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olivLaw · European equity research

SPACE HELLAS A.E. SPACE.AT

Greece · Athens Stock Exchange · ISIN GRS402003008 · Vertical: Listed companies from Greece

6.96EUR−1.69% · 1 dayClose 05 Nov 2026

Space Hellas is a Greek group active in telecommunications, IT and security, with a focus on digital solutions integration and digital transformation, including subsidiaries such as SingularLogic. Its relevance is linked to the financial guarantees it grants to subsidiaries, which at end-2025 reached 46,050 thousand EUR, of which 13,975 thousand EUR were used.

At the close of 05 Nov 2026, SPACE HELLAS A.E. (SPACE.AT) stock was 6.96 EUR (−1.69% on the day), with market capitalisation 44.9 m EUR, P/E 16.2 on diluted EPS of 0.43 EUR over the last 12 months, dividend yield 2.15%, beta 0.72, 52-week range 6.02–9.36 EUR.

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

Market cap
44.9 m EUR
shares as of 31 Dec 2025
P/E (TTM)
16.2
Diluted EPS TTM 0.43 · TTM to 31 Dec 2025
E/P (TTM)
6.16%
TTM to 31 Dec 2025
Dividend yield
2.15%
DPS 12m 0.15
Beta (2y)
0.72
Volatility (1y) 35%
52-week range
6.029.36

Price history

Loading chart…

Technical reading

RSI (14)
27.8
oversold (≤ 30)
Bollinger (20, 2)
7.08 – 8.56
below the lower band · %B -0.08 · band width 19.0%
SMA 50 / 200
8.39 / 7.43
mixed trend
MACD (12, 26, 9)
-0.34 / -0.25
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−18.9%+0.4%−19.3 pp—
3 months−13.0%−3.3%−9.7 pp—
6 months+5.5%+4.0%+1.5 pp—
Year to date−12.3%+8.1%−20.4 pp—
1 year−5.9%+10.7%−16.6 pp+0.9%
3 years+4.8%+50.1%−45.3 pp+35.3%
5 years−27.2%+43.6%−70.8 pp—
Max drawdown (1y)
−28.3%
15 Jan 2026 → 02 Apr 2026
Max drawdown (5y)
−51.0%
14 Jan 2022 → 19 Dec 2022
Compound annual growth (5y)
−6.2%
EURO STOXX 50 +7.5%

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 33 percentile of its own 3-quarter history (min 10.0, median 18.5, max 20.6; quarters with earnings only).

Fiscal years

Fiscal year202320242025
Revenue148.1 m155.2 m152.9 m
Revenue YoYunavailable+4.8%−1.5%
Net income4.8 m1.8 m2.8 m
Net income YoYunavailable−61.5%+49.8%
Diluted EPS0.740.290.43
Diluted EPS YoYunavailable−61.5%+49.8%
net %3.2%1.2%1.8%
Free cash flowunavailableunavailableunavailable

Balance sheet & financial health

Fiscal year 2025 · 31 Dec 2025

Cash
11.4 m EUR
Financial debt
47.2 m EUR
Net debt
35.8 m EUR
Equity
33.2 m EUR
Total assets
175.5 m EUR
Debt / equity
1.42x
Current ratio
1.36x
ROE
8.6%
ROA
1.5%
FCF margin
unavailable

Financial statements (source on every figure)

Revenue and net income (EUR)

