ACS will remain in the portfolio of Quest Holdings, as GLS did not proceed with the acquisition of the remaining 80% of the courier company. The Greek group exercised its right to buy back the 20% stake held by GLS, paving the way for one of its most profitable businesses to return to full ownership, while also securing a net financial gain of about €37 million from the overall transaction.
The move brings to a close a process that began in October 2024, when Quest agreed with GLS on the gradual transfer of ACS in a deal that valued the courier company at €370 million. Quest initially sold a 20% stake for €74 million, plus adjustments of about €3 million, while GLS secured the right to acquire the remaining 80%.
Two years later, the decision not to exercise that right sets the transaction on the reverse course, with Quest buying back the stake it had sold, this time for €37 million, plus the agreed adjustments. The relevant notice was sent to GLS on 30 October, and the transaction is expected to be completed at the end of November, when ACS will return to Quest’s full ownership.
It is worth noting that, during its most recent conference call with analysts on its first-half 2026 results, Quest’s management made clear that if GLS did not proceed with the acquisition, the group would not be obliged to buy back the 20% stake, but intended to exercise the relevant right because it could acquire the stake at a discount to the original price.
It also stressed that this outcome would not pose a problem for the group, given that ACS was operating effectively and delivering particularly strong results.
ACS’s contribution to Quest’s results
ACS was one of the main drivers of growth for the Quest Group in the first half of 2026, alongside its wholesale and retail sales of Apple products and the IT services provided by Uni Systems, management said when presenting the financial results.
Over the same period, the group posted consolidated sales of €750 million, EBITDA of €52.9 million, pre-tax profit of €39.2 million and net profit of €28 million. Profit after tax and minority interests came to €25.5 million, up 25% year on year.
In the first half of 2026, ACS sales came to €83.1 million, up 8% year on year, while EBITDA rose 19% to €15.9 million from €13.4 million in the same period of 2025. Net profit increased even more sharply, rising 33% to €9.7 million.
Improved profitability was also reflected in the EBITDA margin, which widened to 19.1% from 17.4% a year earlier. Quest’s management attributed the increase to economies of scale and improved operating efficiency, following investments made in recent years.
Quest’s management was also particularly optimistic that ACS would maintain its improved EBITDA margins in the second half of 2026. As explained during the conference call with analysts, higher profitability reflects improved operating efficiency resulting from investments made in previous years, primarily at the central sorting centre.
As noted during the conference call with analysts, ACS made the largest contribution to the Quest Group’s total EBITDA in the first half of 2026.
Market share and network expansion
ACS holds a leading position in the Greek courier market, with a share of about 24%, and handles more than 50 million consignments a year, of which around 40 million relate to courier services and 16 million to postal services.
The company continues to expand its parcel delivery and collection network, responding to rising demand for out-of-home deliveries. According to Quest’s latest presentation, ACS has more than 1,600 parcel lockers, with plans to expand the network to 3,000.
As for its outlook, the group expects ACS sales and profitability to grow at a faster pace than the e-commerce market.
During its most recent conference call with analysts, the group’s management also forecast that in 2026 ACS would deliver faster growth in revenue and EBITDA than in 2025, driven mainly by an increase in e-commerce shipment volumes and continued improvements in the efficiency of its network.