Warsaw, May 26, 2021

Q1 2021

Asseco Group’s results

3

• A very good quarter by Asseco:

• increase in revenues by 14% to PLN 3.3 billion

• increase in non-IFRS operating profit by 26% to PLN 399 million

• increase in non-IFRS net profit by 23% to PLN 116 million

• Organic growth and acquisitions – 4 new companies in the Group

• Stable customer base and high proportion of recurring revenues

Q1 2021 Summary

Summary of the Group’s operations

4

PLN 3 339 mSales revenues

+14%

PLN 399 mnon-IFRS EBIT

+26%

PLN 116 mnon-IFRS net profit

+23%

PLN 2 603 mProprietary software and services

+11%

PLN 498 mEBITDA

+18%

5

Consolidated financial highlights for Q1 2021

6

Asseco’s revenue structure – strong diversification into sectors

41%

34%

25%

Revenues

3 339mPLN

855 861 921 1 154 1 354

786 820957

1 0621 146427 469

574705

838

Q1 2017 Q1 2018 Q1 2019 Q1 2020 Q1 2021

General Business Banking and finance Public Institutions

mPLN

310 316 299 311 367

1 265 1 264 1 4861 863

2 160

506 574674

755

819

Q1 2017 Q1 2018 Q1 2019 Q1 2020 Q1 2021

Asseco Poland Segment Formula Systems Segment Asseco International Segment

24%

11%65%

Revenues

3 339mPLN

7

Significant share of foreign markets in the Group's revenues

mPLN

Data do not include consolidation adjustments.Data for 2017 taking into account changes in the structure of the Group.

8

Increase in the Group’s non-IFRS operating profit

25%

16%

59%

non-IFRS EBIT

399mPLN

44 60 47 47 63

98118 154 186

2355657

7985

102

Q1 2017 Q1 2018 Q1 2019 Q1 2020 Q1 2021

Asseco Poland Segment Formula Systems Segment Asseco International Segment

mPLN

Data do not include consolidation adjustments.Data for 2017 taking into account changes in the structure of the Group.

367

2 160

819

3 339mPLN+14%

Asseco Poland Segment

Formula Systems Segment

Asseco International Segment

+18%

+16%

+9%

Asseco Poland Segment

• Significantly higher revenues from public institutionsand general business

• Strong sales performance of Asseco Data Systems – security and trust services, education

Formula Systems segment• Growth in all business sectors

• Increase in the scale of operations through organic growthand acquisitions

Asseco International Segment

• Asseco SEE – growing sales in banking and payments

• Double-digit growth in the sales of ERP solutions

9

Asseco Group in Q1 2021

Sales revenues

In addition: consolidation adjustment resulting from transactions between sectors: -6.4 mPLN.

10

Banking and Finance Sector

786 820 957 1 062 1 146

Q1 2017 Q1 2018 Q1 2019 Q1 2020 Q1 2021

Q1 2021 Q1 2020 Change

Formula Systems Segment 774.4 721.1 +7%

Asseco International Segment 272.3 234.3 +16%

Asseco Poland Segment 102.2 109.8 -7%

Asseco Group 1 146.4 1 062.2 +8%

Revenues (in mPLN)

• Formula Systems: Sapiens – revenue growth, impact of previously completed acquisitions in Spain, Scandinavia and DACH region

• Asseco International: Asseco SEE – reinforcement of its position in the banking sector and payments, Asseco CE – strengtheningof cooperation with banks and insurance companies

• Asseco Poland: implementation of sales plans in a challenging market environment

Data include consolidation adjustments.

11

General Business Sector

855 861 9211 154

1 354

Q1 2017 Q1 2018 Q1 2019 Q1 2020 Q1 2021

• Formula Systems: higher revenues of Matrix IT and Magic Software

• Asseco International: growth of ERP systems sales (Poland, Germany, Czech Republic)

• Asseco Poland: continued cooperation with leading energy groups, implementation of projects in the Cyfrowy Polsat Group

Revenues (in mPLN)Q1 2021 Q1 2020 Change

Formula Systems Segment 870.2 737.7 +18%

Asseco International Segment 394.2 353.9 +11%

Asseco Poland Segment 93.3 65.1 +43%

Asseco Group 1 354.4 1 153.6 +17%

Data include consolidation adjustments.

