Q2 2026 Asseco Poland SA Earnings Call

August 28, 2026

Rafał Kozłowski: Good afternoon, ladies and gentlemen. We would like to welcome you very cordially to the results conference, which is about the results of Asseco in H1 2026. As always, we would like to introduce you or show you the activities of our group and the financial results. Karolina Rzońca-Bajorek, the CFO of the group, will talk about the results. We will start with the activities of the group, which will be delivered by Marek Panek, the Vice President of the group. We will ask you at the end to send your questions. We will try to field all of your questions. You have a tab where you can pose your questions during the course of today's conference. We will ask you to pose your questions. We will try to field all of them. I will ask Marek to kick off with our presentation.

Speaker #1: Good afternoon, ladies and gentlemen. We'd like to welcome you very cordially to the results conference, which is about the results of Asseco in the first half of 2026.

Speaker #1: As always, we'd like to introduce you to or show you the activities of our group and the financial results, and so Karolina, our CFO, joins us. Biotic, the CFO of the group, will talk about the results, and we'll start with activities of the group, which will be delivered by Marek Panek, the Vice President of the group. We'll ask you at the end to send your questions, and we'll try to field all of them. You basically have a tab where you can pose your questions during the course of today's conference.

Speaker #1: We'll go ahead and ask you to pose your questions. We'll try to field all of them, and I'll ask Marek to kick off with our presentation.

Speaker #1: Thank you very much, ladies and gentlemen. As a matter of tradition, I'll begin with a business summary of what has happened in the first half of 2026 in the Asseco Group.

Marek Panek: Thank you very much, ladies and gentlemen. As a matter of tradition, I will begin with a business summary of what has happened in H1 2026 in the Asseco Group. I think the best summary is slide number 3, which you now see on your screens. These are figures which illustrate the results of our company in this period we are discussing. We have revenue of PLN 9,250,000,000, which is a 16% increase from half year to half year. Our operating profit grew by 38%. It has exceeded PLN 1,080,000,000. Net profit at the end of the day is PLN 430,000,000. We have an increase of in excess of 52%. I think we can all be very satisfied with these results. We are certainly very satisfied with these results. We will show you the breakdown of revenue by operating segments.

Speaker #1: I think the best summary is slide number 3, which you now see on your screens. These are figures which illustrate the results of our company in this period.

Speaker #1: We're discussing, so we have revenue of 9.25 billion, which is a 16% increase from half-year to half-year. Our operating profit grew by 38%.

Speaker #1: It succeeded $1.08 billion, and net profit at the end of the day is $430 million, so we have an increase of in excess of 52%.

Speaker #1: So, I think we can all be very satisfied with these results. We're certainly very satisfied with these results. Next, we'll show you the breakdown of revenue by operating segments. For many years, you've been familiar with this breakdown.

Marek Panek: For many years, you have been familiar with this breakdown. We will begin with Asseco Poland segment, then we have Asseco International and Formula Systems. We have 17% increase in Poland, so we have exceeded PLN 1,300,000,000 in revenue. Asseco International has slightly slower growth, about 9%. Here we have PLN 2,372,000,000 in revenue. The fastest-growing segment is Formula Systems with an 18% increase, so almost PLN 5,600,000,000 in revenue. Let me remind you of the proportions. I will begin with the right side. Formula Systems is giving us 60%, International is 26%, and the remaining 14% comes from our activities on the Polish market. If we look at revenues broken down by our major product groups, you can see on the right side, we have a bar graph which shows you that we have double-digit growth in all of our segments.

Speaker #1: We'll begin with the Asseco Poland segment, then we have Asseco International and Formula Systems. We have increases—in Poland, we have a 17% increase, so we've exceeded 1 billion 300 million in revenue.

Speaker #1: Asseco International has slightly slower growth, about 9%. Here we have $2.372 billion in revenue, and the fastest-growing segment is Formula Systems with an 18% increase.

Speaker #1: So, almost 5 billion 600 million in revenue. Let me remind you of the proportions, and so I'll begin with the right side. Formula Systems is giving us 60%, International is 26%, and the remaining 14% comes from our activities on the Polish market.

Speaker #1: And so, if we look at revenues broken down by our major product groups, you can see on the right side we have basically a bar graph, which shows you that we have double-digit growth in all of our segments.

Speaker #1: We have solutions for finance. We have nearly $2 billion in revenue, with an 11% increase. We see the most—and the fastest—growth in solutions for public institutions, at nearly 30%.

Marek Panek: We have solutions for finance. We have nearly PLN 2 billion of revenue with an 11% increase. We see the fastest growth in solutions for public institutions at nearly 30%. We are in excess of PLN 2.5 billion. Here, I would like to emphasize that this is our biggest segment. This is generating some 27% of our total revenue. Then we have the other product groups. We have ERP solutions, other IT solutions, infrastructure, plus other solutions. We have growth of 17%, 10% and 11% respectively. The commentary is here unnecessary. We are pleased with all of our product groups across the board. We have posted very substantial growth. It is important that we have this diversification in terms of customers. We can say the share of the top 10 gives us 13% of the group's revenue, whereas the largest client in the group represents 2% of our revenue.

Speaker #1: We're in excess of $2.5 billion. Here, I'd like to emphasize that this is our biggest segment. This is generating some 27% of our total revenue, and then we have the other product groups.

Speaker #1: We have ERP solutions, other IT solutions, infrastructure, plus other solutions. We have growth of 17%, 10%, and 11%, respectively. The commentaries here are unnecessary; we're pleased with all of our product groups across the board.

Speaker #1: We've posted very substantial growth. It's important that we have this diversification in terms of customers. So we can say the share of the top 10 gives us 13% of the group's revenue, whereas the largest client in the group represents 2% of our revenue.

Speaker #1: So the conclusion to be drawn is that we're not dependent on any single question, so our operations are highly diversified. And as a matter of tradition, we'll sum up the three product groups where we're operating, and we'll begin with solutions for finance.

Marek Panek: The conclusion to be drawn is that we are not dependent on any single question, so our operations are highly diversified. As a matter of tradition, we will sum up the three product groups where we are operating, and we will begin with solutions for finance. Here we have nearly PLN 2 billion in revenue and some 11% growth, and the biggest contributor is Asseco International. I have been used to Formula Systems, but after we sold Sapiens, that share fell substantially. The biggest contributor today is Asseco International, which has delivered some PLN 820 million and has 4% growth.

Speaker #1: Here we have nearly $2 billion in revenue, with nearly 11% growth, and the biggest contributor is Asseco International. I have been used to Formula Systems, but after we sold Sapiens, that share fell substantially, and so the biggest contributor today is Asseco International, which has delivered about $820 million and has 4% growth.

Speaker #1: And we're pleased here with what's happening at Asseco Southeastern Europe, especially if we look at the pace of growth in core banking systems. Here, we've grown the fastest in payment.

Marek Panek: We are pleased here with what is happening. Asseco South Eastern Europe, especially if you look at the pace of growth in core banking systems. Here we have grown the fastest in payment. It is more or less flat year-on-year. We can say that Asseco Central Europe and Asseco PST are doing quite well.

Speaker #1: It's more or less flat year-on-year, and we can say that Asseco Central Europe and PSD are doing quite well. And this is the financial sector.

Marek Panek: This is the financial sector. In Poland, we have 16% growth, so PLN 360 million exceeded. Let me remind you that in Poland, this is Asseco Poland and our division that does banking solutions. Then we have Asseco Data Systems. We also have solutions for leasing, and this has grown very dynamically. If we look at the banking segment, this is basically very important to us from the very beginning of our operations, from the very outset. This segment is characterized by a large stream of large recurring revenue and so maintenance, development of our solutions. Basically we are signing new contracts. We have signed a large contract with BGK, the National Development Bank, and that was done this year, and this is a contract that we are going to be running over the next several years.

Speaker #1: So in Poland, we have 16% growth, so PLN 360 million exceeded. Let me remind you that in Poland, this is Asseco Poland and our division that does banking solutions, and then we have data systems.

Speaker #1: We also have solutions for leasing, and this has grown very dynamically. But if we look at the banking segment, this is basically very important to us from the very beginning of our operations, from the very outset. This segment is characterized by a large stream of large, recurring revenue—so maintenance, development of our solutions, and basically we're signing new contracts.

Speaker #1: So we've signed a large contract with BGZ, the National Development Bank, and that was done this year. This is a contract that we're going to be running over the next several years.

Speaker #1: In Formula Systems, it succeeded $800 million in revenue for the financial sector, so that's some 17% growth. If we compare the interim periods of six months to six months after selling Sapians to me, your contributor, of course, is the Matrix IT company, and so that's why we look at it as an entity after its merger business combination with the other company.

Marek Panek: In Formula Systems, it has exceeded ILS 800 million in revenue for the financial sector, so that is some 17% growth if we compare the interim periods of six months to six months after selling Sapiens to me. The contributor, of course, is the Matrix IT company. That is why we look at it as an entity after its merger business combination with the other company. As I have mentioned previously, this is a segment, the largest segment, so it is 27% in the total of the group, and it is the most quickly growing. We have nearly 30% growth. We had $2.5 billion in sales. Revenue in the H1 of the year at Solutions Republic Institutions. You can see that Asseco International is growing the fastest. We have EUR 322 million in sales and a 33% increase growth.

Speaker #1: And so as I've mentioned previously, this is a segment, the largest segment, so it's 27% in the total of the group. And it's the most quickly growing, so we have a 30s nearly 30% growth in we have 2 and a half billion in sales, so revenue in the first half of the year, solutions for public institutions, and you can see that Asseco International is growing the fastest we have 322 million in sales.

Speaker #1: And a 33% increase in growth. And here we're very pleased because we've been able to build our position in terms of delivering solutions in the Czech Republic and Slovakia for the public sector. And so one and a half years ago, two years ago, we had mentioned that there was some stagnation.

