EQS-News: AUSTRIACARD HOLDINGS AG: 9M 2026 Financial Results
EQS-News: AUSTRIACARD HOLDINGS AG / Key word(s): 9 Month figures
AUSTRIACARD HOLDINGS AG: 9M 2026 Financial Results
11.11.2026 / 18:41 CET/CEST
The issuer is solely responsible for the content of this announcement.
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9M 2026: double-digit revenue growth and strong Q3 operating cash flow
generation;
9M profitability burdened by cost and margin pressure in CEE and one-off
expenses
€20.2m Q3 Operating Cash Flow generation (+59% vs. Q3 2025) drives €10.3m
Group Net Debt reduction vs. end-June 2026
Digital Technologies and Identity & Payment solutions the key growth
catalysts
• Group Revenues of €291.7m (11% increase vs. 9M 2025), with Digital
Technologies and Identity & Payment solutions the key growth drivers.
All three regional segments grew, with WEST (+15%) and MEA (+14%)
delivering double-digit growth vs. 9M 2025. Q3 2026 Group Revenues
increased 6% against the strongest quarter in 2025 and +8% vs. prior
quarter. Annual revenue growth in Q3 2026 was driven by public sector
digitization projects in Greece, Identity solutions in MEA, as well as
the secure document printing project for national examinations in an
East African country.
• Public sector digitization projects in Greece anchored growth in Digital
Technologies (+70% vs. 9M 2025). Fintech clients in the WEST segment and
citizen authentication solutions in the MEA segment were the key growth
catalysts for Identity & Payment solutions (+9% vs. 9M 2025). Document
Lifecycle Management (-2% vs. 9M 2025), returned to growth in Q3 2026
(+9% vs. Q3 2025), as secure document printing in Africa outweighed the
secular volume contraction in postal services and printing in Romania.
• EBITDA of €30.2m (10% decline vs. 9M 2025) with Group EBITDA margin at
10.4% (250bps reduction vs. 9M 2025). The decline mainly reflects cost
and margin pressure in Document Lifecycle Management solutions,
especially in the Romanian market, higher outsourced costs for the
delivery of the Greek public sector digitization projects and continued
investment in the Group’s management, sales and R&D teams, as well as
extraordinary expenses incurred for the settlement of the legacy
management participation program 2022-2025 (SOP), the accounting
valuation effects of the current LTI plan and the ongoing takeover offer
from DNP. Excluding all extraordinary expenses, Group EBITDA reached
€33.6m (11.5% margin), a 7% like-for-like decline vs. 9M 2025.
• Net Profit of €8.8m (11% decline vs. 9M 2025), reflecting lower
operating profitability (EBIT -19% vs. 9M 2025), partly offset by the
one-off €2.2m gain from the 25% minority stake sale in SEGLAN S.L.
• Operating Cash Flow of €10.9m inflow in 9M 2026 (vs. €23.2m inflow in 9M
2025), burdened by the working capital build-up (€10m operating cash
flow impact) and a cash outflow related to the SOP settlement (€4.8m).
Worth highlighting that Operating Cash Flow in Q3 2026 amounted to
€20.2m inflow (up 59% vs. Q3 2025), supported by a significant
improvement in working capital (€14m benefit to operating cash flow in
the quarter), largely attributed to invoicing and collection of Greek
public sector digitization projects, inventory decline as well as VAT
receivables recovery. The remaining working capital build-up in 9M 2026
is mainly attributed to higher both Contract Assets (Greek public sector
digitization projects and Identity & Payment solutions) and Trade &
Other Receivables (Payment & Identity solutions, Greek public sector
digitization projects as well as deferred expenses).
• Group Net Debt of €93.6m (vs. €81.6m in FY2025), declined by approx.
€10m vs. end-June 2026 (€103.9m), on the back of strong Operating Cash
Flow generation in Q3 2026, despite the step-up in growth CAPEX. Group
Leverage (Net Debt / EBITDA) at 2.1x, stable vs. end-June 2026 and
marginally above 9M 2025 (2.0x).
• 2026 Outlook & updated Management guidance: Management reiterates its
previous guidance for low-double-digit FY2026 Group Revenue growth
target vs. 2025, supported by solid growth from Fintech customers in
both Western Europe and the United States, the delivery of the Greek
public sector digitization projects as well as secure document printing
orders and Identity solutions in the MEA segment. FY2026 Group EBITDA
margin is expected to contract vs. 13.6% in FY2025, on account of the
cost pressure in Document Lifecycle Management solutions in the Romanian
market and in the delivery of the Greek public sector digitization
projects as well as higher overheads related to personnel additions to
support the Group’s key growth projects. In addition, Management
anticipates Group FY2026 EBITDA to be burdened by extraordinary
(non-budgeted) expenses, estimated at approx. €6m for FY2026, associated
with the takeover offer from DNP, the resulting change-of-control event
and the settlement of the legacy management participation program
2022–2025. Based on the aforesaid factors, Management currently expects
Group FY2026 reported EBITDA to decline at a high-single-digit to
low-double-digit rate vs. €48.8m in FY2025. After excluding all
aforesaid extraordinary expenses, Group FY2026 EBITDA is expected to
decline at a low-single-digit rate on a like-for-like basis vs. FY2025.
• Dai Nippon Printing Co., Ltd. (“DNP”) Voluntary Takeover Offer: the
Offer is subject to the Conditions Precedent set out in Section 4.1 of
the Offer Document. At the time of publication of the Results Press
Release, the Conditions Precedent have not been entirely fulfilled (FDI
clearance from the competent authorities in Austria is still
outstanding). Therefore, the Offer has not become unconditionally
binding.
November 11, 2026 – AUSTRIACARD HOLDINGS AG (ACAG), the international
applied technology group headquartered in Vienna, announces its 9M 2026
financial results.
Manolis Kontos, Chairman of the Management Board and Group CEO, commented:
“The first nine months of 2026 confirm the growth trajectory we set out at
the start of the year. Group revenues increased 11%, in-line with the
low-double-digit growth target we raised at H1, with all three geographic
segments contributing. The largest contributions came from the areas where
we have invested more deliberately: Digital Technologies, holistic Citizen
Identity services in MEA and Payment solutions for Fintech and neobank
clients in the UK and the United States. In the third quarter, revenues grew
6% against Q3 2025, the strongest quarter of 2025, and 8% compared to the
previous quarter.
