14,893 13,576 14,893 3 Receivables from the state and local budgets 74 81 74 81 3 Other receivables 58 64 58 64 3 Inventories 95 104 95 104 3 Cash and cash equivalents 162 178 162 178 3 Other assets 45 49 45 49 3 Total assets 14,020 15,380 14,020 15,380 Liabilities acquired Trade payables 7,150 7,844 7,150 7,844 3 Liabilities to the state and local budgets 678 744 678 744 3 Other liabilities 909 997 909 997 3 Provisions 17 19 17 19 3 Total liabilities 8,754 9,604 8,754 9,604 Net assets value 5,266 5,776 5,266 5,776 Equity interest acquired 51% 51% 51% 51% Value of non-controlling interests 2,580 2,830 2,580 2,830
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This English version is a translation of the original document prepared in Polish. In case of any discrepancies between the two versions, the original language version shall be binding. Asseco South Eastern Europe Group Consolidated Financial Statements for the year ended 31 December 2025 in accordance with EU IFRS (in thousands of PLN) 56 Purchase price 63,074 69,192 63,074 69,192 Goodwill as at the acquisition date 60,388 66,246 60,388 66,246 Figures translated to PLN at the exchange rate effective on 26 June 2024 : AED 1 = PLN 1.0970 (the last exchange rate quoted by the National Bank of Poland in June 2024, used for the conversion of data as at 30 June 2024) The input data used for the purchase price allocation were based on the financial statements of the entity prepared as at 30 June 2024. The input data were prepared in accordance with the accounting policies adopted by the ASEE Group. Acquisition-related expenses were recognized in the statement of profit and loss. The goodwill recognized in the consolidated financial statements of the ASE E Group in connection with the acquisition of the Touras Tech UAE group increased the goodwill i n the Payment Solutions segment. However, upon completing the purchase price allocation process and recognizing the specific financial difficulties specific to these companies, not the entire Payment Solutions segment, reflected in recognized asset write-downs, a significant decline in revenues and a loss generated in current operati ons, negative operating cash flows, and integration difficulties, the Group decided to write off the goodwill ar ising from the acquisition of the Touras Tech UAE companies, recognizing financial costs of PLN 61,534 thousand. The impairment was recognized based on an impairment test and an estimate of the re coverable value of the business in UAE . The recoverable amount was determined by estimating future cash flows genera ted by the Indian entities and applying an appropriate discount rate to calculate th eir present value. The projected cash flows reflect management’s strategy and plans for the respective entities, taking into account both geographic and sector-specific market conditions, as well as the current and expe cted order backlog. Detailed cash flow projections covered a five-year period. The revenue growth rate assumed in the impairment test, calculated as a comp ound annual growth rate (CAGR) over the detailed forecast period, amounted to -7,5% (calculated after ad justing revenue for one-off events). The after-tax discount rate used in the model was 10.0% as of December 31, 2025. The individual components of the discount rate adopted were estimated based on market data on risk -free rates, the beta coefficient, which was leveraged based on the market debt/equity structure, and the expected market ra te of return. Lower projected financial performance of the Touras Tech UAE entitie s also resulted in a reduction of contingent consideration liabilities related to the acquisition, leadin g to the recognition of a financial profit in the amount of PLN 48,218 thousand, which was presented and described in point 5.4 of the explanatory notes. v. Allocation of the purchase price of shares in Askepnet TOV On July 29, 2024, ASEE Solutions srl . (Romania) acquired 100% of shares in Askep net TOV based in Lviv (Ukraine). The total purchase price determined as of the transaction date was USD 1.7 million and included: the price paid on the transaction date in the amount of USD 0.8 million and the f air value of contingent consideration dependent on the future financial performance of the entity amounting to EUR 0.8 million. The fair values of identifiable assets and liabilities of Askepnet as at th e acquisition date were as follows: Provisional values as at the acquisit ion date Provisional values as at the acquisit ion date Fair values as at the acquisition date Fair values as at the acquisition date Level in fair value hierarchy UAH’000 PLN’000 UAH’000 PLN’000 Acquired assets Property, plant and equipment 161 16 161 16 3 Intangible assets, including: 45,933 4,446 45,933 4,446 3 Intangible assets recognized at the acquisition date (PPA) 45,916 4 445 45,916 4 445 3 Right-of-use assets 2,566 248 2,566 248 3 Trade receivables 2 115 205 2 115 205 3 Cash and cash equivalents 1,229 119 1,229 119 3 Other assets 154 15 154 15 3 Total assets 52 158 5,049 52 158 5,049 Acquired liabilities Lease liabilities 2,566 248 2,566 248 3 Trade obligations 1,710 166 1,710 166 3
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This English version is a translation of the original document prepared in Polish. In case of any discrepancies between the two versions, the original language version shall be binding. Asseco South Eastern Europe Group Consolidated Financial Statements for the year ended 31 December 2025 in accordance with EU IFRS (in thousands of PLN) 57 Liabilities arising from contracts with customers 8,641 836 8,641 836 3 Liabilities to the state and local budgets 165 16 165 16 3 Deferred tax liability, including: 8,265 800 8,265 800 3 Deferred tax liability for intangible assets recognized at the acquisition date (PPA) 8,265 800 8,265 800 3 Total liabilities 21,347 2,066 21,347 2,066 Net asset value 30 811 2,983 30 811 2,983 Equity interest acquired 100% 100% 100% 100% Purchase price 68 619 6,642 68 619 6,642 Goodwill at the date of acquisition 37,808 3,659 37,808 3,659 Figures translated to PLN at the exchange rate effective on 31 July 2024: UAH 1 = PLN 0.0968. The input data used for the purchase price allocation were based on the financial statements of the entity prepared as at 31 July 2024. The input data were prepared in accordance with the accounting policies adopted by the ASEE Group. As a result of the purchase price allocation, a system used to automate workflows at medical facilities was recognized as an intangible asset. The valuation of the software was perfo rmed based on forecast future revenues, expected EBITDA margins and the return on contributory assets. T he resulting cash flows were discounted using a discount rate consistent with the weighted average cost of capital (WACC) determined for the acquired company. On the liabilities side, a deferred tax liability was recognized in relation to the identified intangible assets. The goodwill recognised in the consolidated financial statements of the ASEE Group in connection with the acquisition of Askepnet was allocated to Dedicated Solutions segment. Acquisition-related expenses were recognized in the statement of profit and loss. 6.5. Impairment tests Selected accounting policies At each reporting date, the Group determines whether there are any indications of impairment of non-financial fixed assets. If any such indication exists, or when annual impairment testing is required, the Group estimates the recoverable amount of the asset or the cash-generating unit (CGU) to which the asset has been allocated. The recoverable amount of an asset or CGU is the higher of its fair valu e less costs of disposal and its value in use. The recoverable amount is determined for individual assets unless the asset does not generate cash inflows that are largely independent of those from other assets or groups of assets. Where the carrying amount of an asset exceeds its recoverable amount, the asset i s considered impaired and is written down to its recoverable amount. In assessing value in use, the estimated future cash flows are discounted to their present value using a discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. Impairment losses relating to assets used in continuing operations are recognized as operating expenses. At each reporting date, the Group also assesses whether there are any indications that an impairment loss recognized in prior periods may no longer exist or may have decreased. If such indications exist, the Group estimates the recoverable amount of the asset. A previously recognized impairment loss is reversed only if there has been a chang e in the estimates used to determine the as set’s recoverable amount since the last impairment loss was recognized. In such circumstances, the carrying amount of the asset is increased to its recoverable amount. However, the increased carrying amount cannot exceed the carrying amount that would have been determined (net of depreciation or amortization) had no impairment loss been recognized in prior periods. A reversal of an impairment loss is recognized immediately as a reduction of operating expenses. Following a reversal of an impairment loss, the depreciation charges made on the relevant asset during subsequent fi nancial periods shall be adjusted in such a way as to enable systematic depreciation of the asset’s verified book value (net of residual value) over the remaining period of its useful life. Goodwill – impairment testing After initial recognition, goodwill is accounted for at cost less any accumulated impairment charges. Goodwill is tested for impairment annualy, or more frequently if there are indications to do so. Goodwill is not subject to amortization. At the acquisition date, the acquired goodwill is allocated to each cash-generating unit that is expected to benefit from the synergies of the business combination. Each CGU or group of CGUs to which goodwill is allocated represents the lowest level within the Group at which goodwill is monitored for internal management purposes and is not larger than an operating segment as defined in IFRS 8 Operating Segments. An impairment loss is determined by estimating the recoverable amount of a cash-generating unit to which goodwill has been allocated. In the event the recoverable amount of a cash-generating unit is lower tha n its carrying value, an impairment charge is recognized. Impairment losses relating to goodwill are not reversed in subsequent periods. In the event a cash-generating unit contains goodwill and a part of operation of this cash-generating unit is sold, goodwill rel ated to the operation disposed shall be included in its carrying value for the purpose of determining a gain or loss on disposal of that operation. In such circumstances the value of goodwill sold shall be measured as a proportion of the value of operation disposed to the value o f the portion of the cash-generating unit retained, unless the Group can demonstrate that some other method better reflects the goodwill associated with the operation disposed of. Estimates
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This English version is a translation of the original document prepared in Polish. In case of any discrepancies between the two versions, the original language version shall be binding. Asseco South Eastern Europe Group Consolidated Financial Statements for the year ended 31 December 2025 in accordance with EU IFRS (in thousands of PLN) 58 Each impairment test requires making estimates of the value in use of cash-generating units or groups of cash-generating units to which goodwill and/or intangible assets with indefinite useful life have been allocated. The estimation of value in use involves determining the future cash flows expected to be generated by the cash-generating unit(s) and selecting an appropriate discount rate, which is then applied to calculate the present value of those cash flows. Goodwill is presented in the consolidated financial statements in a breakdown corresponding to the Group’s operating segments, i.e. Banking Solutions, Payment Solutions, and Dedicated Solutions. Goodwill is subject to annual impairment testing and was tested for impairmen t as at 31 December 2025. The starting point for determining the value of cash generating units to which goodwill has been allocated was to estimate the recoverable amount of our investments in subsidiaries, in a breakdown by business units constituting the Group’s operating segments. Subsequently, the recoverable amounts of individual business units from various subsidiaries were aggregated by operating segments to which they were assigned, together creating the value of the cash-generating unit to which goodwill was allocated. The recoverable amount of investments in subsidiaries as at 31 December 202 5 was determined on the basis of their value in use, applying the forecasted free cash flow to firm (FCFF) based on the financial forecasts approved by our management personnel. The following key assumptions were applied in the calculations: ▪ the budgets and forecasts of individual subsidiaries were analyzed by operating segments; ▪ the detailed forecast covered the period of 5 years at minimum. Fi nancial data for the first year was based on approved budgets, while subsequent periods reflected pro jected changes in cash flows, and take into account both geographical and sector-specific market conditions, wh ile also reflecting the current and expected order backlog. The the expected order backlog assumes reten tion of existing customers as well as acquisition of new ones. The assumed change s are not materially different from average growth observed in relevant markets; ▪ cash flow projections of foreign subsidiaries were prepared in their f unctional currencies and subsequently translated into PLN at the exchange rate as at 31 December 2025 for the purpose of determining the recoverable amount of segments. The revenue growth rate, whi ch is calculated as the compound annual growth rate (CAGR) in the period of detailed forecast, equalled: 2.66% for the Banking Solutions segment, 3.74% for the Payment Solutions segment, and 2.30% f or the Dedicated Solutions segment; ▪ the discount rates applied were equivalent to the weighted average cost of capital determined for individual subsidiaries (a single discount rate was applied for dif ferent business segments within one subsidiary). The components of the discount rates were estimated based on market data, including risk- free rates, beta coefficients (levered based on the market debt- to-equity structure), and expected market returns. Depending on the market in which a given part of a seg ment operates, the discount rates range from 8.7% to 41.1%. Presented below are the levels of discount rates, in a breakdown by countries in which our subsidiaries operate: Country of company headquarters 31 December 2025 31 December 2025 31 December 2024 31 December 2024 After-tax discount rates Pre-tax discount rates After-tax discount rates Pre-tax discount rates Albania / Kosovo 11.3% - 13.3% 12.5% - 15.4% 11.6% - 14.4% 12.9% - 18.2% Bosnia and Herzegovina 14.9% - 15.7% 16.4% - 17.5% 16.2% - 17.3% 17.8% - 51.3% Bulgaria 9.3% 10.3% 9.7% 10.6% Croatia 8.8% - 9.2% 10.5% - 11.0% 9.3% - 9.8% 11.0% - 11.7% Czech Republic / Slovakia 8.8% - 9.8% 10.9% - 12.1% 9.3% - 9.9% 11.4% - 12.4% Montenegro 12.5% - 13.1% 14.4% - 15.3% 13.5% - 14.4% 15.7% - 17.0% Spain 8.7% 11.0% - 11.4% 9.2% 11.9% Portugal 8.8% 10.5% - 11.0% 9.3% 11.4% - 11.7% Macedonia 11.7% - 12.1% 12.9% - 13.4% 12.5% - 13.2% 14.5% - 43.9% Romania / Moldova 13.5% - 13.9% 15.8% - 16.6% 14.3% - 14.9% 16.5% - 17.7% Serbia 11.4% - 11.9% 12.9% - 14.0% 10.5% - 10.9% 11.8% - 13.3% Slovenia 8.8% 11.0% - 11.6% 9.2% 11.7% - 11.7%
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This English version is a translation of the original document prepared in Polish. In case of any discrepancies between the two versions, the original language version shall be binding. Asseco South Eastern Europe Group Consolidated Financial Statements for the year ended 31 December 2025 in accordance with EU IFRS (in thousands of PLN) 59 Türkiye 36.1% - 41.1% 46.0% - 72.3% 35.8% - 36.6% 45.5% - 49.5% Ukraine 30.8% 36.2% 33.3% 39.5% India 10.9% 13.9% 12.8% 16.2% United Arab Emirates 10.0% 11.2% 9.8% 10.7% Egypt 29.5% 34.7% 36.9% 36.9% As a result of the impairment tests performed as at 31 December 2025, an im pairment of goodwill recognized on the acquisition of Touras India and Touras Tech UAE was id entified, as described above in explanatory note 6.4.iii to the consolidated financial statements. The impairment loss was recognized in financial expenses. The remaining impairment tests did not indicate the need to recognize any additional impairment losses on goodwill. In 2024, as a result of impairment tests performed as at 31 December 2024, an impairment was identified in the Dedicated Solutions segment, resulting in the recognition of an impairme nt loss on goodwill allocated to this segment in the amount of PLN 13,753 thousand. The impairment loss was recognized i n financial expenses. Sensitivity analysis The Parent Company performed a sensitivity analysis of the goodwill impairment tests. The analysis of sensitivity shows how much the recoverable amount is going to change if the discount rate is increased by 1 pp with other assumptions remaining constant, or if the revenue growth rate is decreased by 1 pp with other assumptions remaining constant. The results of such sensitivity analysis carried out as at 31 December 2025 are presented in the following table: Discount rate Sales revenue growth rate Change by 1 pp Change by 1 pp Banking Solutions (73,704) (118 136) Payment Solutions (152,269) (276,662) Dedicated Solutions (43,756) (109,886) In the case of the Dedicated Solutions segment, an increase in discoun t rates or a decline in revenue growth could result in a goodwill impairment charge. For the remaining segments, i.e., Ban king Solutions and Payment Solutions, no reasonable change in the key valuation assumptions wo uld result in the need to recognize an impairment loss on goodwill allocated to those segments. 6.6. Other financial assets Selected accounting policies The Group classifies its financial assets to the following measurement categories in accordance with IFRS 9: ▪ measured at fair value through other comprehensive income (FVOCI) ▪ measured at amortized cost ▪ measured at fair value through profit or loss. (FVTPL) The classification of financial assets is based on the Group’s business model for managing financial assets and considerin g the characteristics of contractual cash flows for a particular financial asset . The Group reclassifies its investments in debt securities if, and only if, the model adopted for managing such assets is modified. At initial recognition, the Group classifies its investments in equi ty instruments (other than investments in subsidiaries and associates), which are not held for trading and not quoted in an active market, as measured at fair value through other comprehensive income. Whereas, investments in derivative instruments and equity instruments quoted in an active market are measured at fair value through profit or loss. Measurement at initial recognition With the exception of some trade receivables, the Group’s financial assets a re initially recognized at fair value. In the case of financial assets that are not classified as measured at fair value through profit or loss, at the time of initial recognition, the entity may increase their fair value by transaction costs directly attributable to their acquisition. Subsequent measurement Measurement of financial assets at amortized cost The Group classifies the following items as financial assets measured at amortised cost: cash and cash equivalents, loans granted (which pass the SPPI classification test), assets from contracts with customers, trad e receivables, as well as other receivables which are in the scope of IFRS 9. Trade receivables with a maturity of less than 12 months are measured at an amount due for payment, less any allowance for expected losses. Non-current receivables that are within the scope of IFRS 9 are discounted as at the reporting date. The Group measures its financial assets at amortized cost using the effective interest rate method.