12

Public Institutions Sector

427 469 574 705 838

Q1 2017 Q1 2018 Q1 2019 Q1 2020 Q1 2021

• Formula Systems: Matrix IT – close, long-term cooperation with public institutions in Israel, projects involving remote work

• Asseco International: impact of high base performance of Asseco CE Group in Q1 2020

• Asseco Poland: continued implementation of long-term contracts signed in 2019-2020, cooperation with the Social InsuranceInstitution (ZUS) on adjusting key IT systems to government programs

Revenues (in mPLN)Q1 2021 Q1 2020 Change

Formula Systems Segment 515.3 403.7 +28%

Asseco International Segment 152.3 166.4 -8%

Asseco Poland Segment 171.3 135.8 +26%

Asseco Group 838.3 704.6 +19%

Data include consolidation adjustments.

13

Dynamic development of security and trust services

•Dynamic sales growth(ADS - Security and Trust Services Division)

• Leader of trust services in Poland – about 50% share

• Main products: qualified electronic signature, including SimplySign mobile, SSL certificates

• 1st in Poland, 5th in Europe, Middle East and Africa (EMEA), 7th in the world among commercial SSL providers

• More than 400,000 customers in 70 countrieson 6 continents

• Over 10 million certificates issued

• Sales at more than 1 700 stationary and mobile certificate issuing points through more than 425 partners

• Experienced team of over 180 professionals and enthusiasts of trust services

25.136.3

43.855.0

19.9

2017 2018 2019 2020 Q1 2021

2017 2018 2019 2020 Q1 2021

Figures in mPLN.

14

The Group’s development – acquisitions

Vebspot provides services as an online portal where registered users can purchase products, as well as local and travel services.

ITSOFT provides outsourcing services for R&D staff.

/ASEE/

Things Solver deals with software in the area of artificial intelligence and machine learning.

/ASEE/

/Magic Software/

Acquisitions on the European market :

Acquisitions on the Israeli market:

Kol Hamas is a provider of payroll, accounting and tax services.

/Michpal Micro Computers/

Development of Asseco's competence areasRevenues in Q1 2021

InsurancePLN 418 millionSapiens International

PaymentsPLN 121 million

Payten

ERPPLN 178 million

Asseco Enterprise Solutions

INTERNATIONAL COMPETENCE CENTERS

Development in new areas:

Cyber securityPLN 53 million

Cloud solutionsPLN 242 million (+62%)

Strong position in the area of:

RoboticsPLN 19 million

Banking and FinansePLN 1.1 billion

Figures in mPLN.When calculating the backlog for 2021 according to the exchange rates used for calculating the backlog for 2020, the change amounts to: +17%.The value of the backlog for 2021 as at May 18, 2021; the value of the backlog for 2020 as at May 22, 2020.

1 043 1 133

4 8165 585

1 6691 858

2020 2021

Proprietary software and services

7 5288 576

+16%

+11%

+9%Asseco PolandSegment

Formula SystemsSegment

Asseco InternationalSegment

Consolidated order backlog

16

17

Dividend paid for 2020 in the amount of PLN 258 million,

i.e. PLN 3.11 per share:

Record date– 4.06.2021

Dividend payment date – 18.06.2021

Over PLN 2.4 billion in dividends paid

Financial information

18

19

Revenues and operating result of the Asseco Group

Q1 2021 Q1 2020 Δ

Revenues 3 339.1 2 920.4 +14%

Proprietary software and services 2 602.8 2 354.8 +11%

EBITDA 497.8 420.1 +18%

Margin 14.9% 14.4% +0.5 p.p.

Operating profit non-IFRS* 398.7 316.4 +26%

Margin 11.9% 10.8% +1.1 p.p.

