EQS-News: AUSTRIACARD HOLDINGS AG: Q1 2026 Financial Results

On 12. Mai 2026

EQS-News: AUSTRIACARD HOLDINGS AG / Key word(s): Quarter Results
AUSTRIACARD HOLDINGS AG: Q1 2026 Financial Results

12.05.2026 / 19:35 CET/CEST
The issuer is solely responsible for the content of this announcement.

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Strong Q1 2026 results with double digit growth in EBITDA vs. Q1 2025

Growth in Digital Technologies and Identity & Payment solutions reinforces
the strategic agenda set out at FY2025 results

• Group Revenues of €89.4m (8% increase vs. Q1 2025), driven by solid
growth in both Digital Technologies (+83% vs. Q1 2025) and Identity &
Payment solutions (+7% vs. Q1 2025). All 3 geographic segments
registered revenue growth vs. Q1 2025, with the WEST segment the clear
outperformer.
• Digital Technologies (+83% vs. Q1 2025), supported by the accelerated
implementation of large-scale, public sector digitization projects in
Greece (€6m revenue contribution vs. Q1 2025). Identity & Payment
solutions (+7% vs. Q1 2025) anchored by strong growth from Fintech
clients in the WEST segment as well as by the business development
strategy for Identity solutions in the MEA segment.
• EBITDA of €11.5m (11% increase vs. Q1 2025), supported by revenue growth
and a favourable revenue mix with growing contribution from
higher-margin services and solutions. Group EBITDA margin widened by
30bps vs. Q1 2025 to 12.9%.
• Net Profit of €4.1m (61% increase vs. Q1 2025), on the back of EBIT
growth (+18% vs. Q1 2025) and declining interest expenses (-11% vs. Q1
2025), as we continue to deleverage the Group’s Balance Sheet (loans and
borrowings declined by 2% vs. 31/12/2025).
• Operating Cash Flow of €7.5m outflow in Q1 2026 was adversely impacted
by a seasonal build-up in working capital, predominantly attributed to
project billing timing (the accelerated implementation of contracted
Greek public sector digitization projects, which are invoiced upon
project completion) and legacy contractual purchasing obligations with
key suppliers. Hence, this temporary worsening of the operating cash
flow generation is not at all attributed to a structural weakening in
the underlying working capital management. Management anticipates a
normalization of the working capital requirements and an improvement in
operating cash flow generation in H2 2026, driven by the gradual
contract assets conversion into billings and cash collection as well as
by the anticipated positive results from last year’s renegotiation of
the Group’s contractual purchasing obligations with its main chip
suppliers.
• Group Leverage (Net Debt / EBITDA) (1.9x), vs. 1.7x in FY2025,
maintained at healthy levels and within our medium-term target range of
1.5x-2x. Group Net Debt of €94.5m (vs. €81.6m in FY2025), with the
aforesaid temporary working capital-related cash utilization more than
offsetting the continued deleveraging.
• 2026 Outlook: Q1 2026 performance is consistent with and supportive of
the Management FY2026 targets previously communicated (FY2025 Results
Press Release). The strong year-on-year growth in Digital Technologies
and Identity & Payment solutions, combined with Group EBITDA margin
expansion in the quarter, reinforces Management’s confidence in
targeting high-single digit Group Revenue growth and further EBITDA
margin expansion for the full year, notwithstanding the fragile
macroeconomic and geopolitical environment.

May 12, 2026 – AUSTRIACARD HOLDINGS AG (ACAG), the international applied
technology group headquartered in Vienna, announces its Q1 2026 financial
results.

Manolis Kontos, Chairman of the Management Board and Group CEO, commented:

“Q1 2026 confirms that the strategic choices we have made are delivering
results. Our Digital Technologies business is scaling at pace, our Payment
and Identity solutions continue to gain ground in competitive markets, and
the geographic diversification of our revenue base is proving its
resilience. Across our core and emerging markets — namely Greece, the US and
UK and MEA — the commercial momentum we are building gives us confidence in
the trajectory for the remainder of 2026.

We are also seeing early proof that our strategic adjacencies are not
theoretical. GaiaB™ Appliance has secured its first contracted international
deployment. The Cartes Bancaires technical approval process in France is
actively underway, opening access to one of Europe’s largest payment card
markets. Our SAMA mada certification has made Saudi Arabia accessible. These
are markets where we were not present, or not certified, twelve months ago,
and their progressive opening reinforces the deliberate geographic and
product diversification at the heart of our strategy.

The working capital build in Q1 reflects project execution timing and
supplier payment phasing — temporary, anticipated, and resolving through the
second half of 2026. As contracted Greek public sector digitization projects
reach completion milestones in H2 2026, contract assets will convert into
billings and cash collection, while the renegotiated supplier terms we
secured last year — reduced purchase commitments and improved pricing —
begin delivering their full financial benefit from the second half of 2026
onwards. With Group leverage at 1.9x comfortably within our 1.5x–2.0x target
range, and both drivers of normalisation firmly within our control, we
expect operating cash flow to strengthen materially as the year progresses.

At our FY2025 results, we committed to continue evolving AUSTRIACARD into an
end-to-end applied technology group — deepening our Digital Technologies
capabilities, advancing our AI solutions and expanding into new geographies.
Our commitment to building trust through digital growth has never been
stronger.”

