Greece's new economy: Four sectors, five small-cap names to gain exposure in 2026

The Greek equity market is gradually emerging from the post-crisis period and entering a new, more mature phase. While earlier investors focused primarily on macroeconomic stabilization and the low-base effect, attention has increasingly shifted to the quality of corporate growth, earnings visibility, and the ability to scale without sacrificing margins.

This shift is particularly evident in the small- and mid-caps segment. The market is placing greater value on companies that convert demand into cash flow, maintain balance-sheet discipline, and deliver profit growth, rather than on those driven by expectations alone. From this perspective, Greece is beginning to look fertile for structural-growth investment ideas.

The Greek economy is expected to continue expanding in 2026, with GDP growth forecast by the OECD at 2.2%, above the euro zone average. Investment is seen as the key driver, according to a European Parliament research document, led primarily by funding from the EU Recovery and Resilience Facility. These resources are being channeled into digitalization, infrastructure, energy, and public-sector modernization. As a result, a supportive environment for private businesses is taking shape, particularly in IT, fintech, data analytics, and insurance.

Yorgos Karageorgos, head of Freedom24’s Greek office, told Oninvest about approaches to investing in Greek equities and identified five small caps with notable growth potential in 2026.

IT, cloud technologies, managed services 

The global market for IT services and cloud solutions is estimated to worth trillions of dollars, expanding at a CAGR of 7-10%. Growth is driven by cloud migration, rising cyber threats, AI adoption, and companies’ shift toward service-based operating models. For local system integrators and consultants, this translates into long revenue cycles spanning implementation, maintenance, and recurring managed services, rather than one-off projects.

Fintech

The global fintech market is estimated at about $395 billion as of 2025, with average annual growth of more than 15%. Fintech has moved well beyond payments as banks and nonbank institutions invest in core banking, digital channels, wealth-management solutions, and embedded finance. For product-focused companies, this is a high-margin, scalable market, particularly when solutions are exported internationally.

Data analytics

Data analytics is among the fastest-growing segments within IT. The market is estimated at about $82 billion as of 2025 and could reach $345 billion by 2030, implying a CAGR of 25-30%. For banks and corporations, real-time data processing, scoring, risk management, and advanced analytics are becoming core infrastructure. High margins and scalability mean that revenue growth in this segment often translates into faster profit growth.

Insurance

The global insurance market is estimated at about $8 trillion and is expanding at a moderate but steady pace of roughly 5-6% per year. Growth is supported by rising premiums, the expansion of digital distribution channels, and industry consolidation. For well-capitalized local players, mergers and acquisitions remain a key driver of accelerated growth.

Real Consulting 

Real Consulting (REALCONS) is a corporate IT consulting and systems integration company serving large enterprises and public-sector clients. Its core activities include ERP and CRM implementation, data analytics, and complex digital transformation projects. M&A plays a central role in the company’s strategy, supporting geographic expansion into markets such as Cyprus and Romania and broadening its technical expertise.

In the first half of 2025, revenue rose 8.6% year over year to EUR21.5 million. EBITDA increased 16%, while adjusted EBITDA was up more than 30%, despite one-off pressure on pretax profit. Net debt to equity stands at about 0.84 times, leaving room for new projects and acquisitions. A growing share of service and support contracts reduces dependence on cyclical projects. Key risks include margin pressure from rising labor costs and potential delays in major projects.

Real Consulting shares are trading near multiyear highs. According to MarketScreener data, the stock is covered by one analyst, with a target price of EUR6.20 per share, implying about 3.3% upside. Most positive expectations are already reflected in the valuation, but the company remains a relatively low-risk way to gain exposure to rising IT spending in Greece.

Profile Systems 

Profile Systems (PROF) is among the most internationally facing fintech names in the Greek market. The company develops software solutions for banks and asset managers, including core banking, wealth-management, and digital-finance platforms. Deep integration of its products into client infrastructure supports recurring revenue and long-term contracts. Risks include competition from global vendors and the need for sustained investment in product development.

In the first half of 2025, revenue rose 29% year over year to EUR20.1 million, EBITDA climbed 49% to EUR6.0 million, and margins approached 30%. The company held EUR26.5 million in cash on its balance sheet and reported low leverage.

At current levels, Profile Systems shares trade at a discount to international fintech peers. The consensus target price of EUR9.20 per share implies upside of more than 20% versus the close on Thursday, January 22.

Qualco Group

Qualco (QLCO) operates at the intersection of fintech, analytics, and credit-portfolio management. Its solutions are used by banks and financial institutions to automate collections, scoring, and risk-analysis processes.

In the first half of 2025, revenue increased 18% year over year to EUR89 million, while adjusted EBITDA rose 31% to EUR13 million. The company reported a net loss due to reorganization and IPO-related costs.

Qualco represents a play on structural growth in fintech infrastructure with a moderate risk profile. According to MarketScreener data, the stock is covered by two analysts, with one “buy” and one “hold” rating. The consensus target price implies about 5.7% upside.

Performance Technologies

Performance Technologies (PERF) is among the fastest-growing IT systems integrators in the Greek market. The company specializes in cloud infrastructure, cybersecurity, and integrated IT systems management, working with leading international IT vendors.

In the first half of 2025, revenue increased 19% year over year, EBITDA rose more than 56%, and net profit climbed 63%. A net cash position of about EUR7.9 million reduces liquidity risks and provides capacity for further expansion. A target price of EUR9.30 per share implies roughly 11% upside.

Evropi Holdings 

Evropi Holdings (EVR) is a steady transformation story into a fully fledged insurance holding company. In 2024-2025, the group consolidated insurance and brokerage assets under a single platform built around Europe Insurance. Strong capitalization is a key advantage the company offers.

In the first half of 2025, consolidated revenue reached EUR18.8 million, EBITDA EUR6.8 million, and the solvency capital ratio exceeded 390%, well above regulatory requirements. The group is net cash, providing scope for additional acquisitions. A target price of EUR2.50 per share implies about 11% upside.