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This English version is a translation of the original document prepared in Polish. In case of any discrepancies between the two versions, the original language version shall be binding. Asseco South Eastern Europe Group Consolidated Financial Statements for the year ended 31 December 2025 in accordance with EU IFRS (in thousands of PLN) 60 Interest income on debt instruments is recognized by the Group as financial income. On disposal of investments in debt instruments, the Group recognizes cumulative gains/losses through profit or loss. Measurement of financial assets at fair value through other comprehensive income A financial asset is measured at fair value through other comprehensive income if both of the following conditions are met: (i) the financial asset is held within a business model whose objective is achieved by both col lecting contractual cash flows and selling financial assets; and (ii) the contractual terms of the financial asset give rise on speci fied dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. The Group classifies the following as financial assets measured at FVOCI: treasury and corporate bonds, as well as investments in equity instruments of companies not quoted in an active market. Interest income on debt investments is recognized by the Group as financia l income. Dividends on equity instruments measured at fair value through other comprehensive income are recognized by the Group as financial income. On disposal of debt investments, the Group recognizes cumulative gains/losses through profit or loss. At the time of derecognition of an investment in equity instruments measured at fair value through other comp rehensive income, cumulative gains or losses arising from the fair value measurement of that investment that were previously recognized in other comprehensive income, are not reclassified by the Group to profit or loss. However, such revaluation gains and losses may be transferred to another item within equity, for example to retained earnings. Measurement of financial assets at fair value through profit or loss Changes in the fair values of financial assets classified to this category are recognized by the Group through profit or loss. Interest income and dividends received on equity instruments quoted in an active market are recognized as financial income. Derecognition A financial asset is derecognized by the Group when: (i) the contractual rights to the cash flows from the financial asset expire, or (ii) the contractual rights to the cash flows from the financial asset have been transferred by the Group along with substantially all the risks and rewards of ownership of the financial asset. Impairment of financial assets In accordance with IFRS 9, impairment of financial assets is measured usi ng the expected credit loss (ECL) model.. The model applies to financial assets measured at amortized cost as well as to financial assets measured at fair value through other comprehensive income, except for investments in equity instruments. In order to estimate impairment losses on financial assets, the Group applies the following approaches: ▪ general approach, ▪ simplified approach. The general approach is applied for financial assets measured at fair value through other comprehensive income as well as for financial assets measured at amortized cost, except for receivables and contract assets. Under the general approach, impairment is measured using a three-stage model based on changes in credit risk since initial recognition. Where the credit risk of financial assets has not increased significantly since initial recognition (stage 1), the Group estimates an allowance for 12-month expected credit losses. Where the credit risk of financial assets has increased significantly since initial recognition (stages 2 and 3), the Group estimates an allowance for expected credit losses over the lifetime of financial instruments. At each reporting date, the Group assesses whether there has been a significant increase in credit risk. For trade receivables and contract assets, the Group applies the simplified approach and therefore does not track changes in credit risk over time. Instead, it recognises lifetime expected credit losses. Details of the imp airment calculation are disclosed in explanatory note 6.8 to these consolidated financial statements. Both as at 31 December 2025 and 31 December 2024, apart from receivables and cash and cash equivalents described in other notes, the Group also held other financial assets as presented in the table below. 31 December 2025 31 December 2024 Non-current Current Non-current Current PLN’000 PLN’000 PLN’000 PLN’000 Financial assets carried at fair value through profit or loss, of which: Shares in companies not quoted in an active market - 240 - 166 Other financial assets 372 - 358 - 372 240 358 166 Financial assets carried at fair value through other comprehensive income, of which: Shares in companies quoted in an active market - 1 - 1 Shares in companies not quoted in an active market 20 - 20 - Other financial assets 1,324 362 874 822 1,344 363 894 823 Financial assets carried at amortized cost, of which: Loans granted, of which: 335 264 105 61 granted to related parties 335 178 105 3 granted to employees - 86 - 58 granted to other entities - - - - Corporate bonds 108 - 110 - Term cash deposits 882 52 1,014 3,029 1,325 316 1,229 3,090 Total other financial assets 3,041 919 2,481 4,079
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This English version is a translation of the original document prepared in Polish. In case of any discrepancies between the two versions, the original language version shall be binding. Asseco South Eastern Europe Group Consolidated Financial Statements for the year ended 31 December 2025 in accordance with EU IFRS (in thousands of PLN) 61 As at 31 December 2025 and 31 December 2024, financial assets measured at amortise d cost included term deposits pledged as collateral for bank loans obtained to finance contract execution and for bank guarantees. In the current reporting period, the Group recognised an impairment loss on financial assets of PLN 5,987 thousand, the majority of which relates to deposits held by the Touras entities and blocked by the Indian Directorate of Enforcement. The impairment loss was recognised in finance costs (note 5.4 to the consolidated financial statements). Changes in the fair value measurement of financial instruments carried at fair value, and changes in the classification of financial instruments During the 12-month period ended 31 December 2025, there were no change s in the methods used to determine the fair value of financial instruments measured at fair value, nor were there any transfers between levels of the fair value hierarchy. As at 31 December 2025 and 31 December 2024, the fair value of financial assets did not differ materially from their carrying amounts. As at 31 December 2025 Carrying value Level 1i) Level 2 ii) Level 3 iii) PLN’000 PLN’000 PLN’000 PLN’000 Financial assets carried at fair value through profit or loss Shares in companies not quoted in an active market 240 - - 240 Other financial assets 372 - - 372 Total 612 - - 612 Financial assets carried at fair value through other comprehensive income Shares in companies quoted in an active market 1 1 - - Shares in companies not quoted in an active market 20 - - 20 Other financial assets 1,686 - - 1,686 Total 1,707 1 - 1,706 i. fair value determined on the basis of quoted prices offered in active markets for i dentical assets; ii. fair value determined using calculation models based on inputs that are ob servable, either directly or indirectly, in active markets; iii. fair value determined using calculation models based on inputs that are no t observable, neither directly or indirectly, in active markets. As at 31 December 2024 Carrying value Level 1i) Level 2 ii) Level 3 iii) PLN’000 PLN’000 PLN’000 PLN’000 Financial assets carried at fair value through profit or loss Shares in companies not quoted in an active market 166 - - 166 Other financial assets 358 - - 358 Total 524 - - 524 Financial assets carried at fair value through other comprehensive income Shares in companies quoted in an active market 1 1 - - Shares in companies not quoted in an active market 20 - - 20 Other financial assets 1,696 - - 1,696 Total 1,717 1 - 1,716 Descriptions of the fair value hierarchy levels are identical to those provided under the table above. 6.7. Prepayments and accrued income Selected accounting policies Prepayments comprise expenses incurred before the end of the reporting period that relate to future periods or to future revenues. Prepayments include in particular: (i) prepaid third-party services (inclusive of maintenance services) which shall be provided in future periods, (ii) advance payments of insurance, subscription, rental fees, etc., and (iii) any other expenses incurred in the current period but related to future periods. In addition, the Group recognises as an asset the costs of obtaining a contract with a customer and the costs of fulfilling a contract with a customer, provided the Group expects to recover these costs. Costs of contracts with customers The costs of obtaining a contract are those additional (incremen tal) costs incurred by the Group in order to obtain a contract with a customer that it would not have incurred if the contract had not been obtained. The Group recognizes such costs as an asset if it expects to recover those costs. Such capitalized costs of obtaining a contract shall be amortized over a period when the Group satisfies the performance obligations arising from the contract. As a practical expedient, the Group recognizes the incremental costs of obt aining a contract as an expense when incurred if the amortization period of the asset that the Group would have otherwise recognized is one year or less. Costs to fulfil a contract are the costs incurred in fulfilling a contract with a customer. The Group recognises these costs as an asset if they are not within the scope of another standard (e.g., IAS 2 Inventor ies, IAS 16 Property, Plant and Equipment, or IAS 38 Intangible Assets) and meet all the following criteria:
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This English version is a translation of the original document prepared in Polish. In case of any discrepancies between the two versions, the original language version shall be binding. Asseco South Eastern Europe Group Consolidated Financial Statements for the year ended 31 December 2025 in accordance with EU IFRS (in thousands of PLN) 62 ▪ the costs relate directly to a contract or to an anticipated contract with a customer, ▪ the costs generate or enhance resources of the Company that will be used in sa tisfying (or in continuing to satisfy) performance obligations in the future, and ▪ the costs are expected to be recovered by the Group. As at 31 December 2025 and 31 December 2024, prepayments and accrued i ncome included the following items: 31 December 2025 31 December 2024 Non-current Current Non-current Current PLN’000 PLN’000 PLN’000 PLN’000 Prepaid services, of which: 8,990 69,858 2,979 59,794 maintenance services, license and subscription fees 8,764 63 162 2,638 53 543 insurances - 2,061 - 2 213 rents and averaged instalments under operating leases - 148 - 331 prepaid consulting services - 473 - 380 other services 226 4,014 341 3 327 Expenses related to services performed for which revenues have not been recognized yet - 42 - 703 Other prepayments and accrued income 219 1,583 111 1,065 Total 9,209 71,483 3,090 61,562 6.8. Receivables and contract assets Selected accounting policies Contract assets represent the right to payment in exchange for goods or services that the entity transferred to the customer. Contract assets include receivables arising from valuation of IT contracts and from uninvoiced deliveries. Receivables from valuation of IT contracts result from the excess of the percentage of completion of implementation contracts over invoices issued. For these assets, the Group has satisfied its performance obligations, but the right to payment depends on conditions other than merely the passage of time, which distinguishes contract assets from trade receivables. Receivables from uninvoiced deliveries arise from the supply of services which were performed during the reporting period (the Group has completed its performance obligation), but have not been invoiced until the end of the reporting period. Trade receivables comprise amounts due from the supply of goods and services, as well as rec eivables from operating leases. Trade receivables, usually with payment terms ranging from 14 and 30 days, are recognized and disclosed at the amounts initially invoiced, less any allowances for expected credit losses. Receivables with longer payment terms are recognized at the present value of expected payments, less any allowances for expected credit losses. Allowances for trade receivables and contract assets For trade receivables and contract assets, the Group applies the simplified approach under IFRS 9 and measures expected credit losses over the lifetime of the receivable. The Group uses a provision matrix based on historical payment data of counterparties, adjusted for forward-looking information where appropriate. Customers are allocated in to homogeneous groups from which receivables are statistically analyzed in respect of aging and collection, based on data from minimum 2 years back. The amount of impairment allowances is revised at each reporting date. Impairment is updated at each reporting date. For receivables past due over 180 days and merchant receivables, apart from the statistical method of estimating the amount of impairment loss based on the provisioning matrix, the Group also applies individual approach, based an professional judgment and considering the client’s financial situation and market conditions. Impairment losses on trade receivables and contract assets are presented within operating expenses. Impairment allowances for trade receivables and contract assets are recognized under operating activities. For receivables and other financial assets, impairment allowances are measured at an amount equal to the 12-month expected credit losses unless there has been a significant increase in credit risk since initial recognition, in which case the impairment is measured over the lifetime of the instrument. Allowances for other receivables are recognized under other operating activities or under financial activities if such receivables resulted from the sale of investments or other activities whose costs and revenues are by prin ciple disclosed in financial activities. Allowances for accrued interest receivables are recognized as financial expenses. If the cause for recognition of an allowance is no longer valid, such allowance shall be reversed in the whole amount or appropriate portion, and increase in the value of the relevant asset. Estimates The Group exercises professional judgment involving the assessment of the percentage of completion of IT implementation contracts in relation to invoices issued. Similarly, a certain amount of estimates a nd professional judgment is needed in allocating the transaction price to individual performance obligations, which in turn affects the recognition of receivables/assets from contracts with customers. The Group estimates the amount of allowances for receivables and assets from co ntracts with customers in accordance with the requirements of IFRS 9 ‘Financial Instruments’. In the simplified approach, this requires a statistical analysis which in principle involves making certain assumptions and applying professional judgment. The table below presents the amounts of receivables as at 31 December 2025 as well as at 31 December 2024.