Importantly, the third quarter delivered the working capital improvement we
committed to. The growing contribution of large-scale technology projects is
changing the way cash moves through the business. These projects absorb
working capital while they are in progress and release it as milestones are
reached. The third quarter showed that cycle at work. With the Greek public
sector digitization projects moving into invoicing and collection, we
generated €20.2m of operating cash flow in the quarter, up 59% compared to
Q3 2025. That was enough to fund a higher level of investment and still
reduce net debt by around €10m. We expect working capital to improve further
in the fourth quarter, driven by more projects reaching completion and lower
inventories, while the supplier terms we renegotiated in mid-2025 are now
also starting to pay off.
We remain fully committed to our strategy, and its execution is well
underway, as reflected in this year’s investments. We have established a
presence on the ground in Africa to support the large-scale secure document
printing projects we are already delivering in MEA, and we are strengthening
our position in the US with a second personalization center in Salt Lake
City, Utah. We also continue to invest in our proprietary software, across
Payment and Digital Technologies solutions, including GaiaB™ and
Card-as-a-Service. We have been also investing in people, strengthening our
management, sales and R&D teams, as the projects we deliver, grow in scale
and complexity. These are deliberate choices that strengthen AUSTRIACARD as
an end-to-end applied technology group, and over time they will feed into
the Group’s financial profile.
The proposed combination with DNP adds a new dimension to this strategy.
Subject to the completion of the transaction, AUSTRIACARD would become part
of a global group, with the reach and resources to take our strategy further
and faster across Europe, the United States, the Middle East and in Asia.
That step is still ahead of us. In the meantime, we remain focused on what
has brought us this far: serving our clients, supporting our people and
delivering on our commitments.“
GROUP PERFORMANCE HIGHLIGHTS
Group P&L | Highlights 9M 2026 9M 2025 % chg
in € million
Revenues 291.7 262.4 +11%
EBITDA 30.2 33.7 -10%
EBITDA margin 10.4% 12.8% -2.5%
EBITDA excl. extraordinary costs^1 33.6 36.0 -7%
EBITDA margin 11.5% 13.7% -2.2%
Profit/(Loss) before tax 11.8 13.5 -13%
Profit/(Loss) 8.8 9.8 -11%
Profit/(Loss) attributable to 7.1 8.6 -18%
Company owners
1. Like-for-like, excluding all costs related to the accounting effects of
the legacy management participation program 2022-2025, the current LTI plan
and the DNP takeover offer
in € million Q3 2026 Q3 2025 % chg
Revenues 105.2 98.8 +6%
EBITDA 10.8 16.0 -33%
EBITDA margin 10.3% 16.2% -5.9%
Profit/(Loss) before tax 3.9 9.7 -59%
Profit/(Loss) 2.9 7.4 -60%
Profit/(Loss) attributable to 2.0 7.2 -72%
Company owners
Group Financial Position | Highlights 30/09/2026 31/12/2025
in € million
Cash & cash equivalents 21.4 25.1
Total Assets 350.3 327.8
Total Equity 131.8 135.9
Net Debt 93.6 81.6
Total Liabilities 218.5 191.8
Group Revenues
Group Revenues increased 11% vs. 9M 2025 to €291.7m, on the back of the
following key drivers:
• Digital Technologies up 70% vs. 9M 2025, with large-scale, public sector
digitization projects in Greece the key growth catalyst (approx. €15m
revenue contribution vs. 9M 2025).
• Identity & Payment solutions increased 9% vs. 9M 2025, driven by growth
in Payment solutions (+8% vs. 9M 2025) from UK and US-based Fintech
clients, as well as growth in Identity solutions (+28% vs. 9M 2025), on
account of the Group’s business development in the MEA segment.
From a regional segment perspective, revenues across all 3 segments grew vs.
9M 2025, with both WEST (+15% vs. 9M 2025) and MEA (+14% vs. 9M 2025)
registering double-digit growth. Worth highlighting that Q3 2026 Group
Revenues increased 6% against Q3 2025, the strongest quarter in 2025, and
+8% vs. prior quarter. Annual revenue growth in Q3 2026 was driven by the
Greek public sector digitization projects, the secure document printing
project for national examinations in an East African country and Identity
solutions in MEA.
Revenues by Segment 9M 2026 9M 2025 €m chg % chg
in € million
Central Eastern Europe & DACH (CEE) 158.5 149.6 8.9 +6%
Western Europe, Nordics, Americas (WEST) 100.3 87.4 13.0 +15%
Türkiye / Middle East and Africa (MEA) 53.4 46.9 6.5 +14%
Eliminations & Corporate (20.4) (21.4) (1.0) -5%
Total 291.7 262.4 29.3 +11%
in € million Q3 2026 Q3 2025 €m chg % chg
Central Eastern Europe & DACH (CEE) 47.0 45.6 1.3 +3%
Western Europe, Nordics, Americas (WEST) 33.1 32.7 0.4 +1%
Türkiye / Middle East and Africa (MEA) 32.8 30.6 2.3 +7%
Eliminations & Corporate (7.7) (10.1) (2.4) -24%
Total 105.2 98.8 6.4 +6%
Please refer to pages 15-17 and 24-25 in the Appendix for a detailed
analysis of the Group Segments.
Central Eastern Europe & DACH (CEE)
Revenues in the segment increased 6% vs. 9M 2025 to €158.5m, with Digital
Technologies (+70% vs. 9M 2025 to €37m), the single largest revenue growth
driver in the CEE segment, anchored by the Greek public sector digitization
projects (approx. €15m revenue increase vs. 9M 2025). On the other hand, the
unfavourable base effect from 9M 2025 related to payment card renewals in
the Romanian market and e-health cards in Austria, explains a 2% decline vs.
9M 2025 in Identity & Payment solutions revenues. Moreover, Document
Lifecycle Management revenues (-8% vs. 9M 2025) were adversely impacted by
the continued secular volume contraction in the Romanian market, in the
context of the broader trends of digitization of client communication.
Identity & Payment solutions accounted for 40% of CEE segment total revenues
(€63m revenues) followed closely by Document Lifecycle Management (€58m
revenues or 37% of CEE segment total). The aforesaid strong growth in
Digital Technologies further increased its share to 24% of CEE segment total
(vs. 15% in 9M 2025).
Western Europe, Nordics, Americas (WEST)
Revenues in the segment posted another strong performance, up 15% vs. 9M
2025 to €100.3m, anchored by strong growth in Payment solutions (+15% vs. 9M
2025), attributed to UK and US-based Fintech clients, reflecting the Group’s
successful strategy to focus on the fast-growing segments of Fintech and
neobanks. Worth highlighting the continued strong performance of the Group’s
US operations (€23m revenues, +26% vs. 9M 2025) with distribution services
of personalized cards (fulfillment), card personalization and metal cards
the key drivers.
