Asseco Poland S.A.

Reported 2025 revenue was PLN 16.780 billion, up 12% year over year. Operating profit was over PLN 1.6 billion, up 11%, while Non-IFRS EBITDA was PLN 2.5 billion and up 8%, and Non-IFRS EBIT was over PLN 2 billion and up 9%. Non-IFRS net profit was PLN 742 million, and management also highlighted PLN 1.139 billion in net profit, which included a large gain from the Sapiens transaction. On the balance sheet and cash side, the group said it had more than PLN 7 billion in cash and cash flow of 122% of EBITDA. For 2026, management said the sale of Sapiens will reduce operating revenue by about PLN 2 billion and operating profit by around PLN 350 million versus prior periods. Backlog growth was described as solid, with proprietary services and software backlog up 19% in Asseco Poland, 17% in another cited view of the same business, 9% in Asseco International, and 14% in Formula Systems; on a proportional basis they cited 16%, 10%, and 14%, respectively. The board proposed a dividend of PLN 1.051 billion, or PLN 13.05 per share, and said part of that is supported by proceeds from treasury share sales and cash generation.

Adam Góral’s message was strongly optimistic about the company’s long-term position, but he repeatedly stressed caution on AI, acquisitions, and capital allocation. He said Asseco’s strategy remains unchanged: focus on software and services, preserve strong positions in key regions, and use AI to improve efficiency without experimenting on customers. He also framed succession positively, saying the company is in good hands under the next leadership and that he will move to the Supervisory Board.

Karolina Rzonca-Bajorek focused on the comparability of the 2025 numbers after the Sapiens sale and explained the main drivers below the line. She highlighted PLN 48 million of negative FX impact on revenue and PLN 4 million on operating business, PLN 67 million of write-off at Formula Systems for ZAP, PLN 67 million of transaction costs tied to the Magic/Matrix merger, and PLN 15 million of write-offs in Nextbank. She also said debt declined year over year, interest expense was lower, cash flow was robust at 122% of EBITDA, and the group ended with more than PLN 7 billion in cash; she justified the PLN 13.05 per share dividend by citing strong cash flow, cash balances, and treasury-share proceeds.

The most notable Q&A centered on whether the dividend should be viewed as extraordinary and what the policy will be going forward. Management said dividends will remain strong when M&A opportunities are absent, but if the group finds attractive acquisitions at acceptable prices, cash will be deployed there and the dividend would be lower. Another key topic was Sapiens: management said the remaining indirect 18% stake could be sold only if Advent, the new owner, chooses to exit in a few years, and Asseco would consider joining that sale. The final line of questioning focused on the use of Sapiens proceeds, with management reiterating that capital allocation depends on balancing acquisitions, dividends, and strategic flexibility.