Interim report
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Interim Condensed Consolidated Financial Statements of Asseco South Eastern Europe Group for the period of 9 months ended 30 September 2025 Quarterly Report Asseco South Eastern Europe Group – ASEE Group for the period of 9 months ended 30 September 2025
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Present in 26 countries Sales revenues PLN 1,263.9 million 4,077 highly committed employees Net profit for Shareholders of the Parent Company PLN 133.2 million
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Asseco South Eastern Europe Group Quarterly Report for the period of 9 months ended 30 September 2025 ( in thousands of PLN) 3 Quarterly Report of Asseco South Eastern Europe Group for the period of 9 months ended 30 September 2025 INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS OF ASSECO SOUTH EASTERN EUROPE GROUP FOR THE PERIOD OF 9 MONTHS ENDED 30 SEPTEMBER 2025 ................................ ................................ ...................... 1 FINANCIAL HIGHLIGHTS ................................ ................................ ................................ ................................ ................................ 5 INTERIM CONDENSED CONSOLIDATED STATEMENT OF PROFIT AND LOSS AND OTHER COMPREHENSIVE INCOME ............................... 6 INTERIM CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION ................................ ................................ ..................... 7 INTERIM CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY ................................ ................................ ..................... 9 INTERIM CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS ................................ ................................ ............................. 11 EXPLANATORY NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS ................................ ....................... 12 I. GENERAL INFORMATION ................................ ................................ ................................ ................................ ................. 12 II. BASIS FOR THE PREPARATION OF INTERIM CONDENSED FINANCIAL STATEMENTS ................................ ............. 13 2.1. Basis for preparation ................................................................................................................................................................ 13 2.2. Impact of the geopolitical and macroeconomic situation on the Group’s business operations ............................................... 13 2.3. Compliance statement ............................................................................................................................................................. 13 2.4. Functional currency, presentation currency and hyperinflation .............................................................................................. 14 2.5. Professional judgement and estimates .................................................................................................................................... 14 2.6. Accounting policies applied ...................................................................................................................................................... 14 2.7. New standards and interpretations published but not in force yet ......................................................................................... 14 2.8. Changes in the presentation methods and in the comparable data ........................................................................................ 15 2.9. Correction of errors.................................................................................................................................................................. 17 2.10. Accounting effects of Turkey’s status as a hyperinflationary economy ................................................................................... 17 III. ORGANIZATION AND CHANGES IN THE STRUCTURE OF ASSECO SOUTH EASTERN EUROPE GROUP, INCLUDING THE ENTITIES SUBJECT TO CONSOLIDATION ................................ ................................ ........................... 22 IV. INFORMATION ON OPERATING SEGMENTS ................................ ................................ ................................ ................... 25 V. EXPLANATORY NOTES TO THE CONSOLIDATED STATEMENT OF PROFIT AND LOSS ................................ ............. 28 5.1. Structure of operating revenues .............................................................................................................................................. 28 5.2. Structure of operating costs ..................................................................................................................................................... 30 5.3. Other operating income and expenses .................................................................................................................................... 31 5.4. Financial income and expenses ................................................................................................................................................ 32 5.5. Corporate income tax .............................................................................................................................................................. 33 5.6. Earnings per share.................................................................................................................................................................... 34 5.7. Information on dividends paid out ........................................................................................................................................... 34 VI. EXPLANATORY NOTES TO THE CONSOLIDATED STATEMENT OF FINANCIAL POSITION ................................ ........ 36 6.1. Property, plant and equipment ................................................................................................................................................ 36 6.2. Intangible assets ...................................................................................................................................................................... 36 6.3. Right-of-use assets ................................................................................................................................................................... 37 6.4. Goodwill ................................................................................................................................................................................... 37 6.5. Other financial assets ............................................................................................................................................................... 44 6.6. Prepayments and accrued income ........................................................................................................................................... 45 6.7. Receivables and contract assets ............................................................................................................................................... 45 6.8. Inventories ............................................................................................................................................................................... 46 6.9. Cash and cash equivalents ....................................................................................................................................................... 47 6.10. Lease liabilities ......................................................................................................................................................................... 47 6.11. Bank loans and borrowings ...................................................................................................................................................... 48 6.12. Other financial liabilities .......................................................................................................................................................... 49 6.13. Trade payables, state budget liabilities and other liabilities .................................................................................................... 49 6.14. Contract liabilities .................................................................................................................................................................... 50 6.15. Provisions ................................................................................................................................................................................. 50 6.16. Accruals and deferred income ................................................................................................................................................. 51 6.17. Related party transactions ....................................................................................................................................................... 51 VII. EXPLANATORY NOTES TO THE CONSOLIDATED STATEMENT OF CASH FLOWS ................................ ..................... 53 7.1. Cash flows – operating activities .............................................................................................................................................. 53 7.2. Cash flows – investing activities ............................................................................................................................................... 53 7.3. Cash flows – financing activities ............................................................................................................................................... 53 VIII. OTHER EXPLANATORY NOTES ................................ ................................ ................................ ................................ .... 55
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Asseco South Eastern Europe Group Quarterly Report for the period of 9 months ended 30 September 2025 ( in thousands of PLN) 4 8.1. Off-balance-sheet liabilities ..................................................................................................................................................... 55 8.2. Seasonal and cyclical business ................................................................................................................................................. 55 8.3. Employment ............................................................................................................................................................................. 56 8.4. Significant events after the reporting period ........................................................................................................................... 57 8.5. Significant events related to prior years .................................................................................................................................. 57 SUMMARY AND ANALYSIS OF THE FINANCIAL RESULTS OF ASSECO SOUTH EASTERN EUROPE GROUP FOR THE PERIOD OF 9 MONTHS ENDED 30 SEPTEMBER 2025 ................................ ................................ .................... 58 I. FINANCIAL RESULTS OF ASSECO SOUTH EASTERN EUROPE GROUP FOR THE THIRD QUARTER OF 2025 .......... 59 II. FINANCIAL RESULTS OF ASSECO SOUTH EASTERN EUROPE GROUP FOR THE PERIOD OF 9 MONTHS ENDED 30 SEPTEMBER 2025 /CUMULATIVE/ ................................ ................................ ................................ .................. 64 III. ANALYSIS OF FINANCIAL RATIOS ................................ ................................ ................................ ................................ .... 69 IV. STRUCTURE OF THE STATEMENT OF CASH FLOWS................................ ................................ ................................ ..... 70 V. INFORMATION ON GEOGRAPHICAL STRUCTURE OF FINANCIAL RESULTS ................................ ............................... 71 VI. NON-RECURRING EVENTS WITH IMPACT ON OUR FINANCIAL PERFORMANCE ................................ ........................ 73 VII. AUTHORITIES OF ASSECO SOUTH EASTERN EUROPE S.A. ................................ ................................ ......................... 73 VIII. SHAREHOLDERS STRUCTURE OF ASSECO SOUTH EASTERN EUROPE S.A. ................................ .......................... 73 IX. OTHER INFORMATION ................................ ................................ ................................ ................................ ...................... 74 9.1 Issuance, redemption and repayment of non-equity and equity securities ............................................................................. 74 9.2 Changes in the organizational structure of the Issuer’s Group ................................................................................................ 74 9.3 Information on significant judicial proceedings ....................................................................................................................... 74 9.4 Related party transactions ....................................................................................................................................................... 74 9.5 Bank loans, borrowings, sureties, guarantees and off-balance-sheet liabilities ....................................................................... 74 9.6 Changes in the Group management policies ............................................................................................................................ 74 9.7 Agreements concluded by the Group and Company with its management personnel providing for payment of compensations if such persons resign or are dismissed from their positions .......................................................................... 74 9.8 Information on the agreements known to the Issuer which may result in future changes of the equity interests held by the existing shareholders and bondholders ................................................................................................................................... 75 9.9 Opinion on feasibility of the Management’s financial forecasts for 2025 ................................................................................ 75 9.10 Information on monitoring of employee stock option plans .................................................................................................... 75 9.11 Factors which in the Management’s opinion will affect the Group’s financial performance at least in the next quarter ........ 75 9.12 Other factors significant for the assessment of human resources, assets and financial position ............................................ 76 INTERIM CONDENSED FINANCIAL STATEMENTS OF ASSECO SOUTH EASTERN EUROPE S.A. FOR THE PERIOD OF 9 MONTHS ENDED 30 SEPTEMBER 2025 ................................ ................................ .................... 77 FINANCIAL HIGHLIGHTS ................................ ................................ ................................ ................................ .......................... 78 INTERIM CONDENSED STATEMENT OF PROFIT AND LOSS AND OTHER COMPREHENSIVE INCOME ................................ ........................ 79 INTERIM CONDENSED STATEMENT OF FINANCIAL POSITION ................................ ................................ ................................ ............. 80 INTERIM CONDENSED STATEMENT OF CHANGES IN EQUITY ................................ ................................ ................................ ............. 82 INTERIM CONDENSED STATEMENT OF CASH FLOWS ................................ ................................ ................................ ....................... 83
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Asseco South Eastern Europe Group Quarterly Report for the period of 9 months ended 30 September 2025 ( in thousands of PLN) 5 Financial Highlights Asseco South Eastern Europe Group 9 months ended 30 September 2025 9 months ended 30 September 2024 9 months ended 30 September 2025 9 months ended 30 September 2024 PLN’000 PLN’000 EUR’000 EUR’000 Sales revenues 1,263,906 1,209,461 298,337 281,128 Operating profit 145,726 154,571 34,398 35,929 Pre-tax profit 150,340 175,795 35,487 40,862 Net profit for the reporting period 116,696 144,646 27,545 33,622 Net profit attributable to Shareholders of the Parent Company 133,224 140,921 31,447 32,756 Net cash provided by (used in) operating activities 164,737 36,895 38,885 8,576 Net cash provided by (used in) investing activities (86,283) (104,825) (20,367) (24,366) Net cash provided by (used in) financing activities (123,917) (62,438) (29,250) (14,513) Cash and cash equivalents at the end of the period (comparable data as at 31 December 2024) 226,910 271,211 53,150 63,471 Basic earnings per ordinary share for the reporting period attributable to Shareholders of the Parent Company (in PLN/EUR) 2.57 2.72 0.61 0.63 Diluted earnings per ordinary share for the reporting period attributable to Shareholders of the Parent Company (in PLN/EUR) 2.57 2.72 0.61 0.63 The selected financial data disclosed in these interim condensed consolidated financial statements have been translated into euros (EUR) in the following way: ▪ Items of the consolidated statement of profit and loss and consolidated statement of cash flows have been translated into EUR at the arithmetic average of mid exchange rates as published by the National Bank of Poland and in effect on the last day of each month. These exchange rates were as follows: o for the period from 1 January 2025 to 30 September 2025: EUR 1 = PLN 4.2365 o for the period from 1 January 2024 to 30 September 2024: EUR 1 = PLN 4.3022 ▪ The Group’s cash and cash equivalents as at the end of the reporting period and the comparable period of the previous year have been translated into EUR at the mid exchange rates as published by the National Bank of Poland. These exchange rates were as follows: o exchange rate effective on 30 September 2025: EUR 1 = PLN 4.2692 o exchange rate effective on 31 December 2024: EUR 1 = PLN 4.2730 In this report, all figures are presented in thousands of Polish zlotys (PLN), unless stated otherwise.
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Asseco South Eastern Europe Group Quarterly Report for the period of 9 months ended 30 September 2025 ( in thousands of PLN) 6 Interim Condensed Consolidated Statement of Profit and Loss and Other Comprehensive Income Asseco South Eastern Europe Group STATEMENT OF PROFIT AND LOSS 3 months ended 30 September 2025 9 months ended 30 September 2025 3 months ended 30 September 2024 9 months ended 30 September 2024 Note PLN’000 PLN’000 PLN’000 PLN’000 Operating revenues 5.1 437,170 1,263,906 444,795 1,209,461 Cost of sales 5.2 (324,772) (934,162) (327,867) (900,008) Allowances for trade receivables 5.2 (5,874) (14,763) (854) (4,526) Gross profit on sales 106,524 314,981 116,074 304,927 Selling costs 5.2 (30,377) (90,403) (27,277) (76,791) General and administrative expenses 5.2 (27,123) (77,618) (25,211) (74,865) Net profit on sales 49,024 146,960 63,586 153,271 Other operating income 5.3 243 2,288 711 2,330 Other operating expenses 5.3 (3,019) (3,590) (331) (1,108) Share of profits of associates 19 68 26 78 Operating profit 46,267 145,726 63,992 154,571 Financial income 5.4 133,578 165,395 16,781 44,390 Financial expenses 5.4 (126,813) (154,774) (11,006) (23,150) Impairment loss on financial instruments 5.4 (6,007) (6,007) (5) (16) Pre-tax profit 47,025 150,340 69,762 175,795 Corporate income tax (current and deferred tax expense) 5.5 (9,752) (33,644) (13,752) (31,149) Net profit for the reporting period 37,273 116,696 56,010 144,646 Attributable to: Shareholders of the Parent Company 55,222 133,224 53,923 140,921 Non-controlling interests (17,949) (16,528) 2,087 3,725 Basic and diluted consolidated earnings per share for the reporting period, attributable to shareholders of the Parent Company (in PLN) 5.6 1.06 2.57 1.04 2.72 OTHER COMPREHENSIVE INCOME Net profit for the reporting period 37,273 116,696 56,010 144,646 Components that may be reclassified to profit or loss 8,539 (44,285) (27,208) (42,060) Net gain/loss on valuation of financial assets 28 141 19 113 Exchange differences on translation of foreign operations 8,511 (44,426) (27,227) (42,173) Components that will not be reclassified to profit or loss - - - - Actuarial gains/losses - - - - Total other comprehensive income 8,539 (44,285) (27,208) (42,060) TOTAL COMPREHENSIVE INCOME attributable to: 45,812 72,411 28,802 102,586 Shareholders of the Parent Company 62,615 89,980 27,271 99,573 Non-controlling interests (16,803) (17,569) 1,531 3,013
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Asseco South Eastern Europe Group Quarterly Report for the period of 9 months ended 30 September 2025 ( in thousands of PLN) 7 Interim Condensed Consolidated Statement of Financial Position Asseco South Eastern Europe Group ASSETS Note 30 September 2025 31 December 2024 (restated*) PLN’000 PLN’000 Non-current assets Property, plant and equipment 6.1 190,072 174,175 Intangible assets 6.2 68,217 90,278 Right-of-use assets 6.3 72,783 68,848 Investment property - 436 Goodwill 6.4 930,176 1,021,959 Investments accounted for using the equity method 246 265 Other receivables 6.7 17,359 5,850 Deferred tax assets 12,644 11,711 Other financial assets 6.5 2,666 2,481 Prepayments and accrued income 6.6 5,088 3,090 1,299,251 1,379,093 Current assets Inventories 6.8 71,110 109,968 Prepayments and accrued income 6.6 66,730 61,562 Trade receivables 6.7 241,374 291,469 Contract assets 6.7 131,031 87,249 Corporate income tax receivable 6.7 4,949 4,662 Receivables from the state and local budgets 6.7 5,449 15,841 Other receivables 6.7 120,042 71,917 Other non-financial assets 10,670 4,924 Other financial assets 6.5 1,002 4,079 Cash and cash equivalents 6.9 226,910 271,211 879,267 922,882 Assets held for sale - 15,320 879,267 938,202 TOTAL ASSETS 2,178,518 2,317,295 * The restatement has been disclosed in detail in explanatory note 2.8 to these interim condensed consolidated financial statements.
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Asseco South Eastern Europe Group Quarterly Report for the period of 9 months ended 30 September 2025 ( in thousands of PLN) 8 Interim Condensed Consolidated Statement of Financial Position Asseco South Eastern Europe Group EQUITY AND LIABILITIES Note 30 September 2025 31 December 2024 (restated*) 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 (86,166) (164,855) Other capitals 2,189 1,580 Exchange differences on translation of foreign operations (268,049) (224,664) Retained earnings 946,662 904,253 1,152,405 1,074,083 Non-controlling interests 7,855 8,424 Total equity 1,160,260 1,082,507 Non-current liabilities Bank loans and borrowings 6.11 92,804 85,820 Lease liabilities 6.10 49,885 47,983 Other financial liabilities 6.12 118,572 394,195 Deferred tax liabilities 10,588 14,575 Provisions 6.15 10,333 10,608 Deferred income 6.15 610 1,045 Accruals 697 423 Contract liabilities 13,389 8,541 Other liabilities 6.13 1,285 54 298,163 563,244 Current liabilities Bank loans and borrowings 6.11 75,480 76,912 Lease liabilities 6.10 21,295 17,650 Other financial liabilities 6.12 130,744 46,849 Trade payables 6.13 125,462 195,073 Contract liabilities 6.14 131,336 127,737 Corporate income tax payable 6.13 11,577 9,601 Liabilities to the state and local budgets 6.13 32,088 45,151 Other liabilities 6.13 136,031 104,482 Provisions 6.15 3,160 3,086 Deferred income 6.15 685 660 Accruals 6.15 52,237 40,206 720,095 667,407 Liabilities directly related to assets held for sale - 4,137 720,095 671,544 TOTAL LIABILITIES 1,018,258 1,234,788 TOTAL EQUITY AND LIABILITIES 2,178,518 2,317,295 * The restatement has been disclosed in detail in explanatory note 2.8 to these interim condensed consolidated financial statements.
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Asseco South Eastern Europe Group Quarterly Report for the period of 9 months ended 30 September 2025 ( in thousands of PLN) 9 Interim Condensed Consolidated Statement of Changes in Equity Asseco South Eastern Europe Group Note Share capital Share premium Transactions with non-controlling interests Other capitals 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 - - - - - 133,224 133,224 (16,528) 116,696 Other comprehensive income for the reporting period - - - 141 (43,385) - (43,244) (1,041) (44,285) Total comprehensive income for the reporting period - - - 141 (43,385) 133,224 89,980 (17,569) 72,411 Share-based payment transactions with employees - - - 468 - - 468 - 468 Obtaining control over subsidiaries - - - - - - - (33) (33) Transactions with non-controlling interests (including contingent financial liabilities to non-controlling shareholders (put options)) - - 78,689 - - - 78,689 20,551 99,240 Dividend 5.7 - - - - - (90,815) (90,815) (3,518) (94,333) As at 30 September 2025 518,943 38,826 (86,166) 2,189 (268,049) 946,662 1,152,405 7,855 1,160,260
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Asseco South Eastern Europe Group Quarterly Report for the period of 9 months ended 30 September 2025 ( in thousands of PLN) 10 Interim Condensed Consolidated Statement of Changes in Equity Asseco South Eastern Europe Group Note Share capital Share premium Transactions with non-controlling interests Other capitals 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 - - - - - 140,921 140,921 3,725 144,646 Other comprehensive income for the reporting period - - - 113 (41,461) - (41,348) (712) (42,060) Total comprehensive income for the reporting period - - - 113 (41,461) 140,921 99,573 3,013 102,586 Share-based payment transactions with employees - - - 484 - - 484 30 514 Obtaining control over subsidiaries - - - - - - - 14,751 14,751 Transactions with non-controlling interests (including contingent financial liabilities to non-controlling shareholders (put options)) - - (131,965) - - - (131,965) (14,330) (146,295) Dividend 5.7 - - - - - (85,626) (85,626) (2,677) (88,303) As at 30 September 2024 (restated) 518,943 38,826 (166,842) 1,314 (240,332) 845,935 997,844 8,597 1,006,441
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Asseco South Eastern Europe Group Quarterly Report for the period of 9 months ended 30 September 2025 ( in thousands of PLN) 11 Interim Condensed Consolidated Statement of Cash Flows Asseco South Eastern Europe Group Note 9 months ended 30 September 2025 9 months ended 30 September 2024 PLN’000 PLN’000 (restated) Cash flows – operating activities Pre-tax profit 150,340 175,795 Total adjustments: 51,049 (97,202) Depreciation and amortization 5.2 79,552 72,876 Changes in working capital 7.1 (38,629) (156,293) Interest income/expenses 6,168 5,882 Gain/Loss on foreign exchange differences 1,604 598 Gain/Loss on financial assets (valuation, disposal, etc.) 2,954 (183) Income/expenses from sale of subsidiaries 6,755 - Other financial income/expenses (2,840) (1,422) Gain/Loss on sale, disposal and impairment of property, plant and equipment, intangible assets, and right-of-use assets 8,171 1,912 Costs of share-based payment transactions with employees 468 514 Impact of hyperinflation (13,084) (21,011) Other adjustments to pre-tax profit (70) (75) Cash generated from operating activities 201,389 78,593 Corporate income tax paid (36,652) (41,698) Net cash provided by (used in) operating activities 164,737 36,895 Cash flows – investing activities Inflows Disposal of property, plant and equipment, and intangible assets 1,040 1,281 Sale of shares in subsidiaries, net of cash and cash equivalents in subsidiaries sold (1,821) - Disposal/settlement of financial assets carried at fair value through profit or loss - 217 Disposal/settlement of financial assets carried at fair value through other comprehensive income 786 420 Disposal of investments in other debt securities carried at amortized cost (cash deposits, etc.) 28 2,306 Loans collected 183 13,965 Interest received 87 24 Dividends received 95 70 Outflows Acquisition of property, plant and equipment, and intangible assets (including R&D expenditures) 7.2 (62,557) (38,930) Acquisition of subsidiaries, net of cash and cash equivalents in subsidiaries acquired 7.2 (22,716) (80,931) Acquisition/settlement of financial assets carried at fair value through profit or loss - - Acquisition/settlement of financial assets carried at fair value through other comprehensive income (671) (549) Acquisition/settlement of financial assets carried at amortized cost (43) (2,010) Loans granted (694) (688) Net cash provided by (used in) investing activities (86,283) (104,825) Cash flows – financing activities Inflows Proceeds from bank loans and borrowings 7.3 29,271 99,388 Received grants related to assets and/or development projects 93 - Proceeds from sale of shares in subsidiaries to non-controlling shareholders 253 1,266 Outflows Repayments of bank loans and borrowings 7.3 (33,333) (37,387) Payments of lease liabilities 7.3 (16,555) (16,535) Interest paid 7.3 (6,675) (6,262) Acquisition of non-controlling interests 7.3 - (9,895) Dividends paid out by the Parent Company 7.3 (90,815) (85,626) Dividends paid out to non-controlling shareholders 7.3 (6,156) (7,387) Net cash provided by (used in) financing activities (123,917) (62,438) Net increase/(decrease) in cash and cash equivalents (45,463) (130,368) Net foreign exchange differences (11,166) (8,632) Net cash and cash equivalents as at 1 January 239,318 285,297 Net cash and cash equivalents as at 30 September 6.9 182,689 146,297
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Asseco South Eastern Europe Group Quarterly Report for the period of 9 months ended 30 September 2025 ( in thousands of PLN) 12 Explanatory notes to the Interim Condensed Consolidated Financial Statements I. General information Asseco South Eastern Europe Group (“ASEE Group”, “Group”, “ASEE”) is a group 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., Rzeszów, Poland National Court Register number 0000284571 Statistical ID number (REGON) 180248803 Tax Identification Number (NIP) 813-351-36-07 Core business Activities of head offices and holdings, production of software The Parent Company Asseco South Eastern Europe S.A. based in Rzeszów, Poland, was established on 10 April 2007 as a joint stock company called Asseco Adria S.A. On 11 July 2007, the Company was entered in the register of entrepreneurs maintained by the District Court in Rzeszów, XII Commercial Department of the National Court Register, under the number KRS 0000284571. The Parent Company has been assigned the statistical number REGON 180248803. On 11 February 2008, the Parent Company’s corporate name was changed from Asseco Adria S.A. to Asseco South Eastern Europe S.A. Since 28 October 2009, the Company’s shares have been listed on the main market of the Warsaw Stock Exchange S.A. ASEE S.A. is the Parent Company of Asseco South Eastern Europe Group. The Parent Company shall operate within the territory of the Republic of Poland as well as abroad. The time of duration of both the Parent Company and the entities incorporated in the Group is indefinite. The Group delivers complete solutions and proprietary software necessary to run a bank, as well as state -of- the-art payment solutions helping shape the payments market in the region, and provides integration and implementation services for IT systems and h ardware from the world’s major vendors. The Group conducts business operations in the countries of Central Europe, South Eastern Europe, Iberian Peninsula, and in Egypt, Turkey, Colombia, Peru, Dominican Republic, as well as in India and the United Arab Em irates. The scope of Asseco South Eastern Europe Group’s core business broken down by relevant segments is described in section IV of these interim condensed consolidated financial statements. The parent company of ASEE S.A. is Asseco International a.s. (“AI”) based in Bratislava, Slovakia which is part of Asseco Poland Group. As at 30 September 2025, AI held 26,407,081 shares representing 50.89% in the share capital of our Company, which carried 26,407,081 votes or 50.89 % of total voting rights at the Company’s General Meeting of Shareholders. The ultimate parent company of the entire Asseco Poland Group is Asseco Poland S.A. based in Rzeszów, Poland. These interim condensed consolidated financial statements cover the period of 9 months ended 30 September 2025 and contain comparable data for the period of 9 months ended 30 September 2024 in case of the statement of profit and loss, statement of other co mprehensive income, statement of changes in equity and the statement of cash flows; and comparable data as at 31 December 2024 in case of the statement of financial position.