Türkiye, Middle East and Africa (MEA)
Revenues in the segment registered 14% increase vs. 9M 2025 to €53.4m. The
strong performance was driven predominantly by (i) Identity solutions
(approx. €5m revenue increase vs. 9M 2025), reflecting the Group’s
successful business development in offering citizen authentication solutions
in various jurisdictions and (ii) Document Lifecycle Management (approx. €3m
revenue increase vs. 9M 2025), largely thanks to a renewed secure document
printing order (national examinations) for a public administration in an
East African market. Revenues from Digital Technologies solutions
contributed as well (almost €1m revenue increase vs. 9M 2025), on account of
the first large-scale order for the implementation of the GaiaB™ Appliance
in the UAE. Revenue growth in the aforesaid solutions more than offset
headwinds related to the continued normalization of the Turkish payment card
market (approx. €3m revenue decline vs. 9M 2025), associated with the
persistent macroeconomic volatility, together with cyclicality and continued
normalization in customer stock levels, following high levels of paid stock
after several years of substantial growth.
Revenues by Solution^1 9M 2026 9M 2025 €m chg % chg
in € million
Identity & Payment 174.3 159.5 14.8 +9%
Document Lifecycle Management 79.1 80.4 (1.3) -2%
Digital Technologies 38.3 22.5 15.8 +70%
Total 291.7 262.4 29.3 +11%
in € million Q3 2026 Q3 2025 €m chg % chg
Identity & Payment 56.7 55.3 1.4 +3%
Document Lifecycle Management 39.3 36.0 3.2 +9%
Digital Technologies 9.2 7.4 1.8 +24%
Total 105.2 98.8 6.4 +6%
1. Please note (as per the relevant note included in the Q1 2026 Results
Press Release) the reclassification of revenues related to the distribution
services of personalized cards (fulfillment) from Document Lifecycle
Management into Identity & Payment solutions. This reclassification now
accurately reflects revenues related to the Group’s Payment solutions.
Identity & Payment
Revenues reported a robust 9% increase vs. 9M 2025 to €174.3m, supported by
solid growth on both pillars. The Group’s total volume of sold cards
increased 12% vs. 9M 2025 to 93.6m, with volumes in Q3 up 7% vs. Q3 2025.
Payment solutions revenues increased 8% vs. 9M 2025, on the back of:
• Solid revenue growth across distribution services of personalized cards
(fulfillment), cards issuance and personalization.
• WEST segment was the key growth driver (+22% vs. 9M 2025), supported by
strong growth in UK and US-based Fintech clients. Worth highlighting the
continued strong performance of the Group’s activities in the US, with
revenues up 26% vs. 9M 2025. Growth in the WEST segment more than offset
headwinds in MEA (ongoing normalization of the Turkish payment card
market) and in CEE (unfavourable base effect in 9M 2025 from renewals of
payment cards in the Romanian market).
Identity solutions revenues increased 28% vs. 9M 2025 (€3m revenue increase
vs. 9M 2025), anchored by the Group’s successful business development in
offering citizen authentication solutions in various jurisdictions in the
MEA segment (approx. €5m revenue increase vs. 9M 2025).
Document Lifecycle Management
Revenues marginally declined (-2%) vs. 9M 2025 to €79.1m, as strong growth
in secure document printing orders for public administrations in Africa did
not offset the continued secular volume contraction in the postal and
printing business in Romania, due to the broader trends of digitization of
client communication (migration of transactional communications to
electronic delivery channels). Annual revenue growth in Q3 2026 reached 9%,
anchored by the secure document printing project for national examinations
in an East African country.
Digital Technologies
Revenues registered a robust 70% increase vs. 9M 2025 to €38.3m, thanks to
the Greek public sector digitization projects (approx. €15m revenue increase
vs. 9M 2025). 9M 2026 Revenues related to the Greek public sector
digitization projects reached approx. €26m in total. Until 30/09/2026, the
Group had been awarded (both directly and indirectly) public sector
digitization projects in Greece worth in total approx. €73m, of which
approx. €61m has been cumulatively received/recognized (from 2023 until
end-September 2026), with the remaining amount of approx. €12m to be
recognized from Q4 2026 onwards. Worth highlighting that the first
large-scale order for the implementation of the GaiaB™ Appliance (the
Group’s proprietary generative AI solution for the automation of business
processes and operations) in the UAE generated €0.8m revenues in 9M 2026.
Revenues by Solution
% of Group Total
9M 2025 9M 2026
Group Gross Profit 9M 2026 9M 2025 €m chg % chg
in € million
Gross profit I 138.0 130.9 7.1 +5%
Gross profit I margin 47.3% 49.9% -2.6%
Gross profit II 62.2 61.7 0.6 +1%
Gross profit II margin 21.3% 23.5% -2.2%
in € million Q3 2026 Q3 2025 €m chg % chg
Gross profit I 52.3 54.1 (1.8) -3%
Gross profit I margin 49.7% 54.7% -5.0%
Gross profit II 20.3 24.9 (4.6) -18%
Gross profit II margin 19.3% 25.2% -5.9%
Gross profit I increased 5% vs. 9M 2025, supported by revenue growth (+11%
vs. 9M 2025). Gross Profit I margin contracted by 2.6 percentage points to
47.3%, as cost and margin pressure in Document Lifecycle Management
solutions in the Romanian market and higher outsourced costs associated with
the delivery of the Greek public sector digitization projects, more than
offset margin expansion in WEST (growth in Payment solutions) and in MEA
(largely attributed to the secure document printing project in Africa and
growth in Identity solutions).
Gross profit II increased 1% vs. 9M 2025, burdened by the aforesaid cost and
margin pressure in CEE as well as higher production costs in both WEST and
MEA segments, driven by business growth. Gross profit II margin contracted
by 2.2 percentage points to 21.3%.
Group Operating Expenses (OPEX) 9M 2026 9M 2025 €m chg % chg
in € million
Production costs (75.8) (69.2) 6.5 +9%
Selling and distribution expenses (18.5) (16.6) 1.9 +11%
Administrative expenses (24.5) (21.5) 3.0 +14%
R&D expenses (7.6) (6.9) 0.7 +9%
+ Depreciation, amortization & impairment 14.5 14.2 0.3 +2%
Total (111.7) (100.0) 11.7 +12%
as % of Revenues 38.3% 38.1%
in € million Q3 2026 Q3 2025 €m chg % chg
Production costs (31.9) (29.2) 2.8 +10%
Selling and distribution expenses (6.0) (5.5) 0.5 +9%
Administrative expenses (7.7) (6.8) 0.9 +13%
R&D expenses (2.5) (2.3) 0.2 +7%
+ Depreciation, amortization & impairment 5.0 4.6 0.4 +8%
Total (43.1) (39.2) 4.0 +10%
as % of Revenues 41.0% 39.6%
Group OPEX (excluding depreciation, amortization & impairment) increased 12%
vs. 9M 2025 to €111.7m, due to:
(i) higher production costs (+9% vs. 9M 2025), largely associated with
business growth in WEST and MEA segments as well as the delivery of the
Greek public sector digitization projects in CEE.
