- 28.08.2025, 10:03:26
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- EQS0018
EQS-News: AUSTRIACARD HOLDINGS AG: Press Release H1 2025 Financial Results
EQS-News: AUSTRIACARD HOLDINGS AG / Key word(s): Half Year Results
AUSTRIACARD HOLDINGS AG: Press Release H1 2025 Financial Results
28.08.2025 / 10:02 CET/CEST
The issuer is solely responsible for the content of this announcement.
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Positioned for sustained growth in the second half of the year
Resilient strategic progress, with Document Lifecycle Management and
Digital Technologies maintaining strong momentum, despite market
normalization in payment cards category in Türkiye
• Group Revenues of €163.6m (16% reduction vs. H1 2024), primarily
reflecting continued normalization in the Turkish payment card market,
a temporary moderation vs. last year’s significant contribution of
metal card sales to Fintech in Europe as well as the
administrative-related delays in certain contracted, large-scale,
public sector digitalization projects in Greece (revenue recognition
expected in the coming quarters supporting as well growth in 2026).
Document Lifecycle Management (WEST, MEA and our distribution services
in CEE), and payment cards in our core CEE markets delivered solid
revenue growth, reaffirming our successful geographical and market
share expansion strategy to date.
• Adjusted EBITDA of €19.3m (11.8% margin), impacted by the revenue
shortfall, despite cost optimization efforts and a more favourable
revenue mix towards service-related revenues.
• Net Profit of €2.5m (vs. €11.2m in H1 2024), reflecting the operating
profitability reduction as well as higher FX losses (€0.7m impact from
USD), despite lower net financial expenses (-8% vs. H1 2024).
• Solid operating cash flow generation of €10.4m (+26% vs. H1 2024),
backed by our disciplined focus to optimize cash flow management as
well as a reduced pace of working capital build-up.
• Group Leverage maintained at healthy levels (2.1x). Group Net Debt of
€96.1m almost unchanged vs. end-2024.
• Dividend payment of €0.11 per share (approx. 2% yield), resolved by
the AGM on June 24^th, reaffirms our target to maintaining a
progressive dividend payout of 20-25% of net profit between 2025-2027
as well as our commitment to deliver shareholder returns.
• FY2025 adj. EBITDA revised guidance to mid-single digit decline vs.
2024, reflecting aforesaid revenue headwinds in H1 2025. Nonetheless,
we expect strong growth momentum in H2 2025 as we are set to deliver
substantial sequential growth and a meaningful improvement vs. H2
2024, on the back of a robust contracted pipeline, the benefits from
efficiency initiatives and disciplined cost management, the strategic
progress made in enhancing our revenue mix, particularly through
higher contribution from Citizen Identity and Document Lifecycle
Management solutions, together with an already evident stabilization
of the Turkish payment card market. These initiatives position us to
deliver enhanced EBITDA margins and sustained earnings growth going
forward.
August 28, 2025 – AUSTRIACARD HOLDINGS AG (ACAG), the international
applied technology group headquartered in Vienna, announces its H1 2025
financial results.
Manolis Kontos, Chairman of the Management Board and Group CEO, commented:
“Ιn the first half of 2025, we faced challenging conditions due to market
normalization in Türkiye, following several years of exceptional growth, a
temporary moderation in metal card sales to Fintechs and delays in
contracted, large-scale, public sector digitalization projects in Greece.
Despite this, we continued to pursue our strategic initiatives and made
progress in delivering cutting-edge products and comprehensive solutions,
such as Card-as-a-Service and the Agentic AI solutions Digital Taskforce
for Anti-Money Laundering (AML) as well as applications that use AI
technology for data extraction as part of Public and Private sector
Document Digitalization contracts.
Our Document Lifecycle Management, Digital Technologies and payment card
business in our core markets all maintained solid momentum, reaffirming
the resilience of our strategy and business model. We also continued
expanding our footprint, enhancing our solutions portfolio, and
accelerating the development of AI-driven solutions. The key agreements
signed in the first half — including collaborations with leading financial
institutions and the launch of new digital initiatives — set a strong
foundation for performance acceleration in the second half of 2025. We are
also actively exploring value-accretive acquisitions to further expand our
solution stack across geographies and verticals.
Looking ahead and in view of the realized H1 2025 revenue shortfall, we
revise our guidance for FY2025 adj. EBITDA to mid-single digit decline vs.
2024. Still, we remain confident in delivering substantial sequential
growth and a meaningful improvement, supported by a robust contracted
revenue pipeline, increasing contributions from high-margin Citizen
Identity and Digital Technology solutions, a stabilizing Turkish market,
and improved operational efficiency.
With our strong portfolio, expanding geographic presence, and unwavering
commitment to innovation and value creation, we reinforce our vision of
being the partner of choice for our clients. We remain focused on
transforming AUSTRIACARD into a comprehensive applied technology provider,
confident that our efforts will lead to sustainable growth and long-term
value for our shareholders”.