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Asseco South Eastern Europe Group Quarterly Report for the period of 9 months ended 30 September 2025 ( in thousands of PLN) 13 II. Basis for the preparation of interim condensed financial statements 2.1. Basis for preparation These interim condensed consolidated financial statements have been prepared in accordance with the historical cost convention, except for financial assets carried at fair value through profit or loss or through other comprehensive income, financial assets carried at amortized cost, as well as financial liabilities carried at fair value through profit or loss. In addition, our subsidiaries operating in a hyperinflationary economy (Turkey) restated their financial data, taking into account the change i n purchasing power based on the general price index, so that they were expressed in the measuring units current at the end of the reporting period. The impact of hyperinflation on our consolidated financial statements has been described in explanatory note 2.10. These interim condensed consolidated financial statements do not include all information and disclosures required for annual consolidated financial statements, and therefore they should be read together with the Group’s consolidated financial statements for the year ended 31 December 2024 which were published on 26 February 2025. These interim condensed consolidated financial statements have been prepared on a going -concern basis, assuming the Group will continue its business activities over a period not shorter than 12 months from 30 September 2025. Till the date of preparing these interim condensed consol idated financial statements, we have not observed any circumstances that would threaten the Group’s ability to continue as a going concern. 2.2. Impact of the geopolitical and macroeconomic situation on the Group’s business operations As at the date of publication of these interim condensed consolidated fin ancial statements, based on its analysis of existing geopolitical and macroeconomic risks, the Mana gement Board concluded that the Group’s ability to continue as a going concern over a period not shorter than 12 months from 30 September 2025 is not threatened. The Russian invasion of Ukraine launched in 2022 caused a radical change in the geopolit ical situation of the entire region of Central and South Eastern Europe, while political tensions and military actions in Israel, the Gaza Strip and Lebanon are affecting the stability of the Middle East region. The Group continues to analyze geopolitical developments and their impact on the Group’s financial position and financial performance in the future. It is difficult to assess further development of the war and th us its long-term economic consequences for this region of Europe and the United Arab Emirate s, as well as its impact on the overall macroeconomic situation which indirectly affects the financial results of ASEE Group. In 2022, Turkey was recognized as a country with a hyperinflationary economy. The Group consolidates the financial results of several subsidiaries operating in Turkey, including ASEE Turkey, Payten Turkey, and Paratika, whose functional currency is that of a hyperinflationary economy. Therefore, these interim condensed consolidated financial statements contain the financial data of our subsidiaries operating in Turkey adjusted for the rate of inflation so that they reflected changes in the appropriate price index. The effects of hyperinflation adjustments have been described in explanatory note 2.10 to these interim condensed consolidated financial statements. 2.3. Compliance statement These interim condensed consolidated financial statements have been prepared in conformity with the requirements set forth in the International Accounting Standard 34 ‘Interim Financial Reporting’ as endorsed by the European Union (IAS 34). The scope of these interim condensed consolidated financial statements, being part of the quarterly report, is in accordance with Regulation of the Minister of Finance of 29 March 2018 regarding current and periodic information to be published by issuers of securities and conditions for recognizing as equivalent the information required by laws of non -EU member states (consolidated text: Journal of Laws of 2018, item 757) (“Regulation”), and covers the reporting period from 1 January to 30 September 2025 an d the comparable period from 1 January to 30 September 2024 in case of the statement of profit and loss and the statement of cash flows, as well as the financial position data as at 30 September 2025 and the comparable data as at 31 December 2024 in case of the statement of financial position.
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Asseco South Eastern Europe Group Quarterly Report for the period of 9 months ended 30 September 2025 ( in thousands of PLN) 14 Some of the Group companies maintain their accounting books in accordance with the accounting policies set forth in their respective local regulations. The interim condensed consolidated financial statements include adjustments not disclosed in the accounting books of the Group’s entities which were introduce d to adjust the financial statements of those entities to IFRS. 2.4. Functional currency, presentation currency and hyperinflation The presentation currency of these interim condensed consolidated financial statements is the Polish zloty (PLN) and all figures are presented in thousands of PLN (PLN’000), unless stated otherwise. Any inaccuracies in totals, amounting to PLN 1 thousand, are due to the adopted rounding of numbers. The functional currency applied by the Parent Company and, at the same time, the presentation currency used in these interim condensed consolidated financial statements is the Polish zloty (PLN). Functional currencies applied by our subsidiaries consolidated in these financial statements are the currencies of primary business environments in which they operate. For consolidation purposes, financial statements of our foreign subsidiaries are translated into PLN using the respective currency exchange rates as quoted by the National Bank of Poland at the end of the reporting period in case of the statement of financ ial position, or using the arithmetic average of exchange rates as published by the National Bank of Poland and effective on the last day of each month during the reporting period in case of the statement of comprehensive income as well as the statement of cash flows. The effects of such conversion are recognized in equity as ‘Exchange differ ences on translation of foreign operations’. 2.5. Professional judgement and estimates Preparation of consolidated financial statements in accordance with IFRS requires making estimates and assumptions which have an impact on the data disclosed in such financial statements. Although the adopted assumptions and estimates have been based on the Group’s management best knowledge on the current activities and occurrences, the actual results may differ from those anticipated. In the period of 9 months ended 30 September 2025, our approach to making estimates was not subject to any substantial modification in relation to the principles described in the consolidated financial statements for the year ended 31 December 2024. 2.6. Accounting policies applied Significant accounting policies adopted by the Parent Company have been described in its consolidated financial statements for the year ended 31 December 2024 which were published on 26 February 2025. Accounting policies adopted in the preparation of these interim condensed consolidated financial statements have remained unchanged in relation to those followed when preparing the Group’s annual consolidated financial statements for the year ended 31 December 2024, except for the adoption of amendments to standards that have become effective from 1 January 2025. New standards or amendments effective from 1 January 2025: ▪ Amendments to IAS 21 ‘The Effects of Changes in Foreign Exchange Rates: Lack of Exchangeability’ (issued on 15 August 2023) – effective for annual periods beginning on or after 1 January 2025. The amended standards and interpretations that were first applied in 2025 had no significant impact on the interim condensed consolidated financial statements of the Group. 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 18 ‘Presentation and Disclosure in Financial Statements’ (issued on 9 April 2024) – not yet endorsed by the EU till the date of approval of these financial statements – effective for annual periods beginning on or after 1 January 2027; ▪ IFRS 19 ‘Subsidiaries without Public Accountability: Disclosures’ (issued on 9 May 2024) – not yet endorsed by the EU till the date of approval of these financial statements – effective for annual periods beginning on or after 1 January 2027;
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Asseco South Eastern Europe Group Quarterly Report for the period of 9 months ended 30 September 2025 ( in thousands of PLN) 15 ▪ Amendments to IFRS 9 and IFRS 7 ‘Contracts Referencing Nature -dependent Electricity’ (issued on 18 December 2024) – effective for annual periods beginning on or after 1 January 2026; ▪ Annual Improvements to IAS/IFRS – Volume 11 (issued on 18 July 2024) – effective for annual periods beginning on or after 1 January 2026; ▪ Amendments to IFRS 9 and IFRS 7 ‘Classification and Measurement of Financial Instruments’ (issued on 30 May 2024) – effective for annual periods beginning on or after 1 January 2026. The specified effective dates have been set forth in the standards 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, interpretation or amendment which has been published but has not yet become effective. The Group is currently conducting an analysis of how the above -mentioned amendments are going to impact its financial statements. 2.8. Changes in the presentation methods and in the comparable data The Group has changed the comparable data disclosed as at 31 December 2024 as well as for the period of 9 months ended 30 September 2024 due to changes in the values of assets a cquired that were recognized in the purchase price allocation of our subsidiaries: WEO, Askepnet and Touras. Detailed information on the acquired assets and liabilities of these companies has been presented in explanatory note 6.4 to these interim condensed consolidated financial statements. The tables below present how the said changes affected the comparable data disclosed for the period of 9 months ended 30 September 2024: STATEMENT OF PROFIT AND LOSS 9 months ended 30 September 2024 Purchase price allocation of subsidiaries 9 months ended 30 September 2024 (restated) PLN’000 PLN’000 PLN’000 Operating revenues 1,209,461 - 1,209,461 Cost of sales (899,979) (29) (900,008) Allowances for trade receivables (4,526) - (4,526) Gross profit on sales 304,956 (29) 304,927 Selling costs (76,791) - (76,791) General and administrative expenses (74,865) - (74,865) Net profit on sales 153,300 (29) 153,271 Other operating income 2,330 - 2,330 Other operating expenses (1,108) - (1,108) Share of profits of associates 78 - 78 Operating profit 154,600 (29) 154,571 Financial income 44,447 (57) 44,390 Financial expenses (23,150) - (23,150) Impairment loss on financial instruments (16) - (16) Pre-tax profit 175,881 (86) 175,795 Corporate income tax (current and deferred tax expense) (31,155) 6 (31,149) Net profit for the reporting period 144,726 (80) 144,646 Attributable to: Shareholders of the Parent Company 141,001 (80) 140,921 Non-controlling interests 3,725 - 3,725 Basic and diluted consolidated earnings per share for the reporting period, attributable to shareholders of the Parent Company (in PLN) 2.72 - 2.72
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Asseco South Eastern Europe Group Quarterly Report for the period of 9 months ended 30 September 2025 ( in thousands of PLN) 16 OTHER COMPREHENSIVE INCOME Net profit for the reporting period 144,726 (80) 144,646 Components that may be reclassified to profit or loss (42,174) 114 (42,060) Net gain/loss on valuation of financial assets 113 - 113 Exchange differences on translation of foreign operations (42,287) 114 (42,173) Components that will not be reclassified to profit or loss - - - Actuarial gains/losses - - - Total other comprehensive income (42,174) 114 (42,060) TOTAL COMPREHENSIVE INCOME attributable to: 102,552 34 102,586 Shareholders of the Parent Company 99,539 34 99,573 Non-controlling interests 3,013 - 3,013 9 months ended 30 September 2024 Banking Solutions Payment Solutions Dedicated Solutions Change – Banking Solutions Change – Payment Solutions Change – Dedicated Solutions Banking Solutions Payment Solutions Dedicated Solutions (restated) PLN’000 PLN’000 PLN’000 PLN’000 PLN’000 PLN’000 PLN’000 PLN’000 PLN’000 Operating revenues 228,119 628,703 372,257 - - - 228,119 628,703 372,257 Sales to external customers 213,874 620,062 367,545 - - - 213,874 620,062 367,545 Sales between and/or within segments 14,245 8,641 4,712 - - - 14,245 8,641 4,712 Gross profit on sales 79,386 191,445 33,867 - (29) - 79,386 191,416 33,867 Selling costs (12,354) (41,442) (22,596) - - - (12,354) (41,442) (22,596) General and administrative expenses (19,050) (35,308) (19,936) - - - (19,050) (35,308) (19,936) Net profit on sales 47,982 114,695 (8,665) - (29) - 47,982 114,666 (8,665) Other operating activities 6 472 763 - - - 6 472 763 Share of profits of associates - 78 - - - - - 78 - Operating profit 47,988 115,245 (7,902) - (29) - 47,988 115,216 (7,902) The tables below present how the said changes affected the comparable data disclosed as at 31 December 2024: 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 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
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Asseco South Eastern Europe Group Quarterly Report for the period of 9 months ended 30 September 2025 ( in thousands of PLN) 17 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 capitals 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 Accruals 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 Deferred income 660 - 660 Accruals 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 2.9. Correction of errors In the reporting period, no events occurred that would require making corrections of any misstatements. 2.10. Accounting effects of Turkey’s status as a hyperinflationary economy The Group has subsidiaries operating in a hyperinflationary economy to which IAS 29 ‘Financial Reporting in Hyperinflationary Economies’ is applied. The Group has identified hyperinflation in Turkey on the basis of qualitative and quantitative factors existing in this country, and in particular because the three-year cumulative inflation rate exceeded 100% in April 2022 and have remained above 100% till the end of the reporting period. In accordance with IAS 29, the financial data of our Turkey-based subsidiaries have been restated to reflect the purchasing power at the end of the reporting period, based on the consumer price index (CPI) as 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 refl ect the purchasing power at the reporting date. Monetary items such as receivables, liabilities, bank debt, etc. a lready reflect the purchasing power at the reporting date because these items are composed of balances, amounts of receivables or payables in
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Asseco South Eastern Europe Group Quarterly Report for the period of 9 months ended 30 September 2025 ( in thousands of PLN) 18 respective monetary units. IAS 29, in conjunction with IAS 21 on foreign currency translation, also requires all transactions carried out in a hyperinflationary currency, i.e. Turkish lira (TRY), to be translated into the Group’s presentation currency, i.e. Polish zloty (PLN), using the exchange rate effective on the reporting date. Therefore, in the current reporting period all transactions conducted in Turkey were converted into PLN using the exchange rate effective on 30 September 2025; whereas, all transactions conducted in Turkey in the period of 9 months ended 30 September 2024 were converted into PLN using the exchange rate of 30 September 2024, although the Group usually translates transactions in the statement of profit and loss at the average exchange rate for the given reporting period. Basis of restatements due to hyperinflation ▪ Price index: Hyperinflation restatements of the financial data of our subsidiaries operating in Turkey have been based on officially available data on changes in the consumer price index (CPI) as published by the Turkish Statistical Institute. According to this index, the inflation rate for the period of 9 months ended 30 September 2025 reached 25%. The rates of inflation for particular periods are presented in the table below: Inflation rate for particular periods September 2025 – December 2024 25% September 2025 – September 2024 33% December 2024 – December 2023 44% December 2023 – December 2022 65% Three-year cumulative inflation rate September 2025 – September 2022 222% December 2024 – December 2021 291% ▪ Currency exchange rate: All financial data of our subsidiary operations in Turkey, both in the statemen t of financial position and the statement of profit and loss are translated into the Group’s presentation currency (PLN) using the TRY/PLN exchange rate effective on the reporting date, which is contrary to the Group’s usual practice of translating the statement of profit and loss at the average exchange rate for the reporting period. As at 30 September 2025, this exchange rate was: TRY 1 = PLN 0.0873. Assumptions for the approach and timing of hyperinflation restatements: • Hyperinflation restatements in the local currency ▪ The Group has analyzed items of the statement of financial position of its subsidiaries in Turkey and divided 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 subsidiaries inc lude: goodwill arising from the acquisition of these companies, property, plant and equipment, intangible 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. Effects of changes in the price index in the period from initial recognition till 31 December 2024 have been recognized in the financial data for prior years. Whereas, effects of changes in the price index since 1 January till 30 September 2025 have been recognized in the financial statements for the current reporting period. The restatements were made as at the date of initial recognition of non -monetary items, but not earlier than as at the date of acquisition of subsidiaries by the Group, because it is assumed that non- monetary items were then translated and recognized in th e consolidated financial statements at fair value, reflecting the purchasing power as at the acquisition date. The restatement significantly increased the value of goodwill, property, plant and equipment, and intangible assets. Such restatement also result ed in higher costs in the statement of profit and loss in the form of higher depreciation and amortization charges due to the restated gross values of property, plant and
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Asseco South Eastern Europe Group Quarterly Report for the period of 9 months ended 30 September 2025 ( in thousands of PLN) 19 equipment and intangible assets, higher expenses and income from the accounting for restated amounts of accruals 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 transactions included in the statement of profit and loss for the year 2025 have been restated to reflect changes in the price index from the month when recognized till 30 September, except for depreciation charges on property, plant and equipment and amortization charges on intangible assets that have been remeasured based on the adjusted gross value of these assets, as well as expenses and income from the accounting for restated amounts of accruals and contract liabilities. The remeasurement of depreciation and amortization charges has been based on the normal periods of useful life of relevant assets. The restatement of the state ment 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 30 September 2025. ▪ In correspondence to the restatement of the statement of profit and loss and the statement of financial position for the inflation rate in the current reporting period, the Group has recognized a gain/loss on the net monetary position, disclosed financial income/expenses in the statement of profit and loss. In correspondence to the revaluation of items in the statement of financial position for the inflation rate from the date of their initial recognition till the end of 2021, the Group has recognized exchange differences on translation of foreign operations disclosed separately in other comprehensive income for 2022 and in equity. • Translation of financial data into the Group’s presentation currency ▪ Once the financial statements of our subsidiaries operating in Turkey were restated for the effects of inflation in the local currency, they have been translated into PLN whic h involved translating the statement of financial position and all items of the statement of profit and loss for the reporting period, using the TRY/PLN exchange rate effective on the reporting date. As at 30 September 2025, this exchange rate was: TRY 1 = PLN 0.0873. 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 translating the statement of comprehensive income using the closing exchange rate of the reporting period has been recognized in correspondence in exchange differences on translation of foreign operations. • 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 of 6 months ended 30 June 2022. The impact of adopting IAS 29 on the consolidated financial statements for th e period of 9 months of 2025 is summarized below: STATEMENT OF PROFIT AND LOSS 9 months ended Impact of hyperinflation 9 months ended 30 September 2025 30 September 2025 without impact of IAS 29 according to IAS/IFRS PLN’000 PLN’000 PLN’000 Operating revenues 1,262,001 1,905 1,263,906 Cost of sales (930,850) (3,312) (934,162) Allowances for trade receivables (14,763) - (14,763) Gross profit on sales 316,388 (1,407) 314,981 Selling costs (90,365) (38) (90,403) General and administrative expenses (77,561) (57) (77,618) Net profit on sales 148,462 (1,502) 146,960 Other operating income 2,284 4 2,288 Other operating expenses (3,590) - (3,590) Share of profits of associates 68 - 68 Operating profit 147,224 (1,498) 145,726 Financial income 152,954 12,441 165,395
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Asseco South Eastern Europe Group Quarterly Report for the period of 9 months ended 30 September 2025 ( in thousands of PLN) 20 Financial expenses (148,938) (5,836) (154,774) Impairment loss on financial instruments (6,007) - (6,007) Pre-tax profit 145,233 5,107 150,340 Corporate income tax (current and deferred tax expense) (33,427) (217) (33,644) Net profit for the reporting period 111,806 4,890 116,696 Attributable to: Shareholders of the Parent Company 128,368 4,856 133,224 Non-controlling interests (16,562) 34 (16,528) OTHER COMPREHENSIVE INCOME Net profit for the reporting period 111,806 4,890 116,696 Components that may be reclassified to profit or loss (34,058) (10,227) (44,285) Net gain/loss on valuation of financial assets 141 - 141 Exchange differences on translation of foreign operations (34,199) (10,227) (44,426) Total other comprehensive income (34,058) (10,227) (44,285) TOTAL COMPREHENSIVE INCOME attributable to: 77,748 (5,337) 72,411 Shareholders of the Parent Company 95,351 (5,371) 89,980 Non-controlling interests (17,603) 34 (17,569) ASSETS 30 September 2025 without impact of IAS 29 Impact of hyperinflation 30 September 2025 according to IAS/IFRS PLN’000 PLN’000 PLN’000 Non-current assets Property, plant and equipment 184,321 5,751 190,072 Intangible assets 67,602 615 68,217 Right-of-use assets 72,783 - 72,783 Goodwill 870,080 60,096 930,176 Investments accounted for using the equity method 246 - 246 Other receivables 17,359 - 17,359 Deferred tax assets 12,828 (184) 12,644 Other financial assets 2,666 - 2,666 Prepayments and accrued income 4,871 217 5,088 1,232,756 66,495 1,299,251 Current assets Inventories 71,110 - 71,110 Prepayments and accrued income 64,558 2,172 66,730 Trade receivables 241,374 - 241,374 Contract assets 131,031 - 131,031 Corporate income tax receivable 4,949 - 4,949 Receivables from the state and local budgets 5,449 - 5,449 Other receivables 120,042 - 120,042 Other non-financial assets 10,670 - 10,670 Other financial assets 1,002 - 1,002 Cash and cash equivalents 226,910 - 226,910 877,095 2,172 879,267 TOTAL ASSETS 2,109,851 68,667 2,178,518 EQUITY AND LIABILITIES 30 September 2025 without impact of IAS 29 Impact of hyperinflation 30 September 2025 according to IAS/IFRS PLN’000 PLN’000 PLN’000 Equity (attributable to shareholders of the Parent Company) 1,089,074 63,331 1,152,405 Non-controlling interests 7,574 281 7,855 Total equity 1,096,648 63,612 1,160,260 Non-current liabilities Bank loans and borrowings 92,804 - 92,804 Lease liabilities 49,885 - 49,885 Other financial liabilities 118,572 - 118,572 Deferred tax liabilities 9,610 978 10,588 Provisions 10,333 - 10,333 Deferred income 610 - 610 Accruals 697 - 697 Contract liabilities 12,147 1,242 13,389 Other liabilities 1,285 - 1,285 295,943 2,220 298,163
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Asseco South Eastern Europe Group Quarterly Report for the period of 9 months ended 30 September 2025 ( in thousands of PLN) 21 Current liabilities Bank loans and borrowings 75,480 - 75,480 Lease liabilities 21,295 - 21,295 Other financial liabilities 130,744 - 130,744 Trade payables 125,462 - 125,462 Contract liabilities 128,501 2,835 131,336 Corporate income tax payable 11,577 - 11,577 Liabilities to the state and local budgets 32,088 - 32,088 Other liabilities 136,031 - 136,031 Provisions 3,160 - 3,160 Deferred income 685 - 685 Accruals 52,237 - 52,237 717,260 2,835 720,095 TOTAL LIABILITIES 1,013,203 5,055 1,018,258 TOTAL EQUITY AND LIABILITIES 2,109,851 68,667 2,178,518 As described in section IV. Information on operating segments, the Management analyzes the operations of individual segments and their financial performance without the impact of hyperinflation 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. 9 months ended 30 September 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 256,178 256,302 681,361 679,816 361,027 364,353 Gross profit on sales 88,726 88,893 165,316 162,683 62,346 63,405 Selling costs (12,428) (12,444) (52,534) (52,525) (25,403) (25,434) General and administrative expenses (19,175) (19,191) (39,001) (39,016) (19,385) (19,411) Net profit on sales 57,123 57,258 73,781 71,142 17,558 18,560 Other operating activities 126 126 (1,640) (1,636) 208 208 Share of profits of associates - - 68 68 - - Operating profit 57,249 57,384 72,209 69,574 17,766 18,768 Goodwill as at 30 September 2025 205,256 212,020 307,898 331,832 356,926 386,324
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Asseco South Eastern Europe Group Quarterly Report for the period of 9 months ended 30 September 2025 ( in thousands of PLN) 22 III. Organization and changes in the structure of Asseco South Eastern Europe Group, including the entities subject to consolidation Organizational structure of Asseco South Eastern Europe Group is presented in the chart below: 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. (Sarajewo) Necomplus, S.L. Serbia Bośnia i Hercegowina Hiszpania 76,14/76,14 (76,14/76,14) 100/100 (100/100) 84,97/84,97 (84,97/84,97) e-mon d.o.o., Podgorica Monri Payments d.o.o. Necomplus Serveis Andorra, S.L. Czarnogóra Bośnia i Hercegowina Andora 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. (Zagrzeb) Necomplus Portugal Lda. Bośnia i Hercegowina Chorwacja Portugalia 100/100 (100/100) 100/100 (100/100) 100/100 (100/100) Dwelt d.o.o. Banja Luka Monri Payments d.o.o. Zagreb Necomplus Dominicana, Srl Bośnia i Hercegowina Chorwacja Dominikana 60/60 (60/60)* 100/100 (100/100) 100/100 (100/100) BS Telecom Solutions d.o.o. Sarajevo Payten d.o.o., Podgorica Necomplus Colombia SAS Bośnia i Hercegowina Czarnogóra Kolumbia 60/60 (60/60)* 100/100 (100/100) 100/100 (100/100) ASEE EOOD Payten DOOEL, Skopje Necomplus PERÚ SAC Bułgaria 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 Chorwacja Słowenia 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 Słowenia Serbia 100/100 (100/100) 75/75 (75/75)* 92,51/92,51 (92,51/92,51) ASEE BSS DOOEL, Skopje Payten Payment Solutions s.r.l. Afusion d.o.o., Beograd Macedonia Rumunia 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., Beograd Kosowo Rumunia Serbia 100/100 (100/100) 80/80 (80/80)* 100/100 (100/100) ASEE Albania Sh.p.k. SONET společnost s.r.o. Touras India Private Limited Albania Czechy Indie 100/100 (100/100) 100/100 (100/100) 51/51 (51/51) Helius Systems Sh.p.k. SONET Slovakia s.r.o. Touras Tech Global Private Limited Albania Słowacja Indie 70/70 (70/70)* 100/100 (100/100) 100/100 (100/100) Clever Solutions Sh.p.k. Ifthenpay Lda Touras Technologies Limited Albania Portugalia Zjednoczone Emiraty Arabskie 45/45 (45/45) 80/80 (80/80)* 51/51 (51/51) ASEE Solutions S.R.L. WEO Unipessoal Lda Touras Global IT Solutions L.L.C. Rumunia Portugalia Zjednoczone Emiraty Arabskie 100/100 (100/100) 80/80 (80/80)* 100/100 (100/100) ASEE Solutions S.R.L. Payten Teknoloji A.Ş. Payten Egypt LLC Mołdawia Turcja Egipt 100/100 (100/100) 100/100 (100/100) 80/80 (80/80) Bithat Solutions s.r.l. Paratika Odeme Hizmetleri A.Ş. Fawaterk for E-payments LLC Rumunia Turcja Egipt 100/100 (100/100) 100/100 (100/100) 51/51 (nd/nd) Askepnet TOV Sycket Technologies, S.L. Ukraina Hiszpania 100/100 (100/100) 70/70 (nd/nd)* ASEE Bilişim Teknolojileri A.Ş. jednostka zależna Turcja 100/100 (100/100) jednostka stowarzyszona 100/100 udział w głosach/udział w kapitale na dzień 30 września 2025 roku (w %) (100/100) udział w głosach/udział w kapitale na dzień 31 grudnia 2024 roku (w %) * do rozliczenia nabycia przyjmujemy że mamy 100% ze względu na opcje put/call - stosowana metoda oczekiwanego nabycia (ang. present ownership) Asseco South Eastern Europe S.A. Polska Asseco International a.s. 50,89/50,89 (50,89/50,89 ) Udziałowcy niekontrolujący 49,11/49,11 (49,11/49,11)
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Asseco South Eastern Europe Group Quarterly Report for the period of 9 months ended 30 September 2025 ( in thousands of PLN) 23 ASEE Group consists of ASEE S.A. as the parent company and the following subsidiaries and associates: Name of entity Registered seat Equity interest / Voting rights held by the Group 30 September 2025 31 December 2024 Subsidiary companies ASEE Solutions d.o.o. Belgrade Serbia 100/100 100/100 Things Solver d.o.o. Belgrade Serbia 76.14/76.14 76.14/76.14 e-mon d.o.o., Podgorica Montenegro 75/75 75/75 ASEE d.o.o., Sarajevo Bosnia and Herzegovina 100/100 100/100 Dwelt d.o.o. Banja Luka Bosnia and Herzegovina 60/60* 60/60* BS Telecom Solutions d.o.o. Sarajevo Bosnia and Herzegovina 60/60* 60/60* ASEE EOOD Bulgaria 100/100 100/100 ASEE Solutions d.o.o. Croatia 100/100 100/100 ASEE DOOEL, Skopje Macedonia 100/100 100/100 ASEE BSS DOOEL, Skopje Macedonia 100/100 100/100 ASEE Sh.p.k. Kosovo 100/100 100/100 ASEE Albania Sh.p.k. Albania 100/100 100/100 Helius Systems Sh.p.k. Albania 70/70* 70/70* ASEE Solutions S.R.L. Romania 100/100 100/100 ASEE Solutions S.R.L. Moldova 100/100 100/100 Bithat Solutions s.r.l. Romania 100/100 100/100 Askepnet TOV Ukraine 100/100 100/100 ASEE Bilişim Teknolojileri A.Ş. Turkey 100/100 100/100 Payten Holding S.A. Poland 99.07/99.07 99.07/99.07 Necomplus, S.L. Spain 84.97/84.97 84.97/84.97 Necomplus Serveis Andorra, S.L. 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 Sycket Technologies, S.L. Spain 70/70* n/a IfthenPay Lda Portugal 80/80* 80/80* WEO Unipessoal Lda Portugal 80/80* 80/80* Payten Teknoloji A.Ş. Turkey 100/100 100/100 Paratika Odeme Hizmetleri A.S. Turkey 100/100 100/100 Mobven Teknoloji A.S. Turkey n/a 100/100 Payten d.o.o, New Belgrade Serbia 100/100 100/100 Chip Card a.d., Belgrade Serbia 92.51/92.51 92.51/92.51 Afusion d.o.o., Belgrade Serbia 95/95 95/95 Monri Payments d.o.o., Belgrade Serbia 100/100 100/100 Payten d.o.o. (Sarajevo) Bosnia and Herzegovina 100/100 100/100 Monri Payments d.o.o. Bosnia and Herzegovina 100/100 100/100 Payten d.o.o. (Zagreb) Croatia 100/100 100/100 Monri Payments d.o.o. Zagreb Croatia 100/100 100/100 Payten d.o.o., Podgorica Montenegro 100/100 100/100 Payten DOOEL, Skopje Macedonia 100/100 100/100 Payten d.o.o. (Ljubljana) Slovenia 100/100 100/100 Avera d.o.o. Slovenia 75/75* 75/75* Payten Payment Solutions s.r.l. Romania 100/100 100/100 ContentSpeed s.r.l. Romania 80/80* 80/80* SONET společnost s.r.o. Czech Republic 100/100 100/100 SONET Slovakia s.r.o. 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
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Asseco South Eastern Europe Group Quarterly Report for the period of 9 months ended 30 September 2025 ( in thousands of PLN) 24 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 pu t/call options Both as at 30 September 2025 and 31 December 2024, all the subsidiary companies were subject to consolidation. The Group had no shares in any jointly controlled entities as at 30 September 2025 or as at 31 December 2024. During the period of 9 months ended 30 September 2025, the Group’s composition changed as follows: ▪ Acquisition of Fawaterk for E-payments LLC On 15 January 2025, Payten Holding S.A. acquired a 51% stake of shares in Fawaterk for E-payments LLC, a company based in Cairo, Egypt. ▪ Sale of Mobven Teknoloji Anonim Şirketi An agreement to sell the company Mobven Teknoloji Anonim Şirketi was signed on 11 February 2025. Payten Teknoloji Anonim Şirketi sold all 100% shares it held in Mobven, as a result of which the Group lost control over that company. The payment for shares sold shall be made in 7 instalments, starting from the first anniversary of the shares sale transaction. At the end of 2024, due to the planned sale of our subsidiary Mobven, assets and liabilities of this company have been disclosed in the Group’s statement of financial position as assets and related liabilities held for sale, and they were measured at the l ower of carrying value and fair value less costs to sell. Accordingly, last year net assets held for sale were recognized at the estimated selling price of this company. In the current reporting period, result on the sale of this company was determined as the estimated selling price of its shares, less net assets. In addition, result on the sale included other comprehensive income that was reclassified to the statement of profit and loss. Loss on the sale of Mobven company was estimated at PLN 6.7 million and was recognized in financial expenses. ▪ Changing the name of a subsidiary company of Touras Technologies Limited to Touras Global IT Solutions LLC On 25 February 2025, a subsidiary company of Touras Technologies Limited, based in Dubai, the United Arab Emirates, changed its name from Safexpay Software Solutions LLC to Touras Global IT Solutions LLC. ▪ Acquisition of Sycket Technologies, S.L. On 22 April 2025, Payten Holding S.A. acquired 70% of shares in Sycket Technologies, S.L., a company based in Seville, Spain. ▪ Sale of Paygate (Private) Limited On 16 June 2025, the company Paygate (Private) Limited based in Colombo, Sri Lanka, was sold.
