Slides
Page 1
Half Year Results 2026 2026
Page 2
Agenda Half-Year Results 2026 1 Executive Chairman & Group CEO Messages Page 3 2 Key Take-Aways Page 5 3 H1 2026 At a Glance Page 6 4 Always Growing Page 7 5 The Evidence: Commercial, Product & Corporate Milestones Page 8 2 6 One Balance Sheet. Three Multipliers. Page 9 7 AI Across The Group Page 15 8 The Financials in Context Page 17 9 Cash & Balance Sheet Page 18 10 Delivering on Our Commitments Page 21 11 Appendix Page 23
Page 3
3 Qualco was founded in 1998 to build technology for the most demanding work of financial institutions: credit, receivables, and complex workflows. Twenty-eight years on, that stack and the AI built on top of it travel well, and they are taking us into new markets. In civil protection and defence, they power our dual-use technology. In real estate, our platforms take assets from legal files to market. In retail credit, we have applied to the Bank of Greece for a credit institution license, so that our credit intelligence can also serve consumers at the point of sale, funded by partner banks. Qualco is becoming something larger than the company we listed, and technology is the common denominator. One stack, built and owned by us, runs every segment and industry we serve. With AI embedded in our operations and over half of our delivery teams already using it daily, we are becoming more efficient and creating synergies at a speed that was not possible before. Two partnerships from this summer show what that means. With Skaramangas Shipyards, we will develop, produce, and demonstrate a multi-purpose unmanned surface vessel, designed and built in Greece for defence, security, and the blue economy, with Qualco supplying the software, AI, and algorithms. The Ministry of Health has also chosen our consortium to map, regularise, and value one of the largest real estate portfolios in the Greek State. Our focus on internationalisation is showing in the numbers. In the first half, 32% of Group revenue came from outside Greece, up from 29% a year earlier, and 44% of our awarded revenue is already international. The direction is set: more than 40% of revenue from international markets by 2028. What makes this possible is not capital but knowledge. Twenty-eight years of proprietary IP cannot be bought off the shelf; nor can a dual-use capability built in-house over four years and cleared at NATIONAL, NATO, and EU SECRET level. More than 1,250 colleagues in over 30 countries carry that knowledge, and AI multiplies it. Giving back to society is part of how we measure ourselves. Through the Qualco Foundation, more than 35 initiatives supported over 4,000 beneficiaries in the first half, and more than 250 colleagues volunteered their time. I will end with a challenge. The world is more uncertain than when we listed, and geopolitical tension sits closer to Europe and our region. We watch it carefully; it does not alarm us. Since 1998, we have operated through more than one period of severe strain in Greece and learned to run the company for the harder case: long contracts, diversified clients and countries, disciplined leverage, and no balance sheet risk in portfolio management. That same uncertainty is why Europe now invests in security, resilience, and autonomy, where our technology has a place. Thank you for your trust. Orestis Tsakalotos, Executive Chairman Group Executive Chairman Message
Page 4
4 In the first half of 2026, we continued building capacity for the next three years of growth while continuing to grow. Revenue rose 14% to €101.1m and EBITDA rose 3% to €13.4m. Over twelve months, the Group generated €228.2m of revenue and €43.6m of Adjusted EBITDA, a record. The quality of that growth continues to improve. International revenue rose 24% to €32.1m, 32% of the Group. Platform as a Service, our highest margin segment, grew 18% to 53% of revenue. We booked €96m of new business in the half, 70% of it international, and our awarded revenue stands at €762m. Our first half always understates the year. Most costs accrue evenly, while around 60% of revenue arrives after June. Last year the margin moved from 14.7% in the first half to 20.0% for the full year; we expect the same pattern this year. We reaffirm our guidance for FY 2026: mid-teens revenue growth and an EBITDA margin of approximately 20%. Cash flow from operations was €(2.8)m in the half, and the reasons are clear. We invested ahead of contracted revenue, in delivery capacity for European framework contracts and in QART. And part of the work we completed in the half has not yet been paid for: public sector and Middle Eastern clients settle slowly, and European framework contracts pay on 60-day terms. This is timing, not a change in the business. We expect it to correct itself over the remainder of the year, as accounts for completed work are reconciled and settled, with cash flow from operations returning close to our historical levels. The balance sheet funded the build: net debt at 1.3x LTM Adjusted EBITDA, up from 0.8x at year-end; 80% of the IPO proceeds deployed, ahead of plan; capex at 10% of revenue due to seasonality, returning toward 7% from FY 2027. Operational efficiency is the change I am most focused on, and AI is how we get there. Over half of our delivery teams use AI every day, and we are on track to reach 90% by year-end. We automate customer communications, document workflows, and back-office processes. Together with the Group Operational Efficiency Program, this is what lifts our EBITDA margin to 22% from FY 2027. The same AI is inside our products. ML Studio launched in May, Agenly reaches full commercial launch next month, and Agentic Studio follows in December: five AI products in one year, each built on technology we own. Today we also announce three developments. Bank AlJazira has selected Qualco ProximaPlus, our 13th major client in the Middle East. Quento has won a place on the European Commission's DIGIT TM III framework, worth over €3.97bn. Qualco Intelligent Finance also plays a pivotal role as Sub Servicer in PPC's new and broader receivables securitisation. We are also exploring ways to enhance capital returns, including a share buyback, subject to the requisite authorisations. My thanks to our people and to our shareholders. Miltiadis Georgantzis, Group Chief Executive Officer Group CEO Message
Page 5
