Asseco South Eastern Europe S.A.

Investor Presentation • Feb 14, 2024

Estimated Financial Results for 2023 And Business Update

Regulatory Filling dated February 14th, 2024

ALL FIGURES FOR Q4, FY 2023 IN THIS PRESENTATION ARE ESTIMATES NOT AUDITED BY AUDITOR OFFICIAL RESULTS WILL BE PUBLISHED ON 27TH FEB 2024

2023: Highlights

• Very strong Banking thanks to completed implementation projects
• Good fourth quarter (+40%) and whole year (+15%) in Payment in YoY EBIT growth driven by eCommerce, Processing as well as IPD and ECR networks
• Solid revenues growth on own activities in Payment compensated thirdparty deliveries drop
• 1.85b (+14%) eCommerce transactions, 178m (+39%) IPD transactions, 416m (+23%) physical transactions processed
• Growing Dedicated Solutions excluding one-off* effects
• Continued challenging environment in Turkey with inflation rising again. Price indexation challenges and elections coming

Q4 2023 ASEE Best Deals.

Banking Business Unit

• Adaptive Elements Platform for development of mobile apps, for a bank in Serbia
• App Protector (mobile application security solution) for international banking group in Romania
• SxS for international banking group in Romania
• DWH Solution with additional functionalities with the bank in Serbia
• Digital Edge AE Mob & Web implementation for banks in Serbia
• Hosted Subscription of Digital Edge Mob & Web for Retail and SME in B&H
• Open Banking solution provided for two banks in Montenegro

Q4 2023 ASEE Best Deals.

Dedicated solutions

• SmartCity - Adaptive Control System for Sarajevo Canton
• DMS System in the Regulatory Agency for Electronic Communications and Postal Services of Serbia
• Documenta (DMS) for a Governmental Institution in Romania
• Dynatrace solution with the license and services in a bank in Serbia and in Turkey at a number of companies from healthcare, financial, payment, insurance and IT sectors

Q4 2023 Payten Best Deals.

E-commerce

• Torus SaaS Implementation Project at a e-payment services company in Iraq
• Payment Gateway including card storage at a fitness company, numer of automotive companies, at a large size online pharmacy market place and a pet supplies e-commerce company
• Payment Gateway - Braintree Payment System Integration at a medium size software company
• Payment Gateway at a large size tourism company
• Payment Gateway - Paycell - Alternative Payment Systems Integration at a large size payment and e-money company of Türkiye's leader telecomunications company
• Paratika Virtual POS solution at a large size automative company

Processing

• Implemented Discover Cards processing for the bank in Serbia

Q4 2023 Payten Best Deals.

ATM and POS Related Services

• IPD SinglePOS for an insurance company in Croatia
• Parking solution by Monri with solar power for a public company in Romania
• TermHost in SaaS with additional functionality for ATMs for the bank in Serbia
• TermHost first time on a new market for the bank in Bulgaria
• SoftPOS solution for PPL couriers in Czechia almost 7 000 units
• POS terminals delivery (3 500 units) for a bank in Romania
• ATM security software and maintenance in the bank in Croatia
• Outsourcing of POS with one of the biggest banks in Macedonia
• ATM delivery and related services for one biggest bank in Montenegro
• ATM delivery and related services for two banks in Bosnia
• ATM and smart safes delivery and related services for several banks in Macedonia.

4Q 2023 results

Q4'23: Positive quarter despite provisions

	mEUR						mPLN
	Q4 2023	Q4 2022	Q4 2023 no hyper.	Q4 2022 no hyper.	% Diff		Q4 2023	Q4 2022	Q4 2023 no hyper.	Q4 2022 no hyper.	% Diff
Revenue	110.6	103.4	112.9	104.6	+8%		488.6	484.9	499.0	490.5	+2%
EBITDA	18.9	18.1	19.6	18.5	+6%		83.1	85.1	86.1	86.7	-1%
EBIT	14.1	13.0	14.7	13.4	+10%		61.9	61.2	65.0	62.8	+3%
NPAT	11.4	8.1	11.7	8.6	+36%		49.9	38.1	51.6	40.3	+28%
EBITDA %	17.1%	17.5%	17.3%	17.7%			17.0%	17.5%	17.3%	17.7%
EBIT %	12.7%	12.6%	13.1%	12.8%			12.7%	12.6%	13.0%	12.8%
EBIT non-IFRS	15.5	15.2	15.5	15.2	+2%		68.2	71.4	68.2	71.4	-4%
NPAT non-IFRS	11.4	11.2	11.4	11.2	+2%		49.9	52.5	49.9	52.5	-5%