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Asseco South Eastern Europe Group Quarterly Report for the period of 9 months ended 30 September 2025 ( in thousands of PLN) 25 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 chief 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 portfolio includes fully -fledged solutions and products necessary to run a bank such as omnichannel solutions designed to distribute banking products and services, solutions allowing to improve communication with the customer, integra ted core banking systems, authentication security solutions, reporting systems for regulatory compliance and managerial information, as well as risk management and anti- fraud systems. The segment also offers its clients 24x7 online services and consultancy in the areas of mobile and electronic banking and digital transformation. The Payment Solutions segment provides complete payment industry solutions supporting online and offline payments, which are offered by the Payten Group for both financial and non -financial institutions. These solutions are intended for e -Commerce (online payment gateways, support for alternative payment methods – cryptocurrencies, QR codes, solutions enabling tokenization of cards, subscription payments), mobile payments (mPOS, vPOS, SoftPOS), payment car d processing, as well as services related to ATMs an d EFT POS terminals. The Group delivers software and services as well as ATMs and payment terminals, including outsourcing and equipment, providing the highest level of expertise, maintenance and support through the entire portfolio. This segment also operates an independent network of ATMs under the brand name of MoneyGet. In addition, the Group runs a network of independent EFT POS terminals at points of sale – IPD service under the Monri brand that enables merchants to replace two or more payment terminals at the point of sale with a single device connected directly to multiple acquirers (card issuers). Moreover, the segment 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 telecommunications, 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, authentication, dedicated solutions, BI and ERP. The Group focuses on selling its proprietary solutions but also offer s 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 whole group level and therefore they are not allocated to individual operating segments. The Management 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 generated by the Group in the period of 9 months ended 30 September 2025.
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Asseco South Eastern Europe Group Quarterly Report for the period of 9 months ended 30 September 2025 ( in thousands of PLN) 26 Selected financial data for the period of 9 months ended 30 September 2025, in a breakdown by operating segments: 9 months ended 30 September 2025 Banking Solutions Payment Solutions Dedicated Solutions Eliminations Hyperinflation Total PLN’000 PLN’000 PLN’000 PLN’000 PLN’000 PLN’000 Sales revenues: 256,178 681,361 361,027 (36,565) 1,905 1,263,906 Sales to external customers 240,577 665,539 355,885 - 1,905 1,263,906 Sales between and/or within segments 15,601 15,822 5,142 (36,565) - - Gross profit on sales 88,726 165,316 62,346 - (1,407) 314,981 Selling costs (12,428) (52,534) (25,403) - (38) (90,403) General and administrative expenses (19,175) (39,001) (19,385) - (57) (77,618) Net profit on sales 57,123 73,781 17,558 - (1,502) 146,960 Other operating activities 126 (1,640) 208 - 4 (1,302) Share of profits of associates - 68 - - - 68 Operating profit 57,249 72,209 17,766 - (1,498) 145,726 Non-cash items Depreciation and amortization (9,229) (51,891) (16,457) - (1,975) (79,552) Impairment losses on segment assets recognized in operating expenses (351) (20,741) (2,387) - - (23,479) Goodwill as at 30 September 2025 205,256 307,898 356,926 - 60,096 930,176 9 months ended 30 September 2025 Banking Solutions Payment Solutions Dedicated Solutions Eliminations Hyperinflation Total EUR’000 EUR’000 EUR’000 EUR’000 EUR’000 EUR’000 Sales revenues: 60,470 160,831 85,218 (8,632) 450 298,337 Sales to external customers 56,787 157,096 84,004 - 450 298,337 Sales between and/or within segments 3,683 3,735 1,214 (8,632) - - Gross profit on sales 20,943 39,022 14,716 - (332) 74,349 Selling costs (2,934) (12,400) (5,996) - (9) (21,339) General and administrative expenses (4,526) (9,206) (4,576) - (13) (18,321) Net profit on sales 13,483 17,416 4,144 - (354) 34,689 Other operating activities 30 (387) 49 - 1 (307) Share of profits of associates - 16 - - - 16 Operating profit 13,513 17,045 4,193 - (353) 34,398 - Non-cash items Depreciation and amortization (2,178) (12,249) (3,885) - (466) (18,778) Impairment losses on segment assets recognized in operating expenses (83) (4,896) (563) - - (5,542) Goodwill as at 30 September 2025 48,078 72,121 83,605 - 14,077 217,881 The financial results presented above have been converted at the average exchange rate for the period of 9 months ended 30 September 2025: EUR 1 = PLN 4.2365, whereas the financial position data have been converted at the exchange rate effective on 30 September 2025: EUR 1 = PLN 4.2692. In the current reporting period, the financial data of our subsidiaries operating in Turkey were restated due to hyperinflation. The Management analyzes the operations of individual segments and their financial performance without the impact of hyperinflation revaluations. Therefore, 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.
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Asseco South Eastern Europe Group Quarterly Report for the period of 9 months ended 30 September 2025 ( in thousands of PLN) 27 Selected financial data for the period of 9 months ended 30 September 2024, in a breakdown by operating segments: 9 months ended 30 September 2024 (restated) Banking Solutions Payment Solutions Dedicated Solutions Eliminations Hyperinflation Total PLN’000 PLN’000 PLN’000 PLN’000 PLN’000 PLN’000 Sales revenues: 228,119 628,703 372,257 (27,598) 7,980 1,209,461 Sales to external customers 213,874 620,062 367,545 7,980 1,209,461 Sales between and/or within segments 14,245 8,641 4,712 (27,598) - - Gross profit on sales 79,386 191,416 33,867 - 258 304,927 Selling costs (12,354) (41,442) (22,596) - (399) (76,791) General and administrative expenses (19,050) (35,308) (19,936) - (571) (74,865) Net profit on sales 47,982 114,666 (8,665) - (712) 153,271 Other operating activities 6 472 763 - (19) 1,222 Share of profits of associates - 78 - - - 78 Operating profit 47,988 115,216 (7,902) - (731) 154,571 Non-cash items Depreciation and amortization (9,527) (45,796) (15,376) - (2,177) (72,876) Impairment losses on segment assets recognized in operating expenses (665) (1,733) (4,895) - - (7,293) Goodwill at 31 December 2024 (restated) 207,037 393,196 359,105 - 62,621 1,021,959 9 months ended 30 September 2024 (restated) Banking Solutions Payment Solutions Dedicated Solutions Eliminations Hyperinflation Total EUR’000 EUR’000 EUR’000 EUR’000 EUR’000 EUR’000 Sales revenues: 53,024 146,136 86,528 (6,415) 1,855 281,128 Sales to external customers 49,713 144,127 85,433 - 1,855 281,128 Sales between and/or within segments 3,311 2,009 1,095 (6,415) - - Gross profit on sales 18,453 44,493 7,871 - 60 70,877 Selling costs (2,872) (9,633) (5,251) - (93) (17,849) General and administrative expenses (4,428) (8,207) (4,634) - (133) (17,402) Net profit on sales 11,153 26,653 (2,014) - (166) 35,626 Other operating activities 1 110 178 - (4) 285 Share of profits of associates - 18 - - - 18 Operating profit 11,154 26,781 (1,836) - (170) 35,929 - Non-cash items Depreciation and amortization (2,214) (10,645) (3,574) - (506) (16,939) Impairment losses on segment assets recognized in operating expenses (155) (403) (1,138) - - (1,696) Goodwill at 31 December 2024 (restated) 48,452 92,019 84,040 - 14,655 239,166 The financial results presented above have been converted at the average exchange rate for the period of 9 months ended 30 September 2024: EUR 1 = PLN 4.3022, whereas the financial position data have been converted at the exchange rate effective on 31 September 2024: EUR 1 = PLN 4.2730.
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Asseco South Eastern Europe Group Quarterly Report for the period of 9 months ended 30 September 2025 ( in thousands of PLN) 28 V. Explanatory notes to the consolidated statement of profit and loss 5.1. Structure of operating revenues Operating revenues generated during the periods of 3 and 9 months ended 30 September 2025 as well as in the comparable periods were as follows: 3 months ended 30 September 2025 9 months ended 30 September 2025 3 months ended 30 September 2024 9 months ended 30 September 2024 PLN’000 PLN’000 PLN’000 PLN’000 Operating revenues by type of products Proprietary software and services 340,523 979,188 316,174 897,160 Third-party software and services 19,540 58,605 43,511 106,008 Hardware and infrastructure 77,107 226,113 85,110 206,293 Total 437,170 1,263,906 444,795 1,209,461 i. Segment revenues 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 9 months ended 30 September 2025 and in the comparable period were as follows: Banking Solutions Payment Solutions Dedicated Solutions Total PLN’000 PLN’000 PLN’000 PLN’000 9 months ended 30 September 2025 Proprietary software and services 233,572 495,412 250,204 979,188 Third-party software and services 2,255 6,882 49,468 58,605 Hardware and infrastructure 4,874 161,700 59,539 226,113 Total operating revenues 240,701 663,994 359,211 1,263,906 Banking Solutions Payment Solutions Dedicated Solutions Total PLN’000 PLN’000 PLN’000 PLN’000 9 months ended 30 September 2024 Proprietary software and services 208,299 472,186 216,675 897,160 Third-party software and services 2,384 2,372 101,252 106,008 Hardware and infrastructure 3,446 147,285 55,562 206,293 Total operating revenues 214,129 621,843 373,489 1,209,461 ii. Revenues from contracts with customers by the method of recognition in the statement of profit and loss 9 months ended 30 September 2025 9 months ended 30 September 2024 PLN’000 PLN’000 Revenues from contracts with customers recognized in accordance with IFRS 15, of which: 1,180,233 1,135,539 From goods and services transferred at a specific point in time 290,108 310,240 From goods and services transferred over the passage of time 890,125 825,299 Other operating revenues (mainly from leases) 83,673 73,922 Total operating revenues 1,263,906 1,209,461 Operating revenues, which are not recognized in accordance with IFRS 15, represent primarily revenues generated by the Group from the provision of ATMs and POS terminals outsourcing services. Such contracts are treated as operating lease contracts and revenues generated therefrom are recognized in accordance with IFRS 16.
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Asseco South Eastern Europe Group Quarterly Report for the period of 9 months ended 30 September 2025 ( in thousands of PLN) 29 iii. Operating revenues in a breakdown by countries where they were generated 9 months ended 30 September 2025 9 months ended 30 September 2024 PLN’000 PLN’000 Operating revenues by countries Albania 16,580 14,655 Austria 12,749 15,705 Bosnia and Herzegovina 129,215 79,295 Bulgaria 16,900 14,606 Croatia 171,712 152,320 Montenegro 28,364 21,309 Czech Republic 18,148 16,710 Dominican Republic 10,945 8,497 Spain 118,961 112,358 Kosovo 22,347 19,217 Macedonia 54,683 38,525 Peru 16,509 17,927 Poland 5,014 7,515 Portugal 35,598 33,986 Romania 141,923 145,799 Serbia 278,067 285,036 Slovakia 8,646 6,963 Slovenia 17,055 21,144 Turkey 127,938 142,262 Italy 3,691 7,477 Other countries 28,861 48,155 Total operating revenues 1,263,906 1,209,461 iv. Outsourcing contracts – the Group acting as a lessor The Group implements a number of contracts for outsourcing of payment transaction processes. The total amounts of future minimum lease payments receivable under such contracts have been estimated as follows: 9 months ended 30 September 2025 9 months ended 30 September 2024 PLN’000 PLN’000 Future minimum lease payments (i) within 1 year 113,013 101,341 (ii) within 1 to 5 years 88,040 56,420 (iii) within more than 5 years 3,661 2,016 Total 204,714 159,777
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Asseco South Eastern Europe Group Quarterly Report for the period of 9 months ended 30 September 2025 ( in thousands of PLN) 30 5.2. Structure of operating costs The table below presents operating costs incurred during the periods of 3 and 9 months ended 30 September 2025 and in the comparable periods. Operating costs 3 months ended 30 September 2025 9 months ended 30 September 2025 3 months ended 30 September 2024 9 months ended 30 September 2024 PLN’000 PLN’000 PLN’000 (restated) PLN’000 (restated) Cost of goods, materials and third -party services sold (COGS) (127,570) (371,837) (149,960) (388,864) Employee benefits (163,636) (479,761) (154,671) (445,241) Third-party non-project services and outsourcing of employees (25,266) (68,697) (23,239) (62,523) Depreciation and amortization (27,174) (79,552) (25,161) (72,876) Maintenance costs of property and company cars (20,481) (60,179) (18,295) (52,140) Business trips (2,333) (8,004) (2,467) (6,942) Advertising (2,176) (8,162) (2,714) (8,809) Other operating costs (19,510) (40,754) (4,702) (18,795) Total (388,146) (1,116,946) (381,209) (1,056,190) Cost of sales (324,772) (934,162) (327,867) (900,008) Selling costs (30,377) (90,403) (27,277) (76,791) General and administrative expenses (27,123) (77,618) (25,211) (74,865) Recognition (reversal) of allowances for trade receivables (5,874) (14,763) (854) (4,526) Total (388,146) (1,116,946) (381,209) (1,056,190) Third-party non-project services include consulting services which are 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 equipment repairs and spare parts used for the executed projects, costs of repairs and maintenance of tangible assets (including infrastructure provided under our outsourcing contracts), m aintenance costs of intangible assets, office space rental and maintenance fees, as well as maintenance of company cars. Other operating costs primarily include telecommunications costs, allowances for trade receivables, impairment losses on intangible assets, provisions for warranty repairs and onerous contracts. A substantial increase in such costs in the current reporting period, in relation to the comparable period, re sulted from the recognition of allowances for receivables from Touras India and Touras UAE companies in the total amount of PLN 9,740 thousand, as well as from impairment losses on intangible assets recognized from the acquisition of Touras India and Askepnet companies in the total amount of PLN 8,715 thousand. Share-based payment transactions with employees Currently, the Group has two share -based payment plans as defined in IFRS 2 which are settled in equity instruments. Detailed information on the both share-based payment plans has been presented in explanatory note 5.2 to the annual consolidated financial statements of ASEE Group for 2024 which were published on 26 February 2025. 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 plan 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 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, and 25,000 shares a cquired by Michał Nitka, Member of the Management Board of ASEE. The costs of this share -based payment plan disclosed in the interim condensed consolidated financial statements of ASEE Group for the period of 9 months ended 30 September 2025 amounted to PLN 218 thousand, as compared to PLN 218 thousand in the comparable period, of which costs related to shares
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Asseco South Eastern Europe Group Quarterly Report for the period of 9 months ended 30 September 2025 ( in thousands of PLN) 31 acquired by Members of the Management Board amounted to PLN 136 thousand. 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 costs of this share -based payment plan disclosed in the interim condensed consolidated financial statements of ASEE Group for the period of 9 months ended 30 September 2025 amounted to PLN 250 thousand, as compared to PLN 230 thousand in the comparable period. 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 amortiz ation charges recognized in the statement of profit and loss with those disclosed in the tables of changes in property, plant and equipment, intangible assets, right-of-use assets, as well as in investment property: 3 months ended 30 September 2025 9 months ended 30 September 2025 3 months ended 30 September 2024 9 months ended 30 September 2024 PLN’000 PLN’000 PLN’000 PLN’000 (restated) Depreciation charges as disclosed in the table of changes in property, plant and equipment (14,808) (42,182) (12,796) (37,973) Amortization charges as disclosed in the table of changes in intangible assets (6,641) (20,501) (6,770) (18,739) Depreciation charges as disclosed in the table of changes in right-of-use assets (5,894) (17,363) (5,752) (16,638) Depreciation charges on investment property - (5) (8) (24) Reduction of amortization charges due to recognition of grants to internally generated licenses 169 499 165 498 Total depreciation and amortization charges disclosed in the statement of profit and loss and in the statement of cash flows (27,174) (79,552) (25,161) (72,876) 5.3. Other operating income and expenses Other operating income and expenses recognized in the periods of 3 and 9 months ended 30 September 2025 and in the comparable periods were as follows: Other operating income 3 months ended 30 September 2025 9 months ended 30 September 2025 3 months ended 30 September 2024 9 months ended 30 September 2024 PLN’000 PLN’000 PLN’000 PLN’000 Gain on disposal of property, plant and equipment 191 748 270 994 Income from letting of own office space 77 230 80 101 Reversal of a provision for the costs of court litigation relating to other operations - 32 9 57 Grants and subsidies received 48 222 103 176 Gain on modification of lease contracts 41 135 1 11 Other (114) 921 248 991 Total 243 2,288 711 2,330
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Asseco South Eastern Europe Group Quarterly Report for the period of 9 months ended 30 September 2025 ( in thousands of PLN) 32 Other operating expenses 3 months ended 30 September 2025 9 months ended 30 September 2025 3 months ended 30 September 2024 9 months ended 30 September 2024 PLN’000 PLN’000 PLN’000 PLN’000 Loss on disposal of property, plant and equipment (66) (78) 128 - Charitable contributions to unrelated parties (49) (288) (152) (325) Provisions created, including for the costs of court litigation relating to other operations - (2) (86) (86) Allowances for other receivables (2,815) (2,815) - (226) Other (89) (407) (221) (471) Total (3,019) (3,590) (331) (1,108) Allowances for other receivables presented in the current reporting period resulted from the recognition of allowances for receivables arising from payment transactions processed in India. 5.4. Financial income and expenses Financial income earned during the periods of 3 and 9 months end ed 30 September 2025 and in the comparable periods was as follows: Financial income 3 months ended 30 September 2025 9 months ended 30 September 2025 3 months ended 30 September 2024 9 months ended 30 September 2024 PLN’000 PLN’000 PLN’000 (restated) PLN’000 (restated) Interest income on loans granted and bank deposits 2,181 6,912 1,807 4,942 Positive foreign exchange differences 1,824 7,744 1,959 6,864 Gain on exercise and/or valuation of financial assets/ liabilities carried at fair value through profit or loss 2 4 (2) 205 Gain on revaluation of conditional payments in transactions to obtain control 126,045 136,331 1,297 2,238 Gain on revaluation of liabilities from acquisition of non-controlling interests (put options) (42) 1,074 7,955 10,814 Gain on the net monetary position – hyperinflation 3,343 12,721 3,755 19,314 Other financial income 225 609 9 13 Total financial income 133,578 165,395 16,780 44,390 Gain on the net monetary position resulted from the hyperinflation revaluation of non -monetary assets and liabilities of our subsidiaries operating in Turkey. The impact of hyperinflation has been described in detail in explanatory note 2.10 to these interim condensed consolidated financial statements. Financial expenses incurred during the periods of 3 and 9 months end ed 30 September 2025 and in the comparable periods were as follows: Financial expenses 3 months ended 30 September 2025 9 months ended 30 September 2025 3 months ended 30 September 2024 9 months ended 30 September 2024 PLN’000 PLN’000 PLN’000 PLN’000 Interest expenses on bank loans and borrowings (1,633) (4,975) (2,317) (4,566) Interest expenses on leases (928) (2,792) (896) (2,314) Other interest expenses (212) (517) (179) (557) Negative foreign exchange differences (428) (4,553) (962) (3,084) Loss on revaluation of conditional payments in transactions to obtain control and/or buyout of minority interests 6,497 (615) (1,464) (2,147) Loss on revaluation of liabilities from acquisition of non- controlling interests (put options) (13,436) (15,466) (928) (4,511) Loss on exercise and/or valuation of financial assets/ liabilities 4 (2) - (167) Loss on disposal of investments in subsidiaries (216) (6,755) - - Dividends declared payable to minority shareholders (12) (2,624) (4,250) (5,773) Write-down on goodwill arising from consolidation (116,435) (116,435) - - Other financial expenses (14) (40) (10) (31) Total financial expenses (126,813) (154,774) (11,006) (23,150)
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Asseco South Eastern Europe Group Quarterly Report for the period of 9 months ended 30 September 2025 ( in thousands of PLN) 33 In the quarter reported, the Group recognized a write -down on goodwill in the amount of PLN 116,435 thousand as a result of an impairment loss on goodwill arising from the acquisition of Touras India and Touras Tech UAE companies. The amount of write-down was determined based on the conducted impairment tests. These transactions have been described in detail in explanatory note 6.4 to these interim condensed consolidated financial statements. Dividends declared payable to minority shareholders arise from acquisitions accounted for using the present ownership method and are related to the following companies: IfthenPay, Helius and Avera. Loss on disposal of investments in subsidiaries is related to Mobven, over which the Group lost control on 11 February 2025 as a result of selling all the shares it held in that company. Positive and negative foreign exchange differences are presented in net amounts (reflecting the excess of positive differences over negative differences or otherwise) at the level of individual subsidiaries. Gain/Loss on revaluation of conditional payments in transactions to obtain control resulted from changes in the estimates of deferred contingent liabilities arising from acquisition of controlling interests in subsidiaries. In the current reporting period, the Group reduced its liabilities from conditional payments for controlling interests acquired in Touras India and Touras Tech UAE thus recognizing a gain in the amount of PLN 134,052 thousand, which resulted in a significant increase of gain on revaluation of conditional payments shown in the table above. Gain/Loss on revaluation of liabilities from acquisition of non -controlling interests (put options) results from changes in the estimates that are the basis for the calculation of a liability arising from put options if, under the purchase agreement, benefits incidental to ownership of such puttable equity instruments shall be transferred to the Parent Company (present ownership). The table below presents gains/losses on revaluation of financial assets: Financial expenses 3 months ended 30 September 2025 9 months ended 30 September 2025 3 months ended 30 September 2024 9 months ended 30 September 2024 PLN’000 PLN’000 PLN’000 PLN’000 Gain on revaluation of financial assets (reversal of allowance for loans granted, deposits) - - - - Loss on impairment of financial assets (allowance for loans granted, deposits) (6,007) (6,007) (5) (16) Recognition/reversal of allowances for loans granted and other financial instruments (6,007) (6,007) (5) (16) Loss on impairment of financial assets is related to an allowance for cash deposits held by Touras companies that were blocked by the Directorate of Enforcement in India. 5.5. Corporate income tax The main charges on pre-tax profit resulting from corporate income tax (current and deferred portions): 3 months ended 30 September 2025 9 months ended 30 September 2025 3 months ended 30 September 2024 9 months ended 30 September 2024 PLN’000 PLN’000 PLN’000 PLN’000 Current corporate income tax expense as disclosed in the statement of profit and loss, of which: (13,605) (38,901) (11,991) (32,316) Current portion of income tax (14,694) (39,081) (12,121) (34,708) Adjustments to prior years’ income tax 1,089 180 130 2,392 Deferred income tax 3,853 5,257 (1,760) 1,167 Income tax expense as disclosed in the statement of profit and loss (9,752) (33,644) (13,751) (31,149) In the period of 9 months ended 30 September 2025, our effective tax rate equalled 22.4% as compared to 17.7% in the comparable period. Such increase is basically attributable to the high amount of write -downs on assets of Touras companies which are not covered by deferred income tax, higher amount of taxes paid on intra-group dividend distributions, provision created for potential tax lia bilities due to global minimum tax (Pillar 2), as well as non-tax-deductible loss on the sale of Mobven company recognized by the Group.
