Qualco Group S.a. · ATHEX:QLCO
Qualco — H1 2026 Earnings Presentation
36 slides from Qualco's earnings presentation, Sep 1, 2026
Slide 1: Half Year Results 2026
QUALCO Group Half Year Results 2026
Slide 2: Agenda
Agenda Half-Year Results 2026 1 Executive Chairman & Group CEO Messages 7 AI Across The Group Page 3 Page 15 2 Key Take-Aways 8 The Financials in Context Page 5 Page 17 3 H1 2026 At a Glance 9 Cash & Balance Sheet Page 6 Page 18 4 Always Growing 10 Delivering on Our Commitments Page 7 Page 21 5 The
Slide 3: Group Executive Chairman Message
Group Executive Chairman Message Qualco was founded in 1998 to build technology for the most demanding work of financial institutions: credit, receivables, and complex workflows. Twenty-eight years on, that stack and the AI built on top of it travel well, and they are taking us into new markets. In
Slide 4: Group CEO Message
Group CEO Message In the first half of 2026, we continued building capacity for the next three years of growth while continuing to grow. Revenue rose 14% to €101.1m and EBITDA rose 3% to €13.4m. Over twelve months, the Group generated €228.2m of revenue and €43.6m of Adjusted EBITDA, a record. The q
Slide 5: Executive Summary: What to Take Away from H1 2026
Executive Summary: What to Take Away from H1 2026 1. Record twelve-month results, delivered while building 2. €762m of awarded revenue already in place, not a €228.2m for the next three years €762m forecast ▪ Adjusted EBITDA¹ of €43.6m, highest in the Group’s history ▪ €335m (44%) international; €33
Slide 6: H1 2026 At a Glance: On Guidance, Investing Ahead of Awarded Revenue
H1 2026 At a Glance: On Guidance, Investing Ahead of Awarded Revenue Revenue EBITDA EBITDA Margin International Revenue Capex / Revenue Net Debt / LTM EBITDA H1 2026 €101.1m €13.4m 13.2% €32.1m 10.0% H1 2025: €88.6m +14% H1 2025¹: €13.0m +3% H1 2025¹: 14.7% −1.5pt H1 2025: €25.9m +24% H1 2025: 8.4%
Slide 7: Always Growing, 60% of Revenue & More Than 70% of EBITDA in Second Half
Always Growing, 60% of Revenue & More Than 70% of EBITDA Booked in the Second Half Continuously Growing LTM Revenue & Adjusted EBITDA (in € million) 300 50 First-half revenue understates the year, impacting profitability: most costs accrue evenly, while historically c.60% of revenue arrives in the s
Slide 8: The Evidence: Commercial, Product & Corporate Milestones
The Evidence: Commercial, Product & Corporate Milestones €96m 8 4 3 5 Group Bookings in H1 2026 Major New QTech Clients New QQuant Portfolios Acquisitions and Investments Products Launched or Launching €67.3m · 70% international 3 European · 5 Middle Eastern Plus the SLBO mandate Lever · Multiverse
Slide 9: One Balance Sheet. Three Multipliers.
One Balance Sheet. Three Multipliers. Our IP and AI Make All Three More Profitable. 1. The Core Is Proven and Compounding Platform as a Service grew 18% and now accounts for 53% of Group revenue, with a historically high margin above THE FOUNDATION 20%; Software & Technology grew 16% mainly from int
Slide 10: 1. The Core Compounds: Platforms & Technology Deliver Solid Growth
1. The Core Compounds: Platforms & Technology Deliver Solid Growth +16% +18% €21.4bn Software & Technology Revenue Platform as a Service Revenue QQuant Assets under Management €30.4m, 29% of Group €56.2m, 53% of Group More than doubled since 2024 Existing IP, New Product: Dynamic Discounting on Prox
Slide 11: 2. Internationalisation Increases Customer Base & Resilience
2. Internationalisation Increases Customer Base & Resilience €762m €335m 70% Awarded Revenue (5 years) International Awarded Revenue (5 years) Of H1 2026 New Bookings are International Awarded Revenue: €762m Already In Place Awarded Revenue on 30 June 2026 across the next five years, of which €335m
Slide 12: 3.1 Upside Beyond the Core: Real Estate
3.1 Upside Beyond the Core | Real Estate: One Stack, Three Revenue Streams, Already Realising Proceeds MATURE COMMERCIALISE ORIGINATE QQuant · QRE Uniko: JV with NBG (51%) · QQuant · QRE ODS: JV with Piraeus Bank (49%) >8,500 >6,000 Dec 2026 assets in process · >€1.0bn assets under management · >€2.
