- 23.03.2026, 20:23:56
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- EQS0006
EQS-News: Full Year 2025 Financial Results
EQS-News: AUSTRIACARD HOLDINGS AG / Key word(s): Annual Results
Full Year 2025 Financial Results
23.03.2026 / 20:23 CET/CEST
The issuer is solely responsible for the content of this announcement.
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H2 2025 performance validates our strategy and sets the Group on track to
target growth in 2026 backed by innovation
Digital Technologies, Document Lifecycle Management and Identity solutions
spearhead a substantial H2 rebound, with adjusted EBITDA up 23% vs. H2 2024
• Group Revenues of €360.2m (8% reduction vs. FY2024), adversely impacted
by the normalization in the Turkish payment card market as well as by
the unfavourable base effect from FY2024 of metal card sales to a
Fintech client in Europe, both of which had been flagged in the 9M 2025
results. Digital Technologies, Document Lifecycle Management and
Identity solutions maintained solid revenue growth trajectory,
reaffirming our successful geographic and market share expansion
strategy to date. Q4 2025 Group Revenues of €97.7m increased 10% vs. Q4
2024, showcasing the significant improvement achieved in H2 2025 across
all of the Group’s segments.
• In H2 2025, the Group delivered a substantial return to growth with
revenues growing 20% vs. H1 2025, hence largely containing the aforesaid
challenges faced in the first half of 2025. Key growth drivers included
the accelerated implementation of the contracted Greek public sector
digitization projects, implementation of complex digital security
printing initiatives for public administrations from African markets,
payment solutions in the US and UK markets, planned card renewals in the
CEE segment as well as Identity solutions in the MEA segment.
• Adjusted EBITDA of €51.8m (7% reduction vs. FY2024, affirming Management
guidance communicated in Q2 results), as cost optimization efforts and a
favourable revenue mix towards higher-margin services and solutions
alleviated the largest part of the aforesaid revenue shortfall,
anchoring the adjusted EBITDA margin expansion to 14.4%. The Group
delivered in H2 2025 substantial sequential growth (+69% vs. H1 2025)
and a meaningful improvement vs. prior year period (+23% vs. H2 2024),
confirming the recovery trajectory signaled by the Management during
both Q2 and Q3 results. The improvement was driven by the robust
contracted pipeline, the ongoing efficiency initiatives and disciplined
cost management as well as the progress in enhancing the revenue mix
towards higher-margin services and solutions.
• Net Profit of €16.2m (vs. €19.2m in FY2024), as lower net financial
costs (-7% vs. FY2024) marginally compensated for the aforesaid
reduction to Group EBITDA and the higher depreciation & amortization
expenses (+8% vs. FY2024).
• Solid operating cash flow generation of €39.7m (+17% vs. FY2024), on
account of a reduced pace of working capital build-up as well as on
disciplined focus to optimize cash flow management. Free Cash Flow (FCF)
(Operating Cash Flow minus CAPEX) generation of €22.5m, 60% higher vs.
FY2024, implies a FCF yield of 9% at current trading levels.
• Group Leverage (1.6x) improved vs. FY2024 (1.7x), while maintained at
the low-end of our medium-term target range (1.5-2.0x) with Group Net
Debt of €81.6m (vs. €95.6m in FY2024).
• FY2025 Dividend proposal: the Management Board will propose a dividend
distribution of €0.10 per share to the Annual General Meeting on 22 June
2026.
• 2026 Outlook: Management anticipates a return to growth momentum in
2026, despite a fragile macroeconomic and geopolitical environment.
Management targets high-single digit Group Revenue growth in FY2026,
driven by (a) Digital Technologies, anchored by the remaining
contracted, large-scale public sector digitisation projects in Greece as
well as by the roll-out of the Card-as-a-Service (CaaS) and the
proprietary AI-related GaiaB™ Appliance, (b) Payment & Identity
solutions, on the back of continued solid growth in Fintech/neobanks (US
and Western Europe) as well as a pipeline of holistic Authentication
solutions for Citizens in MEA. Management targets Group EBITDA margin
expansion in FY2026, supported by the achieved progress in enhancing the
revenue mix towards higher-margin services and solutions as well as by
additional efficiency gains.
March 23, 2026 – AUSTRIACARD HOLDINGS AG (ACAG), the international applied
technology group headquartered in Vienna, announces its FY2025 financial
results.
Manolis Kontos, Chairman of the Management Board and Group CEO, commented:
“In 2025, we faced various challenges, but we remained focused in the
implementation of our strategy and made significant strides toward the
development of solutions that are crucial for our future growth.
The first half of the year was weaker compared to the previous year,
primarily due to cyclical and macroeconomic factors affecting the Turkish
payment card market. However, our strong performance in the second half of
2025 demonstrated our resilience. Our Document Lifecycle Management and
Digital Technologies solutions experienced robust growth, successfully
navigating these challenges. As a result, our revenues increased by 20%, and
EBITDA rose by 69% in the second half of the year compared to the first
half.
Our strategic focus is to advance our end-to-end AI solutions for
businesses, providing complete control over data, whether on-premises or in
a hybrid cloud environment. At the same time, we aim to maintain our
significant market share in Fintech and neobank payment solutions.
To achieve these objectives, we will invest in technological autonomy and
data protection, ensuring that every initiative we undertake is based on a
secure and meticulously controlled infrastructure. In 2025, we invested 5%
of our revenue, bringing our total capital expenditure to €17m, a level we
expect to sustain in the future. Sustainability remains a top priority as
the demand for eco-friendly solutions continues to rise. In this regard, we
are designing products that integrate security, innovation, and
environmental responsibility.
In 2026, we will continue to target markets that align with our strategic
vision, driving innovation and growth while advancing our broader artificial
intelligence initiatives. This approach will reinforce our identity as an
end-to-end provider of applied technology, ensuring security and flexibility
in our offerings. We anticipate high single-digit revenue growth driven by
our contracted pipeline, along with profit margin expansion due to a
favorable product mix, particularly from our Digital Technologies,
Card-as-a-Service (CaaS), and our proprietary AI related GaiaB™ Appliance.
Inorganic opportunities will also play a role in our purposeful growth
strategy to strengthen our capabilities and expand our market reach.
Our ambition to become a future-focused company motivates our organization
to build trust through digital growth.”