Q4'23: Good quarter for Payment and Banking

		Revenue			EBITDA		EBIT
mEUR	Q4 2023	Q4 2022	Diff	Q4 2023	Q4 2022	Diff	Q4 2023	Q4 2022	Diff
Payment Solutions	64 49 1	57 47 3	6 +1 8	8 11 4	9 9 3	-1 +2 1	7 8 2	8 5 8	-1 +2 4
Non-Payment	63 8	57 3	+6 5	8 2	9 2	-1 0	6 5	7 6	-1 0
Banking Solutions	17 8	17 9	-0 2	1 5	4 7	+0 4	3 4	3 9	+0 4
Dedicated Solutions	46 0	39 4	+6 6	3 1	4 5	-1 4	2 2	3 7	-1 4
ASEE Group TTL	112 9	104 6	+8 3	19 6	18 5	+1 1	14 7	13 4	3 +1
Revenue BUs Q4 2023 per		EBIT per	BUs Q4 2023				Profitability per Q4 2023 Q4	BU 2022

EBIT per BUs Q4 2023

Profitability per BU

Q4'23: Highest growth in eCommerce and Processing

mEUR	Q4 2023	Q4 2022	Diff
ECR IPD +	3 9	2 8	+1 1
eComm Proc +	10 8	7 5	+3 3
(incl IAD) ATM	11 3	12 8	1 5 -
POS	23 1	24 2	1 1 -
Payment	49 1	47 3	+1 8

EBIT per BUs Q4 2023

Q4'23: Five geographies with solid growth

		Revenue
mEUR	Q4 2023	Q4 2022	Diff	Diff %	Q4 2023	Q4 2022	Diff	Diff %
B&H	7 6	7 6	0 1 -	1% -	0 1 -	1 5	1 6 -
Croatia	14 8	13 4	+1 4	+11%	2 5	1 6	+0 8	+52%
Iberia	15 2	16 6	1 4 -	8% -	2 7	2 2	+0 6	+26%
Latam	2 7	2 2	+0 5	+23%	0 4	0 0	+0 4	+3576%
Macedonia	5 5	6 9	1 4 -	20% -	1 5	1 4	+0 1	+10%
Romania	26 6	19 0	+7 6	+40%	1 2	0 3	+0 9	+270%
Serbia	25 0	26 3	1 4 -	5% -	2 9	3 7	0 9 -	23% -
Turkey	9 4	7 9	+1 4	+18%	2 5	1 1	+1 3	+121%
Central Europe	2 7	2 0	+0 7	+33%	0 1	0 3	0 2 -	63% -
Other*	7 7	5 7	+2 0	+35%	1 2	1 3	0 1 -	8% -
Eliminations	4 2 -	3 1 -	1 1 -		0 1 -	0 0	0 1 -
GASEE	112 9	104 6	+8 3	+8%	14 7	13 4	+1 3	+10%

results

2023: Double digit growth of EBIT

	mEUR						mPLN
	FY 2023	FY 2022	FY 2023 no hyper	FY 2022 no hyper	Diff %		FY 2023	FY 2022	FY 2023 no hyper	FY 2022 no hyper	Diff %
Revenue	362 7	333 9	363 4	332 0	+9%		1 642 5	1 565 5	1 645 8	1 556 4	+6%
EBITDA	69 5	65 9	69 8	65 2	+7%		314 6	308 8	316 3	305 6	+4%
EBIT	49 9	46 0	50 7	45 5	+11%		226 2	215 5	229 4	213 4	+7%
NPAT	46 2	41 7	41 7	36 4	+14%		209 2	195 6	188 7	170 8	+11%
EBITDA %	19 2%	19 7%	19 2%	19 6%			19 2%	19 7%	19 2%	19 6%
EBIT %	13 8%	13 8%	13 9%	13 7%			13 8%	13 8%	13 9%	13 7%
EBIT non-IFRS	53 0	49 5	53 0	49 5	+7%		240 0	231 9	240 0	231 9	+4%
NPAT non-IFRS	42 7	41 4	42 7	41 4	+3%		193 5	193 9	193 5	193 9	-0%

2023: Solid growth in Payment and Banking Solutions

		Revenue			EBITDA		EBIT
mEUR	FY 2023	FY 2022	Diff	FY 2023	FY 2022	Diff	FY 2023	FY 2022	Diff
Solutions Payment	197 166 5	171 160 6	26 +5 9	30 40 2	28 37 5	2 +2 7	23 27 2	22 23 7	2 +3 5
Non-Payment	196 9	171 4	+25 5	29 7	27 7	+1 9	23 4	21 8	+1 6
Banking Solutions	66 6	58 8	8 +7	18 0	15 4	+2 6	15 1	12 7	+2 4
Dedicated Solutions	130 3	112 7	+17 7	11 7	12 3	-0 7	8 3	9 1	-0 8
ASEE Group TTL	363 4	332 0	+31 5	69 8	65 2	+4 7	50 7	45 5	+5 1
Revenue BUs FY 2023 per		EBIT per	BUs FY 2023				Profitability per FY 2023 FY	BU 2022

