Message from the Chairman of the Board & CEO, Konstantinos Papapolyzos
The first half of 2026 was an exceptional period for TREK Development, as a company listed on Euronext Growth Athens, in terms of both operating performance and growth activity.
In terms of shareholder structure, the first half of 2026 saw the completion of the entry of major institutional and other high-calibre investors, who currently hold approximately 35% of the share capital. Following a strong rally in the last two months of 2025 (+139%) after its listing in November 2025, the share gained a further 16.1% in the half-year, while a dividend of €500,000 was distributed over the same period.
In the first half of 2026, the company’s results were burdened by non-recurring expenses relating to accounting, advisory and other service fees in connection with its listing on Euronext, as well as by costs related to our 1st acquisition, TERRA Advisory.
Over the same period, the company also invested in its organic growth by recruiting additional specialised executives and support systems, mainly in the special-purpose construction projects segment.
TREK remains committed to its stated strategy, which focuses on further expanding its business across its three core pillars of activity: Project Development Services (Advisory) – Critical Infrastructures – Technology.
In Project Development Services, among other things, we signed a significant Framework Agreement with the European Investment Bank (EIB) for the provision of technical assistance and other services, with the Greek Government and other public-interest bodies as beneficiaries; TREK’s share amounts to approximately €4.5 million over the next three years. In addition, we were awarded a supplementary implementing contract with the Ministry of Infrastructure to support the preparation (maturation) of construction projects across Greece, with TREK’s corresponding fee amounting to approximately €1.5 million over the next 18 months.
At the same time, TREK is strengthening its position in the specialised field of agri-food advisory services, primarily in the private sector, through the acquisition of a 51.43% stake in TERRA Advisory (with an option for a further 30%), a company with an excellent client portfolio in the sector and specialised expertise in the preparation, monitoring and financing of projects and services in the primary sector (production, distribution, marketing and promotion of agri-food products).
Likewise, we are strengthening our position in our 2nd pillar, construction, focusing mainly on Critical Infrastructures, through the award and signing of energy-efficiency contracts for public buildings (schools, hospitals, sports facilities and port infrastructure). These contracts amount to €3.5 million with an average net profit margin of 25–30%, and will be executed and paid over the next 18 months.
In addition, the company is bidding for construction projects totalling approximately €18 million, with potential contract award in 2027.
Finally, in our 3rd pillar, Technology, TREK is focusing on bidding for Digital Transformation and Smart Cities projects, while also exploring the acquisition of companies in the Defence & Civil Protection sector (dual-use).
In terms of financial results, owing to timing factors inherent in the nature of TREK’s business, revenue for the period was slightly lower at €1,725,201 (H1 2025: €1,903,493), while profit before tax stood at €618,676.
Nevertheless, just 35 days later, i.e. by 5 August 2026, TREK’s invoicing and collections added a further €916,149, with net profitability (before tax) contributing an additional €499,000 to results. Consequently, results for a period very close to the half-year reporting date amount to revenue of €2,641,350 (+38% vs. 2025) and profit before tax of €1,118,469 (+17.5% vs. 2025). This short time lag in the invoicing and payment of the additional work is attributable to bureaucracy in the public and wider public sector.
In any event, the 2026 forecast for the parent company TREK projects revenue in excess of €6 million (approx. +70% vs. 2025) and profit before tax of close to €2 million (approx. +20% vs. 2025).
At Group level, the estimate is for an additional €1 million in revenue and an additional €0.3 million in profit before tax, arising from the consolidation of our subsidiary TERRA Advisory.
I would like to assure our shareholders that we will achieve even higher rates of profitability in 2026. We are not a company that chases quarterly (Q) results alone, nor one that will pursue acquisitions at any price merely to make a short-term impression. In 2026 we will deploy our resources aggressively yet systematically, maximising their return and exceeding expectations to an even greater degree.