Margins

Income statement · EUR

Revenue
2023
148.1 m
2024
155.2 m
2025
152.9 m

esef· 23 Oct 2026verified

Cost of revenue
2023
117.2 m
2024
125.6 m
2025
121.2 m

esef· 23 Oct 2026verified

Gross profit
2023
30.9 m
2024
29.6 m
2025
31.6 m

esef· 23 Oct 2026verified

Research & development
2023
2.2 m
2024
3.1 m
2025
3.6 m

esef· 23 Oct 2026verified

Operating income
2023
11.3 m
2024
10.6 m
2025
10.7 m

esef· 23 Oct 2026verified

Interest expense
2023
8.7 m
2024
8.7 m
2025
7.4 m

esef· 23 Oct 2026verified

Pre-tax income
2023
7.4 m
2024
2.2 m
2025
4.3 m

esef· 23 Oct 2026verified

Income tax
2023
2.5 m
2024
311.0 k
2025
1.2 m

esef· 23 Oct 2026verified

Net income
2023
4.8 m
2024
1.8 m
2025
2.8 m

esef· 23 Oct 2026verified

Diluted EPS
2023
0.74
2024
0.29
2025
0.43

esef· 23 Oct 2026verified

Dividend per share
2023
0.13
2024
0.16
2025
0.15

esef· 23 Oct 2026derived

Balance sheet · EUR

Cash
2023
25.1 m
2024
22.1 m
2025
11.4 m

esef· 23 Oct 2026verified

Inventories
2023
16.7 m
2024
14.4 m
2025
13.2 m

esef· 23 Oct 2026verified

Current assets
2023
123.0 m
2024
130.8 m
2025
114.3 m

esef· 23 Oct 2026verified

Property, plant & equipment, net
2023
22.8 m
2024
26.5 m
2025
26.5 m

esef· 23 Oct 2026verified

Goodwill
2023
2.6 m
2024
2.6 m
2025
3.3 m

esef· 23 Oct 2026verified

Intangibles (excl. goodwill)
2023
20.2 m
2024
21.2 m
2025
22.6 m

esef· 23 Oct 2026verified

Total assets
2023
175.9 m
2024
189.2 m
2025
175.5 m

esef· 23 Oct 2026verified

Long-term debt
2023
31.1 m
2024
52.8 m
2025
47.2 m

esef· 23 Oct 2026verified

Current liabilities
2023
107.1 m
2024
95.5 m
2025
84.1 m

esef· 23 Oct 2026verified

Equity
2023
28.6 m
2024
30.9 m
2025
33.2 m

esef· 23 Oct 2026verified

Shares outstanding at year end
2023
6.5 m
2024
6.5 m
2025
6.5 m

esef· 23 Oct 2026derived

Cash flow · EUR

Operating cash flow
2023
3.9 m
2024
-567.0 k
2025
11.1 m

esef· 23 Oct 2026verified

Investing cash flow
2023
-5.4 m
2024
-9.6 m
2025
-9.3 m

esef· 23 Oct 2026verified

Financing cash flow
2023
-2.7 m
2024
7.2 m
2025
-12.8 m

esef· 23 Oct 2026verified

Dividends paid
2023
848.0 k
2024
1.0 m
2025
968.0 k

esef· 23 Oct 2026verified

Share repurchases
2023
0
2024
0
2025
0

esef· 23 Oct 2026verified

Computed indicators

Growth

Revenue growth (YoY)
-1.5%
computed by olivLawFY 2025
Revenue CAGR 3Y
unavailable
input data missing
Revenue CAGR 5Y
unavailable
input data missing
EBIT growth (YoY)
1.3%
computed by olivLawFY 2025
Net income growth (YoY)
49.8%
computed by olivLawFY 2025
Net income CAGR 3Y
unavailable
input data missing
Net income CAGR 5Y
unavailable
input data missing
EPS growth (YoY)
49.8%
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
20.7%
computed by olivLawFY 2025
EBITDA margin
unavailable
input data missing
EBIT margin
7.0%
computed by olivLawFY 2025
Net margin
1.8%
computed by olivLawFY 2025
FCF margin
unavailable
input data missing

Returns

ROE
8.7%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
ROA
1.5%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
ROIC
11.8%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
ROCE
11.7%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
Payout ratio (EPS)
34.9%
computed by olivLawFY 2025
Payout ratio (FCF)
unavailable
input data missing

Balance sheet

Net debt
35.8 m EUR
computed by olivLawbalance sheet at 31 Dec 2025
Net debt / EBITDA
unavailable
input data missing
Debt / equity
1.5x
computed by olivLawbalance sheet at 31 Dec 2025
Interest coverage
1.5x
computed by olivLawFY 2025