5 Note: 1. For H1 & H2 2025, we use the Adjusted EBITDA, which excludes one-off Reorganisational Expenses and Employee Share Awards (for the fiscal year 2025) – see Appendix for reconciliation €228.2m LTM revenue, up 16% (H1 2026: €101.1m, up 14%) 1. Record twelve-month results, delivered while building for the next three years ▪ Adjusted EBITDA¹ of €43.6m, highest in the Group’s history ▪ ~60% of revenue lands after June; H1 margins understate the year ▪ FY 2026 guidance reaffirmed: mid-teens growth, ~20% margin 3 New markets, each larger than those the Group serves today 3. Three new markets for the technology that Qualco already owns ▪ Embedded finance: licence filed; no balance-sheet exposure ▪ Real estate: Uniko, ODS & Ministry of Health mandate ▪ Dual-use: QART cleared to NATO/EU SECRET; Skaramangas MoU for an unmanned vessel >50% Of delivery teams use AI daily; target of 90% by year- end 5. AI strengthens Qualco’s position and is already changing how the Group operates ▪ Five AI products launched or launching within a year, on Qualco- owned technology ▪ AI in operations + the Efficiency Programme expected to lift the EBITDA margin to 22% from FY 2027 Buyback Under consideration, to enhance capital returns 7. Maximising value for shareholders ▪ Exploring a share buyback programme, subject to the requisite corporate authorisations ▪ Within the framework of EU and Greek legislation ▪ Objective: to maximise value for shareholders €762m Awarded revenue for the next five years, as of 30 June 2026 2. €762m of awarded revenue already in place, not a forecast ▪ €335m (44%) international; €338m in Platform as a Service, the highest-margin segment ▪ H1 bookings of €96m, 70% international ▪ Many contracts run beyond the five-year horizon 32% Of H1 2026 revenue is international (H1 2025: 29%) 4. Internationalisation accelerating, on track for over 40% of revenue by 2028 ▪ International revenue up 24% to €32.1m ▪ 44% of awarded revenue and 70% of H1 bookings are international ▪ Bank AlJazira selects Qualco ProximaPlus, 13th major Middle East client €(2.8)m H1 2026 cash flow from operations; expected to be positive by year-end 6. Cash flow reflects timing, not a change in the business ▪ Costs accrue evenly while c.60% of revenue lands after June; AI spend front-loaded ▪ Completed work awaits settlement by public-sector & framework clients ▪ CFO expected to be positive by year-end and normalise to historical trends THE COMMON DENOMINATOR One technology stack, built and owned by Qualco, runs every segment and industry the Group serves. AI sits at its core, in the products, platforms, and operations. That is what turns 25 years of proprietary IP into new markets and higher margins. Executive Summary: What to Take Away from H1 2026
Page 6
H1 2026 At a Glance: On Guidance, Investing Ahead of Awarded Revenue H1 2026 LTM 2026 Revenue €101.1m H1 2025: €88.6m +14% €228.2m LTM 2025: €197.3m +16% EBITDA €13.4m H1 2025¹: €13.0m +3% €43.6m LTM 2025¹: €41.7m +5% EBITDA Margin 13.2% H1 2025¹: 14.7% −1.5pt 19.1% LTM 2025¹: 21.1% −2.0pt International Revenue €32.1m H1 2025: €25.9m +24% €68.8m LTM 2025: €53.7m +28% Capex / Revenue 10.0% H1 2025: 8.4% +1.6pt 9.3% LTM 2025: 8.8% +0.5pt Net Debt / LTM EBITDA 1.3x FY 2025: 0.8x +0.5x At 30 June 2026 Growth in line with guidance and an improving mix: revenue up 14% in the half and 16% over twelve months, with international revenue up 24% and 28%, confirming the path to 40% of Group revenue by FY 2028. LTM Adjusted EBITDA of €43.6m is the highest in the Group's history. Margin and cash reflect a deliberately heavy investment half-year: delivery capacity built ahead of European revenue, with AI and dual-use development expensed as incurred rather than capitalised. We stand by our guidance for the full year: mid-teens revenue growth and an EBITDA margin of approximately 20%. Note: 1. For H1 & H2 2025, we use the Adjusted EBITDA, which excludes one-off Reorganisational Expenses and Employee Share Awards (for the fiscal year 2025) – see Appendix for reconciliation 6
Page 7
7Note: 1. We have significant additional awarded revenue beyond the 5-year horizon, which is not included in the above figure. The awarded revenue profile, as expected, is relatively front-loaded, i.e. not evenly distributed across the 5-year horizon. 184 197 216 228 39 42 43 44 20 25 30 35 40 45 50 50 100 150 200 250 300 2024 LTM2025 2025 LTM2026 Adjusted EBITDA Revenue Continuously Growing LTM Revenue & Adjusted EBITDA (in € million) Adjusted EBITDA First-half revenue understates the year, impacting profitability: most costs accrue evenly, while historically c.60% of revenue arrives in the second half since contracted delivery milestones, year-end implementations and private and public sector billing concentrate revenue after June. €762m of revenue is already awarded for the next five years; €335m of it is international, €338m in Platforms. The second half is not a forecast. We have deep and growing awarded revenue, exceeding €760m over the next 5 years1, which makes us confident we can deliver our guidance for mid- teens growth and a ~20% EBITDA margin for FY2026. Always Growing, 60% of Revenue & More Than 70% of EBITDA Booked in the Second Half
Page 8
8 The Evidence: Commercial, Product & Corporate Milestones 8 Major New QTech Clients 3 European · 5 Middle Eastern €96m Group Bookings in H1 2026 €67.3m · 70% international 4 New QQuant Portfolios Plus the SLBO mandate 3 Acquisitions and Investments Lever · Multiverse · Resitech 5 Products Launched or Launching ML Studio to Agentic Studio Commercial Feb Shariah compliance certification for ProximaPlus, opening Islamic finance markets H1 Eight major new Qualco Technology clients; partnerships in Indonesia and Cambodia H1 Quento: over €30m booked, Brussels hub opened, c.50% of business international Aug Ministry of Health real-estate mandate: €10m over 24 months, plus a €5m option Sep PPC securitisation renewed and expanded to the entire LV/MV portfolio, gas and large corporates Sep Thames Water onboarding complete; full service begins this month Products & AI May ML Studio launched Oct Agenly reaches full commercial launch Sep FMH* launches: Dynamic Discounting on our own Proxima IP Dec ODS goes live with Piraeus Bank Dec Agentic Studio H1 AI adoption past 50% of delivery teams, targeting 90% by year-end Platforms & Portfolio Management H1 Four new QQuant portfolios: Iris (€3bn) with Etalia, Virgo and Palmyra (€0.35bn) H1 Selected as banking loans servicer in the Greek Sale & Leaseback tender H1 Uniko completes its first full year; c.200 deals and c.1m website visitors H1 New receivables contract with the Municipality of Nicosia; PPC Romania in negotiation Corporate & Capital Markets Feb Admitted to the Euronext Tech Leaders segment Mar FTSE Emerging Europe Small Cap inclusion; 34% of Resitech acquired Jun AGM approves the FY2025 dividend and a Long-Term Incentive Plan Jul Lever Development Consultants: 60% acquired Aug Multiverse: 50.1% acquired. Aug MoU signed with Skaramangas Shipyards and Olympic Marine 2026 Application submitted to the Bank of Greece for a credit institution license *FMH stands for Financial Management Hub
Page 9
One Balance Sheet. Three Multipliers. Our IP and AI Make All Three More Profitable. THE FOUNDATION 25 years of proprietary IP ❖ Credit ❖ Receivables ❖ Workflow Orchestration ❖ Real Estate ❖ Applied AI Built, paid for, and in production with blue-chip institutions across Europe and the Middle East. This is what the Core is built on. 1. The Core Is Proven and Compounding Platform as a Service grew 18% and now accounts for 53% of Group revenue, with a historically high margin above 20%; Software & Technology grew 16% mainly from international customers; QQuant's assets under management reached €21.4bn, more than double that of 2024. Behind it, €762m of awarded revenue for the next five years, with €338m in Platforms, our highest-margin segment. 2. Internationalisation Increases Customer Base & Resilience €335m of the awarded revenue is international, 44% of the total, and the fastest-growing share. New bookings of €96m this half were 70% from international clients. Lever and Multiverse extend delivery into the broader public sector across Luxembourg, Belgium, Romania, and Italy; capacity for business already won, not aspirational spending. 3. Upside Beyond the Core: AI & New Platforms, New Addressable Markets Real Estate (live tech stack, realised proceeds) extends one stack across the whole asset lifecycle; each a market larger than the one we serve today, on technology already built Dynamic Discounting takes Proxima into large industry and the wider B2B economy. Embedded finance (license filed) takes our credit IP into retail and the B2C economy. Dual-Use (anchor partner signed) takes our deep-tech and AI into civil protection and defence. 9
