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ASBISc Enterprises Plc ANNUAL REPORT, 2025
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ANNUAL REPORT
FOR THE FISCAL YEAR
ENDED DECEMBER 31, 2025
Limassol, March 24th, 2026

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ASBISc Enterprises Plc ANNUAL REPORT, 2025
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DEAR SHAREHOLDERS, PARTNERS, AND COLLEAGUES,
On behalf of the Board of Directors of ASBIS Group, I am thrilled and honored to share with you our Consolidated Annual
Report for the year 2025.
For ASBIS, the year 2025 will be always remembered. It was the year marking our 35 Year anniversary and it was a record-
breaking year in many aspects of our business. We have experienced dynamic growth, marked by an explosive revenue
increase, historic monthly sales driven mainly by the boom in AI server components and data centers building blocks, as
well as smartphones. We have been engaged with a variety of customers in multiple layers of the supply value chain in a
growing number of countries. We have been engaged in projects that are continuously upgrading data centers in different
territories. We expect the large-scale investment in both cloud and AI infrastructure to remain a defining driver of our growth
in the current year.
This was also a year of expansion into new markets of Africa and the US, new strategic partnerships and new product
launches under own brands solidifying our position in EMEA as a leading value-add distributor.
At the end of 2025, we expanded to the U.S. and officially opened Bang & Olufsen’s first showroom in San Francisco –
the world’s largest flagship store of the brand. This opening marks the first step in the ambitious expansion strategy for
Bang & Olufsen in California. In 2026, the Group plans to open and manage additional stores of this brand in Los Angeles
and Palo Alto. We currently run forty premium and luxury Monobrand retail stores in eleven countries. This includes thirty-
two Apple Premium Reseller stores across seven countries (under the iSpace brand) and eight Bang & Olufsen showrooms
in five countries – Cyprus, South Africa, Georgia, Italy, and now in USA.
Last year was also a landmark year for our logistics and warehousing capacity. We finished building a new warehouse in
Kazakhstan with an area of approximately 20,000 m2. This investment is a response to the growing demand in the country
where the Company has significantly increased its presence. Kazakhstan became our number one revenue contributor in
the post-war era, and we are placing significant efforts to support and further grow our operations in the country. With this
new investment, our warehouse capacity increased by over 20% to a total of 70,000 m2 and this will allow us to supply our
customers faster and more efficiently.
In 2026, we have completed an acquisition of Samsung Brand stores network in Poland. Under this agreement, ASBIS
has acquired a network of 13 stationary Samsung Brand Store outlets in the country. This acquisition complements and
strengthens our retail business unit which is now driving forward to higher milestones.
Along with the above, we have been further strengthening the development of our portfolio of IT products and services
with technologically advanced solutions, including our second life devices division - Breezy - invested significantly and see
a very positive development. Breezy had a breakthrough year in 2025, marked by the launch of its first fully AI‑powered,
robotized refurbishment factory in Poland — a major strategic milestone. The new facility substantially expanded Breezy’s
capacity to process and upgrade used smartphones, positioning the Company as a leading recommerce player in Central
Europe.
Our extensive portfolio of vendors including: Apple, AMD, Intel, Micron, Western Digital, Logitech, Dell, Lenovo, Seagate,
HP, Microsoft, IBM, Bang & Olufsen and ASUS was complemented with other international suppliers such as Midea (global
manufacturer of intelligent home appliances), Royal Kludge, (a company specializing in the production of high-quality
mechanical gaming keyboards), Klipsch (a leading global manufacturer of premium sound solutions for the consumer and
professional markets), iLera (a leader in the premium protection segment for Apple devices) and Arctic Wolf (a leading
provider of cybersecurity solutions).
Having more than 110,000 products in our portfolio, sales in approximately 60 countries and facilities in 34 countries, we
believe that we are a strong partner for leading international suppliers of IT components and finished products.
Analyzing the 2025 financial results, ASBIS generated revenues of USD 3.9 billion (up 28%, compared to 2024). Gross
profit margin reached 7.22% in 2025. Profit from operations (EBIT) reached USD 111 million (up 18% compared to 2024).
Net profit after tax reached USD 60.2 million, as compared to USD 54.2 million in 2024.
As of December 31, 2025, ASBIS had USD 257.6 million in cash and cash equivalents on its balance sheet, as compared
to USD 155.0 million at the end of 2024.
In 2025, we continued focusing on shareholder returns, paying our investors a final and interim dividend from the
Company’s profits, which is in line with our strategy to reward our investors. This has also been supported by the strong
cash flow of the Company. We want to continue our hefty dividend policy should the circumstances allow us.

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ASBISc Enterprises Plc ANNUAL REPORT, 2025
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All in all, I am extremely satisfied with the financial and non-financial achievements in 2025. Across countries and all time
zones, we delivered maximum possible overcoming challenges and seizing opportunities. I am filled with excitement about
the possibilities that lie ahead of us. I am sure that our healthy fundamentals and shared vision and commitment to success
will continue to guide us as we navigate new challenges and strive for greater heights.
On behalf of the Board of Directors of ASBIS Group, I would like to thank our shareholders for their continuing support,
confidence and above all for their trust, our clients and suppliers for our successful cooperation, as well as all our
employees whose dedication and hard work has helped us thrive across borders and achieve remarkable success
together. Thank you for your contributions that make ASBIS not only a leading global company, but also a wonderful place
to work.
Siarhei Kostevitch
Chairman & CEO

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ASBISc Enterprises Plc ANNUAL REPORT, 2025
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CONTENT
INTRODUCTION ................................................................................................................................................5
PART I ................................................................................................................................................................7
ITEM 1. KEY INFORMATION ............................................................................................................................................. 7
ITEM 2. INFORMATION ON THE COMPANY .................................................................................................................. 15
ITEM 3. OPERATING AND FINANCIAL REVIEW AND PROSPECTS ............................................................................. 32
ITEM 4. DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES .............................................................................. 47
ITEM 5. MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS .............................................................. 52
ITEM 6. FINANCIAL INFORMATION ................................................................................................................................ 52
PART II ............................................................................................................................................................ 54
ITEM 7. PRINCIPAL ACCOUNTANT FEES AND SERVICES .......................................................................................... 54
ITEM 8. MANAGEMENT REPRESENTATIONS ............................................................................................................... 54
PART III ........................................................................................................................................................... 56
ITEM 9. GENERAL INFORMATION ................................................................................................................................. 56
ITEM 10. ENVIRONMENTAL INFORMATION .................................................................................................................. 83
ITEM 11. SOCIAL INFORMATION ................................................................................................................................. 104
ITEM 12. GOVERNANCE INFORMATION ..................................................................................................................... 116
ITEM 13. INDEPENDENT ASSURANCE REPORT ON THE SUSTAINABILITY STATEMENT ..................................... 124

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ASBISc Enterprises Plc ANNUAL REPORT, 2025
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INTRODUCTION
ASBISc Enterprises Plc is a leading Value Add Distributor, developer and provider of ICT, IoT products, solutions, and
services to the markets of Europe, the Middle East, and Africa (EMEA) with local operations in Central and Eastern Europe,
the Baltic republics, the Commonwealth of Independent States, the Middle East and North Africa, combining a broad
geographical reach with a wide range of products distributed on a "one-stop-shop" basis. Our focus is on the following
countries: Kazakhstan, Ukraine, Slovakia, Poland, Czech Republic, Romania, Croatia, Slovenia, Bulgaria, Serbia,
Hungary, Middle East countries (i.e., United Arab Emirates, Qatar and other Gulf states) South Africa and Latvia.
The Group distributes IT components (to assemblers, system integrators, local brands and retail) as well as A-branded
finished products like smartphones, desktop PCs, laptops, servers, and networking to SMB and retail. Our IT product
portfolio encompasses a wide range of IT components, blocks and peripherals, and mobile IT systems. We currently
purchase most of our products from leading international manufacturers, including Apple, Logitech, Intel, Advanced Micro
Devices ("AMD"), Seagate, Western Digital, Samsung, Microsoft, Toshiba, Dell, Acer, Lenovo and Hitachi. In addition, a
part of our revenue is comprised of sales of IT products under our private labels: AENO, Canyon, Prestigio Solutions, and
LORGAR.
ASBISc commenced business in 1990 and in 1995 incorporated its parent Company in Cyprus and moved its headquarters
to Limassol. Our Cypriot headquarters support, through two master distribution centers (located in the Czech Republic and
the United Arab Emirates), our network of 31 warehouses located in 34 countries. This network supplies products to the
Group's in-country operations and directly to its customers in approximately 60 countries.
The Company’s registered and principal administrative office is at 1, Iapetou Street, 4101, Agios Athanasios, Limassol,
Cyprus.
We have prepared this annual report as required by Paragraph 60 section 1 point 3 of the Regulation of the Ministry of
Finance dated 29 March 2018 on current and periodic information to be published by issuers of securities and rules of
recognition of information required by the law of non-member country as equivalent.
In this annual report, all references to the Company apply to ASBISc Enterprises Plc and all references to the Group apply
to ASBISc Enterprises Plc and its consolidated subsidiaries. Expressions such as "we", "us", "our" and similar apply
generally to the Group (including its subsidiaries, depending on the country discussed) unless from the context they apply
to the stand-alone Company. “Shares” refers to our existing ordinary shares traded on the Warsaw Stock Exchange.
FORWARD-LOOKING STATEMENTS
This annual report contains forward-looking statements relating to our business, financial condition and results of
operations. You can find many of these statements by looking for words such as "may", "will", "expect", "anticipate",
"believe", "estimate" and similar words used in this annual report. By their nature, forward-looking statements are subject
to numerous assumptions, risks and uncertainties. Accordingly, actual results may differ materially from those expressed
or implied by the forward-looking statements. We caution you not to place undue reliance on such statements, which speak
only as of the date of this annual report.
The cautionary statements set out above should be considered in connection with any subsequent written or oral forward-
looking statements that we or persons acting on our behalf may issue. We do not undertake any obligation to review or
confirm analysts’ expectations or estimates or to release publicly any revisions to any forward-looking statements to reflect
events or circumstances after the date of this annual report.
INDUSTRY AND MARKET DATA
In this annual report, we set out information relating to our business and the market in which we operate and compete.
The information regarding our market, market share, market position, growth rates and other industry data relating to our
business and the market in which we operate consists of data and reports compiled by various third-party sources,
discussions with our customers and our own internal estimates. We have obtained market and industry data relating to our
business from providers of industry data, including:
• Gartner and GfK - leading research companies on IT,
• IDC – a dedicated organization on publishing data for IT industry, and
• Other independent research conducted on our sector

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ASBISc Enterprises Plc ANNUAL REPORT, 2025
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We believe that these industry publications, surveys and forecasts are reliable, but we have not independently verified
them and cannot guarantee their accuracy or completeness. The data from independent surveyors might not have taken
into consideration recent developments in the markets we operate and therefore in certain instances might have become
outdated and not represent the real market trends.
In addition, in many cases, we have made statements in this annual report regarding our industry and our position in the
industry based on our experience and our own investigation of market conditions. We cannot assure you that any of these
assumptions are accurate or correctly reflect our position in the industry, and none of our internal surveys or information
has been verified by any independent sources.
FINANCIAL AND OPERATING DATA
This annual report contains financial statements and financial information relating to the Group. This annual report contains
audited consolidated financial statements for the twelve months ended 31 December 2025. The financial statements
appended to this annual report are presented in U.S. dollars and have been prepared in accordance with International
Financial Reporting Standards ("IFRS").
The functional currency of the Company is U.S. dollars. Accordingly, transactions in currencies other than our functional
currency are translated into U.S. dollars at the exchange rates prevailing on the applicable transaction dates.
Certain arithmetical data contained in this annual report, including financial and operating information, have been subject
to rounding adjustments. Accordingly, in certain instances, the sum of the numbers in a column or a row in tables contained
in this annual report may not conform exactly to the total figure given for that column or row.
All numbers are presented in thousands, except share, per share and exchange rate data, unless otherwise stated.

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PART I
ITEM 1. KEY INFORMATION
CURRENCY PRESENTATION AND EXCHANGE RATE INFORMATION
Unless otherwise indicated, all references in this annual report to "U.S. $" or "U.S. dollars" are to the lawful currency of the
United States; all references to "€" or the "Euro" are to the lawful currency of the member states of the European Union
that adopt the single currency in accordance with the EC Treaty, which means the Treaty establishing the European
Community (signed in Rome on 25 March 1957), as amended by the Treaty on European Union (signed in Maastricht on
7 February 1992) and as amended by the Treaty of Amsterdam (signed in Amsterdam on 2 October 1997) and includes,
for this purpose, Council Regulations (EC) No. 1103/97 and all references to "PLN" or "Polish Zloty" are to the lawful
currency of the Republic of Poland. All references to U.S. dollars, Euro, Polish Zloty and other currencies are in thousands,
except share and per share data, unless otherwise stated.
The following tables set out, for the periods indicated, certain information regarding the average of the 11:00 a.m.
buying/selling rates of the dealer banks as published by the National Bank of Poland, or NBP, for the zloty, the “effective
NBP exchange rate”, expressed in Polish Zloty per dollar and Polish Zloty per Euro. The exchange rates set out below
may differ from the actual exchange rates used in the preparation of our consolidated financial statements and other
financial information appearing in this annual report. Our inclusion of the exchange rates is not meant to suggest that the
U.S. dollars amount represent such polish Zloty or Euro amounts or that such amounts could have been converted into
Polish Zloty or Euros at any particular rate, if at all.
Year ended December 31 (Polish Zloty to U.S.
dollar)
2021
2022
2023
2024
2025
Exchange rate at end of period
4.40
3.94
4.10
3.60
Average exchange rate during period (1)
4.47
4.18
3.99
3.75
Highest exchange rate during period
4.95
4.49
4.10
4.06
Lowest exchange rate during period
4.11
3.90
3.82
3.60
The average exchange rate as certified for customs purposes by NBP on the last business day of each month during the applicable period
Month (Polish Zloty to U.S. dollar)
Highest exchange rate
during the month
Lowest exchange rate
during the month
January 2025
4.19
4.01
February 2025
4.14
3.94
March 2025
4.01
3.82
April 2025
3.93
3.72
May 2025
3.83
3.73
June 2025
3.76
3.62
July 2025
3.73
3.59
August 2025
3.75
3.63
September 2025
3.66
3.59
October 2025
3.69
3.62
November 2025
3.71
3.64
December 2025
3.65
3.58
The following table shows for the dates and periods indicated the period-end, average, high and low Euro to U.S. dollar
exchange rate as calculated based on the rates reported by the National Bank of Poland.
Year ended December 31 (Euro to U.S. dollar)
2021
2022
2023
2024
2025
Exchange rate at end of period
0.8827
0.9386
0.9050
0.9598
0.8521
Average exchange rate during period (1)
0.8467
0.9530
0.9236
0.9259
0.8851
Highest exchange rate during period
0.8874
1.0148
0.9536
0.9486
0.9738
Lowest exchange rate during period
0.8205
0.8739
0.8939
0.8969
0.8851
The average NBP exchange rate, euro per U.S. $, on the last business day of each month during the applicable period

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Month (Euro to U.S. dollar)
Highest exchange rate
during the month
Lowest exchange rate
during the month
January 2025
0.9792
0.9544
February 2025
0.9774
0.9539
March 2025
0.9547
0.9183
April 2025
0.9126
0.8906
May 2025
0.8939
0.8821
June 2025
0.8760
0.8537
July 2025
0.8718
0.8474
August 2025
0.8766
0.8565
September 2025
0.8579
0.8456
October 2025
0.8652
0.8551
November 2025
0.8707
0.8614
December 2025
0.8613
0.8520
SELECTED FINANCIAL DATA
The following table sets forth our selected historical financial data for the years ended December 31, 2025, and 2024 and
should be read in conjunction with Item 3. “Operating and Financial Review and Prospects” and the consolidated financial
statements (including the notes thereto) included elsewhere in the annual report. We have derived the financial data
presented in accordance with IFRS from the audited consolidated financial statements.
For your convenience, certain U.S. $ amounts as of and for the year ended 31 December 2025, have been converted into
Euro and PLN as follows:
• Individual items of the balance sheet – based at average exchange rates quoted by the National Bank of Poland
31 December 2025, that is 1 US$ = 3.6016 PLN and 1 EUR = 4.2267 PLN.
• Individual items in the income statement and cash flow statement – based at exchange rates representing the
arithmetic averages of the exchange rates quoted by the National Bank of Poland for the last day of each month
in a period between 1 January to 31 December 2025, that is 1 US$ = 3.7504 PLN and 1 EUR = 4.2372 PLN.
Period from 1 January to 31 December
2025
2024
USD
PLN
EUR
USD
Revenue
3,862,999
14,487,920
3,419,220
3,008,503
Cost of sales
(3,584,278)
(13,442,596)
(3,172,519)
(2,768,339)
Gross profit
278,721
1,045,325
246,702
240,164
Gross profit margin
7.22%
7.98%
Selling expenses
(99,260)
(372,268)
(87,857)
(86,172)
Administrative expenses
(68,475)
(256,811)
(60,609)
(59,682)
Profit from operations
110,986
416,246
98,236
94,310
Financial expenses
(37,486)
(140,589)
(33,180)
(31,333)
Financial income
2,564
9,616
2,269
1,631
Other gains and losses
1,315
4,932
1,164
764
Share of loss of equity-accounted investees
(678)
(2,543)
(600)
(360)
Profit before taxation
76,701
287,662
67,890
65,012
Taxation
(16,458)
(61,725)
(14,567)
(10,839)
Profit after taxation
60,243
225,937
53,322
54,173
Attributable to:
Non-controlling interests
(396)
(1,485)
(351)
(268)
Owners of the Company
60,639
227,423
53,673
54,441

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EBITDA calculation
Period from 1 January to 31 December
2025
2024
USD
PLN
EUR
USD
Profit before tax
76,701
287,662
67,890
65,012
Add back:
Financial expenses/net
34,922
130,973
30,910
29,702
Other income
(1,315)
(4,932)
(1,164)
(764)
Share of profit of equity-accounted investees
678
2,543
600
360
EBIT for the period
110,986
416,246
98,236
94,310
Depreciation
9,404
35,134
8,292
8,195
Amortization
424
1,733
409
418
EBITDA for the period
120,814
453,112
106,937
102,923
USD
(cents)
PLN
(grosz)
EUR
(cents)
USD
(cents)
Earnings per share
Weighted average basic and diluted earnings per share from
continuing operations
109.26
409.77
96.71
98.09
2025
2024
USD
PLN
EUR
USD
Net cash inflows from operating activities
154,818
580,635
137,033
26,712
Net cash outflows from investing activities
(22,169)
(83,143)
(19,622)
(18,082)
Net cash outflows from financing activities
(31,543)
(118,300)
(27,919)
(11,536)
Net increase/(decrease) in cash and cash equivalents
101,106
379,191
89,491
(2,906)
Cash at the beginning of the year
105,400
395,296
93,292
108,306
Cash at the end of the year
206,506
774,487
182,783
105,400
As of 31 December
2025
2024
USD
PLN
EUR
USD
Current assets
1,372,656
4,943,758
1,169,650
1,112,656
Non-current assets
127,152
457,951
108,347
88,155
Total assets
1,499,808
5,401,708
1,277,997
1,200,811
Liabilities
1,161,735
4,184,105
989,922
902,496
Equity
338,073
1,217,604
288,074
298,315

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DEFINITIONS AND USE OF ALTERNATIVE PERFORMANCE MEASURES:
Gross profit
Gross profit is the residual profit made after deducting the cost of sales from revenue.
Gross profit margin
Gross profit margin is calculated as the gross profit divided by revenue, presented as a percentage.
EBIT (Earnings Before Interest and Tax)
It is calculated as the Profit before Tax, Net financial expenses, other income/loss and share of profit/loss of equity-
accounted investees, all of which are directly identifiable in financial statements.
EBITDA
EBITDA (Earnings Before Interest, Tax, Depreciation and Amortization) is calculated as the Profit before Tax, Net financial
expenses, other income, share of profit/loss of equity-accounted investees, Depreciation, Amortization, Goodwill
impairment and Negative goodwill, all of which are directly identifiable in financial statements.
The use of the above Alternative Performance Measures (“APM”) is made for the purpose of providing a more detailed
analysis of the financial results.
RISK FACTORS
This section describes significant risks and uncertainties affecting our business. The risks and uncertainties described
below are not the only ones we face. There may be additional risks and uncertainties not presently known to us or that we
currently deem immaterial. Any of these risks could adversely affect our business, financial condition, our results of
operations and our liquidity.
RISK FACTORS RELATING TO OUR BUSINESS AND INDUSTRY.
The war in Ukraine
The war in Ukraine is considered by the management as the major negative development which still affects our operations
not only in Ukraine but in the regions around. The ongoing conflict in the country does not allow us to properly develop the
country and the unsecured business environment makes it extremely difficult to plan and execute to our strategy. Despite
all difficulties, we are continuing to deliver particularly good results, however the key to our success in the country does
not only depend on our performance but also on an extremely volatile market environment.
The Group, being fully compliant with the directions given by the EU and its suppliers, has undertaken all necessary actions
to prevent sales of sanctioned products to sanctioned entities and/or individuals.
The conflict in the Middle East
As of February 28
th,
the world is experiencing another major conflict between Iran and Israel with the support of the US.
This has caused significant disruptions in the GCC countries of Middle East and already caused sky rocketing oil prices.
Should this conflict continue for the long run, there will be major inflationary pressures in multiple economic sectors. The
Company is closely monitoring the situation and undertakes all necessary measures to protect its interests in the UAE,
where we have made investments and keep a distribution center.
Unfair competition from unauthorized channels
The illicit trading in our main markets is considered by the management as another major negative factor which has
adversely affected and continues to affect our business. The problem of unauthorized and illegal imports of the leading
product categories in our portfolio is playing a significant negative role in our performance. Through unofficial channels,
devices reach the markets without proper registration, which deprives the budgets of these countries of significant revenues
and profits.
While authorized distributors like ASBIS obey the law and pay taxes, illicit traders avoid fiscal control, breach the law and
deprive countries of billions of tax income.

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The Group is closely working with its suppliers and authorities to overcome this issue. Several actions have already been
implemented, and we believe that the situation will somewhat improve going forward, but this is not in our capacity to
manage.
The in-country financial conditions affecting our major markets, gross profit, and gross profit margin.
Throughout the years of operation, the Company has suffered from specific in-country problems, emanating from the
deterioration of specific countries’ financial situation, due to several issues including but not limited to political instability.
The recent example of Kazakhstan is showing that a crisis emanated in a single large country of our operation might have
a significant adverse effect on our results. We need to monitor any developments, react fast and weather every risk showing
up in a specific market to secure our results.