Liquidity

Current ratio
1.4x
computed by olivLawbalance sheet at 31 Dec 2025
Quick ratio
1.2x
computed by olivLawbalance sheet at 31 Dec 2025
Cash ratio
0.1x
computed by olivLawbalance sheet at 31 Dec 2025

Cash

Operating cash flow
11.1 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
unavailable
input data missing
Days inventory outstanding
42 days
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
Days payables outstanding
unavailable
input data missing
Cash conversion cycle
unavailable
input data missing

Market and valuation

Market capitalisation
44.9 m EUR
computed by olivLawbalance sheet at 31 Dec 2025
Enterprise value
80.8 m EUR
computed by olivLawbalance sheet at 31 Dec 2025
Market cap / net income TTM
16.2x
computed by olivLawFY 2025
P/E (TTM)
16.2x
computed by olivLawFY 2025
Earnings yield
6.2%
computed by olivLawFY 2025
P/B
1.4x
computed by olivLawbalance sheet at 31 Dec 2025
P/S
0.3x
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
EV/EBITDA
unavailable
input data missing
EV/EBIT
7.5x
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
EV/Sales
0.5x
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
P/FCF
unavailable
input data missing
FCF yield
unavailable
input data missing
Dividend yield
2.2%
computed by olivLawFY 2025
Shareholder yield (distributions)
2.2%
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
  • score weight coverage: 43.8% of at least 60%

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

Closing price

6.96 EUR

05 Nov 2026Source: olivLaw, closing series

Market cap: 44.9 m EUR

Key indicators

Market capitalisation
44.9 m EUR
computed by olivLawbalance sheet at 31 Dec 2025
P/E (TTM)
16.2x
computed by olivLawFY 2025
P/B
1.4x
computed by olivLawbalance sheet at 31 Dec 2025
EV/EBITDA
unavailable
input data missing
ROE
8.7%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
Net margin
1.8%
computed by olivLawFY 2025
Revenue growth (YoY)
-1.5%
computed by olivLawFY 2025
Dividend yield
2.2%
computed by olivLawFY 2025

Coverage and freshness

27/37 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 86derived 6

Score by group

44% · Insufficient data

Estimated value range

Low
2.83
EUR per share
Mid
3.60
EUR per share
High
4.33
EUR per share
Price: 6.96 EUR
The price is above the range
Potential to the central value: -48.3% (value / price − 1)
Margin of safety: -93.3% (1 − price / value)
Agreement between methods: low · 2 methods used · 2 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: 2.04 – 5.88 EUR.

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/E3.62 – 5.88 (Mid 4.85)
    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)2.04 – 2.78 (Mid 2.35)

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: score weight coverage: 43.8% of at least 60%

FactorValueScoreWeight used
ROIC · Quality11.8%67 (vs peers)24%
Net margin · Quality1.8%26 (vs peers)14%
FCF conversion · Qualityunavailableunavailable—
Revenue CAGR 3Y · Growthunavailableunavailable—
EPS CAGR 3Y · Growthunavailableunavailable—
Net debt / EBITDA · Balance sheetunavailableunavailable—
Interest coverage · Balance sheet1.5x0 (on a fixed band)14%
Current ratio · Balance sheet1.4x47 (on a fixed band)10%
P/E (TTM) · Valuation16.2x27 (vs peers)24%
EV/EBITDA · Valuationunavailableunavailable—
FCF yield · Valuationunavailableunavailable—
Shareholder yield (distributions) · Returns2.2%31 (on a fixed band)14%
Payout ratio (FCF) · Returnsunavailableunavailable—

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

Score groups

  • Balance sheet19/100 · 2/3 factors with a value
  • Growth· partialunavailable · 0/2 factors with a value
  • Quality51/100 · 2/3 factors with a value
  • Returns· partial31/100 · 1/2 factors with a value
  • Valuation· partial27/100 · 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

SPACE HELLAS ΑΝΩΝΥΜΗ ΕΤΑΙΡΕΙΑ ΣΥΣΤΗΜΑΤΑ ΚΑΙ ΥΠΗΡΕΣΙΕΣ ΤΗΛΕΠΙΚΟΙΝΩΝΙΩΝ, ΠΛΗΡΟΦΟΡΙΚΗΣ KAI ΑΣΦΑΛΕΙΑΣ-ΙΔΙΩΤΙΚΗ ΕΠΙΧΕΙΡΗΣΗ ΠΑΡΟΧΗΣ ΥΠΗΡΕΣΙΩΝ ΑΣΦΑΛΕΙΑΣ (SPACE.AT). Latest full fiscal year: 2025; data up to 2025-12-31.

