Asseco Poland’s Q3 23 results were lower than the PAP consensus at all levels except net income. 9M revenues declined in all segments except Poland, where they improved by 12.3% yoy. The 9M 23 figures look as expected if we account for negative FX effects on the top line and one-offs in 9M 22. However, Asseco Poland’s Israeli business is being negatively affected by the war against Hamas.