EQS-News: AUSTRIACARD HOLDINGS AG / Key word(s): Quarter Results
AUSTRIACARD HOLDINGS AG ANNOUNCES Q1 2025 RESULTS
19.05.2025 / 18:46 CET/CEST
The issuer is solely responsible for the content of this announcement.
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AUSTRIACARD HOLDINGS AG
ANNOUNCES Q1 2025 RESULTS
Digital Technologies continued its positive momentum
Turkish market normalisation
May 19, 2025 – AUSTRIACARD HOLDINGS AG (ACAG) announces its first-quarter
results for 2025. The company reports progress in client solutions, robust
growth in Western Europe, the Nordics, and the Americas, and a
normalization of the card payment business in Türkiye.
• Revenue: Group revenues decreased by 10% to €82.6 million in Q1 2025
(Q1 2024: €91.8 million) driven by a reduction in the Turkish payment
card market, mainly due to the normalisation of customer owned banking
card stock levels. Our strong Turkish market share is unchanged and
has been reached as a result of significant annualised growth of 52%
over the last five years. Excluding the effect from the Turkish market
Group revenues increased by 8%.
• Revenues from Digital Technologies and Document Lifecycle Management
continued their positive trajectory, and the Western Europe, Nordics
and Americas region posted robust growth, reaffirming our successful
market expansion strategy.
• Business Category Performance:
• Digital Technologies revenue grew by 21.5% to €7.2 million,
driven by public and private sector digital solutions
implementations in Greece and Romania, integrating now services
provided by our latest acquisitions LS TECH and GlobalTrust.
• Document Lifecycle Management revenue increased by 8.2% reaching
€31 million due to a combination of increased document output
revenues in CEE and increased distribution revenues associated
with the card personalization services.
• Identity & Payment Solutions revenue decreased by 22.4% to €44.4
million mainly due to the contraction of the Turkish payment card
market, driven by cyclicality and normalisation of stock levels.
The other Identity & Payment solution markets were in line with or above
the previous year but could not offset the negative impact of the Turkish
market. Excluding the effect from the Turkish market revenues of this
category increased by 5.5%.
• Regional Segment Performance:
• Türkiye, Middle East and Africa (MEA) segment recorded revenues
of €7.6m which decreased by € -14.5m or -65.6% compared to Q1
2024. This is due to lower revenues in the Turkish payment card
market which are attributable to the market's current economic
uncertainties and high levels of paid customer stock after
several years of strong growth.
• Western Europe, Nordics and Americas (WEST) segment generated
revenues of €28.7m in Q1 2025, an increase of € +2.7m or +10.5%
compared to Q1 2024. This growth was mainly driven by higher
sales of metal payment cards and distribution services associated
with card personalization services.
• Central Eastern Europe & DACH (CEE) segment reported revenues of
€51.6m in Q1 2025, a decrease of € -10.5m or -16.9% compared to
the same period in 2024. This decline was primarily driven by a
drop in inter-segment payment card deliveries to the Turkish
market (€ -11.7m) which more than offset the growth generated by
the Digital Technologies category of € +1.2m or +20.0%.
• Operating performance:
• Adjusted EBITDA decreased by 18.9% to €11.2 million, following
the decrease in the top line and the reduction of gross profit.
The margin reached 13.6%.
• Net profit decreased by 50.5% to €2.6 million.
• Cash flow from operating activities increased by € +3.6m in the
first three months of 2025 from € -0.5m in 2024 to € +3.1m in
2025, due to a reduced pace of working capital build up: 2025
€ - 6.9m vs 2024 € - 12.3m resulting in an improvement in
operating cashflow from Net working capital of € +5.4m.
• Dividend Proposal: The company will propose a dividend of €0.11 per
share at the Annual General Meeting (AGM) on June 24 2025.
• Outlook 2025: We anticipate a positive trajectory for the full year
2025, albeit a subdued first half of the year.
Manolis Kontos, Vice-Chairman and CEO of AUSTRIACARD HOLDINGS AG,
commented:
“The onset of 2025 has presented a more subdued landscape, largely due to
the normalization of the Turkish payment card market, which has
experienced remarkable annual growth of 52% over the past five years. This
adjustment follows a period of elevated stock levels in the wake of
COVID-19.
We recognize that our business is subject to cyclical fluctuations as we
operate across diverse global markets, each characterized by unique
dynamics and macroeconomic conditions. However, it is precisely this
diversified approach that fuels our future growth and ensures our
resilience as we move forward.
In the first quarter of this year, we witnessed significant growth in our
digital technologies segment which we expect to continue throughout the
year. Our holistic citizen identity solution offering is now complete and
on track to generate steady recurring income.We have already contracts
concluded that are in implementation in the course of 2025 and will
significantly increase the contribution of Government ID solutions in our
revenue mix.
