Valuation Update With 7 Day Price Move • May 19
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to €9.56, the stock trades at a forward P/E ratio of 18x. Average forward P/E is 18x in the Tech industry in Europe. Total returns to shareholders of 73% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €16.44 per share. Aankondiging • May 14
Dai Nippon Printing Co., Ltd. (TSE:7912) proposed to acquire Austriacard Holdings AG (ATSE:ACAG) from Nikolaos Lykos and others for approximately €360 million. Dai Nippon Printing Co., Ltd. (TSE:7912) proposed to acquire Austriacard Holdings AG (ATSE:ACAG) from Nikolaos Lykos and others for approximately €360 million on May 13, 2026. A cash consideration valued at €10 per share will be paid by Dai Nippon Printing Co., Ltd.
The Tender Offer will be made subject to (i) tenders of shares representing 75% (i.e. minimum acceptance threshold) or more of AUSTRIACARD’s issued ordinary shares, (ii) approvals under foreign direct investment regulations in Austria, Greece and Romania (the “FDI Clearances”), (iii) approvals under competition laws in Austria, Germany and Turkey (the “Merger Control Clearances”), and (iv) various other conditions customarily provided for in transactions of a similar nature. The expected completion of the transaction is August 31, 2026. Reported Earnings • May 14
First quarter 2026 earnings released: EPS: €0.10 (vs €0.06 in 1Q 2025) First quarter 2026 results: EPS: €0.10 (up from €0.06 in 1Q 2025). Revenue: €89.4m (up 8.3% from 1Q 2025). Net income: €3.51m (up 76% from 1Q 2025). Profit margin: 3.9% (up from 2.4% in 1Q 2025). The increase in margin was driven by higher revenue. Revenue is forecast to grow 6.8% p.a. on average during the next 3 years, compared to a 8.5% growth forecast for the Tech industry in Europe. Over the last 3 years on average, earnings per share has increased by 4% per year but the company’s share price has increased by 11% per year, which means it is tracking significantly ahead of earnings growth. Declared Dividend • Apr 07
Dividend reduced to €0.10 Dividend of €0.10 is 9.1% lower than last year. Ex-date: 29th June 2026 Payment date: 2nd July 2026 Dividend yield will be 1.5%, which is about the same as the industry average. Sustainability & Growth Dividend is well covered by both earnings (24% earnings payout ratio) and cash flows (14% cash payout ratio). The dividend has increased by an average of 59% per year over the past 3 years and payments have been stable during that time. EPS is expected to grow by 56% over the next 3 years, which should provide support to the dividend and adequate earnings cover. New Risk • Mar 26
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 2.4x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (2.4x net interest cover). Share price has been highly volatile over the past 3 months (8.5% average weekly change). Reported Earnings • Mar 26
Full year 2025 earnings released: EPS: €0.41 (vs €0.52 in FY 2024) Full year 2025 results: EPS: €0.41 (down from €0.52 in FY 2024). Revenue: €360.2m (down 8.2% from FY 2024). Net income: €14.7m (down 23% from FY 2024). Profit margin: 4.1% (down from 4.8% in FY 2024). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 6.9% p.a. on average during the next 3 years, compared to a 6.9% growth forecast for the Tech industry in Europe. Over the last 3 years on average, earnings per share has increased by 13% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Mar 03
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to €6.40, the stock trades at a forward P/E ratio of 12x. Average forward P/E is 19x in the Tech industry in Europe. Total returns to shareholders of 7.6% over the past year. Valuation Update With 7 Day Price Move • Jan 29
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to €7.47, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 12x in the Tech industry in Europe. Total returns to shareholders of 24% over the past year. Reported Earnings • Nov 15
Third quarter 2025 earnings released: EPS: €0.20 (vs €0.15 in 3Q 2024) Third quarter 2025 results: EPS: €0.20 (up from €0.15 in 3Q 2024). Revenue: €98.8m (down 8.6% from 3Q 2024). Net income: €7.23m (up 29% from 3Q 2024). Profit margin: 7.3% (up from 5.2% in 3Q 2024). The increase in margin was driven by lower expenses. Revenue is forecast to grow 8.1% p.a. on average during the next 3 years, compared to a 7.1% growth forecast for the Tech industry in Europe. New Risk • Oct 03