Marek Panek: Here we are very pleased because we have been able to build our position in terms of delivering solutions in Czech Republic and Slovakia for public sector. One and a half years ago, two years ago, we had mentioned that there was some stagnation. We have been able to rebuild our position, shore it up, and we are very pleased with that, having done that. In Poland, if we look at that 27% growth and sales of nearly PLN 740 million, big contribution was made by the health sector, the health service. We had mentioned that one quarter ago that we started to run projects linked to the KPO, the National Development Program. This went into the Q2 of the year, and we have been able to see very strong growth, vibrant growth in this segment.

Speaker #1: We've been able to rebuild our position, shore it up, and we're very pleased with that, having done that. And so, in Poland, if we look at that 27% growth and sales of nearly 740 million, a big contribution was made by the health sector, the health service.

Speaker #1: We had mentioned one quarter ago that we started to run projects linked to the KPA, the National Development Program, and so this went into the second quarter of the year. We've been able to see very strong growth, vibrant growth in this segment.

Speaker #1: I would add here that more than 150 hospitals, which were covered by that program, were customers of Asseco Poland. So, in a natural way, this is something that's conducive to revenue.

Marek Panek: I would add here that more than 150 hospitals, which were covered by that program, were customers of Asseco Poland. This is something that is conducive to revenue. It is generating revenue for us. In public, we also have large-scale projects for the biggest public institutions in Poland, and so the energy sector. That is why we believe that this growth has taken place, and that is why we are satisfied. In Formula Systems, we have PLN 1,447 million, so the growth is some 29%. We are talking about Matrix, but not only, but Michpal has increased revenue for public institutions. If we look at our ERP solutions in turn, we had sales of PLN 934 million, and this was a 17% growth, if we compare the two interim periods of 6 months each. You do not see Asseco Poland here.

Speaker #1: It's generating revenue for us. In the public sector, we also have large-scale projects for the biggest public institutions in Poland, including the energy sector. That's why we believe that this growth has taken place, and that's why we're satisfied.

Speaker #1: So, in Formula Systems, we have 1 billion 447 million, so the growth is some 29%. So we're talking about Matrix, but not only that—Meitav has increased revenue for public institutions.

Speaker #1: If we look at our ERP solutions in turn, we had sales of 934 million Swatis, and this was 17% growth. If we compare the two interim periods of six months each—and so you don't see Asseco Poland here—we can say as of the first quarter of this year, it's not here because the company Automatyka, which is representing Asseco Poland, has been moved to the Enterprise Solutions holding, and it's now consolidated in Asseco International.

Marek Panek: As of the Q1 of this year, it is not here because the company, DahliaMatic, which is representing Asseco Poland, has been moved to the Enterprise Solutions holding, and it is now consolidated in Asseco International. In Asseco International, we basically have sales of nearly PLN 570 million with 13% growth, and we are pleased with that in terms of what is happening in Asseco Solutions in Germany and Slovakia, because we do have some pretty substantial growth. We are also pleased with Asseco Business Solutions. Those of you who attended the conference of that company know what that stems from. Then we have Formula Systems. It is nearly PLN 370 million in revenue with a 25% uptick in terms of growth. This ensues from a number of different spots within the Formula because different companies are delivering solutions of the ERP grade and so also of third companies.

Speaker #1: And in Asseco International, basically we have sales of nearly 570 million, with 13% growth, and we're pleased with that in terms of what's happening in Asseco Solutions in Germany and Slovakia.

Speaker #1: Because we do have some pretty substantial growth, we're also pleased with the Asseco Business Solutions. Those of you who attended the conference of that company know what that stems from.

Speaker #1: And then we have Formula Systems. It's nearly $370 million in revenue with a 25% uptick in terms of growth, and this ensues from a number of different spots within Formula, because different companies are delivering solutions of the ERP grade, and so also of third companies.

Speaker #1: If we look at acquisitions, I mean the activity in 2026, we've been joined by nine companies. One company from Poland, which is Mecomp—this acquisition was done after the balance sheet date.

Marek Panek: If we look at acquisitions, M&A activity, in 2026, we have been joined by 9 companies. One company from Poland, which is Makom. This acquisition was done after the balance sheet date. We are showing it here, and we have actually described this transaction in our financial statements. Then we have the Seneca company. It is a small company from Vietnam. It is an outsourcing company. We have talked about that at the previous conference because this is something that was done after the balance sheet date. Then we have Rontech Computing, which is a new purchase, a Portuguese company. This was from Asseco PST. This is a company that is operating in the Portuguese-speaking markets. It is a small acquisition, but quite intriguing. It did software for the insurance sector, and so it is working in several countries, and that coincides with PST.

Speaker #1: We're showing it here, and we've actually described this transaction in our financial statements, and so then we have the Seneca Company, it's a small company from Vietnam, it's an outsourcing company, and we've talked about that at the previous conference because this is something that was done after the balance sheet date, and then we have Rontek Computing, which is a new purchase, a Portuguese company, and this was from Asseco PSC, so this is a company that's operating in the Portugal Portuguese speaking markets.

Speaker #1: It's a small acquisition, but quite intriguing. It did software for the insurance sector, and so it's working in several companies and countries, and that coincides with PST.

Speaker #1: And then we have the Formula Systems in different areas. We had two acquisitions that were done by Magic, two acquisitions that were done by McPaul, and so, in terms of software for HR and payroll processes, we are continuously strengthening and bolstering the group of Meitav, which basically was listed in Tel Aviv last year. Then, we have two other companies that have joined us, and this is called Formula Infrastructure—that's the working name. I think it would be better to call it Formula Engineering, because these are specialist companies that are dealing less with maybe software, but they're doing engineering work. It's a very interesting concept, and we very strongly believe in that.

Marek Panek: Then we have the Formula Systems in different areas. We had 2 acquisitions that were done by Magic Software, 2 acquisitions that were done by Michpal. So in terms of software for HR and payroll processes. Then we are continuously strengthening and bolstering the group of Michpal, which basically was listed in Tel Aviv last year. Then we have 2 other companies that have joined us, and this is called Formula Infrastructure. That is the working name I think it would be better to just call it Formula Engineering, because these are specialist companies that are dealing less with maybe software, but they are doing engineering work, and it is very interesting concept, and we very strongly believe in that. That would be about it from my side, and I will give the floor at this time to Karolina.

Speaker #1: That would be about it from my side, and I'll give the floor at this time to Carolina.

Speaker #2: As far as the financial information is concerned, Marek has covered revenue in great detail. Therefore, I will focus on the 5-year CAGR on revenue.

Karolina Rzońca-Bajorek: As far as the financial information is concerned, Marek has covered revenue in a great detail. Therefore, I will focus on 5 years CAGR on revenue. Revenue in total 6% CAGR. Revenue from software and preparatory services 7% annual CAGR. EBITDA PLN 1.5 billion. For non-IFRS treatment, you see that it grows faster than the revenue in terms of CAGR and non-IFRS EBIT PLN 1 billion, 214 million with a CAGR of 12%. The net CAGR non-IFRS net profit, it is PLN 485 million for the first 6 months of 2026. If you compare the H1 of the year-to-year, we can tell that this is the very first time since 2 years when we were supported by the foreign exchange rates. So we have the positive impact here, PLN 284 for sales and +PLN 29 for non-IFRS operating profit.

Speaker #2: So, revenue in total: 6% CAGR. Revenue from software and preparatory services: 7% annual CAGR. EBITDA: 1.5 billion zlotys. Treatment—you see where it grows faster than the revenue.

Speaker #2: In terms of CAGR, non-IFRS EBIT is 1 billion 240 million, with a CAGR of 12%, and the net IR CAGR non-IFRS net profit is 485 million for the first six months of 2026.

Speaker #2: If you compare the first half of the year to year, we can tell that this is the very first time in two years when we were supported by the foreign exchange rates, so we have the positive impact here: 235 and 84 for sales, and plus 29 for non-IFRS operating profit.

Speaker #2: In terms of contribution, organic contribution is $855 million for sales revenue year to year, and looking at the non-IFRS operating profit, it's $243 million.

Karolina Rzońca-Bajorek: In terms of organic contribution, it is PLN 855 million for sales revenue year-to-year. Looking at the non-IFRS operating profit, it is PLN 243 million. Acquisitions after 30 June 2025. This is the delta from the acquisition transactions, PLN 121 million for sales revenue and PLN 35 million for operating profit. It just proves that the profitability of the newly acquired companies is very much similar to the organic profitability numbers, which is good news. Net profit again, non-IFRS. The greatest contribution, or I should say the greatest delta to net profit, comes from Asseco Poland, and here we are PLN 125 million in positive terms. Asseco International is the second contributing segment with PLN 34 million, followed by intersegmental adjustments, +PLN 12 million is within the group and -PLN 4 is the adjustment for Formula Systems segment.

Speaker #2: And acquisitions after the 30th of June 2025, so this is the delta from the acquisition transactions: 121 million for sales revenue and 45 million for operating profit.

Speaker #2: So, it just proves that the profitability of the newly acquired companies is very much similar to the organic profitability numbers, which is good news.

Speaker #2: Now, net profit again, non-IFRS—the greatest contribution, or I should say the greatest delta, to net profit comes from Asseco Poland, and here we are 125 million in positive.

Speaker #2: Asseco International is the second contributing segment with 34 million, followed by Inter-Segmental Adjustments, plus 12 million—it's within the group—and minus 4 is the adjustment for the Formula Systems segment. Let's keep that in mind. Because of the sale of Sapiens, we had a major loss of revenue. So if you look at a like-for-like treatment, Sapiens would contribute 18 million zlotys, or they did contribute 18 million during the first six months of 2025. So the delta is just minus 4, which means that we were able, to a large extent, to cover the loss of revenue resulting from the sale of Sapiens by our group.