Our unwavering commitment to investing in our product offerings is central
to our daily operations. Soon, we will unveil an innovative product in the
AI space that will significantly enhance our customer experience by
streamlining the management and content processing of digitalized
documents, strengthening our end-to-end solutions.
We are genuinely enthusiastic about our recently announced mid-term
financial objectives and firmly believe that 2025 is poised for a positive
trajectory.”
GROUP BUSINESS PERFORMANCE
Amounts and percentage rates in this interim management report were
rounded, and the addition of these individual figures can therefore
produce results that differ from the totals shown.
Business performance of AUSTRIACARD HOLDINGS Group as monitored by
Management
The following analysis 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 with 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 in the
tables below.
Business performance 1-3 2025 1-3 2024 D '25-'24 D '25-'24 %
in € million
Revenues 82.6 91.8 (9.2) -10.0%
Costs of material & mailing (43.3) (49.4) 6.1 -12.3%
Gross profit I 39.3 42.4 (3.1) -7.4%
Gross margin I 47.6% 46.2% 1.4%
Production costs (19.7) (19.7) (0.1) 0.4%
Gross profit II 19.5 22.7 (3.2) -14.0%
Gross margin II 23.7% 24.8% -1.1%
Other income 1.2 0.9 0.3 33.7%
Selling and distribution expenses (5.5) (5.7) 0.2 -3.8%
Administrative expenses (6.3) (6.1) (0.2) 3.5%
Research and development expenses (2.3) (1.7) (0.6) 37.1%
Other expenses (0.2) (0.3) 0.1 -40.0%
+ Depreciation, amortization and 4.8 4.0 0.8 19.5%
impairment
adjusted EBITDA 11.2 13.8 (2.6) -18.9%
adjusted EBITDA margin 13.6% 15.1% -1.5%
- Depreciation, amortization and (4.8) (4.0) (0.8) 19.5%
impairment
adjusted EBIT 6.4 9.8 (3.4) -34.6%
Financial income 0.1 0.1 0.1 74.7%
Financial expenses (1.7) (2.0) 0.3 -14.1%
Result from associated companies 0.0 0.0 0.0 n/a
Net finance costs (1.6) (1.9) 0.3 -18.0%
adjusted Profit (Loss) before tax 4.9 7.9 (3.1) -38.6%
Special items (1.4) (1.3) (0.1) 10.0%
Profit (Loss) before tax 3.4 6.6 (3.2) -48.2%
Income tax expense (0.9) (1.4) 0.6 -39.9%
Profit (Loss) 2.6 5.2 (2.6) -50.5%
Revenues by solution category 1-3 2025 1-3 2024 D '25-'24 D '25-'24 %
in € million
Identity & Payment Solutions 44.4 57.2 (12.8) -22.4%
Document Lifecycle Management 31.0 28.6 2.3 8.2%
Digital Technologies 7.2 5.9 1.3 21.5%
Total 82.6 91.8 (9.2) -10.0%
In the first quarter of 2025, AUSTRIACARD HOLDINGS Group reported revenues
of € 82.6m, representing a decrease of € -9.2m or -10.0% compared to the
same period in 2024. The reason for this reduction is the Turkish payment
card market which contracted after several years of strong growth
resulting in a revenue reduction of the Identity & Payment solution
category by € 12.8m or -22.4% overall. The other Identity & Payment
solution markets were in line or above previous year but could not offset
the negative impact from Turkish market. The Digital Technologies category
recorded a strong performance, growing by +21.5% or € +1.3m, primarily
driven by digitalization transformation projects for the Greek public
sector and services provided by our recent acquisitions LS TECH and
GlobalTrust. The Document Lifecycle Management solution also contributed
positively with an increase of € +2.3m or +8.2%, due to higher printing
revenues in CEE and increased postal revenues associated with the
personalization services.
Revenues by Segments 1-3 2025 1-3 2024 D '25-'24 D '25-'24 %
in € million
Western Europe, Nordics, Americas 28.7 25.9 2.7 10.5%
Central Eastern Europe & DACH 51.6 62.1 (10.5) -16.9%
Türkiye / Middle East and Africa 7.6 22.1 (14.5) -65.6%
Eliminations & Corporate (5.3) (18.4) 13.1 -71.2%
Total 82.6 91.8 (9.2) -10.0%
From a segment perspective, Western Europe, Nordics and Americas recorded
an increase of € +2.7m or +10.5% compared to the previous year, mainly
driven by higher sales of metal payment cards and postal revenues
associated with personalization services. In contrast, the MEA region
registered a revenue decrease of € -14.5m or -65.6%, essentially due to
lower revenues in the Turkish payment card market. This reduction is
attributable to the current economic uncertainties in Türkiye and to high
levels of paid customer stock after several years of strong growth. This
downturn also affected the Central Eastern Europe & DACH segment due to a
decrease in inter-segment deliveries of payment cards to the Turkish
market amounting to € 11.7m more than offsetting the growth generated in
the Document Lifecycle and Digital Technologies categories. Overall, the
CEE segment registered a decline of € -10.5m or -16.9% year-over-year.