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This English version is a translation of the original document prepared in Polish. In case of any discrepancies between the two versions, the original language version shall be binding. Asseco South Eastern Europe Group Consolidated Financial Statements for the year ended 31 December 2025 in accordance with EU IFRS (in thousands of PLN) 63 31 December 2025 31 December 2024 Non-current Current Non-current Current PLN’000 PLN’000 PLN’000 PLN’000 Trade receivables, of which: - 346,496 - 291,469 Trade receivables: - 367,226 - 304,904 from related parties - 360 - 550 from other entities - 366,866 - 304,354 Receivables from operating leases - 9,370 - 10,204 Allowances for trade receivables - (30,100) - (23,639) Corporate income tax receivable - 4,301 - 4,662 Receivables from the state and local budgets - 4,795 - 15,841 Value added tax - 1,743 - 12,426 Other - 3,052 - 3,415 Other receivables 16,709 96,333 5,850 71,917 Receivables from payment transactions processed - 90,589 - 63,034 Security deposits receivable 958 1,783 971 1,972 Other receivables 15,751 9,126 4,879 9,183 Allowances for other receivables - (5,165) - (2,272) Total receivables 16,709 451,925 5,850 383,889 The balance of current other receivables includes, among others, restricted cash intended for settlement of other liabilities arising from payment transactions, receivables relati ng to guarantees of due performance of contracts (i.e. security deposits provided to customers in order to compensate for their p otential losses in case of non-poerformance of contractual obligations), receivables from disposal of tangible assets, receivables from deposits paid-in, receivables from sale of shares in subsidiaries, as well as other receivables. The balance of non-current other receivables includes deferred payments for shares of Payten Holding S.A. sold to the managers of ASEE Group companies in 2022 (detailed information on this transaction has been provided in explanatory note 5.2) from the sale of the subsidiary Mobven and receivables for deposits pai d. As at 31 December 2025, trade receivables in the amount of PLN 13,253 thousand an d other receivables in the amount of PLN 39,5 thousand served as collateral for bank loans and open bank guaran tee lines. As at 31 December 2024, trade receivables in the amount of PLN 16,249 thousand an d other receivables in the amount of PLN 392 thousand served as collateral for bank loans and open bank guarantee lines. The table below presents assets from contracts with customers as at 31 Decem ber 2025 as well as at 31 December 2024: Contract assets 31 December 2025 31 December 2024 Non-current Current Non-current Current Uninvoiced receivables - 27,476 - 35,163 from related parties - - - - from other entities - 27,476 - 35,163 Receivables from valuation of IT contracts - 53,281 - 52,512 from related parties - 1,888 - 2,020 from other entities - 51,393 - 50,492 Allowances - (3,374) - (426) Total contract assets - 77,383 - 87,249 Changes in the value of assets from contracts with customers that took place during the period of 12 months ended 31 December 2025 and in the comparative period are presented below: 12 months ended 31 December 2025 12 months ended 31 December 2024 PLN’000 PLN’000 Contract assets as at 1 January 87,249 95,104 Reclassification of contract assets due to obtaining an unconditional right to payment (385,353) (225,385) Fulfilment of new uninvoiced performance obligations; 379,129 212,891
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This English version is a translation of the original document prepared in Polish. In case of any discrepancies between the two versions, the original language version shall be binding. Asseco South Eastern Europe Group Consolidated Financial Statements for the year ended 31 December 2025 in accordance with EU IFRS (in thousands of PLN) 64 changes in estimated transaction prices, modification of other assumptions Change in allowances (2,948) 5,610 Exchange differences on translation of foreign operations (694) (971) Contract assets as at 31 December 77,383 87,249 Related party transactions have been presented in explanatory note 6.20 to these consolidated financial statements. The Group has adopted a relevant policy that allows for selling p roducts and services to verified customers. Owing to that, in the Management’s opinion the credited sales risk would not exceed the level covered with allowances for doubtful receivables. The table below presents the ageing structure of receivables as at 31 Decem ber 2025: 31 December 2025 Amount before allowance (gross) Allowance Amount after allowance (net) PLN’000 % PLN’000 % Receivables not yet due 276,563 73% (523) 2% 276,040 80% Past-due receivables 100,033 27% (29,577) 98% 70,456 20% Receivables past-due up to 3 months 63,057 17% (1,787) 6% 61,270 18% Receivables past-due from 3 to 6 months 7,424 2% (2,214) 7% 5,210 2% Receivables past-due from 6 to 12 months 8,047 2% (5,525) 18% 2,522 1% Receivables past-due over 12 months 21,505 6% (20,051) 67% 1,454 0% Book value of trade receivables 376,596 (30,100) 346,496 The table below presents the ageing structure of receivables as at 31 Decem ber 2024: 31 December 2024 Amount before allowance (gross) Allowance Amount after allowance (net) PLN’000 % PLN’000 % Receivables not yet due 232,802 74% (299) 1% 232,503 80% Past-due receivables 82,306 26% (23,340) 99% 58,966 20% Receivables past-due up to 3 months 40,105 13% (344) 1% 39,761 14% Receivables past-due from 3 to 6 months 12,973 4% (178) 1% 12,795 4% Receivables past-due from 6 to 12 months 18,366 6% (12,397) 52% 5,969 2% Receivables past-due over 12 months 10,862 3% (10,421) 44% 441 0% Book value of trade receivables 315,108 (23,639) 291,469 Changes in the amount of allowances for trade receivables and contract ass ets during the period of 12 months ended 31 December 2025 and in the comparative period are presented in the tab le below: Allowances for trade receivables and contract assets 12 months ended 31 December 2025 12 months ended 31 December 2024 PLN’000 PLN’000 Allowances as at 1 January (24,065) (16,519) Recognized during the reporting period (28,387) (14,007) Utilized during the reporting period 5,869 7,429 Reversed during the reporting period 11,341 7,558 Obtaining control over subsidiaries (456) (8,769) Loss of control over subsidiaries - 7 Reclassification to assets held for sale - 161 Foreign exchange differences 2 224 75 As at 31 December (33,474) (24,065)
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This English version is a translation of the original document prepared in Polish. In case of any discrepancies between the two versions, the original language version shall be binding. Asseco South Eastern Europe Group Consolidated Financial Statements for the year ended 31 December 2025 in accordance with EU IFRS (in thousands of PLN) 65 6.9. Inventories Selected accounting policies The Group classifies inventory into two categories:: goods for resale, and service parts (spare parts and computer hardware that have been purchased for the purposes of maintenance service contracts). Inventories are measured by the Group at the lower of the following two values: purchase cost/production cost or net value realizable upon sale. The initial value of service parts is expensed on a straight-line b asis over the duration of the maintenance service contract, for which such parts have been purchased. The value of consumed inventories is measured using the specific identification method. At each reporting date, the Group assesses whether the carrying amount of inventory exceeds or is equal to its net realizable value. Write-downs to adjust the carrying amount of inventory are recognized in operating expenses. The table below presents inventories as at 31 December 2025 and in th e comparative period: Inventories 31 December 2025 31 December 2024 PLN’000 PLN’000 Computer hardware, third-party software licenses and other goods for resale 71,889 111,317 Computer hardware, spare parts and other materials intended for the performance of repair/maintenance services 17,625 17,977 Impairment losses on inventories (20,957) (19,326) Total 68,557 109,968 Changes in the amount of impairment losses on inventories during the period of 12 months ended 31 December 2025 and in the comparative period are presented in the table below: Impairment losses on inventories 12 months ended 31 December 2025 12 months ended 31 December 2024 PLN’000 PLN’000 Impairment losses as at 1 January (19,326) (17,791) Recognized during the reporting period (9,337) (5,804) Utilized during the reporting period 1,568 264 Reversed during the reporting period 5,831 3,720 Obtaining of control over subsidiaries - - Foreign exchange differences 307 285 As at 31 December (20,957) (19,326) 6.10. Cash and cash equivalents Selected accounting policies Cash and cash equivalents presented in the statement of financial position comprise cash at bank and on hand, short-term bank deposits with original maturity of less than 3 months, and other highly liquid instruments. The cash and cash equivalents balance disclosed in the consolidated st atement of cash flows consists of the above-defined cash and cash equivalents. For the purposes of the statement of cash flows, th e Group decided not to include bank overdraft facilities (used as an element of financing for current operations) in the balance of cash and cash equivalents. The table below presents cash and cash equivalents as at 31 December 202 5 and in the comparative period: 31 December 2025 31 December 2024 PLN’000 PLN’000 Cash at bank and on hand 241,180 190,146 Short-term bank deposits (up to 3 months) 70,744 80,216 Cash in transit and other cash equivalents 18 849 Total cash and cash equivalents as disclosed in the statement of financial position 311,942 271,211 Interest accrued on cash and cash equivalents (13) (28) Bank overdraft facilities utilized for current liquidity management (42,336) (35,455) Cash and cash equivalents reclassified to assets held for sale, less bank overdraft facilities utilized for current liquidity management - 3,590 Total cash and cash equivalents as disclosed in the cash flow statement 269,593 239,318
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This English version is a translation of the original document prepared in Polish. In case of any discrepancies between the two versions, the original language version shall be binding. Asseco South Eastern Europe Group Consolidated Financial Statements for the year ended 31 December 2025 in accordance with EU IFRS (in thousands of PLN) 66 As at 31 December 2025, cash in the amount of PLN 34,746 thousand held in bank accounts of ASEE S.A. and Payten Holding S.A. were pledged as collateral for a bank loan. At the re porting date, the carrying amount of the loan secured by these assets amounted to PLN 67,782 thousand. As at 31 December 2024, cash in the amount of PLN 46,588 thousand held in bank accounts of ASEE S.A. and Payten Holding S.A. were pledged as collateral for a bank loan. At the rep orting date, the carrying amount of the loan secured by these assets amounted to PLN 67,513 thousand. 6.11. Equity of the Parent Company Share capital The Parent Company’s share capital as at 31 December 2025 and in the comparative period amounted to PLN 518,942,510.00 and was fully paid up. The share capital comprises 51,894,251 ordinary shares with a nominal value of PLN 10 each. The Parent Company has not issued any preference shares. The Parent Company’s authorized capital is equal to its share capital. Share premium Equity includes share premium in the amount of PLN 30,395 thousand aris ing from the issuances of shares of series L, M and N, which was decreased by the incurred share issuance costs of PLN 3,605 thousand (recognized in 2009), as well as share premium in the amount of PLN 11,759 thousand arising from the issuance of shares of series P, R and S, which was decreased by the incurred share issuance costs of PLN 84 thousand (recognized in 2010). The share premium was additionally increased by the amount of PLN 396 thousand due to the reversal of a provision for issuance related expenses, and decreased by other costs amounting to PLN 35 thousand. Transactions with non-controlling interests The line ‘Transactions with non-controlling interests’ is related to: ▪ equity transactions within ASEE Group that are accounted for through the p arent company’s equity, such as purchases and sales of shares, issuances or redemptions of capital in subsidiaries, which change the Group’s equity interest in those entities but do not result in obtaining or losing control; and ▪ recognition of a contingent financial liability to non-controlling shareho lders (put options) if the purchase agreement does not provide for the transfer to the parent company of benefits incidental to ownership of equity instruments subject to a put optio n. In such a case, at each reporting date non- controlling interests (to which a portion of net profit attributable to n on-controlling interests is still allocated) are reclassified by the Group as a financial liability, as if such puttable equity instrument was purchased on that date. In 2025, the effects of the following transactions were recognized in the Pare nt Company’s equity: settlement of the liability under the put option regarding shares in Necomplus Spain in the amount of PLN -1,095 thousand, settlement of the liability under the put option regarding shares in Touras India and Touras UAE in the amount of PLN -104,343 thousand and settlement of the liability under the pu t option regarding shares in Fawaterk in the amount of PLN -4,498 thousand. 6.12. Non-controlling interests Selected accounting policies For each acquisition of a subsidiary company, the Group measures the value of non-controlling interests as at the acquisition date using the method of proportionate share in identifiable net assets of the entity acquired, or at fair value. The table below presents changes in non-controlling interests: 31 December 2025 31 December 2024 PLN’000 PLN’000 As at 1 January 8,424 7,810 Share in profits of subsidiaries (17,978) 5,463 Share-based payment transactions with employees - 13 Obtaining control over subsidiaries (33) 15,093 Transactions with non-controlling interests (including contingent financial liabilities to non-controlling shareholders (put options)) 22,055 (15,629)