Page 10
10 1. The Core Compounds: Platforms & Technology Deliver Solid Growth +18% Platform as a Service Revenue €56.2m, 53% of Group €21.4bn QQuant Assets under Management More than doubled since 2024 Platforms: PPC Securitisation Renewed and Expanded Now covering the entire low- and medium-voltage receivables portfolio in Greece, and extended to gas receivables and large corporate clients. QQuant: Four New Portfolios Iris (€3bn unsecured retail) together with Etalia, Virgo and Palmyra (€0.35bn combined). Selected as the banking loans servicer in the Greek Sale & Leaseback tender, with contracts in finalisation. Existing IP ,New Product: Dynamic Discounting on Proxima FMH*'s Dynamic Discounting runs on Proxima, our in-house trade finance IP built at Qualco Technology: a new revenue line from an asset we already owned, not a new platform. The SAP capability acquired with d.d. Synergy embeds it inside clients' existing SAP installations and opens their user base to us, adding a distribution arm for cross-selling. Greece comes first; Europe is next. REVENUE QUALITY Better revenue, and less of it tied to one economy Platforms now account for 53% of Group revenue, with a historically above 20% FY margin. Alongside that, the internationalisation of Qualco Technology and Quento is shifting revenue toward Europe, the Middle East and soon Asia: more resilient revenue, and materially less exposure to the domestic economy. +16% Software & Technology Revenue €30.4m, 29% of Group *FMH stands for Financial Management Hub
Page 11
11 2. Internationalisation Increases Customer Base & Resilience Platforms: Thames Water Live this month Onboarding complete; full-scale receivables management and customer engagement services have begun in September. Framework negotiations are under way with PPC Romania; a new contract with the Municipality of Nicosia. ICT: Establishing a Pan-European Footprint New Bookings exceed €30m; active in 11 countries, with a Benelux unified hub established in Brussels. Establishing an Italian presence before year-end. Awarded revenue of approx. €100m, mostly from international clients, by ~80%. Awarded Revenue: €762m Already In Place Awarded Revenue on 30 June 2026 across the next five years, of which €335m is international and €338m sits in Platforms, our highest-margin segment. Many contracts run beyond the five-year horizon shown. €762m Awarded Revenue (5 years) €335m International Awarded Revenue (5 years) 70% Of H1 2026 New Bookings are International Lever and Multiverse Investments They extend delivery into the broader public sector across Luxembourg, Belgium, Romania, and Italy: capacity for business already won, not aspirational spending. DISTRIBUTION Acquired channel and delivery where the work is done On-the-ground delivery brings us closer to the client and expands our distribution capacity.
Page 12
3.1 Upside Beyond the Core | Real Estate: One Stack, Three Revenue Streams, Already Realising Proceeds MATURE QQuant · QRE >8,500 assets in process · >€1.0bn >1,600 matured · >€200m Collateral and owned assets taken out of legal and technical disorder and into saleable condition, at scale. COMMERCIALISE Uniko: JV with NBG (51%) · QQuant · QRE >6,000 assets under management · >€2.0bn >900 commercialised · >€75m Bank, servicer and private stock, listed and actively marketed. Uniko alone lists more than 4,000 assets. ORIGINATE ODS: JV with Piraeus Bank (49%) Dec 2026 go-live Agentic mortgage origination The loop closes: we originate, service, mature the collateral and sell the asset. ONE TECHNOLOGY STACK UNDERNEATH & 100% OUR OWN IP QualcoOne Our real estate platform: asset master, workflow, valuation, portfolio management. Built with Resitech (34% held). RESolve Our AI-driven Real Estate document processing and workflow engine: why 8,500 files are manageable. Uniko The consumer marketplace, with NBG's reach and a broker ecosystem behind it. ODS Agentic mortgage origination, live in December. Helping the Public Sector Unlock an Immense Real Estate Portfolio Ministry of Health: c.€10m over 24 months plus an option of up to €5m; project comprises mapping, regularisation and valuation of c.4,000 properties on Gov Cloud. Hellenic Public Properties and Growthfund are already onboarded. The Greek State is among the country's largest property owners, and almost none of that portfolio has been mapped, valued or actively managed. Management data as of 30 June 2026, unaudited. Stage volumes are not additive, and an asset may pass through more than one stage. Excludes collateral under the SLBO and agricultural portfolios, where resolutions are predominantly amicable. Commercialised value is realised proceeds. Uniko is 51%-held, and ODS is 49%-held by Qualco Group, and Qualco Group doesn’t consolidate them. 12
Page 13
13 3.2 Upside Beyond the Core | Dual-Use (Civil Protection & Defence): Four Years Built, One Anchor Partner Signed 2022–2024 Computer vision, LiDAR sensing and 3D mapping, multi-sensor fusion, edge autonomy and simulation: developed in-house, from scratch. 2025 QART was established as the Group's deep- tech centre, and was awarded the AIGIS national programme with a budget of €12m, for software systems based on AI and data services, to be delivered on the Government G-Cloud during 2025–2027. 2026 Two products are complete and deployable: the Common Operational Picture and the autonomy stack for unmanned platforms. August 2026 MoU with Skaramangas Shipyards and Olympic Marine for a multi-role ISR unmanned surface vessel. Our partners build the platform; we deliver the complete software layer. Common Operational Picture One core: sensor fusion, GIS, timeline, alerting, access control, with mission modules on top: weather, wildfire, flood, impact and unmanned platforms. It fuses information from drones, satellites, radar, AIS, and legacy C2 feeds into one real-time picture and serves civil-protection and armed-forces users from the same back end. Open interfaces let partners embed it in the systems they sell. Cleared, certified, and open to more. Facility Security Clearance at NATIONAL, NATO and EU SECRET level, including certified personnel. Active in EDF, EDA, ELKAK and Horizon Europe programmes. Interoperable with standard MAVLink, STANAG 4586, JAUS AS6009, ROS 2, S57/S100. In discussions with further integration partners to deploy our technology within their own defence solutions. The Autonomy Stack: the software brain for unmanned platforms Situational awareness with GNSS-denied navigation; a two-layer autonomy suite with COLREGs encoded as constraints; mission planning; swarm coordination across air, surface and ground; C3, payload safety and encrypted communications. Validated at sea and in the air using our own testbed platforms.
