I would like to welcome you very cordially. I'm pleased that we're all here together, and above all, in the first row we see people who decided to be here physically in attendance.

Of course, with full respect for all of those persons who are participating remotely. I'd like to welcome everybody very cordially.

Artur didn't emphasize that this is a special meeting because in a year Rafał Kozłowski will have to be here, and for me this is going to be a totally new situation, of course, with the hope and looking to the future because I'm going to move into the supervisory board where I should be the chairman of the supervisory board. Asseco will always be with me.

This is my entire life, of course, outside of my family, but I treat this company as a member of my family. We would have to be vigilant because I want Rafał to be a leader with his attributes.

He's a little bit different. We're different from one another.

Of course, I have a guarantee of one thing, that he espouses the same values, and that he's perfectly well prepared to run this company. I'm sorry for saying that I believe that it was well run, but I think the company was in good hands and was well run, and having in mind that I have a good hand towards other people, and it was managed by really great people.

We come here in great sentiments. These sentiments, of course, are somewhat toned down because I would like for the world to look a little bit differently, and there's a lot of bad people heading up some countries, and even though you have wonderful results, people are aware of their responsibilities, their liabilities, and it's a shame that the world has so much turmoil.

We don't have any impact over that. Today, up until now, the various wars have not obstructed us.

I don't really want to talk about that. When we hear that 12 times during the day that he had to go into the bomb shelter, then you become aware of what it means to think about a war.

It doesn't matter who started the war, it doesn't matter who's at fault, who's the guilty party. We have to think about these people who are suffering in Ukraine and those people who are suffering at the hands of war.

These wars, I'm not going to say they are helping us or acting as a boost. I'm sorry.

During the pandemic period, I had hoped that these times would teach us something, that global leaders would understand, would grasp the concept that there's not that much that needs to be done in order for us to totally disappear. They have to understand that human life is of importance.

That's all the more reason to be disenchanted. Thanks to the wonderful work of tens of thousands of people in the Asseco Group, I'm able to come here today and convey wonderful information.

The previous year was a great year, was a record-breaking year. The net profit of 1 billion 139 million.

We have the successful sales. We were able to sell at a good price.

We had basically 119% growth. We made these decisions consciously because we thought that Sapiens should have a new impulse.

Today jointly with Advent, we want to make sure that this impulse will continue to drive us forward. We hope that that 18% will have a huge roughly 500 million of that 1 billion 139 is due to Sapiens.

The rest, which is also record-breaking, is linked to the organic growth that we have achieved. I'm pleased that we are well positioned in Poland and in Asseco Central Europe.

You've been able to look at that and we had a more difficult period. I'm of course under a great impression that as we've seen the organization been run by Jozef Klein, our leader.

For me, the test of his person as a manager is an exceptional year. This was a difficult time when those countries and we are dependent on government projects.

It didn't seem that it wasn't spending money on IT, and it seemed that some of the substantial EU funds that were being allocated to the energy sector, and then Jozef's ambitions led to a situation. It was a very difficult point in time for him.

I'm pleased that they were able to survive and this very difficult period, they were able to draw conclusions, and they were able to perceive the weaknesses of the organization, and they utilized that time in order to eliminate those weaknesses. Today they have a wonderful 2025.

Today we believe very strongly that they will continue to prosper in 2026. That group, in terms of what's linked to Asseco International, we have reasons to be proud.

In these difficult and challenging times, our teams in Israel, this is a global company, of course, has done very well, has coped very well. We've known for years that we have exceptional, wonderful people there.

I remember because I'm going to have a request who may talk about our stock exchange. I don't entirely understand this, that we're not able to vote on that 1.5% for my team.

Take a look at this. I was a person who's looking at the interests of the investors, the management, and the people working for this company.

Once I'm going to be in the supervisory board, I'm not going to be able to scrutinize these things. Rafał's going to do it.

These 95 people, for us, for the investors, this is the safety in terms of people fighting for the value of this company. This is the time to urge you to look at this vote once again.

It's really worth looking at closely. Do you know why we've been able to achieve such a great success in Israel?

The first thing that I did was I met with Guy, and I gave him a certain number of shares. Of course, in the voting, I wasn't afraid that he's going to be the richest person in the world.

Of course, I wished that to him. Look at the business we've been able to do there.

Of course, those equities might not have been the deciding factor, but he had an incredible amount of motivation to run the company in such a way. Because we say that we're controlling somebody, but in our area, there's no bona fide control.

As a leader, I'm dependent on thousands of people in terms of how they're operating. If that leader would want to do something, it would be possible to do that legally.

During this simple maneuver, we were able to achieve a very simple and straightforward objective. The $143 million has paid back quickly.

I'm pleased that our investment in Israel is the largest Polish investment. We've only got good experience under our belt here.

Some of you had given us warnings that they're going to try to, let's say, maneuver you and somehow do something. We have a wonderful success there.

Take a look at this case and think about my people, please. Think about them, who are totally deserving.

Of course, they've created this beautiful history of Asseco. This is not a salary for the history.

This is also remuneration for what they're going to do in the future. I'd be grateful if you were to follow and embrace my thinking.

I'll give the floor to Marek, and we'll drill down into some of the details, and we'll talk about the individual results. Then at the end, I'll take the floor.

I'll go ahead and bore you a little bit more because I continue to think about the future of this company, and I'm going to tell you a little bit about how I see the future. I'll give the floor to Marek.

Thank you very much. Having in mind what Adam said, that we still have the final section of the meeting during which Adam is going to want to speak to the future, I today will try to speak more succinctly, and I'll take less time than usual, especially since the trends we've observed over the last three quarters were sustained, and nothing extraordinary happened in Q4, and I think so it wouldn't be necessary to talk about.

Let's talk about the profits. Adam mentioned the net profit, which is 1 billion nearly 140 million.

Look at some of the other two numbers. We have revenue at nearly 16.7 so it's 16 billion 780 million zlotys.

This is a 12% increase year on year. Then we have operating profit, which is in excess of 1.6 billion zlotys, and the increase here was 11%.

As a matter of tradition, I will show you the split of our revenue by operating segments in terms of geographies. You can see, this is not a mistake, that all three of our segments were growing at exactly the same pace of 12% year on year.

