Qualco Group (QLCO) H1 2025 earnings summary

Executive summary

• Achieved strong H1 2025 results post-IPO, with revenue of €89M (+18% YoY) and adjusted EBITDA of €13M (+31% YoY), reaffirming medium-term guidance.

• IPO in May 2025 was 5x oversubscribed, raising €57.3M in net proceeds, making the group the largest Greek software & tech firm by market cap.

• Expanded internationally, added 10 major clients, and completed strategic acquisitions (Empedus, Cenobe, Indice).

• Maintained a diversified shareholder base and high liquidity status on the Athens Exchange.

Financial highlights

• Revenue reached €89M (+18% YoY); adjusted EBITDA was €13M (+31% YoY), with a 21% LTM margin.

• Gross profit grew to €37M (+17% YoY), with a stable ~42% margin.

• Cash conversion improved to 50%; net debt (excl. leases) to LTM adjusted EBITDA at 0.8x.

• Cash position at €69M, benefiting from IPO proceeds.

• Earnings per share: -€0.15 (H1 2025), reflecting reorganization and IPO-related expenses.

Outlook and guidance

• On track to deliver mid-teens revenue growth and ~20% EBITDA margin over the next 18-24 months.

• International revenue contribution expected to increase in H2 2025, with seasonality and new projects boosting results.

• Focus on international expansion, M&A, and innovation to drive growth.