Qualco Group S.a. · ATHEX:QLCO
Qualco — FY2025 Earnings Presentation
33 slides from Qualco's earnings presentation, 2026
Slide 1: Full Year Results 2025
QUALCO Group Full Year Results 2025
Slide 2: Agenda
Agenda Topic 1 Executive Chairman & Group CEO Message 3 2 AI: A Present Reality & Key Component At Qualco Today 4 3 FY 2025 Performance Overview 5 4 Segments 7 5 FY 2025 & Q1 2026 Milestones 8 6 Calendar of Corporate Actions and M&A 13 7 Key Financial Figures 14 8 ESG Performance 21 9 Appendix 25 10
Slide 3: Executive Chairman & Group CEO Message
Executive Chairman & Group CEO Message In our first year as a public company, we exceeded the commitments made at IPO. Revenue grew 17% to €216m, ahead of our mid- teens guidance. Adjusted EBITDA rose to €43m, at a 20% margin, in line with our approximately 20% commitment. Adjusted Cash Flow from Op
Slide 4: AI: A Present Reality & Key Component At Qualco Today
AI: A Present Reality & Key Component At Qualco Today Qualco Technology AI Solutions Day 5th May 2026 Let us know if you are interested. Qualco is built for the AI era. Six structural reasons why AI accelerates our business. ▪ Qualco Group’s Defensible Position in the AI Era ▪ Qualco Group’s Proven
Slide 5: FY 2025 Performance Overview: Comfortably on Track with Medium-Term Guidance
FY 2025 Performance Overview: Comfortably on Track with Medium-Term Guidance FY 2024 FY 2025 YoY [%] Medium-Term Guidance Revenue €184 million €216 million +17% Mid-teens growth Adjusted1 EBITDA €39 million €43 million +12% Adjusted1 EBITDA Margin +21.0% +20.0% ~ 20% Capex/Revenue 7.3% 8.6% Stable N
Slide 6: FY 2025 Performance Overview: Solid Growth
FY 2025 Performance Overview: Solid Growth FY 2025 YoY Growth [%] Adjusted Adjusted Adjusted Business segments Revenue1 EBITDA EBITDA Margin1 Revenue2 Core activities EBITDA Credit & Supply Chain Receivables & Factoring Software & €87m €16m 18% 1 Technology Analytics Business Process & Artificial Au
Slide 7: Segments: Diverse Revenue Channels to Accommodate Growth
Segments: Diverse Revenue Channels to Accommodate Growth Revenue by Revenue by Revenue by Geography Segment Industry 5% 6% 20% 7% 29% 32% €216m €216m 15% €216m 48% FY 2025 FY 2025 FY 2025 71% 48% 19% Software & Technology Energy & Utilities Financial Institutions & Services Greece International Plat
Slide 8: FY 2025 & Q1 2026 Milestones: We deliver tech-driven solutions in a broad range of industries
FY 2025 & Q1 2026 Milestones: We deliver tech-driven solutions in a broad range of industries Credit / Lending Value Chain 1 Software & Technology 2 Platform as a Service 3 Portfolio Management 8 Clientele Traditional Banking Digital Financial Institutions Non-Banking & Embedded Finance
Slide 9: FY 2025 & Q1 2026 Milestones: New Business from Existing & New Clients
FY 2025 & Q1 2026 Milestones: New Business from Existing & New Clients Business segments Core Developments 2025 2026 Software & 1 Technology E2E software solutions B2B Platform as a 2 Service All-in-one tech-enabled platforms B2B2C No balance sheet risk Portfolio 3 Management Servicing & Operations
Slide 10: Software & Technology: wins in EU framework contracts and international expansion
Software & Technology: 11 wins in EU framework contracts and international expansion to 7 new countries ▪ Qualco Technology: 13 major new clients, including 6 foreign banks across 7 countries (France, Italy, Portugal, Latvia, UK, Qatar, Japan); Qualco ProximaPlus (Supply Chain Finance solution) foot
Slide 11: Platforms as a Service: International breakout - Thames Water UK contract