GROUP PERFORMANCE HIGHLIGHTS[1][1]
Group P&L | Highlights H1 2025 H1 2024 % chg
in € million
Revenues 163.6 195.4 -16%
adjusted EBITDA 19.3 29.0 -34%
adjusted EBITDA margin 11.8% 14.8% -3.1%
Profit/(Loss) before tax 3.8 14.9 -74%
Profit/(Loss) 2.5 11.2 -78%
Group Financial Position | Highlights 30/06/2025 31/12/2024
in € million
Cash & cash equivalents 16.7 21.7
Total Assets 315.9 331.6
Total Equity 121.6 124.8
Net Debt 96.1 95.6
Total Liabilities 194.4 206.8
Group Revenues
Group Revenues at €163.6m, declined 16% vs. H1 2024, on account of:
• the continued normalization of the Turkish payment card market (€23.4m
total impact to Group Revenues), primarily driven by cyclicality and a
challenging macro backdrop, following several years of exceptional
growth (5-year CAGR of 52%)
• a temporary moderation vs. last year’s significant contribution of
metal card sales to large scale Fintech in Europe (€14.1m total impact
to Group Revenues)
• administrative-related delays in certain contracted, large-scale
public sector digitalization projects in Greece, the revenue of which
is however expected to be recognised in the following quarters
supporting as well growth in 2026.
Nevertheless, the following categories within our Group have delivered
solid revenue growth, hence reaffirming our successful strategy to date:
• Document Lifecycle Management, particularly our document output and
distribution services
• Payment cards in the Group’s core CEE markets
• Digital Technologies in both WEST and MEA segments (albeit from a
rather low base, yet the outlook is promising as we are already
leveraging on our investments in technologically advanced solutions
e.g. Card-as-a-Service and our proprietary agentic AI platform
GaiaB™).
After excluding the adverse negative effect of both the Turkish payment
card market and the metal cards sales to Fintech in Europe, Group Revenues
increased by 3% vs. H1 2024 (or by €4m).
Revenues by Segment H1 2025 H1 2024 €m chg % chg
in € million
Western Europe, Nordics, Americas (WEST) 54.7 64.9 (10.2) -16%
Central Eastern Europe & DACH (CEE) 104.0 121.6 (17.6) -14%
Türkiye / Middle East and Africa (MEA) 16.3 40.8 (24.5) -60%
Eliminations & Corporate (11.3) (31.9) 20.6 -64%
Total 163.6 195.4 (31.8) -16%
Western Europe, Nordics, Americas (WEST)
Revenues in the segment registered a 16% decline vs. H1 2024 to €54.7m,
largely due to the aforesaid temporary moderation vs. last year’s
significant contribution of metal card sales to Fintech in Europe (€14.1m
total impact to Group Revenues). Note that during the course of 2024
certain of our Fintech clients in Europe had launched metal cards
campaigns, resulting in sizeable metal cards orders, which have not been
repeated this year. Nevertheless, revenues related to our distribution
services have continued their upward trajectory, generating solid growth
of 19% vs. H1 2024.
Overall, we continue to make meaningful progress in advancing our
strategic priorities in the WEST segment, aimed at developing cutting-edge
products and comprehensive solutions (e.g. Card-as-a-Service) for both the
fast growing segment of the Challenger Banks/Fintech and the Tier 2 Banks
in the UK, together with our strategic market entry in the French Fintech
market.
Central Eastern Europe & DACH (CEE)
Revenues in the segment registered a 14% decline vs. H1 2024 to €104.0m,
largely due to the reduction in the intra-segment revenues between CEE and
MEA segments (€19m revenue reduction for the segment, driven by 69% drop
in card deliveries vs. H1 2024), on account of the aforesaid headwinds in
the Turkish payment card market. Moreover, administrative-related delays
in certain contracted, large-scale, public sector digitalization projects
in Greece resulted in the deferral of the relevant revenue recognition in
the coming quarters, supporting as well growth in 2026. This has more than
offset solid revenue growth delivered by the following categories in the
segment:
• distribution services (+2% vs. H1 2024), particularly in Romania (+59%
vs. H1 2024)
• cards in core CEE markets (+4% vs. H1 2024)
Overall, we remain firmly committed to our key strategic pillars that
guide our future growth in the segment:
• strengthen client relationships through platform integration &
document lifecycle services
• roll-out technologically advanced solutions (Digital Technologies) to
our long-term clients in our core markets
Türkiye, Middle East and Africa (MEA)
Revenues in the segment registered a 60% decline vs. H1 2024 to €16.3m,
adversely impacted by the continued normalization of the Turkish payment
card market (€23.4m total impact for the segment), 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
these headwinds, our solid market share in Türkiye remained unchanged.
Moreover, our revenues in the segment related to the Document Lifecycle
Management solutions have doubled vs. H1 2024, with document output and
postal services the key drivers.
