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.

As always, we'd like to introduce you or show you the activities of our group and the financial results. And so Karolina Rzonca-Bajorek, the CFO of the group, will talk about the results, and we'll start with the activities of the group, which will be delivered by Marek Panek, the Vice President of the group, and we'll ask you at the end to send your questions, and we'll try to field all of your questions.

And you have basically a tab where you can pose your questions during the course of today's conference. 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.

Thank you very much, ladies and gentlemen. And as a matter of tradition, I'll begin with a business sort of summary of what's happened in the first half of 2026 in the Asseco Group.

I think the best summary is Slide #3, which you now see on your screens. These are figures which illustrate the results of our company in this period that we're discussing.

So we have revenue of PLN 9.25 billion, which is a 16% increase from half year to half year. Our operating profit grew by 38%.

It's exceeded PLN 1.08 billion and net profit at the end of the day is PLN 430 million. And so we have an increase of in excess of 52%.

So I think we can all be very satisfied with these results. We're certainly very satisfied with these results.

And then we'll show you the breakdown of revenue by operating segments. And so for many years, you've been familiar with this breakdown.

We'll begin with the Asseco Poland segment. Then we have Asseco International and Formula Systems.

And so we have increases in we have 17% increase in Poland. So we've exceeded PLN 1.3 billion in revenue.

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

So almost PLN 5.6 billion in revenue. Let me remind you of the proportions.

And so I'll begin with the right side. And so Formula Systems is giving us 60% and International is 26% and the remaining 14% comes from our activities on the Polish market.

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. We have solutions for finance.

We have nearly PLN 2 billion in revenue with an 11% increase. We see the most -- the fastest growth in solutions for public institutions at nearly 30%.

We're in excess of PLN 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.

We have ERP solutions, other IT solutions, infrastructure plus other solutions. And so we have growth of 17%, 10% and 11%, respectively.

So the commentary is here unnecessary. We're pleased with all of our product groups across the board.

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. 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 3 product groups where we're operating, and we'll begin with solutions for finance.

Here, we have nearly PLN 2 billion in revenue and some nearly 11% growth. And the biggest contributor is Asseco International.

It 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 some PLN 820 million.

It has 4% growth. And we're pleased here with what's happening, Asseco South Eastern Europe, especially if we look at the pace of growth in core banking systems.

Here, we've grown the fastest in payment, it's more or less flat year-on-year. And we can say that Asseco Central Europe and PST are doing quite well and this is the financial sector.

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.

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. And this segment is characterized by a large stream of large recurring revenue and so maintenance development of our solutions.

And so basically, we're signing new contracts. So we've signed a large contract with BGK, is the National Development Bank, and that was done this year.

And this is a contract that we're going to be running over the next several years. And Formula Systems, it exceeded PLN 800 million in revenue for the financial sector.

So that's some 17% growth. If we compare the interim periods of 6 months to 6 months after selling Sapiens, the major 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. 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 nearly 30% growth.

And we have PLN 2.5 billion in sales. So revenue in the first half of the year is solutions for public institutions.

And you can see that Asseco International is growing the fastest. We have PLN 322 million in sales and a 33% increase growth.

And here, we're very pleased because we've been able to build our position in terms of delivering solutions in Czech Republic and Slovakia, for public sector. And so 1.5 years ago again, 2 years ago, we had mentioned that there was some stagnation.

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 PLN 740 million, big contribution was made by the health sector, the health service.

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

I would add here that we have 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.

It's generating revenue for us. And in public, we also have large-scale projects for the biggest public institutions in Poland.

So the energy sector and -- that's why we believe that this growth has taken place, and that's why we're satisfied. So in Formula Systems, we have PLN 1.447 billion.

So the growth is some 29%. So we're 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 2 interim periods of 6 months each. And so you don't see Asseco Poland here.

So we can say, as of the first quarter of this year, it's not here because the company DahliaMatic, which is representing Asseco Poland, has been moved to the Enterprise Solutions holding, and it's now consolidated in Asseco International. And in Asseco International, basically have sales of nearly PLN 570 million with 13% growth, and we're pleased with that in terms of what's happening in Asseco Solutions in Germany and Slovakia 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.