The Company needs to keep in mind that different in-country problems might arise at any time and affect our operations.
Fluctuation in the value of currencies in which operations are conducted and activities are financed relative to
the U.S. dollar could adversely affect our business, operating results, and financial condition.
The Company’s reporting currency is the U.S. dollar. In 2025 a good portion of our revenues was denominated in U.S.
dollars, while the balance is denominated in Euro, UAH, KZT, PLN, CZK, HUF, ZAR and other currencies, certain of which
are linked to the Euro. Our trade payable balances are principally (about 90%) denominated in U.S. dollars. In addition,
approximately half of our operating expenses are denominated in U.S. dollars and the other half in Euro or other currencies,
certain of which are linked to the Euro.
Therefore, reported results are affected by movements in exchange rates, particularly in the exchange rate of the U.S.
dollar against the Euro and other currencies of the countries in which we operate, the Ukrainian Hryvnia, the Czech Koruna,
the Polish Zloty, the South African Rand, the Kazakhstani Tenge and the Hungarian Forint.
In particular, a strengthening of the U.S. dollar against the Euro and other currencies of the countries in which we operate
may result in a decrease in revenues and gross profit, as reported in U.S. dollars, and foreign exchange loss relating to
trade receivables and payables, which would have a negative impact on our operating and net profit despite a positive
impact on our operating expenses.
On the other hand, a devaluation of the U.S. dollar against the Euro and other currencies of the countries in which we
operate may have a positive impact on our revenues and gross profit, as reported in U.S. dollars, which would have a
positive impact on operating and net profit despite a negative impact on our operating expenses. In addition, foreign
exchange fluctuation between the U.S. dollar and the Euro or other currencies of the countries in which we operate may
result in translation gains or losses affecting foreign exchange reserve. Furthermore, a major devaluation or depreciation
of any such currencies may result in a disruption in the international currency markets and may limit the ability to transfer
or to convert such currencies into U.S. dollars and other currencies.
Despite all efforts of the Company, there can be no assurance that fluctuations in the exchange rates of the Euro and/or
other currencies of the countries in which we operate against the U.S. dollar will not have a material adverse effect on our
business, financial condition and results of operations. Therefore, careful observation of the currency environment remains
a crucial factor for our success.
Worldwide financial environment
The overall financial environment and the economic landscape of each country we operate in, always play a significant
role in our performance. The revised strategy and adaptation to the new environment, i.e., by rebuilding our product
portfolio, has paid off in terms of profitability and sales in the last three-four years.
We believe that the Company is much more flexible and better prepared to weather any obstacles that may arise due to
the worldwide financial environment, however, we can see that a full-scale war in our territories may bring unprecedented
consequences.
Credit risk faced by us due to our obligations under supply contracts and the risk of delinquency of customer
accounts receivable could have a material adverse effect on our business, operating results, and financial
position.
The Company’s payment obligations towards its suppliers under such agreements are separate and distinct from its
customers' obligations to pay for their purchases, except in limited cases where the Company’s arrangements with its
suppliers require the Company to resell to certain resellers or distributors. Thus, the Company is liable to pay its suppliers
regardless of whether its customers pay for their respective purchases.
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As the Company’s profit margin is relatively low compared to the total price of the products sold, in the event where the
Company cannot recover payments from its customers, it is exposed to financial liquidity risk. The Company has in place
credit insurance which covers such an eventuality for most of its revenue.
Despite all efforts to secure our revenues, certain countries remained non-insured (Ukraine), therefore it is very important
for us to ensure that we find other sources of securities which help us minimize our credit risk. The Board of Directors has
decided to enhance the Company’s risk management procedures.
These do not guarantee that all issues will be avoided, however, they have granted the Company with confidence that is
able to weather any possible major credit issue that may arise.
Competition and price pressure in the industry in which we operate on a global scale may lead to a decline in
market share, which could have a material adverse effect on our business, operating results, and financial
condition.
The IT distribution industry is a highly competitive market, particularly with regards to products selection and quality,
inventory, price, customer services and credit availability and hence is open to margin pressure from competitors and new
entrants.
The Company competes at the international level with a wide variety of distributors of varying sizes, covering different
product categories and geographic markets. In each of the markets in which the Company operates it faces competition
from:
• International IT and CE distributors with presence in all major markets we operate
• Regional IT and CE distributors who cover mostly a region but are quite strong
• Local distributors who focus mostly on a single market but are very strong
• International IT and mobile phones brokers, who sell opportunistically in any region and/or country
Competition and price pressures from market competitors and new market entrants may lead to significant reductions in
the Company’s sales prices.
Such pressures may also lead to a loss of market share in certain of the Group's markets. Price pressures can have a
materially adverse effect on the Company’s profit margins and its overall profitability, especially since its gross profit
margins, like those of most of its competitors, are low and sensitive to sales price fluctuations.
The IT distribution and mobile devices business have low-profit margins, which means that operating results are
highly sensitive to increased operating costs, which if not successfully managed could have a material adverse
effect on our business, results of operations and financial condition.
The Company’s business is comprised of both a traditional distribution of third-party products and our own brands. This
allows the Company to deliver healthier gross profit margins when conditions are favorable.
In the traditional distribution business, the Company’s gross profit margins, like those of other distributors of IT products,
are low and the Company expects that in the distribution arm of its business, they will remain low in the foreseeable future.
Increased competition arising from industry consolidation and low demand for certain IT products may hinder the
Company’s ability to maintain or improve its gross margins.
A portion of the Company’s operating expenses are relatively fixed, and planned expenditure is based in part on anticipated
orders that are forecasted with limited visibility of future demand.
As a result, the Company may not be able to reduce its operating expenses as a percentage of revenue to mitigate any
reductions in gross margins in the future. In addition to the above, recent increase in gross profit margins may no longer
be sustainable given the oversupply in the markets and decreased demand.
Inventory obsolescence and price erosion in the industry in which we operate may have a material adverse
effect on our business, financial condition, and results of operations.
The Company is often required to buy components and finished products according to forecasted requirements and orders
of its customers and in anticipation of market demand. The market for IT finished products and components is characterized
by rapid changes in technology and short product shelf life, and, consequently, inventory may rapidly become obsolete.
Due to the fast pace of technological changes, the industry may sometimes face a shortage or, at other times, an
oversupply of IT products.
As the Company increases the scope of its business and of inventory management for its customers, there is an increasing
need to hold inventory to serve as a buffer in anticipation of the actual needs of the Company’s customers.
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This increases the risk of inventory becoming devalued or obsolete and could affect the Company’s profits either because
prices for obsolete products tend to decline quickly, or because of the need to make provisions or even write-offs.
In an oversupply situation, other distributors may elect to proceed with price reductions to dispose of their existing
inventories, forcing the Company to lower its prices to stay competitive. The Company’s ability to manage its inventory and
protect its business against price erosion is critical to its success.
Several of the Company’s most significant contracts with its major suppliers contain advantageous contract terms that
protect the Company against exposure to price fluctuations, defective products and stock obsolescence.
Our business is highly dependent on distribution contracts with a limited number of suppliers; a loss of or
change in the material terms of these contracts could have a material adverse effect on our business, operating
results and financial condition.
The part of our business consisting of the distribution of third-party products is dependent on the CIS region and actions
of a limited number of suppliers. In the year ended 31 December 2025, the Company held contracts with Apple, Advanced
Micro Devices (AMD), Intel, Micron, Logitech, Supermicro, Dell, Lenovo, Seagate, HP, Microsoft, IBM, Bang&Olufsen,
Asus, and other international suppliers. Contracts with these suppliers are typically on a non-exclusive basis, allow for
termination with or without cause and are open-ended with respect to requirements and output rather than imposing any
commitment to a specific volume of business or scope of work.
We face the risk of termination of our distribution agreements, if we do not perform pursuant to the supplier's expectations
or for any other reason, including several factors outside our control. Changes in the suppliers' business strategies,
including moving part or all their distribution arrangements to our competitors, or directly distributing products to end-users,
could result in the termination of the respective distribution contracts. Any of these suppliers may merge with, acquire or
be acquired by any of our competitors which already has its own distribution network in the market. Any supplier may
consider us redundant as a distributor and may terminate our distribution agreement or may experience financial difficulties,
as a result of which it may not be able to grant beneficial credit terms and/or honour financial terms in the relevant
distribution agreements, such as those relating to price protection, stock returns, rebates, performance incentives, credit
from returned materials and reimbursement of advertising expenses incurred during joint promotion campaigns.
Termination or material change in the terms of a vendor contract due to any of the aforesaid factors could have a material
adverse effect on our business, results of operations and financial condition.
Our inability to maintain or renew our distribution and supply contracts on favourable terms with key customers
and suppliers could have a material adverse effect on our business, operating results and financial condition.
In the part of our business related to the distribution of third-party products, we have significant contracts with a limited
number of customers and other business partners, some of which are oral agreements, terms of which and the
enforceability of which, remain uncertain, or are agreements that may be terminated without cause or by written notice at
the expiry of their term.
In addition, several of our most significant contracts with our major suppliers contain terms that protect us against exposure
to price fluctuations, defective products and stock obsolescence.
Specifically, our contracts terms including terms such as (i) a price protection policy, which allows us to request
reimbursement from the suppliers for inventory in transit or held at our warehouses in the event that product prices decline;
(ii) a stock rotation policy under which we have the right to return to the supplier slow moving inventory in exchange for
credit, which reduces our exposure to obsolescence of inventory; and (iii) a return material authorization policy under which
we can return defective items to our suppliers in return for either credit, replacements or refurbished products.
If we are unable to maintain or enforce our significant contracts, or if any of our significant suppliers refuse to renew
contracts with us on similar terms, or new significant suppliers of ours do not make such terms available to us, we could
face a higher risk of exposure to price fluctuations and stock obsolescence, which given our narrow gross profit margins,
could have a material adverse effect on our business, operating results and financial condition.
Our suppliers' increasing involvement in e-commerce activities, which would enable them to directly sell to our
customers, could threaten our market share, and therefore adversely affect our business, operating results and
financial condition.
In the third-party products distribution part of our business, we operate as a distributor, or a "middleman", between
manufacturers and our customers. Manufacturers are sometimes able to outsource their sales and marketing functions by
engaging in the services of a distributor and concentrating on their core competencies.
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With the emergence, however, of new internet technologies and e-commerce, more manufacturers are developing their
own online commerce platforms with the capability to accept orders and conduct sales through the internet. Global
distributors have also set up their own web-sites to enable sales and purchases to be conducted online.
Although we have developed the IT4Profit platform, an online purchasing platform for electronic dealing with our customers
(B2B), there can be no assurance that any of our suppliers or competing distributors will not successfully implement similar
electronic purchasing platforms and manage to fully satisfy our customers' needs, in which case our risks losing a
significant part of our business.
In addition, market prices of components may deteriorate because of increasing online competition, as online customers
can search globally for the cheapest available components.
If we are unable to effectively leverage our internet technologies and e-commerce or successfully compete with emerging
competitors offering online services, this could have a material adverse effect on our business, operating results and
financial condition.
Our success is dependent on our own logistics and distribution infrastructure and on third parties that provide
those services, a loss of which could adversely affect our business, operating results and financial
performance.
Currently, ASBIS has two main distribution centers (Czech Republic and United Arab Emirates) covering most of its
operations. We have recently added another two regional distribution centers in Georgia and South Africa. In 2025 we
completed the building of a new warehouse in Kazakhstan, which enables the Company to consolidate all stock points in
the country and improve the operational efficiency. As a result, we are highly dependent on third-party providers for logistics
such as couriers and other transportation services. An interruption or delay in delivery services causing late deliveries
could result in loss of reputation and customers and could force us to seek alternative, more expensive delivery services,
thereby increasing operating costs, which would have an adverse effect on our business, operating results and financial
performance. An important part of our strategy to achieve cost efficiencies while maintaining turnover growth is the
continued identification and implementation of improvements to our logistics and distribution infrastructure. We need to
ensure that our infrastructure and supply chain keep pace with our anticipated growth. The cost of this enhanced
infrastructure could be significant and any delays to such expansion could adversely affect our growth strategy, business,
operating results and financial performance. Therefore, any significant disruption to the services of these third-party
providers could have a material adverse effect on our business, results of operations and financial condition. Recently, we
have observed a significant increase in raw material prices. The Group must constantly search for and find ways of
mitigating such increases and offer competitive pricing to customers.
Our inability to recruit and retain key executives and personnel could have a material adverse effect on our
business, operating results and financial condition.
Our business depends upon the contribution of several of our executive Directors, key senior management and personnel,
including Siarhei Kostevitch, our Chief Executive Officer and Chairman of the Board of Directors. There can be no certainty
that the services of Mr Kostevitch and of other of our key personnel will continue to be available to us. We have in the past
experienced and may in the future continue to experience difficulty in identifying expert personnel in our areas of activity,
and particularly in the areas of information technology and sales and marketing, in the countries in which we operate. In
addition, we do not currently maintain "key person" insurance.
If we are not successful in retaining or attracting highly qualified personnel in key management positions, this could have
a material adverse effect upon our business, operating results and financial condition.
High cost of debt
The distribution business entails a higher need for cash available to support growth. The Group has managed to raise cash
from various financial institutions, however, in certain cases, the cost of this financing is expensive.
The Company has already negotiated improved terms with most of its financiers and is currently taking certain extra steps
to further lower its cost of financing. Base rates (US Libor successor rates, Euribor, and other local base rates) have been
at a high level and this negatively affected the Company’s WACC. In twelve months of 2025, we were able to reduce the
Weighted Average Cost of Debt to 8,5% (from 9.9% in 2024), as base rates (especially Euribor) have shown a steady
decrease.
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15
Environmental and Climate Changes
In terms of transition risks that arise from the transition to a low-carbon and climate-resilient economy, we may face the
following risks: policy and legal risks (there may be laws or policies put in place that may require a more environmentally
cautious approach to raw materials and land use), technology risks (changes in technology used to produce IT equipment)
– these both may lead to growing prices in terms of IT equipment and solutions.
We may also face market risk with consumers switching to more energy-efficient appliances or making more savvy
purchases to limit their own impact on the environment. We will monitor these trends and introduce the latest hardware for
our customers.
We may also face reputational risks with difficulties in attracting customers, business partners and employees if we do not
take strong enough action against climate change. In terms of physical risks resulting from climate changes, we may face
both acute and chronic risks.
Acute physical risks may arise from weather-related events in the form of floods, fires or droughts that may damage
factories in certain regions, cause factories to limit or temporarily stop their production or disrupt our supply chain in other
ways. These may result in temporary limitations in our product offering or rising prices of hardware and components.
Chronic physical risks (i.e., risks that may result from long-term changes in the climate) may also affect ASBIS. Growing
temperatures worldwide may cause a need for more temperature-resilient hardware and appliances and may also result
in more hardware malfunctions that may increase warranty claims.
ITEM 2. INFORMATION ON THE COMPANY
HISTORY AND DEVELOPMENT OF ASBISC ENTERPRISES PLC AND BUSINESS OVERVIEW
Asbisc Enterprises Plc. is the parent entity for the Group described in this chapter, in the section "Group Structure and
Operations".
ASBISc Enterprises Plc is a leading Value Add Distributor, developer and provider of ICT, IoT products, solutions, and
services to the markets of Europe, the Middle East, and Africa (EMEA) with local operations in Central and Eastern Europe,
the Baltic republics, the Commonwealth of Independent States, the Middle East and North Africa, combining a broad
geographical reach with a wide range of products distributed on a "one-stop-shop" basis. Our focus is on the following
countries: Kazakhstan, Ukraine, Slovakia, Poland, Czech Republic, Romania, Croatia, Slovenia, Bulgaria, Serbia,
Hungary, Middle East countries (i.e., United Arab Emirates, Qatar and other Gulf states) South Africa and Latvia.
The Group distributes IT components (to assemblers, system integrators, local brands and retail) as well as A-branded
finished products like smartphones, desktop PCs, laptops, servers, and networking to SMB and retail. Our IT product
portfolio encompasses a wide range of IT components, blocks and peripherals, and mobile IT systems. We currently
purchase most of our products from leading international manufacturers, including Apple, Logitech, Intel, Advanced Micro
Devices ("AMD"), Seagate, Western Digital, Samsung, Microsoft, Toshiba, Dell, Acer, Lenovo and Hitachi. In addition, a
part of our revenue is comprised of sales of IT products under our private labels: AENO, Canyon, Prestigio Solutions, and
LORGAR.
ASBISc commenced business in 1990 and in 1995 incorporated the parent Company in Cyprus and moved our
headquarters to Limassol. Our Cypriot headquarters support, through two master distribution centers (located in the Czech
Republic and the United Arab Emirates), our network of 31 warehouses located in 34 countries. This network supplies
products to the Group's in-country operations and directly to its customers in approximately 60 countries.
The Company’s registered and principal administrative office is at 1, Iapetou Street, 4101, Agios Athanasios, Limassol,
Cyprus.
Our headquarters are home to our centralized purchasing department and global control function, which centrally monitors
and controls our global activities, including purchasing, warehousing and transportation operations. In line with our strategy
of focusing on automation and innovation to increase our cost-efficiency, in 2002 we began developing the IT4Profit
platform, our online purchasing platform for electronic trading with our customers (B2B) and electronic data interchange
for the Company and its subsidiaries.
With this platform, we have also implemented our end-to-end online supply chain management system, to effectively
manage our multinational marketplace and increase automation and reporting transparency both internally and vis-à-vis
our suppliers.
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We combine international experience of our central management team with local expertise from our offices in each of the
34 countries in which we operate. With our broad local presence, we have developed an in-depth knowledge and
understanding of fast-growing markets in regions such as Central and Eastern Europe “(CEE”) and CIS and our diverse
cultural, linguistic and legal landscape, which may form significant barriers to entry for most of our international competitors.
The Directors believe that this advantage has helped us to quickly and cost-effectively penetrate emerging markets and
strengthen our competitive position in the markets where we operate.
HISTORY OF THE GROUP
The business has been established back in 1990 by Mr Siarhei Kostevitch and the Company’s main activity was the
distribution of Seagate Technology products in the territory of the Commonwealth of Independent States. Then, in 1995,
the Company was incorporated in Cyprus and moved its headquarters to Limassol together with all key management. In
2002, to fund further growth, we privately placed U.S. $ 6,000 worth of shares with MAIZURI Enterprises Ltd (formerly
named Black Sea Fund Limited) and U.S. $ 4,000 with Alpha Ventures SA. In 2006, we listed our common stock on
Alternative Investment Market of London Stock Exchange («AIM»), however after the successful listing on the Warsaw
Stock Exchange (October 2007) the Board of Directors cancelled the AIM listing as of the 18
th
of March 2008. Ever since
the Company remained listed on the Warsaw Stock Exchange where it joined the WIG 40 index.
STRENGTHS OF THE GROUP
The Directors consider that our key strengths are:
Broad geographic coverage combined with a strong local presence.
Unlike most of our international competitors, we operate with an active local presence in several countries across different
regions. Since many of our competitors target the same markets from several different locations Europe or other markets,
we benefit from increased logistical cost efficiencies. Our broad geographic coverage, combined with our centralized
structure and automated processes, results in reduced shipping costs and lower revenue collection expense, as well as a
consistent marketing approach, as compared to our competitors. As a result, we have become an authorized distributor
for leading international suppliers wishing to penetrate several fast-growing markets served by us, offering them the ability
to penetrate these markets in a cost-efficient manner and through a consistent marketing approach.
Experienced management team combined with local expertise.
Our management is a team of experienced executives. Our Chief Executive Officer has been with the Company since its
inception in 1990, while most of our key executives have served for more than twenty years.
The business entities of ASBIS Group are managed by skilled local experts who have a strong understanding of the diverse
markets, considerable knowledge, and a complete grasp of the regulatory environment in their countries. The Directors
believe that local presence represents a significant competitive advantage for us over our multinational competitors.
A critical mass of operations.
Having revenues close to 4.0 billion U.S. Dollars, sales in approximately 60 countries and facilities in 34 countries, we
believe that we have become a strong partner for leading international suppliers of IT components and finished products,
including Apple, AMD, Intel, Logitech, Dell, Lenovo, HP, Kingston, Seagate, IBM, Supermicro, Bang & Olufsen, Asus,
Samsung, Microsoft, etc. in most of our regions of operations. Thanks to our size and the scope of our regional reach, we
have achieved authorized distributor status with leading international suppliers, either on a pan-European, regional, or on
a country-by-country basis, thus enjoying several beneficial commercial terms and achieving agreements with respect to
the distribution of products offering higher profit margins.
Price protection and stock rotation policy for inventory.
As an authorized distributor for several leading international suppliers of IT components, we can benefit from certain
beneficial contract terms that provide protection from declining prices or slow-moving inventory.
Such terms allow us to return part of the inventory to the respective distributors at the event market prices decline or such
inventory becomes obsolete. See "Our Main Suppliers - Price Protection Policy and Stock Rotation Policy".
In contrast, in some of the countries in which we operate, many of our major competitors tend to buy from the open market,
which leaves them exposed to the risk of price changes and obsolete stock.
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ASBISc Enterprises Plc ANNUAL REPORT, 2025
17
One-stop-shop for producers and integrators of IT equipment.
We have a diverse portfolio with a large range of A-branded final products like tablets, smartphones, laptops, desktop
computers, servers, networking equipment, and software as well as IT components – such as complete solutions, building
blocks, and peripherals. As a result, we serve as a one-stop-shop, providing complete solutions to producers and
integrators of the server, mobile and desktop segments in the countries in which we operate. The Directors consider this
to be a significant advantage over competitors with more limited product offerings. This was extremely obvious during
2025, where the Group, due to its extensive product portfolio, was able to win and execute several big projects related to
the building and/or upgrading of large data centers driven by the AI revolution.
Own brands business improving our profitability.
In the past years, we have invested in the development of our own brands and built a quite strong market position.
We are doing our best to keep pushing our four own brands (AENO, Canyon, Lorgar, and Prestigio Solutions) to generate
higher levels of revenue and at the same time higher gross profit margins with good cash flow. The Directors consider own
brands to be a valuable reinforcement of our profitability if they are developed as an addition to the distribution business.
Thus, the development of this segment is and will continue.
Ability to adjust our cost structure to the new business environment and the Company needs.
This is considered a very big advantage for the Company. It has been proven that the Company could quickly adjust its
cost structure to any turbulent business environment.
Constantly looking for new ideas and innovative partnerships
During the past years, the Group managed to attract and partner with some of the very innovative companies in Cyprus
and not only. These start-ups have pioneering technologies in different fields of expertise which make it very exciting and
unique value proposition for ASBIS. The BOD considers this to be a competitive advantage for the Group, given the
diversity of these companies and opportunities that the Group is exposing itself to.
