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olivLaw · European equity research

Performance Technologies Α.Ε. Πληροφορικής PERF.AT

Greece · Athens Stock Exchange · ISIN GRS505003004 · Vertical: Listed companies from Greece

9.61EUR−2.04% · 1 dayClose 05 Nov 2026

Performance Technologies is a Greek IT services company delivering cloud, managed services, observability, data and artificial intelligence, along with digitalisation projects for banks, public administration and large companies. In 2025 the company stressed its recurring-revenue model, with a public-sector backlog of around 6.3 million euro. Rising demand for managed services makes this strategy relevant today.

At the close of 05 Nov 2026, Performance Technologies Α.Ε. Πληροφορικής (PERF.AT) stock was 9.61 EUR (−2.04% on the day), with market capitalisation 133.5 m EUR, P/E 19.1 on diluted EPS of 0.50 EUR over the last 12 months, dividend yield 1.16%, beta 0.66, 52-week range 6.81–10.46 EUR.

Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.

Market cap
133.5 m EUR
shares as of 31 Dec 2025
P/E (TTM)
19.1
Diluted EPS TTM 0.50 · TTM to 31 Dec 2025
E/P (TTM)
5.23%
TTM to 31 Dec 2025
Dividend yield
1.16%
DPS 12m 0.11
Beta (2y)
0.66
Volatility (1y) 33%
52-week range
6.8110.46

Price history

Loading chart…

Technical reading

RSI (14)
42.1
weak (30–45)
Bollinger (20, 2)
9.51 – 10.17
in the lower half of the band · %B 0.15 · band width 6.7%
SMA 50 / 200
9.94 / 9.10
mixed trend
MACD (12, 26, 9)
-0.05 / -0.02
MACD below signal

Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).

Performance

CompanyEURO STOXX 50vs EURO STOXX 50Vertical median
1 month−0.8%−0.6%−0.2 pp—
3 months−6.9%−4.2%−2.7 pp—
6 months+6.8%+4.3%+2.4 pp—
Year to date+9.8%+7.5%+2.3 pp—
1 year+32.0%+9.9%+22.1 pp+0.9%
3 years+135.8%+49.8%+86.0 pp+35.3%
5 years+84.8%+42.8%+42.0 pp—
Max drawdown (1y)
−23.5%
09 Jan 2026 → 03 Mar 2026
Max drawdown (5y)
−46.7%
12 Jan 2022 → 26 Sept 2022
Compound annual growth (5y)
+13.1%
EURO STOXX 50 +7.4%

Price returns, dividends excluded.

Quarterly results

ESEF annual reports carry no quarters: the results are annual (below).

E/P over time

E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.

Today's P/E sits at the 100 percentile of its own 3-quarter history (min 14.2, median 15.7, max 17.4; quarters with earnings only).

Fiscal years

Fiscal year202320242025
Revenue57.7 m74.2 m89.4 m
Revenue YoYunavailable+28.5%+20.6%
Net income4.6 m4.9 m7.0 m
Net income YoYunavailable+6.3%+42.3%
Diluted EPS0.330.350.50
Diluted EPS YoYunavailable+6.0%+42.1%
net %8.0%6.6%7.8%
Free cash flowunavailableunavailableunavailable

Balance sheet & financial health

Fiscal year 2025 · 31 Dec 2025

Cash
17.6 m EUR
Financial debt
5.1 m EUR
Net debt
-12.6 m EUR
Equity
35.6 m EUR
Total assets
73.3 m EUR
Debt / equity
0.14x
Current ratio
2.01x
ROE
21.7%
ROA
10.6%
FCF margin
unavailable

Financial statements (source on every figure)

Revenue and net income (EUR)