If you start on the right side, Formula Group, which is the largest, and this is some 60% of our revenue, we've been able to achieve nearly the 10 billion zloty watermark. Then we have International, which is some 27% of total revenue in the group, we have 4.6 billion.

Then we have the Polish segment, which is Asseco Poland segment, and we have nearly 2.3 billion in revenue. As I mentioned, everywhere we have across the board a 12% pace of growth year on year.

We'll also show you the revenue by product groups. Here, I will not discuss this in great detail.

You can see that all of our segments across the board are basically growing. In some cases, we're growing more quickly; in some cases, we're growing less quickly.

All of the solutions that we have for public institutions, which represent 25%, one-fourth of the total revenue of the group, we have very dynamic growth of some 15%. We're pleased with what's happening in banking sector from the very outset of our operations as Asseco.

This is a very important and significant bulk of products, or segment of products, that we've been offering. We have nearly 4.7 billion.

It's more than 8% increase. All these things are pleasing to us.

We're pleased with the diversification of our business. The top 10 customers in the revenue of the overall group is a mere 12% of the total revenue of the group.

The largest customer represents 2% of total group revenue, we're not dependent on any single customers or clients. Let me say a few words about our solutions for finance.

We'll talk about the other segments as well. We have across the group some 3.7 billion.

We have in revenue an increase of nearly 5% year on year. You can see in the Formula Group up until now it was always the leader and was the major contributor of revenue in the financial segment.

Now it's number two. That's as a result of the fact that Sapiens has been extracted because it was sold, as was stated previously.

Of course, this Formula Systems segment is still doing very well, it's nearly 1.5 billion at 11% growth. Then we have Asseco International, which came in at 1.6 billion, which is 4% growth.

We have Southeastern Europe and PST, which is our company in Portugal, which is operating in the Portuguese market. Then we have Asseco Central Europe.

All of these businesses are growing well. Then we have on top of that Asseco Poland.

Asseco Poland segment has a 10% uptick in growth. Here we're the market leader in terms of banking and lease companies as well as brokerage houses.

We're very pleased because this business for many, many years has developed nicely. If we think about our public institutions, the growth is much more dynamic than in the financial sector.

We have a 15% increase year on year, it's more than 4.15 billion. We have the International segment, well, for a couple reasons that's grown so fast because it's the Czech and the Slovakian markets, and as you recall, we had stagnation there in previous years.

We've been able to rebuild our position, and so the revenue is substantially higher. The same is true in Southeastern Europe, in the Balkan Group, and so 2024 was clearly a softer year.

We have experienced dynamic growth on this revenue. In Poland, our growth is nearly 20%, we came in at 1.2 billion in revenue.

In Poland, we are the leader in terms of our solutions for public institutions. We're a major player in terms of public administration for the health service as well as for the power sector, where our position is a leadership position.

We're very pleased that the business has grown at such a fast clip. Then we have Formula Systems, which you can see is the major contributor to the revenue in public institutions.

It's seen 11% growth with revenue coming in at 2. nearly 4 billion zlotys.

The final segment that I would like to cover today is ERP solutions. These are our businesses within Asseco International.

As a matter of fact, it's Asseco Enterprise Solutions, ERP solution in Poland, Germany, Slovakia, Czech Republic, we see 8% growth, and the revenue over 1 billion zlotys. You might have noticed that another line disappeared, Asseco Poland segment, but this is the reason.

The reason is that DahliaMatic that used to be reporting to Asseco Poland was transferred to Asseco Business Solutions and now is part of the Asseco International segment. Therefore, it made no further sense to show Asseco Poland segment.

In Formula Systems, we also have our ERP solutions at a lower scale, but we are very happy to see a 14% increase and the revenue over 6 million zlotys. We continue our acquisitions, two slides to cover this story.

We are showing all the acquisitions completed last year, Asseco Poland segment and Asseco International segment and Formula Systems segment likewise. That was the greatest bunch.

Altogether, we had 13 new entities joining the group last year, we were keeping the pace from the previous years. Every year we have a dozen or so new companies joining the group.

We continue our efforts as we speak. We are scanning the market, we are speaking to candidate companies, and we are looking for the best match.

We have definitely more selective approach. We don't want to just build our mass, but we want to have entities that have specific features in terms of products and competence that they bring to the table.

Obviously, we have to look at the price that we need to pay and the return that we can get on each deal. Now, when we look at Formula, I have to emphasize that it was a special year for Formula Systems acquisitions and corporate governance involvement.

In addition to the acquisitions that they made, you may recall because we've mentioned that already, in Q1 this year, we reached the sort of final line. However, we've been working on it since 2024, namely the combination Matrix and Magic were joined as one company.

Today they are the largest company in Israel and one of the top 10 IT service providers globally. That was a major project and it turned out to be very successful.

We've already heard that Sapiens sale was a long project, a difficult project, but at the end of the year, very successful. Another sort of tier that we are building here, Mikhpal, that's the new company that was listed on the Israeli stock exchange last year.

This is mostly HR and payroll solutions, software companies and service providers. We are happy to embrace that because we see a lot of growth potential here.

We see a lot of good prospects for the future. Guy has a lot of ideas, he has a healthy and sound pipeline of M&A projects, and I believe that he will be delivering that step-by-step.

Thank you for your attention. Over to Karolina.

I will briefly cover the financials. On the first slide, you see the key numbers.

Marek mentioned revenue, we are almost at 17 17 billion. We remember that Sapiens was sold in December last year, it was already excluded from the individual items of our P&L.

It was shown in one line as a discontinued business. Therefore, this is all comparable when you look at these numbers.

It's comparable to the prior periods. Over 16 billion of sales, our own proprietary services 12.6 billion, and a nice growth of 7% in both items.

Non-IFRS EBITDA, non-IFRS EBIT 8% and 9% up respectively, and it's 2.5 billion for EBITDA and over 2 billion for non-IFRS EBIT. Non-IFRS net profit is 742 million, and CAGR the best of the last 5 years, 9% up.

