Asseco South Eastern Europe (ASE) H2 2024 earnings summary

Executive summary

• Payment segment was the main driver of EBIT growth year-over-year, with strong contributions from eCommerce, Processing, IPD, and ECR.

• Dedicated Solutions underperformed due to project delays and one-off impacts, notably a €2.3m effect in Q2 and project shifts to 2025.

• Banking segment exceeded initial expectations, supported by growth in channel solutions and security & compliance.

• Cash conversion improved in Q4, increasing net cash balance, though further improvement is needed.

• Strong PLN versus EUR negatively impacted results in PLN terms.

Financial highlights

• Q4 2024 revenue was €115.7m, up from €110.6m in Q4 2023 (+5%), with EBITDA at €22.8m (+21%) and EBIT at €16.8m (+21%).

• FY 2024 revenue reached €396.9m (+9% YoY), EBITDA €75.6m (+9%), and EBIT €52.7m (+6%).

• Net profit after tax (NPAT) for FY 2024 was €47.6m, slightly up from €45.9m in FY 2023.

• Excluding Q2 one-offs, FY 2024 EBITDA was €76.1m, EBIT €53.9m, and NPAT €43.3m.

• Acquisitions contributed €13.3m to revenue and €1.5m to EBIT in FY 2024.

Outlook and guidance

• 2025 revenue backlog for Q1 is up 22% YoY, with full-year 2025 forecasted revenue up 7% over 2024.

• Payten segment expects 18% revenue growth in 2025, with margin improvement.

• Banking and Dedicated Solutions backlog for 2025 is down 4% YoY.