Karolina Rzońca-Bajorek: Let us keep it in mind that because of the sale of Sapiens, we had a major loss of revenue. If you look at like-for-like treatment, Sapiens would contribute PLN 18 million. Or they did contribute PLN 18 million during the first 6 months of 2025. So the delta is just -PLN 4, which means that we were able to a large extent cover the loss of revenue resulting from the sales of Sapiens by our group. Other companies help bridge that gap. When we look at the PLN, comparing 6 months to 6 months, revenue up by 16% and revenue from software and proprietary services, 17%. Dynamics are even higher for Q2. EBITDA non-IFRS is up by 27%, 6 months to 6 months, and as much as 33% for Q2 2026.

Speaker #2: Other companies help bridge that gap. So, when we look at the PLN, comparing six months to six months, revenue is up by 16%, and revenue from software and proprietary services is up by 17%. Dynamics are even higher for Q2.

Speaker #2: EBITDA non-IFRS is up by 27%, six months to six months, and as much as 33% for Q2 2026. We keep on improving profitability of the EBITDA by 1.5 percentage points at the consolidated level.

Karolina Rzońca-Bajorek: We keep on improving profitability of EBITDA by 1.5 percentage points at the consolidated level. When we take a look at the proportional treatment, then we will see that both dynamics and profitability improves even greater. 33% is non-IFRS operating profit and 32% quarter-to-quarter, and profitability is even better, 1.7 and 1.8 percentage points respectively. The standard operating profit that is reported is 38% 6 months to 6 months. This is the dynamics. Q2, it is 43% compared to Q2 2025, and the improvement of profitability is 1.9 and 1.7 percentage points respectively. Let me revisit this slide. On the right-hand side, we highlighted the dynamics that were cleared of the FX effect. Moving further, below EBIT, we see that we are doing quite well with our cost management and cost control of our interest.

Speaker #2: Now, when we take a look at the proportional treatment, then we will see that both dynamics and profitability improved even greater. 33% is non-IFRS operating profit and 32% quarter to quarter, and profitability is even better, 1.7 and 1.8 percentage points respectively, and the standard operating profit, that is reported, is 38%, 6 months to 6 months, this is the dynamics, Q2 it's 43% compared to Q2 2025, and the improvement of profitability is 1.9 and 1.7 percentage points respectively.

Speaker #2: Now, let me revisit this slide. On the right-hand side, we highlighted the dynamics that were cleared of the FX effect. Now, moving further, below we see that below EBIT, we are doing quite well with our cost management and cost control of our interest. The debt within the group is up slightly, but because of the cash surplus, we are able to have more revenue from income, so our cost income—actually, cost income is greater than the cost.

Karolina Rzońca-Bajorek: The debt within the group is up slightly, but because of the cash surplus, we are able to have more revenue from income. Our cost income is greater than the cost. This is important because it means that we will have cash from the sale of our own cash, but also we have cash from Sapiens sale. The interest income comes from the Polish segment and Formula Systems. I think that looking down, there is nothing interesting happening. Perhaps I should offer a short commentary on the effective tax rate and the tax due for Q2. Right here, we can see the impact on our performance in Q2 2026. This is the tax on the dividend paid by Sapiens. At the beginning of June, the company collected $51 million. Actually, slightly less because there is a withholding tax.

Speaker #2: This is important because it means that we will have cash from the sale of our own cash, but also we have cash from the Sapiens sale. So, the interest income comes from the Polish segment and from Formula Systems.

Speaker #2: I think that, looking down, there is nothing interesting happening. Perhaps I should offer a short commentary on the effective tax rate and the tax due for Q2.

Speaker #2: Right here, we can see the impact on our performance in Q2 2026. This is the tax on the dividend paid by Sapiens. At the beginning of June, the company collected $51 million—actually slightly less, because there is a withholding tax. What we see in the PLN is a 19% tax on the dividend; to some extent, this is withheld at source, and the other part has to be taxed later within the company. So in the PLN, we have to show 19%. This is on over 190 million zlotys, therefore the effective tax rate for Q2 is fairly sizable.

Karolina Rzońca-Bajorek: What we see in the PLN is 19% tax on the dividend. To some extent, this is withheld at source, and the other part has to be taxed later within the company. In the PLN, we have to show 19%, and this is on over 119 million zlotys. Therefore, the effective tax rate for Q2 is fairly sizable. In terms of our participation in the loss and profit of the associated companies, this is mostly the effect of the Israel transformations and transactions, and the net result for shareholders is 460 million in 52% in the standard treatment. For Q2, it is 38% up. Therefore, I think that we would like to see such dynamic every quarter. That would be really nice. However, we have to really keep it in mind that this is quite a spectacular picture.

Speaker #2: In terms of our participation in the loss and profit of the associated companies, this is mostly the effect of the Israel transformations and transactions, and the net result for shareholders is 460 million, with 52% in the standard treatment.

Speaker #2: And for Q2, it's 38% up. Therefore, I think that we would like to see such dynamics every quarter—that would be really nice. However, we have to really keep in mind that this is quite a spectacular picture.

Speaker #2: We will address the underlying reasons for such spectacular performance. I think that this slide deserves more attention. Asseco Poland—this is the maritime company—the revenue has been growing, and the operating profit has been growing even faster.

Karolina Rzońca-Bajorek: We will address the underlying reasons for such a spectacular performance. I think that this slide deserves more attention. Asseco Poland, this is Marek's company. The revenue has been growing, and the operating profit has been growing even faster. Our EBITDA after six months is quite sizable, over 800 million. What Marek has already highlighted is important to mention. This is a one-off effect because we were able to take advantage of the recovery program. Excellent performance in the healthcare system that we are showing under the heading of the public institutions. The other part of the public institutions business has been performing very decently. They had great year in 2025, and they continue the good trend. We also have excellent performance in banking and financial institutions sector, and this is generated by Asseco Poland.

Speaker #2: Our EBITDA after six months is quite sizable, over 800 million. What Marek has already highlighted is important to mention: this is a one-off effect because we were able to take advantage of the recovery program and excellent performance in the healthcare system, which we are showing under the heading of the public institutions. The other part of the public institutions business has also been performing very decently. They had a great year in 2025 and continue the good trend.

Speaker #2: We also have excellent performance in the banking and financial institutions sector, and this is generated by Asseco Poland. But let me remind you that we have a lot of banking business within ASE in the south of Europe, and on top of that, we have the Portuguese company that has its main business focus on Africa. In Poland and in southeastern Europe, the banking sector is taking advantage of the regulatory changes about Elixir and some other formal requirements that the entire banking sector has to comply with.

Karolina Rzońca-Bajorek: Let me remind you that we have a lot of banking business within ASEE in the south of Europe. On top of it, we have the Portuguese company that has main business focus on Africa. In Poland and in the Southeastern Europe, banking sector is taking advantage of the regulatory changes about Elixir and some other formal requirements that the entire banking sector has to comply with. Therefore, we show very good profitability for this sector. As a result, it drives our revenue, and it also improves the profitability here and there. We also see excellent situation within the power sector. Again, the past year was very good, and this positive trend continues throughout 2026.

Speaker #2: And therefore, we show very good profitability for this sector, and as a result, it drives our revenue and also improves the profitability here and there.

Speaker #2: And we also see an excellent situation within the power sector. Again, the past year was very good, and this positive trend continues throughout 2026. Let me draw your attention to the fact that when you look at our operations in Poland, we have nearly doubled non-IFRS operating profit, and this is due to the excellent performance of Asseco Data Systems.

Karolina Rzońca-Bajorek: Let me draw your attention to the fact that when you look at our operations in Poland, we nearly doubled non-IFRS operating profit. This is due to the excellent performance of Asseco Data Systems. Here, we are taking advantage of the momentum within the public institution sector, very good performance of the leasing sector, but also the XSEB system and trusted services sales, where the main product so far has been the electronic signature. Right now, triggered the new kind of demand for the new type of services, which is the electronic stamp. As a result, we were able to grow our revenue and improve operating profit. Formula Systems segment. Another record high quarter for Matrix. Here we are showing both companies after the merger.

Speaker #2: Here we are taking advantage of the momentum within the public institutions sector, very good performance of the leasing sector, but also the Except system and Trusted Services sales, where the main product so far has been the electronic signature. And right now, it triggered a new kind of demand for a new type of service, which is the electronic stamp. As a result, we were able to grow our revenue and improve operating profit.

Speaker #2: Formula Systems segment: another record-high quarter for metrics. Here, we are showing both companies after the merger—or actually, it was not a merger; it was truly a consolidation process, because we are not going to fully merge the two companies, namely Matrix IT and Magic. But we show them in one line, because Matrix is currently consolidating Magic starting from 2026.

Karolina Rzońca-Bajorek: Or actually, it was not a merger, it was really the consolidation process, because we are not going to fully merge the two companies, namely Matrix IT and Magic Software. But we show them in one line because Matrix is currently consolidating Magic Software starting from 2026. Excellent results for Israel business and also for the US business and within the European territories. Here it is mostly public segment or public institutions is the main driving force. As Marek mentioned, the entire public institution sector across the group looks very well. As far as other companies are concerned, Formula Infrastructure, which we prefer to call Formula Engineering, is showing strong performance. Michpal is also doing very well. So all these businesses that we continue to build as the new pillars for the Formula are performing very well. We are really happy to see the performance of international segment.

Speaker #2: Excellent results for the Israel business, and also for the US business, and within the European territories. Here, it is mostly the public segment or public institutions that are the main driving force, and as Marek mentioned, the entire public institutions sector across the group looks very well.

Speaker #2: As far as other companies are concerned, Formula Infrastructure, which we prefer to call Formula Engineering, is showing strong performance. Mishpal is also doing very well, so all these businesses, which we continue to build as the new pillars for Formula, are performing very well.

