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Introduction & Market Context
Asseco Poland (WA:ACPP) SA ADR (OTC:ASOZY) presented its financial results for 2024 on March 27, 2025, highlighting solid growth across key metrics despite currency exchange headwinds. The IT solutions provider maintained its focus on delivering high-quality proprietary software and strengthening its position as a digitization leader across multiple sectors and geographies.
The company’s performance demonstrates resilience in a competitive technology landscape, with growth driven by both organic development and strategic acquisitions. Asseco continued its expansion strategy by adding 14 new companies to the Group during 2024, further diversifying its geographic footprint and service offerings.
Financial Performance Highlights
Asseco reported revenues of PLN 17.1 billion for 2024, representing a 1% increase year-over-year. When excluding the impact of exchange rate differences, revenue growth was more substantial at 6%. The company’s non-IFRS operating profit grew by 6% to PLN 2.1 billion, while non-IFRS net profit increased by 8% to PLN 577 million.
As shown in the following summary of key financial results:
The company achieved a record net profit attributable to shareholders of PLN 520 million, up 8% from the previous year. This performance was supported by Asseco’s focus on proprietary software and services, which accounted for 79% of total revenues at PLN 13.5 billion.
A detailed breakdown of the financial results shows the factors contributing to revenue and profit growth:
The waterfall chart illustrates how organic growth and acquisitions positively impacted both revenue and operating profit, while foreign exchange rates had a negative effect. Without the FX impact, revenues would have grown by 6% and operating profit by 10%.
Segment and Product Analysis
Asseco’s business is structured into three main segments: Asseco Poland, Asseco International, and Formula Systems. All segments contributed to the Group’s growth in 2024, with varying performance levels.
The segment breakdown reveals the geographic diversification of Asseco’s operations:
In terms of product groups, solutions for the finance sector remained the largest contributor at 32% of total revenues, followed by infrastructure and other services (23%), solutions for public institutions (21%), other IT solutions (15%), and ERP solutions (9%).
The revenue distribution across product groups is illustrated in the following chart:
The strongest growth was observed in solutions for public institutions (+8%), while solutions for finance and ERP solutions both grew by 5%. Infrastructure and other services declined by 9%, while other IT solutions remained flat year-over-year.
Acquisition Strategy
A key element of Asseco’s growth strategy is its active acquisition policy. In 2024, the Group added 14 new companies across various markets, enhancing its geographic diversification and expanding its product portfolio.
The acquisitions spanned multiple countries and specialized areas, as shown in the following overview:
The Israeli market was particularly active for acquisitions, with Asseco adding several specialized technology and service providers:
These acquisitions strengthen Asseco’s capabilities in areas such as data management, cloud technologies, healthcare solutions, payment services, and specialized software for various industries.
Dividend and Future Outlook
Asseco has maintained a consistent dividend policy since its IPO, having paid more than PLN 3.5 billion in dividends to shareholders. For 2024, the company is recommending a dividend of PLN 3.94 per share, totaling PLN 269 million.
The dividend history shows a steady increase over the past five years:
Looking ahead, Asseco’s order backlog for 2025 indicates continued growth, with a 9% increase in fixed-rate orders and a 6% increase in variable-rate orders compared to the previous year.
The company’s development prospects focus on maintaining its leading position in strategic sectors such as banking, insurance, telecommunications, healthcare, energy, and public administration. Asseco also plans to continue developing its cybersecurity competencies and implementing its AI strategy to drive future growth.
In terms of financial stability, Asseco maintains a strong liquidity position with PLN 3.3 billion in cash as of December 31, 2024, providing a solid foundation for continued investments and growth initiatives.
With its diversified business model, strong financial performance, and clear growth strategy, Asseco Poland appears well-positioned to continue its expansion and deliver value to shareholders in 2025 and beyond.
Full presentation:
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