For some time we've been showing P&L items between the years, and here we are sharing this information again. You may see that there is less negative impact of the currency exchange compared to the prior years.

It is still a negative impact, but not major, 48 million in terms of revenue, and 4 million in terms of operating business non-IFRS. We are truly happy about our organic results, 1.3 billion.

It's ours organic sales across the group, and that was translated into 300 additional million operating profit non-IFRS, and acquisitions is 452 million at the revenue line and 46 million at the operating income non-IFRS. Net profit non-IFRS, we show which segments were the greatest delta contributors on an annual basis, and we can tell that Asseco Poland is doing very well.

The mother company is showing exquisite performance, but you may scrutinize in the standalone financial statement minus 11, it's a inferior contribution from Formula Systems segment. The main reason is that Sapiens was consolidated over the course of 12 months, but in Q4 we had a first restructuring processes, and the cost of that charged the result for the Q4.

Asseco International contribution was 49 million more compared to the prior year. When you look at the entire P&L statement, we are happy about the dynamics, 11% growth year-to-year revenue and on proprietary software and services, over 15% non-IFRS EBITDA goes up, and 20% non-operating profit non-IFRS, and 11% standard operating profit.

Here there is a slight decline when it comes to profitability year-to-year. Please note that it was just Q4, and the reason is in the line that you will find below, and namely M&A.

This is all one-off events. 67 million is the write-off at Formula Systems for Zap company.

They were not doing as well as we were projecting at the moment of the acquisition, we decided to actually write off that asset. Some costs were generated by the transaction that Marek referred to, the merger of Magic and Matrix is 67 million.

Then we also have some write-offs from other companies, and 15 million was our own project, our own investment, goodwill and assets in Nextbank company. Now, what is happening below the operating profit line?

You can tell that we are efficiently managing our debt. We were decreasing debt year-to-year, the cost of interest is less year-to-year.

Currency line, it's mostly the Formula. Formula is reporting in shekels, but they were paid for the Sapiens deal in US dollars, and the translation of the currency balance even with a small exchange rate decrease generated major foreign exchange impact.

We may say that this is just an accounting impact. M&A, I've already covered.

For some time, we've been affected by hyperinflation, and that is Turkish business. The share in profit of associates looks very nice, but this is Formula who's the main contributor.

We had the indexation of and revaluation of our investment in the company that was doing SPO this year, and therefore we have the step-up, and therefore we are showing better numbers. In addition to that, we have profit on the discontinued business or discontinued operations.

This is the accounting result that we show on sale of Sapiens, 500 million. This is what we show in the current report, and this is distributed to the shareholder of the dominating company.

Now, the Sapiens Group, I think that we need to align our projections when we look at the operating revenue and operating profit. The Sapiens was a major contributor to these lines.

Therefore, for 2026, because of the sale of Sapiens Group, we will be probably 2 billion short in terms of revenue on our operating business, and probably around 350 million profit on our operating activities. Q4 was really charged with the cost of that sales transactions at the cost of restructuring.

Therefore, I would rather look at yet prior year instead of Q4 2025. That was the explanatory note to Sapiens.

Now, what is happening across different companies? As I said, we are truly happy to see the performance of the mother company in terms of the dynamics and profitability.

Both were very, very decent. Analytical notes expressed some surprise about the net profit contribution.

Let me just explain that when we speak about deals like the sale of Sapiens, the taxes such as CFC are actually booked to Asseco Poland line, and therefore it is really charged to our net result. This is one-off effect.

In case of that Sapiens sale, the mother company had to show almost 24 million of additional tax, namely CFC. The effective tax rate for the mother company seems to be surprisingly high, but this is the one-off effect of that transaction.

In terms of other operations in Poland, Asseco Data Systems is improving their performance, and I think that they are doing quite well. Other major companies seem to be in good shape likewise.

Now, Formula. Here we decided to show Matrix and Magic together in one line, and as Marek explained, in February, the merger was completed.

Right now, they are going to operate as one company. Magic was taken off the stock exchange.

It is actually the subsidiary of Matrix. Therefore, you need to look at them as one group.

In terms of other companies, we have consolidated Mikhpal that was listed on the Israeli stock exchange this year, and we have a new subgroup under Formula. The working name, or actually the formal name is Formula Infrastructure.

Now, Asseco International segment. We are truly thrilled with the improvement that Slovakia demonstrated.

Adam highlighted that. This is both true for the core business, the public sector business, our health segment in Slovakia.

It seems that they really rebounded and they improved substantially. It needs to be highlighted that in this line we have our ERP.

Excellent performance of Asseco Business Solutions. We also have major improvement in profitability in Germany, it's another reason to be happy.

Now the Southeastern Europe, great performance in dedicated solutions, major improvement year-to-year, very good result in the banking sector, and the payment segment very decent too. We need to remember that they are actually charged with the write-offs in India.

I believe that Piotr mentioned that during the conference earlier. There are some risks that emerged in that segment because of the loss of one of the Turkish customer and a potential loss of another customer in Turkey.

Both of them are actually switching to in-sourcing. Therefore, they will drop from our customer portfolio.

If we look at cash, I think this is something that has been observed. We have very robust cash flow across the year, in Q4 as well.

This is true across the board, across the group, it's 122%. If we look at EBITDA, this is something that we've been displaying for years in Asseco Poland.

This is 124%, and it's 109% in International, and Formula Systems 128%. We had especially good cash flow in the Matrix IT company.

Let's take a look at the balance sheet, and you can see that the header is more up to date than previously, and you can see the amount of cash, it's more than 7 billion on the bank accounts of the companies in the group. Asseco Poland, which is the mother company, and from the sale of treasury shares, it's more than 1.5 billion.

Then we have Formula Systems. Here we need to remember that more than $750 million was obtained from the sale of Sapiens, and this is also on the accounts of the company or in this segment at the end of last year.

If we look at the proportional recognition, as is the case in the full recognition, we have certain reconciliations year on year, and so we can look at the contribution of the organic businesses, and so 734 million, and then 110 million from acquisitions. Then if we look at the operating profit non-IFRS, and so we have 3 from acquisitions, 216 from organic results.