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This English version is a translation of the original document prepared in Polish. In case of any discrepancies between the two versions, the original language version shall be binding. Asseco South Eastern Europe Group Consolidated Financial Statements for the year ended 31 December 2025 in accordance with EU IFRS (in thousands of PLN) 67 Dividends paid out to non-controlling shareholders (3,519) (4,086) Exchange differences on translation of foreign operations (1,166) (240) As at 31 December 7,783 8,424 The line ‘Obtaining control over subsidiaries’ is related to the recogniti on of non-controlling interests following the acquisition of Fawaterk, based on net assets of acquired companiy. This acquisition has been described in detail in explanatory note 6.4 to these annual consolidated financial statements. The line ‘Transactions with non-controlling interests’ relates to changes in non-controlling interests arising from: ▪ changes in equity interest / voting rights in a subsidiary that do n ot result in a loss of control over the subsidiary. In 2025 , this item related to the purchase of a portion of the non-controll ing interest in Necomplus Spain. The Group's shareholding in Necomplus Spain increas ed from 84.969% to 100%. In 2024, two transactions were included in this item : the first was the capital increase in Things Solver , subscribed only by ASEE Serbia, increasing the Group's share in Things Solver from 60% to 76.14%, the second was the capital increase in Touras India , subscribed only byb a minority shareholder, which reduced the Group's interest in Touras India from 55% to 51%. ▪ recognition of a financial liability to non-controlling shareholders (p ut options) where the contract terms do not transfer to the Parent Company the benefits of ownership of the equity instrument subject to the put option. At each reporting date, the Group reclassifies the non-controlling interes t, to which part of the profit attributable to non-controlling interests i s still allocated, as a financial liability, as if the acquisition of the equity instrument subject to the put option had occurred on that date. As at 31 December 2025, this item was related to the reclassifi cation of the non-controlling interest in Touras India, Touras Tech UAE, and Fawaterk , which are subject to put options . As at December 31, 2024, this item related to the reclassification of the non- controlling interest in Necomplus Spain and the non-controlling interest in the Touras group of companies . 6.13. Lease liabilities Selected accounting policies Lease liabilities – initial recognition At the lease commencement date, the Group measures the lease liability at the present value of lease payments outstanding at that date. The lease payments are discounted by the Group using the incremental borrowing rate. The lease payments include: fixed payments (including in-substance fixed lease payments), less any lease incentives receivable; variable lease payments that depend on an index or a rate; amounts expected to be payable under residual value g uarantees; the exercise price of a purchase option (if the Group is reasonably certain to exercise that option); and payments of pen alties for terminating the lease (if the Group is reasonably certain to exercise that option). Variable lease payments that do not depend on an index or a rate are immediately recognized as expenses in the period in which the event or condition that triggers those payments occurs. Lease liabilities – subsequent measurement In subsequent periods, the lease liability is reduced by the lease payments ma de and increased by interest accrued on that liability. Interest is calculated using the lessee’s incremental borrowing rate, which constitutes the sum of the risk -free interest rate (being determined based on the quotations of relevant IRS derivatives or interest rates on government bonds for respective currencies) and the credit risk premium for the Group companies (being quantified on the basis of margins offered to the Group companies on investment loans adequately secured with assets of these companies). If a lease contract is subject to modification involving a change in the lease term, a revised amount of in-substance fixed lease payments, or a change in the assessment of an option to purchase the underlying asset, then the lease liability shall be remeasured to reflect such changes. Remeasurement of the lease liability requires making a corresponding adjustment to the right-of-use asset. Estimates The lease payments are discounted by the Group using the incremental borrowing rate which requires estimation based on the risk-free rate and the credit risk premium of the Group entities determined using available financing terms, for secured investment loans. Certain lease contracts include extension or termination options, and t he Group also enters into contracts with indefinite periods . Management applies judgment in determining the lease term, including a ssessing whether it is reasonably certain that such options will be exercised. As at 31 December 2025, the Group was a lessee under various lease contracts. Assets leased under such contracts included: ▪ offices and warehouses, ▪ cars, ▪ IT hardware and other assets. The table below presents the amounts of lease liabilities as at 31 December 2025 as well as at 31 December 2024:
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This English version is a translation of the original document prepared in Polish. In case of any discrepancies between the two versions, the original language version shall be binding. Asseco South Eastern Europe Group Consolidated Financial Statements for the year ended 31 December 2025 in accordance with EU IFRS (in thousands of PLN) 68 31 December 2025 31 December 2024 Lease liabilities Non-current Current Non-current Current PLN’000 PLN’000 PLN’000 PLN’000 Leases of real estate 36,405 17,798 37,722 13,193 Leases of transportation vehicles 8,756 4,454 10,261 4,203 Leases of IT hardware and other assets 50 30 - 254 45,211 22,282 47,983 17,650 Leases of real estate The net value of buildings subject to lease agreements as at 31 Dece mber 2025 amounted to PLN 55,907 thousand, and as at 31 December 2024 to PLN 54,370 thousand. Future minimum cash flows and liabilities arising from leases of real estate are as follows: 31 December 2025 31 December 2024 PLN’000 PLN’000 Minimum lease payments in the period shorter than 1 year 20,429 16,090 in the period from 1 to 5 years 38,899 41,443 in the period longer than 5 years 187 393 Future minimum lease payments 59,515 57,926 Future interest expenses (5,312) (7,011) Present value of lease liabilities 54,203 50,915 in the period shorter than 1 year 17,798 13,193 in the period from 1 to 5 years 36,216 37,340 in the period longer than 5 years 189 382 Lease liabilities 54,203 50,915 Within the Group, the average effective interest rate on the above-me ntioned leases equalled 5.8% as at 31 December 2025. Leases of cars, IT hardware and other assets The net value of IT hardware, vehicles and other assets which are held under lease contracts amounted to PLN 12,837 thousand as at 31 December 2025, as compared to PLN 14,478 thousand as at 31 December 2024. The total future cash flows and lease liabilities arising from leases of vehicle s, IT hardware and other assets are presented as follows: 31 December 2025 31 December 2024 PLN’000 PLN’000 Minimum lease payments in the period shorter than 1 year 5,026 5,045 in the period from 1 to 5 years 9,319 10,987 in the period longer than 5 years - - Future minimum lease payments 14,345 16,032 Future interest expenses (1,055) (1,314) Present value of lease liabilities 13,290 14,718 in the period shorter than 1 year 4,484 4,457 in the period from 1 to 5 years 8,806 10,261 in the period longer than 5 years - - Lease liabilities 13,290 14,718 Within the Group, the average effective interest rate on the above-me ntioned leases equalled 4.3% as at 31 December 2025.
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This English version is a translation of the original document prepared in Polish. In case of any discrepancies between the two versions, the original language version shall be binding. Asseco South Eastern Europe Group Consolidated Financial Statements for the year ended 31 December 2025 in accordance with EU IFRS (in thousands of PLN) 69 The table below presents the amounts of income, expenses, profits and losses arising from lease contracts that have been recognized in the consolidated statement of profit and loss / statement of comprehensive income: 31 December 2025 31 December 2024 PLN’000 PLN’000 Depreciation of right-of-use assets (23,257) (22,237) Interest expenses on lease liabilities (3,712) (3,320) Costs of short-term leases (18,924) (16,917) Costs of leases of low-value assets (2,304) (1921) Total amount recognized in the statement of profit and loss (48,197) (44,395) 6.14. Bank loans and borrowings Selected accounting policies The Group classifies its financial liabilities to the following categories: ▪ measured at amortized cost, ▪ measured at fair value through profit or loss. Financial liabilities measured by the Group at amortized cost incl ude bank loans, borrowings and debt securities. Other financial liabilities are measured by the Group at fair value through profit or loss, except for liabilities from acquisition of non-controlling interests in subsidiaries (put options) that are accounted for in accordance with IFRS 3. At initial recognition, all interest-bearing loansand borrowings are recognized at their purchase cost, representing the fair value of cash received net of any transaction costs directly attributable to incurring financial liabilities. Subsequently to initial recognition, interest-bearing loans and borrowings are measured at amortized cost using the effective interest method. Calculation of the amortized cost shall take into accoun t the costs related to obtaining a bank loan or borrowing, as wel l as any discounts or bonuses received upon repayment of the liability. The Group derecognizes a financial liability when the obligation under the liability is discharged, cancelled or expires. The difference between the carrying value of a financial liability extinguished and the consideration paid, including any non-cash assets transferred, shall be recognized in profit or loss. The table below presents the Group’s debt outstanding as at 31 December 2025 and 31 December 2024. 31 December 2025 31 December 2024 Currency Non-current Current Non-current Current thousand PLN thousand PLN thousand PLN thousand PLN Overdrafts - 42,336 - 35,455 fixed interest rate BAM - 39,641 - 34,817 fixed interest rate COP - 2 - 2 fixed interest rate EUR - 369 - 131 fixed interest rate INR - 2,059 - 41 fixed interest rate MKD - 10 - 12 fixed interest rate TRY - 18 - 25 Euribor 12M + margin EUR - 119 - - Euribor 6M + margin EUR - - - 427 Euribor 3M + margin EUR - 118 - - Other loans 87,624 22,904 85,820 41,127 fixed interest rate BAM 9,605 7,301 14,057 6,944 fixed interest rate EUR 2,387 1,107 2,980 1,535 Euribor 12M + margin EUR 66 - - - Euribor 6M + margin EUR - 264 267 458 Euribor 3M + margin EUR 75,566 14,226 68,516 32,190 Euribor 1M + margin EUR - 6 - - Loans - 343 - 330 fixed interest rate BAM - 343 - 330 Total 87,624 65,583 85,820 76,912 Total Group indebtedness as at 31 December 2025 amounted to PLN 153,207 thousand (PLN 162,732 thousand as at 31 December 2024). The decrease in debt is mainly attributable to re payments of loans obtained to finance payment processing outsourcing projects. Total proceeds from and repayments of borrowings recognised in th e statement of cash flows for the year 2025 amounted to PLN 33,478 thousand (inflows) and PLN 50,664 thousand (repayments). As at 31 December 2025, property, plant and equipment with a carrying amount of PLN 23,997 thousand, trade receivables of PLN 13,253 thousand, cash and short-term deposits of PLN 34,746 thousand, and financial assets (deposits) of PLN 864 thousand were pledged as collateral for bank loans and open bank guarantee facilities.
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This English version is a translation of the original document prepared in Polish. In case of any discrepancies between the two versions, the original language version shall be binding. Asseco South Eastern Europe Group Consolidated Financial Statements for the year ended 31 December 2025 in accordance with EU IFRS (in thousands of PLN) 70 The total amount of borrowings secured by these assets amounted to PLN 105,524 tho usand as at 31 December 2025. As at 31 December 2024, property, plant and equipment with a carrying amount of PLN 15,612 thousand, trade receivables of PLN 16,249 thousand, cash and short-term deposits of PLN 46,588 thousand, and financial assets (deposits) of PLN 3,946 thousand were pledged as collateral for bank loans and open bank guarantee facilities. The total amount of borrowings secured by these assets amounted to PLN 110,377 tho usand as at 31 December 2024. During the reporting period, the margin realized by lenders to ASEE Grou p companies ranged from 1.0 percentage points to 6.30 percentage points per annum. In the comparative period, margins ranged from 1.0 percentage points to 4.99 percentage points per annum. Certain loan agreements include financial covenants requiring the maintenance of specified financial ratios at levels required by banks. These ratios relate primarily to lev erage levels, such as the debt- to-EBITDA ratio. As at 31 December 2025 and 31 December 2024, none of the ASEE Group compani es breached the covenants defined in the loan agreements. Fair value of financial liabilities During the 12-month period ended 31 December 2025, the Group did n ot transfer any debt instruments between individual levels of the fair value hierarchy. As at 31 December 2025 and 31 December 2024, the fair value of loans did n ot differ materially from their carrying amounts and was determined using valuation techniques for which inputs are not directly or indirectly observable in active markets (Level 3). 6.15. Other financial liabilities Selected accounting policies Liabilities under put options represent liabilities arising from agreements concluded with shareholders or non-controlling shareholders of subsidiary companies. Under such agreements, the Group has an obligatio n to purchase equity instruments which is recognized at the present value of the future obligation, even if the obligatio n is conditional upon the counterparty exercising its right to sel l (e.g. where non-controlling shareholders have the right to require the parent company to purchase shares in a subsidiary). If the contractual terms do not transfer to the parent entity the risks and rewards of ownership of the equity instruments subject to the put option, then at each reporting date non-controlling interests (to which a portion of net profit attributable to non-controlling interests is still allocated) are reclassified by the Group as a financial li ability, as if the acquisition of the equity instruments subject to the put option had occurred at that date. Changes in the amount of such reclassified items are recognized directly in the Group’s equity, under ‘Transactions with non-controlling interests’. If the contractual terms provide for the transfer of the risks and rewards of ownership of the equity instruments subject to the put option (so-called “present ownership”), no non -controlling interest is recognised in respect of those instruments at the a cquisition date or subsequently. Accordingly, the business combination is accounted for as if th e parent had acquired, at the acquisition date, both the controlling interest and the interest subject to the put option. The put option liability is initially measured at fair value and included in the consideration transferred. Subsequently, it is measured at fair value a t each reporting date, with changes recognised in profit or loss within financial income or financial costs. The share of profit or loss attributable to the interest subject to the option is allocated to the Parent Company, whereas any dividends paid out to non-controlling shareholders are recognized as financial expenses. Deferred payments for the acquisition of shares Liabilities under deferred payments for the acquisition of shares are recogn ized at the present value of the agreed consideration and they increase the purchase price of the controlling interest. Contingent consideration for acquisition of shares Liabilities for contingent consideration are recognized at the present value of the expected payment and they increase the purchase price of the controlling interest. In contrast to deferred payments, the amo unt of contingent payments may change at each reporting date due to changes in the probability of meeting the conditions set out in the agreement concluded with the seller of shares. Any changes in the amount of contingent consideration liabilities for the controlling interest are recognized as financial income or expenses, respectively. Financial derivative instruments Derivative instruments used by the Group to hedge exposure to foreign exchange risk primarily comprise forward foreign exchange contracts. Such derivatives are measured at fair value. They are recognised as assets when their fair value is positive and as liabilities when their fair value is negative. Gains and losses arising from changes in the fair value of derivative instruments are recognised directly in profit or loss for the period within financial income or financial costs. The fair value of forward foreign exchange contracts is determined by reference t o current forward rates for contracts with similar maturities. Estimates
