Okay, good. Welcome on our call after Q3 filing. As always, we will start with a few comments, highlights after Q3. A very good quarter showing 77% growth on operating profit level. Of course, this is also thanks to weak base, weak 2025, during which we have those write-offs or one-off bookings related to India and Dubai operations. Excluding this, growth on operating profit is still there, but it is on level of 4%. Another quarter of good cost control. This is another first quarter when we see that there is no big growth on net revenues level, rather on good cost control. Payten are the key growth engine after slower first half of the year. EBIT growth is by EUR 3.2 million. One-off adjusted, so without effect of previous year ones. Another good quarter, but flattish for banking. Slight growth of revenues and operating profit.
To recall, last year Q3 was this first quarter when we significantly improved performance of banking segment. For dedicated solutions, this was a not spectacular quarter, declining year-over-year, mostly due to missing projects in Bosnia and Herzegovina in this area of the utilities solutions and roads. To recall, last year, we had an upfront call year, so the one which was based for calculations and payments during 2026. We had many spectacular projects realized during Q3 and even more during Q4 2025. When talking about operating cash flow, very good. We are very satisfied from the amount of operating cash generated as well as conversion of operating profit or EBITDA to operating cash flow, what I will comment in more details a bit later. Traditionally, some statistics about transactionality of payment business. As for IPD and this processing of physical cards, it is very good.
37% growth in IPD, 11% growth on classic card payments processing. But we have decline in eCommerce, which is due to those banks in Turkey who decided to insource payment gateway and use their own solution. We have talked about this on our previous conferences for a few time already. Let's move to results. Q3 numbers as they are in financial statements, excluding hyperinflation effect, show 7% growth of operating profit, and as I said, 77% growth of operating profit. This is, of course, including weak base, so one-offs in India and Dubai. If we look excluding this, we have growth of revenue by 3% and growth of operating profit by 4%. Those one-offs in 2025 Q3 were EUR 4.1 million on revenues and an operating profit EUR 7.5 million. When we look below at net profit, here growth is slightly higher, 9% year-over-year.
This is mainly thanks to financial activity. We have their growth year-over-year by EUR 1.7 million. There are three major reasons of this change year-over-year. Two negative ones. One is FXs and interest, which balance is lower by EUR 300,000. Then we have positive impact of lower cost of put liabilities revaluation. It is EUR 3.8 million positive effect. But we have a higher cost of dividends paid to non-controlling interests. So in case of those entities which are consolidated using present ownership method. The cost of those dividends are higher by EUR 1.8 million. We have also higher income taxes, and this is related with both capital gains, so those intra-group dividends which we distributed during Q3, and regular operating profits and distribution of this result between geographies, those with higher tax rate versus lower.
When we look at those one-off adjusted results by segments, you can see that Payten shows growth, EUR 3 million growth, and almost EUR 3 million, EUR 2.7 million growth of operating profit with increased profitability from 17%- 21%. If we look at total numbers as in financial statement, with everything included, no adjustments here, we have growth in Payten by EUR 7 million and on operating profit by EUR 10 million. From where it comes in Payten, actually, we have three business lines with growing revenues, ECRs and IPDs, so those lines where we sell directly to merchants, and eCommerce and processing, showing growth of EUR 4.3 million, higher revenues in ATMs and flat in POS. As for ECRs and IPD, this growth is mostly in Slovenia and Croatia. These are the biggest contributors, both on revenues and on operating profit.
When we look at eCommerce and processing, here we have EUR 4.3 million higher revenues, out of which EUR 4.1 million is effect of one-offs in 2025. We can say that excluding this one-off effect, growth of revenues is EUR 200,000 , which is mostly in Portugal and Egypt, with slight decrease in Serbia. But when we look at operating profit, in eCommerce, it's higher by EUR 8.6 million, whereas the effect of one-offs was EUR 7.5 million. It means that organically on current business, the growth is EUR 1.1 million, despite revenues growth only by EUR 200,000. It means improved cost control and profitability in eCommerce. In case of ATMs, this growth is mainly related to equipment deliveries, ATM deliveries, which were higher this year in Serbia, Macedonia, Slovenia, and Bulgaria, and what was partially compensated by lower deliveries in Romania.
