Now Marek, I'm sure, will begin with the introduction. He's smiling, probably he has some good news to share.

Marek, over to you. Tell us how we've been doing in the last 3 quarters.

Good afternoon, ladies and gentlemen. It should have been my show, but still.

Yes, we have some positive news. We are summing up another subsequent positive period in Asseco's activity.

Now I will tell you more what were the highlights in the first 3 quarters. Let me start by summing up.

You see here some key figures that I would like to communicate. First, results.

As you can see, we've observed a very dynamic growth amounting to 11% compared to last year, amounting to 12.3 billion zloty. Our operating profit was growing even faster, the non-IFRS one, up by 18% to 1.4 billion, and non-IFRS net profit went up by 29% to as much as 516 million zloty.

Now the profitability also improved, the non-IFRS one, it's close to 12%. Taking all this into account, we have reasons to be happy.

Indeed, the first 3 quarters we believe were very satisfying. These results are driven by the fact that we've consistently been pursuing our strategy, the strategy that was coined 30 years ago.

It's based on our own products, our own software, and on diversification in terms of sectors and geographies where we operate. We are getting stronger in our core areas: finance, public administration, and ERP.

At the same time, we've seen some promising areas blooming. We've been talking about them many times: cloud, cyber security, defense, and recently AI.

In all these areas, we are more or less advanced. We take a close look at the market, and we want to make sure that we are present in all of them.

This kind of an untypical slide because I'd like to mention one such event, which is we signed as Formula Systems the agreement for the sales of a majority stake in Sapiens International. This contributes to our results even though this transaction has not been consumed yet.

In August this year, an agreement was signed to sell the stake in Sapiens by Formula. With that, they will retain 18%.

As a result, we are losing control over Sapiens. That was reflected in financial results.

Sapiens as a result was excluded from consolidated revenues and costs as well as income tax. The data are no longer part of the consolidated revenues.

It is now classified as discontinued operations. The net results of Sapiens included in the profit and loss statement under net profit from discounted operations.

The transaction is expected to be finalized at the end of Q4 or beginning of Q1 next year. We already announced previously that it will have a significant positive impact on the result of the whole group.

We will tell you more about this at the next conference. Now coming back to the traditional part of my presentation, I will start with a short summary of activities in individual geographies and segments.

I suggest that we focus on the graph that you can see now on the right-hand side. It's the sales revenues broken down by segments.

Starting from the upper part, it's Asseco Poland. This segment was marked by the highest growth of as much as 14% period-to-period, followed by Asseco International, plus 12%.

Here we are close to the amount of 3.3 billion zloty. The largest part is Formula Systems that observed 11% growth and achieved 7.3 billion zlotys.

Remember that Sapiens is excluded. In a nutshell, I would say the following.

No big highlights. For the Polish segment, we look at the public one.

We have a strong position there, and it grew very dynamically. Also, we would like to stress that we have a strong position in the finance segment.

It's mainly banks in Poland. For Asseco International, I'd like to point out ERP solutions and solutions dedicated to banking, especially Eastern Europe, Central-Eastern Europe.

Then Formula Systems segment, here I'd like to mention record revenues of Matrix IT and some satisfactory growth of this new part, which is Michpal Group. Here you can see the revenues broken down by product groups.

Again, please focus on the graph on the right hand. Let's start from the upper part.

Plus 8%, it's solutions for finance. Really, it's one of the largest segments with respect to software in our group.

The finance one brought us as much as 23%, and the largest software base is the public administration segment. It grew at the most dynamic pace.

Exactly it was plus 16%, we are very close to the amount of 3 billion zloty. It's about 25% of the revenues of the whole group, solutions for banking institutions.

Now ERP solutions, here we observed an almost 10% rate of growth. Looking at the remaining less software-based IT solutions, it's categorized as other IT solutions, it's plus 12%.