Page 14
3.3 Upside Beyond the Core | Embedded Finance: Qualco at the Centre of the Stack, a BoG-licensed Credit Institution Data Moat - No balance sheet exposure to shareholders The Licence Is the Asset A credit institution holds the customer relationship and its data. Combined with retailer data, this enables bespoke credit models. Best-in-Class Customer Experience Finance available at the moment of intent, paid at the till — replacing informal credit lines and multi-week waiting with an instant, standardised decision. Qualco at the Centre of the Stack Decisioning, loan management, orchestration, collections, and servicing — the full loan lifecycle, already ours and market-tested. Retailers and funding partners both connect to the same platform. Next-Era Credit Decisioning Decisioning calibrated per funding partner and per merchant, running in parallel on one platform — expanding who can be served without expanding what we build. One platform originates, decides, and services the credit: retailers and funding partners connect to a single technology layer. DISTRIBUTION PARTNER The sales they lose today ▪ Finance at the moment of intent ▪ Indirect monetisation of behavioural data they already own ▪ Paid at the till, not in 30-90 days - standardisation of informal credit lines FUNDING PARTNER Origination without the build ▪ Multi-tenant risk configuration that suits different appetites ▪ Origination, decisioning and servicing all handled by the same solution ▪ Gradual credit expansion in untapped market segments QUALCO GROUP Enabler - Counterparty on every loan, owner of the contract, the customer and the data. Leverage and cross-apply information otherwise inaccessible. Full loan lifecycle - Decisioning, loan management, orchestration, collections, cloud, servicing capabilities; all already ours and market-tested. LICENCE Filed with the Bank of Greece. Expected approval 2027 BUILD H1 2027 launch, under way RETAIL Advanced talks with leading retailers FUNDING Advanced talks with banks Greece is First, Europe is Next Partners already operate across borders 14
Page 15
AI Strengthens the Moat It Runs Through; It Doesn’t Bypass It We own the regulated backbone, the data, and the workflow - for us, AI deepens client dependency; for point-solution competitors, it’s disruption. 15 WHAT WE SAID DURING FY 2025 ▪ We own the regulated backbone AI must work through, not around. ▪ Our 25-year moat gets stronger as AI proliferates, not weaker. ▪ We own the full credit lifecycle, so AI deepens dependency rather than displacing us. AI accelerates our position, not a threat. RESPONSIBLE AI GOVERNANCE ▪ Human oversight on Regulated Decisions – human in the loop ▪ GDPR-aligned Data Governance ▪ Model Risk Framework WHAT HAS SHIPPED SINCE ML & Agentic Studio Launched May 2026 & Dec 2026 Model Factory & Agentic Orchestration across workflows ODS Live December 2026 Agentic mortgage origination, with Piraeus Bank AI Within Our Operations: This is Where the Margin Improvement Comes From AI now runs our delivery and servicing: customer communications, document workflows, and back-office processes are automated at QQuant, and client work increasingly runs on Qualco-owned accelerators through Intelliflow, our internal automation platform. QART Defence-grade AI, in production Autonomy and Common Operational Picture (our software inside unmanned platforms) Cenobe’s AI Security Analyst Launched Sep 2026 Cenobe’s Cybersecurity new 24/7 AI-led assistant for continuous dynamic cyber defence Olympus PPC’s AI Centre of Excellence PPC's sovereign data and AI hub, extending to the European Labour Authority. We staff and run it. Agenly Launch Oct 2026 AI-led receivables management: credit workflows that run themselves > 50% of delivery teams use AI today, targeting 90% by year-end 16 AI productivity initiatives running across the Group The products are the revenue story. This is the margin story.
Page 16
16 This Is How the Margin Will Grow to 22% from FY 2027 onwards Capex as % of revenue — the investment, visible and audited 7.3% 8.6% 10% 7% 0 2 4 6 8 10 12 FY2024 FY2025 H1 2026 FY 2027 (target) % Revenues Two years of investment the market can see in the accounts. That is what underwrites the improvement in profitability margins. Where the EBITDA Margin Upgrade will come from ▪ AI-Driven Productivity: Cost-to-serve falls hardest where the gap is widest; Portfolio Management at a 9.3% margin poised to improve along with tech- enabled BPO; Agentic automation of servicing and back-office workflow; AI-built accelerators in delivery. ▪ The Group Operational Efficiency Programme. Running alongside, targeting the shared cost base as the Group scales across more entities and geographies, consolidating & streamlining operations. ▪ Mix. Platforms, at a >20% margin, growing faster than the Group; ICT scaling into multi-year framework delivery; and international revenue carrying better economics than domestic. Capex normalising to approximately ~7% of revenue from FY2027: Combined with higher EBITDA margin, improves net income & free cash flow.