All in all and in the context of our strategic decision to transition from
a product supplier to an end-to-end solutions provider, we are pursuing
targeted initiatives and opportunities in the Document Lifecycle
Management and holistic Citizen ID services that are already building a
recurring revenue base, which is expected to further diversify our
earnings profile in the coming quarters, mitigating any likely volatility
in the Turkish card payment market.
Revenues by Solution H1 2025 H1 2024 €m chg % chg
in € million
Identity & Payment Solutions 87.9 122.1 (34.1) -28%
Document Lifecycle Management 60.6 57.6 2.9 +5%
Digital Technologies 15.1 15.7 (0.6) -4%
Total 163.6 195.4 (31.8) -16%
Identity & Payment Solutions
Revenues have been adversely impacted by the continued normalization of
the Turkish payment card market as well as the temporary moderation vs.
last year’s significant contribution of metal card sales to Fintech in
Europe (refer to the analysis before). Both have more than offset the
solid revenue growth delivered by cards in our core CEE markets (+4% vs.
H1 2024).
After excluding the adverse negative effect of both the Turkish payment
card market and the metal card sales to Fintech in Europe, Identity &
Payment Solutions revenues registered a 3% increase vs. H1 2024.
Document Lifecycle Management
Revenues registered a solid 5% increase vs. H1 2024, largely driven by the
following categories:
• distribution services (Romania, Poland, USA and the UK) (€2.5m
contribution or +7% vs. H1 2024)
• document output (+2% vs. H1 2024). CEE is the key driver (+2% vs. H1
2024).
Digital Technologies
Revenues reported a modest decline of 4% vs. H1 2024, due to the base
effect in 2024 from a number of private sector digital solutions
implementations in Romania as well as the administrative-related delays in
certain contracted, large-scale public sector digitalization projects in
Greece. Regarding the latter, said delays resulted in the deferral of the
relevant revenue recognition in the coming quarters, supporting as well
growth in 2026. Nevertheless, revenues from Digital Technologies in both
WEST and MEA have doubled vs. H1 2024 (albeit from a very low base), on
the back of (a) significant progress in rolling out Card-as-a-Service
(CaaS) for Challenger Banks/Fintech in WEST and (b) document digitization
projects in MEA.
We consider Digital Technologies a key growth contributor in the future,
on account of our continued investments in R&D, aimed at scaling our
digital services, rolling-out our technologically advanced solutions (e.g.
Card-as-a-Service) and the implementation of large-scale government
digitalization projects.
Group Gross Profit H1 2025 H1 2024 €m chg % chg
in € million
Gross profit I 76.9 88.2 (11.4) -13%
Gross profit I margin 47.0% 45.2% 1.8%
Gross profit II 36.8 49.1 (12.3) -25%
Gross profit II margin 22.5% 25.1% -2.7%
Gross profit I: the reported 13% decline vs. H1 2024 is largely attributed
to the aforesaid revenue shortfall.
Nevertheless, Group Gross profit I margin widened by almost 2 percentage
points to 47%, on the back of a more favorable revenue mix towards
service-related revenues, which are not burdened by the associated
material costs. Worth highlighting that all 3 geographies have reported
expanded Gross Profit I margin (MEA by 11 percentage points, CEE by 1.7
percentage points and WEST by 1.4 percentage points). Please refer to
pages 11-13 for a detailed analysis of the Group segments.
Gross profit II: the reported 25% reduction vs. H1 2024 is attributed to:
• the Gross Profit I reduction, and
• higher production costs (largely due to depreciation & amortization
expenses).
Group Gross profit II margin tightened by almost 3 percentage points to
22.5%.
Group Operating Expenses (OPEX) H1 2025 H1 2024 €m chg % chg
in € million
Production costs (40.1) (39.1) (1.0) 2%
Selling and distribution expenses (11.1) (11.9) 0.8 -6%
Administrative expenses (13.1) (14.3) 1.2 -8%
R&D expenses (4.6) (3.5) (1.0) 29%
+ Depreciation, amortization & impairment 9.6 8.2 1.4 17%
Total (59.3) (60.6) 1.3 -2%
as % of Revenues 36.2% 31.0% +5.2%
Group OPEX (excluding depreciation, amortization & impairment) declined by
2% vs. H1 2024, as our disciplined focus on operational efficiency
improvements delivered an 8% reduction vs. H1 2024 to Group SG&A (includes
both Selling and distribution, and Administrative) expenses. Notably, our
SG&A cost rationalisation efforts are clearly visible in both WEST (-7%
vs. H1 2024) and CEE (-8% H1 2024) segments. Moreover, the increase in R&D
expenses reflects our continued investment in R&D capabilities to support
future business growth (especially in Digital Technologies).