I will then remind you what it includes. Infrastructure and third-party solutions, it still generates a considerable part of our revenues, but it contributes to lower margin rates.

Still, we were able to generate 10% of growth here. I'd like to underline once again our diversification.

The share of the 10 top customers in our case is 12%, and 2.5% is the share of the largest customer in the group's revenues. Moving on, let's have a look now at those individual solution groups in detail.

I will start with the finance one. As you can see, we have almost 2.8 billion zloty in terms of the revenues.

Plus 8%, that's the change. The greatest contributor is no longer Formula Systems, as it used to be the case.

Probably now Sapiens is excluded. Right now, number one is Asseco International.

There we have almost 1.2 billion zloty revenues and a 6% growth rate. Just to remind you, it involves Asseco Eastern Central Europe, solutions for banks and payment solutions.

Additionally, it's Asseco Central Europe and Asseco PST, that is the activity in Portuguese-speaking countries. In all those segments, we observed growth.

So 6% is the growth of the revenues. Formula Systems takes the second place in terms of the contribution.

1.1 billion is the worth of the sale. 11% growth.

Excluding Sapiens, this is now Matrix, that's the main player. They have a lot of banking projects in Israel and Magic Software.

Now Asseco Poland, that makes us very proud for many years because we believe that our business for banks in Poland is very mature and very sound. It's a great stream of recurring revenues for the company.

Here we almost have 500 million zloty revenues, and the growth rate is 10%. Please be aware that we not only serve banks, but also brokers houses and leasing companies.

All of that together generates almost 500 million zloty. Now solutions for public institutions, as I said before, that part grew at the most dynamic pace.

We have 16% worth of growth. We are close to 3 billion zloty in revenues.

The greatest contributor here is Formula Systems. Again, Matrix IT is the main player.

It's the largest IT company in Israel. At the same time, they have a large share in the supply of solutions to the public sector.

Many Israeli public institutions utilize Matrix solutions. Matrix is followed by Asseco Poland in terms of the size.

900 million revenues. Again, a very dynamic growth, 21%.

In Poland, as we cooperate with many big public institutions. I'm not going to quote them.

I'm sure you know what I mean. We also have solutions for local governments, smaller clients, and for the healthcare sector, where we are an important entity offering solutions.

That dynamic growth makes us very happy, obviously. Finally, Asseco International.

Here we welcome an almost 30% growth of revenues, mainly driven by Asseco Central Europe. We were able to restore our position.

That makes us very happy. You may recall some fluctuations in Czechia and in Slovakia.

Some projects were put on hold in the public sector due to the geopolitical situation. Now we are happy to see a return to these projects.

Also, I'd like to mention Asseco South Eastern Europe. It is coping very well in this area, as well as Asseco Lietuva, our Lithuanian company.

Now ERP solutions. Here we have a lot of revenues.

You can see that on the screen. Revenues CAGR plus 8.6%.

Asseco International here is the most important one. Remember, we consolidate here Asseco Enterprise Solutions that operates mainly in the ERP sector, and it observed 4% growth and generated revenues over 700 million.

Number two is Formula Systems segment with 14% of growth. We are close to 450 million.

This is mainly the contribution of Michpal. It's a new group, HR and payroll, that's their core activity.

We treat these solutions as part of ERP. Hence, that revenue is classified as this segment.

Also Matrix should be emphasized here, a company that also has ERP, proprietary ERP system and some third-party companies. Asseco Poland here, it's only 50 million, you might think it's quite negligible.

Still, it makes us very happy because they have a good growth rate of 22%. It's mainly DahliaMatic.

By the way, DahliaMatic in September was moved to Asseco Enterprise Solutions Group so that all ERP solutions are offered as a one-stop shop. Now this will be moved out to a different table.

Now other IT solutions, let me remind you what this is made up of. First, these are the solutions that are not classified in the others.

This is our trusted services and our software related to trusted services produced by Asseco Data Systems. This is also about resources outsourcing.

