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During 3M 2024 Quest Group recorded Sales €303m, EBITDA €18,6m, EBT €11,7m and EΑΤ  €8,6m.  

Compared to last year’s 3M, Quest Group Sales grew by 6% while EBITDA decreased by -4,2% , EBT by -14,4% and EAT  by -14,9% respectively. Decrease in profitability is driven by squeezed Gross Margins in Commercial Activities and by higher financing costs due to high Euribor and higher debt.

The main consolidated financial results & figures are illustrated as follows:


 * Do not include “other gain/losses” related to investment activity.


Group’s Net Debt (Debt - Cash and Cash Equivalents)  was €30,2m, compared to €17m at 31/12/2023. The change is mainly due to Working Capital needs.

3M 2024 Results per segment:

  • Commercial Activities (Info Quest Technologies, Quest on Line, iSquare, iStorm, Clima Quest,GED, FoQus).

Sales grew by a single digit (+5,4%), followed by an EBT decrease by -46,6% on a YoY basis. Lower profitability is mainly driven by squeezed Gross Margins in the Apple Ecosystem, lower contribution of Clima sales after the termination of last year’s subsidies program, and by high financing costs due to high Euribor and debt required for the expansion in the Romanian market.

  • IT Services (Uni Systems, Intelli Solutions, Team Candi).

Sales augmented at a double-digit pace (+10,3%), and EBT by +3,1%. Demand for IT services continues to  be strong, due to the high number of digital transformation projects of the private and public sector. Roughly 50% of sales  are related to  international activities.

  • Postal Services (ACS Courier).

Sales increased by +3,4%,  followed by an almost  flat EBT (+0,8%). Growth is mainly driven by the rate of expansion of e-commerce which was lower during 3M 2024.

  • Renewable Energy Production (Quest Energy).

Sales were mildly higher by +3,6% , while EBT lower by -9,2% due to higher depreciations and financial costs.

Quest Holdings (parent company).

Parent company revenues during 3M reached €450k compared to €428k last year. EBT were negative by - €212k equal to 3M 2023.

2024 Outlook

The following outlook is estimated per segment:

Commercial Activities: We estimate a mild growth in sales compared to 2023. EBT is expected to improve during the remaining year and to be at the same levels as last year or slightly lower than LY, primarily due to squeezed  Gross Margins and the significant increase of financial expenses (caused by Euribor’s rise) and secondarily by higher depreciations.

IT Services: Growth both in sales and profitability is estimated vs 2023, driven by a high demand for IT services in Greece and international markets. The company’s backlog (contracted projects to be executed) exceeds €550m.

Postal Services: We estimate higher growth in sales and profitability, similar or higher to e-commerce expansion rates.

Renewable Energy Production: We estimate growth in sales and profitability driven by new investments, based on the hypothesis of normal weather conditions.

On aggregate for 2024, we estimate mild growth in Sales, EBITDA and EBT. It must also be noted that the Group has a solid commercial and financial position to successfully address any challenges that might arise, having more than €300m in cash and available credit lines.

Quest Group’s management will host a conference call to present and discuss the 3M 2023 Financial Results, on Thursday 23rd of May 2024, at 15:30 Athens time.

  • GR participants dial in:   + 30 213 009 6000 or + 30 210 946 0800
  • UK participants dial in:   + 44 203 059 5872
  • US Participants dial in:    +1 516 447 5632  

The conference call will be available via webcast in real time over the Internet and you may joinby linking at the internet site:  Webcast Link


Group’s 3M 2024 Financial Results per Operating Sector:

Parent company is included in Unallocated functions.

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3M 2024 Financial Statements of Quest Holdings will be posted on Athens Stock Exchange website ( and on Quest corporate website ( on Thursday 23rd of May 2023.

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