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Stable foundations and further growth of Asseco's business in Q1 2024

In Q1, 2024, the Asseco Group generated revenues of PLN 4.25 billion (EUR 983 million), of which PLN 3.3 billion (EUR 763 million) was attributable to sales of its proprietary products and IT services. Operating profit increased by 6% to PLN 420 million (EUR 97 million), and net profit attributable to shareholders of the parent company, after a 16% increase, amounted to PLN 125 million (EUR 29 million).

During the reported period, the Group developed its operations both in Poland and abroad. Sales revenues in the Asseco Poland segment increased by 11% and amounted to PLN 509 million (EUR 118 million). Sales of solutions for finance grew most dynamically – by 19%. Asseco also continued its cooperation and entered into new contracts with institutions in the public sector, which resulted in a 9% increase in revenues in this area.

The Group's performance is highly diversified, with 88% of sales coming from foreign markets, represented by the Formula Systems and Asseco International segments. Sales of the Asseco International segment amounted to PLN 955 million (EUR 221 million). Excluding the effect of exchange rate differences, this represents an increase of 5% compared to Q1, 2023. The segment saw increased sales of payment and banking solutions in the Asseco South Eastern Europe Group. The ERP area, represented by the Asseco Enterprise Solutions Group, also grew organically. In turn, the Formula Systems segment recorded revenues of PLN 2.8 billion (EUR 648 million), which increased by 9% after excluding the impact of exchange rate differences. Sapiens International and Matrix IT reported very good results, in reporting currencies.

Asseco's consolidated order backlog for 2024, in the area of proprietary software and services, is now worth PLN 11.2 billion (EUR 2.6 billion). At fixed exchange rates, at which the backlog for 2023 was calculated, it exceeds PLN 11.9 billion (EUR 2.6 billion) and is 7% higher than in the corresponding period in the previous year.

This is another very good period for Asseco's business. Strong business diversification at the level of products, sectors and geographic markets, as well as long-term relationships with customers and a high share of recurring revenues ensure stable growth for the Asseco Group. Excluding the effect of exchange rate fluctuations, our revenues grew by 8% and operating profit by 13% during this period. We also have good prospects and backlog for the whole of 2024 in all our business segments. Revenue dynamics were the highest in the Asseco Poland segment. We are seeing very good sales results in Poland for solutions for finance or public institutions. The Formula Systems Group is successively strengthening its position in Israel, North America and Europe. The first quarter of 2024 was also good for the Asseco International segment, which intensively developed sales of ERP solutions, payment systems and banking software during this period, said Karolina Rzońca-Bajorek, Vice President of the Management Board, CFO of Asseco Poland.