Speaker #2: And we are really happy to see the performance of the international segment. In Central and Western Europe, we see major growth. A lot of this growth is generated by the ERP segment, and our ABS is doing great in Poland. We also see improved profitability in the ERP company in Germany, and this is where we have our core business located within the public institution sector. This includes Asseco Central Europe, as well as Slovak and Czech companies. New contracts and contracts that gave us some headache over the past few years are now getting back on the right trajectory, and hence, we are seeing improved revenue.

Karolina Rzońca-Bajorek: In Central and Western Europe, we see major growth. A lot of this growth is generated by the ERP segment. Our Asseco Business Solutions is doing great in Poland, but we also see improved profitability in ERP company in Germany. This is where we have core business located within the public institution sector, and this is Asseco Central Europe and also Slovak and Czech companies. New contracts and the contracts that gave us some headache over the past few years are now getting back on the right trajectory, and hence improved revenue. This is the Western Europe. We are showing the Asseco Spain. Let me say that for Asseco Spain, we had to actually make some impairments for inventory. So, we do have a one-off effect over PLN 18 million. So it is inventory impairment.

Speaker #2: So this is Western Europe. We are showing the Asseco Spain results. Let me say that for Asseco Spain, we had to actually make some impairments for inventory, so we do have a one-off effect of over €18 million—so it's an inventory impairment. In this case, we are sort of underperforming a bit. But otherwise, the Southeastern European market is also doing well.

Karolina Rzońca-Bajorek: In this case, we are sort of underperforming a bit, but otherwise, Southeastern European market is also doing well. Asseco Group, excellent performance within the banking sector, very good payment segment performance. We are looking forward to the new projects for the segment of the dedicated solutions.

Speaker #2: So, as a group, we had excellent performance within the banking sector and very good performance in the payment segment. We are looking forward to renewing projects for the segment of dedicated solutions.

Speaker #1: If we look at cash that's been generated, I think we can be pleased with the ratio. If we talk about 105% cash conversion in terms of EBITDA, so it seems to be pretty decent—113% in the Asseco Poland segment, 133% in Asseco International, and a little bit worse, around 84% in the Formula Systems segment.

Karolina Rzońca-Bajorek: If we look at cash that has been generated, I think we can be pleased with the ratio. If we talk about 105% cash conversion, in terms of EBITDA, it seems to be a pretty decent 113% in Asseco Poland segment, 133% in Asseco International, and a little bit worse, around 84% in Formula Systems segment. If we take a look just at this interim period, the cash generated is a little bit softer in the H1 of the year than in the H2 of the year, and this is a seasonal phenomenon with us. This LTM is, I think, a pretty good accurate ratio. I think the cash generation is quite good. It is especially good in Asseco International. We also have good in the H1 in Asseco Central Europe. It is also very good in Asseco South Eastern Europe.

Speaker #1: If we took a look, take a look just at this interim period, the cash generated is a little bit softer in the first half of the year than in the second half of the year, and this is a seasonal phenomenon with us, so this LTM is, I think, a pretty good, accurate ratio, and so I think the cash generation is quite good.

Speaker #1: It's especially good in Asseco International. We also had good results in the first half. In Asseco Central Europe, it's also very good in Southeastern Europe.

Speaker #1: If we look at Asseco Poland, the cash generation in Q2 is much better than it was in the first quarter of the year. But at the same time, I would continue to say that I would expect improved cash generation at the end of the year. We have a tradition of invoicing around Q3 and then collecting the cash in Q4, at the beginning of Q4, and that's one of the reasons why these trends look the way they do. But in Formula Systems, we have, objectively, to say that it was a six-month period in Matrix IT that had a poor cash generation period—it was negative. And so, this was a result of the fact that, first, they had a lot of factoring transactions at the end of last year, and so they collected cash earlier, and now the results were recognized and there was no cash, and so the ratio basically deteriorated. The second contributing factor was as well that the major client in the public institution sector pays after contracts are completed, and they pay late. And this is a structural problem because some of that needs to be managed, and so there's no danger in terms of this not being collectible, but basically, the money is flowing in late.

Karolina Rzońca-Bajorek: If we look at Asseco Poland, the cash generation in Q2 is much better than it was in the Q1 of the year. At the same time, I would continue to say that I would expect the improved cash generation at the end of the year. We have a tradition of invoicing around Q3 and then collecting the cash in Q4 at the beginning of Q4, and that is one of the reasons why these trends look the way they do. In Formula Systems, we have objectively, if you say it was a six-month period in Matrix IT that had a poor cash generation period, it was negative.

Karolina Rzońca-Bajorek: This was a result of the fact that first they had a lot of factoring transactions at the end of last year, and so they collected cash earlier, and now the results were recognized and there was no cash, and so the ratio basically deteriorated. The second contributing factor was, as far as that the major client in the public institution sector pays after contracts are completed, and they pay late. This is a structural program because some of that needs to be managed, and so there is no danger in terms of this not being collectible. Basically, the money is flowing in late. But we have that awareness that this number, this figure, could look a little bit better, and so the cash generation in Matrix will clearly improve, I think, in Q4.

Speaker #1: And we have that awareness that this number, this figure, could look a little bit better. And so the cash generation in Matrix will clearly improve, I think, in Q4. Q3 in Israel is a more difficult period, having in mind the various holiday periods, and basically, they distort or disrupt those cycles.

Karolina Rzońca-Bajorek: Q3 in Israel is a more difficult period having in mind the various holiday periods, and basically they distort or disrupt those cycles. If we look at proportional recognition, the FX rates had a much smaller or less pronounced impact because the positive impact for the overall group was a result of FX differences, gains and losses in the shekel/dollar FX pair. In proportional results, where Formula has a much lower impact, as a result, the translation impact is much smaller, and we have better organic results. 384 million in revenue and 165 in terms of operating profit of a non-IFRS ilk. Then we had 41 and then 11 in terms of EBITDA for acquisitions. In a proportional recognition, we have much better growth rates.

Speaker #1: If we look at proportional recognition and so the FX rates had a much smaller or less pronounced impact because the positive impact for the whole overall group was a result of FX differences, gains, and losses in the shekel dollar, FX pair, and in proportional results where Formula has a much lower impact, it as a result the translation is much impact is much smaller, and we have better organic results, and so 384 million in revenue and 165 in terms of operating profit of a non-IFRS ilk, and then we had 41 and then 11 in terms of EBITDA for acquisitions, and so in a proportional recognition we have much better growth rate, we have much better growth rates, we've improved profitability much more, and this is a result of the fact that when we do the proportional recognition we can say the Asseco Poland and Asseco International are much more important, have greater gravitas, and that's why we can see that it's a difference of roughly 3 percentage points.

Karolina Rzońca-Bajorek: We have improved profitability much more, and this is a result of the fact that when we do the proportional recognition, we can say Asseco Poland and Asseco International are much more important, have greater gravitas, and that is why we can see that it is a difference of roughly 3 percentage points. I think this is a wonderful result if we talk about the improvement in the interim periods from one year to the next. If we look at the cash flow, again, it is better. It is 121% at the group and 113%. Asseco International is 133%, and then we have the Formula Systems segment is 93%. This is a result of Matrix, which had a softer quarter, has a lesser impact, and that is why the results are much better.

Speaker #1: And so, I think this is a wonderful result if we talk about the improvement in the interim periods from one year to the next.

Speaker #1: And if we look at the cash flow, again, it's better—it's 121% at the Group and 113%. International is 133%, and then we have the Formula Systems segment at 93%.

Speaker #1: This is a result of Matrix, which had a softer quarter. It has a lesser impact, and that's why the results are much better. So the commentary on these results, in terms of cash generation, we can say that we are clearly pleased with cash generation—how it's fleshed out. But as I've said, some things are cyclical in nature, some of the phenomena, and so we believe that the overall year results will be very good. And then the final slide in my section of the presentation is the order backlog. So if we look at fixed exchange rates, for software and services they're growing by some 12% year on year. If we look at variable exchange rates, or floating exchange rates, it's 18%. And so in Asseco Poland it's up 21%, and I think that's a great growth rate.

Karolina Rzońca-Bajorek: The commentary on these results in terms of cash generation, we can say that we are clearly pleased with cash generation, how it is fleshed out. As I have said, some things are cyclical in nature, some of the phenomena. We believe that the overall year results will be very good. The final slide in my section of the presentation is the order backlog. If we look at the fixed exchange rates for software and services, they are growing by some 12% year on year. If we look at variable exchange rates or floating exchange rates, it is 18%. In Asseco Poland, it is up 21%. I think that is a great growth rate. Asseco Data Systems has the best result than Asseco Poland. You sometimes ask, why Asseco Poland?

Speaker #1: And the best Asseco Data Systems has the best result than Asseco Poland, and then you sometimes ask why Asseco Poland? Well, this growth rate is because of backlog growing for public institutions and the second is banking and finance, and the backlog and in corporates is has a slightly negative growth rate, there's no reason to be worried about that because in the corporate sector we have long-term contract signed, and even if the growth rate is not enrapture, then next year we can say it will be it will deliver results, and now we just have to complete the contracts, perform the contracts, as written, and but I would say that things look very, very decent.

Karolina Rzońca-Bajorek: Well, this growth rate is because of backlog growing for public institutions, and the second is banking and finance. The backlog in corporates has a slightly negative growth rate. There is no reason to be worried about that, because in the corporate sector, we have long-term contracts signed, and even if the growth rate is not enrapturing, then next year we can say it will deliver results. Now we just have to complete the contracts, perform the contracts as written. I would say that things look very decent. If we look at Asseco International, we have 10% growth in fixed exchange rates and 11% in variable exchange rates. In Formula Systems, it is 10% and 20% on a proportional recognition basis. We can say that the results are better. It is 14% growth in fixed exchange rates for the whole group and 16% for variable exchange rates.