GROUP STRUCTURE AND OPERATIONS
The following table presents our corporate structure as at December 31
st
, 2025:
Company
Consolidation Method
ASBISC Enterprises PLC
Mother company
Asbis Ukraine Limited (Kyiv, Ukraine)
Full (100%)
Asbis Poland Sp. z o.o. (Warsaw, Poland)
Full (100%)
Asbis Romania S.R.L (Bucharest, Romania)
Full (100%)
Asbis Cr d.o.o (Zagreb, Croatia)
Full (100%)
Asbis d.o.o Beograd (Belgrade, Serbia)
Full (100%)
Asbis Bulgaria Limited (Sofia, Bulgaria)
Full (100%)
Asbis CZ,spoI.s.r.o (Prague, Czech Republic)
Full (100%)
Asbis Slovenia d.o.o (Trzin, Slovenia)
Full (100%)
Asbis Middle East FZE (Dubai, U.A.E)
Full (100%)
Asbis SK spol sr.o (Bratislava, Slovakia)
Full (100%)
E.M. Euro-Mall Ltd (Limassol, Cyprus)
Full (100%)
Prestigio Plaza Ltd (Limassol, Cyprus)
Full (100%)
Perenio IoT spol. s.r.o. (Prague, Czech Republic)
Full (100%)
Asbis Kypros Ltd (Limassol, Cyprus)
Full (100%)
ASBIS BALTICS SIA (Riga, Latvia)
Full (100%)
Asbis d.o.o. (Sarajevo, Bosnia Herzegovina)
Full (90%)
ASBIS Kazakhstan LLP (Almaty, Kazakhstan)
Full (100%)
Euro-Mall SRO (Bratislava, Slovakia)
Full (100%)
Asbis China Corp. (former Prestigio China Corp.) (Shenzhen, China)
Full (100%)
iSupport Ltd (Kiev, Ukraine)
Full (100%)
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Company
Consolidation Method
I ON LLC (Kiev, Ukraine)
Full (100%)
ASBC MMC LLC (Baku, Azerbaijan)
Full (65.85%)
ASBC KAZAKHSTAN LLP (Almaty, Kazakhstan)
Full (100%)
Atlantech Ltd (Ras Al Khaimah, U.A.E)
Full (100%)
ASBC LLC (Tbilisi, Georgia)
Full (100%)
Real Scientists Limited (London, United Kingdom)
Full (55%)
i-Care LLC (Almaty, Kazakhstan)
Full (100%)
ASBIS IT Solutions Hungary Kft. (Budapest, Hungary)
Full (100%)
Breezy Kazakhstan TOO (Almaty, Kazakhstan)
Full (100%)
Breezy LLC (Kyiv, Ukraine)
Full (100%)
JOULE TECHNOLOGIES LTD (former I.O.N. Clinical Trading Ltd) (Limassol, Cyprus)
Full (100%)
R.SC. Real Scientists Cyprus Ltd (Limassol, Cyprus)
Full (85%)
ASBIS CA LLC (Tashkent, Uzbekistan)
Full (100%)
Breezy Service LLC (Kyiv, Ukraine)
Full (100%)
Breezy Trade-In Ltd (Limassol, Cyprus)
Full (82.30%)
ASBC LLC (Yerevan, Armenia)
Full (100%)
Breezy Georgia LLC (Tbilisi, Georgia)
Full (100%)
ASBC Entity OOO (Tashkent, Uzbekistan)
Full (100%)
ASBC POLAND Sp. z o.o (former ACEAN.PL Sp. z o.o) (Warsaw, Poland)
Full (100%)
Entoliva Ltd (Limassol, Cyprus)
Full (100%)
ASBIS HELLAS SINGLE MEMBER S.A. (Athens, Greece)
Full (100%)
ASBC SRL (Chisinau, Moldova)
Full (100%)
Breezy-M SRL (Chisinau, Moldova)
Full (100%)
Breezy Poland Sp. z o.o. (Warsaw, Poland)
Full (100%)
ASBIS AM LLC (Yerevan, Armenia)
Full (100%)
ASBIS Georgia LLC (Tbilisi, Georgia)
Full (100%)
ASBIS AZ LLC (Baku, Azerbaijan)
Full (100%)
ASBIS s.r.l. (Chisinau, Moldova)
Full (100%)
Asbis Africa (Pty) Ltd (Johannesburg, South Africa)
Full (100%)
ASBC Morocco s.a.r.l. (Morocco, Casablanca)
Full (100%)
Sarovita Ltd (Limassol, Cyprus)
Full (100%)
ASBC South Africa (Pty) Ltd (Johannesburg, South Africa)
Full (100%)
Breezy Azerbaijan MMC (Baku, Azerbaijan)
Full (100%)
ASBC ITALIA S.R.L. (Rome, Italy)
Full (100%)
ASBC INC. (Delaware, U.S.A.)
Full (100%)
E-VISION UKRAINE LLC (Kiev, Ukraine)
Full (100%)
E-VISION CA LLC (Tashkent, Uzbekistan)
Full (100%)
ASBIS Lietuva UAB (Vilnius, Lithuania)
Full (100%)
ASBIS ME TRADING LLC (Dubai, U.A.E)
Full (100%)
CPT Praha spol. s.r.o. (Prague, Czech Republic)
Full (100%)
AROS ROBOSHOPS TRADING LLC (Dubai, U.A.E.)
Full (100%)
Clevetura Ltd (Limassol, Cyprus)
Full (52.07%)
Clevetura Devices LLC (Delaware, U.S.A.)
Full (100%)
Asbisc Enterprises Plc is the parent company of the Group. Our subsidiaries are involved in diverse activities related to
the distribution of IT products and components and mobile devices.
In particular, our subsidiaries operating under the ASBIS name are involved in the distribution of IT components, mobile
devices, finished products and equipment, including distribution of products from worldwide leading manufacturers such
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ASBISc Enterprises Plc ANNUAL REPORT, 2025
19
as Apple, AMD, Intel, Western Digital, Logitech, Dell, Lenovo, HP, Kingston, Seagate, IBM, Supermicro, BANG &
OLUFSEN, ASUS, Samsung, Microsoft and many other well-known international suppliers.
CHANGES IN THE GROUP’S STRUCTURE
During the year ending December 31
st
, 2025, there were the following changes in the structure of the Company and the
Group:
• On March 28th, 2025, ASBISC Enterprises Plc has liquidated the company SIA Joule Production (Riga, Latvia).
• On May 30th, 2025, the Issuer has acquired the 100% shares of the company ASBIS Lietuva UAB (Vilnius,
Lithuania). The Issuer holds 100% in this subsidiary, being equal to share capital of EUR 1,000 (USD 1,134). We
acquired this entity to distribute IT products.
• On May 22nd, 2025, the Issuer has disposed the 8.85% shares of the company Breezy Trade-In Ltd (Limassol,
Cyprus) for the consideration of USD 88,483. The Issuer holds 82.30% in this subsidiary.
• On January 6th, 2025, the Issuer acquired the 100% shares of the company ASBIS ME TRADING LLC (Dubai,
U.A.E). The Issuer holds 100% in this subsidiary, being equal to the share capital of USD 136,054. We acquired
this entity to distribute IT products.
• On September 16th, 2025, the Issuer acquired 100% of the company CPT Praha spol. s.r.o. (Prague, Czech
Republic) for the consideration of CZK 15,000,000 (USD 723,729).
• On October 26th, 2025, the Issuer acquired the 100% shares of the company AROS ROBOSHOPS TRADING
LLC (Dubai, U.A.E.). The Issuer holds 100% in this subsidiary, being equal to share capital of USD 27,211. We
acquired this entity for vending machine sales, rental, and trading, including robotics and smart machines.
• On October 31st, 2025, the Issuer has acquired the 52.07% of the company Clevetura Ltd (Limassol, Cyprus) for
the consideration of USD 815,460. We have acquired this entity to distribute IT products.
• On October 31st, 2025, the Issuer has acquired the 100% of the company Clevetura Devices LLC (Delaware,
U.S.A.). The Issuer holds 100% in this subsidiary, being equal to share capital of USD 417,331. We acquire this
entity to distribute IT products
REGIONAL OPERATIONS
We operate as a one-stop-shop for the desktop PC, server, laptop, tablet PC, smartphones, and software segments. The
management believes that the Company is currently the only IT component and A-branded finished products distributor
that covers substantially all Eastern Europe, as part of a single supply chain with highly integrated sales and distribution
systems. We also have operations in the Baltic States, the Balkans, the Commonwealth of Independent States countries,
the United Arab Emirates, the Middle East and South and North Africa countries.
We also provide technical support for all new products that we stock through product line sales managers. Sales personnel
receive internal training and focus groups are established that have an in-depth knowledge of their respective product
lines.
Our sales staff are also trained by our suppliers, such as Apple, AMD, Intel, Western Digital, Logitech, Dell, Lenovo, HP,
Kingston, Seagate, IBM, Supermicro, Bang & Olufsen, Asus, Samsung, Microsoft, and others, because of our status as
an authorized distributor of their products. The Directors consider that this organizational process allows us to provide
added value to our customers and differentiate us from our competitors.
KEY MARKETS AND REGIONS
Historically, the regions of the Commonwealth of Independent States (CIS) and Central Eastern Europe (“CEE”) have been
the largest revenue contributors of the Group. This has not changed in 2025. However, due to the challenges in our main
markets like Kazakhstan, and Ukraine, the contribution of certain regions in total revenues of the Company for 2025 has
changed as compared to 2024. The CIS region as well as Central & Eastern Europe contribution has decreased to 36.44%
(from 42.10% in 2024) and 28.73% (from 28.88% in 2024) respectively. At the same time, the contribution of the Middle
East and Africa and Western Europe contribution has grown to 17.63% (from 16.30% in 2024) and 12.22% (from 10.64%
in 2024) respectively.
The following table presents a breakdown of our revenue by regions for the years ended 31 December 2025, 2024, and
2023:
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2025 (%)
2024 (%)
2023 (%)
Commonwealth of Independent States (CIS)
36.44
42.10
51.07
Central and Eastern Europe
28.73
28.88
25.84
Middle East & Africa
17.63
16.30
13.90
Western Europe
12.22
10.64
8.41
Other
4.98
2.08
0.78
Total revenue
100
100
100
PRODUCTS
We engage in the sales and distribution of a variety of products including IT components, mobile devices, laptops, server
and mobile building blocks and peripherals to third-party distributors, OEMs, retailers and e-tailers and resellers. Our
customers are located mainly in Central and Eastern Europe, the Commonwealth of Independent States, Western Europe,
North and South Africa and the Middle East.
We engage in the following primary business lines:
• Sales and distribution of IT components and blocks described below that we purchase from a variety of suppliers
such as Intel, AMD, Seagate, Micron, Kingston, Western Digital and many others
• Value-add distribution (“VAD”) of Apple products in 9 countries of CIS as well as South Africa
• Sales of accessories and gaming products (like Logitech)
• Sales of a wide range of finished products from worldwide manufacturers (Dell, Apple, HP) as well as software
(Microsoft and antivirus software producers)
• Sales of premium and luxury consumer products (i.e., Bang & Olufsen, Loewe)
• Sales of a range of private label products (such as tablet PCs, multiboards, data storage devices, peripherals,
accessories, security solution, products in the field of servers, mass storage, solutions for data centers, robots
(cobots) with larger volumes and profit potential selected by us and manufactured by ODM/OEM producers in the
Far East under our own private label brands: Canyon, Prestigio Solutions, AENO, and Lorgar.
The products that are purchased from suppliers and distributed by us are divided into various categories and are presented
in the table below:
Year ended 31 December (U.S. $)
2025
2024
Smartphones
1,352,037
1,260,145
Servers & server blocks
698,806
254,724
Central processing units (CPUs)
396,492
305,744
PC mobile (laptops)
270,233
221,135
Peripherals
128,424
127,366
Networking products
110,719
70,811
Audio devices
96,646
101,301
PC desktop
89,432
66,861
Display products
80,211
67,207
Hard disk drives (HDDs)
73,037
49,614
Accessories
67,571
58,155
Tablets
66,831
48,887
Video cards and GPUs
57,800
28,947
Multimedia
56,999
83,289
Solid-state drives (SSDs)
55,619
51,758
Software
52,593
37,843
Smart devices
51,170
52,138
Other
158,379
122,578
Total revenue
3,862,999
3,008,503
In 2025, the Group focused on the execution of large server contracts following the AI-driven and data-centric infrastructure
boom around the globe. We have been engaged with multiple customers in multiple layers of the supply value chain in a
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21
growing number of countries for projects that are continuously upgrading the data centers. We expect that the large-scale
investment in both cloud and AI infrastructure will remain a defining driver of the growth in 2026 and in the years to come.
To meet all customers’ needs, in 2025 we have increased our warehouse capacity by building a new warehouse in
Kazakhstan with an area of approximately 20,000 m2. This investment is a response to the growing demand in Kazakhstan,
where the Company has significantly intensified its presence from 2022. With this new warehouse in Kazakhstan, the total
warehouse space of ASBIS Group, including main, regional, and local distribution centers, amounts to approximately
70,000 m2.
The chart below indicates trends in sales per product line:
The chart below indicates trends in smartphones sales.
Sales of smartphones, which account for most of our revenue, increased by 7.3% in 2025 compared to 2024, despite a
challenging time marked with the pressure from grey-market competition.
Throughout the twelve months of 2025, we have continued strengthening and development of our portfolio of own brands,
including the division related to trade-in business, Breezy, in which the Group invested significantly and sees a positive
development. Breezy is currently active in 8 countries, supported by its AI-powered robotic grading facility in Poland, which
has the capacity to grade around 1 million devices annually and refurbish around 320,000 smartphones.
OWN BRANDS: CANYON, LORGAR, PRESTIGO SOLUTIONS AND AENO
ASBIS fosters the creation, development, and promotion of multiple in-house brands, including Canyon, Prestigio
Solutions, Lorgar and AENO. Our approach involves meticulous market research to understand user needs, allowing us
to tailor each brand's portfolio with the most sought-after and innovative products.
We forge direct partnerships with reputable factories and component suppliers in the Far East, notably in China. Every
product undergoes thorough scrutiny and enhancement by our engineers before entering production, ensuring rigorous
quality control throughout ASBIS. Our stringent quality standards entail meticulous step-by-step testing before products hit
the consumer market, and all ASBIS brand items hold requisite certificates of conformity to international quality standards.
ASBIS has decided to focus on the growth of each individual brand and split the management roles per brand for more
efficient administration.
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Operating across multiple countries, ASBIS markets products under our proprietary brands, offering enhanced features
and competitive pricing.
CANYON
In 2025, Canyon consistently strengthened its positioning as a “smart choice” brand in the consumer electronics and
accessories segment. Amid increasing competition and mounting pressure from aggressive low-cost players, the brand
deliberately avoided excessive premium positioning and instead focused on its core values: reliability, thoughtful design,
and everyday usability. Canyon builds its communication not around status, but around practical value—devices that
integrate seamlessly into daily routines and deliver stable performance over time.
The key idea of the year was the creation of a convenient, efficient, and technology-driven environment for work and life
in a fast-paced urban setting. The product strategy was aimed at users aged 22+ who work in hybrid formats, move actively
throughout the city, and expect versatility and adaptability from their devices. Canyon views its ecosystem as a set of
solutions designed to shape a comfortable workspace—at home, in the office, or in a coworking space.
Throughout the year, the brand strengthened its core product lines for everyday use. Keyboards, mice, charging devices,
and portable audio products were updated with improved ergonomics, enhanced connection stability, and optimized energy
consumption. These categories remain the foundation of the portfolio and ensure stable demand across key markets.
At the same time, Canyon continued to develop its sub-lines, each reinforcing the overall brand architecture. The Gaming
direction has evolved into a fully independent product area with its own distinctive visual code and bold identity.
The Kids line focuses on safety, durability, and intuitive functionality. The Ergonomic / Silent series responds to the growing
demand for health-conscious and acoustically comfortable workspaces. The Hexagon line serves as a strong tool for shelf
differentiation thanks to its recognizable modular design and geometric identity.
Significant attention was also given to updating the visual language of packaging. In 2025, Canyon continued to
systematize its design approach, strengthening consistency across product lines, improving the clarity of key specifications,
and optimizing logistics parameters. Packaging became more structured and functional, positively impacting both brand
perception and operational efficiency.
The product assortment was expanded into strategically important categories. Wireless chargers and 3-in-1 charging
stations demonstrated solid growth, reflecting the ongoing trend toward multi-device usage. The Power Bank range was
extended to include both traditional wired models and solutions featuring magnetic technology for faster and more
convenient attachment. A new generation of TWS earphones delivered improved battery life and connection stability. The
portfolio of ergonomic keyboards and mice was broadened, along with RGB gaming accessories that reinforced the brand’s
presence in the gaming segment.
Across all product directions, particular emphasis was placed on multi-device compatibility, energy efficiency, portability,
and ease of transportation. The design language remains modern without being overly aggressive, allowing the products
to integrate naturally into both home and professional environments.
Another strategic priority was strengthening online presence and e-commerce channels. Canyon continued expanding its
digital footprint, improving marketplace visuals, and enhancing control over distributed content. At the same time, the brand
raised its standards of quality control and after-sales support, aiming to reduce return rates and increase end-user loyalty.
Overall, 2025 became a year of systematization, architectural strengthening, and growing product maturity for Canyon.
The brand is moving toward greater structure, consistency, and long-term sustainability while maintaining accessibility and
practicality as core elements of its DNA.
www.canyon.eu I www.gaming.canyon.eu
LORGAR
Lorgar is a modern technology brand delivering integrated solutions for gaming, racing, and streaming audiences — from
entry-level users to professional players. Through the Lorgar Platform, we enhance gaming performance and overall user
experience by leveraging data-driven statistical analysis of gameplay. Based on insights derived from professional players,
the platform optimizes and aligns individual device configurations and settings to improve performance and consistency.
Having marked our 5th anniversary, Lorgar has undergone continuous development, product updates, redesigns, and a
comprehensive rebranding. Today, we position ourselves as complete ready-to-play solutions, designed to meet the needs
of a broad and diverse gaming community.
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Our main goals for 2026 include launching and scale the Racing product category, position esports marketing as a core
growth driver, expand offline presence to 200 retail locations, grow the active product portfolio to 100+ SKUs and enter
and develop new geographic markets.
www.lorgar.eu
AENO
AENO is an international brand specializing in innovative Small Domestic Appliances. The brand maintained strong growth
momentum throughout 2025, solidifying its presence across 33 countries and achieving significant expansion in Southeast
Europe (SEE) and Central and Eastern Europe (CEE).
AENO continues to lead the heating category with its Premium Eco-Friendly Smart Heaters - a one-of-a-kind solution
combining infrared and convection technologies to deliver up to 50% energy savings. The brand’s commitment to
innovation is regularly recognized by prestigious awards: alongside the Red Dot Award 2023, the new AENO Premium
Eco Smart Space Heater with REAL FIRE Effect was honored with two Red Dot Design Awards 2025 in the categories of
Heating and Air Conditioning Technology and Innovative Design. The unique combination of a heater and air humidifier,
enhanced by a water-based flame effect with 12 vibrant flame colors and RGB auto-changing modes, transforms the device
into a stylish, all-season interior element.
At the same time, AENO continues to evolve its most popular product lines. For the 2025-2026 fall-winter season, the
classic Premium Eco Smart Heater range has been expanded with a new format - the AENO Premium Eco Smart Quadro
Wall Heater. More compact and energy-efficient, yet still smart, functional, and design-driven, this model perfectly meets
the needs of those who value minimalism and clean spatial aesthetics.
In 2025, AENO took a pioneering step into the Beauty segment with the debut of the AI Pro Dryer, representing a significant
technological breakthrough in personal care. By introducing the world’s first hair dryer powered by artificial intelligence, the
brand demonstrated its role as an innovator in active category development. Featured at 8 international exhibitions, the
product garnered widespread industry attention for its proprietary AI sensors that automatically calibrate heat levels to
prioritize hair safety, as well as its dual light source technology designed to promote scalp health and hair growth. This
launch underscores AENO’s position as a technological pioneer, bringing advanced R&D into the lifestyle market.
All AENO devices operate within a unified ecosystem via the AENO app, offering seamless automation and voice control.
The brand remains steadfast in its commitment to a sustainable future, utilizing 100% recyclable plastic-free packaging
across its entire portfolio. Looking toward 2026, AENO is poised to accelerate its global footprint in Western markets and
Africa, cementing its status as a leader in lifestyle technology.
https://aeno.com/
PRESTIGIO SOLUTIONS™
Prestigio Solutions® is an international brand of technological solutions for business and education. Prestigio Solutions
helps companies to modernize, automate, and simplify their business processes and introduce advanced technologies at
affordable prices. Its sustainable development began in 2013 under the Prestigio brand with the Multiboard interactive
panel.
In 2021, Prestigio Solutions became an independent brand, offering a wide range of high-quality and efficient IT solutions
for the B2B and B2G segments. It has production, design, and technical facilities in Europe and China.
Over the years, Prestigio Solutions has developed a diversified portfolio that includes Multiboard interactive panels, Digital
Signage AV solutions, video conferencing systems, business and education software, and a wide range of accessories.
The portfolio was further extended with new categories such as tablet PCs and digital media players for business and
education, as well as through a partnership with OneRugged, a global brand of rugged computing solutions.
In 2025, Prestigio Solutions strengthened its digital signage portfolio through a strategic cooperation agreement with
Absen, a global leader in LED display technology. By integrating Absen’s LED displays, Prestigio Solutions now offers a
broader range of video wall solutions tailored to the needs of customers across various industries.
Looking ahead, Prestigio Solutions plans to continue developing its portfolio in line with market demand in the EMEA
region, supporting business efficiency and modern learning environments.
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https://prestigio-solutions.com
AROS 24/7 ROBO SHOPS
AROS 24/7 Robo Shops create Barista quality coffee. Every day, everywhere, perfect coffee. Super easy to maintain and
transport, comes to location as a plug and play unit. Connect electricity and make money. Hospitals, offices, universities,
malls, marinas, airports, train stations and many more great locations – all want it, all need it!
ASBIS/AROS has successfully in 2025 placed six machines and runs them as business with collaboration of Lavazza and
Gloria Jeans in 4 countries. Two more machines were sold to private customers. ASBIS has production facilities both in
Poland and Cyprus, allowing for Europe made products and quality, as production requirements have dramatically
increased due to significant demand for the solution.
SUPPLIERS AND PROCUREMENT
Our Main Suppliers/Partners
Fostering strong supplier relationships is a cornerstone of our business strategy. Over the years, we have invested
significantly in building enduring partnerships founded on mutual trust and transparency. To support this, we ensure our
suppliers have real-time visibility into critical metrics such as stock levels and country-specific sales performance through
daily and weekly reporting. This approach enables our suppliers to effectively monitor customer demand, adapt to market
dynamics, and align with emerging trends.