Margins

Income statement · EUR

Revenue
2023
57.7 m
2024
74.2 m
2025
89.4 m

esef· 23 Oct 2026verified

Cost of revenue
2023
40.0 m
2024
50.9 m
2025
59.9 m

esef· 23 Oct 2026verified

Gross profit
2023
17.7 m
2024
23.2 m
2025
29.5 m

esef· 23 Oct 2026verified

Research & development
2023
2.0 m
2024
2.4 m
2025
3.0 m

esef· 23 Oct 2026verified

Operating income
2023
6.4 m
2024
7.3 m
2025
10.1 m

esef· 23 Oct 2026verified

Pre-tax income
2023
6.1 m
2024
6.9 m
2025
9.6 m

esef· 23 Oct 2026verified

Income tax
2023
1.4 m
2024
1.9 m
2025
2.4 m

esef· 23 Oct 2026verified

Net income
2023
4.6 m
2024
4.9 m
2025
7.0 m

esef· 23 Oct 2026verified

Diluted EPS
2023
0.33
2024
0.35
2025
0.50

esef· 23 Oct 2026verified

Dividend per share
2023
0.06
2024
0.06
2025
0.11

esef· 23 Oct 2026derived

Balance sheet · EUR

Cash
2023
11.1 m
2024
15.0 m
2025
17.6 m

esef· 23 Oct 2026verified

Receivables
2023
27.5 m
2024
28.0 m
2025
38.5 m

esef· 23 Oct 2026verified

Inventories
2023
559.8 k
2024
817.4 k
2025
949.3 k

esef· 23 Oct 2026verified

Current assets
2023
43.7 m
2024
53.3 m
2025
66.0 m

esef· 23 Oct 2026verified

Property, plant & equipment, net
2023
1.4 m
2024
1.8 m
2025
2.8 m

esef· 23 Oct 2026verified

Goodwill
2023
1.8 m
2024
1.8 m
2025
1.8 m

esef· 23 Oct 2026verified

Intangibles (excl. goodwill)
2023
417.8 k
2024
501.9 k
2025
827.2 k

esef· 23 Oct 2026verified

Total assets
2023
48.4 m
2024
59.0 m
2025
73.3 m

esef· 23 Oct 2026verified

Accounts payable
2023
11.7 m
2024
17.1 m
2025
16.8 m

esef· 23 Oct 2026verified

Short-term debt
2023
469.0 k
2024
1.0 m
2025
1.2 m

esef· 23 Oct 2026verified

Long-term debt
2023
1.3 m
2024
1.6 m
2025
3.8 m

esef· 23 Oct 2026verified

Current liabilities
2023
22.3 m
2024
27.7 m
2025
32.9 m

esef· 23 Oct 2026verified

Total liabilities
2023
24.5 m
2024
30.2 m
2025
37.7 m

esef· 23 Oct 2026verified

Equity
2023
23.9 m
2024
28.8 m
2025
35.6 m

esef· 23 Oct 2026verified

Shares outstanding at year end
2023
13.8 m
2024
13.9 m
2025
13.9 m

esef· 23 Oct 2026derived

Cash flow · EUR

Operating cash flow
2023
7.3 m
2024
6.1 m
2025
4.8 m

esef· 23 Oct 2026verified

Investing cash flow
2023
-546.2 k
2024
-1.6 m
2025
-2.2 m

esef· 23 Oct 2026verified

Financing cash flow
2023
-2.6 m
2024
-646.3 k
2025
154.2 k

esef· 23 Oct 2026verified

Dividends paid
2023
782.8 k
2024
846.2 k
2025
1.6 m

esef· 23 Oct 2026verified

Share repurchases
2023
32.0 k
2024
387.6 k
2025
410.3 k

esef· 23 Oct 2026verified

Computed indicators

Growth

Revenue growth (YoY)
20.6%
computed by olivLawFY 2025
Revenue CAGR 3Y
unavailable
input data missing
Revenue CAGR 5Y
unavailable
input data missing
EBIT growth (YoY)
38.1%
computed by olivLawFY 2025
Net income growth (YoY)
42.3%
computed by olivLawFY 2025
Net income CAGR 3Y
unavailable
input data missing
Net income CAGR 5Y
unavailable
input data missing
EPS growth (YoY)
42.1%
computed by olivLawFY 2025
EPS CAGR 3Y
unavailable
input data missing
EPS CAGR 5Y
unavailable
input data missing
FCF growth (YoY)
unavailable
input data missing

Profitability

Gross margin
33.0%
computed by olivLawFY 2025
EBITDA margin
unavailable
input data missing
EBIT margin
11.3%
computed by olivLawFY 2025
Net margin
7.8%
computed by olivLawFY 2025
FCF margin
unavailable
input data missing