EBIT per BUs FY 2023

Profitability per BU

2023: Highest growth in eCommerce+Processing

		Revenue
mEUR	FY 2023	FY 2022	Diff
ECR IPD +	14 2	10 2	0 +4
eComm Proc +	36 3	27 3	+9 0
(incl IAD) ATM	36 8	42 9	6 1 -
POS	79 2	80 2	1 0 -
Payment	166 5	160 6	+5 9

2023: Serbia, Croatia and Romania contribute to growth

	Revenue			EBIT
mEUR	FY 2023	FY 2022	Diff	Diff %	FY 2023	FY 2022	Diff	Diff %
B&H	25 6	29 1	3 5 -	12% -	3 0	5 0	1 9 -	39% -
Croatia	52 1	47 9	+4 2	+9%	8 2	6 2	+2 0	+31%
Iberia	46 4	49 1	2 7 -	6% -	6 1	6 1	0 0 -	0% -
Latam	8 3	6 4	+2 0	+31%	0 7	0 3	+0 4	+150%
Macedonia	14 8	17 6	2 8 -	16% -	2 8	2 8	0 1 -	3% -
Romania	66 8	50 7	+16 1	+32%	3 1	1 6	+1 5	+93%
Serbia	91 4	87 2	+4 2	+5%	15 1	12 9	+2 2	+17%
Turkey	33 9	26 5	+7 3	+28%	6 3	6 0	+0 2	+4%
Central Europe	12 2	8 5	+3 7	+44%	1 1	1 0	+0 0	+2%
Other*	25 0	19 5	+5 5	+28%	4 6	3 8	+0 7	+19%
Eliminations	13 1 -	10 5 -	2 6 -		0 2 -	0 3 -	+0 1
GASEE	363 4	332 0	+31 5	+9%	50 7	45 5	+5 1	+11%

Liquidity

Net Cash position

mEUR	2023 YE	2022 YE	Diff
Cash and short investments term	72 0	63 5	+8 5
liabilities Lease	-11 0	9 6 -	-1 4
Bank loans and credit lines	24 3 -	24 5 -	+0 2
(short -term) Deferred and contingent for acquisitions payments	-12 6	-12 3	0 3 -
Cash Net	24 1	17 1	0 +7
Receivables and Prepayments	124 2	97 5	+26 7
Liabilities and Deferred Provisions Income ,	-135 0	88 9 -	-46 1
Inventory	22 5	12 2	+10 3
Operational Balance	35 8	37 9	-2 0

Solid operating cash flow

mEUR	2023	2022	2021
cash flow* Operating	70 3	52 5	52 5
- Infrastructure for outsourcing	-5 2	-5 5	-3 5
- infrastructure for IAD	-0 3	-0 4	-0 2
- Capitalized R&D	-0 1	-0 5	-0 3
- M&A	-18 2	-8 8	-31 7
- Other CAPEX	-9 9	-7 2	-5 3
Cash Flow Free	36 6	30 2	11 5
Debt Increase	7 1	11 7	6 9
Debt Service	-12 7	-12 9	-12 1
Total Cash Flow	31 0	29 0	6 3
	101%	81%	93%
CF/EBITDA** Oper
FCF/EBIT**	72%	66%	29%

Asseco SEE Group

*Excluding investment in outsourcing equipment presented in Inventory

**Excluding hyperinflation impact

Outlook for 2024

ASEE + Payten

mEUR	* Q1 2024F	Q1 2023F	Diff %
Revenues BL	72 0	77 6	-7%
Margin1 BL	58 0	55 9	+4%

mEUR	* 2024F	2023F	Diff %
Revenues BL	253 4	250 6	+1%
Margin1 BL	199 8	186 8	+7%

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

ASEE - Banking and Dedicated solutions

mEUR	* Q1 2024F	Q1 2023F	% Diff
Revenues BL	39 1	40 9	-4%
Margin1 BL	28 1	28 9	-3%

mEUR	* 2024F	2023F	Diff %
Revenues BL	125 2	123 0	+2%
Margin1 BL	82 7	84 7	-2%

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

Payten

mEUR	* Q1 2024F	Q1 2023F	Diff %
Revenues BL	32 9	36 8	-10%
Margin1 BL	29 9	27 0	+11%

mEUR	2024F	2023F	% Diff
Revenues BL	128 1	127 7	+0%
Margin1 BL	117 1	102 1	+15%

ASEE

www.see.asseco.com

linkedin.com/company/Asseco SEE

Asseco Group

www.asseco.com

@asseco_group

youtube.com/user/AssecoSEE linkedin.com/company/asseco-group

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