This translated to growth of operating profit by EUR 600,000 in ATMs business line. In case of POSs, we have flat revenues, but looking a bit more deeper, there is drop in Spain, Croatia, and LATAM, which was compensated by higher revenues in Serbia, Czechia, Slovakia, and Albania. Looking at operating profit, despite flat revenues, some improvement of efficiency and higher EBIT by EUR 300,000.
Coming back to other segments, as I mentioned, banking, another good quarter, growing revenues EUR 1.4 million and higher operating profit by EUR 400,000. This is mostly thanks to core banking solutions in Southeastern Europe, in Serbia, Macedonia, and Montenegro, with slight decline in security portfolio, mostly in Turkey, where we have InACT, so this anti-fraud solution. And dedicated solutions, the worst business line in terms of performance in Q3. Here we have drop of revenues by EUR 1.4 million, but this is composed of two effects.
One is drop on own solutions by EUR 3.5 million, partially compensated by resale of third-party solutions. This drop of own solutions is Bosnia, what I already mentioned, so the lack of those big projects for utilities or intelligent traffic solutions, partially compensated on top-line level by third-party deliveries of third-party solutions, equipment, or software. But such revenues does not transform into net revenues and operating profits, because of COGS, what is natural in this business. This drop of operating profit is even higher than drop of revenues. Okay, this was by segments, and how it looks by geographies. Southeastern Europe, flattish. There is this drop of result in Bosnia and Herzegovina, what I already mentioned two times.
But this was compensated by different other geographies like Croatia, where dedicated solutions and payment was better, Macedonia, thanks to banking, or Serbia, thanks to banking, payment, and dedicated solution. In Central Europe, we have nice increase of revenues and also increase of operating profit. This is thanks to banking, mostly in area of core banking solutions, but also thanks to dedicated solutions, which was a bit better than last year. In Western Europe, another quarter when results are flattish, but there is difference structure of those revenues. Growing eCommerce, and ECRs in Portugal and Spain, respectively, and dropping this more traditional POS business or BPO services. Turkey. On revenue, it is almost flat, but pretty big drop of operating profit. But this is not due to payment. So in payment, we have drop in this business line responsible for a payment gateway for big banks.
Here we have drop, as we mentioned, due to clients who insource. But this drop was compensated pretty much by two things. One is sold directly to smaller clients, merchants, and second, serious cost optimization. So on operating profit, it is flat in payment. Problematic is dedicated solutions where we have leasing and spend management solutions, and those units have weak performance in Q3. LatAm, rather flat. India, Dubai, this effect of one-off bookings from last year, but okay, they continue to generate losses. So this is Q3, and how it look accumulated after three quarters. I would say the picture is pretty similar, and probably you remember our results from H1. So revenue growth by 5% and operating profit by 38%. So really nice improvement.
Even if we exclude one-offs related to India and Dubai, which are both 2025 and 2026, because to recall you, in Q3 this year, we have written off remaining part of assets recognized during purchase price allocation software, and also remaining part of goodwill. So the growth is 38%, including all this. On net profit is slightly lower, 11%, but it is not due to any write-offs because they are pretty comparable both years. It is mostly due to dividends paid to non-controlling interests, to minority shareholders. As you remember, in Bosnia last year, we had a spectacular results, and during 2026, those results are distributed in form of dividends to shareholder. We have there minorities, so part of those dividends runs in our P&L. And increase of dividends costs in 2026 versus 2025 is EUR 4.5 million.