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This English version is a translation of the original document prepared in Polish. In case of any discrepancies between the two versions, the original language version shall be binding. Asseco South Eastern Europe Group Consolidated Financial Statements for the year ended 31 December 2025 in accordance with EU IFRS (in thousands of PLN) 71 The Group recognized liabilities for contingent consideration, as well as liabilities under put options granted to non-control ling shareholders. The measurement of these liabilities requires estimates of the future financial performance of the relevant subsidiaries. These liabilities are discounted to their present value. 31 December 2025 31 December 2024 Financial liabilities Non-current Current Non-current Current PLN’000 PLN’000 PLN’000 PLN’000 Dividends payable - 3,774 - 3,849 Liabilities under deferred and/or contingent consideration for the acquisition of controlling interests / buyout of minority interests 16,044 2,287 136,583 16,747 Liabilities from acquisition of non-controlling interests in subsidiaries (put options) 81,356 110,882 257,612 26,253 97,400 116,943 394,195 46,849 As at 31 December 2025, ASEE Group recognized liabilities under put options granted to non-controlling shareholders in the total amount of PLN 192,238 thousand. PLN granted to non-controlling shareholders of the following companies: ContentSpeed – PLN 1,692 thousand PLN, BS Telecom – PLN 36,997 thousand PLN, Ifthenpay – 20,020 thousand PLN, Helius Systems – PLN 10,788 thousand PLN, Dwelt – 69,414 thousand PLN, Avera – 2,879 thousand PLN, Touras India – 10,271 thousand PLN, Touras Tech UAE – 6,721 thousand PLN, WEO – 3,764 thousand PLN, Fawaterk – 4,298 thousand. PLN and Sycket – 25,394 thousand. PLN. The value of the obligation was estimated using the price calculation formula defin ed in the contract, i.e. as a multiple of profit for the period specified in the agreement and a contractually agreed multiplier. As at 31 December 2025 , Liabilities for contingent consideration amounted in total to PLN 18,157 thousan d related to the acquisition of the following companies: ContentSpeed – PLN 698 thousand, Askepnet – PLN 754 thousand, WEO – PLN 1,327 thousand, Fawaterk – PLN 88 thousand and Sycket – PLN 15,290 thousand. The value of the liability was estimated using the price calculation formula defined in the agreement, i.e. a multiple of the entity’s profit for the period specified in the agreement and a contractually agreed multiplier. As at 31 December 2025, liabilities under deferred payments for controlling interests in the amount of PLN 174 thousand were related to the acquisition of Touras Tech UAE. Fair value of financial liabilities During the 12-month period ended 31 December 2025, the Group did not transfer an y financial liabilities As at 31 December 2025 and 31 December 2024, the fair value of other financial liabilities did not differ materially from their carrying amounts and was determined using valuation techniques with inputs that are not directly or indirectly observable in active markets (Level 3). 6.16. Trade payables, state budget liabilities, and other liabilities Selected accounting policies Trade payables omprise invoiced liabilities for goods and services as well as accrued (uninvoiced) liabilities. Trade payables related to operating activities are recognised and measured at the amounts due for pa yment. Such liabilities result from goods and services provided to the Group companies, which have already been invoiced or have no t been invoiced yet but receiving such invoices i s considered as highly probable by the Management and their amount can be precisely determined. Liabilities to the state and local budgets represent liabilities resulting from taxes and public levies, as well as from social security contributions and customs duties. Such liabilities are recognized at the amounts due for payment, determined in accordance with regulations applicable in the countries in which the Group companies operate. Other liabilities include liabilities to merchantsin respect of processed payment transactions, liabilities to employees arising from unpaid salaries as at the reporting date, liabilities from purchases of tangible and intangible assets, as well as other liabilities. The table below presents the Group’s liabilities outstanding as at 31 December 2025 and 31 December 2024: 31 December 2025 31 December 2024 Non-current Current Non-current Current PLN’000 PLN’000 PLN’000 PLN’000 Trade payables, of which: - 165,253 - 195,073 Trade payables - 137,192 - 179,426 from related parties - 751 - 845 from other entities - 136,441 - 178,581
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This English version is a translation of the original document prepared in Polish. In case of any discrepancies between the two versions, the original language version shall be binding. Asseco South Eastern Europe Group Consolidated Financial Statements for the year ended 31 December 2025 in accordance with EU IFRS (in thousands of PLN) 72 Uninvoiced payables - 28,061 - 14,649 from related parties - 56 - 54 from other entities - 28,005 - 14,595 Liabilities arising from project-related penalties - - - 998 Corporate income tax payable - 17,629 - 9,601 Liabilities to the state and local budgets - 53,692 - 45,151 Value added tax (VAT) - 35,221 - 25,808 Personal income tax (PIT) - 5,299 - 5,144 Social insurance - 10,981 - 10,824 Withholding income tax - 1,480 - 2,731 Other - 711 - 644 Other liabilities 1,422 126,108 54 104,482 Liabilities from payment transactions processed - 93,163 - 72,599 Liabilities to employees (including salaries payable) - 27,597 - 27,306 Liabilities from purchases of tangible assets and intangible assets - 928 - 708 Other liabilities 1,422 4,420 54 3,869 Total 1,422 362,682 54 354,307 Trade payables are non-interest bearing. Related party transactions are presented in explanatory note 6.20 to these consolidated financial statements. 6.17. Contract liabilities Selected accounting policies Contract liabilities represent the Group’s obligations to transfer g oods or services to a customer for which the Group has re ceived consideration (or for which consideration is due) from the customer. Contract liabilities include liabilities arising from the valuati on of IT contracts, deferred income from right- to-access licenses that have not been recognized as at the reporting date, future revenues from the provision of services such as IT support (maintenance) which are recognized over time, as well as advance payments for deliveries of hardware. Due to the diversity of performance obligations, it is difficult to determine the single point in time at which the Group’s performance obligations are satisfied. Generally, in the case of contracts for th e implementation of comprehensive IT systems and maintenance contracts, the Group fulfils its performance obligations while providing services to customers. In the case of an obligation to provide the customer with a software license (with a right to use), the Group considers its performance obligation to have been fulfilled at the time of granting the license, but not earlier than at the beginning of the period when the customer can start using that software (usually when the license key is provided), which in the Group’s opinion is tantamount to transferring the control of the license to the customer. Estimates Each time, the Group exercises professional judgment involving the assessment of the percentage of completion of IT implementation contracts in relation to invoices issued, as well as the allocation of the transaction price. As at 31 December 2025, the Group’s liabilities from contracts with customers resulted from obligations listed in the table below: 31 December 2025 31 December 2024 Non-current Current Non-current Current PLN’000 PLN’000 PLN’000 PLN’000 Liabilities from valuation of IT contracts, of which: - 21,334 - 21,494 From related parties - - - - From other entities - 21,334 - 21,494 Deferred income from IT projects, of which: 14,305 119,911 8,541 106,243 Maintenance services, license and subscription fees 14,305 91,006 8,513 83,462 Prepaid implementation services - 13,463 28 6,249 Obligations to supply hardware - 15,392 - 16,510 Other prepaid services - 50 - 22 Total contract liabilities 14,305 141,245 8,541 127,737 The table below explains changes in the balance of contract liabili ties during the periods of 12 months ended 31 December 2025 and 31 December 2024:
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This English version is a translation of the original document prepared in Polish. In case of any discrepancies between the two versions, the original language version shall be binding. Asseco South Eastern Europe Group Consolidated Financial Statements for the year ended 31 December 2025 in accordance with EU IFRS (in thousands of PLN) 73 12 months ended 31 December 2025 12 months ended 31 December 2024 PLN’000 PLN’000 Liabilities from valuation of long-term IT contracts and deferred income from IT projects as at 1 January 136,278 168,803 Invoices issued above the level of performance obligations satisfied 280,242 308,354 Fulfilment of new uninvoiced performance obligations; changes in estimated transaction prices, modification of other assumptions (251,799) (335,936) Obtaining control over subsidiaries - 1,443 Impact of hyperinflation (633) 661 Reclassification to liabilities held for sale - (2,135) Exchange differences on translation of foreign operations (8,538) (4,912) Contract liabilities as at 31 December 155,550 136,278 6.18. Provisions Selected accounting policies Onerous contracts and provisions for losses The Group recognizes provisions for onerous contracts when the unavoidabl e costs of meeting contractual obligations exceed the economic benefits expected to be received. The amount of provision for onerous contracts is reviewed at each reporti ng date (the amount of provision should be equal to the difference between the entire expected loss and the loss already incurred till th e reporting date), which may result in an increase or decrease in the provision. Provision for warranty repairs The provision for warranty repairs is created to cover any anticipated futu re costs of warranty or service obligations resulting from the executed IT contracts, provided such warranty obligations meet the definition of an assurance-type warranty under IFRS 15. If the warranty meets the definition of a service (is a service-type warranty in accordance with IFRS 15), i.e. the warranty scope is broader than just an assurance to the customer that the product/service complies with agreed-upon specifications, then no provision is created. Such warranties constitute a separate performance obligation and are accounted for as revenue rather than as provisions. A provision for warranty repairs (relating to assurance-type warranties) is recognised in the following cases: (i) no contract for maintenance services has been signed with the customer, or (ii) the scope of the maintenance services contract does not fully cover all anticipated costs of the fulfilment of warranty obligations; or (iii) the scope of the manufacturer’s warranty for any equipment resold is narrower than the scope of warranty the Group is contractually committed to provide to its customer. The provision amount recognized at the reporting date shall be proportional to the progress of IT contract execution. Costs incurred in fulfilling warranty obligations are charged against the provision as they are incurred At the reporting date, the Group verifies the amount of carried provision for warranty repairs. If the actual costs of warranty services or anticipated future costs are lower/higher than assumed at the time of ini tial recognition of a provision, such provision shall be decreased/increased accordingly to reflect the Group’s current expectations in res pect of the fulfilment of its warranty obligations in future periods. Post-employment benefits In accordance with our corporate remuneration schemes, the Group’s employees are entitled to receive a retirement benefit. The amount of retirement benefits depends on the regulations of the labour law in force in individual countries where the Group companies operate. The present value of such liabilities is measured by an independent actuary at each reporting date. Any actuarial gains or losses resulting from the remeasurement of obligations under defined benefit plans shall be recognized in other comprehensive income and cannot be later reclassified to profit or loss. Provision for contractual penalties Provisions for contractual penalties are created in connection with pending court proceedings based on available information, including opinions of independent experts. Changes in the amounts of provisions during the period of 12 months ended 31 December 2025 are presented in the table below: Provisions Warranty repairs and product returns Provisions for contractual penalties Provisions for losses on contracts Costs related to ongoing court litigation Post- employmen t benefits Other provisions Total PLN’000 PLN’000 PLN’000 PLN’000 PLN’000 PLN’000 PLN’000 As at 1 January 2025 (restated) 1,160 457 6,409 211 5,267 190 13,694 Provisions created during the reporting period 774 780 2,687 1,160 1,690 669 7,760 Provisions utilized/reversed (613) (89) (1,610) (37) (808) (641) (3,798) Exchange differences on translation of foreign operations (15) (9) (842) (15) (764) (3) (1,648)
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This English version is a translation of the original document prepared in Polish. In case of any discrepancies between the two versions, the original language version shall be binding. Asseco South Eastern Europe Group Consolidated Financial Statements for the year ended 31 December 2025 in accordance with EU IFRS (in thousands of PLN) 74 As at 31 December 2025, of which: 1,306 1,139 6,644 1,319 5,385 215 16,008 Current 1,306 759 741 1,286 332 14 4,438 Non-current - 380 5,903 33 5,053 201 11,570 As at 1 January 2025 (restated), of which: 1,160 457 6,409 211 5,267 190 13,694 Current 1,160 72 1,344 165 340 5 3,086 Non-current - 385 5,065 46 4,927 185 10,608 In the comparative period, the amounts of provisions changed as follows: Provisions Warranty repairs and product returns Provisions for contractual penalties Provisions for losses on contracts Costs related to ongoing court litigation Post- employmen t benefits Other provisions Total PLN’000 PLN’000 PLN’000 PLN’000 PLN’000 PLN’000 PLN’000 As at 1 January 2024 890 73 5,377 367 3,747 140 10,594 Obtaining control over subsidiaries - - 5,029 - 561 - 5,590 Provisions created during the reporting period 724 400 1,286 - 1,774 537 4,721 Provisions utilized/reversed (440) (12) (5,269) (139) (495) (485) (6,840) Reclassification to liabilities held for sale - - - - (66) - (66) Exchange differences on translation of foreign operations (14) (4) (14) (17) (254) (2) (305) As at 31 December 2024 (restated), of which: 1,160 457 6,409 211 5,267 190 13,694 Current 1,160 72 1,344 165 340 5 3,086 Non-current - 385 5,065 46 4,927 185 10,608 As at 1 January 2024, of which: 890 73 5,377 367 3,747 140 10,594 Current 890 73 5,377 234 104 10 6,688 Non-current - - - 133 3,643 130 3,906 The provision for the costs of warranty repairs was created in connectio n with our obligations to provide contractually guaranteed repair services on software and hardware products supplied to our clients. The amount of reversed provisions represents our project-related provisions that were created in previous periods (based on historical data) and, subsequently, were not utilized for such projects. The provision for post-employment benefits represents retirement benefits which are to b e paid to the Group’s employees when they go into retirement or leave the company, pro vided such entitlement was acquired in accordance with the country’s applicable regulations. 6.19. Accruals and deferred income Selected accounting policies Accruals for unused holiday leaves The Group creates an accrual for unused holiday leaves, which relate to p eriods preceding the reporting date and will be used in the future, for all of the Group’s employees in countries where unused holiday leaves constitute accumulating paid absences (absences that are carried forward and can be used in future periods if the current period’s entitlement is not used in full). The amount of the provision is calculated based on the average monthly salary and the number of unused vacation days days eligible but not used by employees as at the reporting date. The Group recognizes the costs of unused holiday leaves on an accrual basis, based on estimated amounts, and discloses them in the statement of profit and loss under salaries (where they occur). Accruals for employee bonuses Obligations under bonus schemes arise from employees ’ service and not from a transaction with the Group’s owners. Therefore, the cost of such plans (even if they provide for profit-based payments) is always recognized as an expense and not as a distribution of profit. The Group recognises the expected cost of profit-sharing and bonus payments when, and only when: ▪ it has a present legal or constructive obligation to make such payments as a result of past events; and ▪ a reliable estimate of the obligation can be made. A present obligation exists when, and only when, the Group has no realistic ability to avoid making the payment.. Grants related to assets Grants related to assets are government grants whose primary condition is that an entity qualifying for them should purchase, construct or otherwise acquire long-term assets. Subsidiary conditions may also be att ached restricting the type or location of the assets or the periods during which they are to be acquired or held by the Group companies. Grants are recognized when there is reasonable assurance that a Group will comply with the conditions attached to them, and that the grants will be received. The for in which a grant is received does not affect the accounting treatement. The critical factor is the intended use of the grant. Therefore, a grant shall be accounted for in the same manner whether it is received in cash or as a reduction of a liability. If a grant received is related to assets, then it is accounted