This mainly comprises Magic Software in the US and Israel. Also platforms for software development that are supplied by Magic.

Dedicated solutions for different types of companies supplied by Matrix. Other solutions offered by our company, over 2.2 billion and a 12% growth for the whole group.

Let me also mention that it also covers our ITC solutions for Poland, specifically speaking the project for the Cyfrowy Polsat Group. In Poland, it's over 150 million revenue, and this group of solutions accounts for an 8% drop in this case in Poland.

Don't worry about it. This is because of some seasonal aspect of this project carried out for Polsat.

Now acquisitions. We are continuing the activity here and 9 new companies have joined us, 2 bought in Poland, 1 in Slovakia, 1 in Czechia, 3 in the Israeli market, 1 in Spain, 1 in Egypt.

We will continue acquiring companies and in Q4 there will be some new companies joining us in the group. As this is part of our growth strategy, and we take it very seriously.

Much from me, now over to Karolina.

Thank you. I will discuss the P&L.

Marek has mentioned the revenues, and I would like to add a few points because revenue on software and on proprietary services is growing at a fast rate. I will also discuss the back backlog at the end of the presentation.

EBITDA over 1.8 billion and CAGR 8%, and EBIT 1.4, plus 7%, and the net profit is 516 million zlotys, and this amounts to 8% of the CAGR. Now period to period, we can see that there's a negative effect of the currency rate.

It's the negative effect is 135 million. If you have a look at the growth rate, it's around 2% 2% point of difference between the currency rates.

Now the organic revenue has been growing by over 1 billion, and the acquisition 355 million. As a result, 12 we have the result of 12 billion 255 million, the revenue.

Let me also mention what Marek has been discussing that this does not include Sapiens, which is recognized in a different place. Now non-IFRS operating profits, 16 million negative, this is the foreign exchange rate.

We have the topic of real property sale, which was positive this year it's negative, and this is non-IFRS, let me remind you. Some one-offs have been already cleared.

They were included in the results of this quarter. 215 million, this is the delta of organic results, and 33 million, this is the effect of the acquisitions.

Now the net profit one-offs, 11 million, this is the real property sale, and 128 million, this is the organic result of our companies. Now let's break it down into different segments, non-IFRS net results.

For some time, the the trend has been quite steady. Asseco Poland has been the largest contributor here, and 4 million is Asseco is Formula Systems, and 26 million is accounted is contributed by Asseco International.

If you have a look at the revenues and operating profit, we have already mentioned that the growth rate amounts to 11% total services, proprietary services 12%, and you can see the the dynamics on the right, excluding the FX rate effect, and this is the change 13% if you freeze the currency rate exchanges. 3 quarters to 3 quarters, there is 15% and 15.1%.

Now Q3 to Q3, there's a drop in profitability, but I wouldn't worry about it because this is the effect of the adjustment because of the activity in India and the acquisition that was taken away from the results this year, and without this acquisition, profitability wouldn't be lower. If you look at it segment by segment, you will see in a moment that there there are segments where the profitability is improving.

Now revenue from operating profit 18%, this is the growth rate, it would be 19% if it weren't for the FX rates, profitability 3 quarters to 3 quarters improves, and there is a significant effect of one-offs because of the M&As, and as a consequence, the growth rate is a bit lower, it's 16% after the 3 quarters. Interest-bearing results are quite similar, and foreign currencies transactions has have a bit lower effect, there's hyperinflation and other adjustments.

We have received many questions about the the effect of tax rate, and as you can see, period to period it goes down by 0.8% point, and there is also a significant impact of Asseco Poland. This is a positive tax effect, and it's largely due to a one-off.

This is because the whole loan time we couldn't recognize the interest of the loan taken to buy our own shares, and there was no revenue there where we could match the cost and use it effectively in the in the tax declaration. Once the transaction took place and we knew that we would be selling our own shares, this option appeared, and we could use this tax loss in this in this item, and this is the most important effect here in this quarter.

