Qualco Group (QLCO) H2 2024 earnings summary

Executive summary

• Revenue grew by 5% year-over-year to approximately €184 million, driven by new customers and expanded offerings, especially in software and servicing segments.

• EBITDA reached €38.6 million, with a margin of 21.0%, reflecting targeted growth and investments in technology and international sales.

• Major acquisitions included D.D. Synergy Hellas S.A. (SAP partner) and Middle Office Services SA, enhancing service capabilities and market reach.

• A strategic joint venture, Uniko S.A., was established with National Bank of Greece, and a new subsidiary, Qualco Intelligent Finance S.A., was spun off.

Financial highlights

• Revenue: €183.8 million in 2024 (2023: €175.0 million), up 5% year-over-year.

• EBITDA: €38.6 million (2023: €38.3 million); EBITDA margin: 21.0% (2023: 21.9%).

• Net profit: €15.6 million (2023: €18.8 million).

• Gross profit margin: 47% (2023: 46%).

• Operating profit margin: 14% (2023: 17%).

• Dividend of €12.0 million approved for distribution.

Outlook and guidance

• Growth expected in 2025, driven by ongoing projects and expansion in fintech, property tech, and digital tech.

• Focus on international expansion, new product features, and recurring license fee models.

• Revenue from a major strategic partnership with PPC is secured for at least a decade, estimated at over €600 million.