Gross Profit I declined by € -3.1m compared to the same period last year,
reaching € 39.3m in the first quarter. The Gross margin I increased by 1.4
percentage points to 47.6% as a result of a higher share of
service-related revenues without associated Costs of Material and Mailing.
Gross Profit II decreased by € -3.2m or -14.0%, essentially in line with
Gross profit I as Production costs remained at the same level as the
previous year. Consequently, the Gross Margin II also decreased by -1.1
percentage points, landing at 23.7% compared to 24.8% in the same period
of last year.
Operating expenses (OPEX) 1-3 2025 1-3 2024 D '25-'24 D '25-'24 %
in € million
Production costs (19.7) (19.7) (0.1) 0.4%
Selling and distribution expenses (5.5) (5.7) 0.2 -3.8%
Administrative expenses (6.3) (6.1) (0.2) 3.5%
Research and development expenses (2.3) (1.7) (0.6) 37.1%
+ Depreciation, amortization and 4.8 4.0 0.8 19.5%
impairment
Total (29.1) (29.2) 0.1 -0.3%
Operating expenses as a percentage 35.2% 31.8% 3.4%
of Sales
Operating expenses (OPEX) excluding depreciation, amortization and
impairment amounted to € 29.1m in the first quarter 2025, decreasing
slightly by € 0.1m compared to the comparative period in 2024. Production
costs remained essentially stable at € 19.7m as increased Depreciation &
amortization expense (€ +0.6m) compensated savings in personnel costs (€
-0.6m). Selling & Distribution expenses totalled to € 5.5m, down by €
-0.2m due to lower transportation costs. Administrative expenses came in
at € 6.3m increasing by € +0.2m or 3.5% compared to last year. Research &
Development (R&D) expenses reached € 2.3m increasing by € +0.6m or 37.1%
compared to the first quarter in 2024, mainly due to our continued
investment in our R&D capacities to support business growth. As a
percentage of revenues, OPEX increased by 3.4 percentage points to 35.2%
due to the reduction in revenues.
Adjusted EBITDA decreased by € -2.6m or -18.9% from € 13.8m to € 11.2m,
due to the reduction of gross profit being partially compensated by an
increase in R&D subsidies included in Other income (€ +0.4m). The adjusted
EBITDA margin decreased by -1.5 percentage points from 15.1% to 13.6% in
Q1 2025.
Adjusted EBIT came in at € 6.4m, decreasing by € -3.4m or -34.6% compared
to 2024, as a result of the reduced EBITDA and an increase in depreciation
and amortization by € -0.8m, reflecting prior-year CAPEX and M&A activity.
Adjusted Profit before tax decreased by € -3.1m or -38.6% to € 4.9m as the
reduction in adjusted EBIT was partially compensated by lower Net finance
costs (€ +0.3m) related to lower average outstanding debt and thus
resulting lower interest expenses.
Special items included in 1-3 2025 1-3 2024 D '25-'24 D '25-'24
in € million %
Management EBITDA (0.8) (1.2) 0.4 -33.6%
participation programs
Foreign exchange gains Profit before 0.0 0.1 (0.1) -100.0%
tax
Foreign exchange Profit before (0.6) (0.2) (0.3) 135.4%
losses tax
IAS 29 Hyperinflation Profit before (0.1) 0.0 (0.1) -267.1%
tax
Total (1.4) (1.3) (0.1) 10.0%
Profit after tax declined by € -2.6m or -50.5% from € 5.2m to € 2.6m in Q1
2025 as lower income tax expense
(€ +0.6m) partially compensated the lower Profit before tax. Special Items
came in at an expense of € 1.4m, essentially in line with Q1 2024 since
lower costs for management participation programs (€ +0.4m) were offset by
higher foreign exchange related expenses (€ -0.3m). The Profit after tax
margin shrunk from 5.6% in the first quarter of 2024 to 3.1% in Q1 2025.
FINANCIAL POSITION
Statement of financial
position 31/03/2025 31/12/2024 D '25-'24 D '25-'24 %
in € million
Non-current assets 163.6 165.2 (1.6) -1.0%
Current assets 163.9 166.4 (2.5) -1.5%
Total assets 327.5 331.6 (4.0) -1.2%
Total Equity 127.3 124.8 2.5 2.0%
Non-current liabilities 116.6 117.3 (0.8) -0.7%
Current Liabilities 83.6 89.5 (5.8) -6.5%
Total Equity and Liabilities 327.5 331.6 (4.0) -1.2%
Total assets decreased by € 4.0m from € 331.6m as of 31 December 2024 to €
327.5m as of 31 March 2025 which is mainly related to decreases in current
assets (€ -2.5m) and lower current liabilities (€ -5.8m) being partially
compensated by higher total equity (€ +2.5m). The decrease in current
liabilities is mainly related to the decrease in trade payables (€ -8.0m).