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Asseco South Eastern Europe Group Quarterly Report for the period of 9 months ended 30 September 2025 ( in thousands of PLN) 34 Global Minimum Tax (so-called Pillar 2) The Global Minimum Tax (Pillar 2) rules impose new tax and reporting obligations on companies which belong to capital groups (both Polish and multinational) with consolidated revenues of at least EUR 750 million. ASEE Group is part of Asseco Poland Group which meets the above revenue criterion and is therefore subject to the Pillar 2 rules. The Pillar 2 reform aims to counteract the tax base erosion and profit shifting (BEPS) by introducing a global minimum effective tax rate of 15% on qualifying income. The calculation shall take into account the effective tax rate and not the nominal rate. The tax is calculated on a country-by-country (jurisdiction) basis, meaning it basically covers all companies belonging to the group in a given country. The Pillar 2 regulations came into force in Poland in 2025, while in some other countries already in 2024. ASEE Group is continuously monitoring the progress of legislative work related to the Pillar 2 rules implementation in all the jurisdictions where its subsidiaries operate, and is also analyzing potential impact of these regulations on the Group’s operations. As at the date of publication of these condensed consolidated financial statements for the period of 9 months ended 30 September 2025, the global minimum tax regulations have been implemented in 12 countries where the Group companies operate: Poland, Bulgaria, Spain, Portugal, Croatia, Czech Republic, Slovakia, Slovenia, Romania, Turkey, the United Arab Emirates, and Macedonia. While in the remaining jurisdictions, where the Group companies are present, work on the implementation of these regulations is in progress or has not been initiated yet. The Group has collected preliminary data and analyzed the possible use of so-called transitional safe harbours, based on financial data derived from Country-by-Country Reporting (CbC R) and local financial packages . On the basis of financial data for the year 2024 and the first three quarters of 2025 (covering ASEE subsidiaries only), the Group prepared a preliminary internal assessment o f the impact of Pillar 2 and it recognized tax liabilities of PLN 500 thousand in its consolidated data, arising from the international tax system reform. The amount of such liabilities depends on the dynamically ch anging financial results of the Group’s subsidiaries, which may affect the effective tax rate and the final amount of top -up tax, including the use of so -called transitional safe harbours. The Group has applied the exception from the requirement to recognize and disclose deferred tax assets and liabilities related to income taxes under the Pillar 2 rules, in accordance with the amendments to IAS 12 issued in May 2023. 5.6. Earnings per share Both during the reporting period and the comparable period, there were no instruments that could potentially dilute basic earnings per share, hence our basic earnings per share 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: 3 months ended 30 September 2025 9 months ended 30 September 2025 3 months ended 30 September 2024 9 months ended 30 September 2024 Weighted average number of ordinary shares outstanding, used for calculation of basic earnings per share 51,894,251 51,894,251 51,894,251 51,894,251 Net profit attributable to shareholders of the Parent Company for the reporting period (in thousands of PLN) 55,136 133,224 53,923 140,921 Consolidated earnings per share for the reporting period (in PLN) 1.06 2.57 1.04 2.72 5.7. Information on dividends paid out The Annual General Meeting of Asseco South Eastern Europe S.A. seated in Rzeszów (hereinafter the “Company”), 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, on 4 June 2025 adopted a resolution to pay out a dividend in the total amount of PLN 90,815 thousand or PLN 1.75 per share to all of the Company’s shareholders. The Company’s Annual General Meeting established 3 July 2025 as the dividend record date. The dividend was paid out on 10 July 2025. The number of shares eligible for dividend was 51,894,251.
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Asseco South Eastern Europe Group Quarterly Report for the period of 9 months ended 30 September 2025 ( in thousands of PLN) 35 In 2024, the Parent Company paid out to its shareholders a dividend for the year 2023. The Annual General Meeting 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 Associatio n, on 7 May 2024 adopted a resolution to pay out a dividend in the total amount of PLN 85,626 thousand or PLN 1.65 per share to all of the Company’s shareholders. The Co mpany’s Annual General Meeting established 13 June 2024 as the dividend record date. The dividend was paid out on 20 June 2024. The number of shares eligible for dividend was 51,894,251.
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Asseco South Eastern Europe Group Quarterly Report for the period of 9 months ended 30 September 2025 ( in thousands of PLN) 36 VI. Explanatory notes to the consolidated statement of financial position 6.1. Property, plant and equipment Changes in the net book value of property, plant and equipment that took place during the period of 9 months ended 30 September 2025 and in the comparable period are presented below: 9 months ended 30 September 2025 9 months ended 30 September 2024 PLN’000 PLN’000 Net book value of property, plant and equipment as at 1 January 174,175 137,030 Additions, of which: 64,183 56,886 Purchases and modernization 34,128 35,581 Obtaining control over subsidiaries 3,196 1,145 Transfers from inventories to property, plant and equipment 26,413 19,871 Transfers from investment property to property, plant and equipment 446 - Other - 289 Reductions, of which: (46,676) (39,640) Depreciation charges for the reporting period (42,182) (37,973) Impairment losses 19 (377) Disposal and liquidation (592) (464) Transfers to inventories (3,921) (826) Impact of hyperinflation 3,825 4,799 Change in presentation (99) (95) Exchange differences on translation of foreign operations (5,336) (4,980) Net book value of property, plant and equipment as at 30 September 190,072 154,000 Some pieces of equipment have been transferred from inventories to property, plant and equipment because they are utilized in the performance of our outsourcing contracts. As at 30 September 2025, tangible assets with a book value of PLN 23,676 thousand served as collateral for bank loans as well as for bank overdraft 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. 6.2. Intangible assets Changes in the net book value of intangible assets that took place during the period of 9 months ended 30 September 2025 and in the comparable period are presented below: 9 months ended 30 September 2025 9 months ended 30 September 2024 PLN’000 PLN’000 (restated) Net book value of intangible assets as at 1 January (restated) 90,278 86,277 Additions, of which: 10,176 31,878 Purchases and modernization 5,982 1,944 Obtaining control over subsidiaries 4,194 29,934 Reductions, of which: (29,273) (21,171) Amortization charges for the reporting period (20,501) (18,739) Impairment losses (8,715) (2,370) Disposal and liquidation (57) (62) Impact of hyperinflation 329 503 Change in presentation (1) 90 Exchange differences on translation of foreign operations (3,292) (2,581) Net book value of intangible assets as at 30 September 68,217 94,996
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Asseco South Eastern Europe Group Quarterly Report for the period of 9 months ended 30 September 2025 ( in thousands of PLN) 37 Both as at 30 September 2025 and 31 December 2024, intangible assets did not serve as collateral for any bank loans. In the period of 9 months ended 30 September 2025, the Group recognized impairment losses on intangible assets arising from the acquisition of Touras and Askepnet companies in the amount of PLN 8,715 thousand. Such impairment charge resulted from the Management’s assessment of the ability of assets held to generate economic benefits. 6.3. Right-of-use assets Changes in the net book value of right -of-use assets that took place during the period of 9 months ended 30 September 2025 and in the comparable period are presented below: 9 months ended 30 September 2025 9 months ended 30 September 2024 PLN’000 PLN’000 Net book value of right-of-use assets as at 1 January 68,848 46,037 Additions, of which: 27,682 42,864 Conclusion of new lease contracts 22,276 25,910 Modification of existing contracts 4,713 11,092 Obtaining control over subsidiaries 693 5,862 Reductions, of which: (22,146) (17,380) Depreciation charges for the reporting period (17,363) (16,638) Acquisition of right-of-use assets - (17) Early termination of contracts (4,691) (722) Modification of existing contracts (64) - Other (28) (3) Exchange differences on translation of foreign operations (1,601) (1,533) Net book value of right-of-use assets as at 30 September 72,783 69,988 6.4. Goodwill For impairment testing purposes, goodwill arising from obtaining control over subsidiaries is allocated to the group of cash-generating units that constitute an operating segment. The following table presents the amounts of goodwill as at 30 September 2025 and 31 December 2024, in a breakdown by operating segments: Goodwill 30 September 2025 31 December 2024 PLN’000 PLN’000 (restated) Banking Solutions 212,020 214,091 Payment Solutions 331,832 418,055 Dedicated Solutions 386,324 389,813 Total goodwill 930,176 1,021,959 Changes in goodwill that took place during the period of 9 months end ed 30 September 2025 and in the comparable period are presented below: 1 January 2025 (restated) Obtaining of control Impact of hyperinflation Foreign exchange differences Impairment 30 September 2025 PLN’000 PLN’000 PLN’000 PLN’000 PLN’000 PLN’000 Banking Solutions 214,091 - 1,628 (3,699) - 212,020 Payment Solutions 418,055 47,170 5,844 (22,802) (116,435) 331,832 Dedicated Solutions 389,813 - 7,032 (10,521) - 386,324 Total goodwill 1,021,959 47,170 14,504 (37,022) (116,435) 930,176
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Asseco South Eastern Europe Group Quarterly Report for the period of 9 months ended 30 September 2025 ( in thousands of PLN) 38 1 January 2024 Obtaining of control Impact of hyperinflation Foreign exchange differences Impairment 30 September 2024 (restated) PLN’000 PLN’000 PLN’000 PLN’000 PLN’000 PLN’000 Banking Solutions 214,988 - 1,994 (3,799) - 213,183 Payment Solutions 262,127 170,487 12,700 (19,909) - 425,405 Dedicated Solutions 398,319 3,660 8,609 (10,726) - 399,862 Total goodwill 875,434 174,147 23,303 (34,434) - 1,038,450 In the period of 9 months ended 30 September 2025, the balance of goodwill arising from consolidation was affected by the transactions described below. i. Hyperinflation in Turkey Due to the recognition of the Turkish economy as hyperinflationary, the Group has applied IAS 29 which requires the restatement of non -monetary assets to take into account the change in purchasing power based on the general price index and to be expressed in the measuring units current at the end of the reporting period. One of the non -monetary assets is goodwill recognized as at the date of obtaining control over our Turkish subsidiaries. Such goodwill was comes from the years 2010-2021. The inflation -related revaluation of goodwill by the price index for 2025, translated at the exchange rate of 30 September 2025, amounted in total to PLN 13,009 thousand which was recognized in financial income, under ‘Gain/Loss on the net monetary position’, for the first 9 months of 2025. Foreign exchange differences arising from the hyperinflation restatement of prior year goodwill, at the exchange rate of 30 September 2025, were recognized in correspondence under ‘Exchange differences on translation of foreign operations’. The impact of hyperinflation on the consolidated financial statements has been described in explanatory note 2.10 to these interim condensed consolidated financial statements. 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 Fawaterk 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 financial results achieved by the acquired company. Non-controlling interests were measured on a proportionate basis against net assets and recognized at the level of ASEE Group. In addition, Payten Holding signed a put/call option agreement with one of the non -controlling shareholders of Fawaterk. The amount of liabilities under put options has been disclosed in explanatory note 6.12 to these interim condensed consolidated financial statements. The provisional values of identifiable assets and liabilities of Fawaterk as at th e date of obtaining control are presented below (converted at the exchange rate of PLN/EGP effective on 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
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Asseco South Eastern Europe Group Quarterly Report for the period of 9 months ended 30 September 2025 ( in thousands of PLN) 39 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 converted to PLN at the exchange rate effective on 31 December 2024: EGP 1 = PLN 0.0807 Input data were derived from the acquired company’s financial statements drawn up as at 31 December 2024. The input data were prepared in accordance with the ASEE Group’s accounting policy. In the consolidated financial statements of ASEE Group, goodwill arising from the acquisition of Fawaterk company 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, S.L. 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 EUR 11.2 million and it comprised: a consideration of EUR 1.5 million paid on the transaction date, the fair value of conditional payments depending on financial results achieved by th e acquired company in the amount 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 EUR 5.9 million. The provisional values of identifiable assets and liabilities of Sycket as at th e date of obtaining control are presented below (converted at the exchange rate of PLN/EUR effective on the acquisition date): 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 converted to PLN at the exchange rate effective on 30 April 2025: EUR 1 = PLN 4.2778 Input data were derived from the acquired company’s financial statements drawn up as at 30 April 2025. The input data were prepared in accordance with the ASEE Group’s accounting policy. 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. The software valuation was made on the basis of expected future sales revenues, expected EBITDA margin and return on assets employed.
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Asseco South Eastern Europe Group Quarterly Report for the period of 9 months ended 30 September 2025 ( in thousands of PLN) 40 The estimated cash flows were discounted with a discount rate equivalent to the weighted average cost of capital determined for the acquired company. In correspondence to the recognition of assets, the Group recognized deferred tax liabilities. In the consolidated financial statements of ASEE Group, goodwill arising from the acquisition of Sycket company 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 India Private Limited) in India and Touras Technologies Limited (formerly Paygate Limited) in the United Arab Emirates On 1 July 2024, Payten Holding S.A. based in Warsaw concluded a framework agreement defining a scheme for the acquisition of shares in Paygate India Private Limited in India and Paygate Limited in the United Arab Emirates, as well as individual agreements for the acquisition of shares in both companies. After the Group obtained control over these companies, both companies changed their names: Paygate India Private Limited was renamed as Touras India Private Limited (hereinafter “Touras India”), and Paygate Limited was renamed as 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 Limited, 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 consideration of EUR 6 milli on already paid, as well as the fair value of conditional payments depending on financial results achieved by the acquired company and its subsidiary in the amount of EUR 17.6 million. Non-controlling interests were measured on a proportionate basis again st net assets and recognized at the level of ASEE Group. In addition, Payten Holding signed a put/call option agreement with the non-controlling shareholders of Touras India. The amount of liabilities under put options has been disclosed in explanatory note 6.12 to these consolidated financial statements. The purchase price allocation process was completed in the third quarter of 2025. The fair values of identifiable assets and liabilities of Touras India Group as at the date of obtaining control 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 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
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Asseco South Eastern Europe Group Quarterly Report for the period of 9 months ended 30 September 2025 ( in thousands of PLN) 41 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 converted to PLN at the exchange rate effective on 28 June 2024: INR 1 = PLN 0.048336 (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) Input data were derived from the acquired company’s financial statements drawn up as at 30 June 2024. The input data were prepared in accordance with the ASEE Group’s accounting policy. As a result of the purchase price allocation, the Group recognized intangible assets constituted by payment gateway software and a platform for processing cash withdrawals and recurring payments called “Payouts”. The software valuation was made on the basis of expected future sales revenues, expected EBITDA margin and return on assets employed. The estimated cash flows were discounted wit h a discount rate equivalent to the weighted average cost of capital determined for the acquired company. In correspondence to the recognition of assets, the Group recognized deferred tax liabilities. Acquisition-related expenses were recognized in the statement of profit and loss. In the consolidated financial statements of ASEE Group, goodwill arising from the acquisition of Touras India Group was allocated to the Payment Solutions segment. However, upon completing the purchase price allocation process and observing specific financial difficulties faced by these companies, rather than the entire Payment Solutions segment, which have been reflected in significant reversals of revenues and write -downs on assets recognized in the current quarter, a significant decline in revenues and a loss generated on current operations, negative operating cash flows, as well as integration difficulties, the Group decided to write down goodwill arising on the acquisition of Touras India companies, recognizing financial expenses in the amount of PLN 70,301 thousand. Such impairment was recognized on the basis of an impairment test and an estimate of the recoverable amount of our business in India. The recoverable amount was estimated by determining future cash flows expected to be achieved by our companies in India, and determining a discount rate to be subsequently used in order to calculate the net present value of those cash flows. The assumed changes in cash flows depend upon the strategy and plans of individual companies, taking due account of conditions prevailin g in particular geographical markets and sectors, and at the same time reflecting the present and potential order backlog. The detailed forecast of cash flows covered the period of 5 years. The revenue growth rate assumed in the impairment test, calculated as the compound annual growth rate over the period of detailed forecast, equalled 5.2%. The discount rate applied in the model as at 30 September 2025 equalled 12.4%. Particular components of the discount rate were determined taking into account the market values of risk -free interest rates, the beta coefficient which was leveraged to reflect the market debt/equity ratio, as well as the expected market yield. 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 it comprised: a consideration of EUR 2 million already paid, a deferred payment of EUR2 million, as well as the fair value of con ditional payments depending on financial results achieved by the acquired company and its subsidiary in the amount of EUR 12 million. Non-controlling interests were measured on a proportionate basis again st net assets and recognized at the level of ASEE Group.
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Asseco South Eastern Europe Group Quarterly Report for the period of 9 months ended 30 September 2025 ( in thousands of PLN) 42 In addition, Payten Holding signed a put/call option agreement with the non-controlling shareholders of Touras Tech UAE. The amount of liabilities under put options has been disclo sed in explanatory note 6.12 to these consolidated financial statements. The purchase price allocation process was completed in the third quarter of 2025. The fair values of identifiable assets and liabilities of Touras Tech ZEA Group as at the date of obtaining control 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 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 converted 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) Input data were derived from the acquired company’s financial statements drawn up as at 30 June 2024. The input data were prepared in accordance with the ASEE Group’s accounting policy. Acquisition-related expenses were recognized in the statement of profit and loss. In the consolidated financial statements of ASEE Group, goodwill arising from the acquisition of Touras Tech UAE Group was allocated to the Payment Solutions segment. However, upon completing the purchase price allocation process and observing specific financial difficulties faced by these companies, rather than the entire Payment Solutions segment, which have been reflected in write -downs on assets recognized in the current quarter, a significant decline in revenues and a loss generated on current operatio ns, negative operating cash flows, as well as integration difficulties, the Group decided to write down goodwill arising on the acquisition of Touras India companies, recognizing financial expenses in the amount of PLN 46,134 thousand. Such impairment was recognized on the basis of an impairment test and an estimate of the recoverable amount of our business in India. The recoverable amount was estimated by determining future cash flows expected to be achieved by our companies in India, and determining a discount rate to be subsequently used in order to calculate the net present value of those cash flows. The assumed changes in cash flows depend upon the strategy and plans of individual companies, taking due account of conditions prevailin g in particular geographical markets and sectors, and at the same time reflecting the present and potential order backlog. The detailed forecast of cash flows covered the period of 5 years. The revenue growth rate assumed in the impairment test, calculated as the compound annual growth rate over the period of detailed forecast, equalled 20.7%. The discount rate applied in the model as at 30 September 2025 equalled 9.7%. Particular c omponents of the discount rate were determined taking into account the market values of risk -free interest rates, the beta coefficient which was leveraged to reflect the market debt/equity ratio, as well as the expected market yield.
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Asseco South Eastern Europe Group Quarterly Report for the period of 9 months ended 30 September 2025 ( in thousands of PLN) 43 v. Allocation of the purchase price of shares in Askepnet TOV On 29 July 2024, ASEE Solutions s.r.l. (Romania) acquired 100% of shares in Askepnet TOV, a company based in Lviv, Ukraine. The total purchase price of these shares determined at the acquisition date amounted to USD 1.7 million and it comprised: a consideration of USD 0.8 million paid on the transaction date, as well as the fair value of conditional payments depending on financial results achieved by the acquired company in the amount of USD 0.8 million. The purchase price allocation process was completed in the third quarter of 2025. The fair values of identifiable assets and liabilities of Askepnet as at the date of obtaining control 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 UAH’000 PLN’000 UAH’000 PLN’000 Assets acquired Property, plant and equipment 161 16 161 16 3 Intangible assets, of which: 45,933 4,446 45,933 4,446 3 Intangible assets recognized as 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 Liabilities acquired Lease liabilities 2,566 248 2,566 248 3 Trade payables 1,710 166 1,710 166 3 Contract liabilities 8,641 836 8,641 836 3 Liabilities to the state and local budgets 165 16 165 16 3 Deferred tax liabilities, of which: 8,265 800 8,265 800 3 Deferred tax liabilities on intangible assets recognized as at the acquisition date (PPA) 8,265 800 8,265 800 3 Total liabilities 21,347 2,066 21,347 2,066 Net assets value 30,811 2,983 30,811 2,983 Equity interest acquired 100% 100% 100% 100% Purchase price 98,311 9,517 68,619 6,642 Goodwill as at the acquisition date 67,500 6,534 37,808 3,659 Figures converted to PLN at the exchange rate effective on 31 July 2024: UAH 1 = PLN 0.0968 Input data were derived from the acquired company’s financial statements drawn up as at 31 July 2024. The input data were prepared in accordance with the ASEE Group’s accounting policy. As a result of the purchase price allocation, the Group recognized intangible assets constituted by a system enabling automation of work processes at medical facilities. The software valuation was made on the basis of expected future sales revenues, expected EBITDA margin and return on assets employed. The estimated cash flows were discounted with a discount rate equivalent to the weighted average cost of capital determined for the acquired company. In correspondence to the recognition of assets, the Group recognized deferred tax liabilities. In the consolidated financial statements of ASEE Group, goodwill arising from the acquisition of Askepnet was allocated to the Dedicated Solutions segment. Acquisition-related expenses were recognized in the statement of profit and loss.