Speaker #1: If we look at the Asseco International we have 10% growth in fixed exchange rates, and 11% in variable exchange rates, and in Formula Systems it's 10 and 20%, and a proportional recognition basis, we can say that the results are better, so it's 14% growth in fixed exchange rates for the whole group, and 16% for variable exchange rates, and so you can see here the growth rate in Formula has led to the difference between fixed and variable exchange for 9 to 19 percent, so 21% in Asseco Poland, 10% in Asseco International, plus 11, and then 9 and 19 for Formula Systems, and so I think we can pretty much wrap up.

Rafał Kozłowski: You can see here the growth rate in Formula has led to the difference between fixed and variable exchange for 9% to 19%, so 21% in Asseco Poland, 10% in Asseco International, +11%, and then 9% and 19% for Formula Systems. I think we can pretty much wrap up. Thank you very much, Karolina. Thank you very much, Marek. As you can see, these results are record-breaking in terms of this interim period. These were very good results. We have received a large number of follow-up questions, and now we will try to respond to your questions. When we asked you what part of your improved operating margin in Asseco has been delivered by improving market conditions, and to what extent is it your organizational efficiency and process efficiency gains?

Karolina Rzońca-Bajorek: You can see here the growth rate in Formula has led to the difference between fixed and variable exchange for 9% to 19%, so 21% in Asseco Poland, 10% in Asseco International, +11%, and then 9% and 19% for Formula Systems. I think we can pretty much wrap up.

Speaker #1: Thank you very much, Carolina. Thank you very much, Marek. As you can see, these results are record-breaking. In terms of this interim period, these are very good results.

Rafał Kozłowski: Thank you very much, Karolina. Thank you very much, Marek. As you can see, these results are record-breaking in terms of this interim period. These were very good results. We have received a large number of follow-up questions, and now we will try to respond to your questions. When we asked you what part of your improved operating margin in Asseco has been delivered by improving market conditions, and to what extent is it your organizational efficiency and process efficiency gains?

Speaker #1: We've received a large number of follow-up questions, and now we'll try to respond to your questions. When we asked you what part of your improved operating margin has been delivered by improving market conditions, and to what extent it is from your organizational efficiency and process efficiency gains.

Speaker #1: Well, that's a very tough question to respond to because it's not something that can be you can't do more revenue if you don't improve efficiency of your organization in the processes, especially if we took a look at headcount not growing, and in some cases headcount is flat, and we have more revenue.

Rafał Kozłowski: Well, that is a very tough question to respond to because it is not something that can be done. You cannot do more revenue if you do not improve efficiency of your organization in the processes, especially if we took a look at headcount not growing, and in some cases, headcount is flat and we have more revenue. I think I can give the following commentary. Well, we do have some effects as a result of regulatory changes. We have a challenge to call everything a one-off, because if we say something is a regulatory change in one quarter and then we had regulatory changes in another quarter in another area, or that we have some EU funding and things like that. Basically, our business is so highly diversified that we are able to benefit from the good market conditions.

Karolina Rzońca-Bajorek: Well, that is a very tough question to respond to because it is not something that can be done. You cannot do more revenue if you do not improve efficiency of your organization in the processes, especially if we took a look at headcount not growing, and in some cases, headcount is flat and we have more revenue. I think I can give the following commentary. Well, we do have some effects as a result of regulatory changes. We have a challenge to call everything a one-off, because if we say something is a regulatory change in one quarter and then we had regulatory changes in another quarter in another area, or that we have some EU funding and things like that. Basically, our business is so highly diversified that we are able to benefit from the good market conditions.

Speaker #1: So, I think I can give the following commentary. Well, we do have some effects as a result of regulatory changes. We have a challenge to call everything a one-off, because if we say something is a regulatory change in one quarter, and then we have regulatory changes in another quarter, in another area, or that we have some EU funding and things like that—basically, our business is so highly diversified that we're able to benefit from the good market conditions. Basically, we're trying to match or align our resources to that to improve our efficiency.

Rafał Kozłowski: We are trying to match or align our resources to that to improve our efficiency. These individual areas of improvement are organized in such a way that we are going to have recurring income in the future. I had mentioned this, and I think Marek also referred to that we had a spectacularly good situation in the health sector, health service, and we are utilizing the fact that our customers are spending money from the National Recovery Plan, and then there was an accumulation of that in Q2. Of course, we are trying to sell that we have maintenance or follow-up care, additional services in line with what we are selling. We are trying to convert one-off expenditures into a business model for the future. If everything is taking place in terms of improving your efficiency, then it is somehow upheld, it sustains because it is possible.

Karolina Rzońca-Bajorek: We are trying to match or align our resources to that to improve our efficiency. These individual areas of improvement are organized in such a way that we are going to have recurring income in the future. I had mentioned this, and I think Marek also referred to that we had a spectacularly good situation in the health sector, health service, and we are utilizing the fact that our customers are spending money from the National Recovery Plan, and then there was an accumulation of that in Q2. Of course, we are trying to sell that we have maintenance or follow-up care, additional services in line with what we are selling. We are trying to convert one-off expenditures into a business model for the future. If everything is taking place in terms of improving your efficiency, then it is somehow upheld, it sustains because it is possible.

Speaker #1: And so these individual areas of improvement are organized in such a way that we're going to have recurring income in the future, and so I had mentioned this, and I think Marek also referred to that, that we had a spectacularly good situation in the health sector, health service, and we're utilizing the fact that our customers are spending money from the national recovery program, and then there was an accumulation of that in Q2.

Speaker #1: But of course, we're trying to sell that we have maintenance or follow-up care, additional services, in line with what we're selling. And so we're trying to convert one-off expenditures into a business model for the future.

Speaker #1: And if everything is taking place in terms of improving your efficiency, then it's somehow upheld, it's sustained, because it's possible. That's one of the best reasons that it's good to try to sustain your efficiency—the fact that you've been able to do it at least once. Very much. Then we have another question: I would happily participate in Asseco Business Solution conferences, but unfortunately, that company doesn't organize conferences for investors. Is it a change, a possible ability, that this could change?

Rafał Kozłowski: That is one of the best reasons that it is good to try to sustain your efficiency. The fact that you have been able to do at least once. Thank you very much. Then we have another question. I would happily participate in Asseco Business Solutions conferences, but unfortunately, that company does not organize conferences for investors. Is it a change, a possibility that this could change? We will pass on that information to the management team in Ireland. It is not the case they do not organize conferences. They do. You just have to physically walk in and join the conference. We would invite you to join us. Well, we have the problem that most of you are online, and we would like for you to join us in person. We can see that there is interest in visiting us on-site. It is less of an attractive element. We would invite you to participate online.

Karolina Rzońca-Bajorek: That is one of the best reasons that it is good to try to sustain your efficiency. The fact that you have been able to do at least once.

Rafał Kozłowski: Thank you very much. Then we have another question. I would happily participate in Asseco Business Solutions conferences, but unfortunately, that company does not organize conferences for investors. Is it a change, a possibility that this could change? We will pass on that information to the management team in Ireland. It is not the case they do not organize conferences. They do. You just have to physically walk in and join the conference.

Speaker #1: We'll pass on that information to the management team and IR. It's not the case that they don't organize conferences—they do. You just have to physically walk in and join the conference, so we would invite you to join us.

Rafał Kozłowski: We would invite you to join us. Well, we have the problem that most of you are online, and we would like for you to join us in person. We can see that there is interest in visiting us on-site. It is less of an attractive element. We would invite you to participate online.

Speaker #1: Well, we have the problem that most of you are online, and we would like for you to join us in person. But we can see that while there is interest in visiting us onsite, it's less of an attractive element, so we would invite you to participate online.

Speaker #1: Are there signals that the public sector will continue to grow three and a half to four percent, just like in Q2?

Rafał Kozłowski: Are there signals that the public sector will continue to grow 3.5%, 4%, just like in Q2?

Speaker #2: I would rather not comment directly, but I have already said that the recovery plan effect has mainly been visible in Q2. It will be carried on to Q3 and, to a lesser extent, to Q4. But the remaining part of the public institution sector, as I have already said, had an excellent 2025, and we believe that 2026 will continue the strength. I think I will stop here.

Karolina Rzońca-Bajorek: I would rather not comment that directly, but I have already said that the recovery plan effect has mainly been visible in Q2. It will be carried around to Q3 and to a lesser extent to Q4. The remaining part of the public institution sector, as I have already said, they had excellent 2025, and we believe that 2026 will continue this trend. I think that I will stop here.

[Analyst]: Can you give us a sense of net cash on a proportional basis as of now? Cash minus short- and long-term interest-bearing loans and borrowings. It is disclosed in a few different places, but the figures do not match. It is fair to say that after paying the dividends in Q2, it is around PLN 1.2, PLN 1.9 billion without deducting leases.

Speaker #2: As of now, cash minus short- and long-term interest-bearing loans and borrowings is disclosed in a few different places, but the figures do not match.

Speaker #2: It is fair to say that after paying the dividends in Q2, it's around $1.2, $1.9 billion, without deducting leases. It's not that the numbers match.

Karolina Rzońca-Bajorek: Look, it is not that the numbers do not match. You just need to take a closer look, and we can go through it together. Perhaps some ratios are shown differently. Perhaps in case of leasing or deposits, we had a different treatment, but the intent is clear, how much net cash we have proportionally at the group level, and the answer is PLN 1.3 billion at the group level.

Speaker #2: They do not match. You just need to take a closer look, and we can go through it together. Perhaps some ratios are shown differently—perhaps, in the case of leasing or deposits, we had a different treatment—but the intent is clear.

Speaker #2: How much net cash do we have proportionally at the group level? And the answer is 1.3 billion at the group level. If that is not a typo, can you give us a sense of what that means?

[Analyst]: In Poland decline a lot. If that is not a typo, can you give us the sense of what that means?

Speaker #2: Let me follow up on the previous question. Please bear in mind, it's not that we have different treatment here than other companies, but if you have a CD for a term longer than three months, you have to actually treat that as a loan.

