Qualco Intelligence Finance (QIF) has transformed into a veritable dividend "goldmine" for listed companies QUALCO (75%) and PPC (25%).
Notably, for the nine-month period of 2026, the non-bank receivables management and securitization company has approved three separate distributions of interim dividends totaling €20.6 million.
On November 5, 2026, the decision was made to distribute an interim dividend of €4.9 million, covering profits for the period 1/7/2026-30/9/2026.
For the current fiscal year, Qualco Intelligence has already distributed €6.7 million for the first quarter and €8 million for the second quarter.
As will be detailed below, the subsidiary of Qualco is rapidly expanding its portfolio across Greece and abroad, both in third-party receivables management and in specialized services for photovoltaic and fiber-optic clients.
Profitability
Specifically, during the first nine months of the year, the joint subsidiary of the two listed firms recorded net profits of €22.9 million, compared to €23.4 million in the corresponding nine-month period last year.
Turnover climbed to €65.8 million versus €61.2 million a year earlier.
Over the same period, gross profit reached €34 million compared to €35.1 million in 2025, while operating profit (EBIT) stood at €29.6 million versus €30.5 million in 2025.
Meanwhile, net cash flows from operating activities totaled €18.8 million compared to €22.6 million.
The company repaid a €6 million bank loan, lease obligations of €149.6 thousand, and €17.7 million in distributed profits, while cash and cash equivalents at the end of the nine-month period stood at €4.8 million against €10 million in the nine-month period of 2025.
In fiscal year 2025, the company posted turnover of €89.3 million and net profits of €32.6 million.
The 2025 balance sheet included the issuance by the company of a €5 million bond loan subscribed by parent company Qualco SA Single Member SA Information Systems.
The bond loan matures in December 2026 and carries an interest rate of Euribor + 2.5%.
At the end of September 2026, other financial assets increased by €6 million, representing a cash facility extended to Qualco SA Single Member SA Information Systems, which was fully repaid in October 2026.
The lucrative framework agreement with PPC and... managing municipal fines from Italian municipalities to Greeks
QIF was established in 2024 and the following year signed a landmark framework agreement with PPC for receivables management, generating estimated revenues of €600 million over the next decade based on historical data analysis of PPC and the maturity profile of its receivables portfolio.
According to the 2025 financial statements, for this portfolio the company commits to providing the underlying technology and operational know-how, while the bulk of the agreement is structured around a success-fee model calculated on actual recoveries.
Crucially, however, the contractual success fees incorporate operating expenses, significantly mitigating financial risk.
Beyond the receivables of PPC, the company took over in 2025 as servicer for the Icarus securitization of AVIS with Piraeus Bank and the Drivion securitization of AVIS with Eurobank.
Furthermore, during the previous period, Qualco assumed the management of receivables for Kotsovolos, as well as claims stemming from administrative fines imposed by Italian Municipal Police Authorities on Greek citizens.
In 2025, the company jointly undertook with Mediatel operational support services for e-mobility, photovoltaic panel, and fiber-optic customers.
Late last year, in collaboration with Lever, it was awarded a portfolio analysis and valuation project for the municipal water supply company of the Municipality of Delta in Thessaloniki.
Dimitris Pafilas
dpafilas@yahoo.com
www.bankingnews.gr
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