Austriacard Holdings recorded a strong operating performance in the first nine months of 2024 mainly due to its strategic expansion into new markets and technological services.

The Group's Adjusted Revenues increased by 29.6% in Q3 2024, driving adjusted revenues for the nine months of 2024 up 14.0% compared to the same period in 2023, reaching €298.3 million.

The strong growth was driven by 3 factors: a) a near tripling of revenues in the Digital Transformation segment, b) strong growth in the Document Lifecycle Management segment from the Middle East & Africa region; and c) increased metal card revenues in the Secure Chip & Payment Solutions segment.

The underlying organic growth of the Secure Chip & Payment Solutions segment, the Group's largest, reached 20.8% in the nine months to 2024.

In terms of geographic segments, Central & Eastern Europe's nine-month revenues increased by 8.3% to €173.9 million due to digitization projects; Western Europe, Scandinavia, and Americas segment revenues increased by 13.8% to €105.7 million. due to a significant contribution from metal cards, and in the Turkey, Middle East & Africa geographic segment revenues increased by 28.5% to €57.9 million, driven by a combination of security printing and digital services growth.

In the nine months to 2024, Group adjusted EBITDA increased by 18.1% to €43.1 million, driven by revenue growth and gross profit, reaching a margin of 14.4% on sales compared to 13.9% in the nine months

Net profit after tax increased by 10.1% to €16.3 million with a margin of 5.4%.

Generation of positive operating cash flow of € 18.9 million in the first nine months of 2024 compared to negative € 1.1 million in the first nine months of 2023.

AUSTRIACARD HOLDINGS AG Group Vice President and CEO Manolis Kontos noted:

"The results for the first nine months of 2024 demonstrate the soundness of our strategy for growth based on geographic expansion and market share growth, combined with a strengthening of our product and service portfolio. We are focused on conquering all the growth areas of the sectors in which we operate, leveraging our expertise and the long-standing relationships we have with our customers.

During Q3 2024, we delivered a strong performance, with adjusted revenue growing by approximately 30%, driving 9M 2024 growth of 14.0%, driven by our dynamic expansion into new markets and the development of both new products and digital services.

In particular, we expanded into Secure Chip & Payment solutions with new products such as metal cards, Document Lifecycle Management with complex security printing combined with digital services projects in the Middle East & Africa region, and Digital Transformation Technologies with related government and private sector projects.

Adjusted EBITDA increased by 18.1% to €43.1 million due to higher revenues and gross profit, leading to an improved EBITDA margin of 14.4%, while net profit after tax increased by 10.1% to €16.3 million.

We increased our operating cash flow generation in the nine months, continuing in the direction of addressing our working capital needs and working towards normalising it.

As we outlined at the beginning of 2024, our growth has accelerated in all markets as the year progresses and will enable us to deliver results in line with our 2024 guidance."