Total equity increased by € 2.5m to € 127.3m mainly as a result of the
profits generated and share-option expense recognized in the relevant
reserve in equity. The equity ratio of the AUSTRIACARD HOLDINGS Group
improved from 37.6% on 31 December 2024 to 38.9% on 31 March 2025.
Net Working Capital 31/03/2025 31/12/2024 D '25-'24 D '25-'24 %
in € million
Inventories 69.3 72.8 (3.5) -4.8%
Contract assets 17.8 15.0 2.9 19.1%
Current income tax assets 0.6 0.5 0.0 7.2%
Trade receivables 43.8 45.3 (1.5) -3.4%
Other receivables 13.5 11.1 2.5 22.4%
145.0 144.6 0.4 0.3%
Current income tax liabilities (4.1) (3.6) (0.5) 13.9%
Trade payables (35.8) (43.8) 8.0 -18.3%
Other payables (18.1) (17.0) (1.1) 6.7%
Contract liabilities (8.2) (7.2) (1.0) 14.5%
Deferred income (1.1) (1.8) 0.7 -36.9%
(67.4) (73.4) 6.0 -8.1%
Net Working Capital 77.6 71.3 6.3 8.9%
Net Working Capital increased by € 6.3m or 8.9%, from € 71.3m on 31
December 2024 to € 77.6m on 31 March 2025, mainly as a result of the
decrease in trade payables (€ - 8.0m). As a percentage of revenues
(12-month rolling), Net Working Capital thus increased from 19.3% to
20.3%.
Statement of cash flows 1-3 2025 1-3 2024 D '25-'24 D '25-'24 %
in € million
Cash flows from operating 3.1 (0.5) 3.6 -721.8%
activities
Cash flows from investing (2.9) (3.8) 0.9 -23.6%
activities
Cash flows from financing (2.8) 5.2 (7.9) -153.4%
activities
Net increase (decrease) in cash (2.5) 0.9 (3.4) -386.9%
and cash equivalents
Capital expenditure incl. ROU, (3.8) (4.9) 1.1 -22.8%
excl. M&A (CAPEX)
The Group’s Cash flow from operating activities increased by € +3.6m in
the first three months of 2025 from
€ -0.5m in 2024 to € +3.1m in 2025 due to a reduced pace of working
capital build up: 2025 € -6.9m vs 2024
€ -12.3m resulting in an improvement of operating cashflow from Net
working capital of € +5.4m.
The Cash flow from investing activities came in at a net outflow of €
-2.9m and related to regular investments in plant and equipment and
inhouse development of software to enhance our digital solutions offering
and similar operating investments.
Cash flow from financing activities came in as a net outflow of € -2.8m
compared to an inflow of € +5.2m in the same period in 2024. This outflow
primarily relates to interest (€ -1.5m), the implementation of the
share-buy-back program (€ -0.5m), acquisition of non-controlling interests
(€ -0.2m) and a net balance of loans and lease repayments (cash outflow of
€ -0.6m).
Net Debt 31/03/2025 31/12/2024 D '25-'24 D '25-'24 %
in € million
Cash and cash equivalents (18.9) (21.7) 2.8 -13.0%
Loans and borrowings 117.1 117.4 (0.2) -0.2%
Net Debt 98.2 95.6 2.6 2.7%
Net Debt increased by € 2.6m from € 95.6m as of 31 December 2024 to €
98.2m as of 31 March 2025. Net Debt / Adjusted EBITDA (rolling 12 months)
improved from 2.0x in 1-3 2024 to 1.9x in 1-3 2025.