(ii) higher SG&A and R&D expenses (+12% vs. 9M 2025), driven by continued
investment in strengthening the Group’s management, sales and R&D teams as
well as by approx. €1m increase in costs associated with the settlement of
the legacy management participation program 2022-2025, the accounting
valuation effects of the current LTI plan and the ongoing takeover offer
from DNP.
Group Operating
Profitability 9M 2026 9M 2025 €m chg % chg
in € million
EBITDA 30.2 33.7 (3.5) -10%
EBITDA margin 10.4% 12.8% -2.5%
EBITDA excl. extraordinary 33.6 36.0 (2.5) -7%
costs^1
EBITDA margin 11.5% 13.7% -2.2%
EBIT 15.7 19.5 (3.8) -19%
EBIT margin 5.4% 7.4% -2.0%
in € million Q3 2026 Q3 2025 €m chg % chg
EBITDA 10.8 16.0 (5.2) -33%
EBITDA margin 10.3% 16.2% -5.9%
EBITDA excl. extraordinary 11.7 16.8 (5.1) -31%
costs^1
adjusted EBITDA margin 11.1% 17.0% -5.9%
EBIT 5.8 11.4 (5.6) -49%
EBIT margin 5.5% 11.5% -6.0%
1. Like-for-like, excluding all costs related to the accounting effects of
the legacy management participation program 2022-2025, the current LTI plan
and the DNP takeover offer
Group EBITDA declined 10% vs. 9M 2025 to €30.2m, as higher SG&A and R&D
expenses (+12% vs. 9M 2025) outweighed the marginal Gross Profit increase
(+1% vs. 9M 2025) and higher net other income (net of expenses) (approx. €1m
increase vs. 9M 2025 associated with higher R&D investments in Digital
Technologies, whose relevant personnel costs are capitalized). The Group
EBITDA margin contracted by 2.5 percentage points to 10.4%. After excluding
all extraordinary expenses totaling €3.4m, related to the accounting effects
of the legacy management participation program 2022-2025 and the current LTI
plan as well as those associated with the DNP takeover offer, Group EBITDA
amounted to €33.6m (11.5% margin) vs. €36.0m like-for-like in 9M 2025,
implying a more modest 7% decline vs. 9M 2025.
Group EBIT declined 19% vs. 9M 2025 to €15.7m, burdened by the aforesaid
EBITDA reduction and marginally higher depreciation & amortization expenses
(+2% vs. 9M 2025). Group EBIT margin contracted by some 2 percentage points
to 5.4%.
Group Net Results 9M 2026 9M 2025 €m chg % chg
in € million
Profit/(Loss) before tax 11.8 13.5 (1.8) -13%
Profit/(Loss) 8.8 9.8 (1.1) -11%
Profit/(Loss) attributable to Company Owners 7.1 8.6 (1.5) -18%
EPS (basic) (€) 0.20 0.24 -18%
in € million Q3 2026 Q3 2025 €m chg % chg
Profit/(Loss) before tax 3.9 9.7 (5.8) -59%
Profit/(Loss) 2.9 7.4 (4.4) -60%
Profit/(Loss) attributable to Company Owners 2.0 7.2 (5.2) -72%
EPS (basic) (€) 0.06 0.20 -72%
Group Net Profit declined 11% vs. 9M 2025 to €8.8m, reflecting lower
operating profitability (EBIT -19% vs. 9M 2025), partly offset by the
one-off €2.2m gain related to the sale of a 25% minority stake in SEGLAN
S.L. (SPA signed in April).
Group P&L 9M 2026 9M 2025 €m chg % chg
in € million
Revenues 291.7 262.4 29.3 +11%
Costs of material & mailing (153.8) (131.5) (22.2) +17%
Gross profit I 138.0 130.9 7.1 +5%
Gross profit I margin 47.3% 49.9% -2.6%
Production costs (75.8) (69.2) (6.5) +9%
Gross profit II 62.2 61.7 0.6 +1%
Gross profit II margin 21.3% 23.5% -2.2%
Other income 4.8 4.0 0.8 +20%
Selling and distribution expenses (18.5) (16.6) (1.9) +11%
Administrative expenses (24.5) (21.5) (3.0) +14%
R&D expenses (7.6) (6.9) (0.7) +9%
Other expenses (0.8) (1.2) 0.4 -33%
+ Depreciation, amortization & impairment 14.5 14.2 0.3 +2%
EBITDA 30.2 33.7 (3.5) -10%
EBITDA margin 10.4% 12.8% -2.5%
– Depreciation, amortization & impairment (14.5) (14.2) 0.3 +2%
EBIT 15.7 19.5 (3.8) -19%
EBIT margin 5.4% 7.4% -2.0%
Financial income 0.4 0.4 0.0 +9%
Financial expenses (6.5) (6.4) 0.1 +2%
Result from associated companies 2.2 0.1 2.1 n/m
Net finance costs (3.9) (5.9) 2.0 -34%
Profit/(Loss) before tax 11.8 13.5 (1.8) -13%
Income tax expense (3.0) (3.7) (0.7) -19%
Profit/(Loss) 8.8 9.8 (1.1) -11%
Group P&L Q3 2026 Q3 2025 €m chg % chg
in € million
Revenues 105.2 98.8 6.4 +6%
Costs of material & mailing (52.9) (44.8) 8.1 +18%
Gross profit I 52.3 54.1 (1.8) -3%
Gross profit I margin 49.7% 54.7% -5.0%
Production costs (31.9) (29.2) 2.8 +10%
Gross profit II 20.3 24.9 (4.6) -18%
Gross profit II margin 19.3% 25.2% -5.9%
Other income 1.9 1.5 0.4 +26%
Selling and distribution expenses (6.0) (5.5) 0.5 +9%
Administrative expenses (7.7) (6.8) 0.9 +13%
R&D expenses (2.5) (2.3) 0.2 +7%
Other expenses (0.2) (0.3) (0.1) -40%
+ Depreciation, amortization & impairment 5.0 4.6 0.4 +8%
EBITDA 10.8 16.0 (5.2) -33%
EBITDA margin 10.3% 16.2% -5.9%
– Depreciation, amortization & impairment (5.0) (4.6) 0.4 +8%
EBIT 5.8 11.4 (5.6) -49%
EBIT margin 5.5% 11.5% -6.0%
Financial income 0.1 0.1 (0.0) -5%
Financial expenses (2.0) (1.8) 0.2 +9%
Result from associated companies 0.0 0.0 0.0 n/m
Net finance costs (1.9) (1.7) 0.2 +10%
Profit/(Loss) before tax 3.9 9.7 (5.8) -59%
Income tax expense (1.0) (2.3) (1.3) -57%
Profit/(Loss) 2.9 7.4 (4.4) -60%
GROUP FINANCIAL POSITION
Statement of financial position 30/09/2026 31/12/2025 €m chg % chg
in € million
Non-current assets 164.2 159.0 5.2 +3%
Current assets 186.1 168.7 17.4 +10%
Total Assets 350.3 327.8 22.6 +7%
Total Equity 131.8 135.9 (4.1) -3%
Non-current liabilities 117.3 106.8 10.5 +10%
Current Liabilities 101.2 85.0 16.1 +19%
Total Equity and Liabilities 350.3 327.8 22.6 +7%
Total Assets as of 30/09/2026 reached €350.3m (+7% vs. 31/12/2025).
