Qualco Group S.a. · ATHEX:QLCO
Qualco — Investor Presentation (December 2025)
30 slides from Qualco's investor presentation, December 2025
Slide 1: Corporate Presentation Dec 2025
Corporate Presentation Dec 2025 2025
Slide 2: Disclaimer
Disclaimer IMPORTANT: Please read the following before continuing. The following applies to this document, which has been prepared by Qualco Group S.A. (the “Company”), strictly for information purposes in relation to the Company (collectively, the “Information”). The Information does not constitute
Slide 3: Agenda
Agenda Topic 1 Introducing Qualco Group 3 2 H1 2025 Financial Results 15 3 H1 2025 Milestones 16 4 Segments 20 5 Key Financial Figures 21 6 ESG Performance 26 7 Market Update 27 8 Qualco Group Share Update 28 3
Slide 4: Introducing Qualco Group
Identity Introducing We are an international Software and Technology solutions provider, offering operational platforms, data-driven insights, and tailor-made digital Qualco Group experiences History Founded in 1998, we have 25+ years of experience enabling our clients to manage their assets & custo
Slide 5: 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 6: Profitable Growth Across all Business Segments
Profitable Growth Across all Business Segments H1 2025 YoY Growth [%] Business segments Core activities Revenue1 Adjusted Revenue1 Adjusted EBITDA EBITDA Credit & Supply Chain Receivables & Factoring Software & €3m 1 Business Process €29m Technology We operate as three business Analytics Automation
Slide 7: Overview of Business Segments: Products & Solutions
Overview of Business Segments: Products & Solutions Core Adjacent Growth Enablers 1 Software & Technology 2 Platform as a Service ODS S.A. 3 Portfolio Management 7
Slide 8: We deliver tech-driven services in a wide range of industries
We deliver tech-driven services in a wide range of industries Credit / Lending Value Chain 1 Software & Technology 2 Platform as a Service 3 Portfolio Management Clientele Traditional Banking Digital Financial Institutions Non-Banking & Embedded Finance
Slide 9: Core solutions cover the entire credit value chain
Core solutions cover the entire credit value chain Providing end-to-end technology across the value chain Credit value chain Core Solutions Phase 1 2 3 4 Banking & Collections Payments, Loan Loan Embedded Wallets & Origination Administration Recoveries Finance Open Receivables Banking Securitization
Slide 10: Technology at the core of all business segments
Technology at the core of all business segments QUK provided platform Alignment in products validation, helping to enabling greater secure contract with PPC operational performance UK Platform Core products are underpinned by proven, cutting-edge proprietary Technology technology. QIF, Quant & Real
Slide 11: A large, robust and growing market
A large, robust and growing market Total Addressable Market1 (TAM), €bn Market trends 47.4 Accelerated digital transformation and automation efforts, following emergence 7.2 of new technologies (i.e. Gen AI) 35.2 4.7 Growing client sophistication and digitalization trend towards E2E “one-stop- 35.8
Slide 12: Cutting-edge, scalable technology and highly skilled engineering team
Cutting-edge, scalable technology and highly skilled engineering team Full automation, offering descriptive analytics and predictive modelling Efficient data migration speed has resulted in quickly realised ROI for clients Flexible to both on-premise and SaaS delivery, depending on client needs Clou
Slide 13: Qualco continues to deliver consistent and profitable growth
Qualco continues to deliver consistent and profitable growth Revenue, €m CAGR +14% H1 2025 175 184 153 125 54 30% 60 30% 48 3 2 37 29% 89 - 75 27% 51 2 97 51% 91 53%3 24 2 66 81 26 52% 46 26 29 20% 30 19% 42 17% 19 21% (4) (6) (7) (9) FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 H1 2025 Software
Slide 14: Revenue models
Revenue models Software & Technology Platform as a Service Portfolio Management Recurring revenue Recurring revenue Recurring revenue • Annual usage fee for subscriptions • Fixed fees, e.g. monthly platform usage • Fixed fees as AuM fee * average AuM • Post-contractual software support and • Variabl
Slide 15: We are deeply embedded with blue-chip clients in diversified industries
We are deeply embedded with blue-chip clients in diversified industries Highlights Long-term partnership with a strategic client <4% Client Attrition 1 Introducing PPC Initial mandate ✓ Technology +107% Net Revenue Retention 2 ✓ Receivables management for a subset of the portfolio Public Power Corpo
Slide 16: H1 2025 Performance – Comfortably on track with IPO Medium Term Guidance
H1 2025 Performance – Comfortably on track with IPO Medium Term Guidance IPO Medium Term H1 2025 H1 2024 FY 2024 YoY [%] Guidance Revenue €89 million €75 million €184 million +18% Mid-teens growth Adjusted EBITDA €13 million €10 million €39 million +31% Adjusted EBITDA Margin +15% +13% LTM Adjusted