Page 17
Revenue +14% | Pressure on Margin Reflecting Investment in Delivery Capacity & Depreciation. 17 Due to rounding, the numbers presented above may not add up precisely to the totals P&L Highlights | Summary P&L (Income) Statement (in €million) H1 2026 H1 20251 ΥοΥ Revenue 101.1 88.6 +14% Cost of Sales (60.6) (51.7) +17% Gross Profit 40.5 37.0 +10% Gross Profit Margin 40.0% 41.7% Administrative Expenses (23.8) (20.1) +19% Sales & Marketing Expenses (12.6) (10.8) +17% Net other Income / (Expenses) 0.1 0.0 Reorganisational & Other Expenses 0.0 (7.6) Operating profit / (Loss) 4.2 (1.6) Net Finance Expense (2.3) (1.4) +64% Share of Results of Associates (1.7) (1.1) +49% Profit / (Loss) before Income Tax 0.2 (4.1) Tax Benefit / (Expense) (0.7) (1.1) Profit / (Loss) for the period (Net Income / Loss) (0.6) (5.2) Adjusted Net Income / (Loss)1 (0.6) 1.5 Net Income / (Loss) Attributable to Shareholders (4.6) (9.4) Adjusted Net Income / (Loss) Attributable to Shareholders1 (4.6) (2.7) Non-Controlling Interests 4.0 4.2 Note: 1. Adjusted EBITDA & Adjusted Net Income excludes one-off Reorganisation Expenses and Employee Share Awards (for the fiscal year 2025): €7.6m in H1 2025 (€6.7m after tax). 1 2 3 4 5 6 5 4 3 2 2 1 6 7 Adjusted Net Loss attributable to Shareholders at €4.6m, down by €1.9m, reflecting the higher depreciation & finance costs, and losses from associates. On an as-reported basis +4.8m, due to the Reorganisation & Other Expenses of €6.7m after tax in H1 2025. Revenue increased 14% YoY to €101.1m, driven by strong growth in Software & Technology (+16%) on the back of continued international expansion (+24%), mostly in the ICT business, Platform as a Service (+18%) and the contribution of acquisitions completed in H2 2025 (Empedus and Cenobe). Cost of sales increased 17% to €60.6m, reflecting revenue lagging costs plus the buildup in international delivery capacity, resulting in a gross margin decline to 40.0% (from 41.7%). Administrative expenses increased 19% to €23.8m, driven almost entirely by higher amortisation from prior-year acquisitions (PPA Intangible assets) and other capital expenditure, rather than operating expenses. Overall, depreciation and amortisation increased by 34%, driven by AI, products and acquisition-related investments made in 2025. Sales & marketing expenses rose 17% to €12.6m, reflecting continued investment in successful customer acquisition and business development, a decision justified by €96m in new bookings in H1 2026. Share of losses from associates increased by €0.6m (+49%), mainly due to Uniko (€0.3m) and start-up losses at ODS (€0.2m). We expect this to reverse next year, driven by higher revenues at Uniko and the start of commercial operations at ODS. Finance expenses increased by €0.9m to €2.3m (+64%), reflecting higher average debt balance and the unwinding of acquisition- related earn-out liabilities. 7
Page 18
18 Healthy Balance Sheet and Strong Capital Structure 0.6x Net Debt (excl. SCI & Leases) / Equity 31 Dec 2025: 0.3x 1.2x Current Ratio 31 Dec 2025: 1.4x 1.3x Net Debt (excl. SCI & Leases) / LTM Adj. EBITDA FY2025: 0.8x → ~1.0x by year end 4.15% Average cost of debt FY2025: 3.9% ECB, June 2026 Hike (25 bps) Total Debt temporarily reduced, with Facilities extended after 30 June 2026. Total Debt fell to €67m from €73m. Since 30 June, the Group has drawn an additional €13m to fund repayments of existing debt, working capital, and expansionary Capex. The Group’s exposure to interest rate volatility remains low. Where Did the Cash Go Of the €34.1m reduction in cash: ▪ €(15.7)m was invested in capitalised development, acquisitions and associates ▪ €(15.6)m went to financing: debt repayment, leases, interest, and €(4.4)m in dividends to minorities ▪ €(2.8)m operating cash flow (analysed on the next slide) 34 56 39 11 FY 2025 H1 2026 Cash (excl. SCI) Net Debt (excl. SCI & Leases) Cash & Net Debt (excl. SCI & Leases) (€m) Total Debt 73 67
Page 19
Net Cash Flow from Operations, 2025 – 2026 (€m) 17 (3) 7 FY 2025 H1 2026 LTM 2026 13 (14) (2) (3) EBITDA Working Capital Income tax Paid Cash Flow from Operations EBITDA to Cash Flow from Operations H1 2026 (€m) Due to rounding, the numbers presented above may not add up precisely to the totals Due to rounding, the numbers presented above may not add up precisely to the totals WHAT DROVE THE OUTFLOW ▪ Upfront investment and capex for large, multi-year client framework contracts, mainly at Quento, ahead of European delivery in H2 2026 ▪ Investment in QART for dual-use algorithmic solutions, including the unmanned surface vessel MoU with Skaramangas Shipyards ▪ Expansion in the Middle East, one the Group’s highest margin region, where clients pay slowly ▪ Slower Greek public sector receipts, which we have delivered against and priced for over twenty-five years WHAT CHANGES, AND WHEN ▪ European ICT clients pay on 60 day terms; that revenue begins converting to cash in the second half, as their contribution increases ▪ Cash flow from operations will turn positive by year-end ▪ Working capital outflow expected to normalise by FY 2026 and to align with the historic trend from FY 2027 onwards ▪ The revenue is already awarded: €96m of bookings, 70% international, against a €762m awarded revenue 19 Cash: A Working Capital Outflow Tied to Contracted Work, Recovering as Revenue Converts
Page 20
IPO Net Proceeds H1 2026 (€m) M&A: Used IPO proceeds include mainly the additional investments in Cenobe & Middle Office. Platforms: Used IPO proceeds include additional investments in the real estate platform, Uniko, as well as the UK EPS Panel Manager platform and the investment in real estate prop-tech provider Resitech. Working Capital: All designated proceeds to improve the Group’s working capital have been deployed by H1 2026. IPO Proceeds investments approach completion (80% allocated to investments up to 30th June 2026). Due to rounding, numbers presented above may not add up precisely to the totals 18 15 5 5 4 0 5 10 15 20 25 M&A Platforms Working Capital (In €million) Used IPO Net Proceeds Outstanding Balance 20 IPO Proceeds: 80% Deployed, Ahead of Plan