Financial performance indicators
Key performance indicators 1-3 2025 1-3 2024 D '25-'24 D '25-'24 %
in € million
Revenue 82.6 91.8 (9.2) -10.0%
Gross profit I 39.3 42.4 (3.1) -7.4%
Gross profit I margin 47.6% 46.2% 1.4% n/a
Gross profit II 19.5 22.7 (3.2) -14.0%
Gross profit II margin 23.7% 24.8% -1.1% n/a
Total OPEX excluding depreciation (29.1) (29.2) 0.1 -0.3%
Total OPEX excluding depreciation -35.2% -31.8% -3.4% n/a
as % on sales
adjusted EBITDA 11.2 13.8 (2.6) -18.9%
adjusted EBITDA margin 13.6% 15.1% -1.5% n/a
adjusted EBIT 6.4 9.8 (3.4) -34.6%
adjusted EBIT margin 7.8% 10.7% -2.9% n/a
adjusted Profit before tax 4.9 7.9 (3.1) -38.6%
adjusted Profit before tax margin 5.9% 8.6% -2.7% n/a
adjusted Profit after tax 4.0 6.5 (2.5) -38.3%
adjusted Profit after tax margin 4.9% 7.1% -2.2% n/a
Profit after Tax 2.6 5.2 (2.6) -50.5%
Profit after Tax margin 3.1% 5.6% -2.5% n/a
Operating Cash Flow 3.1 (0.5) 3.6 721.8%
Operating Cash Flow as % on sales 3.8% -0.5% 4.3% n/a
Net Equity / Total Assets (31 38.9% 37.6% 1.2% n/a
March vs. 31 December)
Net Working Capital as of 31 March 77.6 70.7 6.9 9.8%
Net Working Capital as % on 20.3% 19.3% 1.0% n/a
revenues (12 months)
Net Debt as of 31 March 98.2 102.6 (4.3) -4.2%
Net Debt / adjusted EBITDA (12 1.9 2.0 (0.2) n/a
months)
Non-financial performance indicators
Non-financial performance 1-3 2025 1-3 2024 D '25-'24 D '25-'24 %
indicators
Number of sold cards (in million) 26.1 38.8 (12.8) -32.9%
Average number of employees in 2,111 2,433 (322) -13.2%
Full-time equivalents
Number of employees in Headcount 2,377 2,763 (386) -14.0%
as of 31 March
REPORT ON SEGMENTS
Western Europe, Nordics, Americas
Business performance 1-3 2025 1-3 2024 D '25-'24 D '25-'24 %
in € million
Revenues 28.7 25.9 2.7 10.5%
Costs of material & mailing (15.8) (12.9) (2.9) 22.8%
Gross profit I 12.8 13.1 (0.2) -1.7%
Gross margin I 44.8% 50.3% -5.5%
Production costs (5.9) (5.5) (0.3) 6.3%
Gross profit II 7.0 7.5 (0.6) -7.5%
Gross margin II 24.3% 29.0% -4.7%
Other income 0.0 0.0 0.0 58.7%
Selling and distribution expenses (2.0) (2.0) 0.0 -0.5%
Administrative expenses (2.0) (1.6) (0.4) 23.2%
Research and development expenses (0.1) (0.2) 0.0 -17.1%
Other expenses (0.0) (0.0) (0.0) 745.3%
+ Depreciation, amortization &
impairment 1.8 1.4 0.3 21.6%
adjusted EBITDA 4.5 5.1 (0.6) -11.7%
adjusted EBITDA margin 15.7% 19.7% -4.0%
- Depreciation, amortization &
impairment (1.8) (1.4) (0.3) 21.6%
adjusted EBIT 2.7 3.7 (0.9) -24.9%
The Western Europe, Nordics and Americas (WEST) segment generated revenues
of € 28.7m in Q1 2025, an increase of € +2.7m or +10.5% compared to Q1
2024. This growth was mainly driven by higher sales of metal payment cards
and postal revenues associated with personalization services.
Gross Profit I decreased by € -0.2m or -1.7%, from € 13.1m to € 12.8m in
Q1 2025, mainly due to a different sales mix and lower revenues from
personalization services (€ -0.5m). As a result, Gross Margin I was
reduced by -5.5 percentage points to 44.8%.
Gross Profit II decreased by € -0.6m or -7.5%, from € 7.5m to € 7.0m as a
result of the reduced Gross profit I and higher depreciation and
amortization costs (€ -0.3m) related to Production costs. Gross Margin II
thus decreased by
-4.7 percentage points to 24.3%.
Operating expenses excl. D, A & I
(OPEX) 1-3 2025 1-3 2024 D '25-'24 D '25-'24 %
in € million
Production costs (5.9) (5.5) (0.3) 6.3%
Selling and distribution expenses (2.0) (2.0) 0.0 -0.5%
Administrative expenses (2.0) (1.6) (0.4) 23.2%
Research and development expenses (0.1) (0.2) 0.0 -17.1%
+ Depreciation, amortization & 1.8 1.4 0.3
impairment 21.6%
Total (8.3) (8.0) (0.4) 4.8%
Operating expenses as a percentage 29.1% 30.7% -1.6%
of revenues
OPEX increased by € +0.4m to € 8.3m in Q1 2025 compared to the same period
in 2024 as a result of higher personnel and third-party expenses related
in the Administrative function. Despite the increase in absolute terms,
OPEX as a percentage of revenues decreased from 30.7% to 29.1%.
Adjusted EBITDA decreased by € -0.6m or -11.7% to € 4.5m, while adjusted
EBIT decreased by € -0.9m or -24.9% to € 2.7m, primarily due to lower
gross profit and higher depreciation and amortization.