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This English version is a translation of the original document prepared in Polish. In case of any discrepancies between the two versions, the original language version shall be binding. Asseco South Eastern Europe Group Consolidated Financial Statements for the year ended 31 December 2025 in accordance with EU IFRS (in thousands of PLN) 75 for as deferred income which is afterwards systematically, by way of equal annu al write-offs, recognized in profit or loss over the estimated useful life of the related asset as a reduced depreciation expense. Estimates The Group estimates the amount of its liabilities based on the adopted assumptions and methodology, assessing the probability of an outflow of resources embodying economic benefits and, as at the reporting date, recognizes liabilities for which such outflow is highly probable. Accruals for employee bonuses, in a large number of cases, depend on the estimates of profits achieved at various levels by the Group or its subsidiary companies. Government grants are not recognised until there is reasonable assurance that the Group will comply with the conditions attaching to the grant, and that the grant will be received. The assessment of compliance with such conditions requires professional judgment and is often associated with making estimates. 31 December 2025 31 December 2024 Non-current Current Non-current Current PLN’000 PLN’000 PLN’000 PLN’000 Accruals, of which: Accruals for unused holiday leaves - 11,767 - 11,700 Accruals for employee and management bonuses 771 32,251 423 28,506 771 44,018 423 40,206 Deferred income, of which: Grants related to assets 435 679 1,045 660 435 679 1,045 660 The total amount of accruals comprises: accruals for unused holiday leaves , as well as accruals for remunerations of the current period to be paid out in future peri ods which result from the bonus incentive schemes applied by the Group. The balance of deferred income is includes primarily to grants related to assets that were received by the Group in connection with its development projects or projects involving the formation of I T competence centers. 6.20. Related party transactions The table below discloses the total values of transactions condu cted with our related parties during the period of 12 months ended 31 December 2025 and in the comparative period, as well as outstanding balances of receivables and liabilities arising from such transactions as at 31 December 2025 and 31 December 2024: Sales to related parties Purchases from related parties Trade receivables and other receivables Trade payables and other liabilities Lease liabilities PLN’000 PLN’000 PLN’000 PLN’000 PLN’000 Transactions with Asseco Poland S.A. 2025 - 2,755 47 705 - 2024 - 1,768 47 766 - Transactions with other entities of Asseco Poland Group 2025 665 836 2,226 2 - 2024 2,460 528 2,543 8 - Transactions with entities or individuals related through the Key Management Personnel of the Group 2025 - 1,966 22 103 16,848 2024 - 1,969 26 129 5,031 Transactions with Members of Management Board and Supervisory Board of ASEE S.A. and companies of ASEE Group 2025 - 36 3,989 1,963 101 2024 - 193 4,877 1,225 181 As at 31 December 2025, the Group’s receivables from related parties comprise: the balance of trade receivables in the amount of PLN 360 thousand, the balance of assets arising from contracts with customers in the amount of PLN 1,888 thousand and the balance of other receivables in the amount of PLN 4,036 thousand, of which PLN
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This English version is a translation of the original document prepared in Polish. In case of any discrepancies between the two versions, the original language version shall be binding. Asseco South Eastern Europe Group Consolidated Financial Statements for the year ended 31 December 2025 in accordance with EU IFRS (in thousands of PLN) 76 3,989 thousand are receivables related to the sale of shares in Payten H olding S.A. to managers of companies from the ASEE Group, and PLN 47 thousand is a security deposit for the lease of office space. The balance of receivables from related entities as at Decembe r 31, 2024 includes the balance of trade receivables in the amount of PLN 550 thousand, the balance of assets ar ising from contracts with customers in the amount of PLN 2,020 thousand and the balance of other receivables in the a mount of PLN 4,923 thousand, of which PLN 4,876 thousand are receivables related to the sale of shares in Payten Holding S.A. to managers of companies from the ASEE Group, and PLN 47 thousand is a security deposit for the l ease of office space. As at 31 December 2025, the Group’s payables to related parties comprise the balance of trade liabilities in the amount of PLN 807 thousand and the balance of other liabilities in the amount o f PLN 1,966 thousand. The balance of liabilities from related entities as at 31 December 2024 includes the balance of trade liabilities in the amount of PLN 899 thousand and the balance of other liabilities in the amount of PLN 1,229 thousand. Purchases from and sales to related parties presented in the table abo ve resulted from purchases and sales of licenses, IT equipment and services that were conducted by companies of ASEE Group with related companies of Asseco Poland Group as well as with parties related through the Key Management Personnel or directly with the Key Management Personnel. The Group also incurs costs arising from rentals of space from MHM d.o.o., Belgrade1, Miljan Mališ and Mini Invest d.o.o., Belgrade 2, that meet the definition of a lease under IFRS 16. Hence, the Group disclosed right- of-use assets which are subject to depreciation, as well as lease li abilities in the statement of financial position. Lease liabilities arising from rental contra cts concluded with parties related through the Key Management Personnel and directly with the Key Management Personnel amounted to PLN 16,949 thousand as at 31 December 2025 (31 December 2024: PLN 5,212 thousand). Furthermore, Asseco International a.s., our parent company, received dividends from the Company in the total gross amount of PLN 46,212 thousand, compared to PLN 43,572 thousand in 2024. All transactions with related parties are carried out on an arm’s length basis. On 23 September 2021, Asseco International a.s. entered into agreements with managers of Group ASEE companies to acquire shares in ASEE S.A. and subsequently, on 22 August 2022 , managers of ASEE Group companies signed agreements with ASEE S.A. to acquire shares in Payten Hol ding S.A. Both the share-based payment plans have been described in detail in explanatory no te 5.2 in this report. Members of the Management Board of ASEE S.A., acting directly or through their related parties, acquired the following numbers of shares: Members of the Management Board Number of shares acquired Piotr Jeleński 280,000 Miljan Mališ 30,621 Michał Nitka 25,000 Kostadin Slavkoski 5,715 Total 341,336 In the consolidated financial statements for the year ended 31 December 2025, the costs of share-based payment program for shares acquired by Members of the Management Board amounted to PLN 181 thousand. Members of the Management Board and parties related through Members of the Management Board and Supervisory Board of Asseco South Eastern Europe S.A. received dividends f rom ASEE S.A. in the total gross amount of PLN 2,942 thousand, compared to PLN 2,741 thousand distributed in 2024. The above amount does not include dividends payable to Asseco International a.s. The numbers of ASEE shares held by its Management Personnel as well as by their related parties have been presented i n Section 5 ‘Shares and Shareholders’ of the Management Report on Operations of the Group for the year ended 31 December 2025. The dividend was paid out on 10 June 2025. Until the date of approval of these consolidated financial statements, ASEE S.A. has not received any information on any related party transactions conducted during the reporting period which would be carried out other than on an arm’s length basis. 1 President of the Management Board of ASEE S.A. holds indirectly a 1 5% stake in MHM d.o.o. through his wholly-owned Kompania Petyho rska d.o.o. 2 Miljan Mališ, Member of the Management Board of ASEE S.A., is a shareholder in the company Mini Invest d.o.o. whic h in turn i s a shareholder in ASEE S.A. As at 31 December 2024, Mini Invest d.o.o. held 298,436 shares in ASEE S.A.
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This English version is a translation of the original document prepared in Polish. In case of any discrepancies between the two versions, the original language version shall be binding. Asseco South Eastern Europe Group Consolidated Financial Statements for the year ended 31 December 2025 in accordance with EU IFRS (in thousands of PLN) 77 VII. Explanatory notes to the consolidated statement of cash flows 7.1. Cash flows – operating activities The table below presents items included in the line ‘Changes in working capital’: 12 months ended 31 December 2025 12 months ended 31 December 2024 PLN’000 PLN’000 Change in inventories 40,089 (12,154) Change in receivables and non-financial assets (97,949) 44,128 Change in liabilities 30,947 (74,311) Change in prepayments and accruals 11,922 (26,504) Change in provisions 4,028 (2,190) Total (10,963) (71,031) 7.2. Cash flows – investing activities In the 12-month period ended 31 December 2025, the most significant impact s on cash flows from investing activities were: • expenditures on the acquisition of property, plant and equipmen t (PLN 72,818 thousand) and intangible assets (PLN 7,209 thousand). Expenditures for the acquisition o f tangible assets represent purchases and upgrades of tangible assets as well as expenditures for equipment initially recognized in inventories and subsequently transferred to property, plant and eq uipment, in line with long-term intended use of such equipment; • expenditures for acquisition of subsidiaries, net of cash and cash equivalents in subsidiaries acquired, as disclosed in the table below: 12 months to 31 December 2025 12 months to 31 December 2024 Expenditures related to the acquisition of subsidiaries Cash in acquired subsidiaries Expenditures related to the acquisition of subsidiaries Cash in acquired subsidiaries thousand PLN thousand PLN thousand PLN thousand PLN Helius Systems (1,223) - - - Smarttek (1,182) - - - Fawaterk (3,284) - - - Avera - - (5,104) - Ifthenpay - - (5,386) - Dwelt - - (25,777) - ContentSpeed - - (1,657) - Touras India - - (25,904) (1,795) Touras Tech UAE (8,556) - (8,365) 176 WEO (1,301) - (5,057) 1 167 Askepnet - - (3,364) 122 Sycket (6,402) (732) - - Together (21,948) (732) (80,614) (330) • The proceeds from the sale of shares in subsidiaries, net of cas h and cash equivalents in the sold subsidiaries, represent only Mobven 's cash , which was deconsoli dated upon the loss of control of that company. Payments for the sold shares will be made in 7 insta llments, starting from the first anniversary of the sale of the company . 7.3. Cash flows – financing activities The table below explains changes in financial liabilities attributa ble to financing activities, including both changes arising from cash flows and non-cash changes in 2025:
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This English version is a translation of the original document prepared in Polish. In case of any discrepancies between the two versions, the original language version shall be binding. Asseco South Eastern Europe Group Consolidated Financial Statements for the year ended 31 December 2025 in accordance with EU IFRS (in thousands of PLN) 78 Change in financial liabilities Bank loans and borrowings Lease liabilities Dividends payable Total PLN’000 PLN’000 PLN’000 PLN’000 As at 1 January 2025 127,277 65,633 3,849 196,759 Changes arising from cash flows (21,909) (25,892) (97,785) (145,586) Inflows 33,478 - - 33,478 Repayment of principal amount (50,664) (22,180) (97,785) (170,629) Interest paid (4,723) (3,712) - (8,435) Non-cash changes 6,120 28,672 97,739 132,531 Interest accrued 5,225 3,712 - 8,937 Non-cash increase in liabilities - 31,013 97,739 128,752 Non-cash decrease in liabilities - (6,110) - (6,110) Obtaining control over subsidiaries 1,036 693 - 1,729 Foreign exchange differences recognized in financial income/expenses (141) (636) - (777) Exchange differences on translation of foreign operations (617) (920) (29) (1,566) As at 31 December 2025 110,871 67,493 3,774 182,138 The table below explains changes in financial liabilities attributa ble to financing activities, including both changes arising from cash flows and non-cash changes in 2024: Change in financial liabilities Bank loans and borrowings Lease liabilities Dividends payable Total PLN’000 PLN’000 PLN’000 PLN’000 As at 1 January 2024 77,963 47,428 3,932 129,323 Changes arising from cash flows 44,739 (24,997) (96,661) (76,919) Inflows 110,484 - - 110,484 Repayment of principal amount (59,785) (21,677) (96,661) (178,123) Interest paid (5,960) (3,320) - (9,280) Non-cash changes 5,303 44,322 96,683 146,308 Interest accrued 5,913 3,320 - 9,233 Non-cash increase in liabilities - 41,247 96,683 137,930 Non-cash decrease in liabilities - (1,007) - (1,007) Obtaining control over subsidiaries - 758 - 758 Foreign exchange differences recognized in financial income/expenses (610) 4 - (606) Exchange differences on translation of foreign operations (728) (1,120) (105) (1,953) As at 31 December 2024 127,277 65,633 3,849 196,759 Non-cash increase in lease liabilities resulted from the conclusion of new leas e contracts as well as modification of existing contracts. Non-cash decrease in lease liabilities resulted from the modification or early termination of lease contracts. Dividends paid out to non-controlling shareholders represent distri butions of dividends to the minority shareholders of the following companies: 12 months to 31 December 2025 12 months to 31 December 2024 thousand PLN thousand PLN Avera (530) (1883) ChipCard (507) (648) e-mon (334) (337) ContentSpeed - (212) Necomplus (1873) (2,447) Payten Holding (810) (640) Helius (1,303) - BS Telecom - (3,678) Ifthenpay (1,462) (1,190)
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This English version is a translation of the original document prepared in Polish. In case of any discrepancies between the two versions, the original language version shall be binding. Asseco South Eastern Europe Group Consolidated Financial Statements for the year ended 31 December 2025 in accordance with EU IFRS (in thousands of PLN) 79 Weo (151) - Total (6,970) (11,035) In 2025, the item purchase of non-controlling shares concerned the exer cise of the put option by minority shareholders of Necomplus in the amount of PLN 24,310 thousand. In 2024, the item purchase of non-controlling interests concerned primarily the partial exercise of the put option by minority shareholders of IPS Croatia (merged with Monri Croatia in 2023) in the amount of PLN 6,026 thousand and the buyout of non-controlling interests in Bithat in the amount of PLN 3,873 thous and.