Karolina Rzońca-Bajorek: Let me follow up on the previous question. Please bear in mind that it is not that we have different treatment here than other companies. If you have a CD for a term longer than 3 months, you have to actually treat that as a loan, and therefore, we may have a confusing definition of net cash. I would rather add deposits to net cash because this is cash that is still available to the company. Altogether, deposits account for PLN 200 million at the group level. Answering your question about ERP, this is not a typo. This is an issue that Marek said that this is actually moving the company from the Polish segment to a central company, DahliaMatic. This is now under the ERP holding because this is the company that implements third-party ERP.

Speaker #2: And therefore, we may have a confusing definition of net cash. I would rather add deposits to net cash because this is cash that is still available to the company, so altogether, deposits account for 200 million at the group level.

Speaker #2: And answering your question about ERP, this is not a typo. This is an issue that Marek said—this is actually moving the company from the Polish segment to the central company, Dalia Matic.

Speaker #2: This is now under the ERP holding, because this is the company that implements third-party ERPs. They also have proprietary products, but they focus on third-party products, and we concluded that this is a better place for housing that company, under the holding.

Karolina Rzońca-Bajorek: They also have proprietary products, but they focus on third-party products, and we concluded that this is a better place for housing that company under the holding. For that reason, it is shown under Asseco International today. I think that this really answers your question.

Speaker #2: And for that reason, it is shown under Asseco International today. And I think that this really answers your question. Can you give us a sense for the key regions, which area of public, and why this has been so strong?

[Analyst]: Across the board, your public segments perform incredibly well. Can you give us a sense for the key regions, which areas of public, and why this has been so strong?

Speaker #2: So, as we said, the public healthcare segment in Poland and the remaining public sector in Poland have been doing incredibly well. There has been a major improvement within the public sector in the Czech Republic and Slovak Republic—so this is Central Europe—and then outstanding momentum for Israel.

Karolina Rzońca-Bajorek: As we said, public healthcare segment in Poland and the remaining public in Poland has been doing incredibly well. A major improvement within the public sector in Czech Republic and Slovak Republic, so this is Central Europe, and then outstanding momentum for Israel. Again, the public procurement, huge dynamics, and a very decent profitability shown by the Israelis.

Speaker #2: Again, in public procurement, there is huge momentum and very decent profitability, as shown by the Israelis. Can you give us a sense of the plans for the more challenging segments, like international infrastructure, non-IT international, and 'Poland Other IT'?

[Analyst]: Why did the ERP international segments grow revenue so rapidly? Can you give us a sense of the plans for the challenging segments like international infrastructure, non-IT international and Poland other IT?

Karolina Rzońca-Bajorek: Well, ERP has been growing the revenue. First, Asseco Business Solutions was growing revenue. They have a lot of recurring revenue, so some of the revenue is index-based, and a lot of the improvement comes from the new national invoicing system, KSeF, and related changes that had to be implemented. I think that Asseco Business Solutions was really smart about it. They have a separate product to address KSeF, the national invoicing system. The product sells very well, and I think that it is a very reasonable and actually smart model that they conceived in terms of collection of revenue, that it depends on various metrics that you may have. This is one reason. Another reason is a very good situation within the ERP companies beyond Poland, mainly in Germany. We have already said that Germany has the ambition to catch up with Asseco Business Solutions, and they are actually almost there.

Speaker #2: Why has ERP been growing the revenue? Well, first, Asseco Business Solutions was growing revenue. They have a lot of recurring revenue, so some of the revenue is index-based.

Speaker #2: And a lot of the improvement comes from the new national invoicing system, KSeF, and related changes that had to be implemented. I think that ABS was really smart about it.

Speaker #2: They have a separate product to address KSeF, the national invoicing system. The product sells very well, and I think that it is a very reasonable and actually smart model, but they conceived it in terms of collection of revenue.

Speaker #2: It depends on various metrics that you may have. This is one reason. Another reason is a very good situation within the ERP companies beyond Poland.

Karolina Rzońca-Bajorek: This is one reason. Another reason is a very good situation within the ERP companies beyond Poland, mainly in Germany. We have already said that Germany has the ambition to catch up with Asseco Business Solutions, and they are actually almost there.

Speaker #2: Mainly in Germany. We have already said that Germany has the ambition to catch up with ABS, and they are actually almost there. They are sharing knowledge with an ERP holding, but there is some level of competing ambitions and aspirations, and the German company is working very hard to improve their profitability.

Karolina Rzońca-Bajorek: They are sharing knowledge within ERP Holding, but there is some level of competing ambitions and aspirations, and the German company is working very hard to improve their profitability. For instance, they take a number of measures that contribute to their revenue. For instance, audit of licenses that they have with their customers. Perhaps none of these measures bring spectacular effects, but if you sum up all these things, overall performance and the revenue of the company is much better. So this is Rafał who can claim the credit for it, and the entire board. Speaking of the other segments, international infrastructure, this is where we show Asseco Spain. I already mentioned that we had to show impairments, and that was the provision for the inventory.

Speaker #2: For instance, they take a number of measures that contribute to their revenue. For instance, audit of licenses that they have with their customers. Perhaps none of these measures brings spectacular effects, but if you sum up all these things, the overall performance and revenue of the company is much better.

Speaker #2: So, this is Rafał who can claim the credit for it, and the entire board. Speaking of the other segments—international infrastructure—this is where we show Asseco Spain.

Speaker #2: I already mentioned that we had to show impairments, and that was the provision for the inventory. This company is not really within our core business segment, and perhaps, ultimately, it would be desirable to actually sell it off.

Karolina Rzońca-Bajorek: This company is not really within our core business segment, and perhaps ultimately it will be desirable to actually sell it up, but in a reasonable way. It has to be a reasonable transaction. But at this moment, we are going to work on the improvement of processes within that company, and we really want to improve their margin. Poland other. This is where we show mainly from Asseco Data Systems, our business for trusted services. So this is electronic signature and electronic stamp. I believe that strategically, this is the important spot for our group. I believe that this particular area will benefit from the regulatory changes from the European Digital Identity Wallet, from all the EU-driven initiatives. And although we call it Poland Other IT, perhaps this is still too small to show it as a separate segment and to name it as a separate segment.

Speaker #2: But in a reasonable way. It has to be a reasonable transaction. At this moment, we are going to work on the improvement of processes within that company, and we really want to improve their margin.

Speaker #2: Poland is where we show mainly from ABS our business for trusted services. So this is electronic signature and electronic stamp. I believe that strategically, this is the important spot for our group.

Speaker #2: I believe that this particular area will benefit from the regulatory changes from the electronic wallets, from all the EU-driven initiatives. And although we call it Poland are IT, perhaps this is still too small to show it as a separate segment and to name it as a separate segment, but there is no doubt that this is an important area and we believe that they will show growth of revenue and they will improve their profitability.

Karolina Rzońca-Bajorek: But there is no doubt that this is an important area, and we believe that they will show growth of revenue, and they will improve their profitability. There are a lot of detailed questions from international investors.

Speaker #2: There are a lot of detailed questions from international investors—that is great. At the same time, the financial statement of the Polish-only company seemed to show that working capital has not really improved.

[Analyst]: Proportional basis have improved tremendously. That is great. At the same time, the financial statement of the Polish-only company seemed to show that working capital has not really improved. Is it possible that the Polish company entity working capital is blurred by its various investments? It does not look that way. Any clarity on the source of these proportional working capital improvements would be helpful, as would clarity on the other areas where you could still see more improvements.

Speaker #2: Is it possible that the Polish company entity's working capital is blurred by its various investments? But it doesn't look that way. Any clarity on the source of this proportional working capital improvement would be helpful.

Speaker #2: Would you clarify the other areas where you could still see more improvements? I think that I have already covered that to some extent.

Karolina Rzońca-Bajorek: I think that I have already covered that to some extent when I was discussing our cash flow position. It all depends on how you calculate free cash flow margin. This blurred picture as we So working capital is blurred by investments. That is a quote from the question. Perhaps this is our approach to deposit. This is a highly technical question and complex one. Let me repeat. The Polish segment, I think that cash looks decent, but as I explained, it is a cyclical development, and it is not 100%, and there is room for improvement there, and this improvement will come in Q3 and Q4. Very good cash in ASEE and Fase. In terms of proportional numbers, I believe that cash situation in Matrix has to be improved because this is something that really has negative impact on the ratios that we see for this month.

Speaker #2: When I was discussing our cash flow position, it all depends on how you calculate free cash flow margin. Well, this blurs the picture, as working capital is also blurred.

Speaker #2: "By investment." That's a quote from the question. Perhaps this is our approach to deposit. This is a highly technical and complex question, so let me repeat.

Speaker #2: The Polish segment—I think that cash looks decent, but as I explained, it's a cyclical development, and it's not 100%. There is room for improvement there.

Speaker #2: And this improvement will come in Q3 and Q4. Very good cash and assets. And in terms of proportional numbers, I believe that the cash situation in metrics has to be improved because this is something that really has a negative impact on the ratios that we see for this.

Speaker #2: So it's not the 800 million figure for the full year, December 2026 net profit; that confused a lot of people. Can you please clarify this, given that we are now two months into Q3?

[Analyst]: Discussion of the EUR 800 million figure for the full year, December 2026, net profit confused a lot of people. Can you please clarify this, given that we are now 2 months into Q3? You must have some sense of how Q3 is going and of whether that EUR 800 million figure is unusually conservative or what. Would you perhaps instead give some clarity on expected figures for proportional data?

Speaker #2: You must have some sense of how Q3 is going, and of whether that 800 million figure is unusually conservative or not. Would you perhaps instead give some clarity on expected figures for proportional data?

Karolina Rzońca-Bajorek: Well, first of all, as a company, we do not offer forecast or projections. I just say that the first 6 months was strong. Outlook looks strong. It looks that the entire 2026 is going to be a very decent year for the company and for the group. When I say decent, this is a very conservative approach.