We have to remember about some of those impairments I talked about them previously, the M&A adjustments, and so they're in this proportional recognition. What's also important here, as I've mentioned, that some of these impairments are through Formula, but we also have the Asseco Poland.

If we look at proportional results, we can see that the growth rate is better and the improvement in profitability is better, and this is a result of the fact that the Polish segment and Asseco International saw market improvement. We also show the main companies.

I don't think I will discuss that because we've already discussed that. If we think about the proportional recognition of cash flow generated, it seems that it's very decent, 130 27%, and so we have 124% in Asseco Poland and 114 in International and 127% in Formula Systems.

Then we have the balance sheet set up on proportional recognition, the cash available to the shareholders or the holders of the parent company, and so it's 3.3 billion, then 1.5 billion Asseco Poland and in Formula and Asseco International. This information has been indicated that a portion of this will be paid out in the form of dividends of some $200 million has been communicated, and that this will be paid out in the formal resolution of the board of directors will be made.

This will probably be in May once the financial statements of Formula Systems are approved. Then if we look at the backlog, I think we've got a satisfactory growth rate, and this information coming from your releases, and so if we look at proprietary services and software, in 19% in Asseco Poland it's 17%, and so it's more or less equally divided public systems and financial sector, hence we've got 9% for Asseco International and 14% in Formula Systems.

If we look at this on a proportional basis, we have 16% in Asseco Poland and 10% in Asseco International and 14% in Formula Systems. Then I mentioned the dividend.

I said that we have very decent cash flow and we have a very stable cash position if we look at our balance sheet. These robust results give us the ability and the wherewithal to pay out a dividend of 1 billion 51 million zlotys, which translates into 13.05 zlotys as a dividend per share.

Of course, treasury stock doesn't participate in that, and 3% of our shares are in the form of treasury stock. The 13 zlotys per share as dividend per share.

If we look at the consensus opinion here, it's probably around 11 was I think the figure that was stated in the consensus. Why did we make the decision to pay out 1 billion 51 million?

The first tranche would be paid out in terms of the cash proceeds from the sale of treasury stock. We had received more than 1 billion, and so 500 million plus would be half of that would be from the sale of treasury stock and the rest.

We took a look at the free cash flow, we factored in our balance sheet, we looked at the results, and we came to the conclusion that all this taken together would give us the ability to pay a higher dividend from our current results and cash flow, and that's what fed into calculating the specific figure.

Thank you very much, Karolina and Marek, and my friend who's been listening to us, that these are wonderful results and you guys aren't even smiling, I'd like to apologize. It's because of my gravity, because I was talking about the world itself.

Let's forget about the world for a little bit because we have enormous reasons to be joyful and satisfied because these results are wonderful and they're linked to our efficacy, to our wisdom, and to the cogent execution of our strategy. These are things that have happened.

I've never lived in the past. Only future is of interest to me.

Of course we're living in interesting times. There's the AI battle, which is just not having an easy go at monetizing what it's achieved up until now.

This world is giving us wonderful opportunities and new hopes. We have this battle for the world in terms of AI with us.

Of course, this world isn't monetizing things because they're thinking that we're operating too slowly. I'm informing the world, quite to the contrary, that we do appreciate what AI is doing because we've reconciled ourselves that this is happening with the tools, but there's a large number of our people who are following this world, are tracking that world, and we're going to utilize that in a wise fashion.

Asseco strategy is unchanging. Rafał is something that will continue along with my new wonderful partners and we'll agreed that at the outset, where we will continue to make sure that we're going to specialize in the producing software and services related to the software we're going to write, and this is going to be the predominant, the prevalent portion of our revenue.

Where it's sensible, we won't, of course, resign from integration. We want to make sure there's several regions where we are very strong and we don't want to lose those footholds.

We will continue to build, to make sure that we're building our sectoral position. This is something that I'm very proud of.

In the near future, I'll have a meeting with the teams responsible for the various sectors, and each sector is coming in with its vision for the upcoming 3 years. Of course, our strength is indubitably our knowledge of our customers, our customer knowledge.

Our customer knowledge is something that's been proven, its position, its importance in Asseco for some 35 years. I've been the leader for some 35 years.

This year we're celebrating the 35th anniversary. We're not going to make a major celebration as a result, isn't that true?

It's a wonderful jubilee celebration. The fidelity in terms of our education, the awareness of processes that customers utilize, this is our greatest value on the marketplace.

Having in mind these new times, well, our fortune is predicated upon the following, that we are present in many institutions. These are non-standard solutions.

AI trying to learn those types of solutions is something that will take a lot more time for that to be replaced or for that to be done. This knowledge that we mentioned on the first slide, in terms of the teams of people, we talk about our human intelligence.

This is going to drive the future of the company, and here we have an advantage. I'll show you another slide in a moment.

We talk about our experience in a given area is also a great source of value. On top of that, we are utilizing AI.

I will show you where we are because we've made enormous inroads. For many years, we've allowed ourselves to be dispersed, we've been a little bit chaotic.

So 1.5 years when Jarek [unclear], who has been running business intelligence for many years in a wonderful way and in our business division, and so we've appointed him to be a leader in terms of AI. Then I'll show you what we've achieved thus far.

Our goal, we want to utilize these tools to enhance the quality of our operations, our activities. We want to be more efficient, we want to use them to restructure.

We want to do more with exact same team. That's our concept, and I'll give you some evidence that we are far along the path in terms of implementing this concept.

In some cases, we have a little bit more time, as opposed to those areas where the standard, plain vanilla solution is the name of the game. When we talk about the learning process, that standard, that plain vanilla approach, for those companies that are selling the plain vanilla approach, this is going to be something that's going to be precarious for them because those companies will have greater problems.

We, by utilizing our tools wisely, we're going to speed up the pace at which we're utilizing those tools. Our sectoral knowledge, which is a type of capital, this is an edge that we hold.

We have more than 30,000 employees. I don't like the word employees, but that's what we wrote on the slide, because these are my business partners in some more than 50 countries.

The knowledge about the banking sector, about the healthcare sector, about the government sector, and we have people from various countries. No country has been capable of creating a solution for the government that would be a plain vanilla solution that one-size-fits-all.