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This English version is a translation of the original document prepared in Polish. In case of any discrepancies between the two versions, the original language version shall be binding. Asseco South Eastern Europe Group Consolidated Financial Statements for the year ended 31 December 2025 in accordance with EU IFRS (in thousands of PLN) 80 VIII. Explanatory notes on objectives and principles of financial risk management ASEE Group is exposed to risks arising either from both the macroeconomic situation of the countries where the Group companies operate and microeconomic situation in individual comp anies. The main market factors that may have an adverse impact on the Group’s financial performance are : (i) fluctuations in foreign currency exchange rates versus the functional currencies of the Group companies, and (ii) changes in market interest rates. Business operations conducted by the Group are also exposed to credit risk an d financial liquidity risk. 8.1. Foreign currency risk Selected accounting policies The functional currency of the Parent Entity and the reporting currency o f these consolidated financial statements is the Pol ish złoty (PLN). The functional currencies of foreign subsidiaries include, among others, the euro (EUR), Romanian leu (RON), Serbian dinar (RSD), Macedonian denar (MKD), Turkish lira (TRY), Bulgarian lev (BGN), Bosnia and Herzegovina convertible mark (BAM), and Czech koruna (CZK). Transactions denominated in foreign currencies (i.e. other than the functional currency) are, at the time of initial recognition, translated into the functional currency at the exchange rate effective on the transaction date. At the reporting date, monetary assets and liabilities denominated in foreign currencies are translated using the functional currency exchange rate at the reporting date. Non-monetary items measured at historical cost in a foreign currency are translated using the exchange rate at the date of the initial transaction. Non- monetary items measured at fair value in a foreign currency are translated using the exchange rate at the date the fair value is determined. For entities whose functional currency is PLN, monetary assets and liabilities denominated in currencies other than PLN are translated into Polish złoty at the average exchange rate published by the Nat ional Bank of Poland (NBP) at the end of the reporting period. Exchange differences arising from such translation are recognized in financial income (costs) or, where specified by accounting policy, capitalized as part of the asset’s carrying amount. Individual items disclosed in the financial statements of our foreig n operations are translated into the Group’s functional c urrency in the following way: ▪ assets and liabilities are translated at the mid exchange rate effective at the end of the reporting period as published by the National Bank of Poland; ▪ revenues and costs are translated using the arithmetic average of the Natio nal Bank of Poland average exchange rates prevailing at the last day of each month; ▪ any foreign exchange differences resulting from such translation are recognized in other comprehensive income. The presentation currency of the Group is the Polish złoty (PLN); ho wever, many subsidiaries have a functional currency different from PLN in which they conduct their operating activiti es. The Group is exposed to foreign currency risk arising from transactions denominated in currencies other than the functional currency of each subsidiary. Consequently, the Group may incur losses due to fluctuations in the transaction currency relative to the subsidiary’s functional currency during the period from the trans action date to the invoice date, payment date, or settlement on a financial instrument. To monitor foreign currency risk, all transactions denominated in currencies other than the functional currency of each subsidiary are recorded separately. In addition, procedures applicable to the execution of IT projects require systematic updates to project schedules and cash flows to refle ct changes resulting from foreign exchange rate fluctuations. The tables below present the currency structure and the Group’s exposure to fluctuations in the exchange rates of the Polish zloty against currencies in which most of our foreign tra nsactions are concluded. These tables present the currency structure of various classes of financial instrumen ts held as at 31 December 2025 and 31 December 2025. Groups/categories of financial instruments Carrying value as at 31.12.2025 Foreign currency exposure as at 31.12.2025 EUR USD Other currencies PLN’000 PLN’000 PLN’000 PLN’000 PLN’000 Financial assets Cash and cash equivalents 311,942 289,002 118,189 17,488 153,325 Loans granted and bank deposits 1,641 1,641 946 512 183 Other financial assets 2,319 2,319 632 - 1,687 Trade receivables and contract assets 423,879 423,834 117,263 19,721 286,850 Financial liabilities Bank loans and borrowings 153,207 153,207 94,228 - 58,979 Lease liabilities 67,493 67,493 57,273 338 9,882 Other financial liabilities 214,343 214,343 135,316 5,140 73,887 Trade payables 165,253 163,623 90,102 16,284 57,237
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This English version is a translation of the original document prepared in Polish. In case of any discrepancies between the two versions, the original language version shall be binding. Asseco South Eastern Europe Group Consolidated Financial Statements for the year ended 31 December 2025 in accordance with EU IFRS (in thousands of PLN) 81 Groups/categories of financial instruments Carrying value as at 31.12.2024 Foreign currency exposure as at 31.12.2024 EUR USD Other currencies PLN’000 PLN’000 PLN’000 PLN’000 PLN’000 Financial assets Cash and cash equivalents 271,211 245,685 123,064 26,140 96,481 Loans granted and bank deposits 4,319 4,318 50 107 4,161 Other financial assets 2,241 2,241 544 - 1,697 Trade receivables and contract assets 379,634 377,709 130,415 19,705 227,589 Financial liabilities Bank loans and borrowings 162,732 162,732 106,504 - 56,228 Lease liabilities 65,633 65,633 54,034 462 11,137 Other financial liabilities 441,044 441,044 389,354 - 51,690 Trade payables 195,073 193,388 92,914 17,211 83,263 The tables below present the analysis of sensitivity of our comprehensive income to fluctuations in foreign exchange rates as at 31 December 2025 and in the comparative period: Analysis of sensitivity to foreign currency risk as at 31 December 2025 Groups / categories of financial instruments EUR USD +10% -10% +10% -10% Impact on comprehensive income Impact on comprehensive income PLN’000 PLN’000 PLN’000 PLN’000 Financial assets Cash and cash equivalents 11,819 (11,819) 1,749 (1,749) Loans granted and bank deposits 95 (95) 51 (51) Other financial assets 63 (63) - - Trade receivables and contract assets 11,726 (11,726) 1,972 (1,972) Financial liabilities Bank loans and borrowings (9,423) 9,423 - - Lease liabilities (5,727) 5,727 (34) 34 Other financial liabilities (13,532) 13,532 (514) 514 Trade payables (9,010) 9,010 (1,628) 1,628 Analysis of sensitivity to foreign currency risk as at 31 December 2024 Groups / categories of financial instruments EUR USD +10% -10% +10% -10% Impact on comprehensive income Impact on comprehensive income PLN’000 PLN’000 PLN’000 PLN’000 Financial assets Cash and cash equivalents 12,306 (12,306) 2,614 (2,614) Loans granted and bank deposits 5 (5) 11 (11) Other financial assets 54 (54) - - Trade receivables and contract assets 13,042 (13,042) 1,971 (1,971) Financial liabilities Bank loans and borrowings (10,650) 10,650 - - Lease liabilities (5,403) 5,403 (46) 46 Other financial liabilities (38,935) 38,935 - - Trade payables (9,291) 9,291 (1,721) 1,721 8.2. Interest rate risk The Group continuously identifies and measures interest rate risk and takes actions to minimize its impact on the financial position. Positions with variable interest rates expose the Group to the risk of changes in cash flows
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This English version is a translation of the original document prepared in Polish. In case of any discrepancies between the two versions, the original language version shall be binding. Asseco South Eastern Europe Group Consolidated Financial Statements for the year ended 31 December 2025 in accordance with EU IFRS (in thousands of PLN) 82 from such positions due to fluctuations in market interest rates, affectin g the amount of interest income or expense recognized in profit or loss. Changes in market interest rates may adversely impact the Group’s financial results. The Group is primarily exposed to interest rate risk through ch anges in interest accrued on loans provided by external financial institutions to the Group’s companies that are bas ed on variable interest rates. The Group identifies interest rate risk at the inception of each transact ion or financial instrument exposed to such risk. All transactions sensitive to changes in market interest rates are recorded separately and monitored by the relevant department in each Group company. Exposure to interest rate risk is the aggregate of amounts arising from all financial instruments subject to interest rate risk. Group companies may mitigate this risk in two ways: (i) by attempting to avoid borrowing under variable interest rate loans; or (ii) if the first option is not feasible, the Group companies may e nter into interest rate derivative contracts, provided the costs are justified relative to the expected benefits. Detailed information on the loans and borrowings, including the type of interest rate and currency, is presented in explanatory note 6.15 of these consolidated financial statements. An analysis of the structure of financial instruments exposed to intere st rate risk indicated that loans and borrowings, as well as other receivables arising from the sale of Payten Hold ing shares to Group managers, are exposed to interest rate risk, as their interest is based on EURIBOR. The amount exposed to risk and the related sensitivity analysis are presented in the table below: Carrying value Amount exposed to risk of changes in EURIBOR Deviation assumed (in percentage points) Impact on financial results PLN’000 PLN’000 PLN’000 PLN’000 As at 31 December 2025 Financial assets Other receivables 113,042 3,989 + 1.0 p.p. - 1.0 p.p. 40 (40) Financial liabilities Bank loans and borrowings 153,207 90,365 + 1.0 p.p. - 1.0 p.p. (904) 904 As at 31 December 2024 Financial assets Other receivables 77,767 4,877 + 1.0 p.p. - 1.0 p.p. 49 (49) Financial liabilities Bank loans and borrowings 162,732 101,858 + 1.0 p.p. - 1.0 p.p. (1,019) 1,019 The sensitivity analysis was performed based on the portfolio o f instruments held by the ASEE Group as at 31 December 2025 and 31 December 2024. The impact of interest rate changes has bee n presented on an annualized basis. The sensitivity of financial instruments to interest rate risk was determined as the product of the outstanding balance of positions exposed to risk and the rel evant interest rate shift assumed for the purpose of the calculation. 8.3. Credit risk The Group identifies credit risk as the risk that a counterparty to a trans action will fail to meet its contractual obligations towards a Group entity, thereby exposing the Group to financial losses. The Group’s credit risk management policy is described in explanatory note 6.8 relating to long- and short- term receivables. The Group’s total exposure to credit risk arises from its receivabl es (Note 6.8) and other financial assets (Note 6.6). 8.4. Financial liquidity risk The Group monitors the risk of insufficient funds using a peri odic liquidity planning tool. This tool takes into account the maturities of both investments and financial assets, as well as projected cash flows from operating activities.
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This English version is a translation of the original document prepared in Polish. In case of any discrepancies between the two versions, the original language version shall be binding. Asseco South Eastern Europe Group Consolidated Financial Statements for the year ended 31 December 2025 in accordance with EU IFRS (in thousands of PLN) 83 The Group’s objective is to maintain a balance between continuity and flexibility of funding by utilizing diversified sources of financing. The tables below present the maturity profile of the Group’s financial liabilities as at 31 December 2025 and 31 December 2024, based on contractual maturity dates: Maturity of financial liabilities as at 31 December 2025 Liabilities falling due within 3 months Liabilities falling due within 3 to 12 months Liabilities falling due within 1 to 5 years Liabilities falling due after 5 years Total PLN’000 PLN’000 PLN’000 PLN’000 PLN’000 Trade payables 165,104 130 19 - 165,253 Bank loans and borrowings 14,795 50,788 87,624 - 153,207 Lease liabilities * 6,208 19,247 48,218 187 73,860 Dividends payable 3,774 - - - 3,774 Ageing of liabilities for unpaid shares - 174 - - 174 Ageing of conditional payments recognized due to business acquisitions 2,025 88 16,044 - 18,157 Ageing of liabilities under put options granted to non-controlling shareholders 1,692 109,190 38,969 42,387 192,238 Total 193,598 179,617 190,874 42,574 606,663 * The amount analyzed for aging includes contractual undiscounted cash flows only, as opposed to the value presented in the statement of financial position Maturity of financial liabilities as at 31 December 2024 Liabilities falling due within 3 months Liabilities falling due within 3 to 12 months Liabilities falling due within 1 to 5 years Liabilities falling due after 5 years Total PLN’000 PLN’000 PLN’000 PLN’000 PLN’000 Trade payables 194,643 81 349 - 195,073 Bank loans and borrowings 15,236 61,676 85,820 - 162,732 Lease liabilities * 5,343 15,792 52,430 393 73,958 Dividends payable 3,849 - - - 3,849 Ageing of liabilities for unpaid shares - 8,756 - - 8,756 Ageing of conditional payments recognized due to business acquisitions 3,418 4,573 136,583 - 144,574 Ageing of liabilities under put options granted to non-controlling shareholders - 26,253 114,665 142,947 283,865 Total 222,489 117,131 389,847 143,340 872,807 * The amount analyzed for aging includes contractual undiscounted cash flows only, as opposed to the value presented in the statement of financial position 8.5. Items of income, expenses, gains and losses recognized in the stateme nt of profit and loss in correspondence to balance sheet items As at 31 December 2025, the Group reported the following items of inco me, expenses, gains and losses recognized in the statement of profit or loss, allocated to their corresponding balance sheet categories: Items of income, expenses, gains and losses recognized in the statement of profit and loss Category accordin g to IFRS 9 Interest income (expenses) Reversal (recognition) of impairment losses Gain (loss) on exercise and valuation Total For 12 months ended 31 December 2025 PLN’000 PLN’000 PLN’000 PLN’000 Financial assets 8,900 (26,132) 94 (17,138) Loans granted MaAC 64 (22) - 42 Financial instruments in amortised costs MaAC 6 (5,965) - (5,959) Cash deposits MaAC 151 - 94 245 Financial assets carried at fair value through profit or loss FVtPL 1,161 (17,046) - (15,885) Trade receivables MaAC (2,714) (2,714) Cash and cash equivalents FVtPL 7,518 (385) - 7,133 Financial liabilities (10,445) - 108,867 98,422 Forward/future contracts FVtPL - - - -
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This English version is a translation of the original document prepared in Polish. In case of any discrepancies between the two versions, the original language version shall be binding. Asseco South Eastern Europe Group Consolidated Financial Statements for the year ended 31 December 2025 in accordance with EU IFRS (in thousands of PLN) 84 Liabilities under deferred and/or conditional payments for controlling interests FVtPL - - 138,764 138,764 Liabilities from acquisition of non- controlling interests in subsidiaries (put options) FVtPL - - (29,897) (29,897) Bank loans and borrowings MaAC (6,722) - - (6,722) Lease liabilities MaAC (3,712) - - (3,712) Trade payables MaAC (11) - - (11) Total (1,545) (26,132) 108,961 81,284 As at 31 December 2024, the following items of income, expense s, gains and losses were recognized in the Group’s statement of profit and loss, in a breakdown to corresponding items in the statement of financial position: Items of income, expenses, gains and losses recognized in the statement of profit and loss Category accordin g to IFRS 9 Interest income (expenses) Reversal (recognition) of impairment losses Gain (loss) on exercise and valuation Total For 12 months ended 31 December 2024 PLN’000 PLN’000 PLN’000 PLN’000 Financial assets 7,779 (6,470) (126) 1,183 Loans granted MaAC 30 (21) - 9 Cash deposits MaAC 5 - - 5 Financial assets carried at fair value through profit or loss FVtPL 234 - (126) 108 Trade receivables MaAC 599 (6,449) - (5,850) Cash and cash equivalents FVtPL 6,911 - - 6,911 Financial liabilities (10,219) - 36,372 26,153 Forward/future contracts FVtPL - - 203 203 Liabilities under deferred and/or conditional payments for controlling interests FVtPL - - (4,334) (4,334) Liabilities from acquisition of non- controlling interests in subsidiaries (put options) FVtPL - - 40,503 40,503 Bank loans and borrowings MaAC (6,897) - - (6,897) Lease liabilities MaAC (3,320) - - (3,320) Trade payables MaAC (2) - - (2) Total (2,440) (6,470) 36,246 27,336