Page 21
IPO Guidance FY 2025 H1 2026 / LTM 2026 FY 2027 onwards Where It Lands Mid-teens revenue growth +17% +14% / +16% ~15% Delivered, and aligned with guidance ~20% EBITDA margin over the 18 – 24 months following listing 20.0%1 13.2% / 19.1% 22% Reached within twelve months. Expected to be back at ~20% by year-end and revised to 22% from FY 2027 onwards. Disciplined Leverage (Net Debt (excl. SCI & Leases)/LTM EBITDA) 0.8x 1.3x <1.0x Elevated in H1 2026 by the investment build. Expected ~1.0x by year-end. Stable Capex 8.6% 10.0% ~7.0% Stepped up deliberately for AI; Trend will reverse from FY2027 IPO proceeds deployed to plan 67% in FY 2025 80% at 30 June 100% Ahead of the 18-month plan Note: 1. Adjusted EBITDA & Adjusted Net Income refer to one-off Reorganisational Expenses and Employee Share Awards (for the fiscal year 2025) | *FMH stands for Financial Management Hub And one more. One of the means to enhance capital returns to our shareholders that we are discussing pursuing is to establish a share buy-back programme, subject to obtaining the requisite corporate authorisations, which will operate within the framework that relevant EU and Greek corporate and capital markets legislation already provides. INTERNATIONALISATION ACCELERATES 32% of H1 2026 Revenue 44% of Awarded Revenue 70% of H1 2026 Bookings A MUCH LARGER ADDRESSABLE MARKET Retail Credit The B2B Economy Civil Protection & Defence Embedded Finance · FMH* · QART AI WITH IMPACT 22% Margin from FY2027 5 AI Products Shipped 16 Initiatives Running Shipped in our products and within our own delivery+24% YoY to €32.1m in H1 2026 alone 21 Sixteen Months In: Delivering on our Commitments
Page 22
Thank You! Q&A 22
Page 23
Appendix 23 ❖ Group History & Business Model ❖ Key Financials ❖ Segment Analysis ❖ ESG Performance & 2026 Recognitions ❖ Milestones from Existing & New Clients ❖ Calendar of Events ❖ APM Definitions ❖ Disclaimer
Page 24
For 25+ years, we have enabled clients to effectively managetheir assets and customers With strong engineering roots, Qualco has evolved into a tech pioneer • Accelerated growth across business solutions, focusing on core products in the Software and Platforms space • Series of strategic acquisitions to expand product and service offerings €184m revenue 1,000+ employees Expanding Software & Platforms Footprint Beyond IPO • Accelerate Software & Technology international expansion through strategic acquisitions • Scale up platforms in the Greek and UK markets • Focus on non-banking receivables and performing loans • ATHEX Listing 15th May 2025 - 5x deal covered Mid-teens revenue growth Beyond Technology • Expanded into the platforms space and established presence in the UK market €11m+ revenue 140+ employees Technology Backbone • Founded as a customer software and IT services provider €5m+ revenue 50+ employees Institutional Investor & Internationalization • Introduction of PIMCO as an international institutional investor • Increased presence across Europe €26m revenue 250+ employees Transformation from a monoline software and IT services provider to an end-to-end (“E2E”) software and platform established provider for the credit industry 1998 – 2009 Η1 2026 €101m revenue 1,250+ employees 2010 – 2014 2015 – 2018 2019 – 2024 2025 + 24
Page 25
Overview of Business Segments: Products & Solutions Adjacent Growth Enablers Software & Technology Platform as a Service Portfolio Management Segment 3 Core 1 2 Centre for Applied Research & Technology ODS S.A. 25
Page 26
Key Financial Figures: Profitability, EBITDA Reconciliation & Cash Flow Statement Cash Flow Statement (in €million) H1 2026 H1 20251 ∆ Cash Summary: Net Cash Flow from Operating Activities (2.8) 6.5 (9.3) Net Cash Flow from Investing Activities (15.7) (19.6) 4.0 Net Cash Flow from Financing Activities (15.6) 67.5 (83.1) Net Increase/(Decrease) in Cash & Cash Equivalents (34.1) 54.4 (88.5) Cash & Cash Equivalents at the Beginning of Year 55.1 13.0 42.1 Cash & Cash Equivalents of Subsidiaries Acquired 0.0 1.4 (1.4) Effect of FX Rates Changes 0.0 0.0 0.0 Cash & Cash Equivalents at the End of Year 21.0 68.8 (47.8) 101 13 (59) (16) (13) Revenue COGS Administrative Expenses Marketing Expenses Adjusted EBITDA 59% 12% 13%15% H1 2026 Revenue to EBITDA (€m) % of Revenue Due to rounding, the numbers presented above may not add up precisely to the totals EBITDA (in €million) H1 2026 H1 2025 FY 2025 Net Profit (0.6) (5.2) 9.6 Add back / (deduct) Depreciation & Amortisation 9.3 6.9 15.3 Net Finance (Income) / Expense 2.3 1.4 4.6 Tax Expense 0.7 1.1 6.2 Shares of Results of Associates 1.7 1.1 3.0 Other Gains and Losses (0.1) 0.0 -3.6 EBITDA 13.4 5.4 35.1 Add back / (deduct) Share Awards 0.0 3.3 3.3 Reorganisation Expenses 0.0 4.3 4.8 Adjusted EBITDA 13.4 13.0 43.2 26
Page 27
Due to rounding, numbers presented above may not add up precisely to the totals Key Financial Figures: Group Balance Sheet & Net Debt Due to rounding, the numbers presented above may not add up precisely to the totals Key Balance Sheet Items (in €million) H1 2026 FY 2025 Non-Current Assets 148.3 140.4 Total Current Assets 119.6 149.0 Total Assets 267.9 289.4 Equity Attributable to Owners of the Company 89.7 98.2 Total Equity 98.1 106.8 Non-Current Liabilities 71.1 74.5 Current Liabilities 98.7 108.1 Total Liabilities 169.8 182.6 Debt (in €million) H1 2026 FY 2025 Total Debt (Current and non-current borrowings & government grants) 67.0 73.0 (+) Leases 20.9 21.7 (-) Cash and cash equivalents (21.0) (55.1) Net Debt 66.9 39.6 Net Debt (excl. Leases) 45.9 17.9 (+) Remaining IPO Net Proceeds 9.6 15.9 Net Debt (excl. SCI & Leases) 55.6 33.7 Due to rounding, the numbers presented above may not add up precisely to the totals 27
Page 28
