Quest Holdings SA

ATHEX:QUEST

Strong first half: Revenue grew 9.8% year-over-year to EUR 750 million, while earnings attributable to shareholders rose 25% to EUR 25.5 million, ahead of budgeted targets.

Growth engines: Uni Systems, ACS Postal Services, and the Apple wholesale and retail ecosystem led growth, with nearly every operating segment delivering year-over-year earnings growth except renewable energy and IQT Romania.

IT momentum: Uni Systems revenue increased 21.1% and management expects double-digit full-year revenue growth, supported by a backlog that can take roughly 3 to 5 years to deliver and demand beyond the RRF program.

Margin outlook: Management expects the improved EBITDA margins at Uni Systems and ACS to be broadly sustainable through the second half, while Clima seasonality should support commercial-activity margins.

Full-year guidance: The group still expects slight revenue growth and somewhat higher EBITDA than in 2025, despite an approximately EUR 8 million EBITDA impact from the 2025 energy divestment; EBT is also expected to grow.

Capital allocation: Full-year CapEx is now expected at EUR 40 million to EUR 50 million, below the original EUR 60 million budget, while the group retains more than EUR 200 million of available liquidity.

ACS option: GLS will decide by the end of October whether to acquire the remaining 80% of ACS. Management said proceeds would support shareholder remuneration and new investments, while Quest can buy back the previously sold 20% at a discount if GLS does not proceed.