Returns

ROE
22.0%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
ROA
10.6%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
ROIC
38.5%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
ROCE
24.9%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
Payout ratio (EPS)
22.2%
computed by olivLawFY 2025
Payout ratio (FCF)
unavailable
input data missing

Balance sheet

Net debt
-12.6 m EUR
computed by olivLawbalance sheet at 31 Dec 2025
Net debt / EBITDA
unavailable
input data missing
Debt / equity
0.1x
computed by olivLawbalance sheet at 31 Dec 2025
Interest coverage
unavailable
input data missing

Liquidity

Current ratio
2.0x
computed by olivLawbalance sheet at 31 Dec 2025
Quick ratio
2.0x
computed by olivLawbalance sheet at 31 Dec 2025
Cash ratio
0.5x
computed by olivLawbalance sheet at 31 Dec 2025

Cash

Operating cash flow
4.8 m EUR
computed by olivLawFY 2025
Capital expenditure
unavailable
input data missing
Free cash flow
unavailable
input data missing
FCF conversion
unavailable
input data missing
Cash conversion
unavailable
input data missing

Efficiency

Days sales outstanding
136 days
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
Days inventory outstanding
5 days
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
Days payables outstanding
103 days
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
Cash conversion cycle
38 days
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025

Market and valuation

Market capitalisation
133.5 m EUR
computed by olivLawbalance sheet at 31 Dec 2025
Enterprise value
120.9 m EUR
computed by olivLawbalance sheet at 31 Dec 2025
Market cap / net income TTM
19.1x
computed by olivLawFY 2025
P/E (TTM)
19.1x
computed by olivLawFY 2025
Earnings yield
5.2%
computed by olivLawFY 2025
P/B
3.8x
computed by olivLawbalance sheet at 31 Dec 2025
P/S
1.5x
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
EV/EBITDA
unavailable
input data missing
EV/EBIT
12.0x
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
EV/Sales
1.4x
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
P/FCF
unavailable
input data missing
FCF yield
unavailable
input data missing
Dividend yield
1.2%
computed by olivLawFY 2025
Shareholder yield (distributions)
1.5%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025

1 indicators that do not apply to the sector.

Valuation

olivLaw classification

Insufficient data
What is missing
  • indicators available: 5 of at least 6
  • score weight coverage: 37.5% of at least 60%

A scoring methodology on indicators and valuation, not investment advice.

Closing price

9.61 EUR

05 Nov 2026Source: olivLaw, closing series

Market cap: 133.5 m EUR

Key indicators

Market capitalisation
133.5 m EUR
computed by olivLawbalance sheet at 31 Dec 2025
P/E (TTM)
19.1x
computed by olivLawFY 2025
P/B
3.8x
computed by olivLawbalance sheet at 31 Dec 2025
EV/EBITDA
unavailable
input data missing
ROE
22.0%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
Net margin
7.8%
computed by olivLawFY 2025
Revenue growth (YoY)
20.6%
computed by olivLawFY 2025
Dividend yield
1.2%
computed by olivLawFY 2025

Coverage and freshness

30/37 reporting lines present
Latest full fiscal year: 2025
Latest reported period: 31 Dec 2025
Latest balance sheet date: 31 Dec 2025
Share count (cover of the latest filing), as of: 31 Dec 2025
Source: esefpublished 23 Oct 2026
verified 95derived 6

Score by group

38% · Insufficient data

Estimated value range

Low
4.24
EUR per share
Mid
5.69
EUR per share
High
6.90
EUR per share
Price: 9.61 EUR
The price is above the range
Potential to the central value: -40.8% (value / price − 1)
Margin of safety: -69.0% (1 − price / value)
Agreement between methods: single method · 1 methods used · 1 independent bases

The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 4.24 – 6.90 EUR.

Methods computed but outside the aggregate range: Dividend discount (DDM) (a small share of earnings is paid as dividends (capital returns through buybacks): the dividend model does not describe the value and stays outside the aggregate).

Valuation assumptions are editorial choices, not measured; beta is not measured.

