Space Hellas management discussed the projects on its radar during the group’s annual general meeting.
When asked whether they are reconsidering the ID card project, management replied: “Yes, of course. It is one of the promising tenders that, unfortunately, has been delayed. We are now looking at it through partnerships. The deadline is relatively soon, and we are working on it.”
As mentioned during the general meeting, the tender is currently in the phase where participants, acting as a consortium, submit their partnership structure and the required participation documents.
The specific technical specifications will be determined in the next phase, which will be followed by discussions among the participating companies to adapt to new market conditions. “It’s a two-phase process. We’re getting ready,” management noted.
Referring to the projects expected in the near future, management noted that there are financing tools available for large public organizations. At the same time, it pointed out that the new NSRF programs have not yet been finalized, but are expected to focus on continuing the modernization of central government infrastructure. Sectors where new projects are expected include healthcare, the integration of artificial intelligence applications into the public sector, and defense.
Opportunities in Defense
Special mention was also made of the defense sector, for which management estimated that very significant funding is expected in the coming years.
“The first projects we have submitted are with ELKAK. We have participated in two projects. One concerns the cybersecurity aspect of the Greek armed forces, and the second relates to 5G mobile technologies, which are dual-use, serving both defense and commercial purposes,” noted Space Hellas’ management.
“We are awaiting the outcome of these two projects, and at the same time, there is the SAFE program, which is a massive funding initiative requiring the participation of Greek companies. There are also major defense procurement programs, where 25% of these funds are earmarked for Greek companies, particularly in the areas of software development, systems manufacturing, and part of their subsequent maintenance,” he added.
During the general meeting, the group’s CEO, Ioannis Mertzanis (photo), stated that “over the years, Space Hellas—starting with simple networks— simple networks, has reached the point of performing system integration with very different technologies; it has been involved in all the necessary investments as technology has evolved and, of course, in the digital transformation of many large companies in both the public and private sectors. The next era is the era of AI, and we, too, have taken our first steps in that direction.”
“Space Hellas, as a group, currently offers a very broad portfolio of solutions across the entire ICT spectrum, including physical security and cybersecurity,” he added.
Referring to the group’s strategy, Mr. Mertzani emphasized that it is long-term, noting that “in 2025, the company set a series of goals, one of which was to maintain our leading position in the market, but not through the logic of constant revenue growth, but rather by focusing on significant projects where Space Hellas brings added value, can execute them using its own resources, safely, and ensure continuity in these areas.”
On the other hand, regarding assets, the company’s CFO, Ioannis Doulaveris, stated that “loans will be reduced and current assets will trend downward; this will generate positive cash flows, which will be channeled into long-term and short-term loans over the course of a year, which will yield better results and reduce the company’s financial and overall risk, with lower leverage, which is our goal.”
Furthermore, according to him, the backlog is approximately 130 million euros.
Financial figures for 2025 and the target for 2026
It should be noted that Space Hellas’ consolidated revenue for 2025 amounted to €152.9 million, compared to €155.2 million in 2024, representing a marginal decrease of 1.5%, according to the company’s published financial results for 2025.
Earnings before interest, taxes, depreciation, and amortization (EBITDA) amounted to €18.3 million in 2025, compared to €18.2 million in 2024. Net income increased by 70% to €3.1 million in 2025, compared to €1.8 million in 2024.
As management stated during the annual general meeting, the trend for 2026 is for EBITDA to remain stable and grow, while the company aims to build a strong sales pipeline for 2027 and 2028.