GROUP PERFORMANCE HIGHLIGHTS

Group P&L | Highlights Q1 2026 Q1 2025 % chg
in € million
Revenues 89.4 82.6 +8%
EBITDA 11.5 10.4 +11%
EBITDA margin 12.9% 12.6% +0.3%
Profit/(Loss) before tax 5.3 3.4 +55%
Profit/(Loss) 4.1 2.6 +61%
Profit/(Loss) attributable to Company owners 3.5 2.0 +76%

Group Financial Position | Highlights 31/03/2026 31/12/2025
in € million
Cash & cash equivalents 10.6 25.1
Total Assets 332.9 327.8
Total Equity 140.4 135.9
Net Debt 94.5 81.6
Total Liabilities 192.5 191.8

Group Revenues

Group Revenues increased 8% vs. Q1 2025 to €89.4m, on the back of the
following key drivers from a solutions and services perspective:

• Digital Technologies +83% vs. Q1 2025, fuelled by the accelerated
implementation of large-scale, public sector digitization projects in
Greece (€6m revenue contribution vs. Q1 2025), which have been in full
implementation mode since Q3 2025.
• Identity & Payment solutions +7% vs. Q1 2025, anchored by Payment
solutions (+7% vs. Q1 2025), on the back of strong growth from the
Group’s Fintech clients (US, Europe and the Nordics) as well as by
Identity solutions (+15% vs. Q1 2025), on account of the Group’s
business development in the MEA segment.

From a geographic segments perspective, solid revenue growth was reported
across all 3 segments, with WEST (+21% vs. Q1 2025) the clear outperformer.

Revenues by Segment Q1 2026 Q1 2025 €m chg % chg
in € million
Central Eastern Europe & DACH (CEE) 53.5 51.6 1.9 +4%
Western Europe, Nordics, Americas (WEST) 34.6 28.7 5.9 +21%
Türkiye / Middle East and Africa (MEA) 7.9 7.6 0.3 +4%
Eliminations & Corporate (6.5) (5.3) (1.2) +23%
Total 89.4 82.6 6.8 +8%

Please refer to pages 12-14 and 20-21 in the Appendix for a detailed
analysis of the Group segments per Geography.

Central Eastern Europe & DACH (CEE)

Revenues in the segment increased by 4% vs. Q1 2025 to €53.5m, with Digital
Technologies (+83% vs. Q1 2025 to €13m), the single largest revenue growth
driver in the CEE segment, anchored by the accelerated implementation of
large-scale, public sector digitization projects in Greece (€6m revenue
contribution vs. Q1 2025). On the other hand, the unfavourable base effect
from Q1 2025 related to card renewals with Romanian banks as well as the
ongoing headwinds from the market normalization in payment cards in Türkiye
(€1.5m total impact to Group Q1 2026 Revenues) more than offset the
relatively solid performance from CEE financial institutions clients, thus
resulting in lower revenues from Identity & Payment solutions (-3% vs. Q1
2025). Moreover, Document Lifecycle Management revenues (-15% vs. Q1 2025)
were adversely impacted by the continued secular volume contraction in
postal services in Romania and the printing business in Greece, in the
context of the broader trends of digitization of client communication.

Identity & Payment solutions was the segment’s key revenue contributor (€21m
revenues or 40% of CEE segment total), followed closely by Document
Lifecycle Management (€19m revenues or 36% of CEE segment total). The
aforesaid strong growth in Digital Technologies has increased its share to
24% of CEE segment total (vs. 14% in Q1 2025).

Western Europe, Nordics, Americas (WEST)

Revenues in the segment increased by 21% vs. Q1 2025 to €34.6m, anchored by
strong growth in Identity & Payment solutions (+21% vs. Q1 2025), on the
back of the Group’s growing business with Fintech clients in the US, Europe
and the Nordics.

Worth highlighting the continued strong performance of the Group’s US
operations (€6.9m revenues, +21% vs. Q1 2025) with distribution services of
personalized cards (fulfillment), metal cards and card personalization the
key drivers. Similarly, the Group’s UK operations delivered another solid
performance (€13.8m revenues, +33% vs. Q1 2025), supported by strong growth
in Payment solutions, reflecting the Group’s successful strategy to focus on
the fast-growing segments of Fintech and neobanks.

The Group continues to make good progress in relation to its expansion
strategy in the payment card market in France, as the technical approval
process with Cartes Bancaires has commenced, with the expected completion
for the entire process set in Q1 2027. Cartes Bancaires (CB) is France’s
national interbank card network and the dominant payment scheme in France,
processing the vast majority of domestic card transactions (14.5bn
transactions totalling €700bn in 2024, covering over 65% of everyday
consumer spending in France).

Türkiye, Middle East and Africa (MEA)

Revenues in the segment increased 4% vs. Q1 2025 to €7.9m, driven by (i)
Identity solutions (€1.2m contribution vs. Q1 2025) and (ii) document output
(printing and security printing) (€0.5m contribution vs. Q1 2025), which
more than offset headwinds related to the continued normalization of the
Turkish payment card market (€1.5m total impact to Group Q1 2026 Revenues).
The persistent macroeconomic volatility and uncertainty, together with
cyclicality and normalizing customer stock levels, following high levels of
paid stock after several years of substantial growth, continue to weigh on
the Turkish payment card market, albeit at a significantly decelerating pace
compared to 2025. Nevertheless, we continue witnessing early signs of modest
market recovery, as reflected in the 2% increase vs. Q1 2025 in the volume
of personalized cards.

