Asseco South Eastern Europe S.A.

Investor Presentation • Jul 26, 2023

Estimated Financial Results for Q2.2023 And Business Update

July 26th, 2023

ALL FIGURES FOR Q2, H1 2023 IN THIS PRESENTATION ARE ESTIMATES NOT REVIEWED BY AUDITOR OFFICIAL RESULTS WILL BE PUBLISHED ON 2ND AUG 2023

Q2'23: Highlights

• Strong second quarter in Banking showing 29% YoY EBIT growth driven by implementation projects
• Good quarter for IPD and ECR network (thanks to new clients) and for traditional POS related services(thanks to deliveries and related services)
• Recent material devaluation of Turkish lira versus USD/EUR and PLN in coming month might have slightly positive impact on BAN&DS business and negative for Payment
• Very good, continued growth trend in processing
• Serbian eCommerce merchants' takeover costs (one-off, 0.14mEUR)
• Good quarter for IAD network in Serbia with 70% growth of revenues

Q2'23 ASEE Best Deals.

Banking Business Unit

• Adaptive Elements Platform, a solution that enables rapid development of native mobile apps, for one of the biggest banking groups in Europe
• Adaptive Elements Platform for the development of a mobile solution for PKI services and Hardware Tokens' delivery to a state agency in Croatia
• Multifactor Authentication Solution - SxS licenses for a bank in Romania
• Digital Edge for a bank in Serbia
• Anti Money Laundering solution for banks in Serbia and BiH
• InACT External Fraud Solution at a large size bank
• Hosting service for Authentication solution (SxS) for a bank to cover three countries: Bulgaria, Greece, and Romania. Solution will be hosted in ASEE Croatia Data Center.

Q2'23 ASEE Best Deals.

Dedicated solutions

• LIVE Collaboration solution - implementation for a utility company in Lithuania
• Registry for professional exams and record keeping of passed exams for The Ministry of Public Administration and Local Self-Government in Serbia
• Integration of the existing electronic office with the software solution for managing Office administration management application for the Ministry of Public Administration and Local Self-Government in Serbia
• BPM solutions, including a platform for all input and output documents, digital board meetings and e-signature solutions, licenses, and maintenance for a leading bank in Croatia
• FinanceFlex Business Management Platform E-Pledge at a large size leasing company
• FinanceFlex Business Management Platform Central Bank Arrangements at a large size leasing company
• LeaseFlex Lease and Asset Management Project at a large size leasing company
• Implementation of Documenta DMS software for 3 Public sector companies and for 3 Private sector companies
• Dynatrace APS at a large size life insurance company, at a large size group of companies operating in the fields of finance, retail, energy and real estate, at a large size bank, at a large size aviation company, at a large size institution established by the joint venture of banks

Q2'23 Payten Best Deals.

E-commerce

• Payten Payment Gateway Solution at a technology company of a large size bank, at a medium size Electric Vehicle Charging Stations company, at a medium size Electric Vehicle Stations company, at a Electric Vehicle Charging Stations company owned by a large Turkish holding and an international energy company
• Payten Payment Gateway - Infrastructure Transfer of Private Cloud Project at a medium size payment facilitator
• Payten Fintech Suite PF Call Center Legislation (2FA and login password) Improvement Project at a technology company of a large size state bank.
• Paratika Virtual POS solution at a large size Rent a Car company

Processing

• Contract with a bank in Serbia for ATM DCC and Surcharge processing at ATMs
• Contract with a bank for migration to the new Core

Q2'23 Payten Best Deals.

ATM and POS Related Services

• Single POS solution for Mana Moda d.o.o, a large Croatian clothing retailer
• Single POS solution for a Links d.o.o. one of the leading Croatian technical equipment retailers
• POS Delivery and maintenance for two banks in BiH
• Recycler ATM Delivery for a bank in Croatia
• SoftPOS implementation completed for a banking group in SEE, the service is now active in five new countries.

2Q 2023 results

Q2'23: Strong organic growth

	mEUR						mPLN
	Q2 2023	Q2 2022	Q2 2023 no hyper	Q2 2022 no hyper	% Diff		Q2 2023	Q2 2022	Q2 2023 no hyper	Q2 2022 no hyper	% Diff
Revenue	82 9	75 3	86 2	74 7	5% +15		376	349	391	346	+13%
EBITDA	16 6	16 1	17 3	15 9	8% +8		75	75	78	74	+6%
EBIT	11 9	11 1	12 6	11 0	+14 2%		54	52	57	51	+12%
NPAT	10 8	14 2	11 5	9 7	+18 5%		49	66	52	45	+16%
EBITDA %	20 0%	21 4%	20 0%	21 3%			20%	21%	20%	21%
EBIT %	14 4%	14 8%	14 6%	14 8%			14%	15%	15%	15%
EBIT non-IFRS	13 1	11 7	13 1	11 7	+11 6%		59	54	59	54	+9%
NPAT non-IFRS	11 6	10 7	11 6	10 7	+8 8%		53	50	53	50	+7%