Figures computed from the financial statements: revenue 152.9 m EUR in 2025; YoY growth -1.5%; net margin 1.8%; ROE 8.7%.

The estimated value range is 2.83–4.33 EUR per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 3.60 EUR, the price of 6.96 EUR leaves a potential of -48.3% (value / price − 1) and a margin of safety of -93.3% (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 (score weight coverage: 43.8% of at least 60%).

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

What supports the thesis

No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.

What contradicts it

  • Net margin: 1.8%
  • Interest coverage: 1.5x
  • P/E (TTM): 16.2x
  • The price is above the estimated value range
  • The valuation methods diverge

Not assessed (insufficient data or a ratio without meaning): FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, 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
16.2x
vertical median 12.1x
above median (+34.1%)
EV/EBITDA
—
vertical median 7.7x
P/S
0.3x
vertical median 1.7x
below median (−82.3%)
P/B
1.4x
vertical median 1.4x
at median
ROE
8.7%
vertical median 10.2%
below median (−14.2%)
Net margin
1.8%
vertical median 7.9%
below median (−77.2%)
EBIT margin
7.0%
vertical median 8.9%
below median (−20.9%)
Revenue YoY
-1.5%
vertical median 7.2%
below median (−120.6%)
Net debt/EBITDA
—
vertical median 2.9x
Dividend yield
2.2%
vertical median 2.6%
below median (−18.2%)

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%
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%
ELSTR.ATΕλαστρον Α.ε.β.ε. Χαλυβουργικα Προϊοντα46.3 m8.36.6%3.3%−5.2%+5% / −13%

1- and 3-year price returns: for SPACE.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
3.87
Total return -43% · Per year -43%
6.86
Total return 1% · Per year 1%
10.36
Total return 51% · Per year 51%
3 years
3.31
Total return -48% · Per year -20%
6.65
Total return 2% · Per year 1%
11.10
Total return 67% · Per year 19%
5 years
2.84
Total return -52% · Per year -14%
6.46
Total return 3% · Per year 1%
11.89
Total return 85% · Per year 13%
What moves the 3-year price the most
  • Exit P/E± 1.66
  • Net margin± 1.16
  • Annual revenue growth± 1.01
  • Annual dilution± 0.10

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

Space Hellas is a Greek group active in telecommunications, IT and security, with a focus on digital solutions integration and digital transformation, including subsidiaries such as SingularLogic. Its relevance is linked to the financial guarantees it grants to subsidiaries, which at end-2025 reached 46,050 thousand EUR, of which 13,975 thousand EUR were used.

SWOT

Strengths

  • The group has a portfolio combining telecommunications, IT and security, which allows integrated offers to clients.
  • The governance structure includes a board with independent members and a committee dedicated to sustainability.
  • Reporting includes explained alternative performance measures, which increases financial transparency.

Weaknesses

  • Reliance on guarantees granted to subsidiaries may expose the parent company to contingent obligations.
  • Female board representation and the absence of employee representation may be seen as diversity weaknesses.
  • Grouping many subsidiaries makes it harder to track the performance of each segment.

Opportunities

  • Demand for digital transformation in the public and private sectors could support growth in integration projects.
  • Expanding the digital security offer could open new contracts with institutional clients.
  • Developing recurring services could stabilise revenue compared with one-off projects.

Threats

  • Competitive pressure from cloud providers and integrators could reduce margins.
  • Compliance costs for sustainability reporting standards could increase.
  • A deterioration in a subsidiary's financial situation could trigger the guarantees given by the parent company.

Risks

  • Project concentrationmedium

    Integration and project revenue can be irregular, which could make annual results volatile.

  • Sustainability reporting compliancelow

    Applying European reporting standards requires complex data from the value chain, and errors could lead to sanctions or corrections.