Slide 13: 3.2 Upside Beyond the Core: Dual-Use
3.2 Upside Beyond the Core | Dual-Use (Civil Protection & Defence): Four Years Built, One Anchor Partner Signed 2022–2024 2025 2026 August 2026 Computer vision, LiDAR sensing and 3D QART was established as the Group's deep- Two products are complete and deployable: MoU with Skaramangas Shipyards and
Slide 14: 3.3 Upside Beyond the Core: Embedded Finance
3.3 Upside Beyond the Core | Embedded Finance: Qualco at the Centre of the Stack, a BoG-licensed Credit Institution One platform originates, decides, and services the credit: retailers and funding partners connect to a single technology layer. The Licence Is the Asset Best-in-Class Customer Experien
Slide 15: AI Strengthens the Moat It Runs Through; It Doesn't Bypass It
AI Strengthens the Moat It Runs Through; It Doesn’t Bypass It We own the regulated backbone, the data, and the workflow - for us, AI deepens client dependency; for point-solution competitors, it’s disruption. WHAT HAS SHIPPED SINCE WHAT WE SAID DURING FY 2025 ML & Agentic Studio ODS QART ▪ We own th
Slide 16: This Is How the Margin Will Grow to 22% from FY 2027 onwards
This Is How the Margin Will Grow to 22% from FY 2027 onwards Capex as % of revenue — the investment, visible and audited Where the EBITDA Margin Upgrade will come from 12 ▪ AI-Driven Productivity: Cost-to-serve falls hardest where the gap is widest; 10 Portfolio Management at a 9.3% margin poised to
Slide 17: Revenue +14% | Pressure on Margin Reflecting Investment in Delivery Capacity
Revenue increased 14% YoY to €101.1m, driven by strong growth in Revenue +14% | Pressure on Margin Reflecting 1 Software & Technology (+16%) on the back of continued international expansion (+24%), mostly in the ICT business, Platform Investment in Delivery Capacity & Depreciation. as a Service (+18
Slide 18: Healthy Balance Sheet and Strong Capital Structure
Healthy Balance Sheet and Strong Capital Structure 1.3x 1.2x 0.6x 4.15% Net Debt (excl. SCI & Leases) / LTM Current Ratio Net Debt (excl. SCI & Leases) / Average cost of debt Adj. EBITDA Equity FY2025: 0.8x → ~1.0x by year end 31 Dec 2025: 1.4x 31 Dec 2025: 0.3x FY2025: 3.9% ECB, June 2026 Hike (25
Slide 19: Cash: A Working Capital Outflow Tied to Contracted Work
Cash: A Working Capital Outflow Tied to Contracted Work, Recovering as Revenue Converts WHAT DROVE THE OUTFLOW EBITDA to Cash Flow from Operations H1 2026 (€m) ▪ Upfront investment and capex for large, multi-year client framework Cash Flow from contracts, mainly at Quento, ahead of European delivery
Slide 20: IPO Proceeds: 80% Deployed, Ahead of Plan
IPO Proceeds: 80% Deployed, Ahead of Plan IPO Proceeds investments approach completion (80% allocated to investments up to 30th June 2026). IPO Net Proceeds H1 2026 (€m) 25 M&A: Used IPO proceeds include mainly the additional investments 20 5 in Cenobe & Middle Office. 4 15 (In €million) 10 Platform
Slide 21: Sixteen Months In: Delivering on our Commitments
Sixteen Months In: Delivering on our Commitments IPO Guidance FY 2025 H1 2026 / LTM 2026 FY 2027 onwards Where It Lands Mid-teens revenue growth +17% +14% / +16% ~15% Delivered, and aligned with guidance ~20% EBITDA margin over the Reached within twelve months. Expected to be back at 18 – 24 months
Slide 22: Thank You! Q&A
QUALCO Group Thank You! Q&A
Slide 23: Appendix
Appendix ❖ Group History & Business Model ❖ Milestones from Existing & New Clients ❖ Key Financials ❖ Calendar of Events ❖ Segment Analysis ❖ APM Definitions ❖ ESG Performance & 2026 Recognitions ❖ Disclaimer 23