And then we have Formula Systems. It's nearly PLN 370 million in revenue with a 25% uptick in terms of growth.

And 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. If we look at acquisitions, M&A activity in 2026, we've been joined by 9 companies, 1 company from Poland, which is Mc Comp.

This acquisition was done after the balance sheet date. We're showing it here, and we've actually described this transaction in our financial statements.

And so then we have the 8Seneca 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 RandTech Computing, which is a new purchase, a Portuguese company, and this was from Asseco PST. So this is a company that's operating in the Portuguese-speaking markets.

It's a small acquisition, but quite intriguing. It did software for the insurance sector.

And so it's working in several companies, countries and that coincides with PST. And then we have the Formula Systems in different areas.

We had 2 acquisitions that were done by Magic, 2 acquisitions that were done by Michpal. And so in terms of software for HR and payroll processes.

And then we are continuously strengthening and bolstering the group of Michpal, which basically was listed in Tel Aviv last year. And then we have 2 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, and it's a very interesting concept, and we very strongly believe in that. And that would be about it from my side, and I'll give the floor at this time to Karolina.

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

So revenue in total, 6% CAGR. Revenue from software and proprietary 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 1.24 billion with a CAGR of 12%. And the net CAGR, non-IFRS net profit, it's PLN 485 million for the first 6 months of 2026.

If you compare the first half 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 million for sales and plus PLN 29 million for non-IFRS operating profit.

In terms of contribution -- organic contribution, it's PLN 855 million for sales revenue year-to-year. And looking at the non-IFRS operating profit, it's PLN 243 million.

And acquisitions after the 30th of June 2025. So this is the delta from the acquisition transactions, PLN 121 million for sales revenue and PLN 35 million for operating profit.

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. 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 PLN 125 million in positive terms.

And Asseco International is the second contributing segment with PLN 34 million, followed by intersegmental adjustments plus PLN 12 million, it's within the group and minus PLN 4 million is the adjustment for Formula Systems segment. But let's keep it in mind that because of the sale of Sapiens, we had a major loss of revenue.

So 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 minus PLN 4 million, 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. So when we look at PLN, -- so 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.

We keep on improving profitability of EBITDA by 1.5 percentage points at the consolidated level. 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. 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 see that 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.

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. So the interest income comes from Polish segment and the 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. So 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. But 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.

So in the PLN, we have to show 19%, and this is on over PLN 190 million. 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 PLN 460 million and 52% in the standard treatment.

And for Q2, it's 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, but this is quite a spectacular picture.

We will address the underlying reasons for such a spectacular performance. I think that this slide deserves more attention.

Asseco Poland, this is the Marek company. The revenue has been growing and the operating profit has been growing even faster.

Our EBITDA after 6 months is quite sizable, over PLN 800 million. And 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 health care system that we are showing under the heading of the public institutions. And the other part of the public institutions business has been performing very decently.

They had a great year in 2025, and they continue the good trend. We also have excellent performance in banking and financial institution sector, and this is generated by Asseco Poland.

But let me remind you that we have a lot of banking business within ASEE in the south of Europe. And on top of it, we have the Portuguese company that has main business focus on Africa.

But in Poland and in the South Eastern 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. And therefore, we show very good profitability for this sector.

And as a result, it drives our revenue and it also improves profitability here and there. And we also see 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 nearly doubled non-IFRS operating profit, and 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 KSeF system and trusted services sales where the main products 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. Actually, it was not a merger, it was really the consolidation process, because we are not going to fully merge the 2 companies, namely Matrix IT and Magic.

But we show them in one line because Matrix is currently consolidating Magic starting from 2026. Excellent results for Israel business and also for the U.S.

business and within the European territories. Here is mostly public segment or public institutions is the main driving force.

And 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.

And we are really happy to see the performance of 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, but we also see improved profitability in ERP company in Germany. And this is where we have like a core business located within the public institution sector.

And this is Asseco Central Europe and also Slovak and Czech companies, new contracts -- the contracts that gave us some headache over the past few years are now getting on the right -- getting back on the right trajectory and hence, improved revenue. So this is the Western Europe.

So 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's inventory impairment.

So in this case, we are sort of underperforming a bit, but otherwise, South Eastern European market is also doing well. So as a group, excellent performance within the banking sector, very good payment segment performance, and we are looking forward to new projects for the segment of the dedicated solutions.

