2 big updates for Topicus (TSX:TOI) shareholders:

1: Asseco Dividend

As a follow-up from Asseco’s EGSM, the management board have now recommended the dividend payment of ~ PLN 1,050m, with a positive opinion from the Supervisory Board. Why this is important for Topicus (TSX:TOI) shareholders:

• Topicus bought their 23.1% stake in Asseco Poland (GPW:ACP) through 2 tranches:

  • On January 31, 2025 they bought 8.3m shares for ~ PLN 706m from Cyfrowy Polsat

  • On October 1 2025, they bought 12.3m shares for ~ PLN 1,047m via Asseco’s treasury shares (subsequently sold 1.4m to AGFR)

• On March 18th 2026, through the EGSM they amended the reserve capital purpose so the reserves (i.e. their capital injection via the purchase of treasury shares) could be used for advanced dividends

So here we have it, they injected ~PLN 1,047m, and now (subject to the company’s AGM) are getting 23.1% of that back via a dividend. Excellence in capital allocation as always.

2: Asseco Full-year FCF

Asseco released their full year 2025 earnings yesterday. From it, we can glean that their FCFA2S (calculated in line with Constellation / Topicus’ definition) is approximately PLN 886m. Topicus own 23.1%, so their look-through FCF is ~ PLN 205m. Taking out the ~PLN 43m in interest on their Schuldschein, that nets them ~ PLN 162m in look-through FCF.

So if we tally the maths, Topicus levered FCF yield is:

• 162m in look-through earnings, divided by

• Their PLN 1,670m deployed minus the PLN 840m in debt from their Schuldschein and minus the PLN 242m of their capital to be dividended out (per note 1), equals

• a 27.6% FCF yield before any operational improvements have taken place

If this is what they can do with a ~3bn Euro market cap conglomerate, imagine what they can do with niche VMS businesses.

Full Topicus deep-dive coming soon, stay tuned!