This gives us some time to learn these AI tools and utilize them at the right point in time. So 12 years is the average seniority in Asseco Poland.

Somebody could say, "Well, you guys are old." Take a look at the last item, more than 8,000 people applying to participate in our internship programs in 2025.

In the onboardings, we need these young people, and I convey that to them. I impart that knowledge to them.

I've never lived by success. I only see problems, and I'm interested in solving problems because I know that we're going to be better as a result.

If people are, let's say, somehow they're disquieting, we're bringing on board these young people. So 12, 15 years ago, I delivered a lecture at the Warsaw University.

We were being promoted and touted, and Artur hadn't yet joined us, and I was shown thousands of articles, lots of publications about us, that everybody knows everything about us. I was asking the most outstanding IT experts at the University of Warsaw, "Do you know something about Asseco?"

They didn't know anything about Asseco. I'd like to thank Artur here.

From that point in time, we've made huge inroads because our brand recognition that the young people want to join us. We have young people sometimes I'm surprised they want to learn COBOL because we have solutions at PKOBP, which is a COBOL solution.

I'm pleased to see that young people want to learn COBOL. You should learn it, but you should make sure that you're diversified in terms of your knowledge basis.

You can't lose from sight those tools that are timely today, and you have to have that knowledge about other types of tools, and so you should take pains to ensure that you have those things mastered. That's why I'm calm, at ease, that this company is going to be healthy, but somehow not entirely quite, not calm.

We're number one in Poland, in Europe, many countries. We always say one thing about that, but other things we talk about, in 10 years we want to continue being a wonderful company, we want to be a competitive company.

Of course, I fully believe that we will be such a company, and that's clearly the case. Why am I trying to be reasonable about AI?

As a businessman and entrepreneur, I've been through that time when IT was about distributed architecture. We were one of the very first Polish companies that were centralizing IT systems.

Some people were saying, "Oh, you will get lost, the Polish system will never survive it." We made it.

We were able to centralize whatever had to be centralized. Then there was a moment of the internet frenzy.

Unfortunately, we were not the main players in that field, because we didn't offer the tools. Please note, we were able to grab quite a place for ourselves and build it up.

Then the cloud came up. From the very beginning, I was cautious about it, because when you have a public cloud, it means that you give single individuals huge power over everyone else.

Today, I'm really happy to see the Polish government taking measures and looking at the local content. This is what we are really trying to do.

Other countries have done it earlier. I've been fighting for it over 30 years, because I've always been of the opinion that Polish people should depend on themselves, or on other Poles.

Let's do it the same way other nations do it. Today, when we look at our diplomatic corp and our economic diplomacy in different countries, I also noted a major progress.

You can actually rely on the Polish ambassadors, they really want to help you. It started back when we had the first government of Civic Platform, and Law and Justice was keeping it up, and now the coalition is doing it again.

We have great ambassadors for our beautiful growth and development. I'm really proud that Artur is actually setting up the meetings, and people show up, people want to help us sell, because they show that we were able to grow.

I know for a fact that if we take good care of all these things that I mentioned, we will not get lost in the new world where the AI becomes a major player. Now, look at Jarek Królik and his team.

In June last year, they made a promise, "Adam, in December, we will cover your entire internal production process with AI solution." It's been covered.

We have been implementing it internally. Not much is going to change with our customers, because when we approach our customers, we want to solve their core problems.

We don't talk about the products. We say, "Okay, we help you increase your sales with IT solutions, or we enhance your security, or we help you control and curb your costs."

We sell that. The tools are secondary.

Why am I saying that we are cautious and we try to be wise about it? The only value that we truly have is our customers and the value that we are able to bring to them.

If the customers are disappointed with the solutions that would be driven by AI, we will be doomed. Some AI-based solutions are not stable, are not mature.

This cautious approach that I'm advocating here is something that is not appreciated by the evangelists of the new tools. They think that we should take a different approach.

You may have noticed that there are other peer companies that are similar to us and they've been dropping in value 20%. This is pressure on us to get our act together and act faster here.

I have a message to everyone who wants to make money on AI: no worries here. We are going to do it in a smart way.

We are going to take advantage of everything that you have developed there, but we will do it in a way that brings the real and true value to our customers, and we are not going to experiment on our customers. The entire AI process is somewhat atypical for our organization.

That's the way we do it. We opted for the federated model, and this is how we do our business.

We really wanted to enhance enterprise in all our locations. We didn't want to kill the local spirit.

So 3, 4 years ago, we worked everywhere on these themes. Today, we are trying to integrate that and centralize that, not to overlap and double the costs.

We are trying to develop the model where Slovaks do not feel fully dependent on Poles. We want to make sure that Balkans have some room for themselves.

I believe in that model. The advantage over the companies that have holdings is such that they have to actually scrutinize each of their group companies.

They didn't integrate it. We are pretty well integrated across different sectors, and therefore, once we have AI solutions, it will be much easier for us to implement that than for those who have completely distributed and dispersed business.

Therefore, I do have faith. I think that this is my new passion, and that's something that we are going to deliver.

I don't want to bore you with the stories of all the sectors that we support and cover. I'm proud of the leaders.

We are disruptive, but in a healthy way, and our ambitions run high. There are two things where my ambitions have not been met.

One is cyber security. We have a small company concept, and we are not yet happy with them.

They are not efficient. Despite the fact that they have smart people on board, they can do a lot, but we are honest about it.

We haven't been able to develop the business model that would be fully aligned with Asseco philosophy. Another area is solutions for defense and armed forces.

We have very strong references, because we are supporting Frontex, but, nevertheless, something is missing here. I believe in my leaders, and I believe that we will see some progress in these areas.

Right now, we have a great project in Togo on the radar. You may remember the project that we successfully completed during the pandemic in Togo.

We have a Togo company shared with the government. Togo is a very pro-European country, and their leaders are very well educated.

I am really thrilled, because we signed a contract for the development of the system for the Togo armed forces, for their army. That also has to do with the cyber security and the solutions that address the needs of the armed forces.

Now we are also trying to find a good partner for cyber security business. We are looking for the company that would be better than our current capabilities.