PPA & SBP* -75.7 -66.6 +14%

Operating profit 323.0 249.8 +29%

Margin 9.7% 8.6% +1.1 p.p.

Figures in mPLN.* Non-IFRS figures including adjustments for amortization charges on intangible assets recognized in purchase price allocation (PPA) as well as for the costs of share-based payment transactions with employees (SBP).

20

Reconciliation of operating profit and net profit

Q1 2021 Q1 2020 Δ

Operating profit non-IFRS* 398.7 316.4 +26%

Operating profit 323.0 249.8 +29%

Interest expense -19.7 -19.6

Foreign currency transactions 2.6 9.7

M&A transactions (mainly revaluation of contingent payments) -3.8 -3.3

Dividends paid to non-controlling shareholders -4.1 -7.2

Other 0.0 0.5

Pre-tax profit 298.1 229.8 +30%

Tax -64.7 -51.6 +25%

effective tax rate 21.7% 22.5% -0.8 p.p.

Share of profits/losses of associates -0.2 -1.8 -

Net profit 233.2 176.4 +32%

Net profit attributable to shareholders of the parent company non-IFRS* 116.3 94.7 +23%

Net profit attributable to shareholders of the parent company 102.4 81.7 +25%

Figures in mPLN.* Non-IFRS figures including adjustments for: the cost of amortization of intangible assets recognized under the combination settlement (PPA), the costs of share-based payment transactions with employees (SBP), the costs and financial revenues resulting from the transactions of purchase and sales of companies (M&A) and tax effects associated with them.

21

Financial results of regions and subsidiaries

Sales revenuesNon-IFRS operating

profit*

Non-IFRS net profit contribution

to Asseco Poland*

Q1 2021 Q1 2020 Q1 2021 Q1 2020 Q1 2021 Q1 2020

Asseco Poland Segment 366.8 310.7 62.8 46.7 49.0 35.3

Asseco Poland (without dividends) 261.6 203.9 48.4 33.9 37.5 26.3

Asseco Data Systems 76.8 67.7 14.3 8.7 11.5 7.2

Other companies and consolidation adjustments 28.4 39.2 0.0 4.1 0.0 1.8

Formula Systems Segment 2 159.9 1 862.5 234.8 185.7 19.3 14.9

Matrix IT 1 280.7 1 113.0 100.7 84.1 7.5 6.1

Magic Software 409.1 339.2 56.4 41.3 4.4 3.5

Sapiens International 417.8 361.3 70.3 55.0 6.0 4.3

Holding and other companies, consolidation adjustments 52.3 49.1 7.4 5.3 1.4 1.1

Asseco International Segment 818.8 754.6 101.5 84.7 48.3 44.9

Central European Market 340.7 321.3 54.7 47.6 31.2 26.5

South Eastern European Market 253.1 231.3 39.4 29.2 17.3 12.3

Western European Market 224.0 199.6 10.3 10.6 5.5 10.7

Eastern European Market 1.1 1.2 0.1 0.1 -1.3 -1.8

Holding and other companies, consolidation adjustments -0.1 1.1 -3.0 -2.9 -4.4 -2.9

consolidation adjustment -6.4 -7.4 -0.5 -0.7 -0.4 -0.4

Asseco Group 3 339.1 2 920.4 398.7 316.4 116.3 94.7

Figures in mPLN.* Non-IFRS figures including adjustments for: the cost of amortization of intangible assets recognized under the combination settlement (PPA), the costs of share-based payment transactions with employees (SBP), the costs and financial revenues resulting from the transactions of purchase and sales of companies (M&A) and tax effects associated with them.