GROUP PERFORMANCE HIGHLIGHTS[1][1]
Group P&L | Highlights FY2025 FY2024 % chg
in € million
Revenues 360.2 392.3 -8%
adjusted EBITDA 51.8 55.5 -7%
adjusted EBITDA margin 14.4% 14.1% +0.2%
EBITDA 48.8 51.8 -6%
EBITDA margin 13.6% 13.2% +0.3%
Profit/(Loss) before tax 21.6 25.9 -16%
Profit/(Loss) 16.2 19.2 -16%
in € million Q4 2025 Q4 2024 % chg
Revenues 97.7 88.8 +10%
adjusted EBITDA 15.7 12.0 +31%
adjusted EBITDA margin 16.1% 13.5% +2.6%
EBITDA 15.1 11.2 +35%
EBITDA margin 15.5% 12.6% +2.9%
Profit/(Loss) before tax 8.1 4.6 +75%
Profit/(Loss) 6.4 3.0 +114%
Group Financial Position | Highlights 31/12/2025 31/12/2024
in € million
Cash & cash equivalents 25.1 21.7
Total Assets 327.8 331.6
Total Equity 135.9 124.8
Net Debt 81.6 95.6
Total Liabilities 191.8 206.8
Group Revenues
Group Revenues of €360.2m, an 8% decline vs. FY2024, driven by two items
that had been flagged in the 9M 2025 results:
• the normalization of the Turkish payment card market (€22m total impact
to Group FY2025 Revenues), reflecting persistent macroeconomic
volatility and uncertainty, as well as cyclicality and normalized
customer stock levels, following several years of elevated demand growth
(5-year CAGR of 52%),
• the unfavourable base effect from FY2024, which included a significant
contribution from metal cards sales to a Fintech client in Europe (metal
cards campaign launch) (€26m impact to Group FY2025 Revenues).
Nonetheless, metal card sales in the US more than doubled vs. FY2024,
reflecting the Group’s successful strategy to focus on the fast-growing
segments of Fintech and neobanks. Moreover, Management is confident that
the Group’s metal card sales in Europe will continue to increase going
forward, supported by a solid growth outlook for this card segment as
well as by the Group’s market-leading position in Fintech and neobanks.
After excluding the adverse negative effect of both the Turkish payment card
market and the metal cards sales to a Fintech client in Europe (in total
€48m revenue shortfall at Group level), FY2025 Group Revenues increased by
4% vs. FY2024 (or by €16m). That said, the following categories delivered
solid revenue growth in FY2025, hence reaffirming Management’s successful
strategy to date:
Digital Technologies (+25% vs. FY2024), supported by large-scale, public
sector digitization projects in Greece (+65% vs. FY2024), which are in full
implementation mode since the beginning of Q3 2025.
Document Lifecycle Management (+4% vs. FY2024), anchored by
• security document printing orders from the MEA segment
• payment cards distribution services (fulfilment) WEST (+42% vs. FY2024),
which are linked to higher volume of personalized cards for Fintech
clients.
Identity solutions (+67% vs. FY2024), driven by the cyclical renewal of the
Austrian e-health cards as well as by business development in various
jurisdictions in the MEA segment.
In the second half of 2025 (H2) the Group managed to completely reverse the
trends observed in the first half of 2025 (H1): from approx. €32m Revenue
shortfall or 16% y-o-y decline in H1 to virtually unchanged y-o-y Revenues
in H2 2025. Key growth drivers in H2 2025:
• Accelerated implementation of contracted digitization projects in the
Greek public sector.
• Security document printing orders from the MEA segment.
• Payment solutions in the US and UK markets as well as planned card
renewals in the CEE segment.
• Identity solutions in the MEA segment.
Revenues by Segment FY2025 FY2024 €m chg % chg
in € million
Central Eastern Europe & DACH (CEE) 203.0 224.9 (21.9) -10%
Western Europe, Nordics, Americas (WEST) 122.8 130.9 (8.1) -6%
Türkiye / Middle East and Africa (MEA) 61.6 79.0 (17.5) -22%
Eliminations & Corporate (27.2) (42.6) 15.4 -36%
Total 360.2 392.3 (32.1) -8%
in € million Q4 2025 Q4 2024 €m chg % chg
Central Eastern Europe & DACH (CEE) 53.4 51.0 2.4 +5%
Western Europe, Nordics, Americas (WEST) 35.4 25.2 10.2 +40%
Türkiye / Middle East and Africa (MEA) 14.7 15.9 (1.2) -7%
Eliminations & Corporate (5.8) (3.3) (2.5) +75%
Total 97.7 88.8 8.9 +10%
Central Eastern Europe & DACH (CEE)
Revenues in the segment declined by 10% vs. FY2024 to €203.0m, largely due
to the reduction in the inter-segment revenues between CEE and MEA segments
(€20m revenue impact for the segment), on account of the aforesaid headwinds
in the Turkish payment card market (reflected in the 20% drop in card
volumes vs. FY2024). This revenue shortfall was partially compensated by
strong revenue growth in Digital Technologies (+23% vs. FY2024), anchored by
the large-scale, public sector digitization projects in Greece (+65% vs.
FY2024).
Document Lifecycle Management remained the segment’s key revenue contributor
(€89.8m revenues or 44% of CEE segment total), followed by Identity &
Payment solutions (€79.7m revenues or 39% of CEE segment total). As
mentioned before, Digital Technologies (€33.6m revenues or 17% of CEE
segment total) was the single largest revenue growth driver in the CEE
segment.
Western Europe, Nordics, Americas (WEST)
Revenues in the segment declined by 6% vs. FY2024 to €122.8m, largely due to
the aforesaid unfavourable base effect from FY2024, related to the metal
card sales to a large Fintech customer in Europe (€26m impact to Group and
WEST segment Revenues). As previously communicated (H1 2025 Results Press
Release), during the course of 2024 one of our Fintech clients in Europe had
launched a metal cards campaign, resulting in sizeable metal cards orders,
which have not been repeated with the same scale during 2025.
Nonetheless, the aforesaid shortfall was largely compensated by strong
business performance with US (€6.0m revenue contribution) and UK (€7.2m
revenue contribution) based customers (predominantly Fintech), supported by
growth in metal cards, personalization and distribution (fulfilment)
services. Worth highlighting that the Group’s revenues in the US increased
31% vs. FY2024 to €25.3m, with metal cards sales in the US more than doubled
vs. FY2024, reflecting the Group’s successful strategy to focus on the
fast-growing segments of Fintech and neobanks.
Identity & Payment solutions remained the segment’s key revenue contributor
(€93.2m revenues or 76% of WEST segment total), followed by Document
Lifecycle Management (€29.2m revenues or 24% of WEST segment total), which
reported strong Revenue growth of 43% vs. FY2024, supported by the
distribution of Fintech-related personalized cards (fulfilment services).
In 2025, the Group continued to expand its customer base in the WEST
segment, having onboarded 117 new customers, while the backlog of scheduled
customer onboardings in Q1 2026 remains solid. Moreover and as part of the
Group’s continued expansion in the US, a 2^nd personalization center in Salt
Lake City, Utah, is expected to commence operations in Q3 2026, thus
expanding the Group’s capacity, capabilities and customer outreach so as to
accommodate future growth.
Overall, the Group’s strategy for the WEST segment is centered on the
development of cutting-edge products and comprehensive solutions (e.g.
Card-as-a-Service) that will enable our targeted inroads in the fast growing
segment of Fintech/neobanks as well as in the Tier 2 Banks.