Segment Analysis: H1 2026 Performance Overview Credit & Receivables Analytics & Artificial Intelligence Supply Chain & Factoring Business Process Automation Securitizations Real Estate Management & Mortgages Open Banking & Payments Credit & Receivables Management Debt Servicing Operations Digitalisation €31m €19m €2m €56m EBITDACore activities H1 2026 Revenue1 Software & Technology E2E software solutions Platform as a Service All-in-one tech-enabled platforms Portfolio Management Servicing & Operations digitalisation B2B B2B2C 3 B2B Business segments No balance sheet risk 1 2 €8m €3m ICT YoY Growth % +2% +16% Note: 1. Figures exclude intragroup revenue eliminations and adjustments 2. Figures include intragroup eliminations and adjustments Revenue2 Algorithmic Solutions & Dual Use Systems EBITDA Margin1 9% 15% 11% EBITDA +1% -2% +18% +4% 28
Page 29
Segment Analysis: Sound International Expansion & Industry Diversification Revenue by Geography Revenue by Industry International Revenue increased from 29% to 32%, consistent with strategic internalisation. 47% 16% 15% 6% 7% 3% 6% Energy & Utilities Financial Institutions & Services Institutional Investors Public* IT Services Telecom Other €101m H1 2026 68% 32% Greece International €101m H1 2026 Platforms as a Service grew to 53% of revenues in line with our strategic growth vision. Revenue by Segment 28% 53% 19% Software & Technology Platform as a Service Portfolio Management €101m H1 2026 New industries increase materially, e.g., Telecom, Manufacturing, Transport, Retail & Shipping. (incl. Manufacturing, Transport, Retail & Shipping) *(incl. general government entities) 29
Page 30
Since 2021, Qualco Group has published independent Sustainability Reports and has received ESG-related awards for its initiatives. The Group remains committed to responsible business practices as a signatory to the United Nations Global Compact, reflecting its focus on supporting the real economy and society. Latest Sustainability Report: https://qualco.group/wp-content/uploads/2026/08/2025-Qualco-Group-Impact-Report.pdf We were honoured to receive the following key distinctions in H1 2026: ▪ Winner of the “Digital Transformation Award” at the Athens Chamber of Commerce and Industry (ACCI) Business Awards 2026, in recognition of our contribution to business transformation through technology ▪ Diversity Badge from the General Secretariat for Equality and Human Rights of the Ministry of Social Cohesion & Family Affairs of Greece (June 2026) ▪ Gold Award in the 2026 Health & Safety Awards: “Digital Ergonomics & Home Safety” ▪ Silver Award in the 2026 Health & Safety Awards: “Mental Health Support for Remote Teams” ▪ Bronze Award in the 2026 Compliance Awards: “Best Governance Implementation Project” ESG Update: H1 2026 Awards & Recognitions 30
Page 31
Environmental ▪ Scope 1 GHG emissions: 83tCO2e * ▪ Scope 2 GHG emissions (market-based): 572tCO2e * ▪ Scope 3 employee commuting emissions: 727 tCO2e * ▪ Scope 3 business travel emissions: 248 tCO2e * ▪ Materials recycled: 1.8 tonnes (H1 2026) * As of 31.12.2025 ESG Update: H1 2026 ESG KPIs & Goals Social ▪ Women in the total workforce: 43.0% ▪ Women in senior/managerial positions: 29.4% ▪ Training hours per employee: 13.1 ▪ 250+ employees took part in 15+ initiatives for the volunteering team ▪ Through 35+ impactful initiatives in H1 2026, Qualco Foundation supported over 4,000 beneficiaries, strengthening its meaningful social impact. Environment ▪ 100% responsible handling (reuse, recycling or donation) of all e-waste generated by the Group’s operations Health and Safety ▪ Provide ergonomic assessment of musculoskeletal disorders and visual acuity for at least 70% of employees on an annual basis ▪ Train at least 50% of the total workforce in First Aid by 2028 Employees ▪ The Group aims to consistently maintain women’s representation in the total workforce at or above 40% on an annual basis ▪ The Group aims to reach 40% representation of women in senior and managerial positions by 2030. ▪ The Group is committed to strengthening employee engagement by achieving participation rates of at least 80% in its annual Engagement Survey Qualco Group ESG Goals 31
Page 32
H1 & Q3 2026 Milestones: New Business from Existing & New Clients Core Developments Software & Technology E2E software solutions Platform as a Service All-in-one tech-enabled platforms Portfolio Management Servicing & Operations digitalisation B2B B2B2C 3 B2B Business segments No balance sheet risk 1 2 32
Page 33
Calendar of Events 2026 February JulyMay August 33 Shariah Compliance Certification for ProximaPlus Receivables & Supply Chain Finance Platform by the Islamic Trade Finance Corporation (part of the Islamic Development Bank). Qualco Group joins the Euronext Tech Leaders segment, which comprises leading & high-growth technology companies in Europe. The universe includes more than 100 companies with approx. €800 billion aggregated market cap. Qualco Group launches new Agentic AI software suite that transforms data into real-time operational action. Innovative solutions include Agenly and Data & ML Studio. Soft launch began in H1 2026, full commercial launch expected in Oct 2026. Qualco Group acquires 60% of Lever Development Consultants, expanding its technology footprint in the European public sector, for an upfront consideration of €3.0 million with additional consideration (earn- out) of up to €0.5 million linked to performance. Qualco Group acquires a 50.1% stake in Multiverse S.A., one of Europe’s leading platforms in financing and innovation advisory services, for an upfront consideration of €0.9 million, with up to €1.35 million in additional consideration linked to performance (earn-outs), and a further €0.15 million through a share capital increase. Skaramangas Shipyards, Qualco Group & Olympic Marine partner & sign an MoU to develop a Greek- designed multi-purpose Unmanned Autonomous Surface Vessel: AI technology and algorithms will power a new generation of dual- use autonomous vessels for defence, security, and the blue economy. Qualco Group has undertaken a major project to digitally map the Greek Ministry of Health's real estate portfolio. The project, which comprises the digital mapping, regularisation, and evaluation of the portfolio, has a total budget of nearly €10 million over 24 months, with an option for additional services worth up to €5 million.
