Q2 2026 Quest Holdings SA Earnings Call Transcript
Key Points
- Consolidated revenue grew by 9.8% year-on-year, with earnings after tax and non-controlling interest rising by 25% to $25.5 million, ahead of budgeted targets.
- IT services segment (Unisystems) delivered exceptional growth, with revenues up 21.1% and EBITDA up 23.2%, driven by strong demand for digital transformation and cloud infrastructure.
- Postal services (ACS) posted strong results with revenue up 8.4% and EBITDA up 19%, achieving the highest absolute EBITDA contribution in the group with an improved margin of 19.1%.
- The company maintains a strong balance sheet with a net cash position of $31.3 million and total available liquidity above $200 million, providing ample capacity for strategic initiatives.
- Management expects the second half of 2026 to be stronger than the first, with full-year guidance for continued growth in EBITDA and EBT despite the anticipated impact from the energy sector divestment.
- The Apple ecosystem (wholesale and retail) remains a multi-year structural growth driver, with strong momentum across both product and geographic markets, including high-performing Cyprus operations.
- The renewable energy segment recorded minimal revenue of $0.7 million in H1 2026, down from $4.8 million in H1 2025, reflecting the divestment of 36.7 MW of photovoltaic parks.
- IQT Romania experienced a substantial decline in revenue and posted a loss for the period, negatively impacting the commercial activities segment.
- Net cash position declined significantly from approximately $107 million at year-end 2025 to $31.3 million, due to seasonal working capital buildup, dividend distribution of $42.3 million, and investments.
- Full-year 2026 EBITDA is expected to be affected by approximately $8 million due to the 2025 divestment from the energy sector, creating a headwind for overall profitability.
- The company's 2026 estimates assume no prolonged adverse impacts on energy prices, basic goods, or consumption arising from the situation in the Middle East, indicating potential vulnerability to geopolitical risks.
- Capital expenditure guidance was reduced to a range of $40-50 million from the original $60 million budget, as ACS is deploying its CapEx at a slower pace than anticipated.
Ladies and gentlemen, thank you for standing by. I'm Paulina, your conference call operator. Welcome and thank you for joining the Quest Holdings conference call and live webcast to present and discuss the first half 2026 financial results. The event today provides the opportunity for participation via audio conference and live webcast, where a presentation deck is provided for your convenience. (Operator Instructions)
At this time, I would like to turn the conference over to Quest Holdings Management. Gentlemen, you may now proceed.
Welcome, ladies and gentlemen. My name is Alexandros Rustas. I'm the Investor Relations Officer of Quest Holdings. I'm joined today by Mr. Apostolos Giorgansis, our Group CEO, and by Mr. Markos Bitsakos, our Deputy CEO and CFO. Today, we are presenting the financial results of the first half of 2026. The six-month period ended by the 30th of June 2026, and we'll be happy to answer your questions at the end of the call. I will now pass the microphone to Mr.
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