Asseco South Eastern Europe S.A.

Investor Presentation • Feb 17, 2025

Estimated financial results for 2024 And Business Update

17th February 2025

ALL FIGURES FOR Q4, 2024 IN THIS PRESENTATION ARE ESTIMATES NOT AUDITED BY OUR AUDITOR OFFICIAL RESULTS ARE PLANNED TO BE PUBLISHED ON 26TH FEB 2025

Q4 and FY'2024 – Highlights

• Very strong Payment as main contributor to EBIT growth YoY
• Payment growth driven by eCommerce and Processing and IPD and ECR
• Weaker Dedicated Solutions including one-offs (Q2), which affected result by 2.3mE. Shift of projects to 2025
• Relatively good and above initial expectations Banking in 2024, thanks to Channels and Sec&Comp
• Better cash conversion in Q4 and increased net cash balance, though still room for improvement
• Collections delays in ME&India
• Material negative impact of strong PLN vs EUR (+5% YoY) on results in PLN
• Q4 transactions: 634m (+15%) eCommerce transactions*, 94m (+52%) IPD transactions, 135m (+24%) processing of physical card transactions

Q4 and FY'2024 – Highlights Banking

• Relatively good and above initial expectations Banking in 2024
• Channel solutions including mobile and origination projects showed significant growth
• Growing sales in new banking modules especially Financial Gateway
• Core banking solutions as expected showed slowdown (big implementation projects completed)
• Security&Compliance solutions showed nice growth mainly in areas of authentication and application protector

Q4 and FY'2024 – Highlights Dedicated Solutions

• Weaker Dedicated Solutions including one-offs (Q2), which affected result by 2.3mE
• Shift of projects to 2025 especially in Billing and ITS area
• Slower BPM
• Helius Albania shift of projects including Post Office and eAlbania to 2025
• Live good on acquisition of new projects, too costly on delivery
• Drop in third-party solutions and equipment resell

Q4 and FY'2024 – Highlights Payment

• Very strong Payment as main contributor to EBIT growth YoY
• Growth driven by eCommerce and Processing and IPD and ECR
• eCommerce growth driven by Turkey, Portugal and SEE/Adriatic
• Q4 transactions: 634m (+15%) eCommerce transactions*, 94m (+52%) IPD transactions, 135m (+24%) processing of physical card transactions
• POS-RS decline of hardware deliveries versus 2023
• ATM-RS after weak 2023 showed slight improvement

Q4 2024 results

Q4'24 – Positive quarter

	mEUR						mPLN
	Q4 2024	Q4 2023	Q4 2024 no hyper	Q4 2023 no hyper	Diff %		Q4 2024	Q4 2023	Q4 2024 no hyper	Q4 2023 no hyper	Diff %
Revenue	115 7	110 6	111 1	112 9	-2%		498 7	488 6	478 9	499 0	-4%
EBITDA	22 8	18 9	21 2	19 6	+8%		98 0	83 0	91 2	86 1	+6%
EBIT	16 8	13 9	15 5	14 6	+6%		72 2	61 2	66 6	64 4	+3%
NPAT	13 9	11 1	11 9	11 6	+2%		60 0	48 6	51 2	51 2	+0%
EBITDA %	19 7%	17 1%	19 1%	17 3%			19 7%	17 0%	19 0%	17 3%
% EBIT	5% 14	6% 12	9% 13	9% 12			5% 14	5% 12	9% 13	9% 12
EBIT non-IFRS	16 9	15 5	16 9	15 5	+9%		72 8	68 2	72 8	68 2	+7%
NPAT non-IFRS	13 2	11 4	13 2	11 4	+16%		56 9	49 9	56 9	49 9	+14%

Q4'24 – Payment drive the growth

		Revenue			EBITDA		EBIT
mEUR	Q4 2024	Q4 2023	Diff	Q4 2024	Q4 2023	Diff	Q4 2024	Q4 2023	Diff
Solutions Payment	59 52 4	64 49 1	-5 +3 3	9 12 3	8 11 4	1 +0 9	7 8 5	7 8 1	0 +0 4
Non-Payment	58 7	63 8	-5 1	8 9	8 2	+0 7	7 0	6 5	+0 4
Banking Solutions	18 2	17 8	+0 5	3 6	5 1	-1 5	2 9	4 3	-1 4
Dedicated Solutions	40 5	46 0	-5 5	3 5	3 1	+2 2	4 1	2 2	+1 9
GASEE	111 1	112 9	-1 8	21 2	19 6	+1 6	15 5	14 6	+0 9
Revenue BUs Q4 2024 per		EBIT per	BUs Q4 2024				Profitability per Q4 2024 Q4	BU 2023

Profitability per BU

Q4'24 – Growing driven by eComm.+Proc.

