Quality & Reliability S.A. · ATHEX:QUAL
Quality & Reliability — H1 2026 Earnings Presentation
24 slides from Quality & Reliability's earnings presentation, Sep 25, 2026
Slide 1: H1 2026 Results & The QnR Growth Path to 2030
QUALITY & RELIABILITY S.A. H1 2026 RESULTS & THE QnR GROWTH PATH TO 2030 Building the Next European Technology Powerhouse. Euronext Athens — QUAL QnR Group Live Webcast Presentation | 25 September 2026 |
Slide 2: Half-year results 2026: Scale acquired. Margins held. Balance sheet rebuilt.
H al f - y e a r r e s u lt s 2 0 2 6 Scale acquired. Margins held. Balance sheet rebuilt. Quality & Reliability Group · Consolidated and separate results for the six months ended 30 June 2026
Slide 3: Six months to 30 June 2026 at a glance
G R O U P · R E S U L T S V S H 1 2 0 2 5 · B A L A N C E S H E E T V S 31 . 1 2. 2 0 2 5 Six months to 30 June 2026 at a glance REV ENUE G R O S S P R OF I T EBIT DA €13.90m €5.80m €3.16m +60.8% vs H1 2025 (€8.65m) +83.5% vs H1 2025 · margin 41.7% +52.0% vs H1 2025 · margin 22.7% P R OF I T B E F O
Slide 4: Revenue: the Group grew 61%, the parent 37%
R E V E N UE · G R O U P A N D C O M P A N Y Revenue: the Group grew 61%, the parent 37% Group and parent company revenue (€m) Revenue drivers, H1 2026 P AR E N T CO M P AN Y +60.8% 13.90m +€2.55m organic growth at Q&R itself, to €9.50m +36.7% 9.50m F OU R A C QU I R E D CO M PA N I E S 8.65m 6.95m
Slide 5: Adjusted EBITDA outgrew revenue at both levels
O P E R A T I N G P E R F O R MA NC E · GR O UP A N D C O M P A N Y Adjusted EBITDA outgrew revenue at both levels Group · EBIT → EBITDA → adjusted EBITDA (€m) Company · EBIT → EBITDA → adjusted EBITDA (€m) +71.0% +52.0% 3.56m 3.16m +43.7% +60.3% +24.2% 2.64m 2.52m +24.7% 2.28m 2.08m 2.08m 1.74m 1.8
Slide 6: Total equity more than doubled to €14.74m
C A P I T A L S T R UC T U R E · G R O U P Total equity more than doubled to €14.74m € millions · total equity, including non-controlling interests +€2.17m €14.74m +€5.50m +€0.40m −€0.08m €6.74m 31 Dec 2025 Share capital Non-controlling Treasury Profit for the 30 Jun 2026 increase interests acquired
Slide 7: Gross debt down 39%, net debt down 36%
B O R R O W I N GS , C A S H A N D NE T D E B T Gross debt down 39%, net debt down 36% Group (€m) Company (€m) 8.50m 7.20m 6.22m 5.19m 4.98m 3.74m 3.87m 3.33m 2.28m 2.35m 2.63m 1.45m Gross debt Cash Net debt Gross debt Cash Net debt 31 Dec 2025 30 Jun 2026 31 Dec 2025 30 Jun 2026 € Group 30.06.26 Gr
Slide 8: The acquired companies are profitable, not just additive
A C Q U I R E D S U B S I D I A R I E S · H 1 2 0 26 The acquired companies are profitable, not just additive € Systecom Squaredev Alexander Moore MTIS Total Ownership 60.00% 51.01% 76.19% 51.00% – Revenue 2,805,720 1,024,618 629,290 968,395 5,428,023 EBITDA 377,284 322,836 98,696 235,506 1,034,323
Slide 9: Three numbers, one direction
WH A T T O T A K E A WA Y Three numbers, one direction Results compare 1 January – 30 June 2026 with the same period of 2025; balance sheet measures compare 30 June 2026 with 31 December 2025. 1 Revenue of €13.90m, up 60.8% The acquisition programme is delivering scale — €5.43m, or 39% of Group reve
Slide 10: Growth Path to 2030
Growth Path to 2030 Building the Next European Technology Powerhouse in EMEA Euronext Athens — QUAL
Slide 11: Building the Platform. Activating the Growth Engine.
