During the first half, the company reported capital spending equivalent to 8 percent of revenues—around €7 million—alongside cash reserves of €69 million.
Executives stressed that the strong liquidity secured through Qualco’s successful listing on the Athens Stock Exchange in May, combined with prudent cash-flow management, has created the conditions for maintaining these figures throughout the rest of the year. This, they argued, positions the company to prepare for fresh investment initiatives with a strategic footprint.
Management confirmed that discussions are underway regarding mergers and acquisitions, although no details were disclosed. They also highlighted recent investments in firms such as Empedus, Cenobe, Indice, and EPFS Panel Manager, emphasizing the targeted nature of these moves.
Yet not all of the company’s ventures have produced the expected returns. A notable example is its 10 percent stake in Linked Business S.A., acquired in 2021 for €1.25 million. By the end of 2024, the value of this holding had fallen to just €132,000, representing a loss of roughly 89 percent. Questions also linger around the current valuation of Qualco’s 2.5 percent stake in UK-based proptech firm Bricklane Technologies Ltd, purchased in 2022 for just over €1 million.
Other smaller positions have similarly raised concerns. A 1.03 percent stake acquired in 2022 in Convert Group Consulting S.A. is now valued at €221,000 following a capital increase last year. In May 2024, Qualco invested in Hive Health Optimum Limited, taking a 6.7 percent share that is currently valued at €470,900. A few months later, in September 2024, the company bought 1 percent of Natech S.A. for €1 million.
The company’s investment portfolio therefore presents a mixed picture. While certain bets offer promising strategic opportunities, others have already resulted in significant write-downs, highlighting the high-risk profile that continues to characterize Qualco’s expansion strategy.
