Quality & Reliability S.a. · ATHEX:QUAL
Quality & Reliability — Investor Presentation (July 2026)
46 slides from Quality & Reliability's investor presentation, July 2026
Slide 1: Building the Next Technology Powerhouse of EMEA
Building the Next Technology Powerhouse of EMEA AI · Cybersecurity · Enterprise Platforms · Banking Technology · Maritime Intelligence · Defence Innovation Athens Euronext– QUAL Euronext Listed Market Cap ~€45.7M · Target: €100M+ Platform Investors Presentation | July 2026 | Confidential
Slide 2: Why QnR. Why Now.
IN VE STME NT HI GHLI GHTS Why QnR. Why Now. ~35% ~29% €48M Revenue CAGR 2024→25 EBITDA Growth 2025 Current Market Cap €100M+ 8 €1.90 Platform Ambition 2030 Integrated Tech Companies Piraeus Sec. Target Price Listed Athens Exchange & Euronext · Piraeus Securities: Outperform · TP €1.90/share 2/ 46
Slide 3: The European Tech Consolidation Cycle Has Started
MARKET OPPO RTU NIT Y The European Tech Consolidation Cycle Has Started Market Tailwinds Why QnR is Positioned to Win AI adoption accelerating across public & private sectors Listed company Access to capital markets for M&A and growth funding Cybersecurity mission-critical & increasingly regulated P
Slide 4: The Acquisition of E-XIM IT Has Been Completed
QNR GROU P – JU L Y 20 26 THE ACQUISITION OF E-XIM IT HAS BEEN COMPLETED QnR acquires 51% of E-XIM IT S.A. and enters the ServiceNow ecosystem with strong momentum — in Greece and Poland N EW N EW N EW Regional Growth Hub New Strategic Pillar Dual Listed Presence Poland joins as the Group's new grow
Slide 5: An acquisition that changes the strategic landscape
WHY I T M ATTERS An acquisition that changes the strategic landscape E-XIM IT S.A. is a ServiceNow Elite Partner (Reseller) and ServiceNow Premier Partner (Consulting & Implementation) in Poland — listed on the NewConnect market of the Warsaw Stock Exchange (GPW). 1 2 3 CEE Growth Hub ServiceNow Exp
Slide 6: QnR's Technology Ecosystem Expands with ServiceNow
N E W S T R A T E GI C PI L LA R QnR's Technology Ecosystem Expands with ServiceNow About E-XIM IT S.A. • Founded in 2014 · listed on the NewConnect market of the Warsaw 85%+ Stock Exchange (GPW) • ServiceNow Elite Partner (Reseller) and Premier Partner (Consulting & of Fortune 500 organizations tru
Slide 7: The market recognizes and rewards the execution of the vision
THE V IS ION & T HE M ARKET The market recognizes and rewards the execution of the vision T H E QU A L S HA R E ON T H E A T HE N S E X CH AN G E · 1 0 WE E KS HOW TH E MARKET SEE S IT 1.5 QnR's investment narrative is, in essence, a narrative of 1.45 confidence in Management's vision: the transform
Slide 8: The Holistic Technology Ecosystem
THE GROUP TODAY The Holistic Technology Ecosystem GOVERNMENT ENTERPRISE AI CYBERSECURITY CORE BANKING & PUBLIC SECTOR GEN AI AGENTS -ADVANCED & DIGITAL DIGITAL- FINANCIAL DIGITAL ANALYTICS RESILIENCE TECHNOLOGIES TRANSFORMATION BRUSSELS-ATHENS MARITIME INTELLIGENCE ENTERPRISE SERVICE SAP S/4HANA CLO
Slide 9: Building the Next Technology Powerhouse
Q UA L I TY & RE LI A B I LI TY G RO U P BUILDING THE NEXT TECHNOLOGY POWERHOUSE EMP OWE R. ACCELERATE. LEAD. O UR T E C H N O L OG Y E C O S Y S T E M GOVERNMENT SAP BUSINESS SOLUTIONS ARTIFICIAL CORE BANKING & PUBLIC SECTOR INTELLIGENCE & FINANCIAL DIGITAL & ADVANCED TECHNOLOGIES TRANSFORMATION AN
Slide 10: We Do Not Acquire Revenue. We Acquire Capabilities.