Building on the Card Chip Profile certification obtained from the Saudi
Central Bank (SAMA) for the mada debit card scheme — Saudi Arabia’s national
payment network with over 35 million cards in circulation — the Group is
actively expanding its MEA certification footprint. The onboarding process
with AfriGo, Nigeria’s national domestic card scheme, has been completed.
The Secure ID technical onboarding for Verve, Africa’s largest domestic card
scheme, is underway. Together, these certifications progressively open
access to some of the fastest-growing payment card markets on the continent.

Overall, the Group’s strategy for the MEA segment is focused on diversifying
the segment’s earnings mix by pursuing targeted initiatives and
opportunities in Document Lifecycle Management solutions (e.g.
high-security, personalized National Examination Papers with traceability
services, high security ballot papers and support material for elections)
and holistic Citizen Identity services that are already building a recurring
revenue base, and will continue increasing their Revenue and EBITDA
contribution in the MEA segment.

Revenues by Solution Q1 2026 Q1 2025 €m chg % chg
in € million
Identity & Payment 56.5 52.7 3.8 +7%
Document Lifecycle Management 19.7 22.6 (2.9) -13%
Digital Technologies 13.2 7.2 6.0 +83%
Total 89.4 82.6 6.8 +8%

Identity & Payment

Revenues increased by 7% vs. Q1 2025 to €56.5m, supported by solid growth on
both pillars:

Payment solutions revenues increased 7% vs. Q1 2025, on the back of:

• Solid revenue growth across card issuance, card personalization and
distribution services of personalized cards (fulfillment).
• The Group’s total volume of sold cards increased by 9% vs. Q1 2025 to
28.3m cards.
• WEST segment was the key growth driver (+21% vs. Q1 2025), more than
offsetting headwinds in MEA, related to the ongoing normalization of the
Turkish payment card market (€1.5m total impact to Group Q1 2026
Revenues) and in CEE, related to the unfavourable base effect from Q1
2025 of card renewals with Romanian banks.
• The Group’s activities in the US delivered once again a strong
performance, with revenues increasing 21% vs. Q1 2025 to €6.9m, anchored
by significant growth across distribution services of personalized cards
(fulfillment) (+80% vs. Q1 2025), metal cards (+78% vs. Q1 2025) and
card personalization (+28% vs. Q1 2025).

Identity solutions revenues increased 15% vs. Q1 2025, driven by the Group’s
business development strategy in MEA, as we continue to enhance the pipeline
of holistic citizens authentication solutions in various MEA jurisdictions.

Worth noting that from Q1 2026 onwards the Identity & Payment solutions
revenues include revenues related to the distribution services of
personalized cards (fulfillment), which were previously classified within
the Document Lifecycle Management category. This reclassification now
accurately reflects revenues related to the Group’s Payment solutions. For
details on the reclassification please refer to page 22 in the Appendix.

Document Lifecycle Management

Revenues registered a 13% decline vs. Q1 2025 to €19.7m, as the Group’s
postal services in Romania and the printing business in Greece continue to
face secular volume contraction, since corporate and institutional clients
continue the migration of transactional communications (e.g. statements,
bills etc) to electronic delivery channels, which are also undertaken by the
Group on behalf of each client. These structural dynamics, previously
identified by management as a feature of the broader digitisation of client
communication, are consistent with the trends observed in prior periods and
are expected to continue declining.

Nevertheless, revenues related to document output (printing and security
printing) in the MEA segment increased almost 6x vs. Q1 2025 (albeit from a
rather low base), reflecting our successful business development strategy of
pursuing targeted initiatives and opportunities in complex digital security
printing initiatives for public administrations in select African markets.

Digital Technologies

Revenues reported a robust 83% increase vs. Q1 2025 to €13.2m, largely on
account of the revenue growth (€6m contribution vs. Q1 2025) from
contracted, large-scale, public sector digitization projects in Greece
(€9.3m revenues in total). Until 31/03/2026, the Group had been awarded
(both directly and indirectly) public sector digitization projects in Greece
worth in total approx. €70m, of which approx. €44m has been cumulatively
received/recognized (from 2023 until end-March 2026), with the remaining
amount of approx. €25m to be recognized from Q2 2026 onwards.

Furthermore, the roll-out of the Group’s proprietary generative AI solution
for the automation of business processes and operations, GaiaB™ Appliance,
is gaining initial traction. The Group recently announced (April 2026) the
formation of a strategic alliance with MDS SI Technology & Security
Solutions (MDS SI TSS), a subsidiary of the MDS SI Group, the preeminent
technological leader across the Middle East, Eastern Europe and Africa. MDS
SI TSS will assume the pivotal role of Value-Added Reseller and Systems
Integrator for the GaiaB™ Appliance in the United Arab Emirates (UAE). As
part of this strategic alliance, the first long-term contract in the UAE has
been signed.

Group Gross Profit Q1 2026 Q1 2025 €m chg % chg
in € million
Gross profit I 43.1 39.3 3.8 +10%
Gross profit I margin 48.2% 47.6% +0.6%
Gross profit II 21.5 19.5 2.0 +10%
Gross profit II margin 24.1% 23.7% +0.4%

Gross profit I: the 10% increase vs. Q1 2025 is attributed to both revenue
growth and the growing contribution of higher-margin services and solutions,
e.g. Digital Technologies and Payment solutions. The Gross profit I margin
widened by some 0.6 percentage points to 48.2%, with WEST (+3.1 percentage
points) and MEA (+3.9 percentage points) the drivers of margin expansion.