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This English version is a translation of the original document prepared in Polish. In case of any discrepancies between the two versions, the original language version shall be binding. Asseco South Eastern Europe Group Consolidated Financial Statements for the year ended 31 December 2025 in accordance with EU IFRS (in thousands of PLN) 85 IX. Other explanatory notes 9.1. Off-balance-sheet liabilities Selected accounting policies Off-balance sheet liabilities primarily comprise contingent liabilities, which the Group defines as: a possible obligation arising from past events, the existence of which will be confirmed only upon the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the Group; or a present obligation arising from past events that is not recognized in the financial statements because: (i) it is not probable that an outflow of resources embodying economic benefits will be required to settle the obligation, or (ii) the amount of the obligation cannot be measured with sufficient reliability. Contingent liabilities are not recognized in the statement of financial position; however, they are disclosed unless the likelihood of an outflow of resources embodying economic benefits is remote. Operating leases – The Group applies the practical expedient for lease contracts and similar agreements with a lease term of less than 12 months from the commencement date, as well as the exemption for leases of low -value assets. Lease payments under both exemptions are recognized as an expense on a straight-line basis over t he lease term. In such cases, neither a right- of-use asset nor a corresponding lease liability is recognized. Liabilities arising from such operating leases are disclosed as off-balance liabilities. Within its commercial activities ASEE Group uses bank guarantees as well as contract performance guarantees as forms of collateral for business transactions with variuos organizations, companies and public administration entities. As at 31 December 2025, the related contingent liabilities equalled PLN 60,402 thousand, while as at 31 December 2024 they amounted to PLN 76,374 thousand. Assets pledged as collateral for bank guarantee facilities: Category of assets Net value of assets Amount of granted guarantee secured with assets 31 December 2025 31 December 2024 31 December 2025 31 December 2024 PLN’000 PLN’000 PLN’000 PLN’000 Financial assets - 452 - 383 Cash 4,754 1 153 3,696 2,091 Trade receivables 3,953 - - - Other receivables 395 392 395 393 Total 9,102 1,997 4,091 2,867 None of the above-described guarantee obligations meet the definition of a financial guarantee in accordance with IFRS 9 and, consequently, are not recognized as liabilities in the Group’s statement of financial position as at 31 December 2025. The Group is party to a number of contracts for rental of: ▪ offices and warehouses, ▪ vehicles, ▪ office equipment, ▪ other assets which gave rise, as at 31 December 2025 and 31 December 2024, to the followin g off-balance sheet commitments for future payments: 31 December 2025 31 December 2024 PLN’000 PLN’000 Liabilities from rental of space In the period up to 1 year 4,491 3,906 In the period from 1 to 5 years 2,508 4,660 Over 5 years - - 6,999 8,566 Liabilities under operating leases of equipment In the period up to 1 year 603 188 In the period from 1 to 5 years - - Over 5 years - - 603 188
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This English version is a translation of the original document prepared in Polish. In case of any discrepancies between the two versions, the original language version shall be binding. Asseco South Eastern Europe Group Consolidated Financial Statements for the year ended 31 December 2025 in accordance with EU IFRS (in thousands of PLN) 86 The above contracts meet the definition of a lease under IFRS 16. The off-balance sheet liabilities presented as at 31 December 2025 relate to lease contracts that qualified for the exemp tions provided under IFRS 16 (short-term leases and leases of low-value assets). Outstanding litigation as at the reporting date During the reporting period presented, there were no material proceedings pending before courts, arbitration bodies, or public administration authorities concerning liabilities or receivables of ASEE Group companies. 9.2. Seasonal and cyclical business The distribution of the Group’s sales revenues across individu al quarters of the year is subject to limited seasonality. Seasonality mainly relates to hardware deliveries within the Payment Solutions and Dedicated Solutions segments, intelligent transportation systems (within Dedicated Solutions), transactions executed within the MoneyGet network (Payment Solutions), and payment transactions processed within the eCommerce, IPD, and Processing lines. In the case of hardware deliveries and related services, revenues in the fourth quarter are typically higher than in other quarters, as a significant portion is generated from the sale of IT services to large enterprises and public sector institutions. These entities often make larger capital expenditures on equipment and licenses in the final months of the year. In the case of the MoneyGet network, the highest revenues are typically recorded in the third quarter, reflecting the network’s exposure to seasonal tourism-driven transaction volumes. 9.3. Employment Number of employees in the Group companies as at 31 December 2025 31 December 2024 Management Board of the Parent Company 4 4 Management Boards of the Group companies 73 70 Production departments 3 195 3,395 Sales departments 322 309 Administration departments 392 403 Total 3,986 4 181 Number of employees in the Group companies as at 31 December 2025 31 December 2024 ASEE S.A. 28 27 ASEE BSS Macedonia 199 181 ASEE Bulgaria 21 19 ASEE Croatia 350 360 ASEE Macedonia 70 67 ASEE Turkey 96 100 Avera 8 6 BS Telecom Solutions 165 158 e-mon 7 6 Fawaterk 20 - ASEE B&H Group 162 157 ASEE Kosovo Group 153 156 ASEE Romania Group 176 180 ASEE Serbia Group 628 606 Necomplus Group 647 759 Payten B&H Group 88 78 Payten Romania Group 74 77 Payten Serbia Group 254 239 Payten Turkey Group 223 392 Sonet Group 91 91 Touras Group 118 146 IfthenPay 23 19 Monri Croatia 148 146 Monri Serbia 6 4
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This English version is a translation of the original document prepared in Polish. In case of any discrepancies between the two versions, the original language version shall be binding. Asseco South Eastern Europe Group Consolidated Financial Statements for the year ended 31 December 2025 in accordance with EU IFRS (in thousands of PLN) 87 Payten Croatia 98 100 Payten Montenegro 23 23 Payten Egypt 10 9 Payten Macedonia 40 36 Payten Slovenia 32 32 Weo Portugal 7 7 Sycket Spain 21 - Total 3,986 4 181 Number of employees in countries where the Group operates 31 December 2025 31 December 2024 South Eastern Europe: 2,452 2,374 Bosnia 415 393 Croatia 596 606 Macedonia 309 284 Serbia 888 849 Other 244 242 Central Europe 369 375 Western Europe 447 467 Middle East 42 25 Turkey 319 492 India 106 130 Latin America 251 318 Total 3,986 4 181 9.4. Remuneration of the entity authorized to audit financial statements The table below presents the remuneration of the entity authorized to audit the financial statements of the Company and the Group, paid or payable to BDO sp. z o.o. sp.k. (Poland) for the years ended 31 December 2025 and 31 December 2024, broken down by type of services: Remuneration of the entity authorized to audit financial statements 12 months ended 31 December 2025 12 months ended 31 December 2024 Audit of the annual financial statements 363 288 Review of the semi-annual financial statements 149 146 Other certification services 168 163 Total 680 597 For the year ended 31 December 2025 and for the prior year, the entity authorized to audit the financial statements was BDO sp. z o.o. sp.k. It was appointed pursuant to resolution s of the Supervisory Board of ASEE S.A. dated 7 July 2022 and subsequently on 10 May 2024. The same entity was also appointed to attest sustainability reporting, pursuant to resolutions of the Supervisory Board of ASEE S.A. dated 6 September 2024 and 21 December 2025. Furthermore, other firms within the BDO network performed statutory audi ts of annual financial statements, reviews of interim financial statements, and other assurance service s for ASEE Group companies in countries other than Poland during 2024 –2025. The total remuneration for these services amounted to PLN 1,174 thousand in 2025 and PLN 1,077 thousand in 2024. 9.5. Remuneration of the Management Board and Supervisory Board The table below presents the amounts of remuneration paid to individ ual members of the Company’s Management Board and Supervisory Board for performing their duties during the year 2025: Remuneration for the period of 12 months ended 31 December 2025 Fixed remuneration (Base salary) Variable remuneration (Annual bonus) Fringe benefits Employee Capital Plans Total remuneration Management Board Piotr Jeleński 360 6,834 5 42 7,241
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This English version is a translation of the original document prepared in Polish. In case of any discrepancies between the two versions, the original language version shall be binding. Asseco South Eastern Europe Group Consolidated Financial Statements for the year ended 31 December 2025 in accordance with EU IFRS (in thousands of PLN) 88 Michał Nitka 264 970 5 5 1,244 Miljan Mališ 256 815 - - 1,071 Kostadin Slavkoski 191 827 - - 1,018 1,071 9,446 10 47 10,574 Supervisory Board Jozef Klein 91 - - - 91 Adam Góral 72 - - - 72 Jacek Duch 85 - - - 85 Artur Kucharski 117 - - - 117 Adam Pawłowicz 85 - - - 85 450 - - - 450 The table below presents the amounts of remuneration paid to individ ual members of the Company’s Management Board and Supervisory Board for performing their duties during the year 2024: Remuneration for the period of 12 months ended 31 December 2024 Fixed remuneration (Base salary) Variable remuneration (Annual bonus) Fringe benefits Employee Capital Plans Total remuneration Management Board Piotr Jeleński 360 7,638 6 68 8,072 Michał Nitka 264 1,084 6 8 1,362 Miljan Mališ 244 774 - - 1,018 Kostadin Slavkoski 194 806 - - 1,000 1,062 10,302 12 76 11,452 Supervisory Board Jozef Klein 84 - - - 84 Adam Góral 66 - - - 66 Jacek Duch 78 - - - 78 Artur Kucharski 108 - - - 108 Adam Pawłowicz 78 - - - 78 414 - - - 414 The amounts of remuneration disclosed in the tables above are du e for performing managerial and supervisory functions in ASEE S.A. as well as in its subsidiary comp anies. The data presented in the tables above reflect the amounts of remuneration already paid out, as we ll as accruals for the part of variable remuneration which has not been paid out by the end of the reporting period. Remuneration paid and payable to members of the management boards an d supervisory boards of subsidiaries within the ASEE Group for the year ended 31 December 2025 amounted to PLN 37,759 thousand (excluding the amounts presented in the tables above). Remuneration paid and payable to members of the management boards an d supervisory boards of subsidiaries within the ASEE Group for the year ended 31 December 2024 amounted to PLN 34,604 thousand (excluding the amounts presented in the tables above). 9.6. Capital management The primary objective of the Group’s capital management is to maintain a f avourable credit rating and secure capital ratios that support the Group’s business operations and maximize shareholder value. The Group manages its capital structure and adjusts it in response to ch anges in economic conditions. In order to maintain or adjust its capital structure, the Group may amend its divi dend policy, return some capital to shareholders, or issue new shares. No changes were made to the objectives, policies, or processes in this area during the years ended 31 December 2025 and 31 December 2024. The Group monitors its capital using a leverage ratio, calculated as the ratio of net debt to total equity increased by net debt). Net debt includes interest-bearing loans and borrowings, lease liabilities, trade payables and other liabilities, less cash and cash equivalents. The equity comprises e quity attributable to the shareholders of the parent entity.
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This English version is a translation of the original document prepared in Polish. In case of any discrepancies between the two versions, the original language version shall be binding. Asseco South Eastern Europe Group Consolidated Financial Statements for the year ended 31 December 2025 in accordance with EU IFRS (in thousands of PLN) 89 In addition, the Management also monitors: ▪ Net debt / EBITDA ratio which is calculated as net debt divided by operating profit plus depreciation and amortization. In this case, net debt represents the sum of interest-bearing bank loans and lease liabilities, less cash and cash equivalents, and ▪ Bank loans and borrowings / EBITDA ratio which measures the amount of income ge nerated available for the repayment of bank loans and borrowings. Capital management 31 December 2025 31 December 2024 Bank loans and borrowings 153 207 162 732 Lease liabilities 67,493 65 633 Trade payables, contract liabilities, state budget liabilities and other liabilities 733 997 931 683 Minus cash and cash equivalents (311,942) (271 211) Net debt 642 755 888 837 Equity 1 230 605 1,082,507 Equity and net debt 1 873 360 1,971,344 Leverage ratio 34.31% 45.09% EBITDA 367 262 325 473 Net debt / EBITDA (0.2) (0.1) Bank loans and borrowings / EBITDA 0.4 0.5 *EBITDA = Operating profit + depreciation + PPA write-off 9.7. Climate and operations of ASEE Group The ASEE Group’s environmental impact is relatively limited du e to the industry in which it operates and the nature of its activities (software development and IT services). For the same reason, environmental changes and climate-related regulations do not have a material impact on the Group’s operations in the short - to medium-term. Since 2021, the ASEE Group has implemented a climate risk management policy aimed at: • reducing energy and natural resource consumption, • lowering greenhouse gas / CO₂ emissions, • increasing the share of energy consumed from renewable sources, • protecting the local environment. Climate changes may affect the Group’s operations in the following areas: • global warming could affect subsidiaries in the long term, mainly due to potential impacts on tourism, • extreme weather events may affect the supply of purchased equipme nt and limit the ability to provide on-site support services, • new climate regulations may be introduced with additional operational obligations for ASEE, • increases in electricity costs may affect ASEE’s operating expenses. The Group’s operations may contribute to climate change through: • transportation of purchased equipment over long distances, • fuel consumption by company vehicles, • use of energy, heating, and air conditioning in offices, • business travel, • waste management.
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This English version is a translation of the original document prepared in Polish. In case of any discrepancies between the two versions, the original language version shall be binding. Asseco South Eastern Europe Group Consolidated Financial Statements for the year ended 31 December 2025 in accordance with EU IFRS (in thousands of PLN) 90 It should be emphasized that, given the ASEE Group’s business m odel—which does not involve energy- intensive production processes—the direct material impact of climate-related issues is considered limited. The Group has taken climate risks into account and analyzed the potentia l impact of climate change on the financial statements, focusing in particular on: • asset useful lives, • expected credit losses, primarily related to receivables, • impairment of non-financial assets, • provisions, contingent liabilities, and contingent assets, • impact on revenues for the period, • impact on costs for the period (particularly energy costs). Based on this analysis, the Group concluded that the impact of clim ate change on the Group’s consolidated financial statements is not material. The impact of climate on the ASEE Group’s business is describ ed in detail in a separate section of the Management Board’s Report on the Group’s Operations, in Chapter 7 “Sustainab ility Reporting,” which was publicly disclosed on 25 February 2026. 9.8. Significant events after the reporting period ▪ Purchase of non-controlling shares in AFusion doo . Beograd On February 3, 2026, Payten doo , Novi Beograd signed an agreement to acquire a 5 % stake in AFusion doo . Beograd . The acquisition was registered on February 11, 2026. As a result of this transaction, Payten doo , Novi Beograd has AFusion doo . Beograd 100% shares. From 31 December 2025 until the date of approval of these consolidated financial statements, i.e., 25 February 2026, no other significant events occurred that could materially affect the asse ssment of the ASEE Group’s workforce, assets, or financial position. 9.9. Significant events related to prior years As of the date of preparation of these consolidated financial statements for the 12 months ended 31 December 2025, no significant events related to prior years occurred that should have be en, but were not, recognized in these financial statements.
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91 Technology for business, solutions for people. Asseco South Eastern Europe S.A. 14 Olchowa St., 35-322 Rzeszów, Poland Phone: +48 22 574 86 30 Fax: +48 22 574 86 90 Email: office@assee.io see. asseco.com