Today, we are talking to the company that is of great interest to us, but at the end of the day, there is a price. You pay for the history, but you are buying the future, we have to be reasonable about it.

This is something that I'm going to really look at and take good care. I think that in our countries in Eastern Europe, these areas have not been truly developed yet in terms of business.

I believe that if we find the right leader, we would be able to build a very strong regional position. That's what I have up in my sleeve.

Okay. Once when I am going to be on the supervisory board, I'm really going to harass everyone who will be responsible for these areas that I have just mentioned.

They know how I handle that. I have a lot of patience, but I believe that we will be able to build a new position for our business.

The time comes when we have to assess our partnership with our friends from the Netherlands. I'm saying that they are our friends.

It hasn't been a long time, but I have to say that we are really pleased. I am grateful.

Probably that transaction would have never occurred if we were not able to keep the Polish control, to speak, in terms of the power and being able to decide about the strategy. They come from the background that has a different strategy.

When we were buying companies, we were integrating and building our integrated position. Their philosophy is that each company that they acquire they have as a separate company within the group, and they actually have a separate settlement for each investment.

This is a different approach, but now they are looking at the way we are doing it, because they truly appreciate the fact that we are in a very special point in time. AI is definitely affecting or impacting our world, and our companies have to respond adequately.

I would like to really acknowledge our gratitude to them. I would like to thank them for their openness, for being so generous with their knowledge, the expertise that they have with acquisitions and with the handling of the companies once they are acquired.

They also have a lot of expertise in finance management. I have to say that they were really open about it.

We were actually borrowing some of their solutions and methods, some KPIs that they have been using. This is not very surprising to us, because they were looking at cash flow, and we were also very mindful of our cash flow.

For them, cash was number one, and so has been for us. They also have other KPIs that really help, but they keep people motivated.

They also have KPIs for software companies that are able to identify certain weaknesses. We've been also looking at that, but I'm really happy that we were able to tap into the expertise of these KPIs, because to be honest, we were relying more on our intuition here.

Based on that knowledge, I think that Rafał can claim the greatest contribution here, Asseco Group. This is the project that stirred a lot of commotion within the group, because everyone thinks, "Okay, we've been doing it for years, we know everything about software."

Suddenly, it turned out that others approach the same thing from a completely different perspective. I have to say that it was a very informative and educational experience.

I really wish that we would have this 1.5% approved. I don't feel sorry about the 3% that I didn't get, although they told me openly that, "Adam, you have to get the 3%."

I say, "Okay, I can go without it, because otherwise it's like not appreciating the succession that you need." There is a change in generations, right?

If you've been doing business with someone and they always deliver and never failed you, you really want to continue doing business with them. My generation is still there and is still quite efficient.

Rafał has his own peers of his own generation, and he's navigating that very well. My role is to make sure that we have proper continuity with the succession.

They came to us and they said, "Well, 3% is the right way to go." I told them, "Look, our market is not really ready for that."

They were disappointed that we were not able to take a good vote on that. They don't understand our mindset and our investors, but they continue to respect our country and our market and our capital market, and we believe that together we were able to vote in the favor of this 1.5% once we finally close 2025.

Now, 2026 makes us optimistic. I always say that it's great, I always say that we are good, and Artur was saying that we are phenomenal.

We were great, we were phenomenal. I've already said that on several occasions when I was speaking about our company and our business.

I've been learning, too. Very optimistic.

Today journalists were asking questions. They were saying, "Adam, we would like to meet you again."

I said, "Look, now Rafał is the key man." I am a very open person.

I think that Rafał is more restrained. If he's more restrained, make sure that he's more down-to-earth.

Because media has never failed us, and even if I was saying way too much, they didn't publish everything when I said afterwards that, "Well, perhaps that shouldn't be published." It's not that I'm ashamed of that, but we are just humans.

To the young people that are onboarded in the company, I always tell them, "Look, we don't have a single individual in this company who has never made any mistake." The shame is to repeat the same mistakes again and then to lie about it.

If you made a mistake and if you lie about it, then as a result, 100% can get sacked because of it. If you don't lie, if you're open about it, everyone will help you repair and remedy your mistake.

That's the way we need to keep it at Asseco. We have to be positive.

You may say, "Okay, it's hard," but you have to multiply it by 10 saying what you can do to make it better. We are critical, but not in terms of complaining, but we are critical in terms of, "Okay, that needs to be improved.

This is what has to be done about it." It's not about just complaining and saying, "I don't know what to do about it."

We are not afraid to make mistakes, and we believe that customers are definitely sacred. They pay our bills.

If something prevents us from providing good service to the customers, we have to fight with that. You have to show it to us that this is wrong.

Young people are coming full of power and energy. I love the onboarding experience.

I always tell them that they have to address me as Adam. I have a great assistant, and she's 24 years, and she's addressing me Mr.

President, and I say, "Look, one order that I always give, I'm Adam." Look, I'm not saying farewell, I'm not really leaving for good, but it will be tough, because I've always loved meeting you.

I don't know, I will have to learn what to do not to get into Rafał's way. Rafał is definitely sharing and representing the same values.

I know that he's prepared, he knows everything how to do the job, but he's a different person. I want him to be himself.

I just cannot get in his way. I know that things will be fine.

I would like to thank all of you still coming to our meetings, because we've been together on so many occasions that probably you don't find me surprising. I said at the beginning that there are wars out there and this is not a reason to be happy.

Then there's another aspect. It's important to actually speak to people face-to-face.

The more people we have in the room, the merrier it is. It's easier to smile when you have the real people sitting in front of you.

I know that we have 100 people who are watching us online, but those who came here and are with us in person, it's really nice. Perhaps for those 100 that are just watching us online, we were not top performers.

If there is anything we need to improve, please let us know. After this wonderful presentation and summary, we have the opportunity to move on to the Q&A session because there are questions coming to the forefront from some of our online participants, and so the idea is we'd like to move on now to the Q&A session, and at the end we'll wrap up by bidding adieu.

Let's begin with the first question in terms of this year's recommendation for the dividend. Should we treat that as an extraordinary dividend?

What is the dividend policy for the upcoming years, and in subsequent years should we anticipate that there would be a higher amount or quantum of transfers to the shareholders? Acquisitions are still our passion.