Central Eastern Europe & DACH
Business performance 1-3 2025 1-3 2024 D '25-'24 D '25-'24 %
in € million
Revenues 51.6 62.1 (10.5) -16.9%
Costs of material & mailing (27.5) (34.8) 7.3 -21.0%
Gross profit I 24.2 27.4 (3.2) -11.8%
Gross margin I 46.8% 44.1% 2.7%
Production costs (12.4) (12.9) 0.5 -3.9%
Gross profit II 11.8 14.5 (2.7) -18.9%
Gross margin II 22.8% 23.3% -0.5%
Other income 1.2 0.9 0.3 35.9%
Selling and distribution expenses (3.0) (3.2) 0.2 -6.4%
Administrative expenses (3.9) (4.9) 1.1 -21.6%
Research and development expenses (1.9) (1.4) (0.5) 31.5%
Other expenses (0.2) (0.2) 0.1 -35.6%
+ Depreciation, amortization and
impairment 2.8 2.5 0.3 12.8%
adjusted EBITDA 6.8 8.0 (1.2) -15.0%
adjusted EBITDA margin 13.2% 12.9% 0.3%
- Depreciation, amortization and (2.8) (2.5) (0.3) 12.8%
impairment
adjusted EBIT 4.0 5.5 (1.5) -27.4%
The Central Eastern Europe & DACH (CEE) segment reported revenues of €
51.6m in Q1 2025, a decrease of € -10.5m or -16.9% compared to the same
period in 2024. This decline was primarily driven by a drop in
inter-segment payment card deliveries to the Turkish market (€ -11.7m)
which more than offset the growth generated by the Digital Technologies
category of € +1.2m or +20.0%.
Gross Profit I declined by € -3.2m or -11.8% due to the reduction in
revenues while Gross Margin I increased from 44.1% to 46.8% as a result of
a higher share of service-related revenues without associated Costs of
Material and Mailing.
Gross Profit II decreased by € -2.7m or -18.9% from € 14.5m to € 11.8m due
to the reduced Gross profit I which was partially compensated by lower
Productions costs (€ +0.5m). Gross Margin II decreased by -0.5 percentage
points from 23.3% to 22.8%.
Operating expenses excl. D, A & I
(OPEX) 1-3 2025 1-3 2024 D '25-'24 D '25-'24 %
in € million
Production costs (12.4) (12.9) 0.5 -3.9%
Selling and distribution expenses (3.0) (3.2) 0.2 -6.4%
Administrative expenses (3.9) (4.9) 1.1 -21.6%
Research and development expenses (1.9) (1.4) (0.5) 31.5%
+ Depreciation, amortization and 2.8 2.5 0.3
impairment 12.8%
Total (18.4) (20.0) 1.6 -8.2%
Operating expenses as a percentage 35.6% 32.2% 3.4%
of revenues
OPEX decreased by € -1.6m or -8.2% to € 18.4m in Q1 2025, primarily driven
by lower personnel expenses in the Production, Selling and Administrative
functions. R&D expenses increased by € +0.5m reflecting our increased
focus and investment in this function. Operating expenses as a percentage
of revenues increased from 32.2% to 35.6% due to reduction in segment
revenues.
Adjusted EBITDA decreased by € 1.2m or -15.0% to € 6.8m while adjusted
EBIT decreased by € 1.5m or -27.4% to € 4.0m, essentially as a result of
the reduction in revenues and gross profit.
Türkiye / Middle East and Africa
Business performance 1-3 2025 1-3 2024 D '25-'24 D '25-'24 %
in € million
Revenues 7.6 22.1 (14.5) -65.6%
Costs of material & mailing (5.0) (18.7) 13.7 -73.3%
Gross profit I 2.6 3.5 (0.8) -24.2%
Gross margin I 34.5% 15.6% 18.8%
Production costs (1.5) (1.2) (0.2) 18.2%
Gross profit II 1.1 2.2 (1.1) -48.1%
Gross margin II 15.1% 10.0% 5.1%
Other income 0.0 0.0 (0.0) -100.0%
Selling and distribution expenses (0.4) (0.4) 0.0 -0.6%
Administrative expenses (0.2) (0.1) (0.1) 71.4%
Research and development expenses (0.3) 0.0 (0.3) n/a
Other expenses (0.0) (0.0) 0.0 -97.2%
+ Depreciation, amortization and
impairment 0.2 0.1 0.1 218.3%
adjusted EBITDA 0.4 1.7 (1.3) -75.0%
adjusted EBITDA margin 5.6% 7.8% -2.1%
- Depreciation, amortization and (0.2) (0.1) (0.1) 218.3%
impairment
adjusted EBIT 0.2 1.7 (1.4) -86.6%
The Türkiye, Middle East and Africa (MEA) segment recorded revenues of €
7.6m decreasing by € -14.5m or -65.6% compared to Q1 2024 which is
essentially due to lower revenues in the Turkish payment card market. This
reduction is attributable to the current economic uncertainties in the
Turkish market and to high levels of paid customer stock after several
years of strong growth.