Group Operating Profitability H1 2025 H1 2024 €m chg % chg
in € million
adjusted EBITDA 19.3 29.0 (9.7) -34%
adjusted EBITDA margin 11.8% 14.8% -3.1%
adjusted EBIT 9.7 20.8 (11.1) -53%
adjusted EBIT margin 5.9% 10.6% -4.7%
Group adjusted EBITDA: the reported 34% reduction vs. H1 2024 is largely
associated to the aforesaid revenue shortfall, which more than offset our
cost optimization initiatives on both cost of sales and SG&A. That said,
Group adjusted EBITDA margin contracted by some 3 percentage points to
11.8%.
Group adjusted EBIT: following the adjusted EBITDA reduction, higher
depreciation & amortization expenses, associated to our prior-year CAPEX
and M&A activity, further burdened Group adjusted EBIT (-53% vs. H1 2024),
resulting in an almost 5 percentage points tightening to the relevant
margin at 5.9%.
Please refer to pages 11-13 and 20-21 in the Appendix for a detailed
analysis of the Group segments per Geography.
Special items incl. in H1 2025 H1 2024 €m chg % chg
in € million
Management participation EBITDA (1.6) (2.1) 0.5 -24%
programs
FX gains/(losses) Profit before (0.7) (0.0) (0.7) n/m
tax
IAS 29 Hyperinflation Profit before (0.3) (0.3) 0.0 -6%
tax
Total (2.6) (2.4) (0.2) 8%
Special items: lower costs related to the management participation
programs (attributed to the lower number of eligible participants) were
more than offset by higher FX losses (particularly related to the USD
intragroup receivables).
Group Net Results H1 2025 H1 2024 €m chg % chg
in € million
Profit/(Loss) before tax 3.8 14.9 (11.0) -74%
Profit/(Loss) attributable to 1.4 10.6 (9.3) -87%
Owners of the Company
Profit/(Loss) 2.5 11.2 (8.7) -78%
EPS (basic) (€) 0.04 0.29 -86%
Group Profit: lower net financial expenses (-8% vs. H1 2024), driven by a
reduction to the average outstanding debt position (refer to cash flows
from financing activities and the net debt commentary on page 10), only
marginally compensated for the aforesaid reduction to Group EBITDA/EBIT,
which adversely impacted Group bottom-line results.
Group P&L (Management Reporting[2][2]) H1 2025 H1 2024 €m chg % chg
in € million
Revenues 163.6 195.4 (31.8) -16%
Costs of material & mailing (86.8) (107.1) 20.4 -19%
Gross profit I 76.9 88.2 (11.4) -13%
Gross profit I margin 47.0% 45.2% 1.8%
Production costs (40.1) (39.1) (1.0) 2%
Gross profit II 36.8 49.1 (12.3) -25%
Gross profit II margin 22.5% 25.1% -2.7%
Other income 2.5 2.0 0.5 25%
Selling and distribution expenses (11.1) (11.9) 0.8 -6%
Administrative expenses (13.1) (14.3) 1.2 -8%
R&D expenses (4.6) (3.5) (1.0) 29%
Other expenses (0.8) (0.6) (0.2) 34%
+ Depreciation, amortization & impairment 9.6 8.2 1.4 17%
adjusted EBITDA 19.3 29.0 (9.7) -34%
adjusted EBITDA margin 11.8% 14.8% -3.1%
- Depreciation, amortization & impairment (9.6) (8.2) (1.4) 17%
adjusted EBIT 9.7 20.8 (11.1) -53%
Financial income 0.2 0.2 (0.0) -12%
Financial expenses (3.6) (3.9) 0.4 -9%
Result from associated companies 0.1 0.1 (0.1) -46%
Net finance costs (3.3) (3.5) 0.3 -8%
adjusted Profit/(Loss) before tax 6.4 17.2 (10.8) -63%
Special items (2.6) (2.4) (0.2) 8%
Profit/(Loss) before tax 3.8 14.9 (11.0) -74%
Income tax expense (1.4) (3.7) 2.3 -63%
Profit/(Loss) 2.5 11.2 (8.7) -78%
GROUP FINANCIAL POSITION
Statement of financial position 30/06/2025 31/12/2024 €m chg % chg
in € million
Non-current assets 159.8 165.2 (5.4) -3%
Current assets 156.1 166.4 (10.3) -6%
Total assets 315.9 331.6 (15.7) -5%
Total Equity 121.6 124.8 (3.3) -3%
Non-current liabilities 112.1 117.3 (5.2) -4%
Current Liabilities 82.2 89.5 (7.2) -8%
Total Equity and Liabilities 315.9 331.6 (15.7) -5%
Total Equity as of 30/06/2025 reached €121.6m, a €3m decline vs.
31/12/2024, since net profit generation in the period was more than offset
by:
• dividend payments to shareholders (€4m or €0.11 per share), as
resolved by the AGM on June 24, 2025
• negative effect in the FX translation reserve (impact from USD).
