Quest Holdings SA (ATH:QUEST)
€ 7.24 -0.14 (-1.9%) Market Cap: 765.27 Mil Enterprise Value: 745.99 Mil PE Ratio: 15.60 PB Ratio: 2.14 GF Score: 95/100

Q3 2025 Quest Holdings SA Earnings Call Transcript

Nov 20, 2025 / 01:30PM GMT
Release Date Price: €6.95 (+2.36%)

Key Points

Positve
  • Quest Holdings SA (STU:9IVA) reported double-digit growth in sales, EBITDA, and earnings before tax for the first nine months of 2025.
  • Group revenues exceeded EUR1 billion, marking a 10% year-over-year increase.
  • The IT services segment showed strong performance, with sales improving by roughly 11% and EBT growing by about 28%.
  • The commercial activities segment, including the integration of Benrubi, saw sales growth of approximately 12% and EBT growth of roughly 18%.
  • The company maintains a solid cash position, allowing for potential new investments and enduring any hardships.
Negative
  • Earnings after tax and noncontrolling interest only increased by 2.9%, mainly due to the impact of minority interests in ACS and Benrubi.
  • The Energy segment recorded a slight decline in sales due to adverse weather conditions and grid curtailments.
  • The commercial activities segment, excluding Benrubi, experienced a reduction in EBITDA due to non-recurring items from the previous year.
  • The net cash position decreased from EUR82 million at the end of 2024 to EUR1.5 million by September 2025, influenced by seasonal working capital cycles and acquisitions.
  • The potential sale of the remaining 80% stake in ACS to GLS was not exercised this year, leaving uncertainty about the timing of this transaction.
Operator

Ladies and gentlemen, thank you for standing by. I am Mina, your call call operator. Welcome and thank you for joining the Quest Holding conference call and live webcast to present and discuss the nine month 2025 financial results.

At this time, I would like to turn the conference over to Quest Holdings management. Gentlemen, you may now proceed.

Alexandros Rusta
Quest Holdings SA - Investor Relations

Welcome, everybody. My name is Alexandros Roustas, Investor Relations Officer of Quest Holdings. As usual, I'm joined today by our CEO, Mr. Apostolos Georgantzis; and our Deputy CEO and CFO, Mr. Markos Bitsakos.

We are here to present the financial results for the nine months of 2025 and to answer your questions. I will now hand over to Mr. Markos Bitsakos for his opening remarks.

Markos Bitsakos
Quest Holdings SA - Deputy Chief Executive Officer, Executive Member

Good afternoon, everyone, from me too. During the first nine months of the year, Quest Group delivered double-digit growth in sales,

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