In a period where the Greek economy is seeking stable footing amidst a shifting international landscape, Quest Holdings presented its financial results for the first quarter of 2026, confirming the resilience of its business model. The group's management, led by Theodore Fessas, announced a sales increase of 11.4%, a performance deemed highly satisfactory considering the challenges facing retail and the global supply chain.
Dissecting the Results: Resilience and Growth
The surge in turnover is not an isolated event but the result of a strategic diversification that the Group has pursued in recent years. The IT and telecommunications sectors remained the primary growth pillars, with Info Quest Technologies and iSquare (the official Apple distributor) recording strong performances. The digital transformation of both the public and private sectors in Greece, fueled by Recovery and Resilience Facility (RRF) funds, continues to generate demand for high-tech equipment and services.
However, Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) also showed a positive sign, albeit with slightly lower growth rates compared to sales, suggesting a slight compression of profit margins due to increased operating costs. The courier sector (ACS) continues to be the "engine" of profitability, benefiting from the further consolidation of e-commerce in Greek daily life, despite intense competition and increases in fuel and labor costs.
The Triple Threat: Transportation, Energy, and Consumption
Despite the optimistic start, Quest Holdings' management is sounding the alarm regarding three specific factors expected to define the year's course. First, transportation costs remain high. Geopolitical turmoil in the Red Sea and delays in global supply chains have increased freight rates, directly impacting importers of technology products. The Group must manage these costs without passing the entire burden onto the end consumer, which would harm its competitiveness.
Second, energy remains an unpredictable factor. Although prices have receded from the historic highs of 2022-2023, volatility persists, affecting both the operating costs of warehouses and stores and the disposable income of households. Quest Energy continues to invest in renewable energy sources, attempting to offset some of these pressures, but the group's overall exposure to the energy market remains significant.
Consumer Psychology and the H2 Bet
The third and perhaps most crucial factor is the pressure on consumption. With inflation having left deep marks on the purchasing power of Greeks, demand for technology products not considered "essential" is beginning to show signs of fatigue. Quest management observes a consumer shift toward more economical solutions or the postponement of high-cost purchases, such as high-end laptops and smartphones.
"The challenge for 2026 is not just maintaining sales, but adapting to a new normal where the consumer is more cautious and operating costs are more unpredictable," market analysts note.
In this context, the Group is focusing on enhancing value-added services and expanding into new markets. The recent acquisition of companies in the household appliances and air conditioning sector (such as Benroubi) aims to broaden the product portfolio to cover needs related to the energy upgrading of homes, a sector strongly supported by state subsidies.
Conclusion: Strategic Readiness
Quest Holdings enters the second quarter of 2026 with strong liquidity and a clear plan. Its ability to navigate between the Scylla of transportation costs and the Charybdis of reduced consumption will determine whether 2026 will close with historical records or a necessary stabilization. The emphasis on innovation, supply chain optimization through ACS, and careful cost management are the group's "weapons" in a year that, while starting positively, hides many traps.