Net Working Capital 30/06/2025 31/12/2024 €m chg % chg
in € million
Inventories 68.4 72.8 (4.4) -6%
Contract assets 20.8 15.0 5.9 39%
Current income tax assets 1.6 0.5 1.1 201%
Trade receivables 37.4 45.3 (7.9) -18%
Other receivables 11.2 11.1 0.1 1%
139.4 144.6 (5.3) -4%
Current income tax liabilities (3.6) (3.6) (0.0) 1%
Trade payables (30.4) (43.8) 13.4 -31%
Other payables (20.1) (17.0) (3.2) 19%
Contract liabilities (10.5) (7.2) (3.3) 46%
Deferred income (1.4) (1.8) 0.3 -18%
(66.1) (73.4) 7.2 -10%
Net Working Capital 73.2 71.3 2.0 3%
% of Revenues (12 months rolling) 20.3% 18.2%
Net Working Capital: the €2m increase (+3%) vs. 31/12/2024 is largely
attributed to the reduction in Trade Payables (€13m), due to vendor
payments for card chips. This more than offset our efforts to improve cash
collections from clients as well as to enhance inventory management,
together with a reduced pace of working capital build up.
Statement of cash flows H1 2025 H1 2024 €m chg % chg
in € million
Cash flows from operating activities 10.4 8.3 2.1 26%
Cash flows from investing activities (5.5) (10.3) 4.8 -47%
Cash flows from financing activities (9.2) (0.9) (8.3) n/m
Net increase/(decrease) in cash (4.3) (2.9) (1.4) 47%
and cash equivalents
Capital expenditure (CAPEX) (7.9) (11.8) 3.9 -33%
incl. Right-of-use assets, excl. M&A
Cash flows from operating activities resulted in €10.4m inflow (+26% vs.
H1 2024), on account of the reduced pace of working capital build-up.
Cash flows from investing activities resulted in €5.5m net outflow,
reflecting:
• regular investments in plant and equipment
• investments in additional machinery for delivering large-scale
security printing projects in MEA
• inhouse software development, aimed at enhancing our Digital
Technologies solutions.
Cash flows from financing activities resulted in €9.2m outflow,
reflecting:
• scheduled net repayments of loans and borrowings (revolving loan
facilities) (€2.8m)
• payments of finance leases (€2.1m)
• interest expenses (€3.6m)
• share buy-back programme (€0.5m)
Net Debt 30/06/2025 31/12/2024 €m chg % chg
in € million
Cash and cash equivalents (16.7) (21.7) 5.0 -23%
Loans and borrowings 112.8 117.4 (4.5) -4%
Net Debt 96.1 95.6 0.5 1%
Group Net Debt of €96.1m remained almost unchanged vs. 31/12/2024, through
a combination of:
• declining gross loans and borrowings balance (€4.5m), due to scheduled
repayments, and
• net cash utilization (€5m) for (a) CAPEX and (b) scheduled debt
repayments and finance lease payments.
Group Leverage (Net Debt / adjusted EBITDA on a 12-month rolling basis)
maintained at healthy levels (2.1x).
Financial Position | Key Metrics 30/06/2025 31/12/2024
Net Equity / Total Assets 38.5% 37.6%
Net Debt / adjusted EBITDA (12 months rolling) (x) 2.1 1.7
Non-Financial Performance Indicators H1 2025 H1 2024 chg % chg
Number of sold cards (in million) 55.7 80.1 (24.4) -30%
Average number of employees (FTE) 2,115 2,384 (269) -11%
Group Headcount (end-of-period) 2,379 2,657 (278) -10%
SEGMENTS REPORTING
Western Europe, Nordics, Americas (WEST)
in € million H1 2025 H1 2024 €m chg % chg
Revenues 54.7 64.9 (10.2) -16%
Costs of material & mailing (29.5) (35.9) 6.4 -18%
Gross profit I 25.2 28.9 (3.8) -13%
Gross profit I margin 46.0% 44.6% 1.4%
Production costs (12.0) (11.3) (0.6) 6%
Gross profit II 13.2 17.6 (4.4) -25%
Gross profit II margin 24.1% 27.1% -3.0%
Other income 0.0 0.1 (0.0) -51%
Selling and distribution expenses (4.1) (4.4) 0.3 -7%
Administrative expenses (4.0) (4.3) 0.3 -7%
