Asseco South Eastern Europe
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Asseco South Eastern Europe (ASE) investor relations material

Asseco South Eastern Europe H2 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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H2 2025 earnings summary26 Feb, 2026

Executive summary

  • Solid operating profit and EBIT growth in 2025, adjusted for one-offs, with strong performance in dedicated and banking solutions, while payment solutions faced headwinds from e-commerce declines in Turkey and write-offs in India and UAE.

  • Cash generation and liquidity improved significantly year-over-year, supported by strong collections and higher free cash flow.

  • Results were negatively impacted by one-off, non-cash items related to subsidiaries in India and UAE, including revenue reversals, receivable allowances, and goodwill write-downs.

Financial highlights

  • Full-year 2025: revenues up 9% year-over-year to €424.5m, operating profit/EBIT up 16% to €59.4m, but net profit declined 4% due to write-offs and tax impacts.

  • Q4 2025 revenue grew 13% year-over-year, operating profit up 62%, and net profit up 23%.

  • Adjusted EBIT (non-IFRS) increased 18% to €66.4m; adjusted NPAT (non-IFRS) up 14% to €51.3m.

  • Major one-offs included EUR 3.7 million goodwill write-off (India/Dubai), EUR 3 million put option liability restatement (Bosnia), and EUR 1 million additional tax (Pillar Two, mainly Bosnia).

  • Free cash flow for 2025 was €43.4m, up from €2.5m in 2024.

Outlook and guidance

  • 2026 backlog dynamics: 8% for Q1, 6% for the full year, with stronger growth in dedicated solutions and banking, weaker in payments (Turkey impact).

  • Expecting high single-digit or low double-digit operating profit growth in 2026, driven by organic growth and efficiency improvements.

  • 2026 revenue forecasted to grow 3% to €156.3m for Payten, with margin improvement expected.

  • Pipeline includes potential acquisitions of small to mid-sized companies, with 2-3 possible in 2026.

  • Backlog for 2026 up 5% year-over-year, indicating continued growth momentum.

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Next Asseco South Eastern Europe earnings date

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Q1 202628 Apr, 2026
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Q1 202628 Apr, 2026

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Frequently asked questions

Asseco South Eastern Europe S.A. is a Poland-based information technology company that provides software and IT services primarily to the financial, public, and enterprise sectors. The company offers core banking systems, payment solutions, authentication and security software, and digital transformation services. It also delivers systems integration, consulting, and support services across Southeast Europe and beyond. The company is headquartered in Warsaw, Poland, and its shares are listed on the WSE.

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