• Non-current assets marginally increased (3%) vs. 31/12/2025 to €164.2m,
due to our investments in PP&E and software development (please refer to
the commentary related to the Cash flows from investing activities).
• Current assets increased by some €17m vs. 31/12/2025 to €186.1m, largely
on account of higher Contract assets and Trade & Other Receivables.
Contract assets increased due to the Greek public sector digitization
projects and Identity & Payment solutions. Trade & Other receivables
increased largely due to revenue growth across all segments.
Total Liabilities as of 30/09/2026 reached €218.5m.
• Non-current liabilities increased by approx. €10m vs. 31/12/2025 to
€117.3m, primarily on account of increased utilization of available
credit facilities to finance both the working capital needs and growth
CAPEX.
• Current liabilities increased by approx. €16m vs. 31/12/2025 to €101.2m,
largely due to Other Payables (€6.4m associated with the settlement of
the legacy management participation program) as well as higher Trade
Payables and Contract Liabilities.
Net Working Capital 30/09/2026 31/12/2025 €m chg % chg
in € million
Inventories 61.9 67.1 (5.2) -8%
Contract assets 34.3 28.8 5.5 +19%
Current income tax assets 2.6 0.8 1.8 +237%
Trade receivables 47.7 37.9 9.7 +26%
Other receivables 18.2 9.0 9.2 +103%
Assets 164.7 143.6 21.1 +15%
Current income tax liabilities (4.9) (3.0) 1.9 +62%
Trade payables (44.8) (41.1) 3.7 +9%
Other payables (26.1) (17.8) 8.4 +47%
Contract liabilities (9.5) (6.3) 3.2 +51%
Deferred income (2.0) (1.2) 0.8 +62%
Liabilities (87.2) (69.4) 17.9 +26%
Net Working Capital 77.5 74.2 3.2 +4%
% of Revenues (12 months rolling) 19.9% 20.6%
Net Working Capital of €77.5m, up by €3m (+4%) vs. 31/12/2025, with the
increase predominantly attributed to:
• Trade & Other receivables (up by approx. €19m in total), associated with
revenue growth across all segments.
• Contract assets (€5.5m increase), related to the public sector
digitization projects in Greece, which are invoiced upon project
completion, as well as Identity & Payment solutions in CEE and MEA.
Nevertheless, higher Trade & Other Payables (including €6.4m
reclassification from equity into other payables related to the settlement
of the legacy management participation program) and Contract Liabilities,
partly compensated for the aforesaid increase in both Trade & Other
receivables and Contract Assets.
Overall, based on the aforesaid drivers, the increase in Net Working Capital
is largely attributed to project billing timing (i.e. increased capital tied
up in project execution) and revenue mix effects, rather than any structural
weakening in the underlying working capital management. Note that on
30/09/2026 Contract Assets worth approx. €18m (52% of Group Contract Assets)
related to the contracted public sector digitization projects in Greece,
which, upon completion, are expected to be invoiced and converted into cash.
Worth highlighting that the Net Working Capital declined by approx. €12m vs.
end-June 2026, largely supported by a reduction in both inventory and
contract assets as well as VAT receivables recovery.
That said, Management anticipates additional improvement on the Working
Capital front in Q4 2026, supported by the aforesaid contract assets
conversion into billings, upon project completion, and cash collections.
Net Debt 30/09/2026 31/12/2025 €m chg % chg
in € million
Cash and cash equivalents (A) 21.4 25.1 (3.7) -15%
Loans and borrowings (B) 115.1 106.8 8.3 +8%
Net Debt (B) – (A) 93.6 81.6 12.0 +15%
Group Net Debt of €93.6m increased by €12m vs. 31/12/2025, due to growth
CAPEX and working capital financing requirements. Nevertheless, Group Net
Debt declined by approx. €10m vs. end-June 2026 (€103.9m), supported by
strong Operating Cash Flow generation in Q3 2026 (please refer to the
Operating Cash Flow commentary).
Group Leverage (Net Debt / EBITDA) at 2.1x, was stable vs. end-June 2026 and
marginally above 9M 2025 (2.0x).
Financial Position | Key Metrics 30/09/2026 31/12/2025 30/09/2025
Total Equity / Total Assets (Equity Ratio) 37.6% 41.5% 39.8%
Net Debt / EBITDA (12 months rolling) (x) 2.1 1.7 2.0
Total Equity as of 30/09/2026 amounted to €131.8m, a 3% decline vs.
31/12/2025, largely on account of €11.2m reclassification from Equity (other
reserves) into Other Payables, which more than offset the net profit
generation in the period. This reclassification of equity reserves to Other
Payables relates to the decision to settle the legacy management
participation program 2022-2025 – previously classified and accounted for as
an equity-settled program – partially in equity (transfer of own shares) and
in cash. As of 30/09/2026 a €6.4m liability related to the legacy management
participation program 2022-2025 (classified in Other Payables) is still
outstanding.
