Asseco South Eastern Europe (ASE) H1 2026 earnings summary

Executive summary

• Q2 2026 saw revenue up 2% year-over-year, with operating profit up 30% year-over-year, driven by strong banking segment growth.

• H1 2026 revenue increased 3% year-over-year, with EBIT up 21% and NPAT up 8% year-over-year.

• Sales revenues for the group reached PLN 870.6 million for the first half of 2026, up from PLN 826.7 million year-over-year.

• Net profit attributable to shareholders was PLN 93.9 million, a significant increase from PLN 78.0 million in the prior year.

• The group operates in 26 countries with 3,882 employees as of June 2026.

Financial highlights

• Q2 2026 revenue reached €102.3m, up 1% year-over-year; EBITDA rose 25% to €23.0m; EBIT up 27% to €15.3m.

• Q2 2026 NPAT was €10.1m, down 4% due to a €3.0m PPA and goodwill write-off; adjusted NPAT up 10%.

• H1 2026 revenue was €204.7m, up 3%; EBITDA €43.0m (+18%), EBIT €28.9m (+21%), NPAT €21.2m (+8%).

• Operating profit rose to PLN 122.9 million from PLN 99.5 million year-over-year.

• Net cash from operating activities increased to PLN 160.9 million from PLN 102.7 million.

Outlook and guidance

• 2026 full-year revenue forecasted at €379.2m, up 3% from 2025; margin improvement expected.

• Q3 2026 revenue backlog for Payten projected at €44.6m, down 5% year-over-year, but margin up 8%.

• Management sees no threat to going concern for at least 12 months from June 2026.

• The group continues to monitor geopolitical risks, especially in Central/South-Eastern Europe and the Middle East.

• Seasonality is limited, with higher revenues in Q4 for hardware and public sector contracts.