R&D expenses (0.3) (0.5) 0.2 -39%
Other expenses (0.1) (0.0) (0.0) 88%
+ Depreciation, amortization & impairment 3.4 3.0 0.3 11%
adjusted EBITDA 8.2 11.5 (3.3) -29%
adjusted EBITDA margin 15.0% 17.7% -2.7%
- Depreciation, amortization & impairment (3.4) (3.0) (0.3) 11%
adjusted EBIT 4.8 8.5 (3.6) -43%
Operating expenses (OPEX)
excl. Depreciation, amortization & impairment H1 2025 H1 2024 €m chg % chg
in € million
Production costs (12.0) (11.3) (0.6) 6%
Selling and distribution expenses (4.1) (4.4) 0.3 -7%
Administrative expenses (4.0) (4.3) 0.3 -7%
R&D expenses (0.3) (0.5) 0.2 -39%
+ Depreciation, amortization & impairment 3.4 3.0 0.3 11%
Total (16.9) (17.5) 0.5 -3%
as % of Revenues 31.0% 26.9% 4.0%
Central Eastern Europe & DACH (CEE)
in € million H1 2025 H1 2024 €m chg % chg
Revenues 104.0 121.6 (17.6) -14%
Costs of material & mailing (56.2) (67.8) 11.6 -17%
Gross profit I 47.7 53.8 (6.0) -11%
Gross profit I margin 45.9% 44.2% 1.7%
Production costs (25.1) (25.2) 0.1 0%
Gross profit II 22.6 28.6 (6.0) -21%
Gross profit II margin 21.7% 23.5% -1.8%
Other income 2.4 1.9 0.5 25%
Selling and distribution expenses (6.3) (6.6) 0.3 -5%
Administrative expenses (8.3) (9.2) 1.0 -11%
R&D expenses (3.9) (2.9) (0.9) 32%
Other expenses (0.7) (0.5) (0.2) 42%
+ Depreciation, amortization & impairment 5.8 5.0 0.8 17%
adjusted EBITDA 11.6 16.2 (4.6) -28%
adjusted EBITDA margin 11.2% 13.3% -2.1%
- Depreciation, amortization & impairment (5.8) (5.0) (0.8) 17%
adjusted EBIT 5.8 11.2 (5.4) -48%
Operating expenses (OPEX)
excl. Depreciation, amortization & impairment H1 2025 H1 2024 €m chg % chg
in € million
Production costs (25.1) (25.2) 0.1 0%
Selling and distribution expenses (6.3) (6.6) 0.3 -5%
Administrative expenses (8.3) (9.2) 1.0 -11%
R&D expenses (3.9) (2.9) (0.9) 32%
+ Depreciation, amortization & impairment 5.8 5.0 0.8 17%
Total (37.8) (39.0) 1.2 -3%
as % of Revenues 36.3% 32.1% 4.3%
Türkiye / Middle East and Africa (MEA)
in € million H1 2025 H1 2024 €m chg % chg
Revenues 16.3 40.8 (24.5) -60%
Costs of material & mailing (11.7) (33.7) 22.0 -65%
Gross profit I 4.7 7.2 (2.5) -35%
Gross profit I margin 28.5% 17.6% 11.0%
Production costs (3.0) (2.6) (0.4) 14%
Gross profit II 1.7 4.5 (2.9) -64%
Gross profit II margin 10.1% 11.1% -1.0%
Other income 0.0 0.0 (0.0) -100%
Selling and distribution expenses (0.7) (0.8) 0.1 -14%
Administrative expenses (0.5) (0.5) (0.1) 12%
R&D expenses (0.3) 0.0 (0.3) n/m
Other expenses (0.0) (0.0) 0.0 -69%
+ Depreciation, amortization & impairment 0.4 0.2 0.2 87%
adjusted EBITDA 0.5 3.5 (3.0) -86%
adjusted EBITDA margin 3.1% 8.5% -5.5%
- Depreciation, amortization & impairment (0.4) (0.2) (0.2) 87%
adjusted EBIT 0.1 3.3 (3.2) -96%
Operating expenses (OPEX)
excl. Depreciation, amortization & impairment H1 2025 H1 2024 €m chg % chg
in € million
Production costs (3.0) (2.6) (0.4) 14%
Selling and distribution expenses (0.7) (0.8) 0.1 -14%
Administrative expenses (0.5) (0.5) (0.1) 12%
R&D expenses (0.3) 0.0 (0.3) n/m
+ Depreciation, amortization & impairment 0.4 0.2 0.2 87%
Total (4.1) (3.7) (0.5) 13%
as % of Revenues 25.4% 9.0% 16.4%
The full Interim Financial Report of AUSTRIACARD HOLDINGS AG for the
period from January 1 to June 30, 2025, excerpts of which were used in
this H1 2025 Results Press Release, is available on the Company’s website:
https://www.austriacard.com/investor-relations-ac/
Conference call Financial Results
AUSTRIACARD HOLDINGS AG Management will host a conference call and live
webcast to present the Η1 2025 Financial Results.