In 2025, a substantial share of our revenues was attributed to our top ten suppliers. However, our diversified portfolio of
brands across all product categories ensures we are not overly dependent on any single supplier.
As a non-exclusive distributor, we handle end-to-end responsibilities for promoting, marketing, selling, and providing after-
sales support for our suppliers’ products in designated markets. Suppliers monitor our performance through established
mechanisms, including regular reporting on inventory levels and point-of-sale data to ensure minimum sales targets are
achieved.
Price Protection Policy. To mitigate exposure to price volatility, many of our larger suppliers include price protection
clauses in their contracts. These provisions allow us to seek reimbursement for inventory in transit or held in warehouses
when product prices decline within an agreed timeframe. However, such protections are less common with smaller
suppliers, where we face greater exposure to price fluctuations.
Stock Rotation Policy. Our risk of inventory obsolescence is minimized through stock rotation agreements with many
major suppliers. These policies allow us to return a percentage of slow-moving inventory within predefined timeframes in
exchange for credit. Typically, we can return stock at the end of each quarter, with eligibility determined by our sales
performance in the preceding quarter.
Return Material Authorization Policy (“RMA”). We benefit from flexible RMA arrangements with our key suppliers,
allowing us to return defective products for credit, replacement, or refurbishment. These terms vary based on individual
supplier policies.
Procurement Policies
Our centralized procurement system, managed through our headquarters in Limassol, Cyprus, ensures efficiency and
alignment with business objectives. Country managers provide forecasts of sales volumes and targets, broken down by
product lines and suppliers, which are then reviewed and consolidated by Product Line Managers (“PLMs”). The
consolidated data is submitted to the Vice President for verification and approval during weekly management reviews.
We maintain inventory levels aligned with projected sales to ensure optimal supply chain performance. For primary product
lines, we aim to hold four weeks’ worth of sales revenue in inventory, while secondary lines are stocked for four to five
weeks. This approach balances supply reliability with inventory turnover efficiency. Our stable supplier network eliminates
the need for formal supplier onboarding procedures.
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SALES AND MARKETING
We prioritize the development of a robust online sales infrastructure, incentivized profit-sharing models, and
comprehensive training for our sales managers to deepen their expertise in product offerings and enhance customer
satisfaction. Additionally, we leverage marketing funds provided by key suppliers to drive sales growth and strengthen
client relationships.
Our marketing operations are structured into two specialized teams:
1. Product Marketing Group – Responsible for pricing strategy, product supply oversight, and coordination with
suppliers for training Product Line Managers (PLMs).
2. Channel Marketing Group – Focused on public relations, marketing campaigns, and content management for
central and regional websites.
These teams work collaboratively with Local Marketing Coordinators, suppliers, product managers, and sales teams to
deliver seamless marketing and sales integration.
DISTRIBUTION
Distribution model.
Our distribution model is based on a centralized purchasing system operated from our headquarters in Cyprus, which
maintains direct contact with suppliers.
Most suppliers deliver their products directly to our central distribution centers (DCs) at set weekly intervals, while some of
the larger orders can be delivered directly to the local warehouses of our subsidiaries. In any case, we operate in significant
volumes, which allows us to keep the delivery costs at a minimum.
Distribution centers.
ASBIS's distribution network is based on more than 30 in-country stock points across CEE, CIS, the Gulf, Caucasus, and
Africa. We replenish the stock via two master distribution centers, located in Prague (the Czech Republic) and Dubai (the
United Arab Emirates), and two regional distribution centers, located in Tbilisi (Georgia) and Johannesburg (South Africa).
The distribution center in Prague can consolidate orders and fulfill deliveries to any of ASBIS’s local distribution centers
and subsidiaries, as well as serve customers worldwide. The distribution center in Dubai primarily serves our operations
throughout the Middle East and in Eastern and Northern African countries. The distribution center in Johannesburg serves
as a consolidation point for customers in South Africa and across the Sub-Saharan region, while the distribution center in
Tbilisi primarily serves countries in the Caucasus region.
The total warehouse space of ASBIS Group, including main, regional, and local distribution centers, currently amounts to
approximately 70,000 m2.
The table below presents information on the size and ownership of each of our four distribution centers:
Facility Location
Office area
(m2)
Warehouse
area (m2)
Total area
(m2)
Ownership
Prague NEW DCCZ
1,000
13,000
14,000
Leased
Dubai
3,000
5,200
8,200
Owned
Johannesburg – South Africa (including 3PL bonded storage)
800
3,000
3,800
Leased
Tbilisi – Georgia DCGE Caucasus Bonded
-
3,000
3,000
3PL
To ensure visibility and bottom-line efficiencies of our warehousing environment, ASBIS has developed a state-of-the-art
Warehouse Management System (WMS). Thus, when orders are placed, they are communicated to our relevant master
distribution centers, which can then process the orders for delivery. We are constantly expanding the usage of the WMS
throughout the Group, and currently, all warehouses are equipped with such systems. The Directors believe that the
advantages of operating the connected systems include the ability to meet or exceed shipping commitments, instant
visibility of inventory movements, consistency of inventory management records, reduction of inventory write-offs, and
simplicity in shipment planning, replenishment, and storage activities.
In-Country Operations.
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We operate through 34 local subsidiaries. The customers’ POs in these countries are mainly fulfilled by the local stock
points. In some cases, large-volume clients can be served directly via master DCs. Each local office has a dedicated
logistics team that is responsible for direct shipments to its customers. The central management at Cyprus Headquarters
monitors and assesses the performance of each local logistics center by using several key performance indicators, among
which are: optimal transit time, perfect order fulfillment rate, JIT deliveries, and optimal transportation costs.
Distribution Operations Management
The Directors believe that our efficient logistics model is one of the key contributors to maintaining our success in the
distribution industry. Each in-country logistics center is focused on continuous improvement, with key performance
indicators in place to measure its effectiveness. We constantly focus on security improvements on the road and at
warehouses.
We maintain TAPA memberships in several countries, and our main distribution center in the Czech Republic holds TAPA
FSR Level A security certification. ASBIS also proudly holds Authorized Economic Operator (AEO) status, which certifies
our commitment to following all EU customs regulations and allows for customs procedures to be passed much quicker,
which creates yet another competitive advantage and makes ASBIS the distributor of choice.
Disaster Recovery
In 2025 we completed a GDPR compliance audit and PII storage audit for our IT systems, successfully passed active pen
test to test our security framework solutions for proactive protection of operations and data protection from possible
leakages and outages.
We have developed and will continue to enhance an enterprise-wide business plan, incorporating a disaster recovery plan
that will enable us to restore all major procedures from offices around the world.
For our servers, we use Intel, Dell and IBM hardware.
In case of a system failure, spare servers kept at several locations where we operate can be made available within 24
hours. In addition to the daily back-ups that we maintain in Cyprus, we have our storage space resources in Lithuania for
performing daily back-ups. We are also implementing cloud backup offload with immutability function.
That means that after writing backups cannot be deleted or modified for 1 week, read only. In the event of a system failure,
we can restore applications and recover data. In such an instance, this will enable us to continue operating with electronic
means and servicing our clients. ASP services have a different scheme of high availability.
On the main host in Lithuania, the services have fully duplication hardware according to the active-standby scheme with
full online replication. Additionally, data is replicated with fifteen minutes delay to the standby host in Prague and every
day a full back-up of each service is taken.
Customers
We served 20,000 customers in approximately 60 countries in 2025. We have no reliance on any single customer, as our
biggest customer is only responsible for around 5% of total revenues. Approximately 60% of our total sales were conducted
on-line, based on our IT4Profit platform described above.
INDUSTRY OVERVIEW AND COMPETITION
MARKET CHARACTERISTICS
The markets we operate in are characterized by multi-culture environment and significantly lower income when compared
to the Western European markets.
Despite differences in GDP per person, our markets have been proving quite technology-oriented that consist of very
educated and demanding consumers.
Distributors are a basic component of the industry since the major suppliers of technology would rather deal with distribution
instead of own in-country operational investment.
This is particularly true of the European market, where a diversity of national business practices, as well as cultural and
language differences, make it difficult to pursue efficient hardware distribution models without having a strong local
presence. In the Central and Eastern European and Commonwealth of Independent States markets, different currencies,
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varying levels of economic development, import regulations and periodic episodes of political and economic instability
create additional impediments to IT distribution not found in Western Europe. At the same time, leading manufacturers of
IT do not want to rely solely on multinational OEMs and world-wide distributors for distribution as this would reduce
producers' bargaining power.
For companies having their own brands business, like us, it is important to find new niches all the time and leverage on
market position and brand recognition. The need for new product lines is very important since the products life cycle is
short and needs to be replaced in a timely manner.
MARKET TRENDS
The year 2025 has been truly remarkable for ASBIS.
It was a record-breaking year of dynamic growth, marked by significant revenue increases, record-setting monthly sales
driven by AI server components and data centers building blocks, and smartphones. This was also a year of the expansion
into new markets in Africa and the US, new strategic partnerships and new product launches under own brands solidifying
our position in EMEA as a leading value-add distributor.
At the end of 2025 we expanded to the U.S. and officially opened Bang & Olufsen’s first showroom in San Francisco – the
world’s largest flagship store of this brand. In 2026, the Group plans to open and manage additional stores of this brand in
Los Angeles and Palo Alto. ASBIS now runs 40 premium and luxury monobrand retail stores in 11 countries. This includes
32 Apple Premium Reseller stores across seven countries (iSpace) and 8 Bang & Olufsen showrooms in five countries –
Cyprus, South Africa, Georgia, Italy, and now in the USA.
Talking about our major markets, in Kazakhstan the implementation of the IMEI registration law is progressing well, and
now we see positive effects, which translates into much better revenues as compared to 2024. In addition to that, we see
that Kazakhstan’s economy is currently in a period of strong growth, driven by industry, transport, construction, and oil
production. Domestic demand is solid, despite still high inflation. In 2025, sales in Kazakhstan have increased by 7.4% on
a year-on-year basis.
In Ukraine, the situation remains under severe pressure from the ongoing war. Russia continues heavy strikes on energy
infrastructure, causing widespread blackouts, strained power grids, and intense fighting on several front lines.
Despite all difficulties, our approach to this market remains unchanged. We conduct careful business there, and we place
as a first priority our people and as a secondary our receivables, and inventories (which are well protected from all this
retaliation and hostilities). We are very satisfied with how we are performing there currently. But before anything else, any
business-related improvements, we want to see a peace in Ukraine. We want to see stability, and security for the Ukrainian
nation.
In 2025 we continued developing our portfolio of IT products and services, including our second life devices division,
Breezy, in which we have invested significantly and see a very positive development.
Breezy significantly expanded its market presence across its operational countries and forged new trade-in partnerships.
We expect this business unit to significantly contribute to its profitability in the short to medium term.
In summary it was an extremely satisfactory year, a year full of changes, full of surprises, not only for us, but for the whole
IT market, but at the end of the day it was a year that marked our revenues best year.
We entered 2026 with confidence and optimism. We have all grounds to believe that the upward trend in sales will continue
following the boom in AI and Data Center infrastructure, and we shall be able to deliver strong results. We plan to further
expand our presence in Africa, particularly in Tunisia, Ghana, and the Ivory Coast, while strengthening our position in
Central and Eastern Europe.
We also very much count on Breezy – trade-in business, which have already been developing very nicely. Breezy is
currently active in 9 countries, supported by its AI-powered robotic grading facility in Poland, which has the capacity to
grade around 1 million devices annually and refurbish around 320,000 smartphones
Our aim is clear; we strive forward through organic growth by operational excellence but also through the right acquisitions,
when they appear as good opportunities.
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COMPETITIVE LANDSCAPE – TRADITIONAL DISTRIBUTION
Distribution of IT and mobile devices in Central and Eastern Europe and the Commonwealth of Independent States is
fragmented. Major multinational players who dominate the U.S. and Western European markets are present in a few
countries each.
Many local distributors operate mostly in a single country with only a few operating in more than one country. Typically,
these local players have the largest share in each of the countries.
The Directors consider the Company to be one of the largest distributors of IT components in Eastern Europe, with a
distribution network covering most countries in Eastern Europe, and one of the three largest distributors in the EMEA
region for IT components such as HDDs and CPUs. As no other distributor has a pan-regional presence like ASBIS, we
believe we are very much protected with our current set up and infrastructure.
We compete with local distributors, but the Directors consider that neither of them has comparable geographic coverage,
nor carry as diverse a portfolio as we do. The Directors consider that we do not have one main competitor but rather a
group of competitors varying from country to country or region by region.
As extensive consolidation is visible on the market, and this trend may continue due to instability in the business
environment and limited abilities of the smaller distributors to finance themselves, ASBIS is ready to benefit from any
opportunities that may arise and proceed with acquisitions which will strengthen our market position.
COMPETITIVE LANDSCAPE – PRIVATE LABELS
The private labels, Canyon, Prestigio Solutions, Aeno and Lorgar compete with a variety of brands in all markets we
operate. The market leaders of the tablet and smartphone segments are Apple and Samsung. We do not consider our
Prestigio brand to be competing with these conglomerates since we are not considered as an A-brand.
We are positioning ourselves as a B-Brand with a limited number of product offerings and limited countries of presence.
Recently the market was flooded by cheap brands, thus we have decided not to compete in price but rather on quality and
decreased our product lines and number of models to achieve better margins.
We continue our own brand business on a back-to-back basis and expect it to be responsible for a good share of our total
revenues. This will allow us to benefit from its higher profitability, but we try not to carry any other related risks, such as
inventory obsolescence.
DIRECTIONS OF FURTHER DEVELOPMENT
Our strategy is to increase our business and increase profitability by improving our operational efficiency in the distribution
of IT products within all the regions we operate, upgrading our product portfolio and increasing sales of our private label
products.
We intend to achieve this by:
A. increasing or retaining sales and market share in countries of Central and Eastern Europe, some markets of
Commonwealth of Independent States, Western Europe and the Middle East and Africa and taking advantage of the
weaknesses of competition
B. benefiting from the continuing boom in AI server components and data centers building blocks, enhancing the Apple
business, growing the IT component business, adding more third-party products to our portfolio, and improving the
gross profit margin
C. further development of the VAD business
D. decreasing cost of financing
E. engaging in alternative investments and new technologies
F. further optimizing of Private Labels
G.
H. controlling our cost structure, enhancing operating efficiency and automated processes, including our online sales
channels
I. continuing our successful foreign exchange hedging and other risk management activities
A. Increasing or retaining sales and market share in countries of Central and Eastern Europe, some markets of
CIS and the Middle East and Africa and taking advantage of the weaknesses of competition
During2025 due to the boom in AI server components and data centers building blocks, but also better market conditions,
we were able to increase revenues in all markets of our operation.
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29
In the past years we built very solid foundations and competent teams which allow us to grow in the years to come. We
look into 2026 with confidence and optimism. We have many areas of growth; we are investing further in the development
of our portfolio of IT products and services with technologically advanced solutions, including Breezy dealing with second
life devices.
We expect revenues to be supported by new products introduction and growing geographical expansion in Africa,
particularly Tunisia, Ghana, and the Ivory Coast, while strengthening our market position in Central and Eastern Europe.
B. Benefiting from the continuing boom in AI server components and data centers building blocks, increased
Apple business, keep enhancing the IT component business, adding more third-party products to our
portfolio, and improving gross profit margin
For 2026 we plan to retain our strong market position and strengthen our relationship with customers and suppliers,
following the strongest year of our history in terms of revenues. The Company will focus on the acquisition and servicing
of large business projects. The success of last year with AI server components and data centers building blocks and other
projects is expected to be replicated and further increased. We remain focused on all markets of our operation.
For the current year, we have also very ambitious plans to increase our APPLE business. We expect decent growth in the
smartphone segment, both new and used, following the dynamic development of Breezy - the largest trade-in provider in
the countries we operate.
According to independent analysts, worldwide IT spending is expected to grow in 2026. Experts forecast IT spending will
reach $6.08 trillion in 2026, an increase of 9.8% from 2025.
Worldwide spending on AI is forecast to total $2.52 trillion in 2026, reflecting a sharp 44% year‑over‑year increase driven
primarily by massive investment in AI infrastructure.
Worldwide software and IT services spending in 2026 is projected to surge sharply, driven by AI‑related demand, with
global IT spending overall expected to exceed $6 trillion. The strongest growth areas include software and
data‑center/AI‑infrastructure‑linked IT services, which analysts identify as the primary pillars behind 2026’s expected
expansion.
In the traditional distribution business, the Company’s gross profit margins, like those of other distributors of IT products,
are low and the Company expects that in the distribution arm of its business, they will remain low in the foreseeable future.
Regarding the gross profit margin, the Group’s ability to sustain and/or increase its gross profit margin is of significant
importance. The pace of growth in gross profit margins is hard to estimate, as the margins may remain under pressure,
due to enhanced competition together with lower demand in several markets we trade in. It is quite important for the Group
to manage its stock levels and refine its product portfolio to achieve optimum gross profit margins. The recent trend in
gross profit margin showed a rebound after the declining period. The Group undertakes all efforts to raise and stabilize it
at a higher level.
C. Further development of the VAD business
Development of Value-Added-Distribution (VAD) solutions is a key priority of the Group. Following changes in market
trends and the significant increase in storage as well as other commercial services leave no room but to ensure that we
are re-enforcing our presence in this segment.
D. Decreasing cost of financing
The distribution business entails a higher need for cash available to support growth. The Group has managed to raise cash
from various financial institutions, however, in certain cases, the cost of this financing is expensive. This particularly relates
to raising financing in countries such as Kazakhstan and Ukraine.
The Company has already negotiated improved terms with most of its financiers and is currently undertaking certain extra
steps to further lower its cost of financing. We have recently seen that the base rates (US Libor and its successor rates,
Euribor, and other local base rates) are gradually decreasing and this is expected to further lower our financing costs.
The weighted average cost of debt (WACD) decreased to 8,5% in 2025, as compared to 9,9% in 2024.
E. Engaging in alternative investments and new technologies
In the last five years ASBIS has made strategic investments, investing in companies from the biotechnology sector,
operating in a growing market and at an early stage of development like: EMBIO Diagnostics Ltd, Promed Bioscience Ltd,
RSL Revolutionary Labs Ltd and Theramir Ltd. We have also invested in large scale robotic cleaning solutions through
Autonomics.
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Scientific innovation is the path to a healthier society and ASBIS has innovation in its DNA. So, we have decided to invest
in companies that can play an important role in our life and bring real value to our societies and the economies combined.
Given the applicability of innovative products of the above-mentioned companies, in both professional (B2B) and individual
(B2C) settings, we see these investments representing new streams of growth for ASBIS.
F. Further optimizing Private Labels
Our private label (branded) product lines, Canyon, Prestigio Solutions, AENO and Lorgar are manufactured by leading
Original Equipment Manufacturers (“OEM”) in the Far East (China), often based on designs developed by us, selected
based on quality and potential for achieving high profit margins. We market and sell these products under our own brands,
successfully competing with products of comparable quality marketed under international brands.
We believe that keeping a share of private label business in our total revenues at healthy levels will have a positive impact
on overall profitability, as these products deliver a higher profit margin, compared to international suppliers' products
distributed by us. We will increase such sales though only to the extent this comes with high gross and net margins and
healthy cash flow.
We aim to continue expanding the range of our private label products and strengthening their promotion in our markets
and we expect that this will have a positive impact on our profitability.
G. Controlling our cost structure, enhancing operating efficiency and automated processes, including online
sales channels
We continue to focus on improving our operating efficiency and enhancing our automated processes, with a view to
controlling operating expenses and increasing our profit margins.
In 2025, SG&A expenses grew by 15% YoY mainly due to the weaker dollar compared to our locally paid currencies
coupled with investments made in further development of Breezy, new Bang & Olufsen flagship stores in Italy and the
USA, and further geographical expansion in Africa.
We consider cost control to be a significant factor towards delivering improved results going forward and it is very important
that the Group is undertaking all necessary actions to scale down its expenses should there is a decrease in revenues and
gross profit.
H. Continuing our successful foreign exchange hedging and other risk management activities
In 2025 our FX hedging strategy successfully shielded our results. However, since there is no such thing as perfect
hedging, the currency environment needs to be closely monitored and FX hedging strategies updated as soon as new
developments are visible in the market.
Managing credit risk and transactional risk is also part of our success path. In the transactional risk we also include the
ability of the Group to properly manage compliance with all rules and regulations imposed by the relevant authorities on
sanctioned territories.
REAL PROPERTY AND OTHER TANGIBLE ASSETS
The table below presents our main real properties:
Name of company (Area m
2
)
Country
Land
Office
Warehouse
Total
ASBISc Enterprises Plc
Cyprus
10,520
10,130
1,429
22,079
Asbis Ukraine Limited
Ukraine
-
2,632
362
2,994
Asbis SK sp.l. sr.o.
Slovakia
11,060
2,198
4,462
17,720
Asbis Middle East FZE
United Arab Emirates
12,681
2,933
5,163
20,777
ASBIS Kazakhstan LLP
Kazakhstan
110,000
3,823
20,912
134,735
TOTAL
198,305
Our remaining premises are under lease.
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31
Information regarding our real property and relevant encumbrances is provided in the annual consolidated audited financial
statements included elsewhere in this report. Other than this real property, we do not hold any other significant tangible
assets.
INTELLECTUAL PROPERTY
We have registered (or registration is pending) the following trademarks, including their word and graphical representations
in color and design.
• ASBIS
• CANYON, CANYON LED
• PRESTIGIO, PRESTIGIO SOLUTIONS and its product group trademarks, which include Nobile, Cavaliere,
Signore, Visconte, Emporio, Prestigio Multi-Pad and Prestigio Grace
• Prestigio Plaza
• Lorgar, Lorgar WP Gameware, GAMESPERIENCE, Lorgar Ready to Play
• Perenio, Perenio Ionic Shield, Perenio Smart Health, Perenio Making Life Easy
• AENO, AENO AI Pro Dryer
• iSpace
• iON
• iSupport
• BREEZY
• Joule
• ACEAN
• AROS
• CRON Robotics
• AURIO
Most of these trademarks are registered and protected in the countries in which we operate, both under international,
regional, and national registration schemes and systems, to the extent and other terms set forth in the provisions based
on which they were registered. The registrations are mostly in the international class of goods 09 (computers and IT
products), and related classes of services 35, 37 (sales, distribution, warranty services).
In addition, we have registered several domain names for ASBIS, E.M. Euromall, Canyon, Perenio, Prestigio, Breezy,
ACEAN and other private labels.
INSURANCE
We hold two different types of insurance: products or “cargo” insurance and credit insurance.
Products insurance.
We have a products insurance policy with M.N. Leons B.V. We assume the risks of products we receive from our suppliers
only upon transfer of legal title, and thereafter.