Method ranges (EUR per share)

— — Mid · ▏ Price

Valuation methods

  • DCF (discounted cash flow)unavailable · input data missing
  • Peers: EV/EBITDAunavailable · input data missing
  • Peers: P/E4.24 – 6.90 (Mid 5.69)
    26 companies used · median multiple 11.3x · quartiles 8.4x – 13.7x
    AEGN.AT, AEM.AT, ALMY.AT, ASCO.AT, ASTAK.AT, AVAX.AT, BELA.AT, BIOKA.AT, BIOSK.AT, BIOT.AT, BRIQ.AT, BYLOT.AT, CENER.AT, CENTR.AT, DAIOS.AT, DIMAND.AT, EIS.AT, ELBE.AT, ELHA.AT, ELLAKTOR.AT, ELSTR.AT, ELTON.AT, ETE.AT, EUROB.AT, EYAPS.AT, FAIS.AT
  • Dividend discount (DDM)outside the aggregate1.52 – 2.08 (Mid 1.76)
    a small share of earnings is paid as dividends (capital returns through buybacks): the dividend model does not describe the value and stays outside the aggregate

Assumptions (illustrative, editorial)

Risk-free rate
3.0%
Equity risk premium
5.5%
Beta (default)
1.00
Cost of equity
8.5%
Terminal growth
2.0%

Factor scorecard

Insufficient data

Minimum-evidence gate: indicators available: 5 of at least 6; score weight coverage: 37.5% of at least 60%

FactorValueScoreWeight used
ROIC · Quality38.5%96 (vs peers)28%
Net margin · Quality7.8%49 (vs peers)17%
FCF conversion · Qualityunavailableunavailable—
Revenue CAGR 3Y · Growthunavailableunavailable—
EPS CAGR 3Y · Growthunavailableunavailable—
Net debt / EBITDA · Balance sheetunavailableunavailable—
Interest coverage · Balance sheetunavailableunavailable—
Current ratio · Balance sheet2.0x100 (on a fixed band)11%
P/E (TTM) · Valuation19.1x20 (vs peers)28%
EV/EBITDA · Valuationunavailableunavailable—
FCF yield · Valuationunavailableunavailable—
Shareholder yield (distributions) · Returns1.5%21 (on a fixed band)17%
Payout ratio (FCF) · Returnsunavailableunavailable—

Factors without a value were dropped; the remaining weights were renormalised.

Score groups

  • Balance sheet· partial100/100 · 1/3 factors with a value
  • Growth· partialunavailable · 0/2 factors with a value
  • Quality78/100 · 2/3 factors with a value
  • Returns· partial21/100 · 1/2 factors with a value
  • Valuation· partial20/100 · 1/3 factors with a value

A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.

Memo

PERFORMANCE TECHNOLOGIES ΑΝΩΝΥΜΗ ΕΤΑΙΡΙΑ ΠΛΗΡΟΦΟΡΙΚΗΣ (PERF.AT). Latest full fiscal year: 2025; data up to 2025-12-31.

Figures computed from the financial statements: revenue 89.4 m EUR in 2025; YoY growth 20.6%; net margin 7.8%; ROE 22.0%.

The estimated value range is 4.24–6.90 EUR per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 5.69 EUR, the price of 9.61 EUR leaves a potential of -40.8% (value / price − 1) and a margin of safety of -69.0% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.

Insufficient data for a verdict (indicators available: 5 of at least 6; score weight coverage: 37.5% of at least 60%).

Text generated deterministically from the figures shown; no language model. Not investment advice.

What supports the thesis

  • ROIC: 38.5%
  • Current ratio: 2.0x

What contradicts it

  • P/E (TTM): 19.1x
  • Shareholder yield (distributions): 1.5%
  • The price is above the estimated value range

Not assessed (insufficient data or a ratio without meaning): FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, EV/EBITDA, FCF yield, Payout ratio (FCF).