OUR MODEL We Do Not Acquire Revenue. We Acquire Capabilities. This is not a financial holding-company model. It is an operating technology platform model. QnR acquires specialist capabilities, integrates them commercially and operationally, and scales them across clients, sectors and geographies. 1
Slide 11: Scale, Specialization and Integration Create Competitive Advantage
WHY THI S MO DEL W INS Scale, Specialization and Integration Create Competitive Advantage QnR's model wins because it addresses the structural weaknesses of fragmented technology markets. Small specialist companies have deep expertise but lack scale. Specialist depth becomes platform-wide Global con
Slide 12: The Platform Flywheel — 5 Acquisitions in 18 Months
GROWTH ENG INE The Platform Flywheel — 5 Acquisitions in 18 Months 1 2 3 4 ACQUIRE INTEGRATE INNOVATE SCALE → → → Specialist tech companies Common governance, Create new products by Cross-sell, new markets, with strong founders sales & delivery. combining group EU projects & & hard-to-replicate expe
Slide 13: Every Acquisition Multiplies the Value of the Entire Platform
IN TEG RATI ON VALU E Every Acquisition Multiplies the Value of the Entire Platform MTIS + SquareDev SquareDev + SysteCom Alexander Moore + SquareDev AI-powered maritime intelligence and predictive Combine artificial intelligence with secure and Introduce intelligent agents, voice interfaces and ves
Slide 14: Proven Execution. Trusted by 400+ Organizations.
TR A CT IO N & C REDE NTI A LS Proven Execution. Trusted by 400+ Organizations. 3530+ 210 380 80 341 11 Years in Market Professionals Private Clients 2025 Public Entities Certifications ISO Standards 2025 Highlights Culture & Governance • 147 invoiced public projects for 80 entities • Great Place to
Slide 15: From Greece to the EMEA Region
GEO GR AP HI C EX PA NS IO N From Greece to the EMEA Region Athens Operating Cyprus Operating HQ - center for digital transformation, artificial intelligence, financial Regional hub · MENA expansion gateway technology and cybersecurity. Brussels Operating Warsaw, Poland Operating Hub for Poland and
Slide 16: Next Acquisition: The Catalyst for the Next Growth Phase
M&A STR AT EGY Next Acquisition: The Catalyst for the Next Growth Phase Target Criteria Revenue Expertise Hard-to-replicate, high-end €3–15M profitable companies capabilities Our objective: Founders Recurring Positioning the Group at the frontier SaaS / recurring revenue Strong team willing to partn
Slide 17: Quantum Computing: The Next Growth Phase
N EX T BI G T HI N G Quantum Computing: The Next Growth Phase Positioning the Group at the frontier of the next technological revolution WHY QUANT UM NO W IN VE STME NT T HESIS Market Timing Quantum hardware reaching commercial viability. €1T+ €16.8M 3–5x Available Capital Target Return addressable
Slide 18: People & Leadership: The Heart of Our Platform
E XE CU TI ON A DV AN T AGE People & Leadership: The Heart of Our Platform Great technology and capital only compound when led by the right people. People leadership is what transforms acquisitions into lasting values. 03 People & Leadership Retaining entrepreneurial energy at scale Attracting high-
Slide 19: QnR Group Leadership Team
QnR Group LEADERSHIP TEAM Dr. Panagiotis Paschalakis Irene Nikolopoulou Chief Executive Officer Vice President BOD Experienced. Focused. Committed. QnR Group QnR Group Driving Growth. Delivering Value. Dimosthenis Georgacopoulos Megaklis Vasilakis George Marinakis Michalis Pierettis Alexandros Karad
Slide 20: Why Invest in QnR Group Today
IN VE STME NT PRO POSI TI ON Why Invest in QnR Group Today 01 Proven M&A Execution 02 Fast-Growing Ecosystem 03 Compelling Upside 4 acquisitions in 14 months. Integration model ~35% revenue CAGR. Structural exposure to AI, €45.7M market cap vs €100M+ ambition. validated. Pipeline ready for the next
Slide 21: Financial Overview
Financial Overview Shareholding Structure · Strategic Investment · Key Financials · Growth Plan Athens Stock Exchange – QUAL Euronext Listed Market Cap ~€47.6M · Target: €100M+ Platform July 2026 | Confidential
Slide 22: Strong 2025 Performance — Revenue & Margin Expansion
KEY FINA N CI A L HIGHL IGHT S (GRO UP ) — FY 2 02 5 Strong 2025 Performance — Revenue & Margin Expansion Note: FY2025 adjusted numbers exclude €811k one-off expenses. Adjusted figures better reflect underlying operational performance. Revenue | EBITDA | PBT EBITDA and PBT margins 1.1 1.9 3.1 3.7 9.