Platforms as a Service: International breakout - Thames Water UK contract, 750k visitors on Uniko, expansion into public sector ▪ Qualco UK: Thames Water1 strategic contract (largest UK water utility), awarded contracts with E.ON Next and a top UK telecom client; Sopra Steria partnership for the UK
Slide 12: Portfolio Management: AUM more than doubled to €22bn
Portfolio Management: AUM more than doubled to €22bn, with diversification beyond residential loans 3 ▪ QQuant: AUM grew from €10bn to €22bn at year-end (H1 2025: €17bn), with positive momentum continuing into H2 2026. ▪ Diversification away from residential loans: €7bn portfolio of secured agricult
Slide 13: Calendar of Corporate Actions and M&A
Calendar of Corporate Actions and M&A ODS S.A. 2025 QIF Spin-off Increase of our Listing of Qualco Establishment of JV Acquisition of 100% Qualco UK Acquisition of Carve-Out of Completion of full Establishment [JV: 75% Qualco & of Quento – participation in with Piraeus Bank of Empedus, acquires 50.0
Slide 14: Key Financial Figures: Exceptional YoY Growth Outperforming Guidance
Key Financial Figures: Exceptional YoY Growth Outperforming Guidance Group revenue for FY 2025 has increased by +17% YoY, Group Profitability outperforming IPO guidance of mid-teens growth, driven by 250 growth across both Platforms and Software & Tech. +17% YoY 200 FY 2024 FY 2025 Adjusted EBITDA1
Slide 15: Key Financial Figures: Group Profitability Explained
Key Financial Figures: Group Profitability Explained Group profitability remains on an upside trajectory, Adjusted EBITDA Reconciliation FY 2024 FY 2025 (in €million) excluding the one-off expenses incurred in 2025. Profit for the Period 15.6 9.61 Depreciation & Amortisation 12.4 15.3 Group operatio
Slide 16: Key Financial Figures: Group Profitability Explained
Key Financial Figures: Group Profitability Explained Adjusted Net Income Adjusted Attributable Net Reconciliation FY 2024 FY 2025 Income Reconciliation FY 2024 FY 2025 (in €million) (in €million) 1 Profit for the Period 15.6 9.6 Profit for the Period 15.6 9.61 Share Awards 0.0 3.3 Non-Controlling In
Slide 17: Key Financial Figures: Revenue Converts into Robust Profitability
Key Financial Figures: Revenue Converts into Robust Profitability Adjusted EBITDA Margin (%) Capex/Revenue (%) We maintain profitability in line with the IPO medium- FY 2024 +21.0% FY 2024 +7.3% term guidance of an approximately 20% EBITDA margin FY 2025 +20.0% FY 2025 +8.6% within two years post-IP
Slide 18: Key Financial Figures: Solid Operating Cash Flow Generation
Key Financial Figures: Solid Operating Cash Flow Generation EBITDA to Adjusted Cash Flow from Operations FY 2025 (€m) Cash Flow from Operations increases significantly, 43 (14) paving the way for further improvement in working capital as per the IPO Plan. (8) 21 Adjusted Cash Flow from Operations ex
Slide 19: Key Financial Figures: Prudent Leverage & Sufficient Liquidity to support Expansion
Key Financial Figures: Prudent Leverage & Sufficient Liquidity to support Expansion Cash & Net Debt (excl. SCI & Leases) Leverage ratio FY 2024 FY 2025 Net Debt (excl. SCI & Leases) 0.7x 0.8x Net Debt (excl. SCI & Leases) to Equity 0.5 0.3 / Adjusted EBITDA Net Debt (excl. SCI & Leases) to 0.7 0.8 A
Slide 20: Key Financial Figures: IPO Proceeds Update
Key Financial Figures: IPO Proceeds Update IPO Proceeds investments on track with the 18-month deadline (64% allocated to investments within first year). IPO Net Proceeds FY 2025 (€m) 30 M&A: Used IPO proceeds include the investments in 25 Empedus, Cenobe, Middle Office, DD Synergy and the 20 8 esta
