TABLE OF CONTENTS

TABLE OF CONTENTS

Summary
Methodology of Sector Studies
Restrictions

1. Introduction – General Information
1.1 Introduction
1.2 General Characteristics of the Sector
1.3 Regulatory Framework

2. The Demand for Private Security Services
2.1 Factors that Shape Demand
2.2 Inflation Development
2.3 Net Disposable National Income
2.4 Macroeconomic Environment

3. Sector Supply
3.1 Structure and Breakdown of the Sector
3.2 Geographical Distribution of the Sector – Breakdown by Legal Form
Electronic Security Systems Importers
3.3 Presentation of Security Service Providers
3.4 Sales of Security Service Providers
3.5 Average Annual Rate of Change of Sales
3.6 Presentation of Electronic Security Systems Importers
3.7 Sales of Electronic Security Systems Importers
3.8 Average Annual Rate of Change of Electronic Security Systems Importers’ Sales

4. Sector Risk Analysis
4.1 Creditworthiness of Assessed Businesses
4.1.1 Creditworthiness Assessment of Security Service Providers
4.1.2 Change in the Evaluation of Assessed Businesses
4.2 Assessment of Transaction Behavior of Security Service Providers
4.3 Creditworthiness of Electronic Security Systems Companies
4.3.1 Creditworthiness Assessment of Electronic Security Systems Companies
4.3.2 Change in the Evaluation of Assessed Businesses
4.4 Assessment of Transaction Behavior of Electronic Security Systems Companies
4.5 Creditworthiness of the Sector: Trade in “Security Equipment”
4.6 Development of the Sector’s Transaction Behaviour: Trade in “Security Equipment”

5. Financial Analysis of Sector Companies
5.1 Financial Ratios of Security Service Providers
-Profitability
-Performance
-Liquidity
-Financial Structure
-Activity
5.2 Consolidated Balance Sheet Analysis
5.2.1 Structure of the Assets and Liabilities of the Consolidated Balance Sheet into Major Accounts
5.2.2 Share (%) of Sector Companies in Total EBITDA
5.3 Benchmarking of Companies’ Financial Ratios
5.4 Ranking of Companies based on Selected Accounts
5.5 Ranking of Companies based on Selected Ratios
5.6 Financial Ratios of Electronic Security Systems Importers
-Profitability
-Performance
-Liquidity
-Financial Structure
-Activity
5.7 Consolidated Balance Sheet Analysis
5.7.1 Structure of the Assets and Liabilities of the Consolidated Balance Sheet into Major Accounts
5.7.2 Share (%) of Sector Companies in Total EBITDA
5.8 Benchmarking of Companies’ Financial Ratios
5.9 Ranking of Companies based on Selected Accounts
5.10 Ranking of Sector Companies based on Selected Ratios
5.11 Company Financial Data for 2025
Appendix Chapter 5

6. The Private Security Services Market
6.1 The Domestic Private Security Services Market
6.1.1 Aviation Security Services
6.1.2 Other Guarding Services
6.1.3 Port and Port Facility Security Services
6.1.4 Cash-in-Transit Services
6.1.5 Electronic Systems – Alarm Receiving Centre
6.2 Structure of the Security Services Market
6.3 Market Shares of Security Service Providers
6.3.1 Total Market
6.3.2 Aviation Security Services
6.3.3 Port and Port Facility Security Services
6.3.4 Guarding Services
6.3.5 Cash-in-Transit and Valuable Goods Transport Services
6.3.6 Electronic Security Systems – Alarm Receiving Centre Services
6.4 The Electronic Security Systems Market
6.5 Market Shares of Electronic Security Systems Import and Trading Companies

7. Sustainable Development and ESG Actions
7.1 Results of Primary Research on Sustainable Development & ESG in Businesses
7.2 ESG Actions of Sector Companies

8. International Security Services Market Data

9. Sector Strategic Analysis – Prospects
9.1 Analysis of the Competitive Environment
-Threat of New Entrants
-Threat of