Performance Technologies delivers 12.6% revenue growth and 36.9% adjusted EBITDA growth in H1 2026
Gross margin expands by 5.5 percentage points; net cash reaches €18.1 million
Athens, 15 September 2026 – Performance Technologies S.A. (“Performance Technologies” or the “Group”) today announced its reviewed interim financial results for the six months ended 30 June 2026.
Financial highlights
Group revenue increased 12.6% to €45.8 million, from €40.7 million in H1 2025.
- Gross profit rose 33.4% to €16.2 million, with gross margin expanding to 35.4% from 29.9%.
- Adjusted EBITDA increased 36.9% to €6.6 million, with the adjusted EBITDA margin improving to 14.4% from 11.9%. EBITDA before the share-award adjustment was €4.7 million, up 10.0%.
- Adjusted profit before tax increased 39.1% to €5.6 million. Reported profit before tax rose 6.5% to €3.7 million.
- Profit after tax was €2.4 million, compared with €2.6 million in H1 2025, following the substantially higher non-cash expense associated with the Group’s share-award programs. Excluding this expense, profit after tax increased approximately 35% to €4.3 million.
- Cash generated from operating activities after interest and tax reached €11.9 million, supported by strong receivables collections. Cash and cash equivalents were €24.3 million and net cash was €18.1 million at 30 June 2026.
Higher-value revenue mix supports margin expansion
Revenue growth was accompanied by a substantially faster increase in gross profit. The improvement reflects a greater contribution from higher-value projects and managed services, together with the maturing of earlier investments in people and technical capabilities. Demand remained strong across cloud, cybersecurity, data and AI, observability, enterprise service management and managed services.
Multiyear managed-service and as-a-service engagements remain an important part of our strategy. They deepen our role in operating customers’ critical technology environments, increase the recurring element of our revenue base and support better visibility over future resource requirements.
Transparent view of reported and adjusted earnings
The accounting expense associated with the Group’s equity-settled share award programs increased to €1.966 million in H1 2026, from €0.605 million in H1 2025. This is a non-cash expense determined in accordance with IFRS 2, based principally on the grant-date fair value of the awards and recognized over their respective vesting periods. The year-on-year increase partly reflects the approximately 60% rise in the Company’s share price between the relevant grant dates. It does not represent a corresponding cash outflow during the period. Excluding this non-cash expense, adjusted EBITDA increased 36.9% to €6.618 million and adjusted profit before tax increased 39.1% to €5.640 million. Before the share-award adjustment, EBITDA increased 10.0% to €4.652 million, while reported profit before tax increased 6.5% to €3.674 million.
The Group’s income-tax charge was €1.3 million, corresponding to approximately 23% of adjusted profit before tax, compared with approximately 21% in H1 2025. Profit after tax, before deducting the non-cash share-award expense, increased by approximately 35% to €4.3 million, from €3.2 million in H1 2025. After recognizing a non-cash share-award expense of €2.0 million, compared with €0.6 million in H1 2025, reported profit after tax was €2.4 million, compared with €2.6 million.
Strong liquidity and cash generation
Cash generated from operating activities after interest and tax increased to €11.858 million from €0.966 million, with the improvement materially supported by working-capital movements and, in particular, the collection of trade receivables. After investment activity, dividends, share buybacks and debt repayments, cash and cash equivalents increased by €6.690 million during the period to €24.340 million. Net cash stood at €18.078 million, compared with €10.519 million at 31 December 2025.
Strategic progress during the period
During H1 2026, Performance Technologies expanded its portfolio of complex and multiyear engagements across infrastructure, cloud, cybersecurity, enterprise service management, observability and managed services. New engagements included a three-year ServiceNow platform implementation for a shipping company, a three-year Zero Trust cybersecurity program, a five-year backup-as-a-service contract, and multiyear cloud and technology-support agreements.
The Group also broadened its access to European opportunities through a framework agreement with the European Patent Office and the approval of the RADAR project under Horizon Europe. In Greece, we continued our work on major public-sector and research infrastructure, including the expansion of IDIKA’s Health Monitoring project and a project supporting the “Archimedes” supercomputer of the Athena Research Center.
Performance Technologies achieved ISO/IEC 42001 certification for its Artificial Intelligence Management System during the period. The certification strengthens the governance and control framework for the responsible use of AI in our operations and in customer solutions.