Slide 21: ESG Update: 2025 Awards & Recognitions
ESG Update: 2025 Awards & Recognitions Since 2021, Qualco Group has published independent Sustainability Reports and has received ESG-related recognitions for its initiatives. The Group remains committed to responsible business practices as a signatory to the United Nations Global Compact, reflectin
Slide 22: ESG Update: FY 2025 ESG KPIs & Goals
ESG Update: FY 2025 ESG KPIs & Goals Environmental Social ▪ Scope 1 GHG emissions: 83tCO2e ▪ Women in total workforce: 43.0% ▪ Scope 2 GHG emissions (market-based): 572tCO2e ▪ Women in senior/managerial positions: 29.0% ▪ Scope 3 employee commuting emissions: 727 tCO2e ▪ Training hours per employee:
Slide 23: Thank You! Q&A
QUALCO Group Thank You! Q&A
Slide 24: Appendix
QUALCO Group Appendix
Slide 25: For 25+ years, we have enabled clients to effectively manage their assets and customers
For 25+ years, we have enabled clients to effectively manage their assets and customers With strong engineering roots, Qualco has evolved into a tech pioneer Beyond IPO Expanding Software & Platforms • Accelerate Software & Technology international Footprint expansion through strategic acquisitions
Slide 26: Overview of Business Segments: Products & Solutions
Overview of Business Segments: Products & Solutions Core Adjacent Growth Enablers 1 Software & Technology Centre for Applied Research & Technology 2 Platform as a Service ODS S.A. Portfolio 3 Management Segment 26
Slide 27: Annex
QUALCO Group Annex
Slide 28: Definition of Financial Data, Ratios Used and Alternative Performance Measures
Definition of Financial Data, Ratios Used and Alternative Performance Measures The 2025 Full Year Financial Results contain financial information and measures as derived from the Group’s financial statements for the twelve-month period ended 31st December 2025 and 2024 for the year ending 31 Decembe
Slide 29: The Reconciliation for the Net Debt, Adjusted EBITDA, Adjusted CFO & Adjusted Net Income
The Reconciliation for the Net Debt, Adjusted EBITDA, Adjusted CFO & Adjusted Net Income Adjusted EBITDA Adjusted Cash Flow from Reconciliation FY 2024 FY 2025 Operations FY 2024 FY 2025 (in €million) (in €million) Profit for the Period 15.6 9.6 Adjusted EBITDA 38.6 43.2 Depreciation & Amortisation
Slide 30: The Reconciliation for the Net Debt, Adjusted EBITDA, Adjusted CFO & Adjusted Net Income
The Reconciliation for the Net Debt, Adjusted EBITDA, Adjusted CFO & Adjusted Net Income Adjusted Net Income Adjusted Attributable Net Reconciliation FY 2024 FY 2025 Income Reconciliation FY 2024 FY 2025 (in €million) (in €million) Profit for the Period 15.6 9.6 Profit for the Period 15.6 9.6 Share
Slide 31: Group Balance Sheet and P&L | Summary
Group Balance Sheet and P&L | Summary Key Balance sheet items FY 2024 FY 2025 P&L Items (in €million) (In € million) FY 2024 FY 2025 Non-Current Assets 93.7 140.4 Revenue 183.8 215.7 Total Current Assets 78.5 149.0 Gross Profit 87.0 95.3 Core Operating Profit 26.0 31.5 Total Assets 172.2 289.4 Reorg
Slide 32: Disclaimer
Disclaimer The statements, information and opinions set out in the Financial Results Presentation have been provided by Qualco Group S.A. (the “Company”) (together with its consolidated subsidiaries (the “Group” or “Qualco Group”). They serve informational purposes only and should not be considered
Slide 33: QUALCO Group
QUALCO Group qualco.group infa e22e000