We've been filing requests with the tax office for interpretation to settle the taxes in the most logical way possible, and we have also obtained a positive interpretation from the tax office, which is actually contradictory to another one we received a few years ago. We have already made some adjustments to the to the tax settlements for the previous years, and we will continue to make adjustments, but this takes time.

Hence, the impact on the effective tax rate. Now associates in Q3 last year, there was a positive effect because some overstating of the TSG investment at the level of Formula Systems, it was a one-off.

There is no such effect now. That's why this time it's smaller than than what we've been used to because of the one-off last year, which was quite important.

Net profit attributable to shareholders, it's 453 million. You can see that the dynamic here is larger because the largest dynamics is always where we are consolidating the highest percent, which is effectively in Poland, Asseco International, and lastly Formula.

This is precisely what I've been talking about. Have a look at the parent company, Asseco Poland.

You can see the the growth rate of the revenue and the operational operating profit. Here we can see a huge improvement period to period.

272 million compared to 201 period to period, we are very proud of our parent company and its results. Now Asseco Data Systems has improved significantly as well, if you have a look at operating profit, it's 442 million for the 3 quarters of the year.

Now other companies that are recognized together in a single line, there were companies that were struggling last year like DahliaMatic, and this year they have recovered their position and their result is positive. Therefore, this line has improved significantly.

Now Formula Systems, another record quarter for Matrix IT. We've been telling you this every quarter, but this is actually the case that every quarter they've been improving their results, and we are very happy with this dynamics because profitability is also being maintained or improved.

Magic is flat. Let me remind you that we will have the merger of the companies soon, once we lose control over Sapiens, it will be different, but Sapiens will be kept as associate in a single line in P&L, and Matrix and Magic will be recognized as a single group.

We think, we hope that after the merger there will be some more operating benefits in Magic for Magic. Michpal has had its debut on the stock exchange in Tel Aviv, and I think that this group can be expected to grow because now it's growing at a nice rate, its effectiveness is growing, and it's going to continue.

Now the Asseco International segment, Central European market, Marek has mentioned the fact that the ERP group is the driver of growth here, but the core area is also a good contributor, Slovakia and Czechia. This is a huge part of the Central European market.

Now South Eastern European market, an organic improvement in banking. Payment would have been better, but a write-off has been recognized here for India.

Now the Western European market, as we have already told you, the result is very decent, Asseco PST. Now let's move on.

This is cash generated, LTM. We are very happy here.

Asseco Poland, it's as you can see here in International 107, 114 Asseco Poland, and Formula 104%. Now liquidity situation has been stable.

Still, it's negative in 2 segments, but at the same time, I'd like to point out that the debt in 2 segments went down. For Asseco Poland, we are still paying back in accordance to the schedule a credit facility, investment credit facility.

When it comes to Formula Systems, we are also paying back, the debt is ever smaller. The costs of debt servicing are also expected to go down considerably.

Some time now we've been presenting to you also proportional recognition, informing you what the our results would be according to the ownership logic if the percentage rates were consolidated in an effective way without So non-IFRS results, this is proportional revenues for 2024. The foreign exchange impact is here not as considerable.

It's -40, and at the same time 560, that's the positive impact of organic results. 67 million was generated by acquisitions.

Looking at the operating profit, -4, that's foreign exchange rates, -14 one-offs, 155 organic results, and -2 acquisitions. Again, proportional recognition of the revenues and operating profit, here the dynamics changes and efficiency are higher.

Where the percentage rate is higher, the results show better dynamics and better profitability. Look at proprietary software and services, here we generated +12% and EBITDA profitability 1.1, you can see here in quarter 3 an improvement in terms of profitability.

The same applies to operating profit in an accumulative manner, accrually, 0.5 percentage points, that's the profitability of the operating profit. Now let's have a look at the balance sheet in the proportional methodology.