THE QnR GROWTH MODEL Building the Platform. Activating the Growth Engine. Our strength lies in anticipating structural market trends and emerging growth opportunities, deploying capital into the capa bilities that matter, and integrating them into a scalable platform designed to compound growth. 01
Slide 12: The QnR Group Technology Platform
T HE GR O UP T O DA Y The QnR Group Technology Platform 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/4HA
Slide 13: From Greece to an EMEA Platform
GE O G R A PH I C E X P A NS I O N From Greece to an EMEA Platform Operating Operating Operating Athens Cyprus Brussels EU tenders & R&D programs · European institutional HQ — digital transformation, AI, fintech & cybersecurity Regional hub · MENA expansion gateway clients Operating In Progress In P
Slide 14: Why Poland: The Growth Engine of CEE
GE O G R A PH I C E X P A NS I O N — S T E P 1 PO L A N D Why Poland: The Growth Engine of CEE Leading 3.5% Rising Tech NATO Economy in CEE GDP Growth 2026e GDP per Capita Growing Tech Talent Defence Investment Among the largest and fastest-growing in Converging toward Western European One of Europe
Slide 15: About E-XIM IT S.A. & ServiceNow
P O L AN D /C E E - N E W S T R A T E G I C P I L L A R About E-XIM IT S.A. & ServiceNow Company Profile Capabilities Added ▪ Founded in 2014 · listed on the NewConnect market of the Warsaw Stock Enterprise Service Management Exchange (GPW) ▪ ServiceNow Elite Partner (Reseller) and Premier Partner (
Slide 16: QnR Growth path to 2030
S T RA T E GIC E VOL U T ION · BA SE CA S E QnR Growth path to 2030 Metric 2025A (Actual) 2030F (Base Case) Change Revenue €21.0M €52.9M ~2.5× EBITDA (Reported) €3.1M €12.0M ~3.9× EBITDA Margin 14.8% 23% +9 pts Private/Public Sector Share 43/57% 65/35% +22 pts International Revenue Share 3% 18% +15
Slide 17: 2026–2030 Financial Outlook
GR OW TH RO ADMAP · BASE CASE INCL. POLAND 2026–2030 Financial Outlook Revenue, EBITDA & PBT (€M) Revenue CAGR 26F–30F +15.1% EBITDA & PBT Margins (%) 60 25 23.0% 52.9 22.0% 21.0% 48.5 20.0% 20.0% 50 20 44.4 40.1 40 15.0% 14.0% 17.0% 15 16.0% 30.1 15.0% 30 14.0% 21.0 10 20 12.0 10.6 5 9.3 9.1 10 8.1
Slide 18: Strategic Priorities to 2030
L ON G-TERM S TRATEGI C AMBIT ION S Strategic Priorities to 2030 International Revenue Recurring Revenue Private / Public Revenue Mix LONG-TERM AMBITION 60% of Group Revenue LONG-TERM AMBITION 60% Recurring LONG-TERM AMBITION 50% Private / 50% Public CURRENT 10% of Group Revenue CURRENT 25% Recurrin
Slide 19: Growth Model — Acquire, Integrate & Scale
OU R MODEL Growth Model — Acquire, Integrate & Scale We do not acquire revenue. We acquire capabilities. 1 Consolidate 2 Empower 3 Scale Acquire specialist teams in AI, cyber, fintech, SAP, Preserve entrepreneurial energy of acquired companies Scale capabilities across the Group's customers, sectors
Slide 20: Our people - Our Leaders
Our people-Our Leaders Experienced. Focused. Committed. | Driving Growth. Delivering Value. Dr. Panagiotis Paschalakis Irene Nikolopoulou Dimosthenis Georgacopoulos Nikos Samonakis George Marinakis Michalis Pierettis Chief Executive Officer Vice President BOD Managing Director SysteCom Group CFO Man
Slide 21: Every Acquisition Multiplies Platform Value
I N T E G R AT I O N V A L U E Every Acquisition Multiplies Platform Value MTIS + SquareDev SquareDev + SysteCom Alexander Moore + SquareDev QnR + SysteCom MTIS + QnR ARGOS — AI Maritime Predictive Asset Secure Enterprise AI Intelligent ERP Agents NIS2 & Cyber Resilience Intelligence Intelligence Ar
Slide 22: M&A Strategy — What We Look For Next
M& A S TRATEGY M&A Strategy — What We Look For Next 1 Revenue 2 Expertise 3 Founders €3–15M profitable companies Hard-to-replicate, high-end capabilities Strong teams willing to partner 4 Recurring 5 Synergy 6 Geography SaaS / recurring revenue component Clear cross-sell with existing portfolio SE E
Slide 23: A stronger platform builds stronger companies
THE NEXT PHASE OF VALUE CREATION A stronger platform builds stronger companies CAPABILITY strengthens the platform. INTEGRATION unlocks new growth opportunities. SCALE extends customers, expertise and market reach. VALUE CREATION turns the platform into compounding growth. STRONGER COMPANIES. STRONG
Slide 24: Q&A session
ell QN2 } Dr. Panagiotis Paschalakis Irene Nikolopoulou Nikos Samonakis Chief Executive Officer Vice President 80D Group CFO nk Group Qn Group nk Group QUALITY & RELIABILITY GROUP Q&A session —=
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