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 a pretty decent 113% in the Asseco Poland segment, 133% in Asseco International and a little bit worse around 84% in Formula Systems segment.

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, pretty a good accurate result. And so I think the cash generation is quite good.

It's especially good in Asseco International. We also have growth in the first half in Asseco Central Europe.

It's also very good in South Eastern Europe. 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 it was a 6-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 follows 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. And 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.

Q3 in Israel is a more difficult period having in mind various holiday periods. And basically, they distort or disrupt those cycles.

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 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. As a result, the translation is much -- impact is much smaller, and we have better organic results.

And so PLN 384 million in revenue and PLN 165 million in terms of operating profit of a non-IFRS ilk. And then we had PLN 41 million and then PLN 11 million 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.

And so I think this is a wonderful result. If we talk about the improvement in the interim periods from 1 year to the next.

And if we look at the cash flow, so again, it's better. It's 121% at the group and 113%, International is 133%.

And then we have the Formula Systems segment is 93%. This is a result of Matrix, which had a softer quarter is -- 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 phenomenon.

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 the fixed exchange rates for software and services, they're growing by like 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.

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 contracts signed.

And even if the growth rate is not enrapturing, 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. 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% on 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 ahas led to the difference between fixed and variable exchange from 9% to 19%, of 21% in Asseco Poland, 10% in Asseco International at plus 11% and then 19% for Formula Systems.

And so 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've received a large number of follow-up questions, and now we'll try to respond to your questions.

And so when we ask you, what part of your improved operating margin in Asseco, that has been delivered by improving market conditions? And to what extent is it your organizational efficiency and process efficiency gains?

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 and the processes, especially if we took a look at headcount not growing and in some cases, headcount is flat, and we have more revenue. 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 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're able to benefit from the good market conditions. And basically, we're trying to match or align our resources to that to improve our efficiency.

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. 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. 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 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 from Poland. Is it a change, a possibility that this could change?

We'll pass on that information to the management team in IR. It's not the case they don't organize conferences they do.

You just have to physically walk in and join the conference. So we 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, but we can see that there is interest in visiting us on site. It's less of an attractive element.

So we would invite you to participate online. Are there signals that the public sector will continue to grow 3.5%, 4% just like in Q2?

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. But 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.

And I think that I will stop here.

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 billion, PLN 1.9 billion without deducting leases.

Look, it's not that the numbers match -- 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.

ERP in Poland declined a lot. If that is not a typo, can you give us the sense of what that means?

Let me follow up on the previous question. Please bear in mind that it's not that we have different treatment here than other companies.

But 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. So altogether, deposits account for PLN 200 million at the group level.

And 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 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. And for that reason, it is shown under Asseco International today.

And I think that this really answers your question.

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

So as we said, public health care 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 an outstanding momentum for Israel.

Again, the public procurement, huge dynamics and a very decent profitability shown by the Israelis.

Why did the ERP International segments grow revenue so rapidly? Karolina, can you give us a sense of the plans for the challenging segments like international infrastructure, non-IT, international and Poland, other IT?

Why ERP has 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.

And a lot of the improvement comes from the new National e-Invoice System, KSeF, and related changes that had to be implemented. I think that ABS was really smart about it.

They have a separate product to address KSeF, the National e-Invoice 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. But 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 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. 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 Rafal, 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. This company is not really within our core business segment.

And perhaps ultimately, it will be desirable to actually sell it off. 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 the company, and we really want to improve their margin. Poland Other, this is where we show mainly from ADS, 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 electronic wallets, 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, 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.

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, but it does not look that way.

Any clarity on the source of the disproportional working capital improvements would be helpful as would clarity on the other areas where you could still see more improvements.

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.

Well, this blurred picture as we -- so working capital is blurred by investments. That's a quote from the question.

Perhaps this is our approach to deposits. This is a highly technical question and complex one.

So let me repeat. The Polish segment, I think that cash looks decent.

But as I explained, it's a cyclical development, and it's not 100%, and there is room for improvement there. And this improvement will come in Q3 and Q4.

Very good cash in ASEE and ACE. And in terms of proportional numbers, I believe that cash situation and Matrix has to be improved because this is something that really has negative impact on the ratios that we see for this.