Versus the vertical median

Listed companies from Greece · same country · compared with 39 companies

Multiples and returns vs the median

P/E
19.1x
vertical median 12.1x
above median (+57.9%)
EV/EBITDA
—
vertical median 7.7x
P/S
1.5x
vertical median 1.7x
below median (−9.9%)
P/B
3.8x
vertical median 1.4x
above median (+168.3%)
ROE
22.0%
vertical median 10.2%
above median (+116.0%)
Net margin
7.8%
vertical median 7.9%
at median
EBIT margin
11.3%
vertical median 8.9%
above median (+27.0%)
Revenue YoY
20.6%
vertical median 7.2%
above median (+185.3%)
Net debt/EBITDA
—
vertical median 2.9x
Dividend yield
1.2%
vertical median 2.6%
below median (−55.8%)

Price rebased to 100 (monthly, 5 years)

Companies in the vertical

Market capP/EROENet marginRevenue YoY1A / 3A
EUROB.ATΤραπεζα Eurobank Ανωνυμη Eταιρεια17.3 bn12.714.0%39.7%+2.7%+38% / +178%
ETE.ATΕθνικη Τραπεζα Της Ελλαδος Α.ε.15.2 bn13.113.3%42.5%−5.4%+24% / +167%
ELPE.ATHelleniq Energy Ανωνυμη Εταιρεια Συμμετοχων4.9 bn28.56.4%1.5%−9.0%+97% / +114%
CENER.ATCenergy Holdings4.5 bn23.524.3%9.4%+14.7%+45% / +207%
BELA.ATJumbo Ανωνυμη Εμπορικη Εταιρεια3.7 bn11.621.5%26.0%+7.2%+1% / +15%
AKTR.ATΑκtor Ανώνυμη Εταιρεία Συμμετοχών, Τεχνικών Και Ενεργειακών Έργων2.0 bn110.56.7%1.3%+11.2%+7% / +186%
EYDAP.ATΕταιρια Υδρευσεως Και Αποχετευσεως Πρωτευουσης Ανωνυμη Εταιρια1.5 bn—-2.6%-5.9%−2.4%+86% / +136%
ELHA.ATEλβαλχαλκορ Ελληνικη Βιομηχανια Χαλκου Και Αλουμινιου Ανωνυμος Εταιρεια1.3 bn12.49.8%2.9%+5.1%+6% / +83%
AEGN.ATΑεροπορια Αιγαιου Ανωνυμη Αεροπορικη Εταιρεια1.0 bn6.927.7%7.9%+4.6%−21% / −1%
AVAX.ATΑβαξ Ανωνυμη Εταιρεια Εργοληπτικη-Τουριστικη-Εμπορικη-Βιομηχανικη-Οικοδομικων Υλικων & Μηχανηματων505.7 m10.725.9%5.0%+47.1%+40% / +123%
BYLOT.ATBally's Intralot Α.ε.464.8 m15.3-9.3%-12.6%+34.8%+12% / +18%
ELLAKTOR.ATΕλλακτωρ Ανωνυμη Εταιρεια421.5 m2.726.1%175.2%−74.8%−32% / −44%
AEM.ATAlter Ego Media Α.ε.356.1 m18.118.3%14.0%+12.6%−2% / unavailable
ALMY.ATΑλουμυλ Βιομηχανια Αλουμινιου Αε324.0 m10.523.5%6.0%+11.7%+16% / +121%
DIMAND.ATDimand Ανωνυμη Εταιρεια Αξιοποιησης Και Εκμεταλλευσης Ακινητων Και Κατασκευων Υπηρεσιων Και Συμμετοχων266.7 m7.618.5%58.5%+110.6%+42% / +28%
EYAPS.ATΕταιρεια Υδρευσης & Αποχετευσης Θεσσαλονικης Α.ε.169.9 m22.04.1%8.8%+2.4%+24% / +42%
EVR.ATΕυρώπη Holdings Α.ε.168.6 m37.22.9%30.7%+435.3%−32% / +33%
BRIQ.ATBriq Properties Ανωνυμη Εταιρεια Επενδυσεων Σε Ακινητη Περιουσια150.0 m5.915.5%116.9%+37.8%+13% / +70%
PERF.ATPerformance Technologies Ανωνυμη Εταιρια Πληροφορικης133.5 m19.122.0%7.8%+20.6%+34% / +115%
FAIS.ATΦαις Συμμετοχων Ανωνυμη Εταιρεια117.2 m8.722.1%6.3%+12.9%−6% / unavailable
DAIOS.ATΔαϊος Πλαστικα Ανωνυμη Βιομηχανικη Εμπορικη Εταιρεια Α.ε.107.2 m10.914.0%15.6%+9.1%0% / +123%
ASTAK.ATAlpha Real Estate Services Ae93.3 m12.410.4%30.3%+22.4%−8% / −8%
ASCO.ATA.s. Εμπορικη-Βιομηχανικη Εταιρια Η/υ & Παιχνιδιων Α.ε.59.8 m10.514.1%15.8%+16.4%+11% / +106%
AVE.ATAve Α.ε.50.9 m—-25.2%-7.4%+8.2%−7% / −12%
ELTON.ATΕλτον Διεθνους Εμποριου Ανωνυμη Εμπορικη Βιομηχανικη Εταιρεια47.3 m13.94.9%1.9%+8.6%−11% / −18%