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Asseco South Eastern Europe Group Quarterly Report for the period of 9 months ended 30 September 2025 ( in thousands of PLN) 44 6.5. Other financial assets Both as at 30 September 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: 30 September 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 - 169 - 166 Other financial assets 358 - 358 - 358 169 358 166 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 783 643 874 822 803 644 894 823 Financial assets carried at amortized cost, of which: Loans, of which: 506 99 105 61 granted to related parties 506 8 105 3 granted to employees - 91 - 58 Corporate bonds 109 - 110 - Term cash deposits 890 90 1,014 3,029 1,505 189 1,229 3,090 Total 2,666 1,002 2,481 4,079 As at 30 September 2025, financial assets carried at amortized cost included term cash deposits which serve as collateral for bank guarantees as well as bank loans that were obtained to finance the performance of contracts. In the reporting period, the Group recognized an impairment loss on financ ial assets in the amount of PLN 6,007 thousand, the vast majority of which is related to deposits held by Touras companies that were blocked by the Directorate of Enforcement in India. Such impairment loss was recognized in financial expenses as disclosed in explanatory note 5.4. Changes in the fair value measurement of financial instruments carried at fair value, and changes in the classification of financial instruments In the period of 9 months ended 30 September 2025, the Group did not change its methods for measuring the fair value of financial instruments carried at fair value nor did it transfer any instruments between individual levels of the fair value hierarchy. Both as at 30 September 2025 and 31 December 2024, the fair values of financial assets were not significantly different from their book values. As at 30 September 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 169 - - 169 Other financial assets 358 - - 358 Total 527 - - 527 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 1,426 - - 1,426 Total 1,447 1 - 1,446 i. fair value determined on the basis of quoted prices offered in active markets for identical assets; ii. fair value determined using calculation models based on inputs that are observable, either directly or indirectly, in active markets; iii. fair value determined using calculation models based on inputs that are not observable, neither directly or indirectly, in active markets.
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Asseco South Eastern Europe Group Quarterly Report for the period of 9 months ended 30 September 2025 ( in thousands of PLN) 45 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 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. 6.6. Prepayments and accrued income As at 30 September 2025 and 31 December 2024, prepayments and accrued income included the following items: 30 September 2025 31 December 2024 Non-current Current Non-current Current PLN’000 PLN’000 PLN’000 PLN’000 Prepaid services, of which: 5,084 64,160 2,979 59,794 maintenance services, license and subscription fees 4,861 56,992 2,638 53,543 insurances - 3,177 - 2,213 rents and averaged instalments under operating leases - 125 - 331 prepaid consulting services - 707 - 380 other services 223 3,159 341 3,327 Expenses related to services performed for which revenues have not been recognized yet - 331 - 703 Other prepayments and accrued income 4 2,239 111 1,065 Total 5,088 66,730 3,090 61,562 6.7. Receivables and contract assets The table below presents the amounts of receivables as at 30 September 2025 as well as at 31 December 2024: 30 September 2025 31 December 2024 (restated) Non-current Current Non-current Current PLN’000 PLN’000 PLN’000 PLN’000 Trade receivables, of which: - 241,374 - 291,469 Trade receivables: - 268,517 - 304,904 from related parties - 224 - 550 from other entities - 268,293 - 304,354 Receivables from operating leases - 8,003 - 10,204 Allowances for trade receivables (-) - (35,146) - (23,639) Corporate income tax receivable - 4,949 - 4,662 Receivables from the state and local budgets - 5,449 - 15,841 Value added tax - 3,018 - 12,426 Other - 2,431 - 3,415 Other receivables 17,359 120,042 5,850 71,917 Receivables from payment transactions processed - 114,392 - 63,034 Security deposits receivable 1,247 1,632 971 1,972 Other receivables 16,112 8,770 4,879 9,183 Allowances for other doubtful receivables (-) - (4,752) - (2,272) Total receivables 17,359 371,814 5,850 383,889
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Asseco South Eastern Europe Group Quarterly Report for the period of 9 months ended 30 September 2025 ( in thousands of PLN) 46 The balance of other current receivables includes, among others, restricted cash intended for settlement of other liabilities arising from payment transactions, receivables relating to guarantees of due performance of contracts (i.e. cash sureties provided to customers in order to compensate for their potential losses in case we fail to fulfil any contractual obligations), receivables from disposal of property, plant and equipment, receivables from security deposits paid-in, receivables from sale of shares in subsidiaries, as well as other receivables. The balance of other non -current receivables includes deferred payments for shares in Payten Holding S.A. which were sold to the managers of ASEE Group companies in 2022, receivables arising from the sale of our subsidiary Mobven, as well as receivables from security deposits paid-in. As at 30 September 2025, trade receivables in the amount of PLN 15,970 thousand and other receivables in the amount of PLN 397 thousand served as collateral for bank loans as well as for bank overdraft and guarantee facilities. As at 31 December 2024, trade receivables in the amount of PLN 16,249 thousa nd and other receivables in the amount of PLN 392 thousand served as collateral for bank loans as well as for bank overdraft and guarantee facilities. The table below presents receivables from contracts with customers as at 30 September 2025 and 31 December 2024: Contract assets 30 September 2025 31 December 2024 Non-current Current Non-current Current PLN’000 PLN’000 PLN’000 PLN’000 Uninvoiced receivables - 47,575 - 35,163 from related parties - - - - from other entities - 47,575 - 35,163 Receivables from valuation of IT contracts - 83,681 - 52,512 from related parties - 2,283 - 2,020 from other entities - 81,398 - 50,492 Allowances (-) - (225) - (426) Total contract assets - 131,031 - 87,249 Related party transactions have been presented in explanatory note 6.17 to these interim condensed consolidated financial statements. Changes in the amount of allowances for trade receivables and contract assets during the period of 9 months ended 30 September 2025 and in the comparable period are presented in the table below: Allowances for trade receivables and contract assets 9 months ended 30 September 2025 9 months ended 30 September 2024 PLN’000 PLN’000 Allowances as at 1 January (24,065) (16,519) Recognized during the reporting period (20,885) (8,912) Utilized during the reporting period 1,708 95 Reversed during the reporting period 6,122 4,386 Obtaining control over subsidiaries (456) (8,746) Foreign exchange differences 2,205 679 Allowances as at 30 September (35,371) (29,017) 6.8. Inventories The table below presents inventories as at 30 September 2025 and 31 December 2024: Inventories 30 September 2025 31 December 2024 PLN’000 PLN’000 Computer hardware, third-party software licenses and other goods for resale 75,953 111,317 Computer hardware, spare parts and other materials intended for the performance of repair/maintenance services 16,924 17,977 Impairment losses on inventories (21,767) (19,326) Total 71,110 109,968 Changes in the amount of impairment losses on inventories during the period of 9 months ended 30 September 2025 and in the comparable period are presented in the table below:
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Asseco South Eastern Europe Group Quarterly Report for the period of 9 months ended 30 September 2025 ( in thousands of PLN) 47 Impairment losses on inventories 9 months ended 30 September 2025 9 months ended 30 September 2024 PLN’000 PLN’000 Impairment losses as at 1 January (19,326) (17,791) Recognized during the reporting period (7,513) (4,231) Utilized during the reporting period 1,344 73 Reversed during the reporting period 3,645 1,776 Foreign exchange differences 83 300 Impairment losses as at 30 September (21,767) (19,873) 6.9. Cash and cash equivalents The table below presents cash and cash equivalents as at 30 September 2025 as well as at 31 December 2024: 30 September 2025 31 December 2024 PLN’000 PLN’000 Cash at bank and on hand 148,274 190,146 Short-term bank deposits (up to 3 months) 78,474 80,216 Cash in transit and other cash equivalents 162 849 Total cash and cash equivalents as disclosed in the statement of financial position 226,910 271,211 Interest accrued on cash and cash equivalents (21) (28) Bank overdraft facilities utilized for current liquidity management (44,200) (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 182,689 239,318 As at 30 September 2025, cash in the amount of PLN 675 thousand held in bank accounts of ASEE S.A. and Payten Holding S.A. was subject to a registered pledge in order to secure the repayment of a bank loan. As at the reporting date, liabilities under the loan secured with these assets amounted to PLN 67,461 thousand. As at 31 December 2024, cash in the amount of PLN 991 thousand held in bank accounts of ASEE S.A. and Payten Holding S.A. was subject to a registered pledge in order to secure the repayment of a bank loan. As at the reporting date, liabilities under the loan secured with these assets amounted to PLN 67,513 thousand. 6.10. Lease liabilities As at 30 September 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 30 September 2025 as well as at 31 December 2024: 30 September 2025 31 December 2024 Lease liabilities Non-current Current Non-current Current PLN’000 PLN’000 PLN’000 PLN’000 Leases of real estate 40,118 16,760 37,722 13,193 Leases of transportation vehicles 9,709 4,505 10,261 4,203 Leases of IT hardware and other assets 58 30 - 254 49,885 21,295 47,983 17,650
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Asseco South Eastern Europe Group Quarterly Report for the period of 9 months ended 30 September 2025 ( in thousands of PLN) 48 6.11. Bank loans and borrowings The table below presents the Group’s debt under bank loans and borrowings outstanding as at 30 September 2025 and 31 December 2024: 30 September 2025 31 December 2024 Currency Non-current Current Non-current Current PLN’000 PLN’000 PLN’000 PLN’000 Bank overdraft facilities - 44,200 - 35,455 fixed interest rate BAM - 33,834 - 34,817 fixed interest rate COP - - - 2 fixed interest rate EUR - 2,303 - 131 fixed interest rate INR - 2,102 - 41 fixed interest rate MKD - 5 - 12 fixed interest rate TRY - 23 - 25 ROBOR + margin EUR - 861 - - 12M EURIBOR + margin EUR - 104 - - 6M EURIBOR + margin EUR - - - 427 3M EURIBOR + margin EUR - 4,451 - - 1M EURIBOR + margin EUR - 517 - - Other bank loans 92,804 30,939 85,820 41,127 fixed interest rate BAM 12,337 7,425 14,057 6,944 fixed interest rate EUR 2,708 1,127 2,980 1,535 12M EURIBOR + margin EUR 66 46 - - 6M EURIBOR + margin EUR - 381 267 458 3M EURIBOR + margin EUR 77,693 21,960 68,516 32,190 Loans - 341 - 330 fixed interest rate BAM - 341 - 330 Total 92,804 75,480 85,820 76,912 The Group’s total debt amounted to PLN 168,284 thousand as at 30 September 2025, as compared to PLN 162,732 thousand as at 31 December 2024. The amount of debt increased as a result of obtaining new bank loans in order to finance our payment process outsourcing projects and company acquisitions, as well as due to using bank overdraft facilities in our current business operations. Total proceeds from and repayments of bank loans disclosed in the statement of cash flows for the period of 9 months ended 30 September 2025 amounted to PLN 29,271 thousand (proceeds) and PLN 33,333 thousand (repayments). As at 30 September 2025, tangible assets with a book value of PLN 23,676 thousand, trade receivables in the amount of PLN 15,970 thousand, cash in the amount of PLN 675 thousand, as well as financial assets carried at amortized cost (long-term cash deposits) in the amount of PLN 1,085 thousand served as collateral for bank loans and open bank overdraft and guarantee facilities. As at 30 September 2025, liabilities that were secured with such assets amounted to PLN 104,479 thousand. As at 31 December 2024, property, plant and equipment with a book value of PLN 15,612 thousand, trade receivables in the amount of PLN 16,249 thousand, cash in the amount of PLN 991 thousand, and financial assets (deposits) in the amount of PLN 3,496 thous and served as collateral for bank loans as well as for bank overdraft and guarantee facilities. As at 31 December 2024, liabilities that were secured with such assets amounted to PLN 110,377 thousand. Some loans obtained from banks come with the so -called covenants which impose an obligation to maintain certain financial ratios at the levels required by the bank. These ratios are related to the level of indebtedness, e.g. debt to EBITDA. As at 30 September 2025 and in the comparable periods, ASEE Group companies did not infringe on any covenants defined in their bank loan agreements. Fair value of financial liabilities In the period of 9 months ended 30 September 2025, the Group did not transfer any debt instruments between individual levels of the fair value hierarchy. As at 30 September 2025 and 31 December 2024, the fair values of bank loans were not significantly different from their book values, and they were determined using calculation models based on inputs that are not observable, neither directly or indirectly, in active markets (level 3 of the fair value hierarchy).
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Asseco South Eastern Europe Group Quarterly Report for the period of 9 months ended 30 September 2025 ( in thousands of PLN) 49 6.12. Other financial liabilities The table below presents other financial liabilities outstanding as at 30 September 2025 as well as at 31 December 2024: 30 September 2025 31 December 2024 Financial liabilities Non-current Current Non-current Current PLN’000 PLN’000 PLN’000 PLN’000 Dividends payable - 3,839 - 3,849 Liabilities under deferred and/or conditional payments for controlling interests 14,449 6,952 136,583 16,747 Liabilities from acquisition of non-controlling interests in subsidiaries (put options) 104,123 119,950 257,612 26,253 Currency forward contracts - 2 - - Other financial liabilities - 1 - - 118,572 130,744 394,195 46,849 As at 30 September 2025, ASEE Group recognized liabilities under put options granted to non -controlling shareholders in the total amount of PLN 224,073 thousand which were related to the following companies: Necomplus – PLN 24,295 thousand, ContentSpeed – PLN 1,709 thousand, BS Telecom – PLN 36,355 thousand, IfthenPay – PLN 20,885 thousand, Helius Systems – PLN 10,029 thousand, Dwelt – PLN 54,926 thousand, Avera – PLN 3,035 thousand, Touras India – PLN 12,286 thousand, Touras Tech UAE – PLN 24,573 thousand, WEO – PLN 4,534 thousand, Fawaterk – PLN 6,012 thousand, and Sycket – PLN 25,434 thousand. The above- mentioned liabilities have been estimated using the price calculation formula as defined in the acquisition agreement, which corresponds to the amount of profits for the contractual term multiplied by a predetermined coefficient. As at 30 September 2025, liabilities under conditional payments for controlling interests amounted in total to PLN 21,225 thousand and were related to acquisitions of the following companies: Sycket – PLN 16,466 thousand, ContentSpeed – PLN 704 thousand, A skepnet – PLN 2,601 thousand, WEO – PLN 1,364 thousand, and Fawaterk – PLN 90 thousand. The above-mentioned liabilities have been estimated using the price calculation formula as defined in the acquisition agreement, which corresponds to the company’s prof it for the contractual term multiplied by a predetermined coefficient. As at 30 September 2025, liabilities under deferred payments for controlling interests in the amount of PLN 176 thousand were related to the acquisition of Touras Tech UAE. Fair value of financial liabilities In the period of 9 months ended 30 September 2025, the Group did not transfer any financial liabilities between individual levels of the fair value hierarchy. As at 30 September 2025 as well as at 31 December 2024, the fair values of financial liabilities were not significantly different from their book values, and they were determined using calculation models based on inputs that are not observable, neither dir ectly or indirectly, in active markets (level 3 of the fair value hierarchy), except for currency forward contracts the fair values of which are determined using calculation models based on inputs that are directly or indirectly observable in active market s (level 2 of the fair value hierarchy). 6.13. Trade payables, state budget liabilities and other liabilities The table below presents the Group’s liabilities outstanding as at 30 September 2025 and 31 December 2024: 30 September 2025 31 December 2024 Non-current Current Non-current Current PLN’000 PLN’000 PLN’000 PLN’000 Trade payables, of which: - 125,462 - 195,073 Trade payables - 99,700 - 179,426 from related parties - 72 - 845 from other entities - 99,628 - 178,581 Uninvoiced payables - 24,765 - 14,649
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Asseco South Eastern Europe Group Quarterly Report for the period of 9 months ended 30 September 2025 ( in thousands of PLN) 50 from related parties - 56 - 54 from other entities - 24,709 - 14,595 Liabilities arising from project-related penalties - 997 - 998 Corporate income tax payable - 11,577 - 9,601 Liabilities to the state and local budgets - 32,088 - 45,151 Value added tax (VAT) - 17,223 - 25,808 Personal income tax (PIT) - 3,079 - 5,144 Social insurance - 8,796 - 10,824 Withholding income tax - 2,494 - 2,731 Other - 496 - 644 Other liabilities 1,285 136,031 54 104,482 Liabilities from payment transactions processed - 115,716 - 72,599 Liabilities to employees (including salaries payable) - 14,903 - 27,306 Liabilities from purchases of property, plant and equipment and intangible assets - 674 - 708 Other liabilities 1,285 4,738 54 3,869 Total 1,285 305,158 54 354,307 Trade payables are non-interest bearing. Related party transactions have been presented in explanatory note 6.17 to these interim condensed consolidated financial statements. 6.14. Contract liabilities The table below presents liabilities arising from contracts with customers as at 30 September 2025 as well as at 31 December 2024: 30 September 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: - 23,342 - 21,494 From related parties - - - - From other entities - 23,342 - 21,494 Deferred income from IT projects, of which: 13,389 107,994 8,541 106,243 Maintenance services, license and subscription fees 13,368 87,147 8,513 83,462 Prepaid implementation services 21 7,494 28 6,249 Obligations to supply hardware - 13,289 - 16,510 Other prepaid services - 64 - 22 Total contract liabilities 13,389 131,336 8,541 127,737 6.15. Provisions Changes in the amount of provisions during the period of 9 months ended 30 September 2025 and in the comparable period are presented in the table below: 9 months ended 30 September 2025 9 months ended 30 September 2024 (restated) PLN’000 PLN’000 As at 1 January (restated) 13,694 10,594 Obtaining control over subsidiaries - 5,575 Provisions created during the reporting period 3,372 2,878 Provisions utilized/reversed during the reporting period (2,201) (5,031) Exchange differences on translation of foreign operations (1,372) (664) As at the end of the reporting period, of which: 13,493 13,352 Current 3,160 3,708 Non-current 10,333 9,644
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Asseco South Eastern Europe Group Quarterly Report for the period of 9 months ended 30 September 2025 ( in thousands of PLN) 51 6.16. Accruals and deferred income The table below presents the amounts of accruals as at 30 September 2024 as well as 31 December 2024: 30 September 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 - 11,566 - 11,700 Accruals for employee and management bonuses 697 40,671 423 28,506 697 52,237 423 40,206 Deferred income, of which: Grants related to assets 610 685 1,045 660 610 685 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 periods which result from the bonus incentive schemes applied by the Group. The balance of deferred income comprises mainly grants related to assets. Grants related to assets represent subsidies received by the Group in connection with its development projects or projects related to the creation of IT competence centers. 6.17. Related party transactions The table below discloses the total values of transactions conducted with our related parties during the period of 9 months ended 30 September 2025 and the period of 9 mon ths ended 30 September 2024, as well as outstanding balances of receivables and liabilities arising from such transactions as at 30 September 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 9 months ended 30 September 9 months ended 30 September 30 September 2025/ 31 December 2024 30 September 2025/ 31 December 2024 30 September 2025/ 31 December 2024 PLN’000 PLN’000 PLN’000 PLN’000 PLN’000 Transactions with Asseco Poland 2025 - 1,915 47 18 - 2024 - 1,299 47 766 - Transactions with other entities of Asseco Poland Group 2025 695 302 2,484 7 - 2024 1,783 374 2,543 8 - Transactions with entities or individuals related through the Key Management Personnel of the Group 2025 - 1,515 23 107 18,295 2024 29 1,542 26 129 5,031 Transactions with Members of Management Board and Supervisory Board of ASEE S.A. and companies of ASEE Group 2025 - 54 5,083 1,465 115 2024 19 23 4,877 1,225 181 As at 30 September 2025, total receivables from related parties comprised trade receivables amounting to PLN 224 thousand, contract assets amounting to PLN 2,283 thousand, and other receivables amounting to PLN 5,130 thousand, of which PLN 4,715 thousand represent receivables arising from the sale of shares in Payten Holding S.A. to the managers of ASEE Group companies, and PLN 47 thousand constitute a deposit for rental of office space. As at 31 December 2024, total receivables from related parties comprised trade receivables amounting to PLN 550 thousand, contract assets amounting to PLN 2,020 thousand, and other receivables amounting to PLN 4,923 thousand, of which PLN 4,876 thousand represent receivables arising from the sale of shares in Payten
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Asseco South Eastern Europe Group Quarterly Report for the period of 9 months ended 30 September 2025 ( in thousands of PLN) 52 Holding S.A. to the managers of ASEE Group companies, and PLN 47 thousand constitute a deposit for rental of office space. As at 30 September 2025, total liabilities to related parties comprised trade payables amounting to PLN 128 thousand and other liabilities amounting to PLN 1,469 thousand. As at 31 December 2024, total liabilities to related parties comprised trade payables amounting to PLN 899 thousand and other liabilities amounting to PLN 1,229 thousand. Purchases from and sales to related parties presented in the table above resulted from purchases and sales of hardware 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., Belgrade 1, 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 liabilities in the statement of financial position. Lease liabilities arising from rental contracts concluded with parties related through the Key Management Personnel and directly with the Key Management Personnel amounted to PLN 18,410 thousand as at 30 September 2025, as compared to PLN 5,212 thousand outstanding as at 31 December 2024. All transactions with related parties are carried out on an arm’s length basis. Furthermore, Asseco International a.s., our parent company, received dividends from the Company in the total gross amount of PLN 46,212 thousand, as compared to PLN 43,572 thousand in 2024. 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 from ASEE S.A. in the total gross amount of PLN 2,942 thousand, as compared to PLN 2,741 thousand distributed in 2024. The numbers of ASEE shares held by its Management Personnel as well as by their related parties have been presented in section VIII of these interim condensed financial statements. The dividend was paid out on 10 July 2025. 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., which has been described in detail in explanatory note 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 interim condensed consolidated financial statements for the period of 9 months ended 30 September 2025, the costs of share-based payment plan related to shares acquired by Members of the Management Board amounted to PLN 136 thousand. Until the date of approval of the interim condensed consolidated financial statements, ASEE S.A. has not received 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 15% stake in MHM d.o.o. through his wholly -owned Kompania Petyhorska 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. which in turn i s a shareholder in ASEE S.A. As at 30 September 2025, Mini Invest d.o.o. held 298,436 shares in ASEE S.A.