Discussion of the PLN 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 whether that PLN 800 million figure is unusually conservative or what? Would you perhaps instead give some clarity on expected figures for proportional data?

Well, first of all, as a company, we don't 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.

And when I say decent, this is a very conservative approach.

Can you please discuss the Portuguese acquisition and 2 acquisitions in Poland, how you found them and what they are all about.

Well, in Poland, we had one acquisition that's Mc Comp. But in Portugal, we also had one acquisition.

So just to get things right at the beginning. So let me start with Poland.

Mc Comp 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. And now fuel is yet another puzzle -- another piece in this puzzle.

The company is not spectacularly large, but very decent. The revenue is like PLN 36 million for 2025, but they are healthy, profitable, well managed.

They have interesting products and 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, spa, 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. 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 that this is a very small company, like EUR 2.5 million in revenue. So they are fairly small compared to the entire group.

But their core system is a product for the insurance sector, and that's 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.

But companies, customers of Asseco PST are also customers of the RandTech of the newly acquired company because the banks, especially in Angola are actually owners of insurance companies that use systems and solutions offered by RandTech. We really want to help this company grow their business.

Thank you very much. And so we wanted to ask a question.

We see that the value and the percentage grew in acquisitions than in domestic sales. Is this the beginning of a trend?

And you can ask what stands behind these results.

Well, these results are linked to the expansion of e-commerce. And here, we have very good modern solutions based on AI, and they are being sold abroad.

And so in recent years, ABS was investing in international sales and was doing that successfully. 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, I gaze into the future with optimism in terms of this activity.

Thank you very much. The next one is about the group -- at the group level and the unit level, we see receivables have grown and which means that there's less in the operation effects.

If you could ask -- say a few words about the receivables.

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

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.

So we are 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, and the cash will be accrued that came in the next month. It was paid next month.

So I really wouldn't worry for sure about this growth. 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 how the cycle of modifications runs amongst around big master contracts, especially if we have a 4-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.

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 to the risk that we're managing linked to the collections of receivables. And so Asseco Poland, this is not something that transpires.

There's a very small percentage of our receivables is -- our receivables that we're not able to collect. And so I would dwell basically on the following conclusion that this is something that's cyclical in nature, and it's a matter or it ensues basically from the dynamic growth of our 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's not the case that we've stopped or stifled salary growth.

Our fundamental and core resource are people. 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 the market levels. And it seems that today, that pressure doesn't exist.

We don't have a situation like what we had 3 or 4 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've 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'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 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.

We have the 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 a pretty in-depth analysis.

Well, I would put things this way. 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's 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're doing some project there. In terms of ascribing a customer to a given geography, and that's why we have revenue from there.

And the next question, the revenue linked to the National e-Invoice System through ABS, is this something that should be treated as a one-off revenue or income?

No. That's the short and succinct response because ABS has taken a very smart approach to this topic.

And so ABS is focusing on building a recurring income base. And so they didn't 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've been successful under this model to sell the business link, which is product that we use to offer the National e-Invoice System.

We had, 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 0. In this interim period, we had some write-downs of PPA and goodwill.

And so I would say these were some basically accounting effects. Basically, the magnitude is PLN 14 million at EBITDA and the contribution to net profit of PLN 6.5 million, 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 linked to that acquisition. I would also mention that we had some write-downs for another acquisition around PLN 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 PLN 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 share -- market share?

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 uniform services and the defense sector. We don't 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, well, there's going to be a chance we're not going to surrender or relinquish our efforts, and we're going to keep on working on that.

And so we are waiting for the development of these or the increase of expenditures, CapEx for defense sector.

What's 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'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. We're also in a few other countries that are Portuguese-speaking countries.

And so we had 2 acquisitions done by that company, 2 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're 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're very pleased with those operations.

We have a leader who's been with us for all of these years. He's never disappointed us, and he's doing everything he can to continue developing the company.

I would now wrap things up. Thank you very much for the detailed responses to questions.

I would congratulate your results for the first half of the year. We'd 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, we'd like to thank you very much, and we'll see you next time.

Okay. Thank you very much.

[Statements in English on this transcript were spoken by an interpreter present on the live call.]