As you can see, the debt is not as consolidated in Formula, and for Asseco Poland it's close to 100%. It seems we are on the safe side.

Still, we are looking at the working capital in more detail to make sure that we use it as efficiently as possible. Now cash flows, proportional recognition, cash generated, again a very satisfying picture, much better than in the consolidated recognition.

112%, that's the cash conversion ratio for Asseco Group. Asseco Poland segment accounts for 115%.

Let's have a look at the backlog, order backlog. At the proprietary software and services level, we can see the backlog amounts to over 12 billion zloty in fixed foreign exchange rates.

13%, it's the growth at the level of the group. Plus 14% is the segment Asseco Poland.

The backlog has been growing mainly for the parent company, but it's also the case for Asseco Systems, Asseco International, again 14% growth. In all of the companies mentioned here, we see great growth rates.

Formula Systems, it's +12%. That's it from me, actually.

Thank you very much, Karolina.

Thank you very much, Marek, for presenting our highlights and the most important events.

For the first part, TSS, we already have the money. It actually already came to us, and so now we are trying to allocate the money in such a way that we have a good deposit rate in the interim perspective.

Ultimately, we want the money to be allocated to pay out dividends in 2 batches probably. Of course, it's the shareholders meeting that will take the ultimate decision, but that's our original intention.

The money will be translated into dividends. Now when it comes to the other transaction, which is the sales of Sapiens, probably the deal will be made at the end of December or beginning of January, and then the money will be settled.

The money will be paid to Formula Group, and there a decision will be taken how it will be managed and allocated, whether it will be used for new acquisitions or some alternative forms of capital acquisition or dividends. At this point, we don't know this yet.

We don't know how the money will be allocated. That remains to be seen, but as soon as we know, we will let you know.

Actually, it's a question that I've been trying to explain already in the previous one. The recognition of result is a different story than the ultimate money.

The ultimate value will be allocated between shareholders in the form of a dividend. As I said, once the decision is taken, we will let you know.

Again, the loss of control of Sapiens is something that will also impact our results, and we will tell you what money we are exactly talking about as soon as this is calculated. We know the worth of the transaction, but remember about the costs that have to be covered, and as well as net assets.

These calculations will also be driven by taxes, by foreign exchange rates. The result will be positive, but its ultimate value remains to be checked, to be calculated.

Thank you very much.

It's hard to estimate that at this point. KSeF is part of a bigger project.

For sure, it's something that should increase the demand for our products and services. I guess in all of the sectors where the implementation of KSeF will be an obligation, we will definitely see the result.

I guess the most natural area would be companies that supply ERP and ERP-related solutions, such as Asseco Business Solutions. I can't give you any exact rates at this point.

Now

Yes, indeed. Improved profitability in the parent company is quite significant, I agree.

The reason behind it is the following. We have a lot on our plate right now.

We are trying to use all the opportunities, and I guess in none of the segments we have any free capacities because we are really using our capacities to the full. I think this effect is what we actually already announced in 2023.

Back then, we told you that we feel a lot of pressure on the payroll and on vacancies. These problems are no longer the case that much.

We still have some bottlenecks when it comes to people allocation. Of course, it's easier when you have an order backlog for the current year and for the next one, and it's easier to manage and to plan your people in the optimum way.

That's why the efficiency improved. We made some extraordinary effort in many areas, I'd like to say that very clearly.

Another reason is a very special situation, which is in all operating segments, we've seen a very good year. 2025 has been a very positive year.

None of our businesses incurred any losses. I think it's a long-term effect of the fact that we've been fighting to diversify our revenue streams and of mastering the planning.

To some extent, it's probably the result of our optimization efforts and using different technologies, including AI, obviously. These technologies have been helping us to ensure even better quality of the software to our clients.

AI is actually used at different stages of production. The products that we offer also include the AI component.