Asseco GroupFormula Systems

Segment

Asseco International

Segment

Asseco Poland

Segment

CFO 1 985.7 1 126.6 548.0 314.1

CAPEX* + leasing** -493.3 -235.8 -148.3 -111.6

Free cash flow*** 1 492.4 890.8 399.7 202.5

Cash conversion ratio**** 96% 100% 95% 81%

Figures in mPLN, figures for the Group include consolidation adjustment; figures for last 12 months, i.e. IV 2020 – III 2021.* Less financing.** Repayment of lease liabilities. *** CFO + CAPEX + leasing.*** Free cash flow / EBIT non-IFRS. 22

Cash generated (LTM)

23

Stable liquidity position of the Asseco Group

As at 31.03.2021

Asseco GroupFormula Systems

SegmentAsseco International

SegmentAsseco Poland

SegmentElimination

Cash 2 716.9 1 689.6 666.8 360.5 -

Interest liabilities (ST) (936.5) (778.4) (147.9) (12.3) 2.1

Credit and loan liabilities (ST) (744.6) (651.7) (92.7) (0.2) -

Leasing (ST) (191.9) (126.7) (55.2) (12.1) 2.1

Net cash 1 780.4 911.2 518.9 348.2 2.1

Inventories + ST receivables - ST liabilities* 667.1 471.0 (10.6) 210.9 (4.2)

Net operating assets (ST) 2 447.5 1 382.2 508.3 559.1 (2.1)

Figures in mPLN.* Inventories + short-term receivables + short-term prepayments - short-term liabilities excluding bank loans and lease liabilities.

Annexes

24

25

Sales revenues by products and sectors

78%

8%

14%

3 339

34%41%

25%

3 339

Banking and Finance 1 146 +8% 1 062

General Business 1 354 +17% 1 154

Public Institutions 838 +19% 705

Sales revenues 3 339 +14% 2 920

Proprietary software and services 2 603 +11% 2 355

Third-party software and services 282 +51% 187

Hardware and infrastructure 455 +20% 379

Sales revenues 3 339 +14% 2 920

Q1 2021 %∆ Q1 2020

Figures in mPLN.

26

Significant increase in non-IFRS operating profit

mPLN

PPA: cost of amortization of intangible assets recognized under the combination settlement.SBP: costs of share-based payment transactions with employees.

249.8

323.0

66.6

75.7

Q1 2020 Q1 2021

+26%EBIT non-IFRS

316.4

EBIT non-IFRS398.7

EBIT

PPA & SBP

27

Significant increase in non-IFRS net profit

PPA: cost of amortization of intangible assets recognized under the combination settlement.SBP: costs of share-based payment transactions with employees.M&A: financial costs/income related to company acquisitions/sales transactions.

Net profitattributable to

shareholders of the parent company

PPA & SBP & M&A

81.7102.4

13.0

13.9

Q1 2020 Q1 2021

Net profitattributable

to shareholders of the parent company

non-IFRS94.7

Net profitattributable

to shareholders of the parent company

non-IFRS116.3

mPLN+23%

102.4

+73.2 -43.8

-4.9 -0.6 --13.1 +8.6 +1.6 -0.2 -0.2

81.7

Zysk

net

to Q

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EBIT

Gru

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Net

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fit

Q1

20

20

Gro

up

’sEB

IT

Min

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Gro

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28

Asseco Group: explanation of change in net profit

EBIT change

Change for minority

shareholders

Change for shareholders of Asseco

Asseco Poland Segment +16.3 -0.6 +16.9

Other markets +56.9 +44.4 +12.5

Asseco Group +73.2 +43.8 +29.4

Finance activity changeChange for

minorityshareholders

Change for shareholders

of Asseco

Asseco Poland Segment +0.3 -0.0 +0.3

Other markets -5.2 +0.6 -5.7

Asseco Group -4.9 +0.6 -5.51 2

1 2

Min

ori

tysh

areh

old

ers’

fi

nan

ceac

tivi

ty

Min

ori

tysh

areh

old

ers’

tax

Shar

ein

res

ult

so

f G

rou

p’s

asso

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es

Shar

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res

ult

so

f as

soci

ates

–m

ino

rity

shar

e

Oth

erch

ange

s

Net

pro

fit

Q1

20

21

General Business

Banking and finance

Public Institutions

Total**

Asseco Poland Segment 93.3 102.2 171.3 366.8

Formula Systems Segment 870.2 774.4 515.3 2 159.9

Asseco International Segment 394.2 272.3 152.3 818.8

Central European Market 208.6 34.8 97.3 340.7

South Eastern European Market 49.6 185.7 17.8 253.1

Western European Market 135.5 52.1 36.4 224.0

Eastern European Market 0.5 0.6 0.0 1.1

Asseco Group* 1 354.4 1 146.4 838.3 3 339.1

29

Revenues by regions and sectors in Q1 2021

Figures in mPLN.* Figures including consolidation adjustments.** Revenues of markets include sales to external customers and inter-segment sales.