Gross profit II: the 10% increase is attributed to the Gross Profit I
growth, despite a 9% increase in production costs, related to the growth in
both the MEA segment and the Group’s main service centers in the WEST
segment. The Gross profit II margin expansion by 0.4 percentage points to
24.1% is anchored by the aforesaid growing contribution of higher-margin
services and solutions.

Group Operating Expenses (OPEX) Q1 2026 Q1 2025 €m chg % chg
in € million
Production costs (21.6) (19.7) 1.8 +9%
Selling and distribution expenses (5.9) (5.5) 0.5 +8%
Administrative expenses (7.2) (7.1) 0.1 +1%
R&D expenses (2.5) (2.3) 0.1 +6%
+ Depreciation, amortization & impairment 4.8 4.8 0.1 +2%
Total (32.3) (29.9) 2.5 +8%
as % of Revenues 36.2% 36.2%

Group OPEX (excluding depreciation, amortization & impairment) increased 8%
vs. Q1 2025 to €32.3m, as higher production costs (+9% vs. Q1 2025) more
than offset our disciplined focus on operational efficiency improvements.
SG&A expenses (includes both Selling and distribution, and Administrative
expenses) increased 4% vs. Q1 2025 (well below Group Revenue growth), while
Research & Development (R&D) expenses increased 6% vs. Q1 2025 reflecting
our continued investment in R&D capabilities to support future business
growth, especially in Digital Technologies.

Group Operating Profitability Q1 2026 Q1 2025 €m chg % chg
in € million
EBITDA 11.5 10.4 1.1 +11%
EBITDA margin 12.9% 12.6% +0.3%
EBIT 6.7 5.6 1.0 +18%
EBIT margin 7.4% 6.8% +0.6%

Group EBITDA: the 11% increase vs. Q1 2025 is attributed to the Gross Profit
increase (+10% vs. Q1 2025).

Group EBITDA margin widened by some 0.3 percentage points to 12.9%,
supported by a more favourable revenue mix (growing contribution of
higher-margin services and solutions) as well as by ongoing cost
rationalisation initiatives.

Group EBIT: the 18% increase vs. Q1 2025 is supported by the EBITDA growth
as well as by a mere 2% increase in depreciation & amortization expenses.

Group EBIT margin widened by some 0.6 percentage points to 7.4%, reflecting
the aforesaid growing contribution of higher-margin services and solutions.

Group Net Results Q1 2026 Q1 2025 €m chg % chg
in € million
Profit/(Loss) before tax 5.3 3.4 1.9 +55%
Profit/(Loss) 4.1 2.6 1.6 +61%
Profit/(Loss) attributable to Company Owners 3.5 2.0 1.5 +76%
EPS (basic) (€) 0.10 0.06 +76%

Group Net Profit: the 61% increase vs. Q1 2025 to €4.1m is attributed to the
following drivers:

• EBIT growth (+18% vs. Q1 2025)
• Lower net financial expenses (-29% vs. Q1 2025), on account of (i) lower
interest expenses (-11% vs. Q1 2025), on the back of a declining average
outstanding debt balance, and (ii) significantly lower losses related to
FX differences (€0.5m reduction vs. Q1 2025), since Q1 2025 had been
burdened by the USD and RON devaluation.
• Lower Group effective tax rate (22% vs. 25% in Q1 2025), mainly on
account of higher taxable profit in jurisdictions with a lower corporate
tax rate.

Group P&L Q1 2026 Q1 2025 €m chg % chg
in € million
Revenues 89.4 82.6 6.8 +8%
Costs of material & mailing (46.3) (43.3) 3.0 +7%
Gross profit I 43.1 39.3 3.8 +10%
Gross profit I margin 48.2% 47.6% +0.6%
Production costs (21.6) (19.7) 1.8 +9%
Gross profit II 21.5 19.5 2.0 +10%
Gross profit II margin 24.1% 23.7% +0.4%
Other income 1.1 1.2 (0.1) -12%
Selling and distribution expenses (5.9) (5.5) 0.5 +8%
Administrative expenses (7.2) (7.1) 0.1 +1%
R&D expenses (2.5) (2.3) 0.1 +6%
Other expenses (0.3) (0.2) 0.1 +71%
+ Depreciation, amortization & impairment 4.8 4.8 0.1 +2%
EBITDA 11.5 10.4 1.1 +11%
EBITDA margin 12.9% 12.6% +0.3%
– Depreciation, amortization & impairment (4.8) (4.8) 0.1 +2%
EBIT 6.7 5.6 1.0 +18%
EBIT margin 7.4% 6.8% +0.6%
Financial income 0.1 0.1 0.0 -6%
Financial expenses (1.7) (2.3) (0.7) -28%
Result from associated companies 0.2 0.0 0.2 n/m
Net finance costs (1.4) (2.2) (0.8) -38%
Profit/(Loss) before tax 5.3 3.4 1.9 +55%
Income tax expense (1.2) (0.9) 0.3 +35%
Profit/(Loss) 4.1 2.6 1.6 +61%

GROUP FINANCIAL POSITION

Statement of financial position 31/03/2026 31/12/2025 €m chg % chg
in € million
Non-current assets 159.0 159.0 0.0 0%
Current assets 173.9 168.7 5.1 +3%
Total Assets 332.9 327.8 5.1 +2%
Total Equity 140.4 135.9 4.4 +3%
Non-current liabilities 104.9 106.8 (1.9) -2%
Current Liabilities 87.7 85.0 2.6 +3%
Total Equity and Liabilities 332.9 327.8 5.1 +2%

Total Assets as of 31/03/2026 reached €332.9m.