Q2'23: Growth driven by Banking and Payment Solutions

	Revenue				EBITDA		EBIT
mEUR	Q2 2023	Q2 2022	Diff	Q2 2023	Q2 2022	Diff	Q2 2023	Q2 2022	Diff
Solutions Payment	44 42 7	36 38 4	7 +4 4	7 9 9	7 9 3	1 +0 6	6 6 7	5 5 9	1 +0 8
Non-Payment	43 5	36 3	+7 2	7 4	6 5	+0 8	5 9	5 1	+0 8
Banking Solutions	17 2	13 7	+3 6	4 6	3 6	+1 0	3 9	3 0	+0 9
Dedicated Solutions	26 3	22 6	+3 7	2 8	2 9	-0 1	2 0	2 1	-0 1
ASEE Group TTL	86 2	74 7	+11 6	17 3	15 9	+1 4	12 6	11 0	+1 6

Profitability per BU

Q2 2023 Q2 2022

Q2'23: Strong growth in POS

	Revenue
mEUR	Q2 2023	Q2 2022	Diff
eCommerce	6	5	+1
	8	7	1
Processing	8	3	+0
	1	1	5
ATM*	9 1	10 0	0 9 -
POS**	25	21	+3
	0	3	7
Payment	42	38	+4
	7	4	4

* Including IAD MoneyGet ** including IPD and ECR

Q2'23: Four geographies with high growth

		Revenue			EBIT
mEUR	Q2 2023	Q2 2022	Diff	% Diff	Q2 2023	Q2 2022	Diff	% Diff
B&H	6.4	7.1	-0.7	-10%	1.0	1.6	-0.5	-34%
Croatia	12.8	11.3	+1.5	+13%	2.2	1.1	+1.0	+92%
Iberia	12.5	11.4	+1.1	+9%	1.5	1.3	+0.2	+17%
Latam	1.9	1.4	+0.5	+35%	0.1	0.1	+0.0	+40%
Macedonia	3.0	3.9	-0.9	-22%	0.4	0.5	-0.1	-22%
Romania	14.2	9.6	+4.6	+48%	1.0	0.4	+0.6	+170%
Serbia	20.6	18.9	+1.6	+9%	3.2	3.0	+0.3	+9%
Turkey	8.3	6.6	+1.6	+24%	1.6	2.1	-0.5	-23%
Central Europe	4.3	2.3	+2.1	+92%	0.4	0.2	+0.2	+81%
Other*	6.3	4.5	+1.8	+40%	1.2	0.8	+0.4	+47%
Eliminations	-4.0	-2.4	-1.6		-0.1	-0.1	-0.0
GASEE	86.2	74.7	+11.6	+16%	12.6	11.0	+1.6	+14%

Q1-2 2022 results

Q1-2: Double digit growth of EBIT

	mEUR						mPLN
	H1 2023	H1 2022	H1 2023 no hyper.	H1 2022 no hyper.	% Diff		H1 2023	H1 2022	H1 2023 no hyper.	H1 2022 no hyper.	% Diff
Revenue	163.8	142.4	166.8	141.7	+17.7%		756	661	769	658	+17%
EBITDA	32.1	30.8	32.7	30.5	+7.0%		148	143	151	142	+6%
EBIT	22.6	21.0	23.2	20.9	+11.2%		104	98	107	97	+10%
NPAT	20.8	22.7	19.5	18.2	+6.8%		96	106	90	85	+6%
EBITDA %	19.6%	21.6%	19.6%	21.5%			+20%	+22%	+20%	+22%
EBIT %	13.8%	14.7%	13.9%	14.7%			+14%	+15%	+14%	+15%
EBIT non-IFRS	24.3	22.3	24.3	22.3	+8.7%		112	104	112	104	+8%
NPAT non-IFRS	20.2	19.9	20.2	19.9	+1.9%		93	92	93	92	+1%

Q1-2: Growth driven by Banking Solutions

	Revenue				EBITDA		EBIT
mEUR	H1 2023	H1 2022	Diff	H1 2023	H1 2022	Diff	H1 2023	H1 2022	Diff
Solutions Payment	88 79 3	71 71 0	17 +8 3	14 18 2	13 18 0	2 +0 2	12 11 7	10 11 2	2 +0 5
Non-Payment	87 5	70 7	+16 8	14 5	12 5	+1 9	11 6	9 7	+1 8
Banking Solutions	32 6	25 8	+6 7	9 0	7 0	+2 0	7 6	5 7	+1 9
Dedicated Solutions	55 0	44 9	+10 1	5 5	5 6	-0 1	3 9	4 0	-0 1
ASEE Group TTL	166 8	141 7	+25 1	32 7	30 5	+2 1	23 2	20 9	+2 3