We also continued to invest in our regional presence. Cyprus remains a priority market, and we appointed an experienced executive to lead the Group’s activities in Cyprus and Malta. Group headcount reached 368 at 30 June 2026, an increase of 58 employees, or 18.7%, year on year.
Outlook
The investments made in technical capabilities, managed services and regional expansion, together with our portfolio of contracted and prospective projects, support our confidence in the Group’s continued growth. For the remainder of 2026, our priorities are to deepen relationships with existing customers, expand in Cyprus and other international markets, grow our public-sector and European activities, and increase the contribution of managed services, cloud, cybersecurity, observability, enterprise service management, data and AI.
Trading since 30 June has remained positive, with revenue and gross profit well ahead of the comparable period of 2025.
Alternative performance measures
EBITDA, adjusted EBITDA, adjusted profit before tax and profit after tax excluding the share-award expense are alternative performance measures and are not defined under IFRS. They should be considered together with, and not as substitutes for, the measures reported under IFRS. EBITDA is calculated as operating profit plus depreciation and amortization. Adjusted EBITDA and adjusted profit before tax exclude the non-cash accounting expense associated with the Group’s share-award programs. Profit after tax excluding the share-award expense is calculated by adding this expense back to reported profit after tax. The expense amounted to €1.966 million in H1 2026 and €0.605 million in H1 2025. Definitions and reconciliations of adjusted EBITDA and adjusted profit before tax are included in the H1 2026 interim financial report. Profit after tax excluding the share-award expense is reconciled as follows: €2.372 million plus €1.966 million equals €4.338 million for H1 2026, while €2.603 million plus €0.605 million equals €3.208 million for H1 2025.
| Group | Company | |||||
| Amounts expressed in thousands of euros | 2026H1 | 2025H1 | Variance | 2026H1 | 2025H1 | Variance |
| Turnover | 45.814 | 40.699 | 12,57% | 42.427 | 37.294 | 13,76% |
| Cost of Sales | -29.599 | -28.546 | 3,69% | -27.430 | -26.457 | 3,68% |
| Gross profit | 16.214 | 12.153 | 33,42% | 14.997 | 10.837 | 38,39% |
| EBITDA (adjusted) | 6.618 | 4.835 | 36,87% | 6.067 | 4.170 | 45,51% |
| EBIT | 3.916 | 3.675 | 6,56% | 3.399 | 3.048 | 11,53% |
| Earnings Before Tax – EBT | 3.674 | 3.450 | 6,50% | 3.161 | 2.839 | 11,35% |
| Earnings After Tax – EAT | 2.372 | 2.603 | -8,85% | 1.939 | 2.012 | -3,64% |
| EBIT (adjusted) | 5.882 | 4.280 | 37,43% | 5.365 | 3.653 | 46,88% |
| Earnings Before Tax – EBT (adjusted) | 5.640 | 4.055 | 39,09% | 5.127 | 3.444 | 48,87% |
| Group | Company | |||||
| Amounts expressed in thousands of euros | 30.06.2026 | 31.12.2025 | Variance | 30.06.2026 | 31.12.2025 | Variance |
| Current Assets | 60.841 | 66.039 | -7,87% | 54.534 | 60.018 | -9,14% |
| Total Assets | 69.644 | 73.252 | -4,93% | 62.992 | 66.956 | -5,92% |
| Cash and Cash Equivalents | 24.340 | 17.638 | 38,00% | 20.355 | 14.289 | 42,46% |
| Net Debt | -18.078 | -10.519 | 71,85% | -14.060 | -7.350 | 91,28% |
| Total Equity | 37.529 | 35.571 | 5,50% | 32.328 | 30.804 | 4,95% |
About Performance Technologies
Performance Technologies is a Greece-based technology solutions and services group listed on the Regulated Market of Euronext Athens. We help organizations modernize critical technology infrastructure, adopt cloud and digital platforms, improve service operations and observability, use data and AI, and strengthen cybersecurity and operational resilience. The Group operates in Greece, Cyprus and Bulgaria and works with leading international technology providers.
Further information
The H1 2026 interim financial report is available at www.performance.gr.
- Investor Relations: Euaggelia Papanikolaou | Euaggelia.Papanikolaou@performance.gr | +30 698 8205711
- Media inquiries: Dimitra Kontou | Dimitra.Kontou@performance.gr | +30 697 7650566
