QUALITY & RELIABILITY S.A. informs the investment community that, following the publication of the Semi-Annual Financial Report for the period 01.01.2026 – 30.06.2026 and in accordance with the Regulation of the Athens Stock Exchange and Decision 25 of the Athens Stock Exchange, it proceeds with the following commentary on the financial results of the first half of 2026.
The first half of 2026 was a period of consolidation and further growth for the Group.
Following the significant expansion in the 2025 financial year, the emphasis shifted to the operational and commercial integration of the Group's companies, the utilization of synergies among them, and the conversion of the expanded technological capabilities into organic growth and sustainable operating profitability, while also strengthening the capital base after the completion, in January 2026, of the Share Capital Increase amounting to €8.84 million, of which €5.50 million concern the first half of 2026 and the remainder was collected in December 2025.
On 13.02.2026 the Group completed the acquisition of 51% of MTIS S.A., for a total consideration of up to €2.97 million, expanding its activity into the sectors of maritime technology (maritime intelligence), the Internet of Things and dual-use applications. MTIS is consolidated from the acquisition date.
After the end of the period, on 07.07.2026, the Group acquired 51% of the share capital (58% of the voting rights) of the Polish EXIM-IT S.A., a company specialized in ServiceNow solutions, for a fixed consideration of €2.6 million and contingent consideration of up to €4.3 million, which is linked to the company's future profitability.
EXIM-IT is not included in the results of the first half and will be consolidated from the second half of 2026. The two transactions add new technological pillars to the Group and create a basis for its growth in Central and Eastern Europe.
At consolidated level, the Group's turnover amounted to €13.90 million, compared to €8.65 million in the first half of 2025, showing an increase of 60.8%. The increase reflects the organic growth of the parent company, the full integration of the subsidiaries acquired during 2025, as well as the integration of MTIS from February 2026.
The Group's EBITDA amounted to €3.16 million, increased by 52.0%, with an EBITDA margin of 22.7%. The operating profitability of the period was burdened by non-recurring expenses of €0.36 million related to acquisitions, mainly advisors' fees and legal expenses, which entirely burdened the parent company, as well as by an impairment loss on investments of €0.04 million.
Excluding the above charges, the Group's adjusted EBITDA amounted to €3.56 million, increased by 71.0%, with a margin of 25.6% compared to 24.0% in the first half of 2025, reflecting the improvement in the Group's underlying operating profitability.
The Group's profit before taxes amounted to €2.04 million, compared to €1.09 million, increased by 87.9%, while net profit after taxes amounted to €2.17 million, compared to €0.75 million.
Net profit includes net tax income of €0.13 million, which mainly arises from deferred taxation, compared to a tax charge of €0.34 million in the corresponding period of 2025.
Profits attributable to the shareholders of the parent amounted to €1.80 million, compared to €0.75 million, and basic earnings per share to €0.0508, compared to €0.0274.
At parent company level, turnover amounted to €9.50 million, compared to €6.95 million in the first half of 2025, increased by 36.7%. EBITDA amounted to €2.28 million (+24.3%), with a margin of 24.0%, while adjusted EBITDA amounted to €2.64 million (+43.7%), with a margin of 27.8% compared to 26.4%, confirming the operational resilience and profitability of the core activities of the Company.
Net profit after taxes of the Company amounted to €1.53 million, compared to €0.70 million. The Group's financial position was significantly strengthened.
The Group's equity amounted on 30.06.2026 to €14.74 million, compared to €6.74 million on 31.12.2025, mainly due to the Share Capital Increase and the profits of the period, while net debt decreased to €1.45 million, from €2.28 million on 31.12.2025.
The growth of the financial figures was achieved in an environment of increased geopolitical and macroeconomic uncertainty, with the Group maintaining its growth trajectory, strengthening its presence in critical technology sectors and investing in the creation of an integrated ecosystem for the provision of digital transformation solutions.
Outlook for the second half of 2026
For the second half of 2026, the Management's main priority is the operational and commercial integration of the Group's companies, the smooth integration of EXIM-IT and the commercial utilization of MTIS. Emphasis is placed on joint commercial operation and unified monitoring of the sales pipeline, cross-selling, the development of common solutions that combine ServiceNow with the Group's capabilities in artificial intelligence, cybersecurity and SAP, as well as on leveraging Poland as a base for the Group's international growth in Central and Eastern Europe.
At the same time, the Group continues the implementation of significant projects, such as the Electronic Procurement and Negotiation System of EKAPY, the occupational pension system of the wider public sector of the Republic of Cyprus, the registry information system for OSE and the project for OPEKA, as well as the projects for PPC, EODY and Information Society. The outstanding balance of billings from the Company's existing contracts amounted on 30.06.2026 to €17.3 million.
The consolidation of EXIM-IT from the second half is expected to strengthen the contribution of international activities and recurring revenues to the Group's figures. Management remains committed to implementing the Group's strategy, with emphasis on organic growth, leveraging synergies from acquisitions, strengthening presence in the private sector, expanding international activity and maintaining healthy operating profitability.
At the same time, the Group will continue to closely monitor macroeconomic conditions and developments in the technology sector, with the aim of maintaining its financial stability and creating long-term value for shareholders.