Asseco Poland S.A. (ASOZY) Q3 2025 earnings summary

Executive summary

• Sales revenue grew 11–11.4% year-over-year to PLN 12.3 billion for the first nine months of 2025, with proprietary software and services accounting for up to 76% of total sales.

• Non-IFRS operating profit rose 18% to PLN 1.4 billion, and non-IFRS net profit increased 29% to PLN 516 million; reported net profit attributable to shareholders was PLN 453.2 million, up 22.8%.

• Profitability improved, with non-IFRS margin close to 12%, driven by proprietary software, sector and geographic diversification, and strong performance in finance, public administration, and ERP.

• Strengthened positions in finance, public administration, and ERP, with promising development in cloud, cybersecurity, defense, and AI.

• Exclusion of Sapiens from consolidated results due to the sale of a majority stake, now classified as discontinued operations, with the transaction expected to positively impact future results.

Financial highlights

• EBITDA exceeded PLN 1.8 billion (up 13.1%), EBIT reached PLN 1.4 billion (+18%), and net profit was PLN 516 million (+29%).

• Organic revenue grew by over PLN 1 billion, with acquisitions contributing PLN 355 million.

• Proprietary services revenue grew 12%, and total services revenue grew 11% year-over-year.

• Cash conversion ratio ranged from 108% to 112%, and free cash flow for the last twelve months was PLN 2,060 million.

• Basic and diluted EPS was PLN 6.65, up from PLN 5.41 in the prior year.

Outlook and guidance

• Order backlog for 2025 increased by 13% to over PLN 12.4 billion, indicating strong future revenue visibility.

• Optimistic outlook for 2026, especially for the Polish segment, supported by a robust contract backlog and ongoing efficiency improvements.

• No significant threats to continued operations or development are foreseen for the next 12 months.