Epsilon Net: +111% increase in Turnover & 406% increase in Earnings before Taxes for the 1st Semester of 2021

Epsilon Net Group of Companies, continuing its growth course, recorded a particularly significant increase in all its financial figures during the 1st Semester of 2021, thus confirming Management’s initial estimations for a milestone year in the Group’s performance.

The main financial figures of Epsilon Net Group for the 1st Semester of 2021 are as follows:

Basic Financial Figures 01/01/2021- 30/06/2021

(in thousand €)
Change %
Revenue 17,828.51 8,445.36 +111.10%
EBITDA 6,194.49 1,829.54 +238.58%
Earnings before Taxes 4,976.27 982.69 +406.39%


The high growth rates of the financial figures reflect both the continuing dynamics in the organic growth, as well as the significant contribution of the subsidiaries acquired in the last 12 months.

It should be noted that in the present results, Data Communication has been fully integrated, while Technolife is only integrated for a period of almost one month. (Completion of acquisition 07/06/2021).

The consolidation of Singular Logic was done with the equity method. Furthermore, regarding the participation of this acquisition and its positive effect to the Group’s data, we should highlight that in the specific period, only the results of the newly established Epsilon SingularLogic are consolidated, while a significant part of the revenues of self-produced software projects in the private sector were not included, as the split and transfer process was completed on 14/07/2021.

Condensed Statement of Financial Position

(in thousand €)
Cash and Cash Equivalents 18,963.50 11,127.54
Long-Term Borrowing 9,988.78 5,140.43
Long-Term Leasing Liabilities 1,833.19 1,338.16
Short-Term Borrowing 5,590.76 1,494.43
Short-Term Leasing Liabilities 580.77 365.25
Operating Cash Flow 5.141,17 3.188,78
Net Borrowing (970.00) (2,789.27)
Equity 29,309.60 15,185.96
Total Employed Capital 28,339.60 12,396.69
Leverage Rate (3.42%) (22.50%)


It is worth noting that despite the significant acquisitions, company’s cash liquidity is at a very satisfactory and constantly increasing level, ensuring the management’s goal for the smooth execution of the next strategic expansion moves. (Cash and cash equivalents 18.963 million euros, negative net debt while in the specific semester, net cash flows from operating activities amounted to 5.141 million euros). Furthermore, during the first half of 2021, Group’s Equity was considerably strengthened.







All the products and services of the Group recorded an impressive increase in sales, during January-June 2021, depicting a year of intense growth, a milestone year and at the same time, a starting point of new auspicious developments in the course of the Group.

The corporate transformation of the Group and the operational integration of the activities and departments that resulted from the strategic acquisitions of last year, were completed successfully and in accordance with the planning of the management. The operational integration of different departments, contributes significantly to economies of scale and is the basis for improving the operating margin, while it will be a business model for the full utilization of future acquisitions.

The factors that guarantee the smooth growth of the Group and the continuous increase of the market share, are the dominant position of the Group in the field of e-invoicing and MyData e-books of IAPR, the expanded portfolio of its products, the maintenance and the prospect of expansion of its customer base, the excellent level of services provided and the high expertise of its human resources. Undoubtedly, the catalyst for the Group’s dynamic growth is the continuous investment in state- of- the art technologies with emphasis in the innovative software platforms Galaxy & Pylon which give important advantage to the products and services of the Group. As a result, both of the strategic acquisitions and organic growth, the number of active installations of the Group from 30,000 in the beginning of 2020 is today more than 80,000.


Epsilon Net Group of companies continues to consistently and continuously implement its strategic planning for the systematic expansion of its customer base, offering technological solutions both horizontally and in dynamic vertical markets in Greece providing specialized applications, while also planning its gradual expansion abroad.

At the same time, based on its comprehensive contribution to the Digital Transformation of the private sector, Epsilon Net Group systematically monitors the developments in the field of new financing possibilities that will arise in the near future from the EU “Recovery and Resilience Fund” and the “NSRF 2021-2027” and has strategically prepared partnerships with both financial institutions and multinational technology providers in order to make the most of the business opportunities which globally arise related to technological development.



Mr. Ioannis Michos, Chairman of the Board and CEO of Epsilon Net, commenting on the results, stated the following:

“For our Group, 2021 has been a creative year with strong growth rates, a milestone year, characterized by the company’s dominant and leading role in the digital transformation of the Private Sector.

We are really happy because we have completed with exceptional way, the integration of all activities, staff and executives that came from the new subsidiaries in the last 10 months. The group finds itself at its most mature moment, regarding the experience and expertise of our people, in terms of technological choices with continuous investments, in relation to its ever-increasing dynamics for the future. All of us at Epsilon Net Group of companies, live a truly creative period and based on the anthropocentric approach, the corporate vision and the commitment to our customers, we all work together for the next day. Our main goal is to produce every day, value for our people, our partners and our shareholders.

We work with the same passion for the evolution of our products, with continuous investments in web and cloud technologies, dedication to innovation and targeting the increased functionality of our systems. In addition, we plan the next day, responding to the needs of the market, creating the “all in one solution” era based on collaborations and synergies, giving significant added value to the daily operation of businesses.

I want to thank our associates all over Greece, the staff and executives of our Group, for their daily effort and contribution. The results for the 1st Semester reward us and give us strength and responsibility, as the leading software company for businesses in Greece, to continue our growth strategy”.

For more information, please contact:

Investor Relations Department:

Tel. + 30211 5007000 – email: ir@epsilonnet.gr