Under our product insurance policy, covering twelve months and ending 1 January 2022 with tacit renewal thereafter our
products are insured for a maximum of U.S. $ 4,000 from any single shipment of computers, monitors and supplies of
accessories transported from country to country or warehouse to warehouse. Typical shipment values for each warehouse
are as follows: Czech Republic: U.S. $ 120 and the Middle East: U.S. $ 140.
Furthermore, goods held in storage at both distribution centers (i.e., both the Czech Republic and Middle East) and certain
local warehouses are insured up to U.S. $ 10,000.
The aforementioned insurance coverage approximates in most cases the typical value of stock held in each warehouse.
Where inventories are above U.S. $ 10.000 (i.e., for the distribution center in Prague), we have introduced for the
incremental amounts FLEXA coverage.
Credit Insurance:
We have a major credit insurance policy in place with Atradius Credit Insurance N.V., reducing our exposure in respect to
possible non-recoverability of our receivables. The insurers have agreed to indemnify us for losses due to bad debts in
respect of goods delivered and services performed during the policy period, which covers a term of twelve months, subject
to annual renewal. We have insured about 80% of our 2025 revenues.
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ASBISc Enterprises Plc ANNUAL REPORT, 2025
32
The major insurance policy is held with Atradius Credit Insurance N.V., which was signed in April 2008 and is renewed
every year. It covers Asbisc Enterprises Plc., Asbis Middle East FZE, Asbis D.o.o. (Slovenia), Asbis Doo (Serbia), ASBIS
Romania, ASBIS Bulgaria, E.M Euromall, ASBIS Poland, ASBIS CZ Republic, ASBIS Kazakhstan, ASBIS Hungary and
ASBIS South Africa. Each buyer, primarily our large customers, who have an approved credit limit is insured for coverage
amounting to 85%. Atradius also offers us a discretionary credit limit up to a maximum of U.S. $ 60.
We also hold stand-alone credit insurance policies with Atradius in Slovakia covering the receivables of the country. We
use both Coface SA and Euler Hermes in cases Atradius do not grant sufficient limits.
ITEM 3. OPERATING AND FINANCIAL REVIEW AND PROSPECTS
The following Management's discussion and analysis of our financial position and results of operations review our historical
financial results as at, and for the years ended, 31 December 2025 and 2024. The reader shall read the following discussion
in conjunction with our audited financial statements as of 31 December 2025 and 2024, including the accompanying notes
thereto, which are included elsewhere in this Annual Report, and have been prepared in accordance with IFRS and audited
by KPMG Limited, our independent auditors and in conjunction with the information set forth under "Risk Factors" and
"Information on the Company".
Unless we indicate otherwise, references to U.S. $, PLN and € are in thousands except for share and per share data.
SUMMARY
The principal events of 2025 were as follows:
• Revenues increased by 28.4% and reached U.S.$ 3,862,999 from U.S.$ 3,008,503 in 2024.
• Gross profit increased by 16.1% to U.S.$ 278,721 from U.S.$ 240,164 in 2024.
• Gross profit margin dropped to 7.22% from 7.98% in 2024.
• Selling expenses increased by 15.2% to U.S.$ 99,260 from U.S.$ 86,172 in 2024.
• Administrative expenses increased by 14.7% to U.S.$ 68,475 from U.S.$ 59,682 in 2024.
• EBITDA was positive and reached U.S.$ 120,814 as compared to U.S.$ 102,923 in 2024.
• The net profit after tax increased by 11.2% to U.S. $ 60,243 as compared to U.S.$ 54,173 in 2024. We are
extremely satisfied with the Group’s results in 2025. Such results are a stellar achievement, demonstrating our
Company's incredible ability to meet and even exceed the toughest sales challenges.
PRINCIPAL FACTORS AFFECTING FINANCIAL CONDITION AND RESULTS OF OPERATIONS
In 2025, the Company’s results of operations have been affected and are expected to continue to be affected by several
factors.
Below we present all factors that have affected and continue to affect our business:
The war in Ukraine
The war in Ukraine is considered by the management as the major negative development which still affects our operations
not only in Ukraine but in the regions around. The ongoing conflict in the country does not allow us to properly develop the
country and the unsecured business environment makes it extremely difficult to plan and execute our strategy. Despite all
difficulties, we are continuing to deliver particularly good results, however the key to our success in the country does not
only depend on our performance but also on an extremely volatile market environment.
The Group, being fully compliant with the directions given by the EU and its suppliers, has undertaken all necessary actions
to prevent sales of sanctioned products to sanctioned entities and/or individuals.
Unfair competition from unauthorized channels
The illicit trading in our main markets is considered by the management as another major negative factor which has
adversely affected and continues to affect our business. The problem of unauthorized and illegal imports of the leading
product categories in our portfolio is playing a significant negative role in our performance. Through unofficial channels,
devices reach the markets without proper registration, which deprives the budgets of these countries of significant revenue
and profits.
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ASBISc Enterprises Plc ANNUAL REPORT, 2025
33
While authorized distributors like ASBIS obey the law and pay taxes, illicit traders avoid fiscal control, breach the law and
deprive countries of billions of tax income.
The Group is closely working with its suppliers and authorities to overcome this issue. Several actions have already been
implemented, and we believe that the situation will somewhat improve going forward, but this is not in our capacity to
manage.
The escalation of the Middle East crisis
The recent events of the war between Iran and Israel have caused significant disruptions in the whole GCC area and this
is increasing the danger of a global crisis. We have both a Distribution Center in Dubai, UAE and regional offices in KSA,
UAE and Egypt, which currently remain unaffected, however, a further escalation might cause an uncharted impact on our
business.
The in-country financial conditions affecting our major markets, gross profit and gross profit margin.
Throughout the years of operation, the Company has suffered from specific in-country problems, emanating from the
deterioration of specific countries’ financial situation, due to several issues including but not limited to political instability.
The recent example of Kazakhstan is showing that a crisis emanated in a single large country of our operation might have
a significant adverse effect on our results. We need to monitor any developments, act fast and weather every risk showing
up in a specific market to secure our results.
The Company needs to keep in mind that different in-country problems might arise at any time and affect our operations.
Currency fluctuations
The Company’s reporting currency is the U.S. dollar. In 2025 a good portion of our revenues was denominated in U.S.
dollars, while the balance is denominated in Euro, UAH, KZT, PLN, CZK, HUF, ZAR and other currencies, certain of which
are linked to the Euro.
Our trade payable balances are principally (about 90%) denominated in U.S. dollars. In addition, approximately half of our
operating expenses are denominated in U.S. dollars and the other half in Euro or other currencies, certain of which are
linked to the Euro.
As a result, reported results are affected by movements in exchange rates, particularly in the exchange rate of the U.S.
dollar against the Euro and other currencies of the countries in which we operate, including the Ukrainian Hryvnia, the
Czech Koruna, the Polish Zloty, the South African Rand, the Kazakhstani Tenge and the Hungarian Forint. In particular, a
strengthening of the U.S. dollar against the Euro and other currencies of the countries in which we operate may result in a
decrease in revenues and gross profit, as reported in U.S. dollars, and foreign exchange loss relating to trade receivables
and payables, which would have a negative impact on our operating and net profit despite a positive impact on our
operating expenses.
On the other hand, a devaluation of the U.S. dollar against the Euro and other currencies of the countries in which we
operate may have a positive impact on our revenues and gross profit, as reported in U.S. dollars, which would have a
positive impact on operating and net profit despite a negative impact on our operating expenses. In addition, foreign
exchange fluctuation between the U.S. dollar and the Euro or other currencies of the countries in which we operate may
result in translation gains or losses affecting foreign exchange reserve. Furthermore, a major devaluation or depreciation
of any such currencies may result in a disruption in the international currency markets and may limit the ability to transfer
or to convert such currencies into U.S. dollars and other currencies.
Despite all efforts of the Company, there can be no assurance that fluctuations in the exchange rates of the Euro and/or
other currencies of the countries in which we operate against the U.S. dollar will not have a material adverse effect on our
business, financial condition and results of operations.
Competition and price pressure
The IT distribution industry is a highly competitive market, particularly with regards to products selection and quality,
inventory, price, customer services and credit availability and hence it is open to margin pressure from competitors and
new entrants.
The Company competes at the international level with a wide variety of distributors of varying sizes, covering different
product categories and geographic markets. In each of the markets in which the Company operates it faces competition
from:
• International IT and CE distributors with presence in all major markets we operate
• Regional IT and CE distributors who cover mostly a region but are quite strong
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ASBISc Enterprises Plc ANNUAL REPORT, 2025
34
• Local distributors who focus mostly on a single market but are very strong
• International IT and mobile phones brokers, who sell opportunistically in any region and/or country
Competition and price pressures from market competitors and new market entrants may lead to significant reductions in
the Company’s sales prices.
Such pressures may also lead to a loss of market share in certain of the Group's markets. Price pressures can have a
material adverse effect on the Company’s profit margins and its overall profitability, especially because its gross profit
margins, like those of most of its competitors, are low and sensitive to sales price fluctuations.
Gross profit margins
The Company’s business is comprised of both a traditional distribution of third-party products and own brands. This allows
the Company to deliver healthier gross profit margins when conditions are favorable.
In the traditional distribution business, the Company’s gross profit margins, like those of other distributors of IT products,
are low and the Company expects that in the distribution arm of its business, they will remain low in the foreseeable future.
Increased competition arising from industry consolidation and low demand for certain IT products may hinder the
Company’s ability to maintain or improve its gross margins.
A portion of the Company’s operating expenses are relatively fixed, and planned expenditure is based in part on anticipated
orders that are forecasted with limited visibility of future demand.
As a result, the Company may not be able to reduce its operating expenses as a percentage of revenue to mitigate any
reductions in gross margins in the future. The recent trends in gross profit margins showed a rebound. The Group
undertakes all efforts to raise and stabilize it at a higher level.
Inventory obsolescence and price erosion.
The Company is often required to buy components and finished products according to forecasted requirements and orders
of its customers and in anticipation of market demand. The market for IT finished products and components is characterized
by rapid changes in technology and short product shelf life, and, consequently, inventory may rapidly become obsolete.
Due to the fast pace of technological changes, the industry may sometimes face a shortage or, at other times, an
oversupply of IT products.
As the Company increases the scope of its business and of inventory management for its customers, there is an increasing
need to hold inventory to serve as a buffer in anticipation of the actual needs of the Company’s customers.
This increases the risk of inventory becoming devalued or obsolete and could affect the Company’s profits either because
prices for obsolete products tend to decline quickly, or because of the need to make provisions or even write-offs.
In an oversupply situation, other distributors may elect to proceed with price reductions to dispose of their existing
inventories, forcing the Company to lower its prices to stay competitive. The Company’s ability to manage its inventory and
protect its business against price erosion is critical to its success.
Several of the Company’s most significant contracts with its major suppliers contain advantageous contract terms that
protect the Company against exposure to price fluctuations, defective products and stock obsolescence.
Credit risk.
The Company buys components and finished products from its suppliers on its own account and resells them to its
customers. The Company extends credit to some of its customers at terms ranging from 7 to 90 days or, in a few cases,
to 120 days.
The Company’s payment obligations towards its suppliers under such agreements are separate and distinct from its
customers' obligations to pay for their purchases, except in limited cases where the Company’s arrangements with its
suppliers require the Company to resell to certain resellers or distributors. Thus, the Company is liable to pay its suppliers
regardless of whether its customers pay for their respective purchases.
As the Company’s profit margin is relatively low compared to the total price of the products sold, in the event where the
Company is not able to recover payments from its customers, it is exposed to financial liquidity risk. The Company has in
place credit insurance which covers such an eventuality for most of its revenue.
Despite all efforts to secure our revenues, certain countries remained non-insured (i.e., Ukraine), therefore it is very
important for us to ensure that we find other sources of securities which help us minimize our credit risk. The Board of
Directors has decided to enhance the Company’s risk management procedures.
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ASBISc Enterprises Plc ANNUAL REPORT, 2025
35
These do not guarantee that all issues will be avoided, however, they have granted the Company with confidence that is
able to weather any possible major credit issue that may arise.
Worldwide financial environment
The overall financial environment and the economic landscape of each country we operate in, always play a significant
role in our performance. The revised strategy and adaptation to the new environment, i.e., by rebuilding our product
portfolio, has paid off in terms of profitability and sales in the last three-four years.
We believe that the Company is much more flexible and better prepared to weather any obstacles that may arise due to
the worldwide financial environment, however, we can see that a full-scale war in our territories and evolving conflict in the
Middle East may bring unprecedented consequences. In addition to the above, it has been noticed that the illicit trading in
Kazakhstan still has a negative impact on our revenues. We are closely monitoring the situation, which is tough for us.
We see much better market conditions after implementation of a new legislation by the Kazakh government regarding the
comprehensive changes to the IMEI registration system and New Product Introduction by Apple.
Seasonality
Traditionally the IT distribution industry in which the Company operates experiences high demand during the months prior
to and leading up to the Christmas and New Year holiday period. IT distributors’ demand tends to increase in the period
starting from September till the end of the year.
High cost of debt
The distribution business entails a higher need for cash available to support growth. The Group has managed to raise cash
from various financial institutions, however, in certain cases, the cost of this financing is expensive. This particularly relates
to countries such as Kazakhstan and Ukraine.
The Company has already negotiated improved terms with most of its financiers and is currently undertaking certain extra
steps to further lower its cost of financing. Base rates (US Libor successor rates, Euribor, and other local base rates) have
been at a high level and this negatively affected the Company’s WACC. In the twelve months of 2025, we were able to
reduce the Weighted Average Cost of Debt to 8,5% (from 9.9% in 2024), as base rates (especially Euribor) have shown a
steady decrease.
Environmental and Climate Changes
In terms of transition risks that arise from the transition to a low-carbon and climate-resilient economy, we may face the
following risks: policy and legal risks (there may be laws or policies put in place that may require a more environmentally
cautious approach to raw materials and land use), technology risks (changes in technology used to produce IT equipment)
– these both may lead to growing prices in terms of IT equipment and solutions.
We may also face market risk with consumers switching to more energy-efficient appliances or making more savvy
purchases to limit their own impact on the environment. We will monitor these trends and introduce the latest hardware for
our customers.
We may also face reputational risks with difficulties in attracting customers, business partners and employees if we do not
take strong enough action against climate change. In terms of physical risks resulting from climate changes, we may face
both acute and chronic risks.
Acute physical risks may arise from weather-related events in the form of floods, fires or droughts that may damage
factories in certain regions, cause factories to limit or temporarily stop their production or disrupt our supply chain in other
ways. These may result in temporary limitations in our product offering or rising prices of hardware and components.
Chronic physical risks (i.e., risks that may result from long-term changes in the climate) may also affect ASBIS. Growing
temperatures worldwide may cause a need for more temperature-resilient hardware and appliances and may also result
in more hardware malfunctions that may increase warranty claims.
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ASBISc Enterprises Plc ANNUAL REPORT, 2025
36
YEAR ENDED DECEMBER 31, 2025, COMPARED TO YEAR ENDED DECEMBER 31, 2024
Revenues
Revenues in 2025 increased by 28.4% to U.S. $ 3,862,999 from U.S. $ 3,008,503 in 2024, following the boom in AI server
components and data centers building blocks across all markets, with very strong demand on all related components,
especially memory modules and storage.
The table below sets a breakdown of revenues, by product lines, for the years ended 31 December 2025 and 2024:
2025
2024
U.S. $
thousand
% Of total
revenues
U.S. $
thousand
% Of total
revenues
Smartphones
1,352,037
35.00%
1,260,145
41.89%
Servers & server blocks
698,806
18.09%
254,724
8.47%
Central processing units (CPUs)
396,492
10.26%
305,744
10.16%
PC mobile (laptops)
270,233
7.00%
221,135
7.35%
Peripherals
128,424
3.32%
127,366
4.23%
Networking products
110,719
2.87%
70,811
2.35%
Audio devices
96,646
2.50%
101,301
3.37%
PC desktop
89,432
2.32%
66,861
2.22%
Display products
80,211
2.08%
67,207
2.23%
Hard disk drives (HDDs)
73,037
1.89%
49,614
1.65%
Accessories
67,571
1.75%
58,155
1.93%
Tablets
66,831
1.73%
48,887
1.62%
Video cards and GPUs
57,800
1.50%
28,947
0.96%
Multimedia
56,999
1.48%
83,289
2.77%
Solid-state drives (SSDs)
55,619
1.44%
51,758
1.72%
Software
52,593
1.36%
37,843
1.26%
Smart devices
51,170
1.32%
52,138
1.73%
Other
158,379
4.10%
122,578
4.07%
Total revenue
3,862,999
100%
3,008,503
100%
During 2025, the Group has focused on the execution of large server contracts following the AI-driven and data-centric
infrastructure boom around the globe. We have been engaged with multiple customers in multiple layers of the supply
value chain in a growing number of countries for projects that are continuously upgrading the data centers.
We were able to secure projects that were unique in our territories, but most importantly. we have been able to establish
our Company as the supplier of choice for projects to come.
According to Gartner, Inc., worldwide spending on AI is forecast to total $2.52 trillion in 2026, a 44% increase year over
year. Therefore, we believe that 2025 was not a bubble that will burst but, in the contrary, the large-scale investments in
both cloud and AI infrastructure will remain a defining driver for the growth in 2026 and for the years to come.
In 2025 we have also enhanced our second life devices division, Breezy, in which we invested significantly and see a very
positive development. The Group expects this business unit to significantly contribute to its profitability in the short to
medium term.
The chart below indicates the trends in sales per product line:
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ASBISc Enterprises Plc ANNUAL REPORT, 2025
37
In 2025, sales were mainly driven by smartphones, servers & server blocks and CPUs.
Revenues from servers and server blocks have continued their momentum, growing in 2025 by 174.3% on a year-on-year
basis. Sales from CPUs increased in 2025 by 29.7%. The business of laptops increased in 2025 by 22.2%, on a year-on-
year basis. Sales from HDDs increased in 2025 by 47.2%. Revenues from SSDs increased in 2025 by 7.5%. Revenues
from software increased in 2025 by 39.0%, on a year-on-year basis.
From” Other” product lines, the Company has noticed a positive trend in 2025 in video cards and GPUs (+99.7%) as
compared to last year.
The chart below indicates the trends in smartphones sales:
Sales of smartphones, which account for most of our revenue, increased by 7.3% in 2025 compared to 2024, despite a
challenging time marked with the pressure from grey-market competition.
The table below presents a geographical breakdown of sales for the years ended 31 December 2025 and 2024:
2025
2024
U.S. $
thousand
% of total
revenues
U.S. $
thousand
% of total
revenues
Commonwealth of Independent States
1,407,542
36.44%
1,266,470
42.10%
Central and Eastern Europe
1,110,015
28.73%
868,811
28.88%
Middle East and Africa
681,010
17.63%
490,424
16.30%
Western Europe
471,889
12.22%
319,976
10.64%
Other
192,543
4.98%
62,822
2.09%
Total
3,862,999
100%
3,008,503
100%
The table below presents a country-by-country breakdown in sales for our most important markets for the years ended 31
December 2025 and 2024:
Graphics
ASBISc Enterprises Plc ANNUAL REPORT, 2025
38
2025
2024
Country
Sales in U.S. $
thousand
% of total
revenues
Country
Sales in U.S. $
thousand
% of total
revenues
1.
Kazakhstan
528,875
13.69%
Kazakhstan
492,406
16.37%
2.
United Arab
Emirates
428,455
11.09%
Ukraine
383,103
12.73%
3.
Ukraine
427,696
11.07%
United Arab
Emirates
331,004
11.00%
4.
Slovakia
385,817
9.99%
Slovakia
266,340
8.85%
5.
Poland
194,420
5.03%
Azerbaijan
152,907
5.08%
6.
Azerbaijan
186,171
4.82%
Poland
147,697
4.91%
7.
Germany
184,506
4.78%
Germany
129,490
4.30%
8.
Netherlands
149,873
3.88%
Czech Republic
111,817
3.72%
9.
Czech Republic
133,586
3.46%
Georgia
85,204
2.83%
10.
Taiwan
129,738
3.36%
Netherlands
82,266
2.73%
Gross Profit
Gross profit in 2025 increased by 16.1% to U.S.$ 278,721 from U.S.$ 240,164 in 2024.
Gross profit margin (gross profit as a percentage of revenues)
Gross profit margin in 2025 declined to 7.22% from 7.98% in 2024.
Graphics
ASBISc Enterprises Plc ANNUAL REPORT, 2025
39
Selling Expenses
Largely comprise of salaries and benefits paid to sales employees (sales, marketing, and logistics departments), marketing
and advertising fees, commissions, and travelling expenses. Selling expenses usually grow together (but not in-line) with
growing sales and, most importantly, gross profit. In 2025 an increase in SG&A costs were driven by exchange rate
differences (stronger EUR), performance-based bonuses, write offs and provisions and the new investments in Africa, Italy
and the United States.
Selling expenses in 2025 increased by 15.2.% to U.S.$ 99,260 from U.S.$ 86,172 in 2024.
Administrative Expenses:
Largely comprised of salaries and wages of administrative personnel.
Administrative expenses in 2025 increased by 14.7% to U.S.$ 68,475 from U.S.$ 59,682 in 2024.
Graphics
ASBISc Enterprises Plc ANNUAL REPORT, 2025
40
EBITDA
EBITDA in 2025 reached U.S.$ 120,814 as compared to U.S.$ 102,923 in 2024, representing a 17% growth year-on-year.
Profit After Taxation
In 2025 net profit after tax increased by 11.2% to U.S.$ 60,243, as compared to U.S.$ 54,173 in 2024.
LIQUIDITY AND CAPITAL RESOURCES
The Company has in the past funded its liquidity requirements, including ongoing operating expenses and capital
expenditure and investments, for the most part, through operating cash flows, debt financing and equity financing. Cash
flow for the twelve months of 2025 has been impacted by strong revenue growth and improved working capital utilization.
Nevertheless, cash from operations in 2025 has strongly improved year-on-year by more than U.S.$ 128 million.
The following table presents a summary of cash flows for the twelve months ended December 31
st
, 2025, and 2024 (in
U.S. $ thousand):
Twelve months ended December 31
st
2025
2024
Net cash inflows from operating activities
154,818
26,712
Net cash outflows from investing activities
(22,169)
(18,082)
Net cash outflows from financing activities
(31,543)
(11,536)
Net increase/(decrease) in cash and cash equivalents
101,106
(2,906)
Net cash inflows from operations
Net cash inflows from operations amounted to U.S. $ 154,818 for the twelve months of 2025, as compared to inflows of
U.S. $ 26,712 in the corresponding period of 2024.
Net cash outflows from investing activities
Net cash outflows from investing activities were U.S. $ 22,169 for the twelve months of 2025, as compared to outflows of
U.S. $ 18,082 in the corresponding period of 2024.