Türkiye, Middle East and Africa (MEA)
Revenues in the segment declined by 22% vs. FY2024 to €61.6m, adversely
impacted by the normalization of the Turkish payment card market (€23m
impact on MEA segment revenues), on account of the persistent macroeconomic
volatility and uncertainty, together with cyclicality and normalized
customer stock levels, following high levels of paid stock after several
years of substantial growth. Notwithstanding said headwinds, our solid
market share in Türkiye remained unchanged, while in H2 2025 we witnessed
early signs of modest market recovery, as evident in the 26% increase vs. Η1
2025 in personalization revenues.
The aforesaid revenue shortfall was partially compensated by revenue growth
in Identity solutions (+128% vs. FY2024), driven by the delivery of Identity
cards in different jurisdictions in the MEA segment, as well as by revenue
growth in Document Lifecycle Management solutions (+15% vs. FY2024),
supported by the production and delivery of high-security elections
materials for an East African country in Q4 2025.
Worth highlighting that in 2025 the Group was awarded a number of citizen
identity projects (e.g. labour cards, driver’s licenses and national IDs) in
various jurisdictions in the MEA segment, while it also delivered
high-security document printing orders (national examinations and election
materials) to African markets.
Moreover, in late 2025, the Group obtained the Card Chip Profile
certification issued by the Saudi Central Bank (SAMA) for the mada debit
card scheme (the national payment network with over 35 million cards in
circulation). This is an important milestone in the Group’s MEA business
development strategy, enabling the Group to expand its customer outreach to
banks and financial institutions in the Kingdom of Saudi Arabia (KSA).
Identity & Payment solutions remained the segment’s key revenue contributor
(€39.2m revenues or 64% of MEA segment total), followed by Document
Lifecycle Management (€22.0m revenues or 36% of MEA segment total).
Overall, the Group’s strategy for the MEA segment is focused on diversifying
the segment’s earnings mix by pursuing targeted initiatives and
opportunities in Document Lifecycle Management solutions (e.g.
high-security, personalized National Examination Papers with traceability
services, high security ballot papers and support material for elections)
and holistic Citizen Identity services that are already building a recurring
revenue base, and will continue increasing their Revenue and EBITDA
contribution in the MEA segment.
Please refer to pages 15-17 and 24-25 in the Appendix for a detailed
analysis of the Group segments per Geography.
Revenues by Solution FY2025 FY2024 €m chg % chg
in € million
Identity & Payment 186.0 229.6 (43.6) -19%
Document Lifecycle Management 140.0 135.3 4.7 +3%
Digital Technologies 34.1 27.4 6.7 +25%
Total 360.2 392.3 (32.1) -8%
in € million Q4 2025 Q4 2024 €m chg % chg
Identity & Payment 52.5 42.6 10.0 +23%
Document Lifecycle Management 33.6 39.2 (5.6) -14%
Digital Technologies 11.6 7.0 4.6 +66%
Total 97.7 88.8 8.9 +10%
Identity & Payment
Revenues declined by 19% vs. FY2024 to €186.0m, owing to the normalization
of the Turkish payment card market (€22m total impact to Group FY2025
Revenues, driven by a 20% drop in card deliveries) as well as to the
unfavourable base effect from FY2024 related to metal card sales to a large
Fintech customer in Europe (€26m impact to Group Revenues). Both items had
been flagged in the 9M 2025 results.
Nevertheless, the following drivers partially compensated for the aforesaid
revenue shortfall:
• Strong revenue growth in the US (+25% vs. FY2024), as metal card sales
more than doubled vs. FY2024
• Solid growth in personalization revenues in WEST (+3% vs. FY2024, with
US and UK the key drivers), driving the 1% increase to Group
personalization revenues. Worth highlighting that Group personalization
revenues in Q4 2025 increased 17% vs. Q4 2024, supported by WEST (+26%
vs. Q4 2024) and MEA (+8% vs. Q4 2024).
• Strong revenue growth in Identity projects (+67% vs. FY2024), driven by
the cyclical renewal of the Austrian e-health cards as well as by the
delivery of ID cards in different jurisdictions in the MEA segment.
Document Lifecycle Management
Revenues registered a 3% increase vs. FY2024 to €140.0m, largely driven by
the following categories:
• Distribution services (+7% vs. FY2024), with WEST the key growth driver
(+42% vs. FY2024), anchored by the higher volumes of personalized cards
for Fintech clients (fulfilment services).
• Document output (printing and security printing) revenues in MEA
increased 15% vs. FY2024, reflecting our successful business development
strategy in the segment.
Digital Technologies
Revenues reported a robust 25% increase vs. FY2024 to €34.1m, largely on
account of the revenue growth (+65% vs. FY2024) from contracted,
large-scale, public sector digitization projects in Greece (€18.4m revenues
in total). To date, the Group has been awarded (both directly and
indirectly) public sector digitization projects in Greece worth in total
approx. €71m, of which approx. €35m has been cumulatively
received/recognized (from 2023 until end-December 2025), with the remaining
amount of approx. €36m to be recognized from Q1 2026 onwards.
Moreover, on the back of prior years’ investments in R&D, aimed at scaling
our Digital Technologies offering, we made good progress in rolling out
Card-as-a-Service (CaaS) for Challenger Banks/Fintech in WEST as well as
securing document digitization projects in MEA (both revenues have more than
doubled vs. FY2024, albeit from a rather very low base).
An important milestone for the Group was the announcement, in October 2025,
of the collaboration with Dell Technologies, a global technology leader,
aimed at developing and marketing the Group’s proprietary GaiaB™ Appliance.
GaiaB™ Appliance is an advanced Generative AI solution for the automation of
business processes and operations, which comes pre-integrated with Dell
PowerEdge servers and will operate entirely on-premises or in private cloud
environments. This collaboration reinforces the Group’s strategic
transformation into a large-scale applied technology provider and showcases
our internationally acclaimed expertise in Agentic AI.
Group Gross Profit FY2025 FY2024 €m chg % chg
in € million
Gross profit I 178.4 182.5 (4.0) -2%
Gross profit I margin 49.5% 46.5% +3.0%
Gross profit II 86.8 94.6 (7.8) -8%
Gross profit II margin 24.1% 24.1% 0.0%
in € million Q4 2025 Q4 2024 €m chg % chg
Gross profit I 47.5 44.2 3.4 +8%
Gross profit I margin 48.6% 49.7% -1.1%
Gross profit II 25.1 20.8 4.3 +21%
Gross profit II margin 25.7% 23.4% +2.3%
Gross profit I: the reported 2% decline vs. FY2024 is largely attributed to
the Group revenue shortfall (€32m), which more than offset the more
favourable revenue mix towards solutions and services that are not burdened
by material costs (cost of materials and mailing declined by €28m or -13%
vs. FY2024).
