Qualco Group S.A. today announced its financial results for the half-year ended 30 June 2026. Revenue rose by 14%, to €101.1 million, while EBITDA increased to €13.4 million. The EBITDA margin came in at 13.2%, compared with 14.7% in the corresponding period of 2025, reflecting higher spending to strengthen project-delivery capabilities, artificial intelligence, and dual-use technology development.

Over the twelve months from July 2025 to June 2026, revenue amounted to €228.2 million, up 16%, and adjusted EBITDA to €43.6 million. These are the highest twelve-month figures in the Group’s history, with an EBITDA margin of 19.1%

Awarded Revenue underpinning growth over the next five years

As at 30 June 2026, the project backlog for the next five years stood at €762 million. Of this total, €335 million, or 44%, comes from international clients. These amounts relate to projects already awarded rather than estimates of future awards, and some contracts extend beyond the five-year horizon.

Accelerating international presence

International revenue increased by 24%, to €32.1 million, and now accounts for 32% of Group revenue, up from 29% in the first half of 2025.

Bank AlJazira in Saudi Arabia selected Qualco ProximaPlus for Sharia-compliant supply-chain financing solutions, becoming the Group’s 13th major client in the Middle East. Quento is among the selected contractors for the European Commission’s DIGIT TM III framework agreement, worth more than €3.97 billion, while full service provision to Thames Water in the United Kingdom began in September.

Growth in core operations and revenue diversification

The Platform as a Service segment recorded revenue growth of 18%, the Software and Technology segment 16%, and the Portfolio Management segment 2%. At the same time, participation from sectors such as telecommunications, manufacturing, transport, retail, and shipping is broadening.

In particular, Qualco Intelligent Finance renewed and expanded, with PPC, the securitisation of its receivables across its entire low- and medium-voltage, natural gas, and large-enterprise portfolio, acting as Sub-Servicer. Moreover, QQuant added four portfolios, bringing assets under management to €21.4 billion, more than double the 2024 level.

Three markets with proprietary technology as a common foundation

Drawing on 25 years of expertise, the Group is extending its technology into real estate, civil protection and defence, and embedded finance. Its proprietary technology infrastructure, with artificial intelligence at its core, underpins this common foundation.

Real estate

Uniko, created in partnership with the National Bank of Greece, and ODS, a joint venture with Piraeus Bank, are broadening the Group’s presence in the real estate market. ODS plans to launch mortgage-lending services in December using agentic AI.

In the public sector, a consortium in which the Group holds more than a 90% stake took on the digital mapping, regularisation, and valuation of approximately 4,000 properties belonging to the Ministry of Health. The project, announced in August, has a budget of nearly €10 million, a duration of 24 months, and an option for additional services of up to €5 million.

Dual-use technology

Through QART, the Group has developed two technology solutions with 100% Greek intellectual property: a Common Operational Picture system and software for the autonomous operation of unmanned platforms. QART’s facilities and personnel hold security clearance at NATIONAL, NATO, and EU SECRET level.

In August, QART signed a Memorandum of Cooperation with the Skaramangas Shipyards to develop a multi-purpose unmanned surface vessel of Greek design and construction. Qualco will provide the software, artificial intelligence, and algorithms for applications in defence, security, and the blue economy, targeting both domestic and international markets.

Embedded Finance

The Group has applied to the Bank of Greece for a credit-institution licence and aims to begin operations in the first half of 2027, subject to the required licence being granted. The planned model provides for retailers to offer consumer credit at the point of sale, with approval and servicing through Qualco’s platform and funding from partner banks.

Artificial intelligence strengthens the competitive advantage

Within one year, the Group will complete the roll-out of five new artificial intelligence products, including ML Studio, launched in May; Agenly, which enters full commercial availability in October; and Agentic Studio, following in December. In parallel, Cenobe’s AI Security Analyst is now operational for continuous cyber defence.

More than 50% of delivery teams already use artificial intelligence daily, with a target of 90% by year-end. Automating client communication, document management, and support processes, combined with the Group’s Operational Efficiency Programme, is expected to improve productivity and profit margins.

Investments, cash flows, and financial position

Capital expenditure came in at 10.0% of revenue, compared with 8.4% in the first half of 2025, as the Group accelerated investments in artificial intelligence, platforms, and project-delivery capabilities abroad. As at 30 June, the Group had deployed 80% of the IPO proceeds, ahead of the anticipated 18-month schedule.

Operating cash flows showed an outflow of €2.8 million in the half-year. According to management, this development is linked to seasonality, expenses incurred ahead of corresponding revenue, and the timing of collections on receivables from completed projects, particularly in the public sector, the Middle East, and European framework contracts. The gradual settlement of receivables is expected to lead to positive operating cash flows for the full year, close to the Group’s historical levels.

Cash and cash equivalents amounted to €21.0 million, compared with €55.1 million at the start of the year, while total borrowings decreased to €67 million, from €73 million. The ratio of net debt to trailing twelve-month adjusted EBITDA, excluding SCI and leases, came in at 1.3x, compared with 0.8x at the end of 2025, with an estimated return to approximately 1.0x by the end of 2026. The average cost of borrowing was 4.15%.

Outlook and Maximising Our Shareholders’ Value

The Group confirms its guidance for revenue growth of around 15% and an EBITDA margin of approximately 20% for full-year 2026. This estimate accounts for the business’s seasonality, as approximately 60% of annual revenue is recorded in the second half, while most costs are spread evenly across the year.

From FY 2027 onwards, management expects an upgraded EBITDA margin of 22%, capital expenditure of around 7% of revenue, and a leverage ratio below 1.0x. By 2028, the target is for international revenue to exceed 40% of the total and for Group revenue to double relative to the pre-IPO level.

At the same time, the Group is examining ways to enhance returns for its shareholders, including a share buyback programme, subject to the required corporate approvals and in accordance with the applicable European and Greek legislative framework.

Key Financials H1 2026

Key Financials LTM 2026

¹ Adjusted EBITDA & Adjusted Net Income refer to one-off Reorganisational Expenses and Employee Share Awards (for the fiscal year 2025).

² Comparative as at 31 December 2025 (FY 2025).

Due to rounding, the numbers presented above may not add up precisely to the totals.

Segment Financial Performance

¹ Figures exclude intragroup revenue eliminations and adjustments.  ² Revenue YoY includes intragroup eliminations and adjustments

Revenue Mix H1 2026

  • Revenue by Geography: Greece 68%, International 32% (up from 29%)
  • Revenue By Segment: Platform as a Service 53%, Software & Technology 28%, Portfolio Management 19%
  • Revenue By Industry: Energy & Utilities 47%, Financial Institutions & Services 16%, Institutional Investors 15%, IT Services 7%, Public Sector 6%, Telecom 3%, Other 6%.

Financial Results

¹ Adjusted EBITDA & Adjusted Net Income refer to one-off Reorganisational Expenses and Employee Share Awards (for the fiscal year 2025).

Due to rounding, the numbers presented above may not add up precisely to the totals.

 

For further information, please see the Interim Financial Report for H1 2026.

Investor Relations  |  Tel: +30 21 0619 8903  |  E-mail: ir@qualco.eu