Gross Profit I decreased by € -0.8m to € 2.6m as a result of the revenue
reduction. Gross Margin I increased from 15.6% to 34.5% due to the vastly
changed sales mix related to the reduction in revenues.
Gross Profit II decreased by € -1.1m or -48.1% from € 2.2m to € 1.1m as a
result of the reduced Gross profit I and increase in Production costs by €
-0.2m which is mainly related to increased depreciation and amortization
costs
(€ 0.1m). Gross Margin II increased by +5.1 percentage points to 15.1% as
a result of the vastly changed sales mix.
Operating expenses excl. D, A & I
(OPEX) 1-3 2025 1-3 2024 D '25-'24 D '25-'24 %
in € million
Production costs (1.5) (1.2) (0.2) 18.2%
Selling and distribution expenses (0.4) (0.4) 0.0 -0.6%
Administrative expenses (0.2) (0.1) (0.1) 71.4%
Research and development expenses (0.3) 0.0 (0.3) 0.0%
+ Depreciation, amortization and 0.2 0.1 0.1
impairment 218.3%
Total (2.2) (1.7) (0.5) 27.3%
Operating expenses as a percentage 28.8% 7.8% 21.0%
of revenues
OPEX increased by € -0.5m or 27.3% from € 1.7m to € 2.2m in Q1 2025
compared to the same period in 2024, mainly as result of higher Research &
development expenses (€ 0.3m). OPEX as a percentage of revenues increased
from 7.8% to 28.8% due to the reduction in revenues.
Adjusted EBITDA and adjusted EBIT dropped by € -1.3m or -75.0% to € 0.4m
respectively € -1.4m or -86.6% to
€ 0.2m as result of the downturn in revenues and gross profit.
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. Markus Kirchmayr, Group CFO
E-Mail: investors@austriacard.com
Tel: +43 1 61065 - 384
Website: (1)www.austriacard.com
Symbol: ACAG
ISIN: AT0000A325L0
Stock Exchanges: Vienna Prime Market, Athens Main Market
APPENDIX
A. PRIMARY FINANCIAL STATEMENTS
Consolidated statement of financial position
in € thousand 31 March 2025 31 December 2024
Assets
Property, plant and equipment and right 100,121 100,545
of use assets
Intangible assets and goodwill 58,359 59,555
Equity-accounted investees 395 395
Other receivables 1,313 1,259
Deferred tax assets 3,454 3,474
Non-current assets 163,641 165,227
Inventories 69,317 72,795
Contract assets 17,815 14,952
Current income tax assets 561 523
Trade receivables 43,758 45,297
Other receivables 13,541 11,061
Cash and cash equivalents 18,911 21,737
Current assets 163,902 166,366
Total assets 327,543 331,593
Equity
Share capital 36,354 36,354
Share premium 32,749 32,749
Own shares (2,584) (2,064)
Other reserves 20,321 19,856
Retained earnings 37,710 37,385
Equity attributable to owners of the 124,550 124,281
Company
Non-controlling interests 2,787 524
Total Equity 127,337 124,805
Liabilities
Loans and borrowings 100,891 101,261
Employee benefits 3,898 4,005
Other payables 1,680 1,726
Deferred tax liabilities 10,093 10,336
Non-current liabilities 116,561 117,328
Current tax liabilities 4,118 3,615
Loans and borrowings 16,258 16,097
Trade payables 35,802 43,807
Other payables 18,124 16,985
Contract liabilities 8,228 7,188
Deferred income 1,115 1,769
Current Liabilities 83,645 89,460
Total Liabilities 200,206 206,788
Total Equity and Liabilities 327,543 331,593
Consolidated income statement
in € thousand 1-3 2025 1-3 2024
Revenues 82,566 91,765
Cost of sales (63,034) (69,040)
Gross profit 19,532 22,725
Other income 1,192 892
Selling and distribution expenses (5,469) (5,686)
Administrative expenses (7,130) (7,323)
Research and development expenses (2,320) (1,692)
Other expenses (180) (299)
+ Depreciation, amortization and impairment 4,773 3,995
EBITDA 10,399 12,612
- Depreciation, amortization and impairment (4,773) (3,995)
EBIT 5,625 8,616
Financial income 142 175
Financial expenses (2,348) (2,186)
Result from associated companies 0 0
Net finance costs (2,206) (2,011)
Profit (Loss) before tax 3,419 6,605
Income tax expense (860) (1,431)
Profit (Loss) 2,560 5,175
Profit (Loss) attributable to:
Owners of the Company 1,989 5,078
Non-controlling interests 571 97
Profit (Loss) 2,560 5,175
Earnings (loss) per share
basic 0.06 0.14
diluted 0.05 0.13
Consolidated statement of cash flows
in € thousand 1-3 2025 1-3 2024
Cash flows from operating activities