Gross profit I margin widened by some 3 percentage points to 49.5%, on the
back of a more favourable revenue mix (growing contribution of higher-margin
services and solutions, e.g. personalization and fulfilment services,
coupled with a lower contribution vs. FY2024 of metal card sales, which
carry relatively higher material costs). Worth highlighting that all 3
geographic segments have reported expanded Gross Profit I margin (MEA by 14
percentage points, WEST by 4 percentage points and CEE by 0.4 percentage
points).
Please refer to pages 15-17 and 24-25 in the Appendix for a detailed
analysis of the Group segments per Geography.
Gross profit II: the reported 8% reduction vs. FY2024 is attributed to:
• the Gross Profit I reduction (€4m), and
• higher production costs (+4% vs. FY2024), largely related to the growth
in security printing and ID projects in the MEA segment as well as in
the Group’s main service centers in the WEST segment.
Gross profit II margin at 24.1% remained unchanged vs. FY2024, reflecting
the more favourable revenue mix towards higher-margin services and
solutions.
Group Operating Expenses (OPEX) FY2025 FY2024 €m chg % chg
in € million
Production costs (91.7) (87.9) (3.8) +4%
Selling and distribution expenses (22.5) (23.3) 0.9 -4%
Administrative expenses (26.3) (27.8) 1.4 -5%
R&D expenses (9.9) (8.4) (1.4) +17%
+ Depreciation, amortization & impairment 19.1 17.8 1.4 +8%
Total (131.2) (129.7) (1.5) +1%
as % of Revenues 36.4% 33.1%
in € million Q4 2025 Q4 2024 €m chg % chg
Production costs (22.4) (23.4) 1.0 -4%
Selling and distribution expenses (5.9) (5.4) (0.5) +9%
Administrative expenses (7.2) (6.7) (0.6) +9%
R&D expenses (3.0) (2.7) (0.2) +9%
+ Depreciation, amortization & impairment 4.9 5.1 (0.2) -4%
Total (33.6) (33.0) (0.6) +2%
as % of Revenues 34.4% 37.2%
Group OPEX (excluding depreciation, amortization & impairment) marginally
increased (+1% vs. FY2024), as our disciplined focus on operational
efficiency improvements delivered a 5% reduction vs. FY2024 to Group SG&A
expenses (includes both Selling and distribution, and Administrative
expenses). Notably, our SG&A cost rationalisation efforts are clearly
visible in CEE (-10% vs. FY2024) and to a lesser extent in WEST and MEA
(virtually unchanged for both against a fast-growing business in both
segments).
Moreover, higher Research & Development (R&D) expenses reflect our continued
investment in R&D capabilities to support future business growth, especially
in Digital Technologies. The Group’s Research & Development (R&D) strategy
focused on accelerating innovation across secure identification, payments
and digital solutions, which are all considered essential to the Group’s
technology-driven growth model. The launch of GaiaB™ Appliance marked
another important milestone to the Group’s strategic transformation into a
large-scale applied technology provider.
Group Operating Profitability FY2025 FY2024 €m chg % chg
in € million
adjusted EBITDA 51.8 55.5 (3.7) -7%
adjusted EBITDA margin 14.4% 14.1% +0.2%
adjusted EBIT 32.6 37.7 (5.1) -13%
adjusted EBIT margin 9.1% 9.6% -0.6%
in € million Q4 2025 Q4 2024 €m chg % chg
adjusted EBITDA 15.7 12.0 3.7 +31%
adjusted EBITDA margin 16.1% 13.5% +2.6%
adjusted EBIT 10.8 6.9 3.9 +57%
adjusted EBIT margin 11.0% 7.7% +3.3%
Group adjusted EBITDA: the reported 7% reduction vs. FY2024 is largely
associated to the revenue shortfall (€32m), which more than offset savings
achieved in both cost of sales (€24m reduction) and SG&A (€2m reduction).
Group adjusted EBITDA margin widened by some 0.2 percentage points to 14.4%,
supported by a more favourable revenue mix (growing contribution of
higher-margin services and solutions) as well as by continued cost
rationalisation initiatives.
Group adjusted EBIT: the reported 13% decline vs. FY2024 reflects the
adjusted EBITDA reduction as well as higher depreciation & amortization
expenses, associated to the Group’s CAPEX and M&A activity in 2024.
Group adjusted EBIT margin contracted by some 0.6 percentage points to 9.1%,
burdened by the aforesaid increase in depreciation & amortization expenses.
Special items included in FY2025 FY2024 €m chg % chg
in € million
Management SOP EBITDA (2.9) (3.7) 0.7 -20%
FX gains/(losses) Profit before (1.5) 0.2 (1.7) n/m
tax
IAS 29 Hyperinflation Profit before (0.5) (1.1) 0.6 -54%
tax
Income/(Expense) from financial Profit before
assets & liabilities at fair value tax 0.9 0.2 0.7 n/m
through P&L
Total (4.1) (4.4) 0.3 -6%
Special items: lower costs related to (a) the Management participation
programs (SOP) (attributed to the lower number of eligible participants) and
(b) hyperinflation (IAS 29) were partially offset by higher FX losses
(particularly related to the devaluation of the Romanian RON and the US
Dollar vs. the Euro).
Group Net Results FY2025 FY2024 €m chg % chg
in € million
Profit/(Loss) before tax 21.6 25.9 (4.2) -16%
Profit/(Loss) attributable to Company Owners 14.7 19.0 (4.3) -23%
Profit/(Loss) 16.2 19.2 (3.0) -16%
EPS (basic) (€) 0.41 0.52 -22%
in € million Q4 2025 Q4 2024 €m chg % chg
Profit/(Loss) before tax 8.1 4.6 3.5 +75%
Profit/(Loss) attributable to Company Owners 6.1 2.7 3.3 +121%
Profit/(Loss) 6.4 3.0 3.4 +115%
EPS (basic) (€) 0.17 0.08 +122%
Group Net Profit: lower net financial expenses (-7% vs. FY2024, excluding
financial expenses accounted for as Special Items), driven by lower base
interest rates as well as by a reduction to the average outstanding debt
position, only marginally compensated for the aforesaid reduction to Group
EBIT. That said and in the context of a declining interest rate environment,
the Group average (blended) interest cost for financial debt dropped to 5.6%
vs. 6.1% in FY2024. The Group effective tax rate in FY2025, calculated based
on adjusted Profit before tax (i.e. after excluding non-tax deductible
Management SOP and valuation effects), contracted to 20.9% vs. 21.9% in
FY2024, mainly on account of higher taxable profit in jurisdictions with a
lower corporate tax rate.
FY2025 Dividend proposal: the Management Board will propose a dividend
distribution of €0.10 per share to the Annual General Meeting on 22 June
2026. The record date and the payment date of the proposed dividend are
included in the [2]2026 Financial Calendar, published on 24 October 2025.