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Asseco South Eastern Europe Group Quarterly Report for the period of 9 months ended 30 September 2025 ( in thousands of PLN) 53 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’: 9 months ended 30 September 2025 9 months ended 30 September 2024 PLN’000 PLN’000 Change in inventories 38,389 (23,647) Change in receivables and non-financial assets (70,451) 27,465 Change in liabilities (22,431) (134,694) Change in prepayments and accruals 14,627 (23,260) Change in provisions 1,237 (2,157) Total (38,629) (156,293) 7.2. Cash flows – investing activities In the period of 9 months ended 30 September 2025, the amount of cash flows in investing activities was affected primarily by: • acquisitions of property, plant and equipment for PLN 55,967 thousand and intangible assets for PLN 6,590 thousand. Expenditures for the acquisition of property, plant and equipment represent purchases and upgrades of tangible assets as well as expenditures for equipment originally recognized in inventories and subsequently transferred to tangible assets, in line with l ong-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: 9 months ended 30 September 2025 9 months ended 30 September 2024 Acquisition of subsidiaries Cash in subsidiaries acquired Acquisition of subsidiaries Cash in subsidiaries acquired PLN’000 PLN’000 PLN’000 PLN’000 Helius Systems (1,223) - - - Smarttek (1,219) - - - Avera - - (5,104) - Fawaterk (3,284) - - - IfthenPay - - (5,386) - Dwelt - - (25,770) - ContentSpeed - - (1,657) - Touras India - - (25,904) (1,791) Touras Tech UAE (8,556) - (8,365) 174 WEO (1,301) - (5,055) 1,167 Askepnet - - (3,362) 122 Sycket (6,401) (732) - - Total (21,984) (732) (80,603) (328) • proceeds from sale of shares in subsidiaries, net of cash and cash equivalents in subsidiaries sold, represent just proceeds from the sale Mobven which has been deconsolidated due to the loss of control over that company. The payment for shares sold shall be made in 7 instalments, starting from the first anniversary of the shares sale transaction. 7.3. Cash flows – financing activities The table below explains changes in financial liabilities attributable to financing activities, including both changes arising from cash flows and non-cash changes:
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Asseco South Eastern Europe Group Quarterly Report for the period of 9 months ended 30 September 2025 ( in thousands of PLN) 54 Change in financial liabilities Interest-bearing 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 (7,945) (19,347) (96,971) (124,263) Inflows 29,271 - - 29,271 Repayment of principal amount (33,333) (16,555) (96,971) (146,859) Interest paid (3,883) (2,792) - (6,675) Non-cash changes 5,029 25,809 96,957 127,795 Interest accrued 3,867 2,792 - 6,659 Non-cash increase in liabilities - 26,989 96,957 123,946 Non-cash decrease in liabilities - (4,780) - (4,780) Obtaining control over subsidiaries 1,036 693 - 1,729 Foreign exchange differences recognized in financial income/expenses 126 115 - 241 Exchange differences on translation of foreign operations (277) (915) 4 (1,188) As at 30 September 2025 124,084 71,180 3,839 199,103 Change in financial liabilities Interest-bearing bank loans and borrowings Lease liabilities Dividends payable Total PLN’000 PLN’000 PLN’000 PLN’000 As at 1 January 2024 77,962 47,428 3,932 129,322 Changes arising from cash flows 58,053 (18,849) (93,013) (53,809) Inflows 99,388 - - 99,388 Repayment of principal amount (37,387) (16,535) (93,013) (146,935) Interest paid (3,948) (2,314) - (6,262) Non-cash changes 3,262 39,365 94,076 136,703 Interest accrued 3,905 2,314 - 6,219 Non-cash increase in liabilities - 37,002 94,076 131,078 Non-cash decrease in liabilities - (742) - (742) Obtaining control over subsidiaries - 758 - 758 Foreign exchange differences recognized in financial income/expenses (643) 33 - (610) Exchange differences on translation of foreign operations (913) (1,345) (111) (2,369) As at 30 September 2024 138,364 66,599 4,884 209,847 Non-cash increase in lease liabilities resulted from the conclusion of new lease 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 distributions of dividends to the minority shareholders of the following companies: 9 months ended 30 September 2025 9 months ended 30 September 2024 PLN’000 PLN’000 Avera (530) (1,882) Chip Card (507) (372) e-mon (334) (337) ContentSpeed - (212) Necomplus (1,866) (1,293) Payten HQ (810) (491) Helius (647) - BS Telecom - (2,800) IfthenPay (1,462) - Total (6,156) (7,387)
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Asseco South Eastern Europe Group Quarterly Report for the period of 9 months ended 30 September 2025 ( in thousands of PLN) 55 VIII. Other explanatory notes 8.1. Off-balance-sheet liabilities Within its commercial activities ASEE Group uses bank guarantees as well as contract performance guarantees as forms of securing its business transactions with miscellaneous organizations, companies and administration bodies. As at 30 September 2025, the related contingent liabilities equalled PLN 70,596 thousand, while as at 31 December 2024 they amounted to PLN 76,374 thousand. Assets serving as collateral for bank guarantee facilities: Category of assets Net value of assets Amount of granted guarantee secured with assets 30 September 2025 31 December 2024 30 September 2025 31 December 2024 PLN’000 PLN’000 PLN’000 PLN’000 Financial assets 419 452 327 383 Cash and cash equivalents 18 1,153 4,905 2,091 Other receivables 397 392 397 393 Total 834 1,997 5,629 2,867 None of the above-described guarantee obligations meet the definition of a financial guarantee under IFRS 9, and therefore they are not recognized as liabilities in the statement of financial position of the Group as at 30 September 2025. The Group is party to a number of contracts for rental of: ▪ offices and warehouses, ▪ transportation vehicles, ▪ office equipment, ▪ other assets. As at 30 September 2025 and 31 December 2024, the above -mentioned contracts resulted in the following off-balance-sheet liabilities to make future payments: 30 September 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 2,396 4,660 Over 5 years - - 6,887 8,566 Liabilities from leases of equipment In the period up to 1 year 749 188 In the period from 1 to 5 years - - Over 5 years - - 749 188 The said contracts meet the definition of a lease under IFRS 16. Off-balance-sheet liabilities disclosed as at 30 September 2025 are related to lease contracts that were subject to exemptions provided under IFRS 16 (short-term leases and leases of low-value assets). Disputes in litigation at the end of the reporting period During the reporting period, no significant proceedings were pending before any court, arbitration authority or public administration authority, concerning any liabilities or receivables of ASEE Group companies. 8.2. Seasonal and cyclical business The Group’s sales revenues are subject to some seasonality in individual quarters of the year. Such seasonality is observed mainly in the supply of hardware (the Payment Solutions and Dedicated Solutions segments), intelligent traffic management systems (the Dedicated Solutions segment), transactions carried out within the MoneyGet ATM network (the Payment Solutions segment), as well as in the volume of payment transactions
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Asseco South Eastern Europe Group Quarterly Report for the period of 9 months ended 30 September 2025 ( in thousands of PLN) 56 processed within the business lines of e -Commerce, IPD and Processing. In the case of supply of IT hardware and related services, the fourth quarter revenues tend to be higher than in the remaining quarters, as bulk of such turnover is generated from sale of IT services for large enterprises and public administration. Such entities often decide to make higher purchases of hardware and licenses in the last months of a year. In the case of our MoneyGet network, the highest revenues are usually generated in th e third quarter of the year because this ATM network is oriented towards serving tourist traffic. 8.3. Employment Number of employees in the Group companies as at 30 September 2025 31 December 2024 Management Board of the Parent Company 4 4 Management Boards of the Group companies 76 70 Production departments 3,257 3,395 Sales departments 330 309 Administration departments 410 403 Total 4,077 4,181 Number of employees in the Group companies as at 30 September 2025 31 December 2024 ASEE S.A. 27 27 ASEE BSS Macedonia 192 181 ASEE Bulgaria 21 19 ASEE Croatia 355 360 ASEE Macedonia 68 67 ASEE Turkey 97 100 Avera 8 6 BS Telecom Solutions 166 158 e-mon 7 6 Fawaterk 22 - ASEE B&H Group 161 157 ASEE Kosovo Group 157 156 ASEE Romania Group 184 180 ASEE Serbia Group 632 606 Necomplus Group 683 759 Payten B&H Group 85 78 Payten Romania Group 75 77 Payten Serbia Group 252 239 Payten Turkey Group 250 392 Sonet Group 92 91 Touras Group 136 146 IfthenPay 23 19 Monri Croatia 147 146 Monri Serbia 5 4 Payten Croatia 97 100 Payten Montenegro 23 23 Payten Egypt 10 9 Payten Macedonia 39 36 Payten Slovenia 32 32 WEO Portugal 7 7 Sycket Spain 24 - Total 4,077 4,181
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Asseco South Eastern Europe Group Quarterly Report for the period of 9 months ended 30 September 2025 ( in thousands of PLN) 57 Number of employees in countries where the Group operates 30 September 2025 31 December 2024 South Eastern Europe: 2,447 2,374 Bosnia 412 393 Croatia 599 606 Macedonia 299 284 Serbia 889 849 Other 248 242 Central Europe 378 375 Western Europe 467 467 Middle East 48 25 Turkey 347 492 India 120 130 Latin America 270 318 Total 4,077 4,181 8.4. Significant events after the reporting period In the period from 30 September 2025 till the date of approval of these interim condensed consolidated financial statements, this is until 23 October 2025, we have not observed any other major events, the disclosure of which might significantly affect the assessment of human resources, assets and financial position of ASEE Group. 8.5. Significant events related to prior years Until the date of preparing these interim condensed consolidated financial statements for the period of 9 months ended 30 September 2025, we have not observed any significant events related to prior years, which have not but should have been included in these financial statements.
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Summary and analysis of the financial results of Asseco South Eastern Europe Group for the period of 9 months ended 30 September 2025 Summary and analysis of the financial results of Asseco South Eastern Europe Group for the period of 9 months ended 30 September 2025
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Asseco South Eastern Europe Group Quarterly Report for the period of 9 months ended 30 September 2025 ( in thousands of PLN) 59 I. Financial results of Asseco South Eastern Europe Group for the third quarter of 2025 3 months ended 3 months ended 3 months ended 3 months ended 30 September 2025 30 September 2024 Change 30 September 2025 30 September 2024 Change PLN’000 PLN’000 % EUR’000 EUR’000 % Operating revenues 437,170 444,795 -2% 102,465 103,748 -1% Gross profit on sales 106,524 116,074 -8% 24,961 27,069 -8% Net profit on sales 49,024 63,586 -23% 11,486 14,822 -23% Operating profit 46,267 63,992 -28% 10,834 14,917 -27% EBITDA 80,906 89,147 -9% 18,963 20,788 -9% Net profit for the reporting period 37,273 56,010 -34% 8,728 13,061 -33% Net profit attributable to Shareholders of the Parent Company 55,222 53,923 2% 12,967 12,575 3% EBITDA = operating profit + depreciation and amortization + PPA write-down In the third quarter of 2025, ASEE Group revenues reached EUR 102.5 million, declining by 1% in relation to the comparable period of the previous year. Gross profit on sales dropped to the level of EUR 25.0 million or by 8%, while net profit on sales amounted to EUR 11.5 million, decreasing by 23%. Operating profit reached EUR 10.8 million, shrinking by 27% year on year. EBITDA for the third quarter of 2025 equalled EUR 19.0 million, going down by 9%. The Group’s financial results for the third quarter of 2025 were adversely affected by one -off, non -cash accounting items related to the operations of our subsidiaries in India and the United Arab Emirates (UAE). The total impact of such events amounted to: • Sales revenues: decline by EUR 4.1 million • Operating profit: decrease by EUR 7.5 million • Net profit for the reporting period: decrease by EUR 4.6 million One-time transactions weighed on the results of the Payment Solutions segment, with the key one -offs including: 1. Reversal of revenues from SaaS services Adjustment by EUR -4.1 million resulting from the reversal of previously recognized but not invoiced revenues from transaction processing services provided by the payment gateway and the platform for processing cash withdrawals and recurring payments called “Payouts” operat ed in the SaaS model. The decision to reverse such revenues was made due to the lack of realist ic possibility of invoicing and obtaining payment, which was a consequence of the difficult operating situation of customers from the FinTech sector. 2. Allowances for trade receivables and other receivables Recognition of allowances for trade receivables from corporate customers in the UAE and for other receivables in India that were deemed unlikely to be collected. The total impact on operating profit and net profit amounted to EUR -1.7 million. 3. Allowance for financial instruments (deposits) Allowance of EUR -1.4 million relating to deposits that were blocked by the Directorate of Enforcement in India which was charged against net profit. 4. Impairment loss on intangible assets (“Payouts” software) Due to the lack of positive cash flows generated by the “Payouts” software, which was recognized as part of the purchase price allocation (PPA), we recognized an impairment loss with an impact of EUR -1.8 million on operating profit and EUR -1.3 million on net profit. 5. Revaluation of conditional liabilities and write-down on goodwill
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Asseco South Eastern Europe Group Quarterly Report for the period of 9 months ended 30 September 2025 ( in thousands of PLN) 60 Revaluation to zero of liabilities arising from conditional payments for controlling interests in our subsidiaries in India and the UAE which resulted from the lack of prospects for achieving the expected results by 31 March 2026 . Concurrently, goodwill arising on the acquisition of these companies was written down. The total positive impact of these operations on net profit amounted to EUR +3.9 million. After eliminating the one -off items described above and the impact of hyperinf lation, the results achieved in the third quarter of 2025 are as follows: Data adjusted for the impact of hyperinflation and one-off items 3 months ended 3 months ended 3 months ended 3 months ended 30 September 2025 30 September 2024 Change 30 September 2025 30 September 2024 Change PLN’000 PLN’000 % EUR’000 EUR’000 % Operating revenues 450,370 444,890 1% 105,549 103,766 2% Gross profit on sales 122,900 117,115 5% 28,794 27,310 5% Net profit on sales 66,128 64,485 3% 15,491 15,030 3% Operating profit 77,974 64,911 20% 18,260 15,131 21% EBITDA 104,303 89,417 17% 24,442 20,850 17% Net profit for the reporting period 53,707 53,213 1% 12,575 12,404 1% Net profit attributable to Shareholders of the Parent Company 53,945 51,134 6% 12,663 11,919 6% EBITDA = operating profit + depreciation and amortization + PPA write-down The results presented in EUR, after adjusting for the impact of one -off items, indicate an increase in revenues and an improvement in profitability of ASEE Group due to stronger results in the segments of Dedicated Solutions and Banking Solutions. This is described in more detail in the following sections, with comments on the results for individual segments. The Payment Solutions segment reported weaker results , even after the adjustment for one-off items. The impact of ASEE Group’s new subsidiaries, which were acquired in 2024 and 2025, on sales revenues generated in the third quarter of 2025 amounted to EUR -0.9 million year on year. As a consequence of results generated by these companies and amortization charges arising fr om PPA, our EBIT dropped by EUR 1.2 million, while EBITDA decreased by EUR 0.9 million. Our financial performance was negatively affected mainly by companies operating in India and the UAE. The impact of one-off items and hyperinflation on the Group’s financial results for the third quarter of 2025 is presented in the table below: 3 months ended 3 months ended 3 months ended 3 months ended 30 September 2025 Impact of hyperinflation One-off items 30 September 2025 30 September 2025 Impact of hyperinflation One-off items 30 September 2025 (adjusted) according to IAS/IFRS (adjusted) according to IAS/IFRS PLN’000 PLN’000 PLN’000 PLN’000 EUR’000 EUR’000 EUR’000 EUR’000 Sales revenues 450,370 4,194 (17,394) 437,170 105,549 992 (4,076) 102,465 Gross profit on sales 122,900 1,018 (17,394) 106,524 28,794 243 (4,076) 24,961 Net profit on sales 66,128 290 (17,394) 49,024 15,491 71 (4,076) 11,486 Operating profit 77,974 308 (32,015) 46,267 18,260 75 (7,501) 10,834 EBITDA 104,303 1,081 (24,478) 80,906 24,442 256 (5,735) 18,963 Net profit for the reporting period 53,707 3,271 (19,705) 37,273 12,575 770 (4,617) 8,728 Net profit attributable to Shareholders of the Parent Company 53,945 3,259 (1,982) 55,222 12,663 768 (464) 12,967 EBITDA = operating profit + depreciation and amortization + PPA write-down More detailed information on financial reporting in hyperinflationary conditions is provided in explanatory note 2.10 to the interim condensed consolidated financial statements. Described below are the financial results of individual operating segments which do not include the effects of hyperinflation. This approach is in line with information on operating s egments that is reviewed by the Management Board. Moreover, the presented results have been adjusted for the impact of one -off items relating to the Payment Solutions segment as described above.
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Asseco South Eastern Europe Group Quarterly Report for the period of 9 months ended 30 September 2025 ( in thousands of PLN) 61 Results of the Payment Solutions segment Payment Solutions 3 months ended 3 months ended 3 months ended 3 months ended 30 September 2025 30 September 2024 Change 30 September 2025 30 September 2024 Change (data excluding the impact of hyperinflation and one-off items) PLN’000 PLN’000 % EUR’000 EUR’000 % Operating revenues 227,305 242,471 -6% 53,224 56,537 -6% Operating profit 39,368 50,845 -23% 9,181 11,849 -23% EBITDA 57,091 66,980 -15% 13,346 15,613 -15% In the third quarter of 2025, sales generated by the Payment Solutions segment reached EUR 53.2 million, decreasing by EUR 3.3 million or 6% in relation to the comparable period last year. The largest deterioration in revenues by EUR 3.4 million was observed in the business line responsible for sale and maintenance of ATMs as a consequence of smaller deliveries of hardware in South Eastern Euro pe, mainly in the territory of Serbia and Croatia, and to a lesser extent in Slovenia and Bulgaria. This decline was slightly offset by higher revenues from own services related to ATMs. Revenues were also weaker in our second traditional business line that is responsible for sale and maintenance of POS terminals. Its sales decreased by EUR 0.8 million year on year which was also related to the lower value of deliveries made, but in this case in Western Europe. The business line engaged in eCommerce+Processing suffered a decline in revenues by EUR 1 million. Such decline was a consequence of lower revenues from transactions processed in the SaaS model through the payment gateway for corporate clients in Turkey, as one of our customers shifted a significant volume of transactions to its own internal payment gateway. Furthermore, in the third qu arter of the previous year, our subsidiary company in the UAE provided payment gateway implementation services for one of t he banks, which was not the case this year. In the area of payment gateways dedicated directly to retail merchants, our companies in India recorded a considerable decline in revenues, even after the adjustment for one-off items. The above declines were slightly offset by higher revenues from POS and ATM transaction processing services provided for corporate clients, mainly banks in South Eastern Europe as well as from a payment gateway offered directly to retail customers in Western Europe and South Eastern Europe. The above-mentioned declines in revenues also translated into a decrease in operating profit of the entire segment which fell by EUR 2.7 million. Smaller deliveries of POS terminals and ATMs along with weaker revenues from our own ATM network resulted in a decrease in operating result of these business lines by EUR 1.1 million. The business line of eCommerce+Processing recorded a larger decline as its operating profit was down by EUR 1.9 million, mainly due to our operations in Turkey, India and the UAE in the wake of weaker revenues as described above. Such declines were slightly offset by stronger performance of the business lines dedicated directly to retail merchants, which are responsible for our independent networks of payment terminals (IPD) and cash registers (ECR). Consolidated EBITDA of the Payment Solutions segment for the third quarter of 2025 amounted to EUR 13.3 million, falling by EUR 2.3 million. The segment’s EBITDA declined less than its operating profit mainly due to higher depreciation charges on ATMs and POS terminals offered as part of our outsourcing services, which resulted from capital expenditures made over the last 12 months. Results of the Banking Solutions segment Banking Solutions 3 months ended 3 months ended 3 months ended 3 months ended 30 September 2025 30 September 2024 Change 30 September 2025 30 September 2024 Change (data excluding the impact of hyperinflation and one-off items) PLN’000 PLN’000 % EUR’000 EUR’000 % Operating revenues 84,382 68,505 23% 19,781 15,992 24% Operating profit 22,545 13,541 67% 5,290 3,163 67% EBITDA 25,659 16,610 55% 6,021 3,880 55%
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Asseco South Eastern Europe Group Quarterly Report for the period of 9 months ended 30 September 2025 ( in thousands of PLN) 62 In the third quarter of 2025, the Banking Solutions segment generated EUR 19.8 million in sales revenues, achieving an increase by EUR 3.8 million or 24% in relation to the comparable period last year. Revenue growth was recorded across all business lines of this operating segment. The main engine of growth was the business line responsible for core banking systems whose revenues increased by EUR 2.0 million, primarily in the region of South Eastern Europe owing to implementation projects and modification services carried out in Serbia and North Macedonia a nd, to a lesser extent, in Romania being part of the Central European region. The second largest revenue growth of EUR 1.4 million was generated by the business line responsible for multi -channel solutions and, just as in the case of core banking systems, this was mainly achieved in South Eastern Europe through the provision of modification (CRs) and implementation services and, to a lesser extent, due to higher sales of mobile banking solutions in the SaaS model. The smallest improvement in revenues, by EUR 0.4 million, was recorded by the business line responsible for security solutions primarily on the supply of mobile token licenses to customers in South Eastern Europe. Stronger revenues resulted in a higher operating profit of the Banking Solutions segment which reached EUR 5.3 million for the third quarter of 2025, showing an increase by EUR 2.1 mi llion or 67% in relation to the comparable period of the previous year. Consolidated EBITDA of the Banking Solutions segment for the third quarter of 2025 increased, just as its operating profit, by EUR 2.1 million or 55%, up to the level of EUR 6.0 million. Results of the Dedicated Solutions segment Dedicated Solutions 3 months ended 3 months ended 3 months ended 3 months ended 30 September 2025 30 September 2024 Change 30 September 2025 30 September 2024 Change (data excluding the impact of hyperinflation and one-off items) PLN’000 PLN’000 % EUR’000 EUR’000 % Operating revenues 138,683 133,914 4% 32,544 31,237 4% Operating profit 16,061 525 2959% 3,789 120 3058% EBITDA 21,553 5,827 270% 5,075 1,357 274% In the third quarter of 2025, the Dedicated Solutions segment generated EUR 32.5 million in sales revenues, achieving an increase by EUR 1.3 million or 4%. Stronger revenues were recorded by the business line offering proprietary solutions and related services , while by the business line responsible for third -party solutions reported a decrease attributable to weaker revenues from the resale of third -party equipment and software subscriptions in Central Europe . Sales of the business line offering proprietary solutions and related services increased primarily in the region of South Eastern Europe thanks to solutions offered to the public utilities sector, such as billing software, integrated finance and operating systems, and to a lesser extent owing to smart transport systems. The Dedicated Solutions segment recorded the largest increase in operating profit among all of our segments, which amounted to EUR 3.7 million. Most of this growth, i.e. EUR 3.2 million, was generated by the business line offering proprietary software and related services. The increase in EBIT was comparable to the increase in revenues owing to the effective use of resources that were not fully utilized in the previous year. In terms of products, the greatest improvement was recorded in solutions dedicated to the utilities sector, and to a lesser extent in the area of smart transport solutions. The business line responsible for sale of third -party solutions and related services recorded a smaller increase by EUR 0.5 million. EBITDA of the Dedicated Solutions segment for the third quarter of 2025 increased by EUR 3.7 million and reached EUR 5.1 million.
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Asseco South Eastern Europe Group Quarterly Report for the period of 9 months ended 30 September 2025 ( in thousands of PLN) 63 Net profit As presented in the interim condensed consolidated financial statements, the result on financial activities, income tax and net profit for the third quarter of 2025 were as follows: 3 months ended 3 months ended 3 months ended 3 months ended 30 September 2025 30 September 2024 30 September 2025 30 September 2024 PLN’000 PLN’000 EUR’000 EUR’000 Financial activities 758 5,770 175 1,348 Pre-tax profit 47,025 69,762 11,009 16,266 Corporate income tax (9,752) (13,752) (2,280) (3,204) Effective tax rate 20.7% 19.7% 20.7% 19.7% Net profit for the reporting period 37,273 56,010 8,728 13,061 The table below presents the financial results of ASEE Group for the third q uarter of 2025 adjusted for the impact of one-off items and hyperinflation: Data adjusted for the impact of hyperinflation and one-off items 3 months ended 3 months ended 3 months ended 3 months ended 30 September 2025 30 September 2024 30 September 2025 30 September 2024 PLN’000 PLN’000 EUR’000 EUR’000 Financial activities (13,014) 2,087 (3,058) 485 Pre-tax profit 64,960 66,998 15,206 15,616 Corporate income tax (11,253) (13,785) (2,631) (3,212) Effective tax rate 17.3% 20.6% 17.3% 20.6% Net profit for the reporting period 53,707 53,213 12,575 12,404 Adjusted consolidated net profit of ASEE Group for the third quarter of 2025 amounted to EUR 12.6 million, increasing by EUR 0.2 million or 1% in relation to the comparable period last year. This reflects a significantly lower pace of growth than in the case of operating profit described above. Such difference is primarily due to expenses arising from the revaluation of conditional liabilities and put options. This year, the largest item is the revaluation of liabilities under the put option held by a minor ity shareholder in Dwelt which increased by EUR 2.8 million as a result of a significant improvement in the company’s resul ts in the third quarter and the expected continuation of this momentum in subsequent quarters, while in the pre vious year, we recognized a gain on the reduction of liabilities under put options in Bithat and BS Telecom in the total amount of EUR 2.0 million. This negative effect was partially offset by a EUR 0.2 million increase in interest income and the absence of dividends distributions to minority shareholders, which had a negative impact of EUR 1.0 million on our financial results in the previous year. Our effective tax rate in the third quarter of 2025, adjusted for one -off items and the result of hyperinflation revaluations, equalled 17.3% and was lower than in the comparable pe riod. Such decrease is basically attributable to tax benefits from the accounting for product development expenditures in Spain which were recognized in the third quarter of 2025 as well as lower income tax on dividend distributions by our subsidiaries.
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Asseco South Eastern Europe Group Quarterly Report for the period of 9 months ended 30 September 2025 ( in thousands of PLN) 64 II. Financial results of Asseco South Eastern Europe Group for the period of 9 months ended 30 September 2025 /cumulative/ 9 months ended 9 months ended 9 months ended 9 months ended 30 September 2025 30 September 2024 Change 30 September 2025 30 September 2024 Change PLN’000 PLN’000 % EUR’000 EUR’000 % Operating revenues 1,263,906 1,209,461 5% 298,337 281,128 6% Gross profit on sales 314,981 304,927 3% 74,349 70,877 5% Net profit on sales 146,960 153,271 -4% 34,689 35,626 -3% Operating profit 145,726 154,571 -6% 34,398 35,929 -4% EBITDA 233,993 229,816 2% 55,233 53,419 3% Net profit for the reporting period 116,696 144,646 -19% 27,545 33,622 -18% Net profit attributable to Shareholders of the Parent Company 133,224 140,921 -6% 31,447 32,756 -4% EBITDA = operating profit + depreciation and amortization + PPA write-down In the first three quarters of 2025, ASEE Group revenues reached EUR 298.3 million, reflecting an increase by 6% in relation to the comparable period of the previous year. Gross profit on sales increased to the level of EUR 74.3 million or by 5%, while net profit on sales amounted to EUR 34.7 million, decreasing by 3%. Operating profit reached EUR 34.4 million, shrinking by 4% year on year. EBITDA for the first three quarters of 2025 equalled EUR 55.2 million, improving by 3%. The Group’s financial results for the first three quarters of 2025 were adversely affected by one -off, non-cash accounting items recognized in the third quarter that were related to the operations of our subsidiaries in India and the United Arab Emirates (UAE). The total impact of such events amounted to: • Sales revenues: decline by EUR 1.6 million • Operating profit: decrease by EUR 5.0 million • Net profit for the reporting period: decrease by EUR 1.8 million One-time transactions weighed on the results of the Payment Solutions segment, with the key one -offs including: 1. Reversal of revenues from SaaS services Adjustment by EUR -1.6 million resulting from the reversal of previously recognized but not invoiced revenues from transaction processing services provided by the payment gateway and the platform for processing cash withdrawals and recurring payments called “Payouts” operat ed in the SaaS model. The decision to reverse such revenues was made due to the lack of realist ic possibility of invoicing and obtaining payment, which was a consequence of the difficult operating situation of customers from the FinTech sector. 2. Allowances for trade receivables and other receivables Recognition of allowances for trade receivables from corporate customers in the UAE and for other receivables in India that were deemed unlikely to be collected. The total impact on operating profit and net profit amounted to EUR -1.7 million. 3. Allowance for financial instruments (deposits) Allowance of EUR -1.4 million relating to deposits that were blocked by the Directorate of Enforcement in India which was charged against net profit.