Page 34
Definition of Financial Data, Ratios Used and Alternative Performance Measures The 2026 Half-Year Financial Results contain financial information and measures as derived from the Group’s financial statements for the six-month period ended 30 June 2026 and 2025 for the year ended 31 December 2025, in accordance with International Accounting Standard 34 “Interim Financial Reporting” and International Financial Reporting Standards (“IFRS”), as endorsed by the EU. Additionally, it contains certain alternative performance measures ('APMs') as defined in the ESMA Guidelines on Alternative Performance Measures (ESMA/2015/1415), used as a normal part of our financial and management reporting. The table below sets out definitions for each of the ratios and other data above: Metrics Definition LTM Revenue Revenue measured over the last twelve months, calculated as the most recent full financial year plus the current interim period, less the comparable prior-year interim period Adjusted Attributable Income to Shareholders Profit for the Period attributable to owners of the parent company, adjusted for share-based payments, reorganisation and other expenses (after tax) Adjusted Cash Flow from Operations Cash Flow from Operations adjusted for reorganisation and other expenses Adjusted EBITDA Defined as net profit/(loss) plus income tax expense, net finance income/expenses and depreciation and amortization, less share of results of associates, less gains and losses, less share-based payments, and less reorganisation and other expenses. Adjusted LTM EBITDA Defined as Adjusted EBITDA measured over the last twelve months ("LTM"), calculated as the corresponding full financial year plus the current interim period, less the comparable prior-year interim period. Adjusted EBITDA Margin Defined as Adjusted EBITDA margin measures adjusted EBITDA as a percentage of revenue. Adjusted LTM EBITDA Margin Defined as Adjusted EBITDA margin measures adjusted EBITDA as a percentage of LTM revenue Adjusted Net Income Profit for the Period adjusted for share-based payments, reorganisation and other expenses (after tax) Awarded Revenues Represents the Group’s contracted future revenue over the next five years, comprising backlog, recurring revenue and estimated success fees based on historical trends and advanced collections modelling. CAPEX Stands for Capital Expenditures Gross Profit Margin Gross profit over revenue. Net Debt Net debt, excluding SCI Net Proceeds, is a financial metric used to measure the net debt position, representing current and non-current elements of borrowings, government grants related to debt, and lease liabilities, less cash and cash equivalents. Also, the effect of the Share Capital Increase (“SCI”) is deducted for comparability purposes. We believe it is a relevant metric used by investors when assessing the net financial leverage of companies, as well as by rating agencies and creditors to assess the level of net indebtedness. Net Debt (excl. SCI & leases) to Adjusted EBITDA ratio Net debt, excluding SCI Net Proceeds, without leases to adjusted EBITDA ratio measures our ability to service or repay our debt if net debt and adjusted EBITDA remain constant, after excluding the effect of lease liabilities. Net Debt (excl. SCI & leases)/Equity Net debt, excluding SCI Net Proceeds, without leases over total equity indicates the degree to which a company is financing its operations with debt rather than its own resources, after excluding the effect of lease liabilities. Net Debt to Adjusted EBITDA Net debt, excluding SCI Net Proceeds, to adjusted EBITDA ratio measures our ability to service or repay our debt if Net debt and adjusted EBITDA remain constant. Net Debt/Equity Net debt, excluding SCI Net Proceeds, over total equity indicates the degree to which a company is financing its operations with debt rather than its own resources. Total Current Assets/Total Assets Total current assets over total assets indicates how much of that portion of total assets is occupied by the current assets. Total Current Assets/Total Current Liabilities (current ratio) Total current assets over total current liabilities indicates the ability of the company to meet its current liabilities with current assets. 34
Page 35
Disclaimer The statements, information and opinions set out in the Financial Results Presentation have been provided by Qualco Group S.A. (the “Company”) (together with its consolidated subsidiaries (the “Group” or “Qualco Group”). They serve informational purposes only and should not be considered advice or a recommendation to investors or potential investors regarding holding, purchasing, or selling securities, and do not take into account particular investment objectives, financial situation, or needs. It is not a research report, a trade confirmation or an offer or solicitation of an offer to buy/sell any securities. Accuracy of Information and Limitation of Liability Whilst reasonable care has been taken to ensure that its contents are true and accurate, no representations or warranties, express or implied, are given in, or in respect of the accuracy or completeness of any information included in the Financial Results Presentation. To the fullest extent permitted by law in no circumstances will the Company, or any of its respective subsidiaries, shareholders, affiliates, representatives, directors, officers, employees, advisers or agents be responsible or liable for any direct, indirect or consequential loss or loss of profit arising from the use of the Financial Results Presentation, its contents (including the internal estimations), its omissions, reliance on the information contained within it, or on opinions communicated in relation thereto or otherwise arising in connection therewith. Recipients of the Financial Results Presentation are not to construe its contents, or any prior or subsequent communications from or with the Company or its representatives, as financial, investment, legal, tax, business, or other professional advice. In addition, the Financial Results Presentation does not purport to be all-inclusive or to contain all the information required to conduct a full analysis of the Company. Recipients of the Financial Results Presentation should consult with their own advisers and should each make their own evaluation of the Company and the Group and of the relevance and adequacy of the information. The Financial Results Presentation includes certain non-IFRS financial measures. These measures are presented in this section under “ESMA Alternative Performance Measures (APMs), definition of financial data and ratios used”, and may not be comparable to those of other companies. Reference to these non-IFRS financial measures should be considered in addition to IFRS financial measures. Still, it should not be considered a substitute for results that are presented in accordance with IFRS. Moreover, certain financial and statistical information in the Financial Results Presentation has been rounded. Accordingly, the sum of certain data may not match the stated total. This presentation also includes several key financial and operating measures to track the Company’s business performance. None of these items is a measure of financial performance under generally accepted accounting principles, including IFRS, nor have these measures been reviewed by an external auditor, consultant or expert. These measures are derived from management information systems. As these terms are not determined in accordance with generally accepted accounting principles and are therefore susceptible to varying calculations, the measures presented may not be comparable to other similarly titled measures used by others. Forward-Looking Statements The Financial Results Presentation may include forward-looking statements, which are based on current expectations and projections about future events. These statements may include, without limitation, any statements preceded by, followed by or including words such as “target”, “believe”, “expect”, “aim”, “intend”, “may”, “anticipate”, “estimate”, “plan”, “project”, “guidance”, “will”, “can have”, “likely”, “should”, “would”, “could” and any other words and terms of similar meaning or the negative thereof. The Financial Results Presentation also includes certain medium-term guidance related to the Company’s business. Such information is given only as of this date, and the Company is under no obligation to provide any update. By their nature, these forward-looking statements and medium-term guidance are subject to risks, uncertainties, and assumptions regarding the Company, its subsidiaries, and its investments, including, among other things, the development of its business and strategy, trends in its operating environment, and future capital expenditures and acquisitions. Because of these risks, uncertainties, and assumptions, the events in the forward-looking statements and medium-term guidance may not occur. Information contained in the Financial Results Presentation regarding past trends or activities should not be taken as a representation that such trends or activities will continue in the future. The Company’s ability to implement forward-looking information or medium-term guidance is subject to uncertainties and contingencies, some of which are beyond its control, and no assurance can be given that the Company will be able to reach its outlook or that its financial condition or results of operations will not be materially different from such information. In addition, even if the Company’s results of operations, including the financial condition and liquidity and the development of the industry in which it operates, are consistent with the forward-looking statements or medium-term guidance contained in this presentation, those results or developments may not be indicative of results or developments in subsequent periods. The Company does not undertake any obligation to update, supplement, amend or revise any forward-looking statements or medium-term guidance, whether because of new information, future events or otherwise. You should not place undue reliance on forward-looking statements or medium-term guidance, which speak only as of the date of this Financial Results Presentation. No representation or warranty is made that any forward-looking statement or medium-term guidance will come to pass. Forward-Looking Statements reflect knowledge and information available as of the date of the Financial Results Presentation, are subject to inherent uncertainties and qualifications, and are based on numerous assumptions, whether identified in the Financial Results Presentation or not. Although the forward-looking statements in the Financial Results Presentation are based on what management of the Company believes are reasonable assumptions, these assumptions are inherently subject to significant uncertainties and contingencies, including progress in disinflation and risks related to increased geopolitical tensions. Because market volatility has increased due geopolitical events that are difficult or impossible to predict and beyond the Company’s control, no assurance can be provided that the Company will achieve or meet these expectations, beliefs, or projections. 35