Group P&L (Management Reporting[3][2]) FY2025 FY2024 €m chg % chg
in € million
Revenues 360.2 392.3 (32.1) -8%
Costs of material & mailing (181.7) (209.8) 28.1 -13%
Gross profit I 178.4 182.5 (4.0) -2%
Gross profit I margin 49.5% 46.5% +3.0%
Production costs (91.7) (87.9) (3.8) +4%
Gross profit II 86.8 94.6 (7.8) -8%
Gross profit II margin 24.1% 24.1% 0.0%
Other income 6.2 5.0 1.2 +25%
Selling and distribution expenses (22.5) (23.3) 0.9 -4%
Administrative expenses (26.3) (27.8) 1.4 -5%
R&D expenses (9.9) (8.4) (1.4) +17%
Other expenses (1.7) (2.3) 0.6 -26%
+ Depreciation, amortization & impairment 19.1 17.8 1.4 +8%
adjusted EBITDA 51.8 55.5 (3.7) -7%
adjusted EBITDA margin 14.4% 14.1% +0.2%
- Depreciation, amortization & impairment (19.1) (17.8) (1.4) +8%
adjusted EBIT 32.6 37.7 (5.1) -13%
adjusted EBIT margin 9.1% 9.6% -0.6%
Financial income 0.4 0.7 (0.3) -41%
Financial expenses (7.4) (8.3) 0.9 -11%
Result from associated companies 0.1 0.1 (0.1) -46%
Net finance costs (6.9) (7.5) 0.6 -7%
adjusted Profit/(Loss) before tax 25.7 30.2 (4.5) -15%
Special items (4.1) (4.4) 0.3 -6%
Profit/(Loss) before tax 21.6 25.9 (4.2) -16%
Income tax expense (5.4) (6.6) 1.2 -19%
Profit/(Loss) 16.2 19.2 (3.0) -16%
GROUP FINANCIAL POSITION
Statement of financial position 31/12/2025 31/12/2024 €m chg % chg
in € million
Non-current assets 159.0 165.2 (6.2) -4%
Current assets 168.7 166.4 2.4 1%
Total Assets 327.8 331.6 (3.8) -1%
Total Equity 135.9 124.8 11.1 9%
Non-current liabilities 106.8 117.3 (10.5) -9%
Current Liabilities 85.0 89.5 (4.4) -5%
Total Equity and Liabilities 327.8 331.6 (3.8) -1%
Total Assets as of 31/12/2025 reached €327.8m.
• Non-current assets declined by some €6m vs. 31/12/2024 to €159.0m,
largely due to the regular depreciation and amortization of both
tangible (PP&E) and intangible assets.
• Current assets increased by some €2m vs. 31/12/2024 to €168.7m, largely
on account of higher Contract assets (attributed to the ongoing
implementation of contracted public sector digitization projects in
Greece, which are invoiced upon project completion) as well as higher
Cash balances. These more than offset a reduction in both (a) Trade &
Other receivables and (b) Inventories.
Net Working Capital 31/12/2025 31/12/2024 €m chg % chg
in € million
Inventories 67.1 72.8 (5.7) -8%
Contract assets 28.8 15.0 13.9 +93%
Current income tax assets 0.8 0.5 0.2 +47%
Trade receivables 37.9 45.3 (7.4) -16%
Other receivables 9.0 11.1 (2.1) -19%
Assets 143.6 144.6 (1.0) -1%
Current income tax liabilities (3.0) (3.6) 0.6 -17%
Trade payables (41.1) (43.8) 2.7 -6%
Other payables (17.8) (17.0) (0.8) +5%
Contract liabilities (6.3) (7.2) 0.9 -13%
Deferred income (1.2) (1.8) 0.5 -31%
Liabilities (69.4) (73.4) 4.0 -5%
Net Working Capital 74.2 71.3 3.0 +4%
% of Revenues (12 months rolling) 20.6% 18.2%
Net Working Capital: the €3m increase vs. 31/12/2024 to €74.2m is largely
attributed to
• the increase in Contract assets (related to the ongoing implementation
of contracted public sector digitization projects in Greece, which are
invoiced upon project completion) and
• the reduction in Trade Payables, due to vendor payments for chips.
The aforesaid more than offset the positive effects of our continued efforts
to improve cash collections from clients (decline in Trade & Other
receivables) and to enhance inventory management (reduction in Inventories).
Overall, based on the aforesaid drivers, the increase in Net Working Capital
as % of Revenues is largely attributed to project billing timing (i.e.
increased capital tied up in project execution) and revenue mix effects,
rather than any structural weakening in the underlying working capital
management.
Worth highlighting that by mid-2025 the Group successfully completed the
renegotiation of its contractual purchasing obligations with main chip
suppliers, resulting in reduced purchase obligations and improved purchase
prices going forward. The positive effects of these measures together with
the contract assets conversion into billings and cash collection, upon
project completion, are expected to materialize in 2026, thus enabling the
further normalisation of working capital requirements, ultimately leading to
improved operating cash flow generation.
Total Liabilities as of 31/12/2025 reached €191.8m, a €15m reduction vs.
31/12/2024, largely driven by the €11m reduction in Loans & borrowings.
• Non-current liabilities declined by approximately €10m vs. 31/12/2024 to
€106.8m, on account of lower Loans & borrowings.
• Current liabilities declined by approximately €4m vs. 31/12/2024 to
€85.0m, due to the reduction in Trade Payables (on the back of a
successful re-negotiation of purchasing obligations with the Group’s
main chip suppliers).
Net Debt 31/12/2025 31/12/2024 €m chg % chg
in € million
Cash and cash equivalents (A) 25.1 21.7 3.4 +16%
Loans and borrowings (B) 106.8 117.4 (10.6) -9%
Net Debt (B) – (A) 81.6 95.6 (14.0) -15%
Group Net Debt dropped by €14m vs. 31/12/2024 to €81.6m, on the back of
improved operating cash flow generation, which has been used to further
delever the Group’s balance sheet.
Group Leverage (Net Debt / adjusted EBITDA) of 1.6x, improved vs. FY2024
(1.7x), while maintained at healthy levels at the low-end of our medium-term
target range of 1.5x-2x.
Total Equity as of 31/12/2025 reached €135.9m, a 9% increase vs. 31/12/2024,
with net profit generation in the period partially offset by:
• dividend payments to both shareholders and non-controlling interests (in
total €4.2m)
• negative effect in the FX translation reserve, due to foreign currency
movements (GBP, TRY, USD and RON).
The Group’s Equity Ratio as of 31/12/2025 increased to 41.5%, from 37.6% on
31/12/2024, reflecting a meaningful improvement in the Group’s capital
structure as well as balance sheet resilience, supported by retained
earnings generation and disciplined balance sheet management. This higher
equity buffer reduces financial risk, enhances loss-absorbing capacity, and
provides greater flexibility to fund growth while maintaining healthy
leverage levels.