Slide 23: Listed · Anchored · Transparent
SHA REHO LDI NG ST RUC T URE & SHA RE CA P IT A L Listed · Anchored · Transparent The shareholding base is anchored by two major shareholders while maintaining significant free float. Sofia Sotirakou holds 31.45% (11.1m shares) and CEO Panagiotis Paschalakis holds 8.77% (3.1m shares). Free float acc
Slide 24: Outperform · Target Price €1.90
STO C K IN FO RM AT IO N & A NA LY ST C O V ERA GE Outperform · Target Price €1.90 · 27/07/2026 MA RK ET DA TA Indicator Value Piraeus Securities initiated coverage on QnR (Q&R) with an Outperform rating and a Share Price (09/07/2026) €1.35 target price of €1.90/share, implying +51% upside from curr
Slide 25: Acquisitions in 18 Months — €9.45M Deployed
STRA TEG IC I NVESTM ENT & M& A EXEC UTI ON 5 Acquisitions in 18 Months — €9.45M Deployed · Round 1 Complete ✓ In August 2024, QnR issued a €19.1M credit bond loan to fund acquisitions and growth. Bond fully subscribed by major sharehol der Mrs. Sofia Sotirakou. Tenor: 24 months. Coupon: Euribor + Z
Slide 26: Group Strategic KPIs — Targets vs. Actual
GROUP ST RATEG IC METR ICS · T A RGET S vs. A C TU AL Group Strategic KPIs — Targets vs. Actual Geography Mix Revenue Recurrence Sector Mix TA R G ET 40% GR / 60% Abroad TA R G ET 60% Recurring TA R G ET 50% Private / 50% Public AC T UA L 58% Private / 42% Public AC T UA L 85% GR / 15% Abroad AC T U
Slide 27: Growth Plan 2026
Growth Plan 2026 Including Poland Financial Overview · QnR Group · July 2026 · Amounts in €M 27 / 46
Slide 28: Capital Available for Growth
GROWTH FUNDI NG Capital Available for Growth Share Capital Increase €8.8M The Funding Advantage Bank Bond Loan €8.0M €4.95M remaining — sufficient for a transformational next acquisition Total Funds Available €16.8M Alexander Moore –€0.75M Listed status enables further capital raises if required MTI
Slide 29: QnR Group — Investing in Poland
GRO UP ST RUC TU RE — WI TH N EW A C QU ISI TI ON S QnR Group — Investing in Poland QnR GR Parent Company QnR FS Alexander Moore Systecom Square Dev QnR Cyprus Marine Tech Poland (100%) (76.19%) (60%) BV (51%) (100%) (51%) (51%) LTD (Greek branch of SquareDev) New acquisitions — ERP Business S/W Eur
Slide 30: Why Poland
GEO GR AP HI C EX PA NS IO N — STE P 1 P OL AN D Why Poland The Growth Engine of Central & Eastern Europe #1 3.5% PPP Tech NATO Economy in CEE GDP Growth 2026 Surpassed Spain Deep Tech Talent Defence & Tech Hub Largest & fastest-growing in the 2× faster than most of Western GDP/capita approaching UK
Slide 31: Growth Plan 2026 — Group + Poland (FY2026)
GROWTH ROADMAP · STEP 1 Growth Plan 2026 — Group + Poland (FY2026) Revenue, EBITDA & PBT (€M) - With Poland EBITDA & PBT Margins - With Poland 22% 23% 20% 20% 21% 52.9 48.5 14% 44.4 17% 15% 16% 40.1 14% 14% 32.3 4% 2025A 2026F 2027F 2028F 2029F 2030F 21.1 EBITDA Margin PBT Margin 12.0 10.6 9.3 9.1 8
Slide 32: Group Revenue by Subsidiary — 2025A to 2030F
RE VEN UE BY ENT IT Y — WI TH e XIM I T Group Revenue by Subsidiary — 2025A to 2030F (€M) 21.1 32.3 40.1 44.4 48.5 52.9 7 7 5 7 4 1.6 3 6 4 1.3 3 3 1.1 3 2 3 3 0.8 2 2 2 11 0.5 2 2 9 2 8 7 000 6 4 21 22 23 18 20 17 2025A 2026F 2027F 2028F 2029F 2030F QnR Systecom Alexander Moore SquareDev QnR Cyprus
Slide 33: Group EBITDA by Subsidiary — 2026F to 2030F
EBI TDA BY ENT ITY — WI TH e XIM I T Group EBITDA by Subsidiary — 2026F to 2030F (€M) 6.6 8.1 9.3 10.6 12.0 0.9 0.8 2.1 0.7 1.9 0.4 0.7 0.5 1.5 0.3 0.6 0.8 1.2 0.2 0.6 0.2 0.5 0.2 0.5 1.7 0.8 0.4 1.4 0.1 0.4 0.3 1.1 0.3 0.9 0.8 5.1 5.5 4.5 4.8 4.1 2026F 2027F 2028F 2029F 2030F QnR Systecom Alexander
Slide 34: Group EBT by Subsidiary — 2026F to 2030F
EBT BY E NTI TY — WI TH e XIM I T Group EBT by Subsidiary — 2026F to 2030F (€M) 4.6 5.7 6.7 7.8 9.1 0.7 0.5 1.6 0.4 1.4 0.4 0.6 1.2 0.3 0.2 0.5 0.7 0.9 0.2 0.4 0.6 0.1 0.2 0.6 0.4 0.5 1.4 0.1 0.2 0.4 1.1 0.3 1.0 0.8 0.7 3.4 3.7 2.9 3.2 2.7 2026F 2027F 2028F 2029F 2030F QnR Systecom Alexander Moore S
