Austriacard Holdings (ACAG) Q1 2025 earnings summary

Executive summary

• Q1 2025 revenue declined 10% year-over-year to €82.6m, mainly due to normalization in the Turkish payment card market after years of rapid growth.

• Excluding Türkiye, group revenue grew 8%, with strong performance in Western Europe, Nordics, and Americas.

• Digital Technologies revenue surged 21.5% to €7.2m, driven by public and private sector projects in Greece and Romania.

• Net profit dropped 50.5% to €2.6m, reflecting lower revenues and gross profit.

Financial highlights

• Adjusted EBITDA fell 18.9% to €11.2m; margin at 13.6%.

• Gross profit I decreased 7.4% to €39.3m; gross margin I improved by 1.4pp to 47.6%.

• Adjusted EBIT down 34.6% to €6.4m; adjusted profit before tax down 38.6% to €4.9m.

• Operating cash flow improved to €3.1m from -€0.5m year-over-year.

• Dividend of €0.11 per share proposed for AGM.

Outlook and guidance

• Management expects a positive full-year 2025 trajectory, with a subdued first half due to Turkish market normalization.

• Digital Technologies segment expected to continue strong growth, with new government ID contracts and an upcoming AI product launch.