Financial Position | Key Metrics 31/12/2025 31/12/2024
Total Equity / Total Assets (Equity Ratio) 41.5% 37.6%
Net Debt / adjusted EBITDA (12 months rolling) (x) 1.6 1.7
Statement of cash flows FY2025 FY2024 €m chg % chg
in € million
Cash flows from operating activities 39.7 34.0 5.7 +17%
Cash flows from investing activities (12.1) (15.0) 2.9 -20%
Cash flows from financing activities (23.3) (21.1) (2.2) +10%
Net increase/(decrease) in cash 4.4 (2.1) 6.4 n/m
and cash equivalents
Capital expenditure (CAPEX) (17.2) (19.9) 2.7 -14%
incl. Right-of-use assets, excl. M&A
Cash flows from operating activities resulted in €39.7m net inflow (+17% vs.
FY2024), largely on account of the reduced pace of the working capital
build-up. As mentioned before (refer to the commentary on Net Working
Capital), our continued efforts to improve core operating working capital
components (inventories and cash collections from clients), were more than
offset by the significant increase in Contract Assets, driven by the ongoing
implementation of contracted Greek public sector digitization projects,
which are invoiced upon project completion.
Cash flows from investing activities resulted in €12.1m net outflow, a 20%
reduction vs. FY2024, on the back of a positive cash effect from property
sales (€1.8m total inflow), related to our initiatives to streamline
operations, as well as to a base effect in FY2024 from the Group’s M&A
activity in 2024. Overall, the Group’s key investing activities in FY2025
included the following:
• in-house software development (approx. €5m), aimed at enhancing our
Digital Technologies solutions and operating systems,
• investments in additional machinery for the delivery of large-scale
security printing projects in MEA, and
• regular investments in plant and equipment.
Cash flows from financing activities resulted in €23.3m net outflow,
reflecting:
• net repayments of loans and borrowings (€8.1m)
• interest expenses (19% decline vs. FY2024 to €6.1m)
• payments of finance leases (6% reduction vs. FY2024 to €4.2m)
• dividend payment to shareholders and non-controlling interests (4%
increase vs. FY2024 to €4.2m in total)
• share buy-back programme (€0.5m)
Non-Financial Performance Indicators FY2025 FY2024 chg % chg
Number of sold cards (million) 117.9 147.8 (29.8) -20%
Average number of employees (FTE) 2,117 2,301 (184) -8%
Group Headcount (end-of-period) 2,360 2,401 (41) -2%
SEGMENTS REPORTING
Central Eastern Europe & DACH (CEE)
Segment performance FY2025 FY2024 €m chg % chg
in € million
Revenues 203.0 224.9 (21.9) -10%
Costs of material & mailing (110.9) (123.7) 12.8 -10%
Gross profit I 92.1 101.2 (9.1) -9%
Gross profit I margin 45.4% 45.0% +0.4%
Production costs (49.6) (50.6) 1.1 -2%
Gross profit II 42.6 50.6 (8.0) -16%
Gross profit II margin 21.0% 22.5% -1.5%
Other income 5.5 4.7 0.8 +17%
Selling and distribution expenses (11.4) (12.4) 1.0 -8%
Administrative expenses (13.9) (15.9) 2.0 -13%
R&D expenses (7.9) (6.5) (1.4) +22%
Other expenses (1.4) (1.5) 0.1 -7%
+ Depreciation, amortization & impairment 11.1 10.6 0.5 +5%
adjusted EBITDA 24.5 29.6 (5.1) -17%
adjusted EBITDA margin 12.1% 13.2% -1.1%
- Depreciation, amortization & impairment (11.1) (10.6) (0.5) +5%
adjusted EBIT 13.4 19.0 (5.6) -30%
adjusted EBIT margin 6.6% 8.4% -1.8%
Operating expenses (OPEX)
excl. Depreciation, amortization & impairment FY2025 FY2024 €m chg % chg
in € million
Production costs (49.6) (50.6) 1.1 -2%
Selling and distribution expenses (11.4) (12.4) 1.0 -8%
Administrative expenses (13.9) (15.9) 2.0 -13%
R&D expenses (7.9) (6.5) (1.4) +22%
+ Depreciation, amortization & impairment 11.1 10.6 0.5 +5%
Total (71.7) (74.8) 3.1 -4%
as % of Revenues 35.3% 33.3%
Western Europe, Nordics, Americas (WEST)
Segment performance FY2025 FY2024 €m chg % chg
in € million
Revenues 122.8 130.9 (8.1) -6%
Costs of material & mailing (65.4) (75.4) 10.0 -13%
Gross profit I 57.3 55.5 1.9 +3%
Gross profit I margin 46.7% 42.4% +4.3%
Production costs (24.8) (22.5) (2.3) +10%
Gross profit II 32.5 33.0 (0.4) -1%
Gross profit II margin 26.5% 25.2% +1.3%
Other income 0.3 0.1 0.2 +239%
Selling and distribution expenses (8.5) (8.5) (0.1) +1%
Administrative expenses (8.4) (8.5) 0.1 -1%
R&D expenses (0.8) (1.6) 0.8 -50%
Other expenses (0.3) (0.3) 0.0 +9%
+ Depreciation, amortization & impairment 6.6 6.4 0.2 +3%
adjusted EBITDA 21.4 20.6 0.8 +4%
adjusted EBITDA margin 17.4% 15.7% +1.7%
- Depreciation, amortization & impairment (6.6) (6.4) (0.2) +3%
adjusted EBIT 14.8 14.2 0.6 +4%
adjusted EBIT margin 12.0% 10.9% +1.2%
Operating expenses (OPEX)
excl. Depreciation, amortization & impairment FY2025 FY2024 €m chg % chg
in € million
Production costs (24.8) (22.5) (2.3) +10%
Selling and distribution expenses (8.5) (8.5) (0.1) +1%
Administrative expenses (8.4) (8.5) 0.1 -1%
R&D expenses (0.8) (1.6) 0.8 -50%
+ Depreciation, amortization & impairment 6.6 6.4 0.2 +3%
Total (36.0) (34.7) (1.3) +4%
as % of Revenues 29.3% 26.5%
Türkiye / Middle East and Africa (MEA)
Segment performance FY2025 FY2024 €m chg % chg
in € million
Revenues 61.6 79.0 (17.5) -22%
Costs of material & mailing (30.8) (50.7) 19.9 -39%
Gross profit I 30.8 28.4 2.4 +9%
Gross profit I margin 50.0% 35.9% +14.1%
Production costs (17.3) (14.8) (2.5) +17%
Gross profit II 13.5 13.6 (0.1) -1%
Gross profit II margin 21.9% 17.2% +4.7%
Other income 0.0 0.1 (0.1) n/m
Selling and distribution expenses (2.5) (2.5) (0.0) 0%
Administrative expenses (2.4) (2.4) 0.0 -1%
R&D expenses (0.7) (0.3) (0.4) +125%
Other expenses (0.0) (0.4) 0.4 n/m
+ Depreciation, amortization & impairment 1.4 0.8 0.6 +82%
adjusted EBITDA 9.3 8.9 0.4 +4%
adjusted EBITDA margin 15.1% 11.3% +3.8%
- Depreciation. amortization & impairment (1.4) (0.8) (0.6) +82%
adjusted EBIT 7.9 8.1 (0.2) -3%
adjusted EBIT margin 12.9% 10.3% +2.6%
Operating expenses (OPEX)
excl. Depreciation. amortization & impairment FY2025 FY2024 €m chg % chg
in € million
Production costs (17.3) (14.8) (2.5) +17%
Selling and distribution expenses (2.5) (2.5) (0.0) 0%
Administrative expenses (2.4) (2.4) 0.0 -1%
R&D expenses (0.7) (0.3) (0.4) +125%
+ Depreciation. amortization & impairment 1.4 0.8 0.6 +82%
Total (21.4) (19.2) (2.2) +12%
as % of Revenues 34.8% 24.3%
The Annual Financial Report for the period from January 1 to December 31,
2025, excerpts of which were used in this Results Press Release, together
with all other related reports for the FY2025 Results, including the present
Press Release, are available on the Company’s website:
[4]https://www.austriacard.com/investor-relations-ac/financial-reporting-ac/
Conference call FY2025 Financial Results
AUSTRIACARD HOLDINGS AG Management will host a conference call and live
webcast to present the FY2025 Financial Results.
