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During 9Μ 2023 Quest Group recorded Sales €827m, EBITDA €59,8m, EBT €41,4m and EAT €32,2m.  

Compared to last year’s 9M, Quest Group Sales grew by 11,8%, EBITDA by 9,6%, while EBT and EAT decreased by   -2,7% and -0,9% respectively. It is worth noting that 9M 2022 benefited by €1,3m capital gains from the sale of minority stakes and by €1,2m, from the reversal of previous years’ provisions. Excluding these extraordinary earnings, 2023 EΒT is improved by roughly 3% compared to last year.

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

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

Group’s Net Debt (Debt - Cash and Cash Equivalents) was €23,8m, compared to €28m in the end of 9M2022 and Net Cash of €28,7m on 31/12/2022. The change from the end of 2022 is mainly due to working capital needs, dividends distributed (equal to €21,3m) and new investments.

9M 2023 Results per segment:

  • Commercial Activity (Info Quest Technologies, Quest on Line, iSquare, iStorm, Clima Quest,G.E.Dimitriou (GED), FoQus, Epafos).

Sales grew by a double digit (+12,5%), followed by an EBT decline of -7% on a YoY basis, due to higher financial costs driven by the significantly higher interest rates. It is worth noting that the segment’s EBITDA increased by +21,6%, mainly due to the contribution of GED.

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

Sales augmented at a double-digit pace (+15%), and EBT by 7,8%. 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 6,1%, followed by a single digit EBT expansion (+3,6%). The results are mainly driven by the expansion of e-commerce, but are adversely impacted by extraordinary costs related mainly to the floods in Central Greece during September.

  • Renewable Energy Production (Quest Energy).

During 9M, Sales were lower by -5,1% due to bad weather conditions (reduced sunshine), while EBT decreased by -2,2%.

Quest Holdings (parent company).

Parent company revenues during 9M reached €12,1m compared to €15,4m last year including €10,8m dividends from the subsidiaries. EBT were €10,3m compared to €13,5m during the same period of 2022.

Full Year 2023 Outlook

In more detail, the following outlook is estimated per segment:

Commercial Activities: For 2023 we estimate growth in sales driven by increased market shares, business development (clima sector, commercial business abroad). Companies are expanding, however EBT is expected to be slightly lower mainly due to the significant increase of financial expenses (caused by Euribor’s hike) and higher depreciation.

IT Services: A growth in sales and profitability is estimated vs 2022 (at the same pace as in 9M), driven by a high demand for IT services in Greece and abroad. Demand is driven by large State projects and by the expansion of the banking sector abroad.

Postal Services: We estimate growth in sales and profitability compared to 2022 similar to that of 9M, driven by e-commerce expansion.

Renewable Energy Production: We estimate an improved pace compared to the first 9M, and similar or slightly lower results compared to 2022.

On aggregate, we estimate growth in sales and EBITDA for 2023 compared to 2022 with similar to the 9M growth. EBT is estimated to be close to last year ιdue to higher interest rates and depreciation. 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 €200m in cash and available credit lines.

Quest Group’s management will host a conference call to present and discuss the 9M 2023 Financial Results, on Thursday 23rd  of November 2023, 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 join by linking at the internet site:  Webcast Link


Group’s 9M 2023 Financial Results per Operating Sector:

Parent company is included in Unallocated functions.

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9M 2023 Financial Statements of Quest Holdings will be posted on Athens Stock Exchange website ( and on Quest corporate website ( on Thursday 23rd of November 2023.

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