Asseco South Eastern Europe S.A.

Investor Presentation • Jul 26, 2024

Estimated financial results for Q2.2024 And Business Update

25th July, 2024

ALL FIGURES FOR Q2, H1 2024 IN THIS PRESENTATION ARE ESTIMATES NOT REVIEWED BY AUDITOR OFFICIAL RESULTS WILL BE PUBLISHED ON 2ND AUG 2024

Q2'24 – Highlights

• Very strong Payment as main contributor to EBIT growth YoY. Growth driven by eCommerce and Processing as well as direct to merchant IPD and ECR networks
• Q2 still good (flat YoY) in Banking Solutions thanks to multichannelsolutions, which compensated slowdown in core banking. Slowdown in H2 might be smaller then previously expected
• Dedicated Solutions highly affected by one-off*) effects
• Slow but visible turnaround in contracting pace in Dedicated Solutions (backlog)
• Material negative impact of strong PLN vs EUR (7% for H1) on results in PLN
• Q2 transactions: 540m (+26%) eCommerce transactions, 73m (+38%) IPD transactions, 123m (+18%) physical transactions processed

*) results affected by one-offs: revenues reversal on telco project and write-off of assets in the amount 2.3mE

Q2'24 – ASEE best deals

Banking solutions:

• Priority API domains implementation project for bank in Serbia
• Tezauri Basel III implementation for the bank in Serbia
• BaPo core system, AML and Tezauri Basel III implementation for a bank in B&H
• Digital Origination implementation for a leasing part of a bank in Bulgaria
• Instant Payment Solution for a bank in Croatia

Dedicated solutions:

• LIVE Contact center implementation in a large bank in B&H and in a ministry in Serbia
• Documenta DMS solution implementation for management of public procurement activities for a bank in Romania

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• Dynatrace subscriptions for various clients in Turkie including central bank, healthcare, public, technology companies

Q2'24 – Payten best deals

E-Commerce & Processing:

• Processing and Service provisioning for client in Malta
• Processing payment card transactions, ATM acquiring, and related payment processing services for banks and financial institutions in Croatia
• Infoterminal outsourcing service for Payment kiosks in Macedonia
• Payment Gateway PF integration for software company and travel company
• Payment via QR at physical POS solution for bank in Turkey
• Payment Gateway project with card storage for technology company and at mobile app company
• Nestpay, New Visa Secure Fields solution for bank in Turkey
• Nestpay, Pay by link solution for bank in Turkey
• Nestpay implementation for large payment facilitator
• Fintech Suite, PF integration for a new payment facilitator owner by bank in Turkey
• Fintech Suite, PF SaaS project for a new payment facilitator in Turkey
• Paratika Virtual POS integration for largest agriculture and healthcare company and online wholesale company

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Q2'24 – Payten best deals

ATM and POS related services:

• Counter machines delivery for bank in North Macedonia
• Extension of ATM maintenance contract with cassettes outsourcing and security delivery for bank in Croatia
• ATM upgrade for bank in Croatia
• ATM delivery for bank in Serbia
• ATM delivery for bank in Romania
• ATM delivery for two banks in B&H
• POS outsourcing and Soft POS for bank in North Macedonia
• POS terminals delivery for bank in Albania
• Soft POS SaaS, ATM recyclers delivery and POS terminals delivery for bank in Croatia

IPD and ECR:

▪ Instore Payments (IPD) solution for two retail chains in Croatia

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Q2 2024 results

Q2'24 – Excluding write-offs close to Q2'23

			mEUR	mPLN
	Q2 2024	Q2 2023	Q2 2024 no hyper	Q2 2023 no hyper	% Diff	Q2 2024	Q2 2023	Q2 2024 no hyper	Q2 2023 no hyper	% Diff
Revenue	92 4	82 9	91 0	86 2	+5%	397 6	375 5	391 3	390 8	+0%
EBITDA	15 6	16 6	* 15 3	17 3	-11%	67 2	75 2	65 7	78 3	-16%
EBIT	10 1	11 9	* 9 9	12 5	-21%	43 2	53 8	42 6	56 8	-25%
NPAT	9 3	10 8	* 7 9	11 4	-31%	40 1	48 9	34 1	52 0	-34%
EBITDA %	16 9%	20 0%	16 8%	20 0%		16 9%	20 0%	16 8%	20 0%
EBIT %	10 9%	14 3%	10 9%	14 5%		10 9%	14 3%	10 9%	14 5%
EBIT non-IFRS	11 1	13 1	11 1	13 1	-15%	47 6	59 3	47 6	59 3	-20%
NPAT non-IFRS	8 8	11 6	8 8	11 6	-24%	37 7	52 7	37 7	52 7	-28%

* Excluding write-offs: EBITDA: 17.6 | EBIT 12.2 | NPAT 9.9

Acquisitions effect – Rev: 2.9 | EBIT: 0.5 | EBITDA: 0.9

No hyper. – excluding hyperinflation accounting, no hyper. finance activity YoY -0.9 (biggest impact FX -0.7, NCI dividends -0.3)

Q2'24 – Payment growth leveled by DS decline

		Revenue			EBITDA		EBIT
mEUR	Q2 2024	Q2 2023	Diff	Q2 2024	Q2 2023	Diff	Q2 2024	Q2 2023	Diff
Solutions Payment	45 46 4	44 42 7	1 +3 7	3 11 8	7 9 9	-4 +1 9	2 8 4	6 6 7	-4 +1 7
Non-Payment	44 5	43 5	+1 0	3 4	7 4	-3 9	1 5	5 9	-4 3
Banking Solutions	17 0	17 2	-0 2	4 7	4 6	+0 1	3 9	3 9	+0 0
Dedicated Solutions *)	27 5	26 3	2 +1	2 -1	2 8	0 -4	-2 4	2 0	-4 4
ASEE Group TTL	91 0	86 2	+4 7	15 3	17 3	-2 0	9 9	12 5	-2 6
		Profitability BU per
					Q2 2024 Q2 2023

Profitability per BU

*) results affected by revenues reversal on telco project and write-off of assets in the amount 2.3mE

Q2'24 – Change in contribution by business lines, big increase of share of eComm and merchant business

mEUR	Q2 2024	Q2 2023	Diff
ECR IPD +	4 7	3 7	+1 0
eComm Proc +	12 4	8 6	+3 8
(incl IAD) ATM	12 7	9 1	+3 6
POS	16 6	21 3	4 7 -
Payment	46 4	42 7	+3 7

POS 55% (52%) eCommerce 13% (13%) ATM 29% (31%) Processing 3% (4%) ** ECR + IPD 15% (12%) eComm. + Proc. 48% (31%) ATM (incl. IAD) 17% (13%) POS 19% (44%)

EBIT per BUs Q2 2024

Q2'24 – Big drops in B&H and Rom partially off set by Tur

		Revenue			EBIT
mEUR	Q2 2024	Q2 2023	Diff	Diff %	Q2 2024	Q2 2023	Diff	Diff %
B&H	6 3	6 4	0 1 -	2% -	0 9 -	1 0	1 9 -
Croatia	13 6	12 8	+0 8	+6%	1 9	2 2	0 3 -	14% -
Iberia	9 5	12 5	3 0 -	24% -	1 5	1 5	0 0 -	1% -
Latam	2 8	1 9	+0 9	+48%	0 2	0 1	+0 1	+93%
Macedonia	3 1	3 0	+0 1	+4%	0 5	0 4	+0 2	+42%
Romania	12 3	14 2	1 9 -	14% -	0 2 -	1 0	1 2 -
Serbia	25 3	20 6	+4 7	+23%	3 1	3 2	0 2 -	5% -
Turkey	10 4	8 3	+2 2	+26%	2 9	6 1	2 +1	+74%
Central Europe	2 2	3 4	2 1 -	49% -	0 0	0 4	0 4 -	95% -
Other*	8 7	6 3	+1 4	+22%	0 9	1 1	0 2 -	18% -
Eliminations	2 2 -	0 4 -	8 +1		0 0	0 1 -	+0 0
GASEE	91 0	86 2	+4 7	+5%	9 9	12 5	2 6 -	21% -