Date Thursday, 28^th August 2025
Time 18:00 (GR)
17:00 (CEST)
16:00 (UK)
11:00 (NY)
Duration The conference call is expected to last approximately 60
minutes, followed by Q&A
Live Greece
Conference
Call
+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:
https://87399.themediaframe.eu/links/austriacard250828.html
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
2,400 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: [3]investors@austriacard.com
Tel (AT): +43 1 61065 357
Tel (GR): +30 210 669 78 60
Website: [4]www.austriacard.com
Symbol: ACAG
ISIN: AT0000A325L0
Stock Exchanges: Vienna Prime Market (VSE), Athens Main Market (ATHEX)
APPENDIX
A. PRIMARY FINANCIAL STATEMENTS
Consolidated statement of financial position 30 June 2025 31 December 2024
in € thousand
Assets
Property, plant and equipment and right of 97,475 100,545
use assets
Intangible assets and goodwill 57,092 59,555
Other receivables 1,207 1,259
Investments in subsidiaries 423 395
Deferred tax assets 3,638 3,474
Non-current assets 159,836 165,227
Inventories 68,420 72,795
Contract assets 20,825 14,952
Current income tax assets 1,577 523
Trade receivables 37,353 45,297
Other receivables 11,187 11,061
Cash and cash equivalents 16,726 21,737
Current assets 156,086 166,366
Total assets 315,922 331,593
Equity
Share capital 36,354 36,354
Share premium 32,749 32,749
Own shares (2,584) (2,064)
Other reserves 17,898 19,856
Retained earnings 33,801 37,385
Equity attributable to owners of the Company 118,218 124,281
Non-controlling interests 3,336 524
Total Equity 121,553 124,805
Liabilities
Loans and borrowings 96,702 101,261
Employee benefits 3,819 4,005
Other payables 1,785 1,726
Deferred tax liabilities 9,826 10,336
Non-current liabilities 112,132 117,328
Current tax liabilities 3,644 3,615
Loans and borrowings 16,123 16,097
Trade payables 30,407 43,807
Other payables 20,148 16,985
Contract liabilities 10,473 7,188
Deferred income 1,442 1,769
Current Liabilities 82,237 89,460
Total Liabilities 194,369 206,788
Total Equity and Liabilities 315,922 331,593
Consolidated income statement H1 2025 H1 2024
in € thousand
Revenues 163,621 195,374
Cost of sales (126,854) (146,278)
Gross profit 36,766 49,096
Other income 2,482 1,985
Selling and distribution expenses (11,087) (11,851)
Administrative expenses (14,682) (16,372)
R&D expenses (4,563) (3,539)
Other expenses (834) (620)
+ Depreciation, amortization & impairment 9,587 8,228
EBITDA 17,671 26,928
- Depreciation, amortization & impairment (9,587) (8,228)
EBIT 8,083 18,700
Financial income 224 248
Financial expenses (4,545) (4,224)
Result from associated companies 70 129
Net finance costs (4,251) (3,846)
Profit/(Loss) before tax 3,833 14,854
Income tax expense (1,357) (3,674)
Profit/(Loss) 2,476 11,180
Profit/(Loss) attributable to:
Owners of the Company 1,361 10,633
Non-controlling interests 1,114 546
Profit/(Loss) 2,476 11,180
Earnings/(loss) per share
basic 0.04 0.29
diluted 0.04 0.27
Consolidated income statement Q2 2025 Q2 2024
in € thousand
Revenues 81,055 103,609
Cost of sales (63,821) (77,238)
Gross profit 17,234 26,371
Other income 1,290 1,093
Selling and distribution expenses (5,618) (6,164)
Administrative expenses (7,551) (9,049)
R&D expenses (2,243) (1,846)
Other expenses (654) (321)
+ Depreciation, amortization & impairment 4,814 4,233
EBITDA 7,272 14,317
- Depreciation, amortization & impairment (4,814) (4,233)
EBIT 2,458 10,084
Financial income 82 74
Financial expenses (2,197) (2,038)
Result from associated companies 70 129
Net finance costs (2,045) (1,835)
Profit/(Loss) before tax 413 8,248
Income tax expense (497) (2,244)
Profit/(Loss) (84) 6,005
Profit/(Loss) attributable to:
Owners of the Company (628) 5,555
Non-controlling interests 544 450
Profit/(Loss) (84) 6,005
Earnings/(loss) per share
basic (0.02) 0.15
diluted (0.02) 0.14
Consolidated statement of cash flows H1 2025 H1 2024
in € thousand
Cash flows from operating activities
Profit/(Loss) before tax 3,833 14,854
Adjustments for:
-Depreciation, amortization & impairment 9,587 8,228
-Net finance costs 4,251 3,846
-Other non-cash transactions 187 1,110
17,858 28,039
Changes in:
-Inventories 4,375 (11,457)
-Contract assets (5,873) 1,507
-Trade and other receivables 7,818 (3,200)
-Contract liabilities 3,285 (6,591)
-Trade and other payables (14,079) 2,218