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Austrian stocks, typically moving 5.1% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (3.0x net interest cover). Minor Risks Share price has been volatile over the past 3 months (5.1% average weekly change). Profit margins are more than 30% lower than last year (2.7% net profit margin). Reported Earnings • Aug 28
Second quarter 2025 earnings released: €0.02 loss per share (vs €0.15 profit in 2Q 2024) Second quarter 2025 results: €0.02 loss per share (down from €0.15 profit in 2Q 2024). Revenue: €81.1m (down 22% from 2Q 2024). Net loss: €628.0k (down 111% from profit in 2Q 2024). Revenue is forecast to grow 6.6% p.a. on average during the next 3 years, compared to a 6.3% growth forecast for the Tech industry in Europe. Aankondiging • Jul 13
Austriacard Holdings AG Announces Management Changes Austriacard Holdings AG announced (following its former announcements of July 4th, 2025) that its Supervisory Board on 10th of July 2025 passed the following resolutions in relation to the Company’s Management Board: Following the recent changes in the composition of the Management Board due to the resignation of Mr. Nikolaos Lykos (former Chairman of the Management Board), the Supervisory Board of the Company has appointed Mr. Mohamed Chemloul as the fifth member of the Management Board, effective as of July 15, 2025. His term of office runs until June 30, 2027, in alignment with the current terms of the other four Management Board members. In connection with his appointment, Mr. Chemloul has also been appointed Vice Chairman of the Management Board. Operationally, he will keep his current role as Group Chief Technology Officer (CTO). Following this appointment, the Management Board now comprises of five members: Mr. Emmanouil Kontos, Chairman and Group CEO, Mr. Mohamed Chemloul, Vice Chairman and Group CTO, Mr. Markus Kirchmayr, Group CFO, Mr. Jon Neeraas, Executive Vice President W/E, Nordics, UK and USA, Mr. Burak Bilge, Executive Vice President Middle East, Africa (MEA) and Türkiye. The Supervisory Board welcomes Mr. Chemloul to his new role and looks forward to a successful collaboration. Aankondiging • Jul 02
Austriacard Holdings AG Announces Changes to Its Supervisory Board AUSTRIACARD HOLDINGS AG announced changes to its Supervisory Board, following its Annual General Meeting held on June 24, 2025. Pursuant to previous announcements dated May 13 and June 25, 2025 of the Company, Mr. Nikolaos Lykos and Prof. Stefano Brusoni were elected as new members of the Supervisory Board at the Annual General Meeting held on June 24, 2025. Their term will run until the end of the Annual General Meeting that resolves on the discharge of the Supervisory Board for the financial year 2026. Following this election, the Supervisory Board now consists of four members: Mr. John Costopoulos, DDr. Martin Wagner, Mr. Nikolaos Lykos, and Prof. Stefano Brusoni. The Company appointed the Vice rector and Professor of Technology and Innovation Management at the Swiss Federal Institute of Technology Zurich (ETH Zurich), Prof. Stefano Brusoni, to its Supervisory Board. Prof. Brusoni brings extensive academic experience in the fields of innovation, artificial intelligence, digital platforms, and decision-making in complex environments, which are highly relevant to the strategic direction of the Group. Upcoming Dividend • Jun 24
Upcoming dividend of €0.11 per share Eligible shareholders must have bought the stock before 01 July 2025. Payment date: 04 July 2025. Payout ratio is a comfortable 21% and this is well supported by cash flows. Trailing yield: 2.1%. Lower than top quartile of Austrian dividend payers (4.9%). Higher than average of industry peers (1.6%). Aankondiging • Jun 05