• Non-current assets remained unchanged vs. 31/12/2025 to €159.0m.
• Current assets increased by some €5m vs. 31/12/2025 to €173.9m, largely
on account of higher Contract assets (attributed to the accelerated
implementation of contracted public sector digitization projects in
Greece, which are invoiced upon project completion) as well as higher
Trade & other receivables.

Net Working Capital 31/03/2026 31/12/2025 €m chg % chg
in € million
Inventories 66.7 67.1 (0.4) -1%
Contract assets 36.6 28.8 7.7 +27%
Current income tax assets 0.9 0.8 0.2 +20%
Trade receivables 41.6 37.9 3.7 +10%
Other receivables 17.5 9.0 8.5 +95%
Assets 163.3 143.6 19.7 +14%
Current income tax liabilities (4.5) (3.0) 1.4 +48%
Trade payables (32.3) (41.1) (8.9) -22%
Other payables (27.3) (17.8) 9.5 +54%
Contract liabilities (7.2) (6.3) 0.9 +15%
Deferred income (1.0) (1.2) (0.2) -19%
Liabilities (72.2) (69.4) 2.8 +4%
Net Working Capital 91.1 74.2 16.9 +23%
% of Revenues (12 months rolling) 24.8% 20.6%

Net Working Capital: the €17m increase vs. 31/12/2025 to €91.1m is
predominantly attributed to:

• the increase in Contract assets (€8m), related to the accelerated
implementation of contracted public sector digitization projects in
Greece, which are invoiced upon project completion, and
• the reduction in Trade Payables (€9m), due to vendor payments for chips.

Overall, based on the aforesaid drivers, the temporary increase in Net
Working Capital as % of Revenues 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. By mid-2025 the Group successfully completed the
renegotiation of its contractual purchasing obligations with main chip
suppliers, resulting in reduced purchase obligations and improved purchase
prices going forward. The positive effects of these measures together with
the contract assets conversion into billings and cash collection, upon
project completion, are expected to materialize in H2 2026, thus enabling
the further normalisation of working capital requirements, ultimately
leading to improved operating cash flow generation.

Total Liabilities as of 31/03/2026 reached €192.5m, virtually unchanged vs.
31/12/2025.

• Non-current liabilities declined by approximately €2m vs. 31/12/2025 to
€104.9m, on account of lower Loans & borrowings.
• Current liabilities increased by approximately €3m vs. 31/12/2025 to
€87.7m, due to the increase in both other payables (VAT liabilities) and
contract liabilities.

Net Debt 31/03/2026 31/12/2025 €m chg % chg
in € million
Cash and cash equivalents (A) 10.6 25.1 (14.5) -58%
Loans and borrowings (B) 105.1 106.8 (1.7) -2%
Net Debt (B) – (A) 94.5 81.6 12.9 +16%

Group Net Debt increased by €13m vs. 31/12/2025 to €94.5m, as the declining
cash balance, due to the aforesaid temporary working capital-related cash
utilization, more than offset an approx. €2m decline in Loans & borrowings.

Group Leverage (Net Debt / EBITDA) of 1.9x, temporarily deteriorated vs.
1.7x in FY2025, while maintained at healthy levels, within our medium-term
target range of 1.5x-2x.

Total Equity as of 31/03/2026 reached €140.4m, a 3% increase vs. 31/12/2025,
on the back of the net profit generation in the period.

Financial Position | Key Metrics 31/03/2026 31/12/2025
Total Equity / Total Assets (Equity Ratio) 42.2% 41.5%
Net Debt / EBITDA (12 months rolling) (x) 1.9 1.7

The Group’s Equity Ratio (Total Equity divided by Total Assets) as of
31/03/2026 further increased to 42.2%, from 41.5% on 31/12/2025, reflecting
an improvement in the Group’s capital structure as well as balance sheet
resilience, supported by retained earnings generation and disciplined
balance sheet management. This higher equity buffer reduces financial risk,
enhances loss-absorbing capacity, and provides greater flexibility to fund
growth while maintaining healthy leverage levels.

Statement of cash flows Q1 2026 Q1 2025 €m chg % chg
in € million
Cash flows from operating activities (7.5) 3.1 (10.6) n/m
Cash flows from investing activities (3.3) (2.9) 0.4 +14%
Cash flows from financing activities (3.7) (2.8) 1.0 +35%
Net increase/(decrease) in cash (14.5) (2.5) (12.0) n/m
and cash equivalents

Capital expenditure (CAPEX) (3.9) (3.8) 0.1 +3%
incl. Right-of-use assets, excl. M&A

Cash flows from operating activities resulted in €7.5m net outflow, largely
on account of the aforesaid temporary Net Working Capital build-up (€17m
increase vs. 31/12/2025), driven by higher Contract assets (€8m) and
declining Trade Payables (€9m). As previously explained (refer to the
commentary on Net Working Capital), the increase in Contract assets is
driven by the accelerated implementation of contracted Greek public sector
digitization projects, which are invoiced upon project completion. Hence, we
need to highlight that there’s absolutely no structural weakening in the
underlying working capital management, since these contract assets, upon
project completion, will be converted into billings and cash collection,
ultimately enhancing operating cash flow generation.