  • Competitive pressuremedium

    Competition from large digital service providers could limit the group's ability to hold prices.

  • Complex group structurelow

    The large number of subsidiaries and affiliated entities may make internal control and information consolidation harder.

Investment thesis

What would need to be true (bull case)

  • If digital transformation keeps generating projects for institutional clients, the group could benefit from existing demand.
  • Combining telecommunications with software and security could offer clients more attractive integrated solutions.
  • Greater transparency in reporting and governance with independent members could support long-term confidence.

What would break the thesis

  • Guarantees given to subsidiaries could become a burden if their performance deteriorates.
  • Intense competition from large providers could compress margins in integration projects.
  • Additional compliance costs under the new reporting standards could weigh on operating results.

What to watch

  • Evolution of the use of guarantees granted to subsidiariesnext annual report
  • Growth pace of integration and security projects2026
  • Adjusted EBITDA margins compared with the prior yearnext annual report
  • How ESRS standards are applied in future sustainability reportsnext annual report

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

The Space Hellas group operates in telecommunications, IT, digital solutions integration and digital transformation, according to the annual report for the year ended 31 December 2025 1. The parent company coordinates a group that includes subsidiaries such as SingularLogic, Sense One and Space Hellas Cyprus 1. The report also describes a project control and a corporate governance system aligned with the Hellenic code of governance.

Group governance rests on a board of directors of nine members, with five executive and four non-executive members, some of them independent 1. The existence of a corporate responsibility and sustainable development committee shows that sustainability matters are overseen at board level 1.

Segments

Telecommunications and IT

The group is active in telecommunications and IT, and the annual report describes a portfolio covering both communication services and software and integration solutions 1. The stakes of this segment relate to the ability to deliver complex digital projects for institutional and corporate clients 1.

Security and digital solutions

The report mentions activities linked to security and digital solutions integration, including through dedicated subsidiaries such as Sense One Technologies 1. This segment depends on individual contracts and projects, so results may vary from one year to another 1.

Market context

The markets in which the group operates include telecommunications, IT and digital services in Greece and in other countries where it has subsidiaries, including Cyprus 1. The available source does not give detailed market size estimates, so the assessment of competitive position is limited to the information in the company's documents 1.

The regulatory framework is changing, and the sustainability report shows that the group is preparing disclosures in line with the European ESRS standards, applicable through the legislation transposing the European sustainability reporting directive 1. This framework affects compliance costs and transparency requirements for the company 1.

Trends

  • Digitalisation of servicestailwind

    The digital transformation of public and private clients supports demand for the integration and IT services offered by the group 1. The effect, however, depends on the company's ability to turn projects into recurring revenue.

  • Sustainability reporting requirementsheadwind

    Application of the ESRS standards adds compliance and data-collection tasks, but also pressure for transparency in governance and the value chain 1. The effect on administrative costs could be significant in the first years of application.

  • Focus on governance and diversitytailwind

    The board includes independent members and female representation, which increase transparency, but the group has no employee representation on the board 1. The move towards higher governance standards may support long-term investor confidence.

Competitive position

The available source does not explicitly name the group's competitors, so the competitive analysis is based only on the activities declared in the report 1. Likely competition comes from telecommunications providers, IT systems integrators and digital security companies active in the same markets.

The group's differentiation could come from combining telecommunications services with software integration and specialised subsidiaries, if this combination is maintained in concrete projects 1. Without comparative data in the source, the relative advantage remains a hypothesis to verify.

  • Telecommunications providers

    Companies offering communication services in the same markets; the source does not name competitors individually.

  • IT systems integrators

    Firms delivering software integration and digital transformation projects, an area where the group is also active.

  • Digital security companies

    Providers of IT security solutions, an activity mentioned in the group's report.

  • Cloud and software service providers

    Companies competing for clients' digital transformation budgets.

News & filings

In the press

Annual reports (ESEF)

Sources

  1. [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / SPACE HELLAS A.E. · 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.

SPACE HELLAS A.E. (SPACE.AT): stock, results, valuation and forecast · olivLaw