AUSTRIACARD HOLDINGS AG (ACAG), the international applied technology group headquartered in Vienna, announces its H1 2025 financial results.

• 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).
• Adjusted EBITDA of €19.3m (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 disciplined focus to optimize cash flow management as well as a reduced pace of working capital build-up.
• Group Leverage maintained at healthy levels (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 24th, 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. 

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”.