Date Tuesday, 24^th March 2026
Time 15:00 (GR)
14:00 (CET)
13:00 (UK)
09:00 (EST)
Duration The conference call is expected to last approximately
60 minutes, followed by Q&A
Live Conference Call Greece
+30 213 009 6000 or +30 210 946 0800
Austria
+43 720 816 079
Germany
+49 (0) 800 588 9310
UK
+44 (0) 800 368 1063
USA
+1 516 447 5632
International
+44 (0) 203 059 5872
Live Webcast Real-time webcast (audio only) on the Internet:
[5]LIVE WEBCAST
ABOUT AUSTRIACARD HOLDINGS AG
AUSTRIACARD HOLDINGS AG leverages over 130 years of experience in
information management, printing, and communications to deliver secure and
transparent experiences for its customers. They offer a comprehensive suite
of products and services, including payment solutions, identification
solutions, smart cards, card personalization, digitization solutions, and
secure data management. ACAG employs a global workforce of 2,360 people and
is publicly traded on both the Athens and Vienna Stock Exchanges under the
symbol ACAG.
Contact person: Mr. Dimitris Haralabopoulos, Group IR Director
E-Mail: [6][email protected]
Tel (AT): +43 1 61065 357
Tel (GR): +30 210 669 78 60
Website: [7]www.austriacard.com
Symbol: ACAG
ISIN: AT0000A325L0
Stock Exchanges: Vienna Prime Market (VSE), Athens Main Market (ATHEX)
APPENDIX
A. CONSOLIDATED FINANCIAL STATEMENTS
Consolidated statement of financial
position 31 December 2025 31 December 2024
in € thousand
Assets
Property, plant and equipment and right of 96,022 100,545
use assets
Intangible assets and goodwill 57,609 59,555
Equity-accounted investees 423 395
Other receivables 1,098 1,259
Deferred tax assets 3,865 3,474
Non-current assets 159,016 165,227
Inventories 67,124 72,795
Contract assets 28,824 14,952
Current income tax assets 771 523
Trade receivables 37,930 45,297
Other receivables 8,959 11,061
Cash and cash equivalents 25,139 21,737
Current assets 168,748 166,366
Total assets 327,764 331,593
Equity
Share capital 36,354 36,354
Share premium 32,749 32,749
Own shares (2,584) (2,064)
Other reserves 18,232 19,856
Retained earnings 47,512 37,385
Equity attributable to owners of the 132,263 124,281
Company
Non-controlling interests 3,671 524
Total Equity 135,934 124,805
Liabilities
Loans and borrowings 91,117 101,261
Employee benefits 3,612 4,005
Other payables 1,573 1,726
Deferred tax liabilities 10,505 10,336
Non-current liabilities 106,807 117,328
Current tax liabilities 3,012 3,615
Loans and borrowings 15,644 16,097
Trade payables 41,124 43,807
Other payables 17,765 16,985
Contract liabilities 6,254 7,188
Deferred income 1,224 1,769
Current Liabilities 85,023 89,460
Total Liabilities 191,830 206,788
Total Equity and Liabilities 327,764 331,593
Consolidated income statement (IFRS) FY2025 FY2024
in € thousand
Revenues 360,171 392,285
Cost of sales (273,410) (297,730)
Gross profit 86,762 94,555
Other income 6,231 4,987
Selling and distribution expenses (22,452) (23,338)
Administrative expenses (29,278) (31,447)
R&D expenses (9,879) (8,450)
Other expenses (1,682) (2,255)
+ Depreciation, amortization & impairment 19,127 17,772
EBITDA 48,829 51,824
- Depreciation, amortization & impairment (19,127) (17,772)
EBIT 29,702 34,052
Financial income 1,451 1,137
Financial expenses (9,588) (9,442)
Result from associated companies 70 129
Net finance costs (8,068) (8,177)
Profit/(Loss) before tax 21,634 25,875
Income tax expense (5,387) (6,626)
Profit/(Loss) 16,247 19,249
Profit/(Loss) attributable to:
Owners of the Company 14,657 18,965
Non-controlling interests 1,591 285
Profit/(Loss) 16,247 19,249
Earnings/(loss) per share
basic 0.41 0.52
diluted 0.38 0.49
Consolidated income statement (IFRS) Q4 2025 Q4 2024
in € thousand
Revenues 97,728 88,792
Cost of sales (72,631) (68,018)
Gross profit 25,097 20,774
Other income 2,272 1,983
Selling and distribution expenses (5,874) (5,371)
Administrative expenses (7,803) (7,433)
R&D expenses (2,970) (2,733)
Other expenses (499) (1,142)
+ Depreciation, amortization & impairment 4,924 5,146
EBITDA 15,147 11,223
- Depreciation, amortization & impairment (4,924) (5,146)
EBIT 10,223 6,077
Financial income 1,089 786
Financial expenses (3,214) (2,228)
Result from associated companies 0 0
Net finance costs (2,125) (1,442)
Profit/(Loss) before tax 8,099 4,635
Income tax expense (1,686) (1,646)
Profit/(Loss) 6,413 2,989
Profit/(Loss) attributable to:
Owners of the Company 6,068 2,743
Non-controlling interests 344 246
Profit/(Loss) 6,413 2,989
Earnings/(loss) per share
basic 0.17 0.08
diluted 0.16 0.07
Consolidated statement of cash flows FY2025 FY2024
in € thousand
Cash flows from operating activities
Profit/(Loss) before tax 21,634 25,875
Adjustments for:
-Depreciation, amortization & impairment 19,127 17,772
-Net finance costs 8,068 8,177
-Net gain or loss on disposal of non-current assets (276) 33
-Change in associated companies 28 71
-Change in provisions (393) (298)
-Other non-cash transactions 884 1,744
49,072 53,374
Changes in:
-Inventories 4,978 (14,631)
-Contract assets (13,872) 5,434
-Trade and other receivables 9,469 5,400
-Contract liabilities (934) (10,253)
-Trade and other payables (2,596) (233)
-Taxes paid (6,395) (5,057)
Net cash from/(used in) operating activities 39,723 34,033
Cash flows from investment activities
Interest received 408 302
Proceeds from sale of property, plant and equipment 1,795 0
Dividends received from associated companies 42 58
