Asseco Poland S.A.

Reported results: revenue was PLN 16.780 billion, up 12% year over year; operating profit was over PLN 1.6 billion, up 11%; Non-IFRS EBITDA was PLN 2.5 billion, up 8%; Non-IFRS EBIT was over PLN 2 billion, up 9%; and Non-IFRS net profit was PLN 742 million, up 9%. Own proprietary services revenue was PLN 12.6 billion, up 7%, and the group said organic sales were PLN 1.3 billion with PLN 300 million of additional Non-IFRS operating profit from organic growth. Forward-looking guidance/commentary: management said 2026 revenue will likely be about PLN 2 billion lower and operating profit about PLN 350 million lower because Sapiens was sold; backlog growth was described as satisfactory, with own proprietary services/software backlog up 19% in Asseco Poland, 17% in Asseco International, and 14% in Formula Systems. The board proposed PLN 1.051 billion in dividends, equal to PLN 13.05 per share, with the final payout subject to approval.

Adam Góral was upbeat about the record results and said they came from the group’s strategy, execution, and long-term customer knowledge. He emphasized that Asseco wants to stay focused on software and services it writes itself, while keeping selective integration where it makes sense and preserving strong positions in key sectors and geographies. He also spent much of his commentary on the future: AI should be adopted carefully and pragmatically to improve efficiency, not as a customer experiment, and he sees Asseco’s federated model, sector expertise, and large installed base as advantages in that transition.

Karolina Rzonca-Bajorek focused on the comparability of the 2025 numbers after the Sapiens sale, noting that Sapiens was excluded from individual P&L lines and shown as discontinued business. She cited PLN 16 billion-plus in sales, PLN 12.6 billion in proprietary services, PLN 2.5 billion in Non-IFRS EBITDA, PLN 2 billion-plus in Non-IFRS EBIT, and PLN 742 million in Non-IFRS net profit. She also pointed to weaker FX drag than in prior years, robust cash flow above EBITDA across segments, more than PLN 7 billion in cash on bank accounts, and the rationale for the PLN 13.05 per share dividend, saying the group can support the payout from current results, cash flow, and balance sheet strength.

The most notable questions were about whether the proposed dividend should be viewed as extraordinary, what the dividend policy might look like going forward, and whether remaining Sapiens ownership could still be monetized. Management said acquisitions remain a priority, but if attractive deals do not materialize, shareholders can expect a hefty dividend; if M&A opportunities do arise, cash available for payouts would be lower. On Sapiens, management said the remaining 18% stake is held indirectly and could be sold together with Advent if the new owner decides to exit in a couple of years; they also said the dividend decision was influenced by the sale proceeds, treasury stock sale, free cash flow, and balance sheet strength.