Slide 24: 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 25: 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 25
Slide 26: Key Financial Figures: Profitability, EBITDA Reconciliation & Cash Flow Statement
Key Financial Figures: Profitability, EBITDA Reconciliation & Cash Flow Statement EBITDA H1 2026 H1 2025 FY 2025 H1 2026 Revenue to EBITDA (€m) (in €million) Net Profit (0.6) (5.2) 9.6 % of Revenue Add back / (deduct) 59% 15% 12% 13% Depreciation & Amortisation 9.3 6.9 15.3 Net Finance (Income) / Ex
Slide 27: Key Financial Figures: Group Balance Sheet & Net Debt
Key Financial Figures: Group Balance Sheet & Net Debt Key Balance Sheet Items Debt H1 2026 FY 2025 H1 2026 FY 2025 (in €million) (in €million) Non-Current Assets 148.3 140.4 Total Debt (Current and non-current 67.0 73.0 Total Current Assets 119.6 149.0 borrowings & government grants) Total Assets 26
Slide 28: Segment Analysis: H1 2026 Performance Overview
Segment Analysis: H1 2026 Performance Overview H1 2026 YoY Growth % EBITDA Revenue1 EBITDA Revenue2 EBITDA Business segments Core activities Margin1 Credit & Supply Chain Receivables & Factoring Software & €31m €3m 11% +16% -2% 1 Technology Analytics Business Process & Artificial Automation E2E soft
Slide 29: Segment Analysis: Sound International Expansion & Industry Diversification
Segment Analysis: Sound International Expansion & Industry Diversification Revenue by Revenue by Revenue by Geography Segment Industry 6% 3% 19% 7% 28% 32% 6% €101m €101m €101m 47% H1 2026 15% H1 2026 H1 2026 68% 53% 16% Energy & Utilities Financial Institutions & Services Software & Technology Gree
Slide 30: ESG Update: H1 2026 Awards & Recognitions
ESG Update: H1 2026 Awards & Recognitions Since 2021, Qualco Group has published independent Sustainability Reports and has received ESG-related awards for its initiatives. The Group remains committed to responsible business practices as a signatory to the United Nations Global Compact, reflecting i
Slide 31: ESG Update: H1 2026 ESG KPIs & Goals
ESG Update: H1 2026 ESG KPIs & Goals Environmental Social ▪ Scope 1 GHG emissions: 83tCO2e * ▪ Women in the total workforce: 43.0% ▪ Scope 2 GHG emissions (market-based): 572tCO2e * ▪ Women in senior/managerial positions: 29.4% ▪ Scope 3 employee commuting emissions: 727 tCO2e * ▪ Training hours per
Slide 32: H1 & Q3 2026 Milestones: New Business from Existing & New Clients
H1 & Q3 2026 Milestones: New Business from Existing & New Clients Business segments Core Developments Software & 1 Technology E2E software solutions B2B Platform as a 2 Service All-in-one tech-enabled platforms B2B2C No balance sheet risk Portfolio Management 3 Servicing & Operations digitalisation
Slide 33: Calendar of Events
Calendar of Events 2026 Shariah Compliance Qualco Group joins the Qualco Group launches Qualco Group Qualco Group acquires a Skaramangas Shipyards, Qualco Group has Certification for Euronext Tech Leaders new Agentic AI software acquires 60% of Lever 50.1% stake in Qualco Group & Olympic undertaken
Slide 34: Definition of Financial Data, Ratios Used and Alternative Performance Measures
Definition of Financial Data, Ratios Used and Alternative Performance Measures The 2026 Half-Year Financial Results contain financial information and measures as derived from the Group’s financial statements for the six-month period ended 30 June 2026 and 2025 for the year ended 31 December 2025, in
Slide 35: 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 36: Qualco Group
QUALCO Group qualco.group infa e22e000