		Revenue
mEUR	Q4 2024	Q4 2023	Diff
ECR IPD +	4 7	3 9	+0 8
eComm Proc +	16 9	10 8	+6 1
(incl IAD) ATM	10 0	3 11	1 4 -
POS	20 8	23 1	2 3 -
Payment	52 4	49 1	+3 3

EBIT per BUs Q4 2024

Q4'24 – Tur and WE contribute most of growth

		Revenue			EBIT
mEUR	Q4 2024	Q4 2023	Diff	Diff %	Q4 2024	Q4 2023	Diff	Diff %
SEE	65 1	60 5	+4 5	+7%	10 9	8 3	+2 5	+30%
B&H	9 7	7 6	+2 1	+28%	1 4	0 1	+1 4	>+300%
Croatia	14 6	14 8	-0 2	-2%	2 1	2 7	-0 6	-21%
Macedonia	5 1	5 5	-0 5	-8%	1 0	1 5	-0 5	-35%
Serbia	28 0	25 0	+3 0	+12%	5 1	2 9	+2 3	+80%
Other*	8 7	7 7	+0 1	+1%	2 1	2 1	-0 0	-1%
CEE	18 4	29 3	-10 8	-37%	0 8	1 6	-0 8	-48%
WE	13 0	15 2	-2 2	-14%	1 5	2 7	-1 3	-47%
MEA	0 5	0 0	+0 5	>+300%	-0 8	0 0	-0 8
TURKEY	12 5	9 4	+3 2	+34%	2 7	2 5	+0 3	+12%
INDIA	1 8	0 0	+1 8		1 3	0 0	+1 3
LATAM	3 4	2 7	+0 7	+25%	0 4	0 4	-0 0	-5%
Adj PPA	0 0	0 0	+0 0		-1 4	-0 8	-0 6
eliminations Adj IC	-3 6	-4 2	+0 6		0 0	-0 1	+0 1
GASEE	111 1	112 9	8 -1	-2%	15 5	6 14	+0 9	+6%

2024 results

FY'24 – Slight growth of EBIT

	mEUR						mPLN
	2024 FY	2023 FY	FY 2024 no hyper	FY 2023 no hyper	% Diff		2024 FY	2023 FY	FY 2024 no hyper	FY 2023 no hyper	% Diff
Revenue	396 9	362 7	390 4	363 4	+7%		1 708 2	1 642 5	1 680 4	1 645 8	+2%
EBITDA	75 6	69 4	73 7	69 8	+6%		325 5	314 4	317 2	316 3	+0%
EBIT	52 7	49 8	51 6	50 5	+2%		226 8	225 5	221 9	228 8	-3%
NPAT	6 47	9 45	41 2	41 6	-1%		204 7	207 9	177 3	188 3	-6%
EBITDA %	19 1%	19 1%	18 9%	19 2%			19 1%	19 1%	18 9%	19 2%
EBIT %	13 3%	13 7%	13 2%	13 9%			13 3%	13 7%	13 2%	13 9%
EBIT non-IFRS	56 2	53 0	56 2	53 0	+6%		242 1	240 0	242 1	240 0	+1%
NPAT non-IFRS	45 2	42 7	45 2	42 7	+6%		194 4	193 5	194 4	193 5	+0%

FY'24 – Dedicated Solutions negatively affected EBIT

	Revenue				EBITDA		EBIT
mEUR	FY 2024	FY 2023	Diff	FY 2024	FY 2023	Diff	FY 2024	FY 2023	Diff
Solutions Payment	194 196 5	197 166 5	-3 +30 0	24 49 7	30 40 2	-6 +9 5	16 35 3	23 27 1	-7 +8 2
Non-Payment	193 9	196 9	-3 1	24 0	29 7	-5 7	16 3	23 4	2 -7
Banking Solutions	68 0	66 6	+1 4	17 0	18 0	-1 0	14 0	15 1	-1 1
*) Dedicated Solutions	125 9	130 3	-4 4	7 0	11 7	-4 6	2 2	8 3	-6 1
GASEE	390 4	363 4	+27 0	73 7	69 8	+3 9	51 6	50 5	+1 0

Profitability per BU

FY 2024 FY 2023

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

FY'24 – eComm.+Proc. drive the growth

	Revenue
mEUR	FY 2024	FY 2023	Diff
ECR IPD +	17 9	14 2	+3 6
eComm Proc +	57 1	36 3	+20 8
(incl IAD) ATM	44 9	36 8	+8 1
POS	76 7	79 2	2 5 -
Payment	196 5	166 5	+30 0

