Date

29/07/2026

Info

The revised valuation reflects QnR’s strategic evolution into an international technology Group, recognising its expanded scale, stronger business model and enhanced prospects for long-term value creation.

Less than a year after Piraeus Securities initiated coverage of QnR in September 2025, its newly updated analysis reflects the Group’s significant strategic evolution, incorporating the substantial expansion of its scale, geographic footprint and technological capabilities through the execution of its strategic plan.

The report highlights that, since the beginning of 2025, QnR has evolved from an IT company primarily focused on Greek public-sector projects into a broader technology Group with a presence in Greece, Cyprus, Belgium and Poland, significantly expanding its operations through five strategic acquisitions.

Against this backdrop, Piraeus Securities has revised QnR’s Equity Value to €66.7 million, up 36% from approximately €49 million in its initial coverage report, while maintaining its “Outperform” rating and raising its target price to €1.90 per share, implying 51% upside from current levels.

The revised valuation represents more than simply a change in the target price. It incorporates the significant strategic developments that have taken place since September 2025 and the progress achieved by the Group in executing its growth strategy.

During this period, QnR successfully completed its share capital increase, executed five (5) strategic acquisitions within eighteen (18) months, entered the Maritime Intelligence and Defence & Dual-Use Technologies sectors through the acquisition of a 51% stake in MTIS, and made its first expansion into Central and Eastern Europe through the acquisition of a 51% stake in E-XIM IT in Poland. At the same time, the Group significantly broadened its technology portfolio and created an integrated ecosystem of technology companies with strong synergies and new growth opportunities. These developments are identified in Piraeus Securities’ new report as the key factors that have transformed the Group’s business profile.

This strategy is already being accompanied by a significant improvement in financial performance and a clear medium-term growth plan. In its analysis, Piraeus Securities notes that the Group’s new structure, the increasing contribution of recurring revenues and the realisation of synergies create stronger foundations for sustainable growth over the coming years.

What Piraeus Securities Recognises in 2026 New Report

The new report highlights the significant upgrade in QnR’s business profile. According to the analysis, the Group’s strategy is leading to a higher-quality revenue mix, with a greater contribution from recurring revenues, private-sector business and international operations, while also leveraging synergies and cross-selling opportunities across the Group’s companies.

At the same time, Piraeus Securities estimates that this shift improves the visibility of earnings over time, while the gradually increasing contribution of software, managed services and recurring revenues is expected to support higher profit margins and stronger value creation.

Furthermore, the report notes that, despite the Group’s significant transformation, QnR’s valuation remains at levels which, in Piraeus Securities’ view, do not yet fully reflect its expanded earnings base and growth prospects.

Today, the QnR Group comprises eight (8) specialised companies, with a presence in four countries, four (4) international delivery centres and more than 210 specialised professionals, offering a comprehensive portfolio of solutions across Artificial Intelligence (AI), Cybersecurity, SAP Business Solutions and SAP S/4HANA Cloud Public, ServiceNow, Core Banking Technologies, Maritime Intelligence, and Defence & Dual-Use Technologies.

Panayiotis Paschalakis, CEO of QnR, commented:

“In less than a year, we have executed an exceptionally ambitious strategic plan with speed and consistency, transforming QnR into an international technology Group with significantly greater scale, new capabilities and stronger growth prospects.

Piraeus Securities’ updated analysis reflects the progress we have achieved, and the revised valuation of the Group represents an important indication that the strategy we are executing is creating sustainable, long-term value.

We remain firmly committed to our vision of building a European Technology Powerhouse and continue to execute it with the same speed, discipline and consistency — investing in cutting-edge technologies, expanding our international presence and creating sustainable value for our shareholders, clients and people.”