1- and 3-year price returns: for PERF.AT from daily closes (the same as the performance table), for the other companies from month-end closes.

olivLaw engine forecast

The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.

The engine has no published run for this company yet.

Valuation scenarios (editable assumptions)

Illustrative scenarios

Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.

Bear
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Base
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Bull
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Nothing is saved.

Estimated price (EUR)

Estimated priceBearBaseBull
1 years
6.28
Total return -34% · Per year -34%
11.05
Total return 16% · Per year 16%
16.58
Total return 74% · Per year 74%
3 years
7.45
Total return -19% · Per year -7%
14.62
Total return 57% · Per year 16%
23.87
Total return 154% · Per year 36%
5 years
8.84
Total return -2% · Per year -0%
19.33
Total return 110% · Per year 16%
34.37
Total return 270% · Per year 30%
What moves the 3-year price the most
  • Exit P/E± 3.65
  • Net margin± 2.56
  • Annual revenue growth± 1.91
  • Annual dilution± 0.21

AI analysis

AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

In brief

Performance Technologies is a Greek IT services company delivering cloud, managed services, observability, data and artificial intelligence, along with digitalisation projects for banks, public administration and large companies. In 2025 the company stressed its recurring-revenue model, with a public-sector backlog of around 6.3 million euro. Rising demand for managed services makes this strategy relevant today 1.

SWOT

Strengths

  • Broad IT services portfolio, from cloud to AI and cybersecurity, plus reference projects for banks and public administration 1.
  • Partnerships with global technology providers, which support credibility in complex projects 1.
  • Focus on recurring revenue through operations centres and multi-year contracts, which increases predictability 1.

Weaknesses

  • Concentration on the Greek market and on a few large public-sector and banking clients, which raises concentration risk 1.
  • Rapid headcount growth puts pressure on integration and operating costs 1.
  • Reliance on public contracts can introduce delays in revenue recognition 1.

Opportunities

  • Rising demand for managed services and cybersecurity could open new long-term contracts 1.
  • AI and data governance projects could widen relationships with existing clients 1.
  • The new Enterprise Content Management department could attract public-sector and banking clients 1.

Threats

  • Intense competition from local integrators and global providers could squeeze margins 1.
  • Changes in public funding could slow projects in the backlog 1.
  • Cybersecurity and compliance risks could hurt reputation if incidents occur at clients 1.

Risks

  • Client concentrationhigh

    Revenue depends on a few large public-sector and banking clients, and losing one important contract could affect results 1.

  • Public project timingmedium

    Delays in funding or delivery of public projects could postpone revenue recognition from the backlog 1.

  • Execution of growthmedium

    Rapid expansion of the team and portfolio could create integration and margin problems 1.

  • Dependence on technology partnersmedium

    Changes in partnerships with global providers could affect the cloud and observability offering 1.

  • Security and regulatory riskhigh

    Security incidents at clients or failure to meet compliance requirements could create liability and erode trust 1.

Investment thesis

What would need to be true (bull case)

  • If demand for managed services continues, the recurring-revenue model could support predictable growth 1.
  • The public-sector backlog and large AI and cloud projects could provide visibility over several years 1.
  • Partnerships with global providers could open opportunities in complex digitalisation projects 1.

What would break the thesis

  • Dependence on large clients and public contracts could create revenue volatility 1.
  • Competitive pressure could limit margins, especially if clients press for lower prices 1.
  • Rapid headcount growth could bring extra costs and execution problems 1.