Statement of cash flows 9M 2026 9M 2025 €m chg % chg
in € million
Cash flows from operating activities 10.9 23.2 (12.2) -53%
Cash flows from investing activities (13.0) (7.9) 5.1 65%
Cash flows from financing activities (1.4) (18.2) (16.9) -93%
Net increase/(decrease) in cash (3.4) (2.9) 0.5 -17%
and cash equivalents
Cash flows from operating activities resulted in €10.9m net inflow, a €12m
decline vs. 9M 2025, burdened by a sizeable increase in cash flow changes in
working capital (€10m cash consumption in 9M 2026 vs. €7m in 9M 2025) as
well as by the payout of the cash settlement (€4.8m) related to the legacy
management participation program 2022-2025. Worth highlighting however, the
substantial approx. €20m Operating Cash Flow generation in Q3 2026 (up 59%
vs. Q3 2025), driven by a significant normalization of the working capital
requirements (approx. €14m benefit to the operating cash flow in the
quarter), attributed to invoicing and collection of Greek public sector
digitization projects (Contract Assets), inventory decline as well as VAT
receivables recovery.
Cash flows from investing activities resulted in €13.0m net outflow, up 65%
vs. 9M 2025, incorporating:
• €2.6m total proceeds (stake sale and dividend received) related to the
minority stake sale in SEGLAN S.L.
• €6.2m investments in PP&E that support the Group’s business growth,
associated with investments in additional machinery for the delivery of
large-scale secure document printing projects in MEA as well as the 2^nd
personalization center in the US (Salt Lake City, Utah).
• €6.2m investments for in-house software development, aimed at enhancing
the Payment (ACOS and personalization systems) and Digital Technologies
solutions (GaiaB, CaaS, data capture platform).
The Group’s total CAPEX (including Right-of-Use assets) in 9M 2026 reached
€20.4m (+78% vs. 9M 2025), with total CAPEX in Q3 2026 of €8.1m (vs. €3.5m
in Q3 2025).
Cash flows from financing activities resulted in €1.4m net outflow,
incorporating approx. €17m in loan drawdowns, which more than offset
repayments for both loans and finance leases totaling approx. €13m and
interest expenses (€4.8m).
Non-Financial Performance Indicators 9M 2026 9M 2025 chg % chg
Number of sold cards (million) 93.6 83.7 9.8 +12%
Average number of employees (FTE) 2,199 2,119 80 +4%
Group Headcount (end-of-period) 2,620 2,377 243 +10%
Dai Nippon Printing Co., Ltd. voluntary public takeover offer
The Offer is subject to the Conditions Precedent set out in Section 4.1 of
the Offer Document. At the time of publication of the Results Press Release,
the Conditions Precedent have not been entirely fulfilled (FDI clearance
from the competent authorities in Austria is still outstanding). Therefore,
the Offer has not become unconditionally binding.
According to the Austrian Takeover Act, the Additional Acceptance Period,
addressed to all shareholders who did not accept the Offer, expires on 26
November 2026 at 17:00 Vienna local time / 18:00 Athens local time.
SEGMENTS REPORTING
Central Eastern Europe & DACH (CEE)
Segment performance 9M 2026 9M 2025 €m chg % chg
in € million
Revenues 158.5 149.6 8.9 +6%
Costs of material & mailing (92.2) (79.9) 12.3 +15%
Gross profit I 66.3 69.7 (3.5) -5%
Gross profit I margin 41.8% 46.6% -4.8%
Production costs (39.6) (38.2) 1.4 +4%
Gross profit II 26.7 31.5 (4.8) -15%
Gross profit II margin 16.8% 21.1% -4.2%
Other income 4.0 3.8 0.3 +7%
Selling and distribution expenses (8.7) (8.5) 0.1 +2%
Administrative expenses (11.6) (10.8) 0.8 +7%
R&D expenses (6.3) (5.7) 0.6 +10%
Other expenses (0.5) (1.0) (0.5) -54%
+ Depreciation, amortization & impairment 8.4 8.5 (0.1) -1%
EBITDA 12.1 17.7 (5.6) -32%
EBITDA margin 7.7% 11.8% -4.2%
– Depreciation, amortization & impairment (8.4) (8.5) (0.1) -1%
EBIT 3.7 9.2 (5.5) -60%
EBIT margin 2.3% 6.1% -3.8%
Operating expenses (OPEX)
excl. Depreciation, amortization & impairment 9M 2026 9M 2025 €m chg % chg
in € million
Production costs (39.6) (38.2) 1.4 +4%
Selling and distribution expenses (8.7) (8.5) 0.1 +2%
Administrative expenses (11.6) (10.8) 0.8 +7%
R&D expenses (6.3) (5.7) 0.6 +10%
+ Depreciation, amortization & impairment 8.4 8.5 (0.1) -1%
Total (57.7) (54.8) 2.9 +5%
as % of Revenues 36.4% 36.6%
Western Europe, Nordics, Americas (WEST)
Segment performance 9M 2026 9M 2025 €m chg % chg
in € million
Revenues 100.3 87.4 13.0 +15%
Costs of material & mailing (53.4) (48.1) 5.3 +11%
Gross profit I 46.9 39.3 7.7 +20%
Gross profit I margin 46.8% 44.9% +1.8%
Production costs (21.2) (18.0) 3.3 +18%
Gross profit II 25.7 21.3 4.4 +21%
Gross profit II margin 25.6% 24.4% +1.3%
Other income 0.5 0.2 0.3 +173%
Selling and distribution expenses (7.6) (6.2) 1.4 +23%
Administrative expenses (7.6) (6.0) 1.5 +26%
R&D expenses (0.5) (0.5) 0.0 +8%
Other expenses (0.3) (0.2) 0.2 +111%
+ Depreciation, amortization & impairment 5.0 5.0 (0.0) -1%
EBITDA 15.2 13.7 1.5 +11%
EBITDA margin 15.2% 15.7% -0.5%
– Depreciation, amortization & impairment (5.0) (5.0) (0.0) -1%
EBIT 10.3 8.7 1.6 +18%
EBIT margin 10.3% 10.0% +0.3%
Operating expenses (OPEX)
excl. Depreciation, amortization & impairment 9M 2026 9M 2025 €m chg % chg
in € million
Production costs (21.2) (18.0) 3.3 +18%
Selling and distribution expenses (7.6) (6.2) 1.4 +23%
Administrative expenses (7.6) (6.0) 1.5 +26%
R&D expenses (0.5) (0.5) 0.0 +8%
+ Depreciation, amortization & impairment 5.0 5.0 (0.0) -1%
Total (31.9) (25.6) 6.3 +25%
as % of Revenues 31.8% 29.3%
Türkiye / Middle East and Africa (MEA)
Segment performance 9M 2026 9M 2025 €m chg % chg
in € million
Revenues 53.4 46.9 6.5 +14%
Costs of material & mailing (26.6) (23.9) 2.6 +11%
Gross profit I 26.8 22.9 3.9 +17%
Gross profit I margin 50.2% 48.9% +1.3%
Production costs (15.0) (13.1) 1.9 +15%
Gross profit II 11.8 9.9 2.0 +20%
Gross profit II margin 22.2% 21.0% +1.2%
Other income 0.0 0.0 0.0 n/m
Selling and distribution expenses (2.1) (1.9) 0.2 +11%
Administrative expenses (2.6) (1.8) 0.9 +49%
R&D expenses (0.5) (0.5) (0.0) -2%
Other expenses (0.0) (0.0) (0.0) -46%
+ Depreciation, amortization & impairment 1.1 0.7 0.4 +60%
EBITDA 7.7 6.4 1.3 +21%
EBITDA margin 14.5% 13.6% +0.8%
– Depreciation. amortization & impairment (1.1) (0.7) 0.4 +60%
EBIT 6.6 5.7 0.9 +16%
EBIT margin 12.4% 12.2% +0.3%
Operating expenses (OPEX)
excl. Depreciation. amortization & impairment 9M 2026 9M 2025 €m chg % chg
in € million
Production costs (15.0) (13.1) 1.9 +15%
Selling and distribution expenses (2.1) (1.9) 0.2 +11%
Administrative expenses (2.6) (1.8) 0.9 +49%
R&D expenses (0.5) (0.5) (0.0) -2%
+ Depreciation. amortization & impairment 1.1 0.7 0.4 +60%
Total (19.1) (16.5) 2.6 +16%
as % of Revenues 35.8% 35.2%
The present 9M 2026 Press Release is available on the Company’s website:
[1] https://www.austriacard.com/investor-relations-ac/financial-reporting-ac/
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 2,360 people and
is publicly traded on both the Euronext Athens and Vienna Stock Exchanges
under the symbol ACAG.