Speaker #2: First of all, as a company, we don't offer forecasts or projections. I just say that the first six months were strong. The outlook looks strong.

Speaker #2: It looks like the entire 2026 is going to be a very decent year for the company and for the group. And when I say 'decent,' this is a very conservative approach.

Speaker #2: Can you please discuss the Portuguese acquisition and the two acquisitions in Poland, how you found them, and what they are all about? Well, in Poland, we had one acquisition.

[Analyst]: Can you please discuss the Portuguese acquisition and two acquisitions in Poland, how you found them, and what they are all about?

Marek Panek: Well, in Poland, we had one acquisition, that is Macrologic. In Portugal, we also had one acquisition. Just to get things right at the beginning. Let me start with Poland, Macrologic. That was the Polish company, and to us, this is a very interesting case. For the first time, we actually got into the fuel sector. Their core business is the product developed for gas stations. They have over 3,000 gas stations that they cater to in Poland, and they are definitely a leading player in this market. We have decided to make this acquisition to support our power or energy division, if I may phrase it this way. To us, this is part of our power and energy sector. We have a very strong position in the electrical power, so software for the providers of electricity and also software for the providers of natural gas.

Speaker #2: But in Portugal, we also had one acquisition, just to get things right at the beginning. So let me start with Poland. MACCOM—that was the Polish company—and to us, this is a very interesting case.

Speaker #2: For the first time, we actually got into the fuel sector. Their core business is the product developed for gas stations. They have over 3,000 gas stations that they cater to in Poland, and they are definitely a leading player in this market.

Speaker #2: We have decided to make this acquisition to support our power or energy division—if I may phrase it this way. To us, this is part of our power and energy sector.

Speaker #2: We have a very strong position in the electrical power. So software for the providers of electricity and also software for the providers of natural gas and now fuel is yet another puzzle another piece in this puzzle.

Marek Panek: Now fuel is yet another piece in this puzzle. The company is not spectacularly large, but very decent. Their revenue is like PLN 36 million for 2025. They are healthy, profitable, well-managed, they have interesting products. The fuel sector is one area of their operations, and the other one is something that we call hospitality. So these are solutions for hotels, entertainment, water parks, wellness, spas, et cetera. This kind of business. We actually have a strong conviction here. We see good prospects for the Polish market and all the neighboring markets where Asseco has a strong position. Together with this company, we are going to work with full focus to accelerate their growth. Speaking of the Portuguese acquisition, I already mentioned, but this is a fairly small company, like €2.5 million in revenue. So they are fairly small compared to the entire group.

Speaker #2: The company is not spectacularly large, but very decent. Their revenue is about $60 to $36 million for 2025, but they are healthy, profitable, and well-managed. They have interesting products, and the fuel sector is one area of their operations.

Speaker #2: And the other one is something that we call hospitality. So, these are solutions for hotels, entertainment, water parks, wellness, spas, etc. This kind of business.

Speaker #2: We actually have a strong conviction here. We see good prospects for the Polish market and all the neighboring markets where Asseco has a strong position.

Speaker #2: So, together with this company, we are going to work with full focus to accelerate their growth. Now, speaking of the Portuguese acquisition, I already mentioned this, but it is a fairly small company.

Speaker #2: Like €2.5 million in revenue. So, they are fairly small compared to the entire group. But their core system is the product for the insurance sector, and that's an interesting product.

Marek Panek: But their core system is the product for the insurance sector, and that is an interesting product. Our colleagues became interested in that because, first of all, this is diversification, because Asseco PST has a strong focus on the banking sector, and that helps them diversify their business. Now customers of Asseco PST are also customers of Rontech, of the newly acquired company. Because the banks, especially in Angola, are actually owners of insurance companies that use systems and solutions offered by Rontech. We really want to help this company grow their business. Thank you.

Speaker #2: Our colleagues became interested in that because, first of all, this is diversification, because Asseco has a strong focus on the banking sector, and that helps them diversify their business.

Speaker #2: But now companies, customers, customers of ASECO PST are also customers of the round tech, of the newly acquired company. Because the banks especially in Gala in Angola are actually owners of insurance companies, but use systems and solutions offered by round tech.

Speaker #2: We really want to help this company grow their business. Thank you very much. And so we want to ask a question. We see that the value and the percentage in acquisitions have been in domestic sales.

Rafał Kozłowski: Thank you very much. We want to ask a question. We see that the value and the percentage grew in acquisitions than in domestic sales. You can ask what stands behind these results. Well, these results are linked to the expansion of e-commerce. Here we have very good modern solutions based on AI, and they are being sold abroad. In recent years, ABS was investing in international sales and was doing that successfully. These investments, along with the marketing operations, are starting to produce fruit and results. I would look at that with some optimism. I gaze into the future with optimism in terms of this activity. Thank you very much.

Speaker #2: Is this the beginning of a trend? And can you ask what stands behind these results? Well, these results are linked to the expansion of e-commerce.

Speaker #2: And good modern solutions based on AI, and they are being sold abroad. So in recent years, ABS was investing in international sales and was doing that successfully.

Speaker #2: And so, these investments, along with the marketing operations, are starting to produce fruit—results. And so, I would look at that with some optimism.

Speaker #2: I look to the future with optimism regarding this activity. Thank you very much. Next, I will discuss the group—the group level and the unit level.

Rafał Kozłowski: The next one is about at the group level and the unit level, we see receivables have grown, which means that there is less in the operation effects. If you could say a few words about the receivables. Basically, I have already given a commentary on it. I talked about why we had a lower cash generation position, because in the natural way, with large growth, you can see a certain amount of debt in terms of the operating capital. That is the first reason. It is a natural and structural issue. The second thing is that there is a certain amount of seasonality. In Q2, we have the topic linked to the National Recovery Plan. We were focusing on completing projects in order to do the implementations. We had a very limited amount of time.

Speaker #2: We see receivables have grown, which means that there's less in operations. It affects—if you could, say, a few words about the receivables.

Speaker #2: And basically, I've already given a commentary on that. I talked about why we had a lower cash generation position, because in the natural way, with large growth, you can see a certain amount of debt in terms of the operating capital.

Speaker #2: So that's the first reason—it's a natural and structural issue. The second thing is that there's a certain amount of seasonality. So, in Q2, we have the topic linked to the national recovery program.

Speaker #2: So, we were focusing on completing projects in order to do the implementations. We had a very limited amount of time. Invoicing was at the end of the quarter.

Rafał Kozłowski: Invoicing was at the end of the quarter, and the cash will be accrued. It came in the next month. It was paid the next month. I really would not worry for sure about this growth. If you look historically at cash generation by Asseco Poland, this is more or less what it looks like. This ensues from the fact how the cycle of modifications runs amongst around big master contracts, especially if we have a four-year master program and a lot of modifications. Basically, we focus on doing those modifications. We talk about the payment model with customers and so on and so forth. This is not something that you can achieve from one quarter to the next. Certainly when we do price setting for these modifications, we look at that and the risk that we are managing linked to the collections of receivables.

Speaker #2: And the cash that will be accrued came in the next month; it was paid the next month. So I really wouldn't worry for sure about this growth.

Speaker #2: And so if you look historically at cash generation by Asseco Poland, this is more or less what it looks like. But this ensues from the fact of how the cycle of modifications runs.

Speaker #2: Amongst, around big master contracts—especially if we have a four-year master program—there are a lot of modifications. Basically, we focus on doing those modifications; we talk about the payment model with customers, and so on and so forth.

Speaker #2: But this is not something that you can achieve from one quarter to the next. But certainly, when we do price setting for these modifications, we look at that and the risk that we're managing linked to the collections of receivables. And so, at Asseco Poland, this is not something that transpires.

Rafał Kozłowski: At Asseco Poland, this is not something that transfers. There is a very small percentage of our receivables that we are not able to collect. I would dwell basically on the following conclusion, that this is something that is cyclical in nature, and it is a matter or it ensues basically from the dynamic growth of revenue. The next question, does the company feel that the market for employees of IT is coming back, having in mind the salary growth for employees? To be brief and succinct, no. Well, it is not the case that we have stopped or stifled salary growth. Our fundamental and core resource are people. Our business is predicated on people, and we have never said that we are trying to optimize costs in terms of reducing salaries, right? We have always tried to remunerate people at the market levels, and it seems that today that pressure does not exist.

Speaker #2: There's a very small percentage of our receivables that we're not able to collect. And so I would dwell basically on the following conclusion.

Speaker #2: That this is something that's cyclical in nature and it's a matter or it's it sues basically from the dynamic growth of revenue. The next question does the company feel that the market for employees of IT is coming back having in mind the salary growth for employees?

Speaker #2: To be brief and succinct, no. Well, it's not the case that we've stopped or stifled salary growth. Our fundamental and core resource is people.

Rafał Kozłowski: Well, it is not the case that we have stopped or stifled salary growth. Our fundamental and core resource are people. Our business is predicated on people, and we have never said that we are trying to optimize costs in terms of reducing salaries, right? We have always tried to remunerate people at the market levels, and it seems that today that pressure does not exist.

Speaker #2: Our business is predicated on people, and we've never said that we're trying to optimize costs in terms of reducing salaries, right? We've always tried to remunerate people at market levels.

Speaker #2: And it seems that today that pressure doesn't exist. We don't have a situation like what we had three or four years ago, when we saw people coming forward in droves to ask for pay raises.

Rafał Kozłowski: We do not have a situation like what we had three or four years ago when we saw people coming forward in droves to ask for pay raises. Well, there is going to be single-digit growth in salaries, and we should look at the average salaries and not the total cost, but the average cost of salary by segment and observe the growth rates. What we focus on today, I would put as follows: We have talked a lot about efficiency, improving profitability. There is no secret here that people are wondering how you can produce software more quickly utilizing AI and making better quality. Basically, our goal is as follows, that in fact, we want our employees to be satisfied. We want them to be happy utilizing good, modern tools, and that revenue will grow as a result. That is our fundamental strategy today in terms of how we manage our costs.

