Asseco Poland’s Q2 23 results were in line with the PAP consensus. While the H1 23 figures seem weak at first glance, one has to account for negative FX effects (PLN385m on the top line) and one-offs in H1 22 (PLN192m). To us, the development of the key areas for ACP’s management – Cloud, Cybersecurity and Robotics – was a disappointment, but their weak performance yoy mainly resulted from FX effects.