Of course, taxes are also higher, but this is more or less in line with growing operating profit without increased effective tax rate. Looking by segments, two main drivers, so payment, growing payment, and banking, while dedicated solutions is dropping year- over- year. So in payment, we have growth in those two lines, delivering solutions to merchants. We have also growth in eCommerce and processing, but slightly lower revenues in more classical lines of delivering and servicing ATMs and POS. But despite this drop of revenues in ATM and POS, we have growth of operating profits in both lines, in POS by EUR 600,000 and in ATM by EUR 300,000 on accumulated numbers. Case of banking, after this spectacular H1, also Q3 contributed a bit positively. So we have here growth almost EUR 8 million on revenues and EUR 6 million on operating profit, with significantly improved profitability.
Majority of this growth is on core banking solutions, mostly Serbia, Macedonia, and Romania, plus on other solutions in Croatia. Dedicated solutions, it is very similar to Q3 comments. Bosnia is the major driver for drop, plus issues in Turkey, which I mentioned when comment Q3 results by geographies. How it looks by countries for three quarters accumulated, growing Southeastern Europe but dropping Bosnia, what I already commented. Other countries, very good, growing year-over-year, similar in Central Europe. Slightly dropping operating profit in Western Europe. Still valid, this comment about change of structure, so more eCommerce and ECR business with bigger results, dropping those traditional lines. Improvement on India and Dubai due to write-offs from, and one-off bookings from previous AM. This is about result by countries and cash flow.
I mentioned that we are very satisfied with cash flow generated this year. After three quarters, more than EUR 61 million of operating profit generated. It means a 91% of EBITDA to operating cash flow conversion. Very, very solid. Of course, part of this generating cash flow, we invested. When talking about CapEx, it is slightly lower than last year, especially the one for projects or equipment for outsourcing our own networks. But we spent more on M&As. These are not new acquisitions and not new companies, but we have bought out a minority stake in one entity in Bosnia, one in Albania, one in Portugal. So we reached 100% stakes. Plus on top of this, small earn-outs for controlling stakes acquired in previous years. What else increased is dividends paid to minorities. I commented this from P&L side, that we have more costs.
It is, of course, also visible on cash flow level. When we look at last 12 months, amount of operating cash flow is almost EUR 100 million, EUR 97 million cash generated during last 12 months, with conversion rate from EBITDA 95%. Of course, this leads to very strong liquidity situation, EUR 70 million of cash in group end of September. Lower short-term loans than end of last year.
Also, lower liabilities related to M&As. Despite payment of those things, net cash higher by EUR 20 million than end of last year. So we feel very strong here, and we are very satisfied from the level of cash generation in last quarters. As for outlook, traditionally, we present backlogs. This time, those backlogs for Q4 are slightly lower than it was in 2025, 3% on Margin I level. This drop is mostly due to ASEE parts of this banking and dedicated solutions.
Here, we have backlog lower by 13%, whereas in Payten, it improved and is 9% higher than last year. Why like this? I will mention Bosnia and those big projects we had during Q3, Q4 last years. As those projects were delivered in Q3, Q4, obviously, they were already in backlog. So backlog only due to those projects was higher by EUR 6.4 million in Bosnia. So excluding this effect, backlog is slightly growing in this banking and dedicated solutions. Okay, so this is how it looks. Despite this backlog, which is not very high, we are optimistic. We see Q4 positive, and there is nothing what would worry us when seeing analyst consensus for this year, how they see us on full year numbers. Having said that, I am open for any questions. If you have, you can drop message on chat.
I will try to answer, or maybe you can raise hand and ask question. Before waiting for questions, with M&As, we are looking for targets, but I think we are more selective, let's say. We implemented more conditions which need to be fulfilled to decide for transaction with very deep, going into understanding of how many clients targets have, if there is big concentration, and we want to avoid this type of entities, not to generate risks. Anyway, we have few processes open. I don't think any of them will be completed still this year, but beginning of next year, it might happen. We have, of course, still some open M&A liabilities, as you saw on this liquidity slide. This short-term part for next 12 months is more than EUR 10 million, and there is a high probability that some part of this will be still realized this year. Okay.
If there are no questions, because I don't see any question, then thank you for joining. I invite you to one-on-one communication. You can contact us, and we'll be happy to discuss. Thank you and goodbye.