Slide 35: Subsidiary Performance by Company — Revenue, EBITDA & Margins
SUB SIDIA R IES P ER FO RM AN CE · 20 24–2030 Subsidiary Performance by Company — Revenue, EBITDA & Margins Systecom (60% | Jan '25) Alexander Moore (76.19% | Oct '25) Square Dev (51% | Oct '25) 3.2 3.3 2.8 21% 2.8 18% 19% 20% 18% 17% 2.4 16% 17% 14% 15% 10. 5 2.4 23% 23% 2.0 21% 20% 21% 9.1 16% 19%
Slide 36: Structural Shift Toward Private Sector & International Revenue
RE VEN UE MI X EV OL UT IO N — STE P 1 P OL AN D Structural Shift Toward Private Sector & International Revenue Public / Private Revenue Split Greece / International Revenue Split 6 1 1 12 18 18 24 19 19 27 39 57 62 63 64 65 94 99 99 88 82 82 76 81 81 73 61 43 38 37 36 35 2023A 2024A 2025A 2026F 202
Slide 37: Subsidiaries Performance · E-XIM IT
SUBSIDIARIES PERFORMANCE · E-XIM IT New Market Entities — Revenue, EBITDA & Margins (2026F–2030F) Business Software — eXim IT (51%) 7.2 6.8 6.5 6.0 13% 12% 11% 10% 2.8 8% 7% 7% 6% 0.8 0.9 0.7 0.7 0.5 0.4 0.5 0.2 3% 0.2 3% 0.1 2026F 2027F 2028F 2029F 2030F Revenue (€M) EBITDA (€M) EBT (€M) Margin % E
Slide 38: Group Snapshot 2024 → 2030
IN VE STME NT HI GHLI GHTS & ST RATEG IC EV OL UTI O N Group Snapshot 2024 → 2030 €15.2M → €75M €1.6M → €17M Revenue growth (~4.9×) EBITDA growth (~10.6×) 15% → ~64% 23% → 75% EBITDA margin expansion Private sector share of revenues ~0% → 45% 77% → 25% International share of revenues Public sector d
Slide 39: Appendix: Piraeus Securities Report Outperform Coverage
APPENDIX : PIRAEUS SECURITIES REPORT OUTPERFORM COVERAGE You can download the full report from the link here: https://www.qnr.com.gr/images/files/others/2026/QnR_Update_29.07.26.pdf 39 / 46
Slide 40: QnR
QnR We update our valuation on QnR, raising our PT to €1.90/share (from €1.80 previously), implying c. 51% upside from current levels. Since the beginning of 2025, Q&R has evolved from a predominantly Greek public-sector IT contractor into a broader technology group with operations across Greece, Be
Slide 41: Investment Case
41 Investment Case Q&R is an IT group of companies providing digital transformation solutions and specialised technology services to public- and private-sector organisations. The group's activities span public-sector digitalisation, enterprise software, Al and data analytics, cybersecurity, core ban
Slide 42: Management presented its 2026-2030 Targets
42 ‘Management presented its 2026-2030 Targets: Management recently presented its strategic and financial targets for the 2025- 2030 period, outlining its long-term vision following recent acquisitions. One of the group's key strategic objectives is to reshape its revenue mix. Management targets an
Slide 43: Management's revenue targets and guidance breakdown
Atfirst glance, management's revenue targets look ambitious. However, once we break the guidance down, the picture looks more balanced. A large part of the expected growth comes from businesses that have already been acquired and will only be fully reflected in the Group's reported revenue over the
Slide 44: SOTP points to €1.9/share from €1.8/share previously
SOTP points to €1.9/share from €1.8/share previously: We value Q&R using a SOTP methodology, applying EV/EBITDA multiples to each subsidiary based on profitability, margin profile and business quality. On a company level, we use Profile’s FY26 consensus EV/EBITDA multiple of 13.3x as the most releva
Slide 45: Financial Estimates
45 Financial Estimates Income Statement (éma) 2024 2025 +~«=«ORGe—=«COTe ~—«aOaBe~—«C«RODDE. Turnover 152210320 385 a2 444 CoGS (568A 9369190) @72) GTS) 4Z) BBB) Operating Profit 16 20 49 66 70 78 Net financial expense os) 03) a) “3 3) EBT 08 14 37 54 57 64 Tax (04) 4) 8) (4.2) a3 a4) Net Profit 03
Slide 46: Important Disclosures
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