Slide 17: H1 Milestones: Robust Organic Growth Across all Business Segments
H1 Milestones: Robust Organic Growth Across all Business Segments Business segments Core Developments ▪ 10 big new clients added, incl. 4 foreign banks Software & ▪ 7 countries apart from Greece (France, Italy, Portugal, Latvia, UK, Qatar & Japan) 1 Technology ▪ Promising start for ICT securing majo
Slide 18: Calendar of Corporate Actions and M&A
Calendar of Corporate Actions and M&A ODS S.A. 2025 QIF Spin-off Establishment Increase of our Listing of Qualco Establishment of JV Acquisition of 100% Qualco UK acquires Acquisition of [JV: 75% Qualco & of Quento – participation in Group at ATHEX with Piraeus Bank of Empedus, the EPFS Panel Manage
Slide 19: We are exploring multi-dimensional avenues for growth…
We are exploring multi-dimensional avenues for growth… Portfolio Software & Technology Platform as a Service Management Segment Increase market share Strengthen existing presence Growth in portfolio leveraging existing products further penetration of existing recently onboarded portfolios and new pr
Slide 20: …leveraging our proven inorganic growth engine & value-accretive integrations
…leveraging our proven inorganic growth engine & value-accretive integrations Expansion business segments Clear & Focused M&A framework A. Capabilities B. Clients C. Geography Client Access & Acquisition With robust The well-established By expanding into new Enhance technological client base and uni
Slide 21: Segments: Well Diversified and Resilient Revenue Streams
Segments: Well Diversified and Resilient Revenue Streams Revenue by Revenue by Revenue by Platforms as a Service continues to lead Customer Industry Business Segment Geography revenue and profitability growth. We have a stable geographical contribution for H1 2025 compared to H1 2024 and FY 8% 20% 4
Slide 22: Key Financials: Outstanding YoY Growth in Line with Guidance
Key Financials: Outstanding YoY Growth in Line with Guidance Summary Consolidated Group revenue H1 2024 has increased by +18% YoY, in Statement of Profit or Loss H1 2025 H1 2024 YoY (%) line with IPO guidance of mid-teens growth and driven (in €million) Revenue 89 75 +18% mainly by Platforms growth
Slide 23: Revenue Translates into Solid Profitability
Revenue Translates into Solid Profitability Adjusted EBITDA margin to LTM Adjusted EBITDA margin Revenue (%) to Revenue (%) We outperform H1 2024 in terms of Adjusted EBITDA H1 2025: +15% H1 2025: +21% margins, and the 21% Adjusted EBITDA margin for the H1 2024: +13% FY 2024: +21% 12-month period is
Slide 24: Robust Liquidity for Organic Expansion and M&A
Robust Liquidity for Organic Expansion and Liquidity ratio H1 2025 H1 2024 Δ M&A Total Current Assets/ 0.6 0.5 0.1 Total Assets Cash (in €million) Total Current Assets/ 1.5 1.1 0.5 H1 2025: 69 Total Current Liabilities (current ratio) H1 2025 (excl. SCI): 27 FY 2024: 13 We have managed to improve th
Slide 25: Strong Operating Cash Flow Generation
Strong Operating Cash Flow Generation EBITDA to Cash flow from operations H1 2025 (€m) 13 (2) (4) 7 Cash Flow from Operations increases drastically and paves the way for further improvement of Adjusted EBITDA Working capital Income tax Cash flow from operations working capital as per IPO Plan Cash 5
Slide 26: Adequate Leverage Enabling Substantial Flexibility to Safely Support Expansion
Adequate Leverage Enabling Substantial Net debt (excl. SCI & leases) (in € m) Flexibility to Safely Support Expansion H1 2025: 34 FY 2024: 26 Net debt (excl. SCI & leases) 0.7x 0.8x / LTM Adjusted EBITDA Net debt (excl. SCI & leases) Leverage ratio H1 2025 FY 2024 Net Debt (excl. SCI & leases) to Eq
Slide 27: ESG Update: Group Already Adhering to ATHEX ESG Requirements
ESG Update: Group Already Adhering to ATHEX ESG Requirements Since 2021, Qualco Group has published standalone Sustainability Reports, earned multiple ESG awards — including recognition among the Most Sustainable Companies 2024 (Quality Net Foundation) — and is a proud signatory of the UN Global Com
Slide 28: Market Update: Greek Economy Tailwinds Still Blowing
Market Update: Greek Economy Tailwinds Still Blowing Strong momentum for the Greek economy persists. Rerating of the Greek Stock Market Positive Monetary Policy Political Stability Support from EU-funds Greek Economy Upgrade effect GDP formation remains S&P Global revised its S&P DJI and FTSE Russel
Slide 29: Qualco Group Share Update
Qualco Group Share Update Share Price Graph ▪ Qualco Shareholder base remains well diversified, and we comply to the free float requirement. 6.2 Qualco Group SA ▪ We have seen an increase in Greek retail and Greek institutional 6 investors with stable, large international institutional holders. 5.8
Slide 30: THANK YOU!
QUALCO Group THANK YOU! qualco.group infa e22e000