Contact person: Mr. Dimitris Haralabopoulos, Group IR Director
E-Mail: [2]investors@austriacard.com
Tel (AT): +43 1 61065 357
Tel (GR): +30 210 669 78 60
Website: [3] www.austriacard.com
Symbol: ACAG
ISIN: AT0000A325L0
Stock Exchanges: Vienna Prime Market (VSE), Euronext Athens Main Market
(ATHEX)
APPENDIX
A. CONSOLIDATED FINANCIAL STATEMENTS
Consolidated statement of financial
position 30 September 2026 31 December 2025
in € thousand
Assets
Property, plant and equipment and right 99,623 96,022
of use assets
Intangible assets and goodwill 58,565 57,609
Other receivables 1,392 1,098
Equity-accounted investees 0 423
Deferred tax assets 4,614 3,865
Non-current assets 164,194 159,016
Inventories 61,941 67,124
Contract assets 34,328 28,824
Current income tax assets 2,599 771
Trade receivables 47,674 37,930
Other receivables 18,157 8,959
Cash and cash equivalents 21,423 25,139
Current assets 186,123 168,748
Total assets 350,316 327,764
Equity
Share capital 36,354 36,354
Share premium 32,749 32,749
Own shares 0 (2,584)
Other reserves 2,001 18,232
Retained earnings 59,227 47,512
Equity attributable to owners of the 130,331 132,263
Company
Non-controlling interests 1,516 3,671
Total Equity 131,847 135,934
Liabilities
Loans and borrowings 101,137 91,117
Employee benefits 4,604 3,612
Other payables 1,472 1,573
Deferred tax liabilities 10,095 10,505
Non-current liabilities 117,309 106,807
Current tax liabilities 4,865 3,012
Loans and borrowings 13,915 15,644
Trade payables 44,787 41,124
Other payables 26,136 17,765
Contract liabilities 9,469 6,254
Deferred income 1,987 1,224
Current Liabilities 101,160 85,023
Total Liabilities 218,469 191,830
Total Equity and Liabilities 350,316 327,764
Consolidated income statement (IFRS) 9M 2026 9M 2025
in € thousand
Revenues 291,734 262,443
Cost of sales (229,519) (200,779)
Gross profit 62,215 61,664
Other income 4,755 3,959
Selling and distribution expenses (18,472) (16,578)
Administrative expenses (24,450) (21,475)
R&D expenses (7,562) (6,909)
Other expenses (794) (1,183)
+ Depreciation, amortization & impairment 14,517 14,203
EBITDA 30,209 33,682
– Depreciation, amortization & impairment (14,517) (14,203)
EBIT 15,691 19,479
Financial income 394 361
Financial expenses (6,479) (6,374)
Result from associated companies 2,150 70
Net finance costs (3,935) (5,943)
Profit/(Loss) before tax 11,757 13,536
Income tax expense (3,006) (3,701)
Profit/(Loss) 8,751 9,835
Profit/(Loss) attributable to:
Owners of the Company 7,083 8,588
Non-controlling interests 1,668 1,246
Profit/(Loss) 8,751 9,835
Earnings/(loss) per share
basic 0.20 0.24
diluted 0.19 0.22
Consolidated income statement (IFRS) Q3 2026 Q3 2025
in € thousand
Revenues 105,184 98,822
Cost of sales (84,840) (73,924)
Gross profit 20,344 24,898
Other income 1,854 1,477
Selling and distribution expenses (5,985) (5,491)
Administrative expenses (7,704) (6,793)
R&D expenses (2,505) (2,346)
Other expenses (210) (349)
+ Depreciation, amortization & impairment 4,993 4,616
EBITDA 10,786 16,011
– Depreciation, amortization & impairment (4,993) (4,616)
EBIT 5,793 11,395
Financial income 131 137
Financial expenses (1,990) (1,829)
Result from associated companies 0 0
Net finance costs (1,859) (1,692)
Profit/(Loss) before tax 3,934 9,703
Income tax expense (1,006) (2,344)
Profit/(Loss) 2,928 7,359
Profit/(Loss) attributable to:
Owners of the Company 2,036 7,227
Non-controlling interests 892 132
Profit/(Loss) 2,928 7,359
Earnings/(loss) per share
basic 0.06 0.20
diluted 0.06 0.19
Consolidated statement of cash flows 9M 2026 9M 2025
in € thousand
Cash flows from operating activities
Profit/(Loss) before tax 11,757 13,536
Adjustments for:
-Depreciation, amortization & impairment 14,517 14,203
-Net finance costs 3,935 5,943
-Other non-cash transactions (565) 1,244
-Cash settlement of Management participation program (4,806) 0
24,837 34,926
Changes in:
-Inventories 5,183 9,020
-Contract assets (5,504) (13,628)
-Trade and other receivables (18,941) 1,799
-Contract liabilities 3,215 4,800
-Trade and other payables 6,360 (8,973)
-Taxes paid (4,240) (4,789)
Net cash from/(used in) operating activities 10,909 23,155
Cash flows from investment activities
Interest received 283 311
Dividends received from associated companies 323 42
Proceeds from sale of property, plant and equipment 0 1,795
Proceeds from sale of investments 2,250 0
Payments for acquisition of property, plant and equipment (15,850) (10,006)
& intangible assets
Net cash from/(used in) investing activities (12,994) (7,857)
Cash flows from financing activities
Interest paid (4,792) (4,757)
Proceeds from loans and borrowings 17,282 4,957
Repayment of loans and borrowings (9,529) (10,619)
Payment of lease liabilities (3,261) (3,206)
Acquisition of own shares 0 (520)
Acquisition of non-controlling interest 0 (156)
Dividends paid to non-controlling interest (1,056) 10
Dividends paid to owners of the company 0 (3,950)
Net cash from/(used in) financing activities (1,356) (18,241)
Net increase/(decrease) in cash and cash equivalents (3,441) (2,943)
Cash and cash equivalents at 1 January 25,139 21,737
Effect of movements in exchange rates on cash held (275) (906)
Cash and cash equivalents at 30 September 21,423 17,889
B. SEGMENT REPORTING
9M 2026 CEE WEST MEA Corporate Eliminations Total
in € thousand
Revenues 140,759 97,945 53,030 0 0 291,734
Intersegment 17,713 2,375 337 4,512 (24,936) 0
revenues
Segment revenues 158,472 100,320 53,367 4,512 (24,936) 291,734
Costs of
material & (92,186) (53,377) (26,557) 0 18,369 (153,751)
mailing
Gross profit I 66,286 46,943 26,810 4,512 (6,567) 137,983
Production costs (39,591) (21,221) (14,962) 0 6 (75,768)
Gross profit II 26,695 25,722 11,848 4,512 (6,561) 62,215
Other income 4,039 526 0 1 189 4,755
Selling and
distribution (8,669) (7,573) (2,089) (151) 11 (18,472)
expenses
Administrative (11,592) (7,550) (2,630) (8,478) 5,800 (24,450)
expenses
R&D expenses (6,326) (494) (483) (786) 526 (7,562)
Other expenses (461) (344) (10) (15) 36 (794)
+ Depreciation,
amortization 8,438 4,950 1,083 46 0 14,517
& impairment
EBITDA 12,124 15,237 7,719 (4,872) 0 30,209
– Depreciation,
amortization (8,438) (4,950) (1,083) (46) 0 (14,517)
& impairment
EBIT 3,686 10,287 6,636 (4,918) 0 15,691
Financial income 394
Financial (6,479)
expenses
Result from
associated 2,150
companies
Net finance (3,935)
costs
Profit/(Loss) 11,757
before tax
Income tax (3,006)
expense
Profit/(Loss) 8,751
9M 2025 CEE WEST MEA Corporate Eliminations Total
in € thousand
Revenues 135,253 80,381 46,809 0 0 262,443
Intersegment 14,346 6,989 56 2,729 (24,121) 0
revenues
Segment revenues 149,600 87,370 46,865 2,729 (24,121) 262,443
Costs of
material & (79,857) (48,098) (23,946) 0 20,364 (131,538)
mailing
Gross profit I 69,743 39,272 22,919 2,729 (3,757) 130,905
Production costs (38,214) (17,965) (13,063) 0 0 (69,241)
Gross profit II 31,529 21,307 9,856 2,729 (3,757) 61,664
Other income 3,776 193 0 91 (101) 3,959
Selling and
distribution (8,538) (6,161) (1,878) 0 0 (16,578)
expenses
Administrative (10,829) (6,002) (1,759) (6,624) 3,740 (21,475)
expenses
R&D expenses (5,750) (455) (495) (210) 0 (6,909)
Other expenses (997) (163) (18) (14) 9 (1,183)
+ Depreciation,
amortization 8,511 4,989 677 26 0 14,203
& impairment
EBITDA 17,703 13,707 6,383 (4,002) (109) 33,682
– Depreciation,
amortization (8,511) (4,989) (677) (26) 0 (14,203)
& impairment
EBIT 9,192 8,718 5,706 (4,027) (109) 19,479
Financial income 361
Financial (6,374)
expenses
Result from
associated 70
companies
Net finance (5,943)
costs
Profit/(Loss) 13,536
before tax
Income tax (3,701)
expense
Profit/(Loss) 9,835
Reclassification of Revenues by Solution
From Q1 2026 onwards revenues associated with Identity & Payment solutions
include revenues related to the distribution services of personalized cards
(fulfillment), which were previously classified within Document Lifecycle
Management. This reclassification accurately reflects revenues related to
the Group’s Payment solutions. The table below presents the details of the
reclassification for each reporting period in 2025.
Revenues by Solution Q1 2025 H1 2025 9M 2025 FY2025 Q1 2026 H1 2026 9M 2026
in € million
Identity & Payment 52.7 104.1 159.5 222.3 56.5 117.6 174.3
Document Lifecycle 22.6 44.4 80.4 103.7 19.7 39.8 79.1
Management
════════════════════════════════════════════════════════════════════════════
11.11.2026 CET/CEST This Corporate News was distributed by [4]EQS Group
View original content: [5]EQS News
════════════════════════════════════════════════════════════════════════════
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)
LEI Code: 529900QI445M00DK4407
EQS News ID: 2433160
End of News EQS News Service
2433160 11.11.2026 CET/CEST
https://nwr.eqs-cockpit.com/fncls2.ssx?application_id=2433160&application_name=news&site_id=apa_ots_austria~~
References
~~18b544d0-9c71-4160-bd95-cc8b9aff9fbf&application_name=news
2. investors@austriacard.com
3. https://nwr.eqs-cockpit.com/fncls2.ssx?fn=redirect&url=41461859389e76d9e66a501181c96d7d&application_id=2433160&site_id=apa_ots_austria~~~18b544d0-9c71-4160-bd95-cc8b9aff9fbf&application_name=news
4. https://nwr.eqs-cockpit.com/fncls2.ssx?fn=redirect&url=f5d50dc7e8798b6eb177f7955e598e60&application_id=2433160&site_id=apa_ots_austria~~~18b544d0-9c71-4160-bd95-cc8b9aff9fbf&application_name=news
5. https://nwr.eqs-cockpit.com/fncls2.ssx?fn=redirect&url=40e83ef2ead32c3ff30812b39659b9fd&application_id=2433160&site_id=apa_ots_austria~~~18b544d0-9c71-4160-bd95-cc8b9aff9fbf&application_name=news
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