Cash flows from investing activities resulted in €3.3m net outflow, a 14%
increase vs. Q1 2025, driven by 13% increase in CAPEX, as we continue
investing in Digital Technologies (e.g. GaiaB™, CaaS). The Group’s total
CAPEX (including Right-of-Use assets) in Q1 2026 amounted to €3.9m (+3% vs.
Q1 2025).

Cash flows from financing activities resulted in €3.7m net outflow,
reflecting:

• net repayments of loans and borrowings (€1.1m)
• interest expenses (11% decline vs. Q1 2025 to €1.3m)
• finance lease payments (5% increase vs. Q1 2025 to €1.1m)

Non-Financial Performance Indicators Q1 2026 Q1 2025 chg % chg
Number of sold cards (million) 28.3 26.1 2.2 +9%
Average number of employees (FTE) 2,108 2,111 (3) 0%
Group Headcount (end-of-period) 2,379 2,377 2 0%

SEGMENTS REPORTING

Central Eastern Europe & DACH (CEE)

Segment performance Q1 2026 Q1 2025 €m chg % chg
in € million
Revenues 53.5 51.6 1.9 +4%
Costs of material & mailing (29.4) (27.5) 1.9 +7%
Gross profit I 24.1 24.2 0.0 0%
Gross profit I margin 45.1% 46.8% -1.7%
Production costs (12.9) (12.4) 0.6 +4%
Gross profit II 11.2 11.8 (0.6) -5%
Gross profit II margin 20.9% 22.8% -1.9%
Other income 1.1 1.2 (0.1) -11%
Selling and distribution expenses (3.2) (3.0) 0.2 +7%
Administrative expenses (4.4) (3.9) 0.5 +14%
R&D expenses (2.0) (1.9) 0.1 +7%
Other expenses (0.1) (0.2) 0.0 -22%
+ Depreciation, amortization & impairment 3.0 2.8 0.2 +9%
EBITDA 5.5 6.8 (1.3) -19%
EBITDA margin 10.3% 13.2% -2.9%
– Depreciation, amortization & impairment (3.0) (2.8) 0.2 +9%
EBIT 2.4 4.0 (1.6) -39%
EBIT margin 4.6% 7.8% -3.2%

Operating expenses (OPEX)
excl. Depreciation, amortization & impairment Q1 2026 Q1 2025 €m chg % chg
in € million
Production costs (12.9) (12.4) 0.6 +4%
Selling and distribution expenses (3.2) (3.0) 0.2 +7%
Administrative expenses (4.4) (3.9) 0.5 +14%
R&D expenses (2.0) (1.9) 0.1 +7%
+ Depreciation, amortization & impairment 3.0 2.8 0.2 +9%
Total (19.5) (18.4) 1.2 +6%
as % of Revenues 36.5% 35.6%

Western Europe, Nordics, Americas (WEST)

Segment performance Q1 2026 Q1 2025 €m chg % chg
in € million
Revenues 34.6 28.7 5.9 +21%
Costs of material & mailing (18.0) (15.8) 2.2 +14%
Gross profit I 16.6 12.8 3.7 +29%
Gross profit I margin 47.9% 44.8% +3.1%
Production costs (6.8) (5.9) 0.9 +15%
Gross profit II 9.8 7.0 2.8 +41%
Gross profit II margin 28.3% 24.3% +4.1%
Other income 0.1 0.0 0.0 n/m
Selling and distribution expenses (2.3) (2.0) 0.3 +15%
Administrative expenses (2.3) (2.0) 0.3 +14%
R&D expenses (0.1) (0.1) 0.0 -10%
Other expenses (0.2) (0.0) 0.2 n/m
+ Depreciation, amortization & impairment 1.6 1.8 (0.1) -8%
EBITDA 6.5 4.5 2.0 +45%
EBITDA margin 18.8% 15.7% +3.1%
– Depreciation, amortization & impairment (1.6) (1.8) (0.1) -8%
EBIT 4.9 2.7 2.1 +78%
EBIT margin 14.1% 9.6% +4.6%

Operating expenses (OPEX)
excl. Depreciation, amortization & impairment Q1 2026 Q1 2025 €m chg % chg
in € million
Production costs (6.8) (5.9) 0.9 +15%
Selling and distribution expenses (2.3) (2.0) 0.3 +15%
Administrative expenses (2.3) (2.0) 0.3 +14%
R&D expenses (0.1) (0.1) 0.0 -10%
+ Depreciation, amortization & impairment 1.6 1.8 (0.1) -8%
Total (9.9) (8.3) 1.6 +19%
as % of Revenues 28.7% 29.1%

Türkiye / Middle East and Africa (MEA)