Net cash outflows from financing activities
Net cash outflows from financing activities were U.S. $ 31,543 for the twelve months of 2025, as compared to outflows of
U.S.$ 11,536 for the corresponding period of 2024.
Net increase in cash and cash equivalents
As a result of higher profitability and increased working capital efficiency, in 2025 cash and cash equivalents increased by
US$ 101,106 as compared to a decrease of US$ 2,906 in the corresponding period of 2024.
Graphics
ASBISc Enterprises Plc ANNUAL REPORT, 2025
41
CAPITAL RESOURCES
The Company’s management believe that we have ample financing lines (cash lines, factoring and supply-chain financing
lines) to finance operations going forward, as described in the audited financial statements attached to this annual report.
As of 31 December 2025, we had a total short-term and long-term debt (excluding amounts due to factoring creditors and
lease liabilities) of U.S. $ 176,536 (including U.S. $ 1,482 of current maturities due within one year from 31st, December
2025), compared to U.S. $ 176,762 (including U.S. $ 287 of current maturities, as of 31 December 2024).
The table below presents our principal debt facilities as at 31 December 2025:
Graphics
ASBISc Enterprises Plc ANNUAL REPORT, 2025
42
Entity
Creditor
Type of, facilities
Credit limit
Currency
Rate
US$
Equivalent
Valid from
Valid till
ASBIS Middle East FZE
NATIONAL BANK OF FUJAIRAH
Short Term Loan/Revolving Loan
27 000 000,00
AED
3,67
7 346 939
01/06/2022
non term
ASBIS Middle East FZE
ABU DHABI COMMERCIAL BANK (ADCB)
Short Term Loan/Revolving Loan
15 000 000,00
AED
3,67
4 081 633
08/08/2023
non term
ASBIS Middle East FZE
EMIRATES ISLAMIC BANK PJSC
Short Term Loan/Revolving Loan
41 000 000,00
AED
3,67
11 156 463
10/01/2025
non term
ASBIS Middle East FZE
HABIB BANK AG ZURICH
Short Term Loan/Revolving Loan
36 000 000,00
AED
3,67
9 795 918
01/12/2025
non term
ASBIS Middle East FZE
NATIONAL BANK OF FUJAIRAH
Factoring with recourse
3 000 000,00
AED
3,67
816 327
01/06/2022
non term
ASBIS Middle East FZE
NATIONAL BANK OF FUJAIRAH
Factoring with recourse
8 000 000,00
AED
3,67
2 176 871
01/06/2022
non term
ASBIS Middle East FZE
ABU DHABI COMMERCIAL BANK (ADCB)
Factoring with recourse
3 000 000,00
AED
3,67
816 327
08/08/2023
non term
ASBIS Middle East FZE
ABU DHABI COMMERCIAL BANK (ADCB)
Factoring with recourse
2 000 000,00
AED
3,67
544 218
08/08/2023
non term
ASBIS Middle East FZE
HABIB BANK AG ZURICH
Factoring with recourse
2 000 000,00
AED
3,67
544 218
01/02/2024
non term
ASBIS Middle East FZE
HABIB BANK AG ZURICH
Factoring with recourse
2 000 000,00
AED
3,67
544 218
01/02/2024
non term
ASBIS Middle East FZE
EMIRATES ISLAMIC BANK PJSC
Factoring with recourse
5 000 000,00
AED
3,67
1 360 544
10/01/2025
non term
ASBIS Middle East FZE
EMIRATES ISLAMIC BANK PJSC
Factoring with recourse
4 000 000,00
AED
3,67
1 088 435
10/01/2025
non term
ASBC LLC (AM) // AM-
119 (Caucasus) iSpace
AAR->APR/APP
BYBLOS BANK ARMENIA CJSC
Overdraft
190 000 000,00
AMD
381,36
498 217
13/10/2025
09/10/2026
ASBC MMC, AZ Az119
APR iSpace
PASHA BANK
Short Term Loan/Revolving Loan
1 000 000,00
AZN
1,70
588 235
10/09/2025
01/09/2026
ASBIS d.o.o. BA
RAIFFEISEN BANK D.D. BOSNA I
HERCEGOVINA
BGs/SBLCs
300 000,00
KM
1,66
180 338
17/01/2020
31/12/2029
ASBIS d.o.o. BA
ASA BANKA D.D. SARAJEVO
BGs/SBLCs
300 000,00
KM
1,66
180 338
20/06/2019
31/12/2030
ASBIS d.o.o. BA
ASA BANKA D.D. SARAJEVO
BGs/SBLCs
100 000,00
KM
1,66
60 113
01/08/2024
31/12/2030
ASBIS d.o.o. BA
ASA BANKA D.D. SARAJEVO
BGs/SBLCs
100 000,00
KM
1,66
60 113
01/07/2025
31/12/2030
ASBIS d.o.o. BA
ASA BANKA D.D. SARAJEVO
Long Term Loan
350 000,00
KM
1,66
210 394
25/07/2025
31/12/2027
ASBIS d.o.o. BA
RAIFFEISEN BANK D.D. BOSNA I
HERCEGOVINA
Short Term Loan/Revolving Loan
1 500 000,00
KM
1,66
901 689
01/01/2022
31/12/2026
ASBIS d.o.o. BA
ASA BANKA D.D. SARAJEVO
Short Term Loan/Revolving Loan
1 000 000,00
KM
1,66
601 126
26/08/2022
31/12/2030
ASBIS d.o.o. BA
UNICREDIT BANK
Short Term Loan/Revolving Loan
1 200 000,00
KM
1,66
721 351
09/08/2024
16/03/2027
ASBIS d.o.o. BA
RAIFFEISEN BANK D.D. BOSNA I
HERCEGOVINA
Short Term Loan/Revolving Loan
200 000,00
KM
1,66
120 225
01/08/2024
31/12/2026
ASBIS d.o.o. BA
ASA BANKA D.D. SARAJEVO
Short Term Loan/Revolving Loan
800 000,00
KM
1,66
480 901
01/08/2024
31/12/2030
ASBIS d.o.o. BA
ASA BANKA D.D. SARAJEVO
Short Term Loan/Revolving Loan
500 000,00
KM
1,66
300 563
01/02/2025
17/04/2030
ASBIS d.o.o. BA
RAIFFEISEN BANK D.D. BOSNA I
HERCEGOVINA
Short Term Loan/Revolving Loan
500 000,00
KM
1,66
300 563
01/02/2025
31/12/2026
ASBIS d.o.o. BA
ASA BANKA D.D. SARAJEVO
Short Term Loan/Revolving Loan
1 000 000,00
KM
1,66
601 126
01/04/2025
31/12/2030
ASBIS d.o.o. BA
ASA BANKA D.D. SARAJEVO
Short Term Loan/Revolving Loan
-
KM
1,66
-
01/07/2025
31/12/2030
ASBIS d.o.o. BA
ASA BANKA D.D. SARAJEVO
Short Term Loan/Revolving Loan
1 350 000,00
KM
1,66
811 520
25/07/2025
31/12/2030
Graphics
ASBISc Enterprises Plc ANNUAL REPORT, 2025
43
Entity
Creditor
Type of, facilities
Credit limit
Currency
Rate
US$
Equivalent
Valid from
Valid till
ASBIS d.o.o. BA
RAIFFEISEN BANK D.D. BOSNA I
HERCEGOVINA
Overdraft
300 000,00
KM
1,66
180 338
17/01/2020
31/12/2026
ASBIS d.o.o. BA
UNICREDIT BANK
Overdraft
400 000,00
KM
1,66
240 450
09/08/2024
17/03/2027
ASBIS BULGARIA
LIMITED
UNICREDIT BULBANK AD
Overdraft
4 500 000,00
BGN
1,66
2 705 058
01/08/2024
31/01/2027
ASBIS BULGARIA
LIMITED
UNITED BULGARIAN BANK (UBB)
Factoring with recourse
2 000 000,00
BGN
1,66
1 202 248
01/09/2024
31/08/2026
ASBIS BULGARIA
LIMITED
UNICREDIT BULBANK AD
Factoring with recourse
4 000 000,00
BGN
1,66
-
30/10/2024
15/12/2025
ASBIS BULGARIA
LIMITED
UNICREDIT BULBANK AD
Factoring with recourse
50 000,00
BGN
1,66
30 056
02/03/2025
07/01/2026
ASBIS BULGARIA
LIMITED
DSK BANK
Factoring with recourse
4 800 000,00
BGN
1,66
2 885 396
01/08/2025
05/07/2026
ASBIS BULGARIA
LIMITED
UNICREDIT BULBANK AD
Factoring with recourse
5 000 000,00
BGN
1,66
3 005 621
01/11/2025
31/01/2027
ASBIS KYPROS LTD
BANK OF CYPRUS PUBLIC COMPANY LIMITED
BGs/SBLCs
1 737,64
EUR
0,86
-
01/12/2024
01/12/2025
ASBIS KYPROS LTD
BANK OF CYPRUS PUBLIC COMPANY LIMITED
BGs/SBLCs
5 806,58
EUR
0,85
6 821
01/08/2025
15/07/2026
ASBIS KYPROS LTD
BANK OF CYPRUS PUBLIC COMPANY LIMITED
Overdraft
500 000,00
EUR
0,85
587 337
02/05/2023
non term
ASBIS KYPROS LTD
BANK OF CYPRUS PLC-FACTORING DIVISION
Factoring with recourse
1 100 000,00
EUR
0,85
1 292 141
13/12/2023
non term
ASBISC Enterprises PLC
BANK OF CYPRUS PUBLIC COMPANY LIMITED
BGs/SBLCs
30 000,00
EUR
0,85
35 238
22/05/2021
21/05/2026
ASBISC Enterprises PLC
BANK OF CYPRUS PUBLIC COMPANY LIMITED
BGs/SBLCs
22 000 000,00
USD
1,00
22 000
000
26/09/2022
25/09/2026
ASBISC Enterprises PLC
SOCIETE GENERALE CYPRUS LIMITED
BGs/SBLCs
5 000 000,00
USD
1,00
5 000 000
05/10/2022
03/10/2026
ASBISC Enterprises PLC
UNICREDIT BANK CZECH REPUBLIC AND
SLOVAKIA, A.S.
BGs/SBLCs
391 943,40
EUR
0,85
460 377
31/01/2023
02/10/2026
ASBISC Enterprises PLC
UNICREDIT BANK CZECH REPUBLIC AND
SLOVAKIA, A.S.
BGs/SBLCs
92 788,00
EUR
0,85
108 989
13/09/2023
12/09/2026
ASBISC Enterprises PLC
VSEOBECNA UVEROVA BANKA A.S (VUB, A.S.)
BGs/SBLCs
13 350 000,00
USD
1,00
13 350
000
01/08/2024
05/03/2026
ASBISC Enterprises PLC
INTESA SANPAOLO SPA
BGs/SBLCs
125 000,00
EUR
0,85
146 825
18/12/2024
31/03/2031
ASBISC Enterprises PLC
RAIFFEISEN BANK INTERNATIONAL AG
BGs/SBLCs
4 650 000,00
USD
1,00
4 650 000
24/03/2025
non term
ASBISC Enterprises PLC
CITIBANK N.A.
BGs/SBLCs
681 035,00
USD
1,00
681 035
11/09/2025
non term
ASBISC Enterprises PLC
CYPRUS DEVELOPMENT
BANK PUBLIC COMPANY LTD
LCs
125 000,00
USD
1,00
125 000
19/01/2023
19/01/2027
ASBISC Enterprises PLC
BANK OF CYPRUS PUBLIC COMPANY LIMITED
LCs
148 145,40
USD
1,00
148 145
30/10/2025
non term
ASBISC Enterprises PLC
BANK OF CYPRUS PUBLIC COMPANY LIMITED
Long Term Loan
10 000 000,00
EUR
0,85
11 746
000
21/02/2024
18/02/2032
ASBISC Enterprises PLC
BANK OF CYPRUS PUBLIC COMPANY LIMITED
Long Term Loan
3 000 000,00
EUR
0,85
3 523 800
21/02/2024
23/02/2034
ASBISC Enterprises PLC
BANK OF CYPRUS PUBLIC COMPANY LIMITED
Long Term Loan
2 700 000,00
EUR
0,85
3 171 420
23/07/2025
23/07/2035
ASBISC Enterprises PLC
VSEOBECNA UVEROVA BANKA A.S (VUB, A.S.)
Short Term Loan/Revolving Loan
4 650 000,00
USD
1,00
4 650 000
01/08/2024
non term
ASBISC Enterprises PLC
CYPRUS DEVELOPMENT
BANK PUBLIC COMPANY LTD
Overdraft
-
USD
1,00
-
31/03/2021
non term
ASBISC Enterprises PLC
CYPRUS DEVELOPMENT
BANK PUBLIC COMPANY LTD
Overdraft
5 000 000,00
EUR
0,85
5 873 000
22/06/2021
non term
ASBISC Enterprises PLC
SOCIETE GENERALE CYPRUS LIMITED
Overdraft
1 500 000,00
USD
1,00
1 500 000
01/06/2021
non term
Graphics
ASBISc Enterprises Plc ANNUAL REPORT, 2025
44
Entity
Creditor
Type of, facilities
Credit limit
Currency
Rate
US$
Equivalent
Valid from
Valid till
ASBISC Enterprises PLC
RAIFFEISEN BANK INTERNATIONAL AG
Overdraft
5 350 000,00
USD
1,00
5 350 000
21/03/2022
non term
ASBISC Enterprises PLC
VSEOBECNA UVEROVA BANKA A.S (VUB, A.S.)
Overdraft
11 000 000,00
USD
1,00
11 000
000
01/04/2024
non term
ASBISC Enterprises PLC
BANK OF CYPRUS PUBLIC COMPANY LIMITED
Overdraft
10 400 000,00
USD
1,00
10 400
000
29/04/2024
28/04/2026
ASBISC Enterprises PLC
BANK OF CYPRUS PUBLIC COMPANY LIMITED
Overdraft
500 000,00
EUR
0,85
587 300
29/04/2024
28/04/2026
ASBISC Enterprises PLC
BANK OF CYPRUS PLC-FACTORING DIVISION
Factoring with recourse
30 000 000,00
USD
1,00
30 000
000
07/07/2025
25/04/2026
ASBISC Enterprises PLC
ADF PFS
Supply Chain Financing/Reverse
Factoring
53 000 000,00
USD
1,00
53 000
000
14/06/2024
non term
ASBISC Enterprises PLC
ABU DHABI COMMERCIAL BANK (ADCB)
Supply Chain Financing/Reverse
Factoring
20 000 000,00
AED
3,67
5 443 954
01/02/2025
non term
ASBISC Enterprises PLC
ADF INVESTEC
Supply Chain Financing/Reverse
Factoring
10 000 000,00
USD
1,00
10 000
000
30/10/2025
non term
PRESTIGIO PLAZA
LIMITED
BANK OF CYPRUS PUBLIC COMPANY LIMITED
Overdraft
50 000,00
EUR
0,85
58 730
30/04/2023
non term
ASBIS CZ spol s r.o.
CESKOSLOVENSKA OBCHODNI BANKA, A.S.
BGs/SBLCs
113 361,60
EUR
0,85
133 213
27/01/2022
31/12/2026
ASBIS CZ spol s r.o.
CESKOSLOVENSKA OBCHODNI BANKA, A.S.
BGs/SBLCs
10 588,00
EUR
0,85
12 442
02/10/2023
04/04/2026
ASBIS CZ spol s r.o.
CESKOSLOVENSKA OBCHODNI BANKA, A.S.
Short Term Loan/Revolving Loan
140 000 000,00
CZK
20,63
6 785 576
11/06/2021
non term
ASBIS CZ spol s r.o.
VSEOBECNA UVEROVA BANKA, A.S.
Overdraft
2 000 000,00
EUR
0,85
2 350 233
16/11/2020
non term
ASBIS CZ spol s r.o.
CESKOSLOVENSKA OBCHODNI BANKA, A.S.
Overdraft
15 000 000,00
CZK
20,66
-
01/04/2022
14/12/2025
ASBIS CZ spol s r.o.
CESKOSLOVENSKA OBCHODNI BANKA, A.S.
Overdraft
45 000 000,00
CZK
20,63
2 181 078
15/12/2025
non term
CPT Praha spol. s r.o.
CESKOSLOVENSKA OBCHODNI BANKA, A.S.
Overdraft
4 000 000,00
CZK
20,63
193 874
16/09/2025
non term
ASBC LLC, GE
TBC BANK
Overdraft
674 525,00
GEL
2,69
250 278
20/08/2025
non term
ASBIS Georgia LLC
TBC BANK
Short Term Loan/Revolving Loan
3 200 000,00
GEL
2,69
1 187 340
17/09/2025
17/09/2026
ASBISc-CR d.o.o.
ERSTE AND STEIERMAERKISCHE BANK D.D.
BGs/SBLCs
40 000,00
EUR
0,85
47 028
08/09/2025
non term
ASBISc-CR d.o.o.
ERSTE AND STEIERMAERKISCHE BANK D.D.
Short Term Loan/Revolving Loan
2 750 000,00
EUR
0,85
3 233 175
06/09/2025
06/09/2026
ASBIS IT Solutions
Hungary Kft.
CIB BANK LTD.
Overdraft
100 000 000,00
HUF
328,42
304 488
01/09/2025
01/07/2026
ASBIS KAZAKHSTAN
LLP
HALYK BANK
Short Term Loan/Revolving Loan
24 000 000 000,00
KZT
502,57
47 754
542
20/05/2022
31/12/2028
ASBIS KAZAKHSTAN
LLP
JSC BANK CENTERCREDIT
Short Term Loan/Revolving Loan
1 600 000 000,00
KZT
502,57
3 183 636
19/06/2025
non term
ASBIS KAZAKHSTAN
LLP
HALYK BANK
Factoring with recourse
6 000 000 000,00
KZT
502,57
11 938
635
03/05/2024
non term
ASBIS KAZAKHSTAN
LLP
JSC BANK CENTERCREDIT
Factoring with recourse
25 000 000 000,00
KZT
502,57
49 744
314
05/08/2024
28/06/2027
ASBIS BALTICS SIA
LUMINOR BANK AS LATVIAN BRANCH
Overdraft
3 000 000,00
EUR
0,85
3 527 100
18/09/2025
17/08/2026
ASBIS BALTICS SIA
LUMINOR BANK AS LATVIAN BRANCH
Factoring without recourse
3 000 000,00
EUR
0,85
3 527 100
01/07/2025
31/08/2026
ASBC / iSpace Md119
JOINT-STOCK COMMERCIAL VICTORIABANK
Overdraft
5 000 000,00
MDL
16,79
297 752
22/01/2025
22/01/2027
Breezy Poland SP Z O.O.
CREDIT AGRICOLE BANK POLSKA S.A.
BGs/SBLCs
3 500 000,00
PLN
3,60
971 790
02/01/2025
01/01/2026
ASBIS POLAND Sp. z
o.o.
CREDIT AGRICOLE BANK POLSKA S.A.
BGs/SBLCs
1 000 000,00
USD
1,00
1 000 000
11/05/2016
15/05/2026
Graphics
ASBISc Enterprises Plc ANNUAL REPORT, 2025
45
Entity
Creditor
Type of, facilities
Credit limit
Currency
Rate
US$
Equivalent
Valid from
Valid till
ASBIS POLAND Sp. z
o.o.
CREDIT AGRICOLE BANK POLSKA S.A.
Overdraft
8 000 000,00
PLN
3,63
-
29/07/2023
10/12/2025
ASBIS POLAND Sp. z
o.o.
BANK PEKAO S.A
Overdraft
12 000 000,00
PLN
3,60
3 331 853
30/06/2025
10/06/2026
ASBIS POLAND Sp. z
o.o.
CREDIT AGRICOLE BANK POLSKA S.A.
Overdraft
10 000 000,00
PLN
3,60
2 776 544
11/12/2025
30/11/2026
ASBIS POLAND Sp. z
o.o.
BANK PEKAO S.A
Factoring with recourse
20 000 000,00
PLN
3,58
-
18/11/2024
18/12/2025
ASBIS POLAND Sp. z
o.o.
BANK PEKAO S.A
Factoring with recourse
32 000 000,00
PLN
3,60
8 884 940
19/12/2025
non term
ASBIS ROMANIA SRL
UNICREDIT BANK Romania SA
Short Term Loan/Revolving Loan
17 000 000,00
RON
4,34
3 915 517
15/09/2019
15/03/2026
ASBIS ROMANIA SRL
CITIBANK EUROPE PLC, DUBLIN-SUCURSALA
ROMANIA
Overdraft
2 000 000,00
EUR
0,85
2 348 600
24/04/2025
23/04/2026
ASBIS ROMANIA SRL
BRD - GROUPE SOCIETE GENERALE SA
Overdraft
10 000 000,00
RON
4,34
2 303 245
06/06/2025
06/06/2027
ASBIS ROMANIA SRL
BRD - GROUPE SOCIETE GENERALE SA
Factoring without recourse
1 500 000,00
RON
4,34
345 487
14/12/2017
non term
ASBIS ROMANIA SRL
BRD - GROUPE SOCIETE GENERALE SA
Factoring without recourse
1 000 000,00
RON
4,34
230 325
24/10/2016
non term
ASBIS ROMANIA SRL
BRD - GROUPE SOCIETE GENERALE SA
Factoring without recourse
25 000 000,00
RON
4,34
5 758 113
29/12/2023
non term
ASBIS ROMANIA SRL
BANCA TRANSILVANIA S.A.
Factoring without recourse
2 800 000,00
RON
4,34
644 909
22/10/2024
non term
ASBIS ROMANIA SRL
BANCA TRANSILVANIA S.A.
Factoring without recourse
13 000 000,00
RON
4,34
2 994 219
16/08/2025
non term
ASBIS ROMANIA SRL
BRD - GROUPE SOCIETE GENERALE SA
Factoring without recourse
10 000 000,00
RON
4,34
2 303 245
24/10/2025
non term
ASBIS d.o.o.
EUROBANK DIREKTNA A.D.
BGs/SBLCs
35 000 000,00
CSD
99,91
350 292
05/03/2023
non term
ASBIS d.o.o.
RAIFFEISEN BANKA A.D.
Short Term Loan/Revolving Loan
2 000 000,00
EUR
0,85
2 347 693
08/08/2024
08/08/2026
ASBIS d.o.o.
UNICREDIT BANK SRBIJA AD BEOGRAD
Short Term Loan/Revolving Loan
500 000,00
EUR
0,85
586 923
01/04/2025
31/03/2026
ASBIS d.o.o.
ADDIKO BANK A.D. BEOGRAD
Short Term Loan/Revolving Loan
1 200 000,00
EUR
0,85
1 408 616
03/11/2025
15/10/2026
ASBIS d.o.o.