Still, at this point, we can't give you any exact rate to express the actual impact of AI on improved efficiency or productivity. Think about AI in testing automation.

In our case, software thanks to AI is tested much better. Then, also at the service point, we have fewer tickets.

The servicing guys can be more efficient. However, it's really hard to capture that effect in numbers.

Right. I think that would be actually great to introduce the AI team at least the leader, maybe not the whole team, so that they can tell us more about our AI solutions that we've implemented so far.

Marek, would you like to take this one?

Oh, ladies first.

Right. Let me tackle first our activity in India and Dubai, Asseco South Eastern Europe.

The acquisition of the company was written off in this year's results. Looking at the balance sheet, you can see the impact in a couple of items.

Effectively, if you look at the net result, it's not such a huge impact. It's 3.5 up to 4 million zloty.

That's the impact on Asseco Group's results. Now this is driven by the following fact.

Back then, when we bought the company, big part of the payment for the controlling package was a conditional obligation. That obligation was meant to be paid only when some results would be delivered in the future.

When that decision was taken by the management, we came to the conclusion that that acquisition is not reasonable. It would be fair to make a write-off.

The write-off is about such assets as the goodwill and some liabilities. On the other hand, there was room to write off that conditional obligation or liability.

The net result is not as impressive in the end. As to the second part of the question, Nextbank.

We acquired that group some years ago in 2018, right? Yes.

At that time, it was kind of an attempt to try out our operation in a different sector. We invested in a startup, actually.

We patiently waited for a breakthrough, but it never happened. Therefore, we decided that at the point of an individual report or statement, we would write off these investments and the loans that were granted to the company.

Then in the consolidated report or statement, we wrote off also the goodwill.

Don't think that there's anything wrong happening in this company, because this is not the case. The company is operating, and let me remind you that this is a company registered in Kraków in Poland with a subsidiary in the Philippines, and it manufactures a cloud solution subscription-based.

Over the years, there have been around 50 implementations. There's quite a big group of clients, banks, that rely on the software.

At a certain point, there was an issue because the company started working together with huge banks, and one of the banks made huge promises about IT projects. Nextbank established a huge team to implement the project, but at the end of the day, the project got cut off heavily, and the demand was much poorer, hence the loss because of this part of the activity.

We still believe that the company will pick up and will get new customers. Now the subscription-based revenue covers the costs of activity, I think that the cash flow will be positive next year.

Yes, and we'll see the positives next year. The scale of the write-off, it's 25 million in the individual and 14 million in the consolidated statement.

It's not Santa Claus asking. We are waiting.

We have until the 2nd of December. This would have to be a down payment, and we are still waiting for the the change of the articles of association to be registered officially.

This has been already decided in the general meeting, but this needs to be processed. I think that around the usual dividend day, we will write the news to you, but no decisions have been made yet, this also depends on our share shareholders, it's up to them.

Today it's too early to say because the the articles of association haven't been amended officially.

If you have a look at the results in 2025, they are quite or even very positive, and they make us optimistic. A huge part of current projects will continue next year.

Now we are doing the budgeting, but nothing makes us worry about the Polish segment next year. To the contrary, because if you have a look at the backlog, contracts are growing at a very decent rate.

If we succeed in improving the efficiency, the prospects are very good. It doesn't mean I'm promising you anything right now, that I'm promising you the same results, because the results are really spectacular in 2025, and partially this is because of the momentum.

Speaking about the outlook, now we have to focus on performing the contracts and improving the efficiency, and not on gaining new contracts that much.

Yes, certainly. We'll do it soon, in Polish and English.

Thank you. Thank you for all the questions, and please stay in touch with our investors relation department, and follow us during the congresses we are going to attend.

We will be attending the conference Wood Winter Tour in Prague this week. We will be speaking about our results over there as well.

Would like to invite you for the conference on the results from 2025 next year, and Adam Góral will also attend. He's sending his best wishes right now.