FY'24 – Solid year for Turkey

	Revenue			EBIT
mEUR	FY 2024	FY 2023	Diff	Diff %	FY 2024	FY 2023	Diff	Diff %
SEE	229 2	208 9	+20 3	+10%	35 1	35 3	-0 2	-1%
B&H	29 6	25 6	+3 9	+15%	2 8	3 6	-0 8	-23%
Croatia	56 6	52 1	+4 5	+9%	9 2	9 0	+0 1	+1%
Macedonia	15 1	14 8	+0 3	+2%	2 6	2 8	-0 1	-4%
Serbia	99 3	91 4	8 +7	+9%	15 5	15 1	+0 4	+3%
Other*	28 7	24 9	+3 8	+15%	5 1	4 9	+0 2	+5%
CEE	63 6	79 0	-15 3	-19%	2 0	4 9	-2 9	-59%
WE	47 3	46 4	+1 0	+2%	6 6	6 1	+0 5	+7%
MEA	2 1	0 1	+1 1	>+300%	-0 8	-0 1	-0 8
TURKEY	45 2	33 9	+11 3	+33%	10 8	6 3	+4 6	+73%
INDIA	3 1	0 0	+3 1		1 8	0 0	+1 8
LATAM	10 8	8 3	+2 4	+29%	0 9	0 7	+0 2	+23%
Adj PPA	0 0	0 0	+0 0		-4 7	-2 5	-2 2
Adj eliminations IC	-10 0	-13 1	+3 1		-0 2	-0 2	+0 1
GASEE	390 4	363 4	+27 0	+7%	51 6	50 5	+1 0	+2%

16 * Other entities include: Albania, Bulgaria, Kosovo, Montenegro, Slovenia

Net Cash position

mEUR	Dec'24 31	2023 YE	Diff	Sep'24 30
Cash and short investments term	63 8	72 0	-8 2	47 2
liabilities Lease	-15 4	-10 9	-4 5	-15 6
Bank loans lines and credit	-38 1	-24 3	-13 8	-45 3
Deferred and for (short -term) contingent acquisitions payments	-10 1	-12 6	+2 6	-17 5
Cash Net	0 3	24 2	-23 9	-31 2
Receivables and Prepayments	130 8	124 1	+6 7	129 2
Liabilities and Deferred Provisions Income ,	-124 5	-135 0	+10 6	-108 3
Inventory	25 7	22 5	+3 2	23 6
Operational Balance	32 3	35 7	-3 4	13 4

Cashflow

mEUR	2024	2023	2022
cash flow Operating	47 8	70 5	52 5
- Infrastructure for networks outsourcing & own	-13 6	-7 8	-7 1
- Capitalized R&D	0 0	-0 1	-0 5
- M&A	-21 1	-18 2	-8 8
- Other CAPEX	-7 7	-7 6	-6 1
for shareholders - Dividends minority	-2 6	-2 4	-0 8
Cash Flow Free	2 8	34 4	29 1
Debt Increase	25 7	7 1	11 7
Debt Service	-21 1	-12 7	-12 9
Total Cash Flow	4 7	28 8	29 0
CF/EBITDA* Oper	65%	101%	80%
CF/EBITDA* Adjusted Oper	76%	89%	80%
FCF/EBIT*	5%	68%	64%

*Excluding hyperinflation impact

Outlook for 2025

ASEE + Payten

mEUR	Q1 2025	Q1 2024	Diff %
BL Revenues	81 5	66 8	+22%
Margin1 BL	61 2	54 8	+12%

mEUR	2025F	2024F	Diff %
Revenues BL	249 0	233 3	+7%
Margin1 BL	213 5	186 4	+15%

* backlog data from January 2025 and January 2024 respectively backlog data excluding hyperinflation effect

ASEE – Banking and Dedicated Solutions

mEUR	Q1 2025	Q1 2024	Diff %
Revenues BL	44 5	36 6	+22%
Margin1 BL	27 9	27 0	+4%

mEUR	2025F	2024F	Diff %
Revenues BL	113 4	118 4	-4%
Margin1 BL	85 5	78 0	+10%

* backlog data from January 2025 and January 2024 respectively backlog data excluding hyperinflation effect

Payten

mEUR	Q1 2025	Q1 2024	Diff %
Revenues BL	37 0	30 3	+22%
Margin1 BL	33 3	27 8	+20%

mEUR	2025F	2024F	Diff %
Revenues BL	135 6	114 9	+18%
Margin1 BL	128 0	108 4	+18%

* backlog data from January 2025 and January 2024 respectively backlog data excluding hyperinflation effect

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