-Taxes paid (2,994) (2,262)
Net cash from/(used in) operating activities 10,391 8,255
Cash flows from investment activities
Interest received 219 248
Acquisition of subsidiary, net of cash acquired 0 (1,297)
Proceeds from sale of property, plant and equipment 995 0
Dividends received from associated companies 42 0
Payments for acquisition of property, plant and (6,756) (9,242)
equipment & intangible assets
Net cash from/(used in) investing activities (5,500) (10,291)
Cash flows from financing activities
Interest paid (3,565) (3,511)
Proceeds from loans and borrowings 5,420 10,561
Repayment of borrowings (8,222) (6,103)
Payment of lease liabilities (2,143) (1,824)
Acquisition of own shares (520) 0
Dividends paid to non-controlling interest 10 0
Acquisition of non-controlling interests (156) 0
Net cash from/(used in) financing activities (9,176) (877)
Net increase/(decrease) in cash and cash equivalents (4,285) (2,913)
Cash and cash equivalents at 1 January 21,737 23,825
Effect of movements in exchange rates on cash held (727) (26)
Cash at 30 June 16,726 20,886
B. SEGMENT REPORTING
H1 2025 WEST CEE MEA Corporate Eliminations Total
in € thousand
Revenues 52,930 100,406 16,309 941 (6,965) 163,621
Intersegment 1,754 3,553 5 935 (6,247) 0
revenues
Segment 54,684 103,959 16,314 1,876 (13,213) 163,621
revenues
Costs of
material & (29,526) (56,230) (11,663) 0 10,652 (86,767)
mailing
Gross profit I 25,158 47,729 4,652 1,876 (2,561) 76,854
Production (11,959) (25,131) (2,998) 0 0 (40,088)
costs
Gross profit II 13,199 22,598 1,654 1,876 (2,561) 36,766
Other income 38 2,393 0 49 0 2,480
Selling and
distribution (4,085) (6,326) (675) 0 0 (11,087)
expenses
Administrative (3,956) (8,253) (505) (2,941) 2,552 (13,103)
expenses
R&D expenses (300) (3,884) (350) (29) 0 (4,563)
Other expenses (66) (727) (10) (37) 9 (831)
+ Depreciation,
amortization 3,364 5,823 385 15 0 9,587
& impairment
adjusted EBITDA 8,193 11,623 500 (1,066) 0 19,250
- Depreciation,
amortization (3,364) (5,823) (385) (15) 0 (9,587)
& impairment
adjusted EBIT 4,829 5,800 115 (1,081) 0 9,663
Financial 219
income
Financial (3,566)
expenses
Result from
associated 70
companies
Net finance (3,277)
costs
adjusted
Profit/(Loss) 6,386
before tax
Special items (2,553)
Profit/(Loss) 3,832
before tax
Income tax (1,357)
expense
Profit/(Loss) 2,475
H1 2024 WEST CEE MEA Corporate Eliminations Total
in € thousand
Revenues 63,354 104,693 40,798 476 (13,948) 195,374
Intersegment 1,525 16,887 30 1,000 (19,442) 0
revenues
Segment 64,879 121,580 40,828 1,477 (33,389) 195,374
revenues
Costs of
material & (35,950) (67,808) (33,660) 0 30,272 (107,146)
mailing
Gross profit I 28,929 53,772 7,168 1,477 (3,118) 88,228
Production (11,325) (25,183) (2,629) 0 4 (39,132)
costs
Gross profit 17,605 28,590 4,539 1,477 (3,114) 49,096
II
Other income 77 1,922 4 (17) 0 1,985
Selling and
distribution (4,416) (6,647) (787) 0 0 (11,851)
expenses
Administrative (4,265) (9,222) (452) (3,477) 3,114 (14,303)
expenses
R&D expenses (495) (2,942) 0 (101) 0 (3,539)
Other expenses (35) (514) (32) (38) 0 (619)
+
Depreciation, 3,025 4,996 206 2 0 8,228
amortization
& impairment
adjusted 11,494 16,182 3,477 (2,156) 0 28,998
EBITDA
-
Depreciation, (3,025) (4,996) (206) (2) 0 (8,228)
amortization
& impairment
adjusted EBIT 8,470 11,186 3,271 (2,157) 0 20,770
Financial 248
income
Financial (3,927)
expenses
Result from
associated 129
companies
Net finance (3,549)
costs
adjusted
Profit/(Loss) 17,221
before tax
Special items (2,367)
Profit/(Loss) 14,854
before tax
Income tax (3,674)
expense
Profit/(Loss) 11,180
[5]^[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.
[6]^[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.
══════════════════════════════════════════════════════════════════════════
28.08.2025 CET/CEST This Corporate News was distributed by EQS Group.
www.eqs.com
══════════════════════════════════════════════════════════════════════════
Language: English
Company: AUSTRIACARD HOLDINGS AG
Lamezanstraße 4-8
1230 Vienna
Austria
E-mail: marketing@austriacard.com
Internet: https://www.austriacard.com/
ISIN: AT0000A325L0
WKN: A3D5BK
Listed: Vienna Stock Exchange (Official Market)
EQS News ID: 2189820
End of News EQS News Service
2189820 28.08.2025 CET/CEST
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