Asseco Poland SA (ACP) Q2 2026 Earnings Report

The call portrayed a strong operational and financial quarter with record top-line and profit growth, margin expansion, healthy backlog expansion and constructive M&A, supported by diversified segment strength (public sector, finance, ERP). Key negatives were mainly timing and one-off items: elevated Q2 tax from a Sapiens dividend, impairments/write-downs (notably Asseco Spain), and temporary cash/working-capital pressure at Matrix (Formula Systems) driven by factoring and late public payments. Management framed many negatives as cyclical, one-off or addressed by ongoing actions. Overall, the positive operational momentum, margin improvement and backlog growth substantially outweigh the lowlights.

Management gave a cautious but positive outlook rather than formal guidance, saying 2026 looks “very decent” while flagging seasonal cash pickup in Q3/Q4 and plans to convert one‑off public‑sector work into recurring revenue; they highlighted H1 metrics of PLN 9.25bn revenue (+16% YoY), operating profit >PLN 1.08bn (+38%), and net profit ~PLN 430–460m (+~52%), with non‑IFRS EBITDA PLN 1.5bn, non‑IFRS EBIT PLN 1.24bn and non‑IFRS net profit PLN 485m, 5‑yr revenue CAGR 6% (software/proprietary services 7%); FX helped with +PLN 284m sales / +PLN 29m non‑IFRS op profit, organic delta was +PLN 855m sales / +PLN 243m op profit and post‑June acquisitions added +PLN 121m sales / +PLN 35m op profit; order backlog up ~12% (fixed FX) / 18% (variable FX) overall with Asseco Poland +21%, Asseco International ~+10–11% and Formula Systems ~+10–20%, cash conversion ~105% group (113% Poland, 133% International, ~84–93% Formula) and proportional net cash ~PLN 1.3bn after Q2 dividends.