Speaker #2: Well, there's going to be single-digit growth in salaries. We should look at the average salaries and not the total cost, but the average cost of salary by segment and observe the growth rates.

Speaker #2: What we are focusing on today, I would put as follows: we've talked a lot about efficiency and improving profitability. There is no secret here that people are wondering how you can produce software more quickly utilizing AI and achieve better quality.

Speaker #2: Basically, our goal is as follows: in fact, we want our employees to be satisfied and happy. We want them to be happy utilizing good, modern tools, and that revenue will grow as a result.

Rafał Kozłowski: Basically, our goal is as follows, that in fact, we want our employees to be satisfied. We want them to be happy utilizing good, modern tools, and that revenue will grow as a result. That is our fundamental strategy today in terms of how we manage our costs.

Speaker #2: That's our fundamental strategy today in terms of how we manage our costs. But there is no pressure; we're not doing anything where we would not feel comfortable.

Rafał Kozłowski: There is no pressure. We are not doing anything where we would not feel comfortable in terms of managing the group. I think it would be worth adding when we talk about Poland itself, we have distinctions, prizes for employers, and so this is something that shows that we take pains to care for employees. We have the starter program for young IT specialists, and of the 40 spots, we had 8,000 applications. So the reputation of our brand and the desire to work with us is very pronounced, and we would also like to thank people for that. Next question. Under the mother company, we see revenue from Germany. Is this a new direction for the development of the company, a new avenue of growth? Well, to be honest, this is a highly detailed question. So pretty in-depth analysis. Well, I would put things this way.

Speaker #2: In terms of managing the group, I think it would be worth adding that, when we talk about Poland itself, we have distinctions—prizes for employers—and so this is something that shows we take pains to care for employees.

Speaker #2: We have the starter program for young IT specialists. And out of the 40 spots, we had 8,000 applications. So, the reputation of our brand and the desire to work with us is very pronounced.

Speaker #2: And we would also like to thank people for that. Next question: Under the mother company, we see revenue from Germany. Is this a new direction for the development of the company?

Speaker #2: A new avenue of growth? Well, to be honest, this is a highly detailed question—so, pretty in-depth analysis. Well, I would put things this way.

Speaker #2: The German market was always our ambition. In terms of the banking and finance segment, this export direction is always going to be interesting and attractive to us.

Rafał Kozłowski: The German market was always our ambition in terms of banking and finance segment, and this export direction is always going to be interesting and attractive to us. But the revenue that shown up has shown up because we have a customer in Poland that also has operations, a mother company situated or domiciled in Germany. So we are doing a project there in terms of ascribing a customer to a given geography, and that is why we have revenue from there. The next question, the revenue linked to the national invoicing system through Asseco Business Solutions, is this something that should be treated as a one-off revenue or income? No. That is the short and succinct response. Because Asseco Business Solutions has taken a very smart approach to this topic.

Speaker #2: But the revenue that's shown up has shown up because we have a customer in Poland that also has operations, and whose parent company is situated or domiciled in Germany.

Speaker #2: So we're doing a project there in terms of ascribing a customer to a given geography, and that's why we have revenue from there.

Speaker #2: And the next question. The revenue linked to the national invoicing system, except through ABS, is this something that should be treated as a one-off revenue or income?

Speaker #2: No, it's a short and succinct response. ABS has taken a very smart approach to this topic. ABS is focusing on building a recurring income base, so they didn't do anything differently when it came to the national invoicing system.

Rafał Kozłowski: ABS is focusing on building a recurring income base, so they did not do anything differently when it came to the national invoicing system. I think this is a topic that will stick around for quite a while. We have been successful under this model to sell the Business Link, which is product that we use to offer the national invoicing system. We have, of course, the implementation itself was a one-off. Actually, those are one-off implementation revenue. But the bulk of that is the recurring revenue. The next question, could you give a commentary about the unsuccessful acquisition and the write-down of the asset company? Has that situation been mastered? Well, yes. Financially speaking, this topic has been written down to zero. In this interim period, we had some write-downs of IPB and Podila, so I would say these were some basically accounting effects.

Speaker #2: I think this is a topic that will stick around for quite a while. We've been successful under this model to sell the Business Link, which is a product that we use to offer the national invoicing system.

Speaker #2: We have, of course, the implementation itself, which was a one-off, actually. Those are one-off implementation revenue. But the bulk of that is the recurring revenue.

Speaker #2: The next question: Could you give a commentary about the unsuccessful acquisition and the write-down of the asset company? Has that situation been mastered?

Speaker #2: Well, yes. Financially speaking, this topic has been written down to zero. This in this interim period, we had some write downs and so I would say these were some basically accounting effects basically the magnitude is 14 million at EBITDA and the contribution to net profit of 6 and a half million.

Rafał Kozłowski: Basically, the magnitude is $14 million at EBITDA and the contribution to net profit of 6.5 million. That was the write-down or having in mind what was going on with Dubai, so that addresses all of the exposure at the financial statement level linked to that acquisition. I would also mention that we had some write-downs for another acquisition around $4 million. So if we would want to reduce or take off those effects, the accounting effects in terms of the net profit contribution, the sum total would be a little bit higher than $10 million. The next question, how do you see the development in defense? Is it possible for growth in this market in terms of your market share? I would respond maybe to the question, there is a chance. Whether or not that is something we can do with just extending our hand.

Speaker #2: That was the write-down, or having in mind what was going on with Dubai, and so that addresses all of the exposure at the financial statement level.

Speaker #2: Linked to that acquisition, I would also mention that we had some write-downs for another acquisition, around $4 million. So if we were to want to reduce or take off those effects, the accounting effects in terms of the net profit contribution—the sum total would be a little bit higher than $10 million.

Speaker #2: The next question: How do you see the development in defense? Is it possible for growth in this market in terms of your market share?

Speaker #2: I would respond, maybe, to the question. There is a chance, whether or not that's something we can do with just extending our hand. Well, a lot is being said about the budgets that will be at the behest of the uniformed services and the defense sector.

Rafał Kozłowski: Well, a lot is being said about the budgets that will be at the behest of the uniformed services and the defense sector. We do not see any projects that we could participate in, and not only about us, but also when we talk about software in Poland. But is there a chance? Well, it seems to us, yes, that if the CapEx is going to be raised, there is going to be a chance. We are not going to surrender or relinquish our efforts. We are going to keep on working on that. We are waiting for the development of these, or the increase of expenditures, CapEx, for defense sector. What is the next question? How is Asseco PST doing in Portugal and Africa, and what are the prospects for the next few quarters? Well, Asseco PST is doing well. Let us remember, this is a company which has a pretty sizable database of clients.

Speaker #2: We don't see any projects that we could participate in, and it's not only about us, but also when we talk about software in Poland. But is there a chance?

Speaker #2: Well, it seems to us, yes, that if the capex is going to be raised, well, there's going to be a chance. We're not going to surrender or relinquish our efforts.

Speaker #2: We're going to keep on working on that. We are waiting for the development of these, or the increase of expenditures—capex—for the defense sector.

Speaker #2: What's the next question? How is Asseco PSD doing in Portugal and Africa, and what are the prospects for the next few quarters? Well, Asseco PSD is doing well.

Rafał Kozłowski: What is the next question? How is Asseco PST doing in Portugal and Africa, and what are the prospects for the next few quarters? Well, Asseco PST is doing well. Let us remember, this is a company which has a pretty sizable database of clients.

Speaker #2: Let's remember, this is a company which has a pretty sizable database of clients, and so we have a large percentage of the market in terms of the banking sector in Portugal and Angola.

Rafał Kozłowski: We have a large percentage of the market in terms of the banking sector in Portugal, Angola. We are also in a few other countries that are Portuguese-speaking countries. We had two acquisitions done by that company, two smaller companies that are also operating in Portugal and Angola. At present, another acquisition which I already addressed today. All of this puts together a picture that we are very pleased with this acquisition, and this company has been working with us for some 11 years because we made that acquisition in 2015 in the latter half of the year. So we can say that 11-year anniversary is behind us, and we are very pleased with those operations. We have a leader who has been with us for all these years. He has never disappointed us, and he is doing everything he can to continue developing the company. I would wrap things up.

Speaker #2: We're also in a few other countries that are Portuguese-speaking. And so we had two acquisitions done by that company—two smaller companies that are also operating in Portugal and Angola.

Speaker #2: At present, another acquisition—which I already addressed today—all of this puts together a picture that we're very pleased with this acquisition. This company has been working with us for some 11 years, because we made that acquisition in 2015, in the latter half of the year.

Speaker #2: So we can say that the 11-year anniversary is behind us, and we're very pleased with those operations. We have a leader who's been with us for all of these years.

Rafał Kozłowski: So we can say that 11-year anniversary is behind us, and we are very pleased with those operations. We have a leader who has been with us for all these years. He has never disappointed us, and he is doing everything he can to continue developing the company. I would wrap things up.

Speaker #2: He's never disappointed us, and he's doing everything he can to continue developing the company. I wouldn't wrap things up. Thank you very much for the detailed responses to questions.

Rafał Kozłowski: Thank you very much for the detailed responses to questions. I would congratulate your results for H1. We would also like to thank you for all of your questions, for your contact, and we will invite you to be in contact with our IR team, and we will invite you to upcoming quarter results conferences and to be in contact with the company. We would like to thank you very much, and we will see you next time. Okay, thank you very much.

Speaker #2: I would congratulate your results for the first half of the year. We would also like to thank you for all of your questions for your contact and we'll invite you to be in contact with our IR team and we'll invite you to upcoming quarterly results conference and to be in contact with our company.

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Q2 2026 Asseco Poland SA Earnings Call

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Asseco Poland SA

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