H1 2024 results

H1'24 – Operating profit drop due to one-offs

			mEUR		mPLN
	H1 2024	H1 2023	H1 2024 no hyper	H1 2023 no hyper	% Diff	H1 2024	H1 2023	H1 2024 no hyper	H1 2023 no hyper	% Diff
Revenue	177 4	163 8	175 5	166 8	+5%	764 7	755 6	756 6	769 5	-2%
EBITDA	32 1	32 1	* 31 7	32 7	-3%	138 3	148 0	136 6	150 7	-9%
EBIT	21 0	22 5	* 21 0	23 1	-9%	90 6	103 7	90 4	106 7	-15%
NPAT	20 6	20 7	* 16 9	19 4	-13%	88 6	95 7	72 9	89 3	-18%
EBITDA %	18 1%	19 6%	18 1%	19 6%		18 1%	19 6%	18 1%	19 6%
EBIT %	11 8%	13 7%	11 9%	13 9%		11 8%	13 7%	11 9%	13 9%
non-IFRS EBIT	23 1	24 2	23 1	24 2	-5%	99 4	111 7	99 4	111 7	-11%
NPAT non-IFRS	19 2	20 2	19 2	20 2	-5%	82 6	93 1	82 6	93 1	-11%

* Excluding write-offs: EBITDA: 34.0 | EBIT 23.3 | NPAT 18.9 Acquisitions effect – Rev: 5.7 | EBIT: 1.2 | EBITDA: 2.1 No hyper. – excluding hyperinflation accounting

H1'24 – Dedicated Solutions negatively affects EBIT

	Revenue				EBITDA		EBIT
mEUR	H1 2024	H1 2023	Diff	H1 2024	H1 2023	Diff	H1 2024	H1 2023	Diff
Solutions Payment	88 87 6	88 79 3	0 +8 3	10 21 8	14 18 2	-5 +3 6	6 14 9	11 11 7	-5 +3 3
Non-Payment	87 9	87 5	+0 4	9 9	14 5	-4 6	6 0	11 5	-5 4
Banking Solutions	33 7	32 6	2 +1	9 5	9 0	+0 5	8 0	6 7	+0 4
*) Dedicated Solutions	54 2	55 0	-0 8	0 4	5 5	-5 1	-2 0	3 9	-5 8
ASEE Group TTL	175 5	166 8	+8 7	31 7	32 7	-1 0	21 0	23 1	-2 2

Profitability per BU

H1 2024 H1 2023

*) results affected by revenues reversal on telco project and write-off of assets in amount 2.3mE

H1'24 – Change in contribution by business lines, big increase of share of eComm and merchant business

	Revenue
mEUR	H1 2024	H1 2023	Diff
ECR IPD +	8 1	6 6	+1 6
eComm Proc +	24 1	16 7	+7 5
(incl IAD) ATM	20 5	15 2	+5 4
POS	34 8	40 8	6 1 -
Payment	87 6	79 3	+8 3

