Slide 1: Half Year Results H1 2025
Half Year Results H1 2025 2025
Slide 2: Agenda
Agenda Topic 1 Executive Chairman & Group CEO Message 3 2 Overview 4 3 H1 2025 Milestones 5 4 Key Financial Figures 8 5 Segments 13 6 ESG Performance 14 7 Market Update 15 8 Appendix / Annex 18 2
Slide 3: Executive Chairman & Group CEO Message
Executive Chairman & Group CEO Message A solid performance during the first half of 2025, following our successful IPO in May. H1 2025 results demonstrate strong disciplined execution against our strategic objectives and confirm Qualco Group to be well-positioned to deliver our medium-term guidance.
Slide 4: 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 5: 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 6: 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 7: 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 Group at ATHEX with Piraeus Bank of Empedus, the EPFS Panel Manager Acquisition of [JV: 75% Qualco & of Quento – participation i
Slide 8: 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 9: 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 10: 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 11: 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 12: 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 13: 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 14: 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 15: 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 16: Q&A
QUALCO Group Q&A
Slide 17: Thank You!
QUALCO Group THANK YOU!
Slide 18: Appendix
QUALCO Group Appendix
Slide 19: 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 20: 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. Portfolio 3 Management Segment 20
Slide 21: Annex
QUALCO Group Annex
Slide 22: Definition of financial data, ratios used and alternative performance measures
Definition of financial data, ratios used and alternative performance measures The 2025 Half Year Financial Results contains financial information and measures as derived from the Group’s financial statements for the six months period ended 30 June 2025 and 2024 for the year ended 31 December 2024,
Slide 23: The reconciliation for the Net debt, Adjusted EBITDA and LTM Adjusted EBITDA
The reconciliation for the Net debt, Adjusted EBITDA and LTM Adjusted EBITDA Net debt Similar to others in the industry, we monitor the level of our Net debt, as per the following table: In € million H1 2025 FY 2024 Borrowings (current and non-current) 58 37 Lease liabilities (current and non-curren
Slide 24: The reconciliation for the Net debt, Adjusted EBITDA and LTM Adjusted EBITDA
The reconciliation for the Net debt, Adjusted EBITDA and LTM Adjusted EBITDA Adjusted EBITDA Adjusted EBITDA serves as an additional indicator of our operating performance and not as a replacement for measures such as cash flows from operating activities and operating income. We believe that Adjuste
Slide 25: The reconciliation for the Net debt, Adjusted EBITDA and LTM Adjusted EBITDA
The reconciliation for the Net debt, Adjusted EBITDA and LTM Adjusted EBITDA LTM Adjusted EBITDA In € million H1 2025 EBITDA FY 2024 39 EBITDA H1 2024 10 EBITDA 2H.2024 29 Adjusted EBITDA H1 2025 13 LTM Adjusted EBITDA 42 Source: Data used to compute the APMs derived from Financial Statements. 25
Slide 26: Group Balance Sheet and P&L | Summary
Group Balance Sheet and P&L | Summary Key Balance Sheet Items Key Balance sheet items H1 2025 FY 2024 Non-current assets 113 94 Total current assets 142 78 Total assets 255 172 Equity attributable to owners of the Company 90 47 Total equity 97 50 Non-current liabilities 65 48 Current liabilities 93
Slide 27: Group Balance Sheet and P&L | Summary
Group Balance Sheet and P&L | Summary P&L Items P&L Items (In € million) H1 2025 H1 2024 Revenue 89 75 Gross profit 37 32 Core operating profit 6 4 Reorganisational and other expenses (8) - Operating profit / (loss) (2) 4 Finance expense - net (2) (2) Share of results of associates accounted for usi
Slide 28: 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 only purposes and should not be considered
Slide 29: Qualco Group
QUALCO Group qualco.group infa 220000