Segment performance Q1 2026 Q1 2025 €m chg % chg
in € million
Revenues 7.9 7.6 0.3 +4%
Costs of material & mailing (4.9) (5.0) (0.1) -3%
Gross profit I 3.0 2.6 0.4 +16%
Gross profit I margin 38.4% 34.5% +3.9%
Production costs (1.9) (1.5) 0.4 +28%
Gross profit II 1.1 1.1 0.0 0%
Gross profit II margin 14.6% 15.1% -0.5%
Other income 0.0 0.0 — —
Selling and distribution expenses (0.4) (0.4) 0.0 -9%
Administrative expenses (0.4) (0.2) 0.1 +51%
R&D expenses (0.2) (0.3) (0.1) -32%
Other expenses 0.0 (0.0) — n/m
+ Depreciation, amortization & impairment 0.2 0.2 0.0 -19%
EBITDA 0.4 0.4 0.0 -6%
EBITDA margin 5.1% 5.6% -0.5%
– Depreciation. amortization & impairment (0.2) (0.2) 0.0 -19%
EBIT 0.2 0.2 0.0 +6%
EBIT margin 3.0% 2.9% +0.1%

Operating expenses (OPEX)
excl. Depreciation. amortization & impairment Q1 2026 Q1 2025 €m chg % chg
in € million
Production costs (1.9) (1.5) 0.4 +28%
Selling and distribution expenses (0.4) (0.4) 0.0 -9%
Administrative expenses (0.4) (0.2) 0.1 +51%
R&D expenses (0.2) (0.3) (0.1) -32%
+ Depreciation. amortization & impairment 0.2 0.2 0.0 -19%
Total (2.6) (2.2) 0.4 +20%
as % of Revenues 33.3% 28.8%

The present Q1 2026 Press Release is available on the Company’s website:

[1] https://www.austriacard.com/investor-relations-ac/financial-reporting-ac/

Conference call Q1 2026 Financial Results

AUSTRIACARD HOLDINGS AG Management will host a conference call and live
webcast to present the Q1 2026 Financial Results.

Date Wednesday, 13^th May 2026
Time 15:00 (GR)
14:00 (CET)
13:00 (UK)
08:00 (EST)
Duration The conference call is expected to last approximately
60 minutes, followed by Q&A
Live Conference Call Greece

+30 213 009 6000 or +30 210 946 0800

Austria

+43 720 816 079

Germany

+49 (0) 800 588 9310

UK

+44 (0) 800 368 1063

USA

+1 516 447 5632

International

+44 (0) 203 059 5872

Live Webcast Real-time webcast (audio only) on the Internet:
[2]LIVE WEBCAST

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:   [3]investors@austriacard.com

Tel (AT):   +43 1 61065 357

Tel (GR):   +30 210 669 78 60

Website:  [4] 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 31 March 2026 31 December 2025
in € thousand
Assets
Property, plant and equipment and right of 95,713 96,022
use assets
Intangible assets and goodwill 57,195 57,609
Equity-accounted investees 623 423
Other receivables 1,244 1,098
Deferred tax assets 4,252 3,865
Non-current assets 159,026 159,016

Inventories 66,703 67,124
Contract assets 36,561 28,824
Current income tax assets 923 771
Trade receivables 41,596 37,930
Other receivables 17,499 8,959
Cash and cash equivalents 10,601 25,139
Current assets 173,882 168,748
Total assets 332,909 327,764

Equity
Share capital 36,354 36,354
Share premium 32,749 32,749
Own shares (2,584) (2,584)
Other reserves 18,478 18,232
Retained earnings 51,267 47,512
Equity attributable to owners of the Company 136,264 132,263
Non-controlling interests 4,095 3,671
Total Equity 140,360 135,934

Liabilities
Loans and borrowings 89,627 91,117
Employee benefits 3,909 3,612
Other payables 1,404 1,573
Deferred tax liabilities 9,956 10,505
Non-current liabilities 104,896 106,807

Current tax liabilities 4,453 3,012
Loans and borrowings 15,476 15,644
Trade payables 32,272 41,124
Other payables 27,299 17,765
Contract liabilities 7,162 6,254
Deferred income 991 1,224
Current Liabilities 87,654 85,023
Total Liabilities 192,549 191,830
Total Equity and Liabilities 332,909 327,764

Consolidated income statement (IFRS) Q1 2026 Q1 2025
in € thousand

Revenues 89,409 82,566
Cost of sales (67,891) (63,034)
Gross profit 21,518 19,532

Other income 1,052 1,192
Selling and distribution expenses (5,921) (5,469)
Administrative expenses (7,224) (7,130)
R&D expenses (2,464) (2,320)
Other expenses (308) (180)
+ Depreciation, amortization & impairment 4,848 4,773
EBITDA 11,501 10,399
– Depreciation, amortization & impairment (4,848) (4,773)
EBIT 6,653 5,625

Financial income 134 142
Financial expenses (1,697) (2,348)
Result from associated companies 200 0
Net finance costs (1,363) (2,206)

Profit/(Loss) before tax 5,290 3,419
Income tax expense (1,162) (860)
Profit/(Loss) 4,127 2,560

Profit/(Loss) attributable to:
Owners of the Company 3,507 1,989
Non-controlling interests 620 570
Profit/(Loss) 4,127 2,560