EBIT per BUs H1 2024

H1'24 – Big drops in B&H, Ser, Rom partially off set by Tur

	Revenue				EBIT
mEUR	H1 2024	H1 2023	Diff	Diff %	H1 2024	H1 2023	Diff	Diff %
B&H	12 1	11 7	+0 5	+4%	0 2 -	2 0	2 2 -
Croatia	26 6	23 9	+2 7	+11%	2 8	2 8	+0 0	+1%
Iberia	21 0	24 7	3 7 -	15% -	3 1	2 9	+0 2	+5%
Latam	4 8	3 7	+1 1	+30%	0 4	0 2	+0 2	+92%
Macedonia	6 4	6 0	+0 5	+8%	1 0	0 8	+0 2	+27%
Romania	22 3	25 3	3 0 -	12% -	0 3 -	1 0	1 3 -
Serbia	48 0	44 6	+3 5	+8%	6 9	8 5	1 6 -	19% -
Turkey	20 6	16 5	+4 1	+25%	5 4	2 6	+2 7	+105%
Central Europe	4 6	6 6	2 0 -	31% -	0 4	0 7	0 4 -	49% -
Other*	13 2	10 6	+2 6	+25%	1 6	1 6	0 0 -	3% -
Eliminations	4 3 -	6 7 -	+2 5		0 1 -	0 1 -	+0 0
GASEE	175 5	166 8	+8 7	+5%	21 0	23 1	2 2 -	9% -

Net Cash position

mEUR	Jun'24 30	2023 YE	Diff
Cash and short investments term	51 7	72 0	20 3 -
liabilities Lease	-13 8	-10 9	2 9 -
Bank loans and credit lines	-45 5	24 3 -	21 1 -
Deferred and for (short -term) contingent acquisitions payments	-11 1	-12 6	+1 5
Cash Net	-18 7	24 2	-42 8
Receivables and Prepayments	120 9	124 1	3 2 -
Liabilities and Deferred Provisions Income ,	-106 1	-135 0	+29 0
Inventory	22 9	22 5	+0 4
Operational Balance	19 1	35 7	-16 6

Cashflow

H1 2023	H1 2024	2022	2023	H1 2024 LTM	mEUR
30 2	2 4	52 5	70 3	42 6	cash flow* Operating
-3 4	9 -5	-6 7	6 -7	-10 2	-infrastructure for outsourcing & networks own
-0 2	0 0	-0 4	-0 1	0 1	- Capitalized R&D
-0 7	-10 2	-0 5	-18 2	-27 7	- M&A
-3 1	-2 8	-7 6	-7 7	-7 4	- Other CAPEX
-0 9	-1 6	-7 2	-2 4	-3 0	- Dividends for shareholders minority
22 0	-18 0	30 2	34 2	-5 7	Cash Flow Free
0 3	19 3	11 7	7 1	26 1	Debt Increase
-6 3	-8 6	-12 9	-12 7	-15 0	Debt Service
15 9	-7 4	29 0	28 7	5 4	Total Cash Flow
92%	8%	81%	101%	62%	CF/EBITDA** Oper
95%	-86%	66%	72%	-12%	FCF/EBIT**

Asseco SEE Group

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Outlook for 2024

ASEE + Payten

mEUR	Q3 2024	Q3 2023	Diff %
Revenues BL	98 2	73 1	+34%
Margin1 BL	63 7	54 6	+17%

mEUR	2024	2023	% Diff
Revenues BL	340 8	306 4	+11%
Margin1 BL	249 8	222 7	+12%

* backlog data from July 2024 and July 2023 respectively backlog data excluding hyperinflation effect

ASEE – Banking and Dedicated Solutions

mEUR	Q3 2024	Q3 2023	Diff %
Revenues BL	51 9	40 9	+27%
Margin1 BL	27 5	26 4	+4%

mEUR	2024	2023	% Diff
Revenues BL	175 1	164 1	+7%
Margin1 BL	110 8	108 2	+2%

* backlog data from July 2024 and July 2023 respectively backlog data excluding hyperinflation effect

Payten

mEUR	Q3 2024	Q3 2023	Diff %
Revenues BL	46 3	32 3	+44%
Margin1 BL	36 1	28 2	+28%

mEUR	2024	2023	Diff %
Revenues BL	165 7	142 4	+16%
Margin1 BL	139 1	114 5	+21%

* backlog data from July 2024 and July 2023 respectively backlog data excluding hyperinflation effect

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