ERSTEBANK AD
Short Term Loan/Revolving Loan
2 000 000,00
EUR
0,85
2 347 693
20/10/2025
20/10/2026
ASBIS d.o.o. Slovenia
OTP BANKA D.D.
Short Term Loan/Revolving Loan
1 400 000,00
EUR
0,85
1 644 544
28/08/2025
27/08/2026
ASBIS SK spol. s r. o.
TATRA BANKA A.S.
Overdraft
23 000 000,00
EUR
0,85
27 025
000
23/02/2022
30/01/2026
ASBIS SK spol. s r. o.
VSEOBECNA UVEROVA BANKA A.S (VUB, A.S.)
Overdraft
20 000 000,00
EUR
0,85
23 500
000
07/11/2023
non term
ASBIS SK spol. s r. o.
VSEOBECNA UVEROVA BANKA A.S (VUB, A.S.)
Factoring with recourse
10 000 000,00
EUR
0,85
11 750
000
01/06/2025
non term
Euro-Mall, s.r.o.
CITIBANK EUROPE PLC, POBOCKA
ZAHRANICNEJ BANKY
Overdraft
2 000 000,00
EUR
0,85
2 350 000
20/01/2025
non term
Breezy Ukraine LLC
CREDIT AGRICOLE BANK PJSC
Overdraft
50 000 000,00
UAH
42,38
1 179 585
21/11/2025
30/01/2026
ASBIS-Ukraine ltd
JSC «ALFA-BANK»
Short Term Loan/Revolving Loan
350 000 000,00
UAH
42,38
8 257 093
29/11/2021
31/12/2025
ASBIS-Ukraine ltd
PRAVEX-BANK JOINT-STOCK COMPANY
COMMERCIAL BANK
Short Term Loan/Revolving Loan
2 000 000,00
EUR
0,85
2 352 388
01/05/2023
15/04/2026
ASBIS-Ukraine ltd
BANK PIVDENNYI
Short Term Loan/Revolving Loan
50 000 000,00
UAH
42,38
1 179 585
01/08/2023
10/07/2026
ASBIS-Ukraine ltd
CREDIT AGRICOLE BANK PJSC
Short Term Loan/Revolving Loan
7 500 000,00
USD
1,00
7 500 000
19/12/2024
30/01/2026
ASBIS-Ukraine ltd
JOINT-STOCK COMPANY OTP BANK
Short Term Loan/Revolving Loan
229 300 000,00
UAH
42,38
5 409 575
21/11/2024
21/07/2026
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ASBISc Enterprises Plc ANNUAL REPORT, 2025
46
Entity
Creditor
Type of, facilities
Credit limit
Currency
Rate
US$
Equivalent
Valid from
Valid till
ASBIS-Ukraine ltd
RAIFFEISEN BANK
Short Term Loan/Revolving Loan
210 000 000,00
UAH
42,38
4 954 256
28/01/2025
01/02/2026
ASBIS-Ukraine ltd
TASCOMBANK JSC (FORMERLY BANK
BUSINESS STANDARD)
Short Term Loan/Revolving Loan
470 000 000,00
UAH
42,38
11 088
096
01/05/2025
03/08/2028
ASBIS-Ukraine ltd
FIRST UKRAINIAN INTERNATIONAL BANK
Short Term Loan/Revolving Loan
116 000 000,00
UAH
42,38
2 736 636
30/09/2025
02/05/2027
ASBIS-Ukraine ltd
JSC BANK CREDIT DNIPRO
Short Term Loan/Revolving Loan
100 000 000,00
UAH
42,38
2 359 169
31/10/2025
30/10/2028
ASBIS-Ukraine ltd
FIRST UKRAINIAN INTERNATIONAL BANK
Overdraft
50 000 000,00
UAH
42,38
1 179 585
23/02/2023
23/02/2027
ASBIS-Ukraine ltd
JOINT-STOCK COMPANY OTP BANK
Overdraft
110 000 000,00
UAH
42,38
2 595 086
13/03/2023
21/07/2026
ASBIS-Ukraine ltd
JOINT-STOCK COMPANY OTP BANK
Factoring with recourse
40 000 000,00
UAH
42,38
943 668
04/10/2023
21/07/2026
ASBIS Africa (PTY) LTD
FIRST NATIONAL BANK
Overdraft
280 000 000,00
ZAR
16,62
16 845
145
03/11/2025
30/06/2030
ASBIS Africa (PTY) LTD
CITIBANK N.A. (UK)
Supply Chain Financing/Reverse
Factoring
17 000 000,00
USD
1,00
17 000
000
09/10/2025
non term
ASBC South Africa (Pty)
Ltd
FIRST NATIONAL BANK
Long Term Loan
450 920,00
ZAR
16,62
27 128
1/11/2025
01/05/2030
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ASBISc Enterprises Plc ANNUAL REPORT, 2025
47
CAPITAL EXPENDITURE
Our total capital expenditure for tangible and intangible assets amounted to U.S. $ 21,296 for the year 2025, compared to
U.S. $ 17,708 for the year 2024.
COMMITMENTS AND CONTINGENCIES
Commitments and contingencies are presented in the audited financial statements included elsewhere in this annual report.
Critical Accounting Policies
The preparation of our financial statements under IFRS requires Management to select and apply certain accounting
policies that are important to the presentation of our financial condition and results of operations. Certain accounting
policies have been identified as critical accounting policies. A "critical accounting policy" is one that both (i) is significant to
our financial condition and results of operations (in that the application of a different accounting principal or changes in
related estimates and assumptions that Management could reasonably have used or followed would have a material impact
on our financial condition and results of operations) and (ii) requires difficult, complex or subjective analysis to be made by
Management based on assumptions determined at the time of analysis. Our accounting policies are reviewed on a regular
basis and Management believes that the assumptions and estimates made in the application of such policies for the
purposes of preparing our financial statements are reasonable; actual amounts and results, however, could vary under
different methodologies, assumptions or conditions. Our accounting policies and certain critical accounting estimates and
judgments with respect to the preparation of our financial statements are described in Note 2 to the financial statements
included elsewhere in this annual report.
ITEM 4. DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES
BOARD OF DIRECTORS
The Board of Directors is responsible for formulating, reviewing, and approving our strategy, budgets, and corporate
actions. We intend to hold Board of Directors meetings at least four times each financial year and at other times as and
when required.
The following table sets out our current Directors:
Name
Year of Birth
Position
Appointed to the
Board
Expiry of term
Nationality
Siarhei Kostevitch
1964
Chairman,
Chief Executive
Officer
30 August 1999
2028
Cypriot
Marios Christou
1968
Chief Financial
Officer
28 December 2001
2026
Cypriot
Constantinos
Tziamalis
1975
CRO, Deputy CEO
23 April 2007
2028
Cypriot
Julia Prihodko
1982
Chief Human
Relations Officer
7 May 2021
2028
Ukrainian
Hanna Kaplan
1975
Executive Director
23 June 2023
2026
Cypriot
Tasos Panteli
1976
Non-Executive
Director
18 April 2019
2027
Cypriot
Maria Petridou
1977
Non-Executive
Director
29 March 2021
2027
Cypriot
Constantinos
Petrides
1974
Non-Executive
Director
23 June 2023
2026
Cypriot
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ASBISc Enterprises Plc ANNUAL REPORT, 2025
48
The biographical details of the members of our Board of Directors are set out below:
Siarhei Kostevitch
Born in 1964, holds a master’s degree in radio engineering design from the Radio Engineering University of Minsk (1987).
Between 1987 and 1992, Siarhei worked as a member of the Research Center at the Radio Engineering University in
Minsk, where he published a series of articles on microelectronics design in local and worldwide specialist magazines. In
1990, Siarhei established a design and manufacturing business in Minsk, Belarus, and within 15 years has built it into the
leading technology distributor in Eastern Europe and the Commonwealth of Independent States. Siarhei is the Chairman
and the CEO of the Group.
Marios Christou
Born in 1968, holds a B.A., dual major in Accounting and Information Systems and Economics, from Queens College of
the City University of New York (C.U.N.Y.) (1992), and an M.B.A. in International Finance from St. John's University, New
York (1994). Marios is also a Certified Public Accountant (CPA) and a member of the American Institute of Certified Public
Accountants (AICPA). Marios worked with Deloitte & Touche Limassol, Cyprus, for four years, as an audit manager. Marios
then worked as a Financial Controller at Photos Photiades Breweries Ltd (part of the Carlsberg Group of companies) for
three years. Marios joined the Company in August 2001 and is the Chief Financial Officer.
Constantinos Tziamalis
Born in 1975, holds a B.Sc. in Banking and Financial Services (1998) and a Masters (M.Sc.) in Finance (1999) from the
University of Leicester. Constantinos Tziamalis worked at the private banking department of BNP Paribas in Cyprus and
then joined a brokerage house, Proteas Asset Management Limited, for 3 years as Investor Accounts Manager.
Constantinos joined the Company in January 2002 as Financial Project Manager.
He was promoted to the position as Corporate Credit Controller & Investor Relations in March 2006 and became Director
of Risk and Investor Relations as of 23 April 2007. In January 2010 Constantinos has been also appointed as head of the
FX Risk Management team. In February 2022, he was nominated to the newly created position of Deputy CEO.
Julia Prihodko
Born in 1982, holds a Masters (M.Sc.) in Psychology. Julia Prihodko started her career in a Ukrainian recruiting agency as
a Recruiting Manager and worked for 9 years in insurance industry as Human Resources Manager and Head of Human
Resources Department.
Julia joined the Company in May 2015 as Human Relation Manager of ASBIS Ukraine. She was promoted to the position
of Chief Human Relations Officer in February 2019. On the 7th of May 2021, Julia Prihodko was appointed to the Board of
Directors as an Executive Director.
Hanna Kaplan
Holds a bachelor’s degree in economics, and she is a Certified Accountant qualified in 2020.
Hanna served as finance manager and chief accountant in various companies before she moved to ASBIS back in 2002.
Ever since, Hanna has evolved into one of the key persons in the Finance department of ASBIS Group. Due to her
extensive experience and skills, Hanna was the leader of the project of automating the Group’s consolidation, being the
key liaison with Finance and IT departments. She also participated in the Group’s listing efforts back in 2007 and concluded
with big success the online reporting system based on our own proprietary software IT4profit.
Responsibilities: Hanna Kaplan has been working with ASBIS for more than 20 years and she is one of the cornerstones
of the Accounting and Financial reporting of the whole Group. She will continue to lead all projects of finance/IT integration
and the automation of the reporting systems of the Group.
Tasos Panteli
Joined the Group in 2019. Tasos started his professional career at Nicos Chr. Anastasiades & Partners (Advocates – Legal
Consultants), holding the position of Advocate in 2001. Since 2005, Tasos has been working at Andreas M. Sofocleous &
Co LLC (Advocates – Legal Consultants) as Advocate (Advocate - Partner since 2010).
He received a Bachelor of Laws (LLB) from the Queen Mary and Westfield College (1999), a Postgraduate Diploma in
Legal Skills from the City University London, Inns of Court School of Law (2000). In the same year, he completed the Bar
Vocational Course at the City University London, Inns of Court School of Law and was Called to the Bar.
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ASBISc Enterprises Plc ANNUAL REPORT, 2025
49
In 2001 he received a Master of Laws (LLM) from King’s College London. In 2002 he was admitted to the Cyprus Bar
Association. He is a member of the Board of Directors of Cyprus Hydrocarbons Company (CHC) Ltd, a member of the
Cyprus Bar Association and a member of the Honourable Society of Lincoln’s Inn (Barrister at Law). Tasos is one of the
three Non-Executive Directors of the Company.
Maria Petridou
Joined the Group in 2021. She started her professional career at KPMG Metaxas, Loizides, Syrimis (Limassol, Cyprus),
holding the position of Audit Supervisor (1998-2002). In 2002, Mrs. Maria Petridou joined EFG EUROBANK SA (Athens,
Greece) as an Assistant Manager in the Finance and Control Department. Between the years 2006 and 2007, she worked
for KOMMUNALKREDIT INTERNATIONAL BANK LTD (Limassol, Cyprus) as a Manager in the Accounting Department.
In 2008, she held the position of Finance Lead, in the SOX Compliance Office of MF GLOBAL LIMITED (London, UK).
Between the years 2011 and 2012 she worked for Versatile Apparel Ltd (London, UK), holding the position of Finance
Director. In 2013, she joined AMF Horwath DSP (Limassol, Cyprus) as the Head of the Fund Administration Services
department. Since 2016 she has been engaged in accounting and financial services projects as a consultant. Between the
years 2018 and 2021, she held the position of Chief Accountant at Agri Europe Cyprus Limited.
Maria Petridou received a Bachelor of Arts in accounting and financial management (1998) and was awarded an Upper
Second-Class Honours degree from the UNIVERSITY OF ESSEX (Colchester, England). She is a member of the Institute
of Chartered Accountants in England and Wales (ICAEW).
Constantinos Petrides
Started his professional career in 2000 at the Cypriot Banks Association and as a representative of the Association in the
European Banking Federation and the National Euro Changeover Committee. In April 2006, he was employed at the
European Commission in Brussels, where until September 2011 he worked as an economist in the Directorate-General
for Agriculture and the Directorate-General for Competition. While working for the European Commission, he was a
negotiator of trade liberalization agreements between the EU and third countries and dealt with issues of state aid in the
field of transport. Since March 2013 to May 2017, he was the Deputy Minister to the President of the Republic of Cyprus.
After that, he served as Minister of Interior (May 2017 - December 2019). From December 2019 to March 2023, he held
the office of Minister of Finance of the Republic of Cyprus.
Constantinos Petrides studied economics at the University of Nottingham and then obtained a master's degree in
Economics of political change in Europe from the London School of Economics and Political Sciences.
DIRECTORS’ REMUNERATION
Unless determined by ordinary resolution, the number of Directors shall be not less than three and there shall be no
maximum number of Directors.
Subject to our Articles of Association, we may by ordinary resolution appoint a person who is willing to act as a director,
either to fill a vacancy or as an addition to the existing Board of Directors.
The remuneration of the Directors will from time to time be determined by the general meeting on the recommendation of
the remuneration committee.
Any Director performing special or extraordinary services in the conduct of our business or in discharge of his or her duties
as Director, or who travels or resides abroad in discharge of his or her duties as Director may be paid such extra
remuneration as determined by the Directors, upon recommendation by the remuneration committee.
Executive Directors are also entitled to receive a bonus every quarter depending upon quarterly results. The bonus consists
of a certain amount or percentage which is agreed and described in each Director’s service agreements or contracts, as
applicable, however, Directors only receive such a bonus to the extent profit meets certain pre-set budgetary figures. All
such bonus amounts are included in the remuneration tables set forth below.
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ASBISc Enterprises Plc ANNUAL REPORT, 2025
50
The following table presents the remuneration (including bonuses) of Directors for the years ended 31 December 2025
and 2024, in U.S.$:
Name of the director,
Position
Year
1
Fixed remuneration
2
Variable
remuneration
3
Extraordinary
items
4
Provident
Fund
5
Total
remuneration
Basic
Fees
Fringe
benefits
One-
year
variable
Multi-
year
variable
Siarhei Kostevitch,
Chairman, Executive (Chief
Executive Officer)
2024
217
410
7
634
2025
228
491
7
726
Marios Christou, Executive
(Chief Financial Officer)
2024
126
119
4
249
2025
133
133
4
270
Costas Tziamalis, Executive
(Deputy CEO)
2024
126
119
4
249
2025
133
133
4
270
Julia Prihodko, Executive
(Chief Human Relations
Officer)
2024
58
37
2
97
2025
79
21
2
102
Hanna Kaplan, Executive
Director*
2024
84
41
2
127
2025
89
60
3
152
Constantinos Petrides, Non-
executive (Non-executive
Director) *
2024
32
-
-
32
2025
34
-
-
34
Tasos Panteli, Non-executive
(Non-executive Director)
2024
19
-
-
19
2025
20
-
-
20
Maria Petridou, Non-
executive (Non-executive
Director)
2024
19
-
-
19
2025
20
-
-
20
Information about non-financial remuneration components due to each board member and key manager
Executive members of the Board of Directors are entitled to car, phone, and medical insurance.
Significant amendments to the remuneration policy in the last financial year or information about their absence.
During 2025, there were no significant changes in the Company’s remuneration policy.
ASSESSMENT OF THE IMPLEMENTATION OF THE REMUNERATION POLICY
The Board of Directors positively evaluates the functioning of the remuneration policy from the point of view of achieving
its objectives, in particular, the long-term shareholder value growth and the stability of the Company's operations.
SHARES OWNERSHIP
The table below presents the beneficial interests of Directors in the Company’s issued share capital as at the date of the
publication of this annual report:
Name
Number of Shares
% of the share capital
Siarhei Kostevitch (directly and indirectly) *
20,448,127
36.84%
Constantinos Tziamalis
406,600
0.73%
Marios Christou
330,761
0.60%
Julia Prihodko
2,000
0%
Hanna Kaplan
500
0%
Maria Petridou
0
0%
Tasos A. Panteli
0
0%
Constantinos Petrides
0
0%
* Siarhei Kostevitch holds shares as the ultimate beneficial owner of KS Holdings Ltd.
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ASBISc Enterprises Plc ANNUAL REPORT, 2025
51
To the best of the Company's knowledge, the members of the Board of Directors do not have any rights to the Company’s
shares.
In 2025 there were no changes in the number of shares possessed by the members of the Board of Directors:
Committees
The Audit Committee of the Company comprised Tasos Panteli, Maria Petridou and Constantinos Petrides (all non-
executive Directors) and Marios Christou (as attending member) and is chaired by Maria Petridou. The Audit Committee
meets at least twice a year. The Audit Committee is responsible for ensuring that the Group’s financial performance is
properly monitored, controlled, and reported. It also meets the auditors and reviews reports from the auditors relating to
accounts and internal control systems. The Audit Committee meets at least once a year with the auditors.
The Remuneration Committee of the Company comprises Tasos Panteli, Maria Petridou and Constantinos Petrides (all
non-executive Directors) and Siarhei Kostevitch (as attending member) and is chaired by Tasos. Panteli. It sets and
reviews the scale and structure of the executive Directors’ remuneration packages, including share option schemes and
terms of their service contracts.
The remuneration and the terms and conditions of the non-executive Directors are determined by the Directors with due
regard to the interests of the Shareholders and the performance of the Group. The Remuneration Committee also makes
recommendations to the Board concerning the allocation of share options and/or treasury stock allocation to directors,
managers and employees of the Company. The Remuneration Committee meets at least once a year.
Changes in main management rules
There were no changes to the main management rules in 2025.
List of all agreements signed with directors that gives the right to compensation in case the person resigns or is
fired.
There were no changes in the service agreements of any of the directors.
Information about ownership of shares of any related parties - owned by the Directors.
None of our Directors holds shares in any of our subsidiary companies, other than those disclosed.
Employees
During 2025 we have employed an average number of 2,734 employees, of whom 285 were employed by the Company
and the remainder by the rest of the Group’s offices worldwide.
The split of employees by area of activity in 2025 and 2024 is as follows:
2025
2024
Sales and Marketing
1,503
1,540
Administration and IT
407
433
Finance
233
225
Logistics
591
581
Total
2,734
2,779
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ASBISc Enterprises Plc ANNUAL REPORT, 2025
52
ITEM 5. MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS
MAJOR SHAREHOLDERS
The following table presents shareholders possessing more than 5% of our shares as of the date of publication of this
report, according to the best of our knowledge. The information included in the table is based on the information received
from the shareholders pursuant to Art. 69, sec. 1, point 2 of the Act on Public Offering, conditions governing the introduction
of financial instruments to organized trading and public companies.
Name
Number of
shares
% of share
capital
Number of
votes
% of votes
KS Holdings Ltd*
20,448,127
36.84%
20,448,127
36.84%
Free float
35,051,873
63.16%
35,051,873
63.16%
Total
55,500,000
100%
55,500,000
100%
*Siarhei Kostevitch holds shares as the ultimate beneficial owner of KS Holdings Ltd
INFORMATION ON THE CHANGES IN THE NUMBER OF SHARES POSSESSED BY MAJOR
SHAREHOLDERS IN 2025 AND TILL THE DATE OF THE PUBLICATION OF THIS REPORT:
On April 14th, 2025, the Board of Directors of ASBIS received a notification on the purchasing on April 9, 2025, 40,000
shares of the Company, which resulted in the Zbigniew Juroszek Family Foundation exceeding 5% of the total number of
votes in ASBISc Enterprises PLC.
On February 6th, 2026, the Board of Directors of ASBIS received notifications of the sale of 71,818 shares on February 3,
2026, 263,876 shares on February 4, 2026, 15,591 shares on February 5, 2026 and 342 shares on February 6, 2026,
which resulted in a reduction of the shareholding of the Zbigniew Juroszek Family Foundation below 5% of the total number
of votes in ASBIS.
Besides the above-mentioned changes, there were no other changes in the number of shares possessed by major
shareholders in 2025 and till the date of the publication of this report.
RELATED PARTY TRANSACTIONS
During the year ended 31 December 2025, the Company did not have any material related party transaction other than
typical or routine transactions. For the ordinary course of business transactions, please refer to the notes on the audited
financial statement attached to this annual report.
In the year 2025, several transactions occurred between the Company and its subsidiaries and between our subsidiaries.
In our opinion, all these transactions were based on terms that did not vary in terms of market terms and their nature and
conditions resulted from ongoing needs and operations of the Company and of the Group, such as contracts related to the
purchases of goods for onward distribution to external clients. All these transactions and related outstanding balances
were eliminated in the Financial Statements included in this Annual Report and, as a result, did not have any impact on
our consolidated financial results and on our financial position.
ITEM 6. FINANCIAL INFORMATION
LEGAL PROCEEDINGS
Currently, there are no significant legal proceedings pending against us or any of the members of our Group.
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ASBISc Enterprises Plc ANNUAL REPORT, 2025
53
INFORMATION ON LOANS GRANTED TO ANY OTHER PARTY.
During the year ended 31
st
December 2025, we have not granted any loan to any other party other than to our subsidiaries
which are disclosed in another part of this report (audited financial statements).
INFORMATION ON GRANTED GUARANTEES.
We grant certain guarantees to some of our vendors and to certain customs authorities. All our guarantees are reported in
the financial statements section of this annual report.
The total corporate guarantees the Company has issued, as of December 31st, 2025, to support its subsidiaries’ local
financing, amounted to U.S.$ 315,008. The total bank guarantees and letters of credit raised by the Group (mainly to Group
suppliers) as of December 31st, 2025, was U.S. $ 49,708 – as per note number 20 to the financial statements.
