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Asseco South Eastern Europe (ASE) investor relations material
Asseco South Eastern Europe H1 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Dedicated solutions and banking segments showed strong year-over-year growth, with dedicated solutions leading in Bosnia and Herzegovina and banking driven by new core module implementations; further improvement is expected over the longer term.
Payment business unit experienced a slowdown due to write-offs in India and a major Turkish bank moving to an in-house payment gateway, though POS and merchant lines performed well.
Group revenue for H1 2025 reached 826.7 million PLN, up from 764.7 million PLN year-over-year, with net profit at 78.1 million PLN, down from 87.0 million PLN.
The group operates in 26 countries and employed 4,088 people as of June 30, 2025.
Government restructuring in Serbia delayed projects to Q3, impacting revenue timing.
Financial highlights
Q2 2025 revenue rose 11% year-over-year to €100.2m; H1 2025 revenue increased 12% to €195.9m; operating profit and EBITDA also saw double-digit growth.
Operating profit for the group was 99.6 million PLN, up from 90.6 million PLN year-over-year; net profit growth was lower due to higher taxes and one-off effects.
Cash and cash equivalents at period end were 289.98 million PLN, up from 271.2 million PLN at December 31, 2024.
Dividend of 1.75 PLN per share (total 90.8 million PLN) was paid in July 2025.
Q2 2025 free cash flow at €29.5m; operating cash flow/EBITDA at 89% (LTM).
Outlook and guidance
Backlog for Q3 and the full year is up 13% year-over-year, supporting continued revenue growth trends.
2025 revenue forecast for ASEE + Payten is €364.5m, up 9% from 2024; margin1 expected to rise 13%.
Management sees no threat to business continuity for at least 12 months from June 30, 2025.
Banking and Dedicated Solutions expected to see 4% revenue growth and 15% margin1 growth in 2025.
Payten segment forecasted to grow revenue by 15% and margin1 by 12% in 2025.
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