AUSTRIACARD Holdings AG Announces the Launch of Its Digital Taskforce for Anti-Money Laundering AUSTRIACARD HOLDINGS AG announced the launch of its Digital Taskforce for Anti-Money Laundering (AML), a pioneering solution based on Agentic AI architecture that redefines how financial institutions tackle money laundering. In an era where regulatory frameworks demand rapid, accurate, and large-scale compliance, traditional AML processes are often time-consuming and rely heavily on manual scrutiny. Criminal networks are evolving rapidly, using increasingly sophisticated techniques that challenge even the most modern compliance systems. Real-time detection is a critical need -- yet it still hasn't been successfully met by many institutions. Built on the company's proprietary GaiaB™? Generative AI platform, the solution utilizes multiple AI Agents working autonomously and collaboratively to detect, analyze, and report suspicious transactions. These agents simulate the work of multiple analysts in parallel, accelerating investigations, enhancing accuracy, and drastically reducing manual effort. This advanced AML solution offers: Instant unlawful transaction flagging; Continuous discovery of new money laundering patterns; Automated sharing of new money laundering patterns among financial institutions (without sharing raw data); Easy scalability by deploying multiple AI agent replicas as needed; Fully on-premise operation -- ensuring full control, data sovereignty and security, even in air-gapped network environments with no internet access. The first public presentation of the Digital Taskforce for AML takes place at Money 20/20 Europe, held 3-5 June at RAI Amsterdam. A dedicated team of 12 experts welcomes partners and stakeholders to a spacious booth, showcasing cutting-edge payment card innovations and real-world digital technology-use cases. A live demo of the AML solution is featured from day one, underlining the company's transition from a product supplier to a trusted end-to-end fintech solutions provider. Reported Earnings • May 22
First quarter 2025 earnings released: EPS: €0.06 (vs €0.14 in 1Q 2024) First quarter 2025 results: EPS: €0.06 (down from €0.14 in 1Q 2024). Revenue: €82.6m (down 10.0% from 1Q 2024). Net income: €1.99m (down 61% from 1Q 2024). Profit margin: 2.4% (down from 5.5% in 1Q 2024). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 6.1% p.a. on average during the next 3 years, compared to a 6.5% growth forecast for the Tech industry in Europe. Reported Earnings • Apr 05
Full year 2024 earnings released: EPS: €0.52 (vs €0.65 in FY 2023) Full year 2024 results: EPS: €0.52. Revenue: €392.3m (up 7.6% from FY 2023). Net income: €19.0m (up 20% from FY 2023). Profit margin: 4.8% (up from 4.3% in FY 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 8.7% p.a. on average during the next 2 years, compared to a 6.4% growth forecast for the Tech industry in Europe. Aankondiging • Apr 01
Austriacard Holdings AG announces Annual dividend, payable on July 04, 2025 Austriacard Holdings AG announced Annual dividend of EUR 0.1100 per share payable on July 04, 2025, ex-date on July 01, 2025 and record date on July 02, 2025. Recent Insider Transactions • Mar 02
Chairman of the Management Board recently bought €608k worth of stock On the 26th of February, Nikolaos Lykos bought around 100k shares on-market at roughly €6.08 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Nikolaos has been a buyer over the last 12 months, purchasing a net total of €2.2m worth in shares. Recent Insider Transactions • Feb 12
Chairman of the Management Board recently bought €600k worth of stock On the 6th of February, Nikolaos Lykos bought around 100k shares on-market at roughly €6.00 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger purchase worth €600k. Nikolaos has been a buyer over the last 12 months, purchasing a net total of €1.6m worth in shares. Aankondiging • Feb 11
Austriacard Holdings Launches Gaiab™ Platform AUSTRIACARD HOLDINGS is launching its GaiaB™ platform, delivering innovative Agentic AI solutions to its partners and clients. The GaiaB™ platform empowers the creation of Generative AI applications, enabling AUSTRIACARD to configure and deploy systems that not only execute tasks, set goals, and adapt to new environments, but also work in concert—both with each other and with human teams. Crucially, unlike traditional software, Agentic AI systems perceive their surroundings and operate autonomously, deciding on their own how best to achieve their designated objectives. The platform can utilize all language models, whether commercial—such as OpenAI’s GPT 4o, Anthropic’s Claude 3.5 Sonnet as well as Google’s Gemini —and open-source, such as Meta’s Llama 3.3, Mistral’s Mistral family of models, Alibaba’s Qwen 2.5 and many others. The open-source large language models are installed in a fully controlled self-hosted environment individually or all together, ensuring full compliance with national mandates and the General Data Protection Regulation (GDPR). With the capabilities provided by GaiaB™ platform, AUSTRIACARD is investing in solutions that, until now, were either impossible to implement or required prohibitive levels of human resources. The company focuses on solutions for labor-intensive tasks, which are part of its new strategic pillar, 'Digital Taskforce'. Recent Insider Transactions • Feb 01