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Asseco South Eastern Europe Group Quarterly Report for the period of 9 months ended 30 September 2025 ( in thousands of PLN) 65 4. Impairment loss on intangible assets (“Payouts” software) Due to the lack of positive cash flows generated by the “Payouts” software, which was recognized as part of the purchase price allocation (PPA), we recognized an impairment loss with an impact of EUR -1.8 million on operating profit and EUR -1.3 million on net profit. 5. Revaluation of conditional liabilities and write-down on goodwill Revaluation to zero of liabilities arising from conditional payments for controlling interests in our subsidiaries in India and the UAE which resulted from the lack of prospects for achieving the expected results by 31 March 2026. Concurrently, goodwill arising on the acquisition of these companies was written down. The total positive impact of these operations on net profit amounted to EUR +4.2 million. After eliminating the one -off items described above and the impact of hyperinflation, the results achieved in the first 9 months of 2025 are as follows: Data adjusted for the impact of hyperinflation and one-off items 9 months ended 9 months ended 9 months ended 9 months ended 30 September 2025 30 September 2024 Change 30 September 2025 30 September 2024 Change PLN’000 PLN’000 % EUR’000 EUR’000 % Operating revenues 1,268,568 1,201,481 6% 299,438 279,273 7% Gross profit on sales 322,955 304,669 6% 76,232 70,817 8% Net profit on sales 155,029 153,983 1% 36,594 35,792 2% Operating profit 168,266 155,302 8% 39,718 36,098 10% EBITDA 247,076 228,370 8% 58,321 53,082 10% Net profit for the reporting period 119,357 126,124 -5% 28,173 29,316 -4% Net profit attributable to Shareholders of the Parent Company (adjusted) 123,586 122,495 1% 29,172 28,473 3% EBITDA = operating profit + depreciation and amortization + PPA write-down The results presented in EUR, after adjusting for the impact of one -off items, indicate an increase in revenues and a slight improvement in profitability of ASEE Group due to stronger results in the segments of Dedicated Solutions and Banking Solutions. This is described in more detail in the following sections, with comments on the results for individual segments. The Payment Solutions segment reported weaker results, even after the adjustment for one-off items. The impact of ASEE Group’s new subsidiaries, which were acquired in 2024 and 2025, on sales revenues generated in the first three quarters of 2025 amounted to EUR 1.9 million year on year. As a consequence of results generated by these companies and amortization charges arising from PPA, our EBIT dropped by EUR 4.0 million, while EBITDA decreased by EUR 2.8 million. Our financial performance was negatively affected mainly by companies operating in India and the UAE. The impact of one-off items and hyperinflation on the Group’s financial results for the first 9 months of 2025 is presented in the table below: 9 months ended 9 months ended 9 months ended 9 months ended 30 September 2025 Impact of hyperinflation One-off items 30 September 2025 30 September 2025 Impact of hyperinflation One-off items 30 September 2025 (adjusted) according to IAS/IFRS (adjusted) according to IAS/IFRS PLN’000 PLN’000 PLN’000 PLN’000 EUR’000 EUR’000 EUR’000 EUR’000 Sales revenues 1,268,568 1,905 (6,567) 1,263,906 299,438 450 (1,551) 298,337 Gross profit on sales 322,955 (1,407) (6,567) 314,981 76,232 (332) (1,551) 74,349 Net profit on sales 155,029 (1,502) (6,567) 146,960 36,594 (354) (1,551) 34,689 Operating profit 168,266 (1,498) (21,042) 145,726 39,718 (353) (4,967) 34,398 EBITDA 247,076 477 (13,560) 233,993 58,321 113 (3,201) 55,233 Net profit for the reporting period 119,357 4,890 (7,551) 116,696 28,173 1,154 (1,782) 27,545 Net profit attributable to Shareholders of the Parent Company 123,586 4,856 4,782 133,224 29,173 1,146 1,128 31,447 EBITDA = operating profit + depreciation and amortization + PPA write-down
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Asseco South Eastern Europe Group Quarterly Report for the period of 9 months ended 30 September 2025 ( in thousands of PLN) 66 More detailed information on financial reporting in hyperinflationary conditions is provided in explanatory note 2.10 to the interim condensed consolidated financial statements. Described below are the financial results of individual operating segments which do not include the effects of hyperinflation. This approach is in line with information on operating s egments that is reviewed by the Management Board. Moreover, the presented results have been adjusted for the impact of one -off items relating to the Payment Solutions segment as described above. Results of the Payment Solutions segment Payment Solutions 9 months ended 9 months ended 9 months ended 9 months ended 30 September 2025 30 September 2024 Change 30 September 2025 30 September 2024 Change (data excluding the impact of hyperinflation and one-off items) PLN’000 PLN’000 % EUR’000 EUR’000 % Operating revenues 672,106 620,062 8% 158,646 144,127 10% Operating profit 93,251 115,216 -19% 22,012 26,781 -18% EBITDA 145,142 161,011 -10% 34,260 37,425 -9% Sales generated by the Payment Solutions segment in the first three quarters of 2025 reached EUR 158.6 million, improving by EUR 14.5 million or 10% in relation to the comparable period last year. Revenue growth was recorded across all the business lines of this operating segment, with the largest progress achieved by the business lines dedicated directly to retail merchants, which are responsible for our independent networks of payment terminals (IPD) and cash registers (ECR), whose revenues increased by EUR 4.4 million , primarily in South Eastern Europe and to a smaller extent in Central Europe. The business line engaged in eCommerce+Processing recorded an increase in revenues by EUR 4.4 million. Here the key drivers of revenue were POS and ATM transaction processing services provided for corporate clients, mainly banks in the territory of South Eastern Europe. Revenues fro m transactions processed in the SaaS model through the payment gateway for corporate clients were also higher, but their pace of growth was significantly reduced due to losing a volume of transactions from one of the major custom ers in Turkey, as described above. In the area of payment gateways offered directly to retail merchants, our companies in India recorded a considerable decline in revenues (by approx. EUR 1 million), even after the adjustment for one-off items; however, total revenues from solutions dedicated to retail merchants increased by EUR 1 million owing to our operations in Western Europe and to a smaller extent in South Eastern Europe. The business line responsible for sale and maintenance of POS terminals improved its revenues by EUR 3.5 million primarily on the back of stronger sales in South Eastern Europe and Western Europe, yet margins of profit realized in the second region were lower than a year ago. The lowest revenue growth, amounting to EUR 2.2 million, was achieved by the business line responsible for sale and maintenance of ATMs, due to equipment deliveries and higher revenues from outsourcing of ATMs. In terms of geographical regions, growth was mainly achieved in South Eastern Europe and, to a lesser extent, in Central Europe. Despite stronger revenues described above, the segment’s operating profit dropped to EUR 22.0 million, shrinking by EUR 4.8 million or 18% year on year. Only the business line responsible for our independent networks of payment terminals (IPD) and cash registers (ECR) managed to slightly improve its operating performance. The business line responsible for POS terminals reported a decline in operating profit by EUR 0.5 million, basically due to the above -mentioned lower margins realized in Western Europe. In case of the business line responsible for ATMs, operating profit decreased by EUR 0.4 million which was mostly attributable to our own ATM network operated in South Eastern Europe, where competition between operators led to a significantly higher increa se in network operating costs than in revenues. Nonetheless, the largest decline in operating profit, by EUR 3.9 million, was experienced by the eCommerce+Processing business line due to the weaker performance of payment gateways offered to corporate customers (in Turkey and the UAE) and to retail merchants (in India). Consolidated EBITDA of the Payment Solutions segment for the first three q uarters of 2025 amounted to EUR 34.3 million, decreasing by EUR 3.2 million. The segment’s EBITDA declined less than its operating profit mainly due to higher depreciation charges on ATMs and POS terminals offered as part of our outsourcing
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Asseco South Eastern Europe Group Quarterly Report for the period of 9 months ended 30 September 2025 ( in thousands of PLN) 67 services, which resulted from capital expenditures made over the last 12 months, as well as due to higher amortization charges on intangible assets recognized in the purchase price allocation (PPA). Results of the Banking Solutions segment Banking Solutions 9 months ended 9 months ended 9 months ended 9 months ended 30 September 2025 30 September 2024 Change 30 September 2025 30 September 2024 Change (data excluding the impact of hyperinflation and one-off items) PLN’000 PLN’000 % EUR’000 EUR’000 % Operating revenues 240,577 213,874 13% 56,787 49,713 14% Operating profit 57,249 47,988 19% 13,513 11,154 21% EBITDA 66,478 57,516 16% 15,692 13,369 17% Sales generated by the Banking Solutions segment in the first three quarters of 2025 reached EUR 56.8 million, improving by EUR 7.1 million or 14% in relation to the comparable period last year. Revenue growth was recorded across all business lines of this operating segment. The main engine of growth was the business line responsible for core banking systems whose revenues increased by EU R 4.5 million, primarily in the region of South Eastern Europe. Such growth was driven by implementation projects and modification services carried out in Serbia and North Macedonia and, to a lesser extent, by higher revenues recorded in Romania. The second largest revenue growth of EUR 1.7 million was generated by the business line responsible for multi - channel solutions and, just as in the case of core banking systems, this was mainly achieved in South Eastern Europe through the provision of modi fication (CRs) and implementation services and, to a lesser extent, due to higher sales of mobile banking solutions in the SaaS model. The smallest improvement in revenues, by EUR 0.8 million, was recorded by the business line responsible for security solutions primarily on the supply of mobile token licenses to customers in South Eastern Europe. Stronger revenues resulted in a higher operating profit of the Banking Solutions segment which reached EUR 13.5 million for the first three quarters of 2025, reflecting an increase by EUR 2.4 million or 21% in relation to the comparable period of the previ ous year. Such increase in EBIT was mainly generated by the business line responsible for core banking systems. Consolidated EBITDA of the Banking Solutions segment for the first three quarters of 2025 increased, just as its operating profit, by EUR 2.3 million or 17%, up to the level of EUR 15.7 million. Results of the Dedicated Solutions segment Dedicated Solutions 9 months ended 9 months ended 9 months ended 9 months ended 30 September 2025 30 September 2024 Change 30 September 2025 30 September 2024 Change (data excluding the impact of hyperinflation and one-off items) PLN’000 PLN’000 % EUR’000 EUR’000 % Operating revenues 355,885 367,545 -3% 84,004 85,433 -2% Operating profit 17,766 (7,902) 325% 4,193 (1,836) 328% EBITDA 35,456 9,843 260% 8,369 2,289 266% Sales revenues generated by the Dedicated Solutions segment in the first three quarters of 2025 reached EUR 84.0 million, reflecting a decrease by EUR 1.4 million or 2%. Stronger revenues were recorded by the business line offering proprietary solutions and related services, while by the business line responsible for third -party solutions reported a decrease attributable to weaker revenues from the resale of third -party li censes and software subscriptions in Central Europe and South Eastern Europe, and resale of hardware in South Eastern Europe. Sales of the business line offering proprietary solutions and related services increased primarily in the region of South Eastern Europe thanks to solutions offered to the public utilities sector, such as billing software, integrated finance and operating systems, and to a lesser extent owing to smart transport systems. Such growth was partially offset by the effects of disposal of our Turkish subsidiary Mobven, whose consolidated sales dropped by EUR 4.1 million year on year.
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Asseco South Eastern Europe Group Quarterly Report for the period of 9 months ended 30 September 2025 ( in thousands of PLN) 68 The Dedicated Solutions segment recorded the largest increase in operating profit among all of our segments, which amounted to EUR 6.0 million. This growth was entirely generated by the business line offering proprietary software and related services. The increase in EBIT was comparable to the increase in revenues owing to the effective use of resources that were not fully utilized in the previous year. In addition, such increase in EBIT was favourably affected as a result of the last year’s reversal of previously recognized revenues due to the risk of non-completion of a project carried out for a telecommunications customer (EUR 1.7 million). In terms of products, the greatest improvement was recorded in solutions dedicated to the utilities sector, and to a lesser extent in the area of smart transport solutions. The business line responsible for sale of third -party solutions and related services reported a similar operating profit as a year ago. EBITDA of the Dedicated Solutions segment for the first three quarters of 2025 increased by EUR 6.1 million to reach the level of EUR 8.4 million. Net profit As presented in the interim condensed consolidated financial statements, the result on financial activities, income tax and net profit for the first 9 months of 2025 were as follows: 9 months ended 9 months ended 9 months ended 9 months ended 30 September 2025 30 September 2024 30 September 2025 30 September 2024 PLN’000 PLN’000 EUR’000 EUR’000 Financial activities 4,614 21,224 1,089 4,933 Pre-tax profit 150,340 175,795 35,487 40,862 Corporate income tax (33,644) (31,149) (7,941) (7,240) Effective tax rate 22.4% 17.7% 22.4% 17.7% Net profit for the reporting period 116,696 144,646 27,545 33,622 The table below presents the financial results of ASEE Group for the first three quarters of 2025 adjusted for the impact of one-off items and hyperinflation: Data adjusted for the impact of hyperinflation and one-off items 9 months ended 9 months ended 9 months ended 9 months ended 30 September 2025 30 September 2024 30 September 2025 30 September 2024 PLN’000 PLN’000 EUR’000 EUR’000 Financial activities (13,612) 1,660 (3,213) 386 Pre-tax profit 154,654 156,962 36,506 36,484 Corporate income tax (35,297) (30,838) (8,333) (7,168) Effective tax rate 22.8% 19.6% 22.8% 19.6% Net profit for the reporting period 119,357 126,124 28,173 29,316 Consolidated net profit of ASEE Group for the first three quarters of 2025 amounted to EUR 28.2 million, showing a decrease by EUR 1.1 million or 4% in relation to the comparable period last year. This reflects a different direction of change than in the case of operating profit described above. Such difference is primarily due to expenses arising from the revaluation of conditional liabilities and put options, mainly including the revaluation of liabilities under the put option held by a minority sharehold er in Dwelt which increased by EUR 2.5 million as a result of a significant improvement in the company’s results in the third quarter and the expected continuation of this momentum in subsequent quarters. Furthermore, our cumulative financial results were affected by a loss of EUR 1.5 million which was recognized on disposal of Mobven company in the first quarter. These negative effects were slightly offset by a EUR 0.2 million increase in interest income and a EUR 0.7 million decrease in dividends paid out to minority shareholders. Our effective tax rate in the first three quarters of 2025, adjusted for one -off items and the result of hyperinflation revaluations, equalled 22.8% and was by 3.2 percentage points higher compared to the previous year. Such increase is basically attributable to the higher amount of taxes paid on intra -group dividend distributions, effect of prior years’ income tax adjustments recognized in 2024 (reduction of taxes), provision created in the current reporting period for potential tax liabilities due to global minimum tax (Pillar 2), as well as lower tax exemptions in Croatia. The said increase was partially offset by tax benefits from the accounting for product development expenditures in Spain which were recognized in the third quarter of 2025.
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Asseco South Eastern Europe Group Quarterly Report for the period of 9 months ended 30 September 2025 ( in thousands of PLN) 69 III. Analysis of financial ratios The analysis of financial ratios was performed based on the data disclosed in the interim condensed consolidated financial statements, which are presented in thousands of PLN. Profitability ratios * Ratios calculated on financial data for the trailing 12 months In the first three quarters of 2025, our gross profit margin equalled 24.9% and it was by 0.3 percentage points lower than in the corresponding period last year. Our EBITDA margin in the first three quarters of 2025 equalled 18.5% as co mpared to 19.0% realized in the comparable period last year. While operating profit margin dropped from 12.8% in the first 9 months of 2024 to 11.5% in the same period this year. Net profit margin reached 10.5%, falling by 1.2 percentage points in comparison with the first 9 months of 2024. Return on equity for the trailing 12 months ended 30 September 2025 equalled 17.8%, increasing by 0.4 pp, while return on assets dropped by 0.4 pp to the level of 8.7%. Liquidity ratios 30 September 2025 31 December 2024 Working capital (in thousands of PLN) 159,172 266,658 Current liquidity ratio 1.2 1.4 Quick liquidity ratio 1.0 1.1 Absolute liquidity ratio 0.3 0.4 The above ratios have been computed using the following formulas: Working capital = current assets - current liabilities Current liquidity ratio = current assets / current liabilities Quick liquidity ratio = (current assets – inventories – prepayments) / current liabilities Absolute liquidity ratio = (short-term financial assets + cash and short -term bank deposits) / current liabilities At the end of September 2025, our working capital amounted to PLN 159.2 million, reflecting a decrease by PLN 107.5 million in relation to the level reported at the end of 2024. In the first 9 months of 2025, the value of current assets decreased by PLN 58.9 million, primarily due to decreases in trade receivables (by PLN 50.1 million), cash and cash equival ents (by PLN 44.3 million), and in inventories (by PLN 38.9 million). Such decline was partially offset by increases in other r eceivables (by PLN 48.1 million) and in contract assets (by PLN 43.8 million). Over the same period, our current liabilities increased by PLN 48.6 million. This resulted primarily from increases in other financial liabilities (by PLN 83.9 million) and in other liabiliti es (by PLN 31.5 million), which was partially offset by a decrease in trade payables (by PLN 69.6 million). Our current liquidity ratio at the end of the third quarter of 2025 dropped by 0.2 compared to its level reported at the end of 2024 as a consequence of a decrease in current asse ts (by PLN 58.9 million) and an increase in current liabilities (by PLN 48.6 million) as described above. Both quick liquidity and absolute liquidity ratios at the end of the third qu arter of 2025 dropped by 0.1 in comparison with the end of 2024 mainly due to an increase in current liabili ties (by PLN 48.6 million), 3 months ended 3 months ended 9 months ended 9 months ended 30 September 2025 30 September 2024 30 September 2025 30 September 2024 Gross profit margin 24.4% 26.1% 24.9% 25.2% EBITDA margin 18.5% 20.0% 18.5% 19.0% Operating profit margin 10.6% 14.4% 11.5% 12.8% Net profit margin 12.6% 12.1% 10.5% 11.7% Return on equity (ROE)* 17.8% 17.4% Return on assets (ROA)* 8.7% 9.1%
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Asseco South Eastern Europe Group Quarterly Report for the period of 9 months ended 30 September 2025 ( in thousands of PLN) 70 and additionally due to a decrease in cash and cash equivalents (by PLN 44.3 million) in case of the absolute liquidity ratio. Debt ratios 30 September 2025 31 December 2024 Total debt ratio 46.7% 53.1% Debt / equity ratio 20.6% 21.1% Debt / (debt + equity) ratio 17.1% 17.4% The above ratios have been computed using the following formulas: Total debt ratio = (non-current liabilities + current liabilities) / assets Debt / equity ratio = (interest-bearing bank loans + lease liabilities) / equity Debt / (debt + equity) ratio = (interest -bearing bank loans + lease liabilities) / (interest -bearing bank loans + lease liabilities + equity) The total debt ratio decreased from 53.1% reported at the end of 2024 to the level of 46.7% as at 30 September 2025 following a substantial decrease in non-current other financial liabilities by PLN 275.6 million. Our debt to equity ratio decreased by 0.5 pp, while the ratio of debt to total interest -bearing liabilities plus equity dropped by 0.3 pp as compared to the end of 2024. These debt ratios decreased mainly due to an increase in equity by PLN 77.8 million, which was accompanied by a decrease in the total amount of bank loans and lease liabilities by PLN 11.1 million. IV. Structure of the statement of cash flows 9 months ended 9 months ended 30 September 2025 30 September 2024 PLN’000 PLN’000 Net cash provided by (used in) operating activities 164,737 36,895 Net cash provided by (used in) investing activities (86,283) (104,825) Net cash provided by (used in) financing activities (123,917) (62,438) Net change in cash and cash equivalents (45,463) (130,368) Cash and cash equivalents at the end of the period 182,689 146,297 In the first three quarters of 2025, our operating activities generated PLN 164.7 million of net cash inflows, reflecting an increase by PLN 127.8 million in relation to the comparable period of the previous year. The increase in operating cash flows was primarily achieved due to lower expenditures for working capital. Such change resulted from the cycle of contracts performed and their invoicing, as well as from purchases of equipment to be resold in the coming months. Net cash outflows in our investing activities amounted to PLN 86.3 million in the first 9 months of 2025. Our investing cash flows were most considerably influenced by the acquisitions of property, plant and equipment and intangible assets for the total amount of PLN 62.6 million, as well as by the acquisitions of subsidiary companies for PLN 22.7 million. Expenditures for the acquisiti on of subsidiaries included the acquisitions of Fawaterk and Sycket companies, as well as the settlement of conditional/deferred portions of consideration for shares in companies Touras Tech UAE, Helius, Smarttek, and WEO. The acquisitions of tangible and intangible assets included, among others, our expenditures for infrastructure used in the outsourcing of payment processes. In the first 9 months of 2025, net cash flows from our financing activities amounted to PLN -123.9 million, primarily due to the distribution of a dividend to the shareholders of ASEE S.A. (PLN 90.8 million), repayment of bank loans and borrowings (PLN 33. 3 million), payment of lease liabilities (PLN 16.6 million), as well as payment of dividends to non -controlling shareholders (PLN 6.2 million). Cash inflows presented under financing activities included basically proceeds from bank loans and borrowings in the amount of PLN 29.3 million. All the above -mentioned cash flows resulted in a decrease in cash and cash equivalents by PLN 45.5 million during the first 9 months of 2025, as compared to those disclosed at the end of 2024.
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Asseco South Eastern Europe Group Quarterly Report for the period of 9 months ended 30 September 2025 ( in thousands of PLN) 71 V. Information on geographical structure of financial results The table below presents the basic financial data from the statement of profit and loss for the period of 9 months ended 30 September 2025, in a breakdown by geographical region: For the period of 9 months ended 30 September 2025 SEE CE WE MEA Turkey India Latam Eliminations Hyperinflation Total in thousands of PLN of which: Bosnia Croatia Macedonia Serbia Other Sales revenues 787,841 131,551 199,525 57,651 303,475 95,639 181,819 162,914 8,986 132,263 (5,433) 30,176 (36,565) 1,905 1,263,906 Cost of sales (559,689) (87,775) (134,525) (39,148) (227,957) (70,284) (148,350) (134,891) (5,395) (80,130) (15,693) (22,147) 35,445 (3,312) (934,162) Recognition / reversal of allowances for trade receivables (3,166) (949) (1,817) 78 (373) (105) (450) (297) (7,919) (784) (1,822) (325) - - (14,763) Gross profit on sales 224,986 42,827 63,183 18,581 75,145 25,250 33,019 27,726 (4,328) 51,349 (22,948) 7,704 (1,120) (1,407) 314,981 Selling costs (52,390) (4,781) (20,226) (3,566) (19,349) (4,468) (13,463) (5,951) (3,856) (14,503) (155) (1,307) 1,260 (38) (90,403) General and administrative expenses (40,953) (7,163) (11,661) (3,904) (13,606) (4,619) (11,574) (7,457) (418) (10,574) (2,368) (2,924) (1,293) (57) (77,618) Net profit (loss) on sales 131,643 30,883 31,296 11,111 42,190 16,163 7,982 14,318 (8,602) 26,272 (25,471) 3,473 (1,153) (1,502) 146,960 Other operating income 1,253 110 495 88 410 150 184 118 - 370 609 47 (297) 4 2,288 Other operating expenses (533) (17) (82) (47) (357) (30) (45) (252) - (4) (2,815) (2) 61 - (3,590) Shares in associates 68 - - - - 68 - - - - - - - - 68 Operating profit (loss) 132,431 30,976 31,709 11,152 42,243 16,351 8,121 14,184 (8,602) 26,638 (27,677) 3,518 (1,389) (1,498) 145,726 For the period of 9 months ended 30 September 2025 SEE CE WE MEA Turkey India Latam Eliminations Hyperinflation Total in thousands of EUR of which: Bosnia Croatia Macedonia Serbia Other Sales revenues 185,964 31,052 47,097 13,608 71,633 22,574 42,917 38,455 2,121 31,220 (1,282) 7,123 (8,631) 450 298,337 Cost of sales (132,112) (20,719) (31,754) (9,241) (53,808) (16,590) (35,017) (31,840) (1,273) (18,914) (3,704) (5,228) 8,367 (782) (220,503) Recognition / reversal of allowances for trade receivables (748) (224) (429) 18 (88) (25) (106) (70) (1,869) (185) (430) (77) - - (3,485) Gross profit on sales 53,104 10,109 14,914 4,385 17,737 5,959 7,794 6,545 (1,021) 12,121 (5,416) 1,818 (264) (332) 74,349 Selling costs (12,365) (1,129) (4,774) (842) (4,567) (1,053) (3,178) (1,405) (910) (3,423) (37) (309) 297 (9) (21,339) General and administrative expenses (9,667) (1,691) (2,753) (922) (3,212) (1,089) (2,732) (1,760) (99) (2,496) (559) (690) (305) (13) (18,321) Net profit (loss) on sales 31,072 7,289 7,387 2,621 9,958 3,817 1,884 3,380 (2,030) 6,202 (6,012) 819 (272) (354) 34,689 Other operating income 295 26 117 21 97 34 43 28 - 87 144 11 (70) 1 539 Other operating expenses (125) (4) (19) (11) (84) (7) (11) (59) - (1) (664) - 14 - (846) Shares in associates 16 - - - - 16 - - - - - - - - 16 Operating profit (loss) 31,258 7,311 7,485 2,631 9,971 3,860 1,916 3,349 (2,030) 6,288 (6,532) 830 (328) (353) 34,398 The above figures have been converted at the average exchange rate for the period from 1 January to 30 September 2025: EUR 1 = PLN 4.2365. Abbreviations used: SEE – South Eastern Europe: Albania, Bosnia, Bulgaria, Croatia, Montenegro, Macedonia, Kosovo, Slovenia, and Serbia CE – Central Europe: Czech Republic, Poland, Slovakia, Romania, Moldova, and Ukraine WE – Western Europe: Andorra, Spain, and Portugal MEA – Middle East and Africa: Egypt and the United Arab Emirates Latam – Latin America: Dominican Republic, Colombia, and Peru.