EBIT per BUs H1 2023

Profitability per BU

H1 2023 H1 2022

Q1-2: Highest growth in POS followed by eCommerce

	Revenue
mEUR	H1 2023	H1 2022	Diff
eCommerce	13.4	11.0	+2.5
Processing	3.2	2.4	+0.9
ATM*	15.2	17.0	-1.9
POS**	47.4	40.6	+6.8
Payment	79.3	71.0	+8.3

Revenue per BUs H1 2023

* Including IAD MoneyGet ** including IPD and ECR

Q1-2: Growth in most of geographies

	Revenue			EBIT
mEUR	H1 2023	H1 2022	Diff	% Diff	H1 2023	H1 2022	Diff	% Diff
B&H	11.7	13.1	-1.4	-11%	2.0	2.5	-0.5	-22%
Croatia	23.9	21.2	+2.7	+13%	2.8	1.6	+1.2	+78%
Iberia	24.7	20.0	+4.7	+23%	2.9	2.5	+0.5	+18%
Latam	3.7	2.6	+1.1	+42%	0.2	0.1	+0.1	+56%
Macedonia	6.0	6.9	-0.9	-13%	0.8	1.0	-0.2	-20%
Romania	25.3	20.5	+4.8	+23%	1.0	0.9	+0.2	+18%
Serbia	44.6	37.2	+7.4	+20%	8.5	6.1	+2.4	+39%
Turkey	16.5	12.8	+3.7	+29%	2.6	4.5	-1.8	-41%
Central Europe	6.6	4.4	+2.2	+50%	0.7	0.5	+0.2	+51%
Other*	10.6	7.9	+2.7	+33%	1.7	1.4	+0.3	+24%
Eliminations	-6.7	-4.9	-1.8		-0.1	-0.2	+0.0
GASEE	166.8	141.7	+25.1	+18%	23.2	20.9	+2.3	+11%

Liquidity

Net Cash position

mEUR	Jun'23 30	2022 YE	Diff
Cash and short investments term	66 5	63 6	2 9
liabilities Lease	-10 6	-9 6	-1 0
Bank loans and credit lines	-21 3	-24 5	3 2
Deferred and contingent for acquisitions (short-term) payments	-14 0	-12 3	-1 7
Cash Net	20 6	17 1	3 5
Receivables and Prepayments	89 7	97 5	-7 8
Liabilities and Deferred Provisions Income ,	-75 4	-88 9	13 5
Inventory	15 9	12 2	3 8
Operational Balance	50 8	37 9	12 9

Asseco SEE Group

Solid operating cash flow

mEUR	Q2 2023 LTM	2022	2021
cash flow* Operating	52 8	52 5	52 5
- Infrastructure for outsourcing	2 -5	-5 5	-3 5
- infrastructure for IAD	-0 3	-0 4	-0 2
- Capitalized R&D	-0 5	-0 5	-0 3
- M&A	-6 0	-8 5	-31 7
- Other CAPEX	-7 9	-7 2	-5 3
flow cash Free	32 9	30 5	11 5
Debt Increase	4 5	11 7	6 9
Debt Service	-13 7	-12 9	-12 1
Total Cash Flow	23 7	29 3	6 3
CF/EBITDA** Oper	78%	81%	93%
FCF/EBIT**	69%	66%	29%

Asseco SEE Group

*Excluding investment in outsourcing equipment presented in Inventory

**Excluding hyperinflation impact

Outlook for 2023

ASEE + Payten

mEUR	* Q3 2023F	Q3 2022	Diff %
BL Revenues	71 6	0 75	-5%
Margin1 BL	53 3	49 3	+8%

Q3 2022	% Diff		mEUR	* 2023F	2022	% Diff
			Revenues BL	298.1	281.2
			Margin1 BL	214.6	194.0	+11%
		250
				+11%

ASEE - Banking and Dedicated solutions

mEUR	* Q3 2023F	Q3 2022	Diff %
Revenues BL	39 4	37 2	+6%
Margin1 BL	25 1	23 4	+7%

mEUR	* 2023F	2022	Diff %
Revenues BL	157 9	141 0	+12%
Margin1 BL	102 4	92 6	+11%

Payten

	Diff %	Q3 2022	* Q3 2023F	mEUR
	-15%	37 8	32 2	BL Revenues
Margin1	+9%	25 9	28 2	Margin1 BL

Q3 2022	Diff %

ASEE

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Asseco Group

www.asseco.com

@asseco_group

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