Earnings/(loss) per share
basic 0.10 0.06
diluted 0.09 0.05

Consolidated statement of cash flows Q1 2026 Q1 2025
in € thousand
Cash flows from operating activities
Profit/(Loss) before tax 5,290 3,419
Adjustments for:
-Depreciation, amortization & impairment 4,848 4,773
-Net finance costs 1,363 2,206
-Other non-cash transactions 158 180
11,660 10,579
Changes in:
-Inventories 421 3,478
-Contract assets (7,737) (2,863)
-Trade and other receivables (6,671) (940)
-Contract liabilities 908 1,039
-Trade and other payables (5,188) (7,582)
-Taxes paid (876) (611)
Net cash from/(used in) operating activities (7,482) 3,101

Cash flows from investment activities
Interest received 134 142
Payments for acquisition of property, plant and equipment & (3,431) (3,030)
intangible assets
Net cash from/(used in) investing activities (3,297) (2,888)

Cash flows from financing activities
Interest paid (1,323) (1,481)
Proceeds from loans and borrowings 2,467 5,019
Repayment of loans and borrowings (3,550) (4,555)
Payment of lease liabilities (1,120) (1,069)
Acquisition of own shares 0 (520)
Acquisition of non-controlling interest 0 (155)
Dividends paid to non-controlling interest (196) 0
Dividends paid to owners of the company 0 0
Net cash from/(used in) financing activities (3,722) (2,762)

Net increase/(decrease) in cash and cash equivalents (14,501) (2,549)

Cash and cash equivalents at 1 January 25,139 21,737
Effect of movements in exchange rates on cash held (37) (277)
Cash at 31 March 10,601 18,911

B.                   SEGMENT REPORTING

Q1 2026 CEE WEST MEA Corporate Eliminations Total
in € thousand

Revenues 48,278 33,496 7,635 0 0 89,409
Intersegment 5,207 1,069 244 1,348 (7,868) 0
revenues
Segment revenues 53,486 34,564 7,879 1,348 (7,868) 89,409
Costs of material (29,383) (18,002) (4,854) 0 5,930 (46,309)
& mailing
Gross profit I 24,102 16,562 3,025 1,348 (1,938) 43,100
Production costs (12,940) (6,765) (1,877) 0 0 (21,582)
Gross profit II 11,163 9,797 1,148 1,348 (1,938) 21,518

Other income 1,057 52 0 0 (56) 1,052
Selling and
distribution (3,230) (2,336) (364) 0 9 (5,921)
expenses
Administrative (4,405) (2,317) (352) (2,074) 1,922 (7,224)
expenses
R&D expenses (2,015) (131) (199) (182) 63 (2,464)
Other expenses (126) (175) 0 (8) 0 (308)
+ Depreciation,
amortization 3,041 1,623 169 16 0 4,848
& impairment
EBITDA 5,485 6,513 402 (899) 0 11,501
– Depreciation,
amortization (3,041) (1,623) (169) (16) 0 (4,848)
& impairment
EBIT 2,444 4,890 233 (915) 0 6,653
Financial income 134
Financial expenses (1,697)
Result from
associated 200
companies
Net finance costs (1,363)
Profit/(Loss) 5,290
before tax
Income tax expense (1,162)
Profit/(Loss) 4,127

Q1 2025 CEE WEST MEA Corporate Eliminations Total
in € thousand

Revenues 48,070 26,899 7,598 0 0 82,566
Intersegment 3,553 1,754 5 935 (6,247) 0
revenues
Segment revenues 51,623 28,653 7,603 935 (6,247) 82,566
Costs of material (27,471) (15,819) (4,983) 0 4,976 (43,297)
& mailing
Gross profit I 24,152 12,834 2,619 935 (1,272) 39,269
Production costs (12,388) (5,877) (1,471) 0 0 (19,737)
Gross profit II 11,764 6,957 1,148 935 (1,272) 19,532

Other income 1,183 9 0 0 0 1,192
Selling and
distribution (3,029) (2,037) (402) 0 0 (5,469)
expenses
Administrative (3,869) (2,032) (233) (2,268) 1,272 (7,130)
expenses
R&D expenses (1,879) (146) (291) (4) 0 (2,320)
Other expenses (161) (6) (1) (13) 0 (180)
+ Depreciation,
amortization 2,797 1,763 208 5 0 4,773
& impairment
EBITDA 6,807 4,507 429 (1,344) 0 10,399
– Depreciation,
amortization (2,797) (1,763) (208) (5) 0 (4,773)
& impairment
EBIT 4,010 2,744 221 (1,349) 0 5,625
Financial income 142
Financial expenses (2,348)
Result from
associated 0
companies
Net finance costs (2,206)
Profit/(Loss) 3,419
before tax
Income tax expense (860)
Profit/(Loss) 2,560

Reclassification of Revenues by Solution

From Q1 2026 onwards the Identity & Payment solutions revenues include
revenues related to the distribution services of personalized cards
(fulfillment), which were previously classified within the Document
Lifecycle Management revenues. This reclassification accurately reflects
revenues related to the Group’s Payment solutions. The table below presents
the details of the reclassification for each period in 2025.

Revenues by Solution Q1 2026 Q1 2025 H1 2025 9M 2025 FY2025
in € million
Identity & Payment 56.5 52.7 104.1 159.5 222.3
Document Lifecycle Management 19.7 22.6 44.4 80.4 103.7

════════════════════════════════════════════════════════════════════════════

12.05.2026 CET/CEST This Corporate News was distributed by [5]EQS Group

View original content: [6]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)
EQS News ID: 2326500

End of News EQS News Service

2326500  12.05.2026 CET/CEST

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References

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3. investors@austriacard.com
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