EVALUATION OF FINANCIAL RESOURCES MANAGEMENT (INCLUDING THE ABILITY TO PAY BACK
COMMITMENTS) AND INFORMATION ABOUT ACTIONS UNDERTAKEN TO AVOID RISKS.
This has been discussed in note 35 of our financial statements to this annual report under the headline Financial Risk
management.
EVALUATION OF THE POSSIBILITY OF REALIZATION OF INVESTMENT INTENTIONS
The Company has completed almost all its current investments in prior years and in 2025 intends to mainly grow
organically, therefore there is low risk connected with the realization of current investment intentions.
CHARACTERISTICS OF THE STRUCTURE OF ASSETS AND LIABILITIES IN THE CONSOLIDATED
BALANCE SHEET INCLUDING CHARACTERISTICS FROM THE POINT OF VIEW OF COMPANY
LIQUIDITY
The structure of assets and liabilities in the balance sheet including characteristics from the point of view of the Company’s
liquidity has been discussed in detail in the financial statements included in this annual report:
• note 35 – Financial risk management – point 1.1. Credit risk
• note 35 – Financial risk management – point 1.3. Liquidity risk
INFORMATION ABOUT THE STRUCTURE OF MAIN DEPOSITS AND CAPITAL INVESTMENTS IN 2025
There were no deposits other than those disclosed as pledged deposits in the financial statements to this annual report.
There were no other capital investments than the ones disclosed in note 34 of the financial statements included in this
annual report.
INFORMATION ABOUT RELEVANT OFF-BALANCE SHEET POSITIONS AS AT DECEMBER 31
ST
, 2025
There were no relevant off-balance sheet positions as of December 31
st
, 2025, other than Bank Guarantees disclosed in
note 20 of the audited financial statements.
DIVIDEND POLICY
Our dividend policy is to pay dividends at levels consistent with our growth and development plans while maintaining a
reasonable level of liquidity.
On the 7
th
of May 2025, the Annual General Meeting of Shareholders adopted a resolution on a final dividend payment for
the year ended December 31
st
, 2024, amounting to USD 0.30 per share, in line with the recommendation of the Company’s
Board of Directors. The Annual General Meeting has also acknowledged the decision of the Board of Directors to approve
an interim dividend of USD 0.20 per share, paid in December 2024. Thus, the total dividend payment from the Company's
profit for 2024 amounted to U.S.$ 0.50 per share – equaled the highest in the Company history.
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On the 5
th
of November 2025, the Company’s Board of Directors decided on the payment of an interim dividend from 2025
profits. The interim dividend of USD 0.20 per share was paid out on the 27
th
of November 2025. The interim dividend
record date was on the 17
th
of November 2025.
On the 24
th
of March 2026, the Company’s Board of Directors decided to recommend to the Annual General Meeting of
Shareholders the payment of the final dividend from the Company’s 2025 profits of USD 0.35 per share.
Any future dividends will be solely at the discretion of the Board of Directors and the General Meeting of shareholders after
considering various factors, including business prospects, future earnings, cash requirements, financial position, expansion
plans and requirements of the Cyprus law.
The Cyprus law does not limit dividends that may be paid out except that it states that dividends may only be paid out of
profits and may not be higher than those recommended by the Board of Directors.
Throughout recent years the Group has always followed a steady Dividend Policy.
SIGNIFICANT CONTRACTS
During 2025 neither the Company nor any of the members of our Group have concluded any significant contracts.
PART II
ITEM 7. PRINCIPAL ACCOUNTANT FEES AND SERVICES
We enter into agreements with our principal auditors, KPMG Limited, as well as other auditors of Group companies, to
review interim (period ending the 30
th
of June) and audit annual financial statements (fiscal year ending 31 December).
The last agreement has been signed on the 5th of December 2025.
The following table presents a summary of accountant fees and services for the twelve months ended December 31, 2025,
and 2024:
(U.S. $)
2025
2024
Auditors’ fees regarding annual report
(1)
Auditors’ fees for tax advisory
Auditors’ fees for other services
717
14
-
800
13
11
Total fees
731
824
(1)
Positions in the table include fees and expenses for certain services (i.e., in relation to reviews and audits of financial statements) for the periods covered by the fiscal year,
notwithstanding when the fees and expenses were billed.
ITEM 8. MANAGEMENT REPRESENTATIONS
In accordance with the requirements of the Decree of the Minister of Finance of March 29th, 2018, on current and periodic
information to be published by issuers of securities and on rules of recognition of information required by law of a non-
member country as equivalent, the Board of Directors of ASBISc Enterprises Plc hereby represents that:
• to its best knowledge, the annual consolidated financial statements and the comparative data have been prepared
in accordance with the applicable accounting policies and that they give a true, fair and clear reflection of the
Group’s financial position and its results of operations, and that the annual Directors’,
• The report gives a true view of the Group’s development, achievements and position, including a description of
the basic risks and threats.
• The Company adheres to the provisions regarding the appointment, composition and functioning of the audit
committee, including the fulfilment of independence criteria by its members and the requirements for knowledge
and skills in the industry in which ASBISc Enterprises Plc operates and in the field of accounting or auditing
• The audit committee performed the tasks provided for in the applicable regulations
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• The auditing company and the members of the audit team met the conditions for drawing up an unbiased and
independent audit report on the annual consolidated financial statements in accordance with applicable
regulations, professional standards and professional ethics,
• The applicable regulations related to the rotation of the auditing company and the key statutory auditor, and
mandatory grace periods are observed
• The issuer has a policy regarding the selection of the audit company and the policy for providing the issuer by the
auditing company, an entity related to the auditing company or a member of its network of additional non-audit
services, including services conditionally exempt from the prohibition by the audit company
Limassol, 24
th
of March 2026
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PART III
ITEM 9. GENERAL INFORMATION
ESRS 2 GENERAL DISCLOSURES
BP-1 – GENERAL BASIS FOR PREPARATION OF SUSTAINABILITY STATEMENTS
The sustainability statement (further on: ‘sustainability statement’, ‘statement’) has been prepared in accordance with the
ESRS standards, introduced by Commission Delegated Regulation (EU) 2023/2772 of 31 July 2023 supplementing
Directive 2013/34/EU of the European Parliament and of the Council as regards sustainability reporting standards as well
as applying Commission Delegated Regulation (EU) 2025/1416 of 11 July 2025 amending Delegated Regulation (EU)
2023/2772 as regards the postponement of the date of application of the disclosure requirements for certain undertakings.
This statement makes also disclosures under the provisions of Regulation (EU) 2020/852 of the European Parliament and
of the Council of 18 June 2020 on the establishment of a framework to facilitate sustainable investment as well as other
taxonomy-related regulations, especially taking the Commission Delegated Regulation (EU) 2026/73 of 4 July 2025
amending Delegated Regulation (EU) 2021/2178 as regards the simplification of the content and presentation of
information to be disclosed concerning environmentally sustainable activities and Delegated Regulations (EU) 2021/2139
and (EU) 2023/2486 as regards simplification of certain technical screening criteria for determining whether economic
activities cause no significant harm to environmental objectives.
This sustainability statement has been prepared in a consolidated form, taking into account all companies controlled by
ASBIS and consolidated using the full method. The scope of consolidation of the sustainability statement is the same as
for the audited financial statements. All undertakings consolidated using the full method (controlled by the Group) are
subject to sustainability reporting. All consolidation exclusions applied in this report are consistent with the scope of
consolidation exclusions applied in the financial statements. The organizational boundary for Scope 1 and Scope 2 GHG
emissions is defined based on the Group’s operational control and is aligned with the entities included in the consolidated
financial statements. Scope 3 emissions are defined separately and include emissions arising from activities in the
upstream and downstream value chain, irrespective of consolidation, in accordance with ESRS requirements.
The sustainability statement includes information on the material impacts, risks and opportunities not only of ASBIS
business model but also in upstream and downstream of its identified value chain, which is described in SBM-1 section of
this report. The value chain model was the basis for preparation of double materiality assessment based on which the
disclosures in this statement have been prepared.
ASBIS has not used the option to omit a specific piece of information corresponding to intellectual property, know-how or
the results of innovation. ASBIS has also not used the exemption from disclosure of impending developments or matters
in the course of negotiation, as provided for in articles 19a(3) and 29a(3) of Directive 2013/34/EU.
BP-2 – DISCLOSURES IN RELATION TO SPECIFIC CIRCUMSTANCES
Time-horizons
For the preparation of this sustainability statement ASBIS has applied the time-horizons as indicated in ESRS:
• short-term time horizon: the period adopted by ASBIS as the reporting period in its financial statements i.e. one
year,
• medium-term time horizon: from the end of the short-term reporting period defined in (a) up to 5 years; and
• long-term time horizon: more than 5 years.
Value chain estimations
The measures in the statement include selected upstream and downstream value chain data estimated using indirect
sources, including benchmarking analysis, spend-based data and other proxies. Detailed information on the estimates of
the value chain and sources of uncertainty of the estimates and results is disclosed together with individual thematic areas
of the ESRS.
Within the value chain, several metrics are based on indirect sources of greenhouse gas emissions and are therefore
characterized by a higher level of uncertainty. These include (1) Scope 2 location-based estimates, which were based on
third-party sources in terms of emission intensity ratios applied for different countries in which electricity is consumed; (2)
Various Scope 3 categories for which a spend-based approach was used – please refer to section E1-6 for details.
Please note that ASBIS operates in various geographies outside of the EU, in which there are no or limited regulations
regarding the collection of waste-related data. As a result, data relating to these countries had to be estimated. For entities
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where waste data was not available, the Group applied an extrapolation methodology based on each entity’s share of
consolidated revenue, which is considered a reasonable proxy for operational activity and associated waste generation
within the Group’s distribution-based business model. This approach was supported by available internal financial data
and waste reports from reporting entities, which were used as a reference point. While this introduces a degree of
estimation uncertainty, it allows for a consistent and complete Group-level view of waste generation.
In the coming periods, ASBIS will continue working on improving data availability and quality by enhancing internal data
collection processes, engaging with suppliers and subsidiaries, and refining the use of conversion factors and estimation
methodologies.
Sources of estimation and outcome uncertainty
ASBIS has used reasonable assumptions and estimates, including scenario analysis, in preparing sustainability-related
information in the environmental disclosures as well as in the double materiality assessment. The Company has disclosed
the use of indirect data and selected data points, together with descriptions of data sources. Data and assumptions used
in preparing the sustainability statement are consistent, to the extent possible, with the corresponding financial data and
assumptions used in ASBIS’ financial statements. The Company notes that forward-looking information is inherently
subject to a higher level of uncertainty compared to historical financial and directly measured data.
Where primary activity data was not available, emissions were estimated using standard emission factors, cost-based
conversions of energy spend to kWh, spend-based methodologies and survey-based extrapolations.
A higher level of measurement uncertainty applies to the following metrics:
• Scope 2 (location-based emissions and estimated consumption) – where electricity consumption was derived
from financial data (cost-to-kWh conversion) and where country-level emission factors from external sources were
applied.
• Scope 3 Category 1 and 2 (purchased goods and capital goods) – due to the use of spend-based methodologies
and publicly available emission factors (Climatiq), which rely on industry averages rather than supplier-specific
data.
• Scope 3 Category 4 and 9 (transportation and distribution) – due to the application of spend-based emission
factors, which do not reflect actual transport modes, routes or logistics configurations.
• Scope 3 Category 6 (business travel) – where emissions are based on estimated travel distances and standard
emission factors.
• Scope 3 Category 7 (employee commuting) – due to reliance on survey data extrapolated from a prior-year
dataset (2024) to the 2025 population.
• Scope 3 Category 11 (use of sold products) – due to the use of a top-down methodology based on revenue,
estimated units sold, assumed product lifetimes and average electricity consumption benchmarks.
• E1-5 – due to partial reliance on estimated electricity consumption derived from financial data (cost-to-kWh
conversion) for certain entities, the use of average country-level energy mixes where supplier-specific data is not
available,
• E5 resource inflows (PPE and materials) – due to the use of estimated unit weights and extrapolation from parent
company data to the Group level.
• E5 resource outflows (recyclability and waste metrics) – due to the use of standard recyclability factors and partial
reliance on estimated waste data, including extrapolation for entities without reported data.
For waste-related disclosures, ASBIS operates in multiple geographies outside of the EU where regulatory requirements
for waste data collection are limited or non-existent. As a result, waste data for certain entities was estimated using proxies
such as revenue, which is considered a reasonable indicator of operational activity and waste generation. This introduces
additional uncertainty due to potential differences in operational intensity across entities.
No monetary amounts presented in the financial statements are directly subject to measurement uncertainty arising from
sustainability metrics. However, certain financial data points (such as electricity costs used to estimate consumption)
introduce indirect uncertainty into environmental metrics.
The above areas reflect the main sources of estimation uncertainty, primarily due to reliance on indirect data, industry
averages and assumptions where primary data is not available.
Phase-in provisions
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The double materiality assessment showed the materiality of ESRS E1, E5, S1, G1, partially S2 and S4, thus, these topics
are reported. Information recognised in ESRS E2, E3, E4 and ESRS S3 standards has been identified as immaterial in the
double materiality assessment.
Disclosures stemming from other legislations and generally accepted sustainability reporting standards and frameworks
are included in the table under the IRO-2 disclosure point. Also, ASBIS applied the Commission Delegated Regulation
(EU) 2025/1416 of 11 July 2025 amending Delegated Regulation (EU) 2023/2772 as regards the postponement of the
date of application of the disclosure requirements for certain undertakings in the following sections of the report:
• E1-9 Anticipated financial effects from material physical and transition risks and potential climate-related
opportunities – where only qualitative disclosures have been made,
• E5-6 Anticipated financial effects from resource use and circular economy-related risks and opportunities – no
disclosures have been made,
• S1-7 Characteristics of non-employee workers in the undertaking’s own workforce, S1-11 Social protection, S1-
12 Persons with disabilities, S1-13 Training and skills development indicators, S1-14 Health and safety indicators
and S1-15 Work-life balance indicators - phase-in provisions applied, no disclosures presented,
• S2 Workers in the value chain,
• S4 Consumers and end-users.
GOV-1 – THE ROLE OF THE ADMINISTRATIVE, MANAGEMENT AND SUPERVISORY BODIES
ASBIS is governed by a Board of Directors (BoD), comprising both executive and non-executive directors, while the CEO,
appointed by the Board, is responsible for the company’s day-to-day management. The aim of executive directors is to set
the strategy of the Company and to manage the Company by supervising managers, assuring financing is available and
managing risk. The role of non-executive directors is to supervise the way the executive directors perform their duties, to
scrutinize the performance of the Board of Directors and constructively challenge its decisions.
Board of Directors composition and diversity
As of December 31, 2025, the Board of Directors had 8 directors out of which:
• 5 were executive and 3 were non-executive,
• 5 were male (62.5%) and 3 female (37.5%),
• 5 were between 30 and 50 years old (62.5%) and 3 were older than 50 years (37.5%),
• 7 have Cypriot nationality (87.5%) while 1 Ukrainian (12.5%).
Within the 5 executive directors (dependent ones, 62.5% of Board of Directors) there were:
• 3 male (60.0%) and 2 female (40.0%),
• 3 between 30 and 50 years old (60.0%) and 2 older than 50 years (40.0%) and
• 4 of Cypriot nationality (80.0%) and 1 of Ukrainian (20.0%).
Within the 3 non-executive directors (independent ones, 37,5% of Board of Directors):
• 2 male (66.7%) and 1 female (33.3%),
• 2 between 30 and 50 years old (66,7%) and 1 above 50 years old (33,3%),
• all 3 of Cypriot nationality.
There have been no changes in the composition of the Board of Directors until the date of publication of this statement.
There is no representative of employees and other workers on the Board of Directors.
Selected Board members have received sustainability briefings and participate in oversight of non-financial reporting;
further training needs are periodically considered. Prior to ESRS, ASBIS had been reporting under SASB standards, with
reference to GRI Standards and in line with TCFD recommendations. In relation to ESRS Standards, selected Board
members participated in the double materiality assessment process, and the full Board approved its outcomes.
Experience of Board of Directors members relevant to the sectors, products, geographic locations and
sustainability of the undertaking
Name of the director
IT distribution
sector
Geographical
regions
Sustainability
Financials
Risk
management
Legal
Siarhei Kostevitch
Yes
Yes
Yes
Yes
Marios Christou
Yes
Yes
Yes
Yes
Yes
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ASBISc Enterprises Plc ANNUAL REPORT, 2025
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Name of the director
IT distribution
sector
Geographical
regions
Sustainability
Financials
Risk
management
Legal
Constantinos Tziamalis
Yes
Yes
Yes
Yes
Yes
Julia Prihodko
Yes
Yes
Yes
Hanna Kaplan
Yes
Yes
Tasos Panteli
Yes
Maria Petridou
Yes
Yes
Yes
Constantinos Petrides
Yes
Yes
The biographical details of the members of our Board of Directors are set out below:
Siarhei Kostevitch (Chair and CEO, executive director)
Born in 1964, holds a master’s degree in radio engineering design from the Radio Engineering University of Minsk (1987).
Between 1987 and 1992, Siarhei worked as a member of the Research Center at the Radio Engineering University in
Minsk, where he published a series of articles on microelectronics design in local and worldwide specialist magazines. In
1990, Siarhei established a design and manufacturing business in Minsk, Belarus, and within 15 years has built it into the
leading computer component distributor in Eastern Europe and the Former Soviet Union. Siarhei is the Chair and the CEO
of the Group.
Marios Christou (executive director)
Born in 1968, holds a B.A., dual major in Accounting and Information Systems and Economics, from Queens College of
the City University of New York (C.U.N.Y.) (1992), and an M.B.A. in International Finance from St. John's University, New
York (1994). Marios is also a Certified Public Accountant (CPA) and a member of the American Institute of Certified Public
Accountants (AICPA). Marios worked with Deloitte & Touche Limassol, Cyprus, for four years, as an audit manager. Marios
then worked as a Financial Controller at Photos Photiades Breweries Ltd (part of the Carlsberg Group of companies) for
three years. Marios joined the Company in August 2001 and is the Chief Financial Officer.
Constantinos Tziamalis (deputy CEO, executive director)
Born in 1975, holds a B.Sc. in Banking and Financial Services (1998) and a Masters (M.Sc.) in Finance (1999) from the
University of Leicester. Constantinos Tziamalis worked at the private banking department of BNP Paribas in Cyprus and
then joined a brokerage house, Proteas Asset Management Limited, for 3 years as Investor Accounts Manager.
Constantinos joined the Company in January 2002 as Financial Project Manager. He was promoted to the position as
Corporate Credit Controller in 2003 & Investor Relations in March 2006 and became Director of Risk and Investor Relations
as of 23 April 2007. In January 2010 Constantinos has been also appointed as head of the FX Risk Management team. In
February 2022, he was nominated to the newly created position of Deputy CEO.
Julia Prihodko (executive director)
Born in 1982, holds a Masters (M.Sc.) in Psychology. Julia Prihodko started her career in a Ukrainian recruiting agency as
a Recruiting Manager and worked for 9 years in insurance industry as Human Resources Manager and Head of Human
Resources Department. Julia joined the Company in May 2015 as Human Relation Manager of ASBIS Ukraine. She was
promoted to the position of Chief Human Relations Officer in February 2019. On the 7 May 2021, Julia Prihodko was
appointed to the Board of Directors as an Executive Director.
Hanna Kaplan (executive director)
Holds a bachelor’s degree in economics, and she is a Certified Accountant qualified in 2020. Hanna served as finance
manager and chief accountant in various companies before she moved to ASBIS back in 2002. Ever since, Hanna has
evolved into one of the key persons in the Finance department of ASBIS Group. Due to her extensive experience and
skills, Hanna was the leader of the project of automating the Group’s consolidation, being the key liaison with Finance and
IT departments. She also participated in the Group’s listing efforts back in 2007 and concluded with big success the online
reporting system based on our own proprietary software IT4profit. Hanna Kaplan has been working with ASBIS for more
than 20 years and she is one of the cornerstones of the Accounting and Financial reporting of the whole Group. She will
continue to lead all projects of finance/IT integration and the automation of the reporting systems of the Group.
Tasos Panteli (non-executive director, independent)
Joined the Group in 2019. Tasos started his professional career at Nicos Chr. Anastasiades & Partners (Advocates – Legal
Consultants), holding the position of Advocate in 2001. Since 2005, Tasos has been working at Andreas M. Sofocleous &
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ASBISc Enterprises Plc ANNUAL REPORT, 2025
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Co LLC (Advocates – Legal Consultants) as Advocate (Advocate - Partner since 2010). He received a Bachelor of Laws
(LLB) from the Queen Mary and Westfield College (1999), a Postgraduate Diploma in Legal Skills from the City University
London, Inns of Court School of Law (2000). In the same year, he completed the Bar Vocational Course at the City
University London, Inns of Court School of Law and was Called to the Bar. In 2001 he received a Master of Laws (LLM)
from King’s College London. In 2002 he was admitted to the Cyprus Bar Association. He is a member of the Board of
Directors of Cyprus Hydrocarbons Company (CHC) Ltd, a member of the Cyprus Bar Association and a member of the
Honourable Society of Lincoln’s Inn (Barrister at Law).
Maria Petridou (non-executive director, independent)
Joined the Group in 2021. She started her professional career at KPMG Metaxas, Loizides, Syrimis (Limassol, Cyprus),
holding the position of Audit Supervisor (1998-2002). In 2002, Mrs. Maria Petridou joined EFG EUROBANK SA (Athens,
Greece) as an Assistant Manager in the Finance and Control Department. Between the years 2006 and 2007, she worked
for KOMMUNALKREDIT INTERNATIONAL BANK LTD (Limassol, Cyprus) as a Manager in the Accounting Department.
In 2008, she held the position of Finance Lead, in the SOX Compliance Office of MF GLOBAL LIMITED (London, UK).
Between the years 2011 and 2012 she worked for Versatile Apparel Ltd (London, UK), holding the position of Finance
Director. In 2013, she joined AMF Horwath DSP (Limassol, Cyprus) as the Head of the Fund Administration Services
department. Since 2016 she has been engaged in accounting and financial services projects as a consultant. Between the
years 2018 and 2021, she held the position of Chief Accountant at Agri Europe Cyprus Limited. Maria Petridou received a
Bachelor of Arts in accounting and financial management (1998) and was awarded an Upper Second-Class Honours
degree from the University of Essex (Colchester, England). She is a member of the Institute of Chartered Accountants in
England and Wales (ICAEW).
Constantinos Petrides (non-executive director, independent)
Started his professional career in 2000 at the Cypriot Banks Association and as a representative of the Association in the
European Banking Federation and the National Euro Changeover Committee. In April 2006, he was employed at the
European Commission in Brussels, where until September 2011 he worked as an economist in the Directorate-General
for Agriculture and the Directorate-General for Competition. While working for