Payments for acquisition of subsidiaries and business, net 0 (1,663)
of cash acquired
Payments for acquisition of property, plant and equipment (14,333) (13,731)
& intangible assets
Net cash from/(used in) investing activities (12,088) (15,034)
Cash flows from financing activities
Interest paid (6,055) (7,472)
Proceeds from loans and borrowings 5,277 9,232
Repayment of loans and borrowings (13,403) (12,258)
Payment of lease liabilities (4,193) (4,469)
Acquisition of own shares (520) (2,064)
Acquisition of non-controlling interest (156) 0
Dividends paid to non-controlling interest (284) (429)
Dividends paid to owners of the company (3,950) (3,627)
Net cash from/(used in) financing activities (23,283) (21,087)
Net increase/(decrease) in cash and cash equivalents 4,351 (2,088)
Cash and cash equivalents at 1 January 21,737 23,825
Effect of movements in exchange rates on cash held (949) 1
Cash at 31 December 25,139 21,737
B. SEGMENT REPORTING
FY2025 CEE WEST MEA Corporate Eliminations Total
in € thousand
Revenues 183,792 114,980 61,399 0 0 360,171
Intersegment 19,225 7,796 183 3,026 (30,230) 0
revenues
Segment 203,017 122,776 61,582 3,026 (30,230) 360,171
revenues
Costs of
material & (110,913) (65,430) (30,811) 0 25,418 (181,736)
mailing
Gross profit I 92,105 57,346 30,771 3,026 (4,812) 178,436
Production (49,554) (24,834) (17,291) 0 5 (91,674)
costs
Gross profit II 42,551 32,512 13,479 3,026 (4,807) 86,762
Other income 5,458 312 0 108 352 6,231
Selling and
distribution (11,447) (8,526) (2,481) 0 2 (22,452)
expenses
Administrative (13,935) (8,429) (2,356) (5,843) 4,224 (26,338)
expenses
R&D expenses (7,900) (778) (688) (576) 64 (9,879)
Other expenses (1,371) (304) (39) (18) 56 (1,677)
+ Depreciation,
amortization 11,139 6,564 1,386 38 0 19,127
& impairment
adjusted EBITDA 24,493 21,351 9,301 (3,264) (109) 51,773
- Depreciation,
amortization (11,139) (6,564) (1,386) (38) 0 (19,127)
& impairment
adjusted EBIT 13,355 14,788 7,915 (3,302) (109) 32,647
Financial 408
income
Financial (7,400)
expenses
Result from
associated 70
companies
Net finance (6,922)
costs
adjusted
Profit/(Loss) 25,724
before tax
Special items (4,090)
Profit/(Loss) 21,634
before tax
Income tax (5,387)
expense
Profit/(Loss) 16,247
FY2024 CEE WEST MEA Corporate Eliminations Total
in € thousand
Revenues 185,923 127,370 78,993 0 0 392,285
Intersegment 38,983 3,525 56 3,555 (46,119) 0
revenues
Segment 224,906 130,894 79,049 3,555 (46,119) 392,285
revenues
Costs of
material & (123,698) (75,439) (50,689) 0 40,016 (209,810)
mailing
Gross profit I 101,208 55,456 28,360 3,555 (6,103) 182,476
Production (50,626) (22,505) (14,801) 0 12 (87,920)
costs
Gross profit II 50,582 32,950 13,559 3,555 (6,091) 94,555
Other income 4,685 92 137 72 0 4,987
Selling and
distribution (12,411) (8,453) (2,475) 0 0 (23,338)
expenses
Administrative (15,946) (8,532) (2,380) (7,018) 6,091 (27,785)
expenses
R&D expenses (6,484) (1,559) (305) (101) 0 (8,450)
Other expenses (1,473) (278) (392) (108) 0 (2,252)
+ Depreciation,
amortization 10,642 6,360 762 9 0 17,772
& impairment
adjusted EBITDA 29,595 20,581 8,906 (3,591) 0 55,489
- Depreciation,
amortization (10,642) (6,360) (762) (9) 0 (17,772)
& impairment
adjusted EBIT 18,953 14,221 8,144 (3,600) 0 37,717
Financial 694
income
Financial (8,304)
expenses
Result from
associated 129
companies
Net finance (7,481)
costs
adjusted
Profit/(Loss) 30,237
before tax
Special items (4,362)
Profit/(Loss) 25,875
before tax
Income tax (6,626)
expense
Profit/(Loss) 19,249
[8]^[1] The analysis herein is based on the business performance as
monitored by Group management with a separate presentation of Special Items
which include i.a. effects from Management participation programs, foreign
exchange and other valuation related effects below adjusted Profit/(Loss)
before tax. Starting as of 2025 the Management view also includes effects
from Hyperinflation Accounting for the Türkiye based entity in all
positions, therefore previous year figures were adapted accordingly. All
amounts and percentages presented herein are rounded; accordingly, totals
may not sum precisely due to rounding.
[9]^[2] The analysis herein is based on the business performance as
monitored by Group management with a separate presentation of Special Items
which include i.a. effects from Management participation programs, foreign
exchange and other valuation related effects below adjusted Profit/(Loss)
before tax. Starting as of 2025 the Management view also includes effects
from Hyperinflation Accounting for the Türkiye based entity in all
positions, therefore previous year figures have been adapted accordingly.
All amounts and percentages presented herein are rounded; accordingly,
totals may not sum precisely due to rounding.
════════════════════════════════════════════════════════════════════════════
23.03.2026 CET/CEST This Corporate News was distributed by [10]EQS Group
View original content: [11]EQS News
════════════════════════════════════════════════════════════════════════════
Language: English
Company: AUSTRIACARD HOLDINGS AG
Lamezanstraße 4-8
1230 Vienna
Austria
E-mail: [email protected]
Internet: https://www.austriacard.com/
ISIN: AT0000A325L0
WKN: A3D5BK
Listed: Vienna Stock Exchange (Official Market)
EQS News ID: 2296100
End of News EQS News Service
2296100 23.03.2026 CET/CEST
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