Chairman of the Management Board recently bought €600k worth of stock On the 28th of January, Nikolaos Lykos bought around 100k shares on-market at roughly €6.00 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Nikolaos has been a buyer over the last 12 months, purchasing a net total of €1.0m worth in shares. Recent Insider Transactions • Jan 16
Chairman of the Management Board recently bought €415k worth of stock On the 9th of January, Nikolaos Lykos bought around 70k shares on-market at roughly €5.93 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. This was Nikolaos' only on-market trade for the last 12 months. Reported Earnings • Nov 17
Third quarter 2024 earnings released: EPS: €0.15 (vs €0.086 in 3Q 2023) Third quarter 2024 results: EPS: €0.15 (up from €0.086 in 3Q 2023). Revenue: €108.1m (up 35% from 3Q 2023). Net income: €5.59m (up 152% from 3Q 2023). Profit margin: 5.2% (up from 2.8% in 3Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 6.6% p.a. on average during the next 3 years, compared to a 7.3% growth forecast for the Tech industry in Europe. Buy Or Sell Opportunity • Nov 15
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 8.5% to €5.40. The fair value is estimated to be €6.79, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 5.6% over the last year. Earnings per share has grown by 85%. Revenue is forecast to grow by 17% in 2 years. Earnings are forecast to grow by 91% in the next 2 years. Reported Earnings • Aug 30
Second quarter 2024 earnings released: EPS: €0.29 (vs €0.20 in 2Q 2023) Second quarter 2024 results: EPS: €0.29 (up from €0.20 in 2Q 2023). Revenue: €195.4m (up 114% from 2Q 2023). Net income: €10.6m (up 43% from 2Q 2023). Profit margin: 5.4% (down from 8.1% in 2Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 7.6% p.a. on average during the next 3 years, compared to a 6.8% growth forecast for the Tech industry in Europe. Aankondiging • Aug 30
Austriacard Holdings AG (ATSE:ACAG) acquired E-Commerce Monitoring GmbH for €0.80 million. Austriacard Holdings AG (ATSE:ACAG) acquired E-Commerce Monitoring GmbH for €0.80 million in January 2024.
Austriacard Holdings AG (ATSE:ACAG) completed the acquisition of E-Commerce Monitoring GmbH in January 2024. Aankondiging • Jul 11
Austriacard Holdings Ag Approves Dividend for Fiscal Year 2023, Payable on July 19, 2024 Austriacard Holdings AG in its annual general meeting held on July 9, 2024 approved to distribute a dividend for the financial year 2023 in the amount (gross) of EUR 0.10 per share entitled to dividend, but not exceeding a total of EUR 3,635,386.80 (gross). The ex-dividend day is July 16, 2024, and the dividend record date is July 17, 2024. Dividend payment will be made through a credit at the individual depositary bank/financial services provider/central securities depository. Raiffeisen Bank International AG serves as the paying agent for the dividend. Dividend payment by the paying agent will be made exclusively less 27.5% withholding tax. Declared Dividend • Jul 11
Dividend of €0.10 announced Shareholders will receive a dividend of €0.10. Ex-date: 16th July 2024 Payment date: 19th July 2024 Dividend yield will be 1.7%, which is higher than the industry average of 1.4%. Sustainability & Growth Dividend is covered by earnings (15% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The company is yet to establish a track record of dividend growth or stability as it hasn't paid a regular dividend for at least 2 years. EPS is expected to grow by 46% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Upcoming Dividend • Jul 09
Upcoming dividend of €0.10 per share Eligible shareholders must have bought the stock before 16 July 2024. Payment date: 19 July 2024. Payout ratio is a comfortable 15% but the company is not cash flow positive. Trailing yield: 1.7%. Lower than top quartile of Austrian dividend payers (5.9%). Higher than average of industry peers (1.5%). Reported Earnings • Jun 05