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Asseco South Eastern Europe Group Quarterly Report for the period of 9 months ended 30 September 2025 ( in thousands of PLN) 72 The table below presents the basic financial data from the statement of profit and loss for the period of 9 months ended 30 September 2024, in a breakdown by geographical region: For the period of 9 months ended 30 September 2024 SEE CE WE MEA Turkey India Latam Eliminations Hyperinflatio n Total in thousands of PLN of which: Bosnia Croatia Macedonia Serbia Other Sales revenues 706,213 85,715 180,664 42,912 306,721 90,201 194,465 147,616 2,894 140,362 5,727 31,802 (27,598) 7,980 1,209,461 Cost of sales (521,758) (73,777) (121,900) (29,418) (230,592) (66,071) (168,542) (116,400) (1,948) (82,424) (3,492) (24,874) 27,151 (7,721) (900,008) Recognition / reversal of allowances for trade receivables (3,131) (757) (1,448) (169) (245) (512) (1,158) 16 - (248) - (5) - - (4,526) Gross profit on sales 181,324 11,181 57,316 13,325 75,884 23,618 24,765 31,232 946 57,690 2,235 6,923 (447) 259 304,927 Selling costs (46,341) (3,849) (17,616) (2,808) (18,396) (3,672) (11,622) (3,689) (860) (12,605) (376) (1,544) 645 (399) (76,791) General and administrative expenses (40,134) (6,895) (12,042) (3,678) (13,004) (4,515) (11,092) (6,859) (150) (10,936) (806) (3,373) (944) (571) (74,865) Net profit (loss) on sales 94,849 437 27,658 6,839 44,484 15,431 2,051 20,684 (64) 34,149 1,053 2,006 (746) (711) 153,271 Other operating income 1,461 142 394 345 427 153 146 386 - 656 - 15 (315) (19) 2,330 Other operating expenses (619) (38) (185) (16) (353) (27) (47) (498) - (10) - (23) 89 - (1,108) Shares in associates 78 - - - - 78 - - - - - - - - 78 Operating profit (loss) 95,769 541 27,867 7,168 44,558 15,635 2,150 20,572 (64) 34,795 1,053 1,998 (972) (730) 154,571 For the period of 9 months ended 30 September 2024 SEE CE WE MEA Turkey India Latam Eliminations Hyperinflatio n Total in thousands of EUR of which: Bosnia Croatia Macedonia Serbia Other Sales revenues 164,152 19,924 41,994 9,974 71,294 20,966 45,202 34,312 673 32,626 1,331 7,392 (6,415) 1,855 281,128 Cost of sales (121,277) (17,149) (28,334) (6,838) (53,599) (15,357) (39,176) (27,056) (453) (19,159) (812) (5,782) 6,311 (1,795) (209,199) Recognition / reversal of allowances for trade receivables (728) (176) (337) (39) (57) (119) (269) 4 - (58) - (1) - - (1,052) Gross profit on sales 42,147 2,599 13,323 3,097 17,638 5,490 5,757 7,260 220 13,409 519 1,609 (104) 60 70,877 Selling costs (10,772) (895) (4,095) (653) (4,276) (853) (2,701) (857) (200) (2,930) (87) (359) 150 (93) (17,849) General and administrative expenses (9,330) (1,603) (2,799) (855) (3,023) (1,050) (2,578) (1,594) (35) (2,542) (187) (784) (219) (133) (17,402) Net profit (loss) on sales 22,045 101 6,429 1,589 10,339 3,587 478 4,809 (15) 7,937 245 466 (173) (166) 35,626 Other operating income 340 33 92 80 99 36 34 90 - 152 - 3 (73) (4) 542 Other operating expenses (144) (9) (43) (4) (82) (6) (11) (116) - (2) - (5) 21 - (257) Shares in associates 18 - - - - 18 - - - - - - - - 18 Operating profit (loss) 22,259 125 6,478 1,665 10,356 3,635 501 4,783 (15) 8,087 245 464 (225) (170) 35,929 The above figures have been converted at the average exchange rate for the period from 1 January to 30 September 2024: EUR 1 = PLN 4.3022.
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Asseco South Eastern Europe Group Quarterly Report for the period of 9 months ended 30 September 2025 ( in thousands of PLN) 73 VI. Non-recurring events with impact on our financial performance Non-recurring events which affected the financial performance, financial position and cash flows of ASEE Group in the third quarter of 2025 included one-off items as described in section ‘Financial results of Asseco South Eastern Europe Group for the third quarter of 2025’, as well as acquisitions of subsidiary companies and organizational changes in the Group as described in section ‘Organization and changes in the structure of Asseco South Eastern Europe Group, including the entities subject to consolidat ion’. Moreover, due to the existence of hyperinflation in Turkey, the Group has applied IAS 29 and made the inflation-related revaluation of non -monetary assets and liabilities as well as the statement of profit and loss. The impact of hyperinflation on the interim condensed financial statements has been described in detail in explanatory note 2.10 to these interim condensed consolidated financial statements. VII. Authorities of Asseco South Eastern Europe S.A. As at the date of publication of this report, this is on 23 October 2025, the Company’s Management Board, Supervisory Board and Audit Committee were composed of the following persons: Supervisory Board Management Board Audit Committee Jozef Klein Piotr Jeleński Artur Kucharski Adam Góral Miljan Mališ Adam Pawłowicz Jacek Duch Michał Nitka Jacek Duch Artur Kucharski Kostadin Slavkoski Adam Pawłowicz In the period from 30 September 2025 till the publication of this report, this is till 23 October 2025, the compositions of the Company’s Management Board, Supervisory Board and Audit Committee remained unchanged. VIII. Shareholders structure of Asseco South Eastern Europe S.A. To the best knowledge of the Company’s Management Board, as at the date of p ublication of this report, this is on 23 October 2025, as well as on 30 September 2025, the Shareholders who, either directly or through their subsidiaries, held at least 5.0% of total voting rights were as follows: As at 30 September 2025, Asseco International a.s. (our higher -level parent) held 26,407,081 shares representing 50.89% in the share capital of our Company, which carried 26,407,081 votes or 50.89% of total voting rights at the Company’s General Meeting of Shareholders. The parent company of Asseco International a.s. is Asseco Poland S.A. Shares held by the management and supervisory personnel The numbers of Asseco South Eastern Europe shares held by its manag ement and supervisory staff are presented in the table below:
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Asseco South Eastern Europe Group Quarterly Report for the period of 9 months ended 30 September 2025 ( in thousands of PLN) 74 Members of the Management Board and the Supervisory Board 23 October 2025 30 September 2025 1 August 2025 31 December 2024 Piotr Jeleński*) 1,287,393 1,287,393 1,271,393 1,253,492 Miljan Mališ**) 298,436 298,436 298,436 298,436 Michał Nitka***) 51,050 51,050 51,050 45,000 Kostadin Slavkoski 44,315 44,315 44,315 44,315 Jacek Duch****) 100 100 100 100 *) Piotr Jeleński, President of the Management Board of ASEE S.A. holds 1,287,393 shares through the Piotr Jeleński Family Foundation **) Miljan Mališ, Member of the Management Board of ASEE S.A. is a shareholder in the company Mini Invest d.o.o. which in turn is a shareholder in ASEE S.A. ***) Michał Nitka, Member of the Management Board of ASEE S.A. holds 50,210 shares through the Nitka Family Foundation being organized ****) Jacek Duch, Member of the Supervisory Board of ASEE S.A. holds 100 shares through the Duch Family Foundation Other Members of the Supervisory Board did not hold any shares in Asseco South Eastern Europe S.A. in any of the above stated periods. IX. Other Information 9.1 Issuance, redemption and repayment of non-equity and equity securities During the reporting period, the Parent Company did not conduct any transactions of issuance, redemption or repayment of non-equity or equity securities. 9.2 Changes in the organizational structure of the Issuer’s Group Description of the organizational structure of Asseco South Eastern Europe Group and changes thereto is provided in section III of the explanatory notes to the interim condensed consolidated financial statements of the Group. 9.3 Information on significant judicial proceedings Both as at 30 September 2025 and the date of publication of this report, neither Asseco South Eastern Europe S.A. nor Asseco South Eastern Europe Group were party to any proceedings pending before any court, arbitration authority or public administration. 9.4 Related party transactions Transactions with our related parties have been presented in explanatory note 6.17 to the interim condensed consolidated financial statements of Asseco South Eastern Europe Group for the period of 9 months ended 30 September 2025. All transactions with related parties are carried out on an arm’s length basis. 9.5 Bank loans, borrowings, sureties, guarantees and off-balance-sheet liabilities Bank loans and borrowings obtained, sureties and guarantees granted, as well as off -balance-sheet liabilities have been disclosed in explanatory notes 6.11 and 8.1 to the interim condensed consolidated financial statements of Asseco South Eastern Europe Group for the period of 9 months ended 30 September 2025. 9.6 Changes in the Group management policies During the period of 9 months ended 30 September 2025, the Group’s management practices remained unchanged. 9.7 Agreements concluded by the Group and Company with its management personnel providing for payment of compensations if such persons resign or are dismissed from their positions The Group companies did not conclude any agreements with their management officers that would provide for payment of compensations in the event such persons resign or are dismissed from their positions without substantial reason, or when they are dismissed as a result of a company merger by acquisition.
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Asseco South Eastern Europe Group Quarterly Report for the period of 9 months ended 30 September 2025 ( in thousands of PLN) 75 9.8 Information on the agreements known to the Issuer which may result in future changes of the equity interests held by the existing shareholders and bondholders There are no agreements which may result in future changes of the equity interests held by the existing shareholders and bondholders. 9.9 Opinion on feasibility of the Management’s financial forecasts for 2025 The Management Board of Asseco South Eastern Europe S.A. did not publish any financial forecasts for 2025. 9.10 Information on monitoring of employee stock option plans 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 plan 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. Moreover, 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. Detailed information on the share -based payment plan has been presented in explanatory note 5.2 to the interim condensed consolidated financial statements of ASEE Group for the period of 9 months ended 30 September 2025. 9.11 Factors which in the Management’s opinion will affect the Group’s financial performance at least in the next quarter Because Asseco South Eastern Europe S.A. is primarily engaged in holding activities, factors significant for the Company’s development need to be examined taking into account the development and business operations of the entire ASEE Group. The Management Board of ASEE S.A. believes the Group’s current financial standing, operating potential and market position pose no threats to its ability to continue as a going concern throughout the year 2025. However, there are numerous factors, of both internal and external nature, which may directly or indirectly affect the Group’s financial performance in the next quarters. External factors with a bearing on the future financial performance of ASEE Group include: • Geopolitical situation in the regions of ASEE Group operations, where potential political tensions and instability of local governments may undermine the climate for investments and thu s induce the customers of ASEE companies and Payten to delay or even abandon the implementation of IT projects. Another consequence of potential political and social tensions might be an interruption of IT investments in the public administration bodies that are clients of ASEE Group; • Furthermore, the Russian invasion of Ukraine launched on 24 February 2022 caused a radical change in the geopolitical situation of the entire region of Central and South Eastern Europe, while political tensions and military actions in Israel, the Gaza Stri p and Lebanon are affecting the stability of the Middle East region. The Group continues to analyze geopolitical developments and their impact on the Group’s financial position and financial performance in the future. It is difficult to assess further development of the war and thus its long-term economic consequences respectively for this region of Europe and the United Arab Emirates, as well as its impact on the overall macroeconomic situation which indirectly affects the financial results of ASEE Group; • Condition of the IT market and payment services market in the regions of ASEE and Payten operations – it seems the regions of South Eastern Europe, India, Turkey and Latin America remain still underinvested as compared to the West European countries, which may generate additional demand for technology solutions offered by ASEE Group; • Opportunities and risks resulting from rapid technological changes and innovations in the IT market, as well as in the banking and payments sector; • Regulatory changes in the banking and payments sector, which may generate demand for additional services performed by the Group, but on the other hand may open up access to the sector for
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Asseco South Eastern Europe Group Quarterly Report for the period of 9 months ended 30 September 2025 ( in thousands of PLN) 76 new players and new technologies that may reduce the competitive advantages of solutions offered by ASEE and Payten; • Informatization processes in the public administration of South Eastern European countries, aiming to upgrade the quality and functionality of their services to international standards and especially to the requirements of the European Union; • Availability of the EU structural funds in Romania, Bulgaria, Slovenia and Croatia, as well as pre-accession funds in other South Eastern European countries; • Consolidation and development of the banking sector which may result in mergers and liquidations of business entities that are clients of ASEE Group, but also in gaining new customers in the sector; • Outlook for expansion of the Group’s operations into new markets through cooperation with local partners; • More and more severe competition both from local and international IT companies which is observed especially when it comes to the execution of large and prestigious contracts; • Changes in the credit standing, financial liquidity and availability of financing for the customers of ASEE Group; • Inflation and fluctuations in the currency exchange rates of countries in which ASEE Group operates. In particular, the risks arising from the economy operating in hyperinflationary conditions, namely Turkey, as well as Egypt whose descent into hyperinflation is likely by the end of this year; • Level of interest rates in the Eurozone because a significant portion of debt in ASEE Group, including Payten, is denominated in EUR. Internal factors with a bearing on the future financial performance of our Group are as follows: • Quality and comprehensive offering of ASEE and Payten; • Research and development expenditures made by ASEE Group; • Prospects for expanding the product portfolio of ASEE and Payten on the back of organic growth or potential future acquisitions; • The Group’s ability to run efficient operations through the use of remote channels in internal communication and in customer relations; • Stability and experience of our managerial staff; • Transparent organizational structure and efficient operations of the Group; • experience in the execution of complex IT projects involving the provision of diversified services in broad geographical regions; • Effective activities of our sales force; • Execution of complex information technology projects carried out under long -term contracts; • Implementation of the Group’s business strategy that involves focusing on strategic products and services, expansion into new markets, and improving operating efficiency; • Successful completion of potential company acquisitions in the future. The factors that will affect the Group’s financial performance at least till the end of the next quarter have been indicated and explained in chapter ‘Summary and analysis of the financial results of ASEE Group’, section I. ‘Financial results of Asseco South Eastern Europe Group’ of this quarterly report. The factors that may affect the Group’s financial performance in 2025 have also been described in the Management Report on Operations of the Group for the year 2024. In addition to the above-mentioned descriptions, in the next quarter our financial results will be influenced by common factors with impact on the Group’s operations (the existing order backlog, efficient implementation of ongoing projects, potential new contracts, the number of transactions processed and applicable fees, etc.). The Group continues to invest in the development of new products. 9.12 Other factors significant for the assessment of human resources, assets and financial position Except for the information provided above, we are not aware of any events the disclosure of which might significantly affect the assessment of human resources, assets and financial position of Asseco South Eastern Europe Group.
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Interim Condensed Financial Statements of Asseco South Eastern Europe S.A. for the period of 9 months ended 30 September 2025 Śródroczne skrócone sprawozdanie finansowe Asseco South Eastern Europe S.A. for the period of 9 months ended 30 września 2025 roku Interim Condensed Financial Statements Asseco South Eastern Europe S.A. for the period of 9 months ended 30 September 2025
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Asseco South Eastern Europe Group Quarterly Report for the period of 9 months ended 30 September 2025 ( in thousands of PLN) 78 Financial Highlights Asseco South Eastern Europe S.A. 9 months ended 30 September 2025 9 months ended 30 September 2024 9 months ended 30 September 2025 9 months ended 30 September 2024 PLN’000 PLN’000 EUR’000 EUR’000 Revenues from holding activities 124,758 96,632 29,448 22,461 Revenues from operating activities 4,886 7,634 1,153 1,774 Operating profit 111,403 84,746 26,296 19,698 Pre-tax profit 103,060 72,481 24,327 16,848 Net profit for the reporting period 101,443 70,098 23,945 16,294 Net cash provided by (used in) operating activities 128,061 85,487 30,228 19,871 Net cash provided by (used in) investing activities (20,270) (7,933) (4,785) (1,844) Net cash provided by (used in) financing activities (91,639) (95,586) (21,631) (22,218) Cash and cash equivalents at the end of the period (comparable data as at 31 December 2024) 50,177 34,025 11,753 7,963 Basic earnings per ordinary share for the reporting period (in PLN/EUR) 1.95 1.35 0.46 0.31 Diluted earnings per ordinary share for the reporting period (in PLN/EUR) 1.95 1.35 0.46 0.31 The selected financial data disclosed in these interim condensed financial statements have been translated into euros (EUR) in the following way: ▪ Items of the statement of profit and loss and statement of cash flows have been translated into EUR at the arithmetic average of mid exchange rates as published by the National Bank of Poland and in effect on the last day of each month. These exchange rates were as follows: o for the period from 1 January 2025 to 30 September 2025: EUR 1 = PLN 4.2365 o for the period from 1 January 2024 to 30 September 2024: EUR 1 = PLN 4.3022 ▪ The Company’s cash and cash equivalents as at the end of the reporting period and the comparable period of the previous year have been translated into EUR at the mid exchange rates as published by the National Bank of Poland. These exchange rates were as follows: o exchange rate effective on 30 September 2025: EUR 1 = PLN 4.2692 o exchange rate effective on 31 December 2024: EUR 1 = PLN 4.2730 In this report, all figures are presented in thousands of Polish zlotys (PLN), unless stated otherwise.
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Asseco South Eastern Europe Group Quarterly Report for the period of 9 months ended 30 September 2025 ( in thousands of PLN) 79 Interim Condensed Statement of Profit and Loss and Other Comprehensive Income Asseco South Eastern Europe S.A. STATEMENT OF PROFIT AND LOSS 3 months ended 30 September 2025 PLN’000 9 months ended 30 September 2025 PLN’000 3 months ended 30 September 2024 PLN’000 9 months ended 30 September 2024 PLN’000 Holding activities 8,484 124,758 19,641 96,632 Dividend income 4,735 113,864 15,448 85,420 Revenues from sale of services 3,749 10,894 4,193 11,212 Operating activities 1,592 4,886 2,242 7,634 Revenues from sale of IT services and software 1,592 4,886 2,242 7,634 Total operating revenues 10,076 129,644 21,883 104,266 Cost of sales (6,122) (14,349) (5,059) (15,439) Recognition/reversal of allowances for trade receivables (53) (53) (357) (350) Gross profit on sales 3,901 115,242 16,467 88,477 Selling costs (98) (318) (158) (466) General and administrative expenses (1,311) (3,585) (1,191) (3,368) Net profit on sales 2,492 111,339 15,118 84,643 Other operating income - 98 8 127 Other operating expenses (1) (34) (23) (24) Operating profit 2,491 111,403 15,103 84,746 Financial income 692 2,306 610 2,160 Financial expenses 53 (9,884) (562) (14,419) Recognition/reversal of allowances for loans granted and other financial instruments (733) (765) 38 (6) Pre-tax profit 2,503 103,060 15,189 72,481 Corporate income tax 259 (1,617) (1,877) (2,383) Net profit 2,762 101,443 13,312 70,098 Earnings per share (in PLN): basic earnings per share 0.05 1.95 0.26 1.35 diluted earnings per share 0.05 1.95 0.26 1.35 COMPREHENSIVE INCOME: 3 months ended 30 September 2025 PLN’000 9 months ended 30 September 2025 PLN’000 3 months ended 30 September 2024 PLN’000 9 months ended 30 September 2024 PLN’000 Net profit 2,762 101,443 13,312 70,098 Other comprehensive income: - - - - TOTAL COMPREHENSIVE INCOME FOR THE REPORTING PERIOD 2,762 101,443 13,312 70,098
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Asseco South Eastern Europe Group Quarterly Report for the period of 9 months ended 30 September 2025 ( in thousands of PLN) 80 Interim Condensed Statement of Financial Position Asseco South Eastern Europe S.A. ASSETS 30 September 2025 PLN’000 31 December 2024 PLN’000 Non-current assets Property, plant and equipment 651 671 Intangible assets 267 279 of which goodwill from business combinations 267 267 Right-of-use assets - 216 Investments in subsidiaries 638,615 647,115 Deferred tax assets 1,626 271 Other receivables 3,855 4,072 Other financial assets 31,631 20,080 676,645 672,704 Current assets Prepayments and accrued income 1,748 1,778 Trade receivables 5,062 9,471 Corporate income tax receivable - - Receivables from the state and local budgets - - Other receivables 5,315 24,000 Other financial assets 20,769 11,706 Cash and short-term deposits 50,177 34,025 83,071 80,980 TOTAL ASSETS 759,716 753,684
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Asseco South Eastern Europe Group Quarterly Report for the period of 9 months ended 30 September 2025 ( in thousands of PLN) 81 Interim Condensed Statement of Financial Position Asseco South Eastern Europe S.A. EQUITY AND LIABILITIES 30 September 2025 PLN’000 31 December 2024 PLN’000 TOTAL EQUITY Share capital 518,943 518,943 Share premium 38,826 38,826 Other capitals 3,804 3,632 Retained earnings 162,682 152,054 724,255 713,455 Non-current liabilities Bank loans 23,481 19,886 Lease liabilities - 85 Deferred tax liabilities - - 23,481 19,971 Current liabilities Bank loans 3 3,618 Lease liabilities - 128 Other financial liabilities - - Trade payables 1,920 2,049 Contract liabilities 3,973 3,741 Corporate income tax payable 67 1,056 Liabilities to the state and local budgets 602 1,206 Other liabilities 437 318 Accruals 4,978 8,142 11,980 20,258 TOTAL LIABILITIES 35,461 40,229 TOTAL EQUITY AND LIABILITIES 759,716 753,684
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Asseco South Eastern Europe Group Quarterly Report for the period of 9 months ended 30 September 2025 ( in thousands of PLN) 82 Interim Condensed Statement of Changes in Equity Asseco South Eastern Europe S.A. Share capital Share premium Other capitals Retained earnings Total equity As at 1 January 2025 518,943 38,826 3,632 152,054 713,455 Net profit for the reporting period - - - 101,443 101,443 Total comprehensive income for the reporting period - - - 101,443 101,443 Dividend - - - (90,815) (90,815) Valuation of share-based payment plan - - 172 - 172 As at 30 September 2025 518,943 38,826 3,804 162,682 724,255 As at 1 January 2024 518,943 38,826 3,402 156,305 717,476 Net profit for the reporting period - - - 70,098 70,098 Total comprehensive income for the reporting period - - - 70,098 70,098 Dividend - - - (85,625) (85,625) Valuation of share-based payment plan - - 172 - 172 As at 30 September 2024 518,943 38,826 3,574 140,778 702,121
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Asseco South Eastern Europe Group Quarterly Report for the period of 9 months ended 30 September 2025 ( in thousands of PLN) 83 Interim Condensed Statement of Cash Flows Asseco South Eastern Europe S.A. 9 months ended 30 September 2025 PLN’000 9 months ended 30 September 2024 PLN’000 Cash flows – operating activities Pre-tax profit 103,060 72,481 Total adjustments: (103,509) (71,223) Depreciation and amortization 232 603 Changes in working capital 1,058 931 Interest income/expenses (732) (538) Gain/Loss on foreign exchange differences 436 343 Gain/Loss on investing activities (104,675) (72,734) Valuation of share-based payment plan 172 172 Selected operating cash flows 130,466 85,783 Sale of shares in subsidiaries 253 1,172 Acquisition of shares in related entities - (4,286) Dividends received 130,213 88,897 Cash generated from operating activities 130,017 87,041 Corporate income tax (paid) recovered (1,956) (1,554) Net cash provided by (used in) operating activities 128,061 85,487 Cash flows – investing activities Inflows: 4,639 29,821 Disposal of property, plant and equipment, and intangible assets 98 118 Disposal/settlement of financial assets carried at fair value through profit or loss - 199 Loans collected 3,271 28,279 Interest received 1,270 1,225 Outflows: (24,909) (37,754) Acquisition of property, plant and equipment and intangible assets (168) (621) Loans granted (24,741) (37,133) Net cash provided by (used in) investing activities (20,270) (7,933) Cash flows – financing activities Inflows: - 2,125 Proceeds from bank loans and borrowings - 2,125 Outflows: (91,639) (97,711) Dividends paid out (90,815) (85,625) Repayments of bank loans - (10,879) Payments of lease liabilities (51) (89) Interest paid (773) (1,118) Net cash provided by (used in) financing activities (91,639) (95,586) Net change in cash and cash equivalents 16,152 (18,032) Cash and cash equivalents as at 1 January 34,025 29,361 Cash and cash equivalents as at 30 September 50,177 11,329
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Asseco South Eastern Europe Group Quarterly Report for the period of 9 months ended 30 September 2025 ( in thousands of PLN) 84 This quarterly report has been approved for publication by the Management Board of Asseco South Eastern Europe S.A. on 23 October 2025. 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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85 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@asee.io see.asseco.com