Turnover for QnR in 2026 is expected to reach 30 million euros, while revenue is projected to exceed 50 million euros in 2030.
Following the announcement of the half-year results, management unfolded the Group’s development plan in a Live Webcast, clarifying that these specific financial targets are based on organic growth and do not include new investments or acquisitions.
The presentation focused on QnR’s internationalization target, the strategic partnerships and investments it is considering outside Greek borders, the criteria for the next acquisitions, as well as the sources of financing after the Recovery Fund.
The growth strategy with a horizon to 2030
As explained by the CEO of the QnR Group, Dr. Panagiotis Paschalakis, over the past two years the Group has changed significantly: from a company with a presence mainly in the Greek market and specialization almost exclusively in the public sector, it is gradually evolving into a broader technology group with greater capabilities and technological prospects and a clear international orientation.
He stressed that the strategy for 2030 aims at creating a strong, independent European technology platform, with a presence in the wider EMEA region. In fact, as he said, the strategy has already begun to unfold through the Group’s investment moves.
Mr. Paschalakis pointed out that QnR’s growth model is based on three successive steps. The first is the timely identification of technological and business trends that create large markets. The second is the development of the capabilities the Group needs to capitalize on these opportunities, through organic growth, acquisitions and geographic expansion. The third is the collaboration among the Group’s companies, with the aim of cross-selling and revenue synergies.
Summarizing the strategy, Mr. Paschalakis spoke of “one platform, multiple growth drivers and combined value.”
On this basis, the Group today numbers eight companies, has four delivery centers, employs more than 210 professionals and has a presence in Greece, Belgium, Cyprus and Poland.
The internationalization target
The presence in the four countries is linked to the second major pillar of the Group’s strategy, geographic expansion, which, as Mr. Paschalakis noted, has already begun to unfold. Athens is the base of the group’s development, while Cyprus, through Q&R Cyprus, operates as a regional hub and a possible gateway for further growth in the Middle East.
Brussels is the Group’s base for pursuing European tenders, which he described as an important growth pillar, as well as for participation in research programs funded by the European Commission. Poland, for its part, is the new hub through which QnR seeks to significantly penetrate Central and Eastern Europe.
At the same time, as Mr. Paschalakis revealed, the Group is considering new strategic partnerships and investments in the Middle East and specifically in the United Arab Emirates and Saudi Arabia, as well as additional opportunities for expansion, cooperation and the spread of its capabilities in Central and Eastern Europe.
In the context of this expansion, he placed particular emphasis on the choice of Poland. As he explained, it is one of the largest and fastest-growing economies in the region, with a strong pool of technological talent and high demand for AI, Cybersecurity and corporate platform solutions. He added that the fragmentation of the market creates opportunities for further acquisitions.
Then, the Group’s CEO presented QnR’s growth prospects through 2030. Based on the estimates, turnover is projected to reach 30 million euros in 2026, exceed 40 million euros in 2027 and surpass 50 million euros in 2030, approaching 53 million euros, from 21 million euros in 2025. Accordingly, EBITDA is projected to approach 12 million euros in 2030, with the EBITDA margin reaching 23%.
Mr. Paschalakis clarified, however, that these targets are quite conservative, as they are based exclusively on the organic growth of the Group’s existing structure and do not include new investments or acquisitions. Consequently, he estimated that the figures could reach significantly higher levels, even before 2030.
“So these numbers will be much higher for 2030 — I would say much higher also for 2027 and for 2028 — but they will always be consistent with our overall strategy,” he said.
It is noted that the turnover of the QnR Group amounted to 13.90 million euros in the first half of 2026, increased by 60.8% compared with the corresponding period of 2025. The parent company’s revenue stood at 9.50 million euros, recording an increase of 36.7%.
The Group’s EBITDA increased by 52%, to 3.16 million euros, while Adjusted EBITDA strengthened by 71%, to 3.56 million euros. Gross Profit amounted to 5.8 million euros, up by 83.5%, and profit before tax to 2.04 million euros, with an increase of 87.9%. Net debt was reduced by 36%, to 1.45 million euros.
As regards the qualitative parameters of growth, Mr. Paschalakis began by emphasizing the Group’s internationalization. The goal is for the share of revenue coming from markets outside Greece to increase from 10% today to more than 50%.
Another target is the increase in recurring revenue from about 25% today to more than 60%.
The Group’s CEO also set as a target for the ratio of revenue from the public and private sectors to be shaped at 50%-50%, from 57%-43% today. He added that QnR’s aim is for a significant part of its turnover to be based on its own platforms and technological solutions.
Among the targets is also the achievement of significant revenue from cross-selling among the Group’s companies and the achievement of a project delivery margin above 25%.
The criteria for the next acquisitions
This growth also includes new acquisitions, for which, as Mr. Paschalakis explained, the Group maintains specific criteria. It mainly seeks profitable companies with turnover from 3 to 15 million euros and specialized technological capabilities that can strengthen its prospects.
Particular weight is given to the founders and management teams of the companies, whom QnR wants to retain as shareholders and partners after the acquisition. Geographically, it is examining investment opportunities in Southeastern Europe, Central and Eastern Europe, and the Middle East.
Asked in which sector the next acquisition could take place, Mr. Paschalakis did not specify a particular field. He explained that the Group is looking for companies that either have their own software and technology (Intellectual Property – IP) or are providers of international technology platforms with applications in many sectors, mainly for businesses and public bodies. He set internationalization as the main axis of the next investments, with the aim of acquiring companies outside Greece, both in countries where QnR already has a presence and in new markets.
The sources of financing after the Recovery Fund
In another question, regarding the prospects for public sector projects after the Recovery Fund, the Group’s CEO referred to the available sources of financing for the coming years. According to the data he presented, of the 26 billion euros of NSRF funds for Greece, 7 billion euros have been absorbed, while 19 billion euros remain.
He also referred to the European Union’s new energy and climate financing instruments, from which, as he said, Greece is securing resources of about 8 billion euros. Specifically, he spoke of 5.2 billion euros from the Climate Crisis Fund, 1.7 billion euros from the Modernisation Fund and 1.2 billion euros from the Islands Decarbonisation Fund. He added that the National Development Program provides for 23 billion euros of investments over the next five years from national resources.
According to Mr. Paschalakis, this financing can support new projects in the coming years. However, he reiterated that for QnR the central goal is internationalization, so that 50% of the Group’s revenue comes from markets outside Greece.
“This internationalization is the passport to take us to the next day,” he concluded.