First quarter 2024 earnings released: EPS: €0.14 (vs €0.13 in 1Q 2023) First quarter 2024 results: EPS: €0.14 (up from €0.13 in 1Q 2023). Revenue: €91.8m (up 2.2% from 1Q 2023). Net income: €5.08m (up 16% from 1Q 2023). Profit margin: 5.5% (up from 4.9% in 1Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 7.9% p.a. on average during the next 3 years, compared to a 5.7% growth forecast for the Tech industry in Europe. Aankondiging • May 22
Austriacard Holdings AG (ATSE:ACAG) acquired Lstech Ltd for €1.6 million. Austriacard Holdings AG (ATSE:ACAG) acquired Lstech Ltd for €1.6 million on May 21, 2024. Austriacard Holdings AG (ATSE:ACAG) completed the acquisition of Lstech Ltd on May 21, 2024. Reported Earnings • Mar 26
Full year 2023 earnings released: EPS: €0.65 (vs €0.16 in FY 2022) Full year 2023 results: EPS: €0.65 (up from €0.16 in FY 2022). Revenue: €364.6m (up 16% from FY 2022). Net income: €15.8m (up 237% from FY 2022). Profit margin: 4.3% (up from 1.5% in FY 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 7.6% p.a. on average during the next 3 years, compared to a 6.0% growth forecast for the Tech industry in Europe. Aankondiging • Feb 06
Austriacard Holdings AG (ATSE:ACAG) commences an Equity Buyback Plan, under the authorization approved on June 30, 2023. Austriacard Holdings AG (ATSE:ACAG) commences share repurchases on January 30, 2024, under the program mandated by shareholders in the Annual General Meeting held on June 30, 2023. As per the mandate, the company is authorized to repurchase its own shares. The shares must be repurchased such as the holding of the shares does not exceed 10% of the share capital. The minimum price to be paid for repurchase is €1 per share. The maximum price to be paid for repurchase should not exceed 20% above the volume-weighted average price of the last 20 trading days preceding the respective purchase. The authorization will be valid for 30 months. As of June 30, 2023, the company had 16,002,763 shares in issue.
On December 18, 2023, the company announced a repurchase program. Under the program, the company will repurchase up to 727,077 shares, representing 2% of its share capital for €5.82 million. The maximum price to be paid for repurchase should not exceed €12 per share. The repurchases will commence from December 22, 2023, and will end no later than June 21, 2024. Aankondiging • Nov 22
Austriacard Holdings AG, Annual General Meeting, Jul 09, 2024 Austriacard Holdings AG, Annual General Meeting, Jul 09, 2024. Reported Earnings • Nov 18
Third quarter 2023 earnings released: EPS: €0.086 (vs €0.33 in 3Q 2022) Third quarter 2023 results: EPS: €0.086 (down from €0.33 in 3Q 2022). Revenue: €80.4m (down 15% from 3Q 2022). Net income: €2.22m (down 54% from 3Q 2022). Profit margin: 2.8% (down from 5.1% in 3Q 2022). The decrease in margin was driven by lower revenue. New Risk • Oct 12
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Austrian stocks, typically moving 4.2% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks High level of debt (75% net debt to equity). Share price has been volatile over the past 3 months (4.2% average weekly change). Profit margins are more than 30% lower than last year (3.4% net profit margin). Reported Earnings • Sep 03
Second quarter 2023 earnings released: EPS: €0.20 (vs €0.08 in 2Q 2022) Second quarter 2023 results: EPS: €0.20 (up from €0.08 in 2Q 2022). Revenue: €91.4m (up 19% from 2Q 2022). Net income: €7.42m (up 218% from 2Q 2022). Profit margin: 8.1% (up from 3.0% in 2Q 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 5.1% p.a. on average during the next 3 years, compared to a 5.2% growth forecast for the Tech industry in Europe. Buying Opportunity • Aug 17
Now 20% undervalued Over the last 90 days, the stock is up 24%. The fair value is estimated to be €18.14, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 74% over the last year. Earnings per share has declined by 35%. Revenue is forecast to grow by 7.8% in 2 years. Earnings is forecast to grow by 104% in the next 2 years. Valuation Update With 7 Day Price Move • Jun 01
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to €13.80, the stock trades at a forward P/E ratio of 19x. Average forward P/E is 25x in the Tech industry in Europe. 