Profit (Loss) before tax 3,419 6,605
Adjustments for:
-Depreciation, amortization and impairment 4,773 3,995
-Net finance cost 2,206 2,011
-Other non-cash transactions 180 (317)
10,579 12,294
Changes in:
-Inventories 3,478 (6,264)
-Contract assets (2,863) (2,407)
-Trade and other receivables (940) (2,142)
-Contract liabilities 1,039 (3,068)
-Trade payable and other payables (7,582) 1,650
-Taxes paid (611) (563)
Net cash from (used in) operating activities 3,101 (499)
Cash flows from investment activities
Interest received 142 81
Payments for acquisition of subsidiaries and business, 0 (745)
net of cash acquired
Payments for acquisition of property, plant and (3,030) (3,117)
equipment & intangible assets
Net cash from (used in) investing activities (2,888) (3,780)
Cash flows from financing activities
Interest paid (1,481) (1,367)
Proceeds from loans and borrowings 5,019 10,508
Repayment of loans and borrowings (4,555) (3,130)
Payment of lease liabilities (1,069) (844)
Acquisition of own shares (520) 0
Acquisition of non-controlling interests (155) 0
Net cash from (used in) financing activities (2,762) 5,168
Net increase (decrease) in cash and cash equivalents (2,549) 889
Cash and cash equivalents at 1 January 21,737 23,825
Effect of movements in exchange rates on cash held (277) (50)
Cash at 31 March 18,911 24,663
B. SEGMENT REPORTING
Reportable Segments
1-3 2025
in € thousand WEST CEE MEA Corporate Eliminations Total
Revenues 26,899 48,070 7,598 0 0 82,566
Intersegment
revenues 1,754 3,553 5 935 (6,247) 0
Segment revenues 28,653 51,623 7,603 935 (6,247) 82,566
Costs of
material &
mailing (15,819) (27,471) (4,983) 0 4,976 (43,297)
Gross profit I 12,834 24,152 2,619 935 (1,272) 39,269
Production costs (5,877) (12,388) (1,471) 0 0 (19,737)
Gross profit II 6,957 11,764 1,148 935 (1,272) 19,532
Other income 9 1,183 0 0 0 1,192
Selling and
distribution
expenses (2,037) (3,029) (402) 0 0 (5,469)
Administrative
expenses (2,032) (3,869) (233) (1,470) 1,272 (6,333)
Research and
development
expenses (146) (1,879) (291) (4) 0 (2,320)
Other expenses (5) (160) (1) (13) 0 (179)
+ Depreciation,
amortization
and impairment 1,763 2,797 208 5 0 4,773
adjusted EBITDA 4,508 6,807 429 (546) 0 11,197
- Depreciation,
amortization
and impairment (1,763) (2,797) (208) (5) 0 (4,773)
adjusted EBIT 2,745 4,010 221 (552) 0 6,424
Financial income 142
Financial (1,698)
expenses
Result from
associated 0
companies
Net finance (1,555)
costs
adjusted Profit
(Loss) before 4,868
tax
Special items (1,449)
Profit (Loss) 3,419
before tax
Income tax (860)
expense
Profit (Loss) 2,560
Reportable Segments
1-3 2024
in € thousand WEST CEE MEA Corporate Eliminations Total
Revenues 24,414 45,260 22,087 4 0 91,765
Intersegment
revenues 1,525 16,887 30 1,000 (19,442) 0
Segment
revenues 25,939 62,146 22,117 1,005 (19,442) 91,765
Costs of
material &
mailing (12,887) (34,758) (18,661) 0 16,925 (49,381)
Gross profit I 13,053 27,388 3,455 1,005 (2,517) 42,384
Production
costs (5,529) (12,886) (1,244) 0 0 (19,659)
Gross profit II 7,524 14,502 2,211 1,005 (2,517) 22,725
Other income 6 870 15 0 0 892
Selling and
distribution
expenses (2,047) (3,235) (405) 0 0 (5,686)
Administrative
expenses (1,650) (4,935) (136) (1,917) 2,517 (6,121)
Research and
development
expenses (177) (1,428) 0 (87) 0 (1,692)
Other expenses (1) (249) (33) (16) 0 (299)
+ Depreciation,
amortization
and impairment 1,450 2,479 65 1 0 3,995
adjusted EBITDA 5,106 8,005 1,717 (1,014) (0) 13,814
- Depreciation,
amortization
and impairment (1,450) (2,479) (65) (1) 0 (3,995)
adjusted EBIT 3,656 5,526 1,652 (1,015) (0) 9,819
Financial
income 81
Financial
expenses (1,978)
Result from
associated
companies 0
Net finance
costs (1,896)
adjusted Profit
(Loss) before 7,923
tax
Special items (1,317)
Profit (Loss) 6,605
before tax
Income tax (1,431)
expense
Profit (Loss) 5,175
══════════════════════════════════════════════════════════════════════════
19.05.2025 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: 2140922
End of News EQS News Service
2140922 19.05.2025 CET/CEST
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