30Figures in mPLN.

Impact on operating result Impact on net result

Q1 2021 Q1 2020 Δ Q1 2021 Q1 2020 Δ

PPA -60.6 -53.3 -7.3 -10.0 -9.7 -0.4Asseco Poland Segment -3.8 -4.0 +0.2 -3.1 -3.3 +0.2Formula Systems Segment -53.3 -45.8 -7.5 -5.1 -4.4 -0.6

including purchase of Formula Group -23.2 -23.9 +0.7 -2.4 -2.5 +0.1Asseco International Segment -3.5 -3.5 -0.1 -1.9 -2.0 +0.1

Central European Market -0.8 -0.9 +0.0 -0.5 -0.6 +0.1South Eastern European Market -1.0 -1.0 -0.0 -0.3 -0.3 +0.0Western European Market -1.7 -1.6 -0.1 -0.8 -0.8 -0.0Eastern European Market 0.0 0.0 0.0 -0.3 -0.3 +0.0Other 0.0 0.0 0.0 0.0 0.0 0.0

SBP -15.0 -13.3 -1.8 -2.7 -2.8 +0.1Formula Systems Segment -15.0 -13.0 -2.1 -2.7 -2.7 -0.0

including purchase of Formula Group 0.0 0.0 -0.0 0.0 0.0 -0.0Asseco International Segment 0.0 -0.3 +0.3 0.0 -0.2 +0.2

South Eastern European Market 0.0 -0.3 +0.3 0.0 -0.2 +0.2

M&A -1.1 -0.4 -0.7Asseco Poland Segment 0.0 0.0 0.0Formula Systems Segment -0.2 -0.4 +0.3Asseco International Segment -1.0 0.0 -0.9

South Eastern European Market -0.9 0.1 -1.0Western European Market -0.1 -0.1 +0.0

Total non-IFRS adjustments (PPA, SBP, M&A) -75.7 -66.6 -9.0 -13.9 -13.0 -0.9

including purchase of Formula Group -23.2 -23.9 +0.7 -2.4 -2.5 +0.1

Asseco Group: non-IFRS adjustments

2 691.2

+142.1 -60.3 -75.9-256.8

+70.0

2 872.1

Środkipieniężne na01.01.2021*

CFO CIT CFI CFF fx Środkipieniężne na31.03.2021*

31

Cash from investment activity:

M&A -17.4

CAPEX + R&D -56.8

Borrowings, debt instruments and other -1.7

Total -75.9

1

2

Cash from finance activity:

Dividends for minority shareholders -63.1

Debt and leasing -197.9

Other +4.2

Total -256.8

2

* Net cash and cash equivalents include bank credits on current account used for current liquidity management.

Explanation of change in cash balance*

1

Cash as atJanuary 1,

2021*

Cash as atMarch 31,

2021*

254.9

+43.5 -6.6

+54.6 -1.5 +0.1

164.8

Środkipieniężne na01.01.2020*

CFO CIT CFI CFF FX Środkipieniężne na31.03.2021*

32

Explanation of change in stand-alone cash balance*

Cash from investment activity:

Dividends +60.1

CAPEX + R&D -6.2

M&A +0.5

Borrowings +0.2

Total +54.6

1

Cash from finance activity:

Debt and leasing -4,3

Other +2,8

Total -1,5

2

* Net cash and cash equivalents include bank credits on current account used for current liquidity management.

2

1

Cash as atJanuary 1,

2021*

Cash as atMarch 31,

2021*

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Legal disclaimer

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