It's more difficult to buy things. There's enormous amount of competition.

We have certain boundaries. The only limit, I think I mentioned that, in terms of relations with our new partners, that acquisition decisions we make those decisions together.

This is a limitation for Marek. This is something we wanted.

We wanted to buy things at the optimum price. We've had major success even if we were a little more intuitive than our new business partners.

We've been very effective. I would like for Marek's team to have access to knowledge about how others do that, and I'm pleased that we have that access.

Marek has several potential acquisition targets. We're working on that now.

In Asseco, we always want to vie for organic growth. That's our obsession.

One of the very kind journalists said, "Adam, you had Balkans, other areas, but those were different times." At that point in time, we were buying companies at normal prices.

Today if somebody's coming forward to us and we have tens of people, business owners talking with me per annum, and so Marek, of course, is talking with them because Marek, of course, introduces me as well. Somebody's coming forward, and what they've created, which is far away from our standard, is pricing that at tens at a multiple of tens over this profit, but they don't want to buy the brand, and I'm not interested in that because we can pay a lot for the past, for the history, but the fact that we're going to build the future together Asseco, because if you're using a very high multiple, let's say 30 or 20 or 40, whatever, then we all understand what that means.

Since there's a lot of competition, there are funds out there that have a pressure to spend money, and Asseco is not going to participate in that type of battle. We want to attract business owners who understand that based on what you've created in Poland, you can create a wonderful European position because we've proven that we're capable, our model has proven itself.

We know how to attract business owners from other countries. If we can find partners and we're looking for those types of partners, and hypothetically we have them, but of course we can always haggle a little bit about price, multiples.

We are buying not to buy, we want it to be effective, to generate a return, and jointly with our leaders we're going to give them a lot of authority to do things. If we don't have those type of projects, you can always count on a hefty dividend.

Of course, if we have those type of M&A projects, then we won't have that cash, and so the dividend will be a little lower. This is a question to our colleagues in Asseco Business Solutions.

Is the biggest impact of the National Invoicing System, KSeF, was it exerted in Q4 2025, or will we see it in subsequent quarters? Perhaps I'll field that question because I'm in the supervisory board, and I think I might not be entirely precise.

I think we can count on KSeF, this National Invoicing System. I don't think it was the biggest quarter for us, Q4 2025.

At the beginning of 2025, we were counting on the National Invoicing System. The results were phenomenal because all of you in ABS are proud of what we have done, what Rafał did on an international basis, that integration of our teams with Germany, and Germany's doing very well and competing with Poland, trying to catch up.

Of course, this will take a little bit of time, and so we're working strongly on Slovakia and Czech Republic because we want to have integration and believe in that strongly. I think in ABS we will continue to deliver results through the National Invoicing System, KSeF.

If we talk about recurring revenue, and this is something that's being prepared, that we're going to have increase in recurring revenue. For people who might not know the Polish market, today we have the next wave of companies that will utilize the National Invoicing System called KSeF, and so there's going to be many more companies starting to use that, and so this is coming down, it's going to be applicable to medium-sized companies and smaller companies.

What are the problems with implementing or adopting the shares system and what are the obstacles to implementing this program? This is a little bit of gossip.

Basically, what I'm hearing is OFEs, the open-end pension funds, "We can't give anything away free of charge because we're paying for the past, we can't vote in favor." I can embrace that.

I can accept that opinion. I'm asking these OFEs for them to think about this because even if something is so highly regulated, that's against the development of the Polish capital market.

I'm always going to be an advocate because had it not been for the Polish stock exchange, we would not have moved forward because in 2004 nobody would have lent money to Adam Góral and to build his fantasies because I wouldn't be able to prove to any bank in 2004 that I was going to be capable of doing something. Had it not been for the Polish stock exchange, there would be no Asseco.

I regret that we don't have a sufficiently large number of IPOs, and business owners have started to stop seeing that there's opportunities linked to being on the exchange. PKOBP was waiting for us with a credit when we wanted to buy back shares.

The times are different nowadays, and we have to remember that times do change. Of course I understand the regulations.

Let's change things that are illogical. My friends from the Netherlands and Canada linked to Constellation, they don't really understand what's behind this because for them the fact that we will vote this through, well, it's not a guarantee because we're making decisions together.

In fact, the fact that we voted through gives greater certainty to all of us as investors. We understand those who can't do it because of the laws, but I hope that if we looked at the results of voting, I was nearly satisfied.

We were only missing some 700,000 shares, so that's not very many. Maybe somebody won't want to come to the shareholder meeting when we're going to vote on that, and then we could vote it through.

Let me tell you honestly, I don't understand why they're behaving this way. We as investors, why don't we want for one group of Poles that have worked hard and toiled hard, for 95 people, for them to receive a total of 1.5% of the company?

Of course, 1.5% is 200 million. Of course, it's 200 million.

That's 95 people that will be the recipients. We're not creating oligarchs.

We want people to have interests aligned and be participating the risk we have. If we want to be active on the Polish stock exchange, if you want to have more IPOs, we have to have and utilize mechanisms that are utilized on mature stock exchange.

I'm not sure if this is of importance, if it will have import. We've received rewards or awards by the, for example, the Parkiet newspaper that gave us an award for the growth we've been able to achieve in terms of our market cap, and so on and so forth.

I also ask and perhaps these words will exert an impression on somebody and they will vote this proposal through. There doesn't need to be a presence.

We want to take care of the stock exchange. The people who are taking care of our business interests, we want more and more of these people to think about the interests of the investors, for them to vie for the value of the company and the shareholder value.

The next question, is it possible to think about the sales of the 18 of remaining 18% holding stake in Sapiens? You remember that after the sale of Sapiens, this is a strange case, we lost control because we sold almost all of the shares we hold, but we have an 18% minority stake which we hold indirectly in Sapiens.

This is a good position to think about how to earn, thinking about the new shareholder, what the new shareholder is doing in Sapiens, what the restructuring processes are. Tellingly, we surmise that Advent, because that's the new investor, if it makes the decision in a couple years to sell Sapiens, then of course we will join forces with them in that sale.

The next question, what will you earmark the proceeds from the sale of Sapiens because only a portion is going to the dividends, but We don't have the right. Guy, even though he started as a manager, we gave him shares.

He's an investor, he's a business owner, he's an entrepreneur, and please note that everything that he did was with our consent, and he's nearly made no mistakes over the last 16 years. He was buying at the right prices.

We've all forgotten, because perhaps you were right, we were buying shares in the holding which was running a company that was slightly lost. This is not the Sapiens that was sold just recently.

This was not the Magic, this was not the Matrix company. All of that was growing and expanding, not even forgetting about the new purchases.

In terms of investing in running these type of companies, he's very cognizant of it. He knows it very well and he didn't give me much time sometimes for some decisions, that's true.

I always had that time to make a decision. I received the materials that were needed, and so on and so forth.

I continue to believe in him, and we're going to pay out a very hefty dividend. I think we can officially say it's already announced it, $200 million.

We're also counting on a dividend. Guy is working how to neutralize this fact, the sale of the majority stake.

He has ideas. We won't talk about those ideas.

Because I analyzed, this is a new topic in terms of building a position in a given area. It's still within the framework of IT.

He's not running into other areas. Initially, this is something that really appeals to me.

In Israel, we wish peace to that corner of the world. We hope that peace will be achieved.

Major investments are in the works, infrastructural investments, and we would like to have a company or group of companies prepared to participate in these projects because we have a very strong position there. We haven't agreed on this, but if there were no interesting targets on the marketplace to purchase, well, then we can always buy back some shares in Formula.

We can increase our shareholding. We have some opportunities.

I'm not saying that we as Asseco, but utilizing that money that's there. We can have different types of ideas.

Today we're not being precise on that subject, but I wanted for this decision to be a joint decision about Sapiens because we were of the opinion that we were coming close to a wall, that we might not have better ideas, and looking at Advent, we're learning a new approach to these type of situations. We believe strongly that Advent is going to be effective and that our 18% stake will have the same value of what we sold.

This is something that we wish to those people who are now managing. We wish that from the bottom of our hearts.

The next question is about TSS and Constellation as your potential competitor in M&A in terms of consulting on M&A. Is that something that's beneficial to Asseco?

Marek, he likes to argue, this is my area. Of course we're competing with TSS and Constellation in M&A, and that's not changing after the transaction.

We have written down what we're going to do together and how we're going to behave if we identify a conflict of interests. Betraying what it looks like from the kitchen, if we identify that there is a conflict of interest, that we're competing on a given project, then we won't engage in these type of consultations in that case.

Even members of the investment committee from the TSS side, they would not participate in these meetings, they would not have any role to consult on those projects, and so we can do that according to our own recognition, according to our best knowledge and our experience. This is an area where there is competition.

This is high business culture. Somebody might think about whether or not you needed that, but take a look.

Had we not been together, we wouldn't know anything about it. We would compete with one another anyway.

Today, I wouldn't preclude a situation, in fact, that we will not want to buy something and we'll inform them of that fact and we'll give them that target for them to think because it's perhaps the case they might want to buy it because this could be aligned to a concept. This is something we're going to be able to master.

Marek, there were some individual examples, and we've cultivated, but there are some cases it's hard to be surprised because TSS and Constellation are highly active players and the market of potential targets is finite in size, that universe is finite in size. In five cases, we had conflicts of interest, and if this is something that we can live with out of a number under 20.

The next question is to Marek. In terms of potential targets in cyber security, are there any Polish companies in the universe?

The answer is brief: yes. This is where I would stop.

The final question that we have from remote participants: are you thinking about developing a motivation program where the strike price would be closer to the market price, as opposed to, let's say, 1 zloty? Yes, in our concept, I don't know if somebody's noticed, we have 1.5% stake.

Those are shares linked to me. I've selected some 95 persons who in my opinion will clearly drive the future.

I would like to give shares to 33,000 people. There's no person in our company, in our group, who will not drive the future.

Just as such, that we had to make some choices, and so the group consists of 95 people. I believe that these people have earned, deserve to take a role in the future.

This is one program, and in that program, these objectives, we can discuss what those objectives should be. This is going to be for 1 zloty because we need these people as investors.

There is a program, 0.25, that is a program to change or slightly new bonus program, and the bonus program, this is experience that I've known from Constellation for years, and this is from Topicus. Rafał Kozłowski is today coming forward to each one of our leaders and people who are heading up businesses.

The proposal is that a portion of their bonus would be paid out in shares, in equities, and they will be purchased at the market price. These shares would be purchased at market price, and so we'll have a program of that sort as well.

I don't know the details, but Mark Leonard, who set up Constellation, that overall concept, this is a person from the financial market. He himself with his family, was that 7% or 9% over 30 years.

These were shares, these were these bonuses. That's how he was able to compile that position that were purchased at various points in time.

Our team doesn't have an obligation to follow that program, but we would also like to implement that program, and this will be an additional portion because the 95 people, this will give us a guarantee. If you assist me in making sure that we can vote this through at the shareholder meeting, and then we'll make sure that that other program is going to be available and that we want to remunerate people in the form of shares, at the market price.

We'd like to thank you. Are there any other questions here in the room?

We don't have a question from the room, we'll wrap up the Q&A session. We'd like to thank you very much.

We've started this year very well, and so it portends well. In the near future, we'll come back, but they won't take me to participate in the quarterly conferences, and so I think Rafał will be I'd like to thank all of you, all those people who are participating remotely, the people who are here physically in attendance, and so I would like to thank you enormously because we are a very close-knit group, and we've lived many years together in a beautiful way, and you've all had a very positive contribution to the development of our capital market.

You've never dismayed me. I didn't have the 95% shareholder You've never disappointed me, and the votes were always consistent with what I was thinking or what I came forward to propose.

I'm very grateful because you have a real participation in what we as Asseco have achieved this great achievement. Let me tell you, this is a commercially viable approach, and it's worthwhile to turn over that 1.5% equity stake to my 94 95 person strong team.

Let's continue vying for a position for there to be peace across the world, because then it'll be much easier for us to smile then. Thank you once again, then.

Bye-bye.