What to watch

  • Evolution of the public-sector backlog and timing of revenue recognition from large projects2026
  • Dynamics of recurring revenue from managed services and operations centres2026
  • Progress of the HDIKA Health Monitoring and NTUA infrastructure projects2027

Products, market & competition

AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

The business

According to the annual report for the year ended 31 December 2025, Performance Technologies offers an integrated portfolio covering infrastructure and cloud, monitoring and observability, managed services, cybersecurity, data and artificial intelligence, and IT service management 1. The company describes its strategy as focused on broadening its solutions portfolio, increasing recurring revenue and building long-term partnerships with clients in critical sectors 1. In 2025 it grew its headcount by about 18% year on year, concentrating on cloud, AI, cybersecurity and automation 1.

Activity is organised around recurring services, such as a Security Operations Center and a Network Operations Center running 24 hours a day, which strengthens revenue visibility and predictability, according to the report 1. In 2025 the company set up a new Enterprise Content Management department in strategic partnership with OpenText 1. The subsidiary Adaptera is mentioned as part of the group 1.

The report also mentions working relationships with international technology players, including Dynatrace, Microsoft Azure, AWS, HPE, NetApp and NVIDIA, used in cloud, observability and computing infrastructure projects 1. These partnerships largely define the company's technical offering 1.

Segments

Managed services and observability

This segment covers managed services, monitoring and observability for infrastructures and applications, plus operations centres. The report lists recent projects for banks, energy companies, telecom operators and utilities, with multi-year contracts of up to five years 1. The contracted value of the nine projects listed exceeds 6.5 million euro 1.

Public sector and data

The public sector is described as a growth direction, with projects for tax authorities, police, health, research and digital infrastructure 1. The backlog of this segment stood at about 6.3 million euro at the end of 2025 1. The company also mentions activity in data analytics, AI and Generative AI, and the HDIKA Health Monitoring project, with a budget of about 22.5 million euro, in which it acts as lead technology partner 1.

Cloud and infrastructure

The report describes cloud-native, multicloud disaster recovery and hybrid infrastructure projects for clients in industry and financial services, including HPE GreenLake and Azure VMware Solution platforms 1. The company argues that growth in this segment contributes materially to overall profitability 1.

Market context

The report points to rising demand for managed services as organisations become more complex digitally and seek specialised partners to run critical systems and security 1. The shift from legacy platforms to cloud architectures with AI capabilities is presented as an additional driver of demand 1. Target clients are banks, public administration, utilities and large industrial companies 1.

Growth depends on continued digitalisation investment and on executing the backlog, especially in the public sector, where contracts are large but can be sensitive to funding timetables 1. If demand for recurring services stays high, the company's model could support more predictable growth 1.

Trends

  • Growth of managed servicestailwind

    Organisations increasingly prefer to outsource the running of critical systems to specialised partners, supporting demand for recurring services 1.

  • Digitalisation of the public sectormixed

    Modernisation programmes and projects funded by European money create long-term opportunities, but timetables can be uneven 1.

  • Artificial intelligence and cloudtailwind

    The shift to cloud and AI generates new migration and data governance projects, which could accelerate revenue if delivery is strong 1.

  • Pressure on IT costsheadwind

    Clients seeking to cut costs could defer new projects or negotiate prices harder, which would limit growth 1.

Competitive position

The report does not provide a detailed competitive analysis, but describes the company as a provider competing with IT integrators and managed-service providers in Greece and the region, in cloud, security and observability segments 1. The differentiation invoked rests on complex projects, technology partnerships and a broad team 1.

The competitive position is supported by relationships with clients in regulated sectors and by the capacity to deliver highly complex projects, but no comparative data against competitors is presented 1. If competition intensifies, margins could come under pressure 1.

  • Local IT integrators and managed-service providers in Greece

    Local competitors targeting the same banks and public-sector clients, with no comparative data given in the report 1.

  • Global cloud and consulting providers

    International firms with which clients can compare cloud migration and operation solutions, mentioned in the report only as technology partners of the company 1.

  • Observability solution providers

    Companies offering similar monitoring platforms; the report mentions a partnership with one such technology provider 1.

  • ITSM platform providers

    Companies competing in service management implementations, where the company works with third-party platforms 1.

News & filings

In the press

No news in our archive over the last 180 days.

Annual reports (ESEF)

Sources

  1. [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Performance Technologies Α.Ε. Πληροφορικής · 31 Dec 2025

Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.