Q: Can you provide clarity on the net cash position on a proportional basis and the apparent discrepancies in the disclosed figures? A: Karolina Rzonca-Bajorek (CFO) clarified that the figures do not match due to different treatments of deposits and leases. She confirmed that the proportional net cash at the group level is PLN1.3 billion. She added that deposits, which total PLN200 million at the group level, should be added to net cash as they are still available to the company, clarifying the accounting treatment for term deposits over three months.

Q: The public sector segments performed incredibly well across the board. Which key regions and areas drove this strength? A: Karolina Rzonca-Bajorek (CFO) highlighted the public healthcare segment in Poland as a major driver, along with the rest of the public sector in Poland. She also noted a major improvement in the public sector in the Czech Republic and Slovak Republic (Central Europe) and outstanding momentum in Israel, driven by public procurement and very decent profitability.

Q: Why did the ERP International segment grow revenue so rapidly, and what are the plans for challenging segments like international infrastructure and Poland Other IT? A: Karolina Rzonca-Bajorek (CFO) attributed the ERP growth to Asseco Business Solutions (ABS), which benefited from recurring, index-based revenue and the new National e-Invoice System (KSeF). The German ERP company also improved profitability through measures like license audits. Regarding other segments, she mentioned that Asseco Spain (international infrastructure) had inventory impairments and may eventually be sold, while Poland Other IT, which includes trusted services like electronic signatures, is strategically important and expected to grow from EU-driven initiatives.

Q: Can you discuss the recent acquisitions, specifically the Portuguese acquisition and the one in Poland, and how they fit into the group's strategy? A: Marek Panek (Vice President) detailed the Polish acquisition, Mc Comp, which is a leading provider of software for over 3,000 gas stations. This marks Asseco's entry into the fuel sector, complementing its strong position in the power and energy division. The Portuguese acquisition, RandTech Computing, is a small company (EUR 2.5 million revenue) with a core product for the insurance sector. It will help Asseco PST diversify beyond banking and cross-sell to its existing customers in Portuguese-speaking markets like Angola.

Q: There was confusion regarding a PLN800 million net profit figure for the full year 2026. Can you clarify this and provide guidance? A: Karolina Rzonca-Bajorek (CFO) reiterated that the company does not offer formal forecasts or projections. She stated that the first six months were strong and the outlook for the entire 2026 looks like a "very decent year" for the company and the group, but she declined to provide specific figures, calling the approach "very conservative."

Q: We see that receivables have grown, which has impacted operating cash flow. Can you comment on this? A: Karolina Rzonca-Bajorek (CFO) explained that the growth in receivables is a natural and structural issue stemming from the dynamic growth in revenue. She also cited seasonality, particularly in Q2, related to the National Recovery Program, where invoicing occurred at the end of the quarter with cash collected the following month. She reassured that the percentage of uncollectible receivables is very small and that this is a cyclical phenomenon, with cash generation expected to improve in Q3 and Q4.

Q: Is the IT employee market coming back, and what is the company's strategy regarding salary growth? A: Karolina Rzonca-Bajorek (CFO) stated that the pressure on salaries seen three or four years ago does not exist today. The company's strategy is not to optimize costs by reducing salaries but to improve efficiency by using modern tools like AI to produce software faster and with better quality. She noted that salary growth is expected to be in the single digits. Marek Panek added that the company's strong employer brand is evident, citing 8,000 applications for 40 spots in its starter program for young IT specialists.

Q: Is the revenue from the National e-Invoice System (KSeF) through ABS a one-off, or is it recurring? A: Karolina Rzonca-Bajorek (CFO) confirmed that the revenue is not a one-off. ABS took a smart approach by focusing on building a recurring income base. While the initial implementation is a one-off, the bulk of the revenue from the product, which they call "business link," is recurring, ensuring a long-term revenue stream.

Q: Can you provide a commentary on the unsuccessful acquisition and the write-down of the asset company? Has that situation been mastered? A: Karolina Rzonca-Bajorek (CFO) confirmed that the topic has been financially written down to zero. In the interim period, the company took write-downs of PPA and goodwill, with a magnitude of PLN14 million at the EBITDA level and a PLN6.5 million contribution to net profit, related to the Dubai situation. She also mentioned an additional PLN4 million write-down for another acquisition, bringing the total accounting effects on net profit to a little over PLN10 million.

Q: How do you see the development in the defense sector, and is there potential for growth in market share? A: Marek Panek (Vice President) stated that while there is a lot of discussion about increased budgets for the defense sector, the company does not currently see specific software projects it could participate in. However, he expressed optimism that if capital expenditures are raised, there will be opportunities, and the company will continue its efforts to work in this area.

For the complete transcript of the earnings call, please refer to the full earnings call transcript .