Asseco Poland's Public Sector Surge: Record H1 2026 and the Reclassification that Explains It
Record Results and the Power of Diversification
Asseco Poland reported a blockbuster first half of 2026, with revenue reaching PLN 9.25 billion, up 16% year-over-year, and operating profit surging 38% to over PLN 1.08 billion. Net profit jumped 52% to PLN 430 million. The company's CFO, Karolina Rzonca-Bajorek, attributed the outperformance to a combination of regulatory tailwinds and organizational efficiency. “We have revenue of PLN 9.25 billion, which is a 16% increase from half year to half year. Our operating profit grew by 38%. It's exceeded PLN 1.08 billion and net profit at the end of the day is PLN 430 million.” — Marek Panek, Executive or Senior Management · 2026-08-28 The result is all the more impressive given the company's diversified footprint, with no single client making up more than 2% of revenue.
The Public Sector Engine: KPO, Health, and National e-Invoice
The standout performer was the public institution segment, which grew nearly 30% to PLN 2.5 billion, making it the largest product group at 27% of total revenue. The growth was driven by Poland's National Recovery Program (KPO), especially in the health sector, and by the ongoing adoption of the National e Invoice System (KSeF), which has been a recurring revenue generator for Asseco Business Solutions. CFO Karolina Rzonca-Bajorek explained in the Q&A: “As we said, public health care segment in Poland and the remaining public in Poland has been doing incredibly well.” — Karolina Rzonca-Bajorek, CFO or Financial Officer · 2026-08-28 The company also highlighted the success of its electronic signature and electronic stamp services, which are gaining traction as regulatory changes push more entities toward digital trust services.
Structural Shifts: ERP Reclassification and the Sapiens Gap
A notable change during the quarter was the reclassification of DahliaMatic, a company specializing in third-party ERP implementation, from the Polish segment to Asseco International. This explains why ERP revenue in Poland declined on a like-for-like basis. As CFO Karolina Rzonca-Bajorek clarified:
The move aligns with the company's strategy to house third-party ERP operations under the enterprise solutions holding. Meanwhile, the Formula Systems segment continues to deliver, posting an 18% revenue increase despite the loss of Sapiens. The CFO noted that they were able to cover the loss of Sapiens' contribution through growth in other companies, underscoring the resilience of the group.This is not a typo. This is an issue that Marek said that this is actually moving the company from the Polish segment to a central company, DahliaMatic.
Cash Generation and Outlook
Cash generation was a topic of scrutiny, with a 105% cash conversion ratio over the last twelve months. However, the CFO attributed the softer first-half cash flows to seasonality and the timing of public-sector payments. “We keep on improving profitability of EBITDA by 1.5 percentage points at the consolidated level.” — Karolina Rzonca-Bajorek, CFO or Financial Officer · 2026-08-28 The company also announced that the effective tax rate in Q2 was elevated due to a 19% withholding tax on the Sapiens dividend, which amounted to over PLN 190 million. Despite this, the net profit surged, and management remains optimistic about the full year. The order backlog is growing at 12% to 18% year-over-year, providing visibility for the remainder of 2026. As CFO Karolina Rzonca-Bajorek stated in a prior call: “For the first part, TSS, so we already have the money. It actually already came to us... Ultimately, we want the money to be allocated to pay out dividends.” — Karolina Rzonca-Bajorek, CFO · 2025-12-08 As for the cash generation concerns, they are cyclical, and the company expects improvement in Q4. Overall, Asseco Poland's diversified model, coupled with regulatory-driven demand in the public sector and a disciplined M&A strategy, positions it well for continued growth.