Q2 2026 - Topicus.com
Small M&A still sluggish, and lowest IRR within the CSI family
Yesterday, Topicus released its Q2 report, and unlike Lumine, year-over-year EBITA growth decelerated to a still strong 18.5%. FCF was driven by the special dividend paid by Asseco Poland.
The question is around the next couple of years, though. With Asseco Poland already part of our baseline NOPAT (proportionally consolidated) and annualized M&A running at 120-140 million EUR, it won’t take much for Topicus’ EBITA growth to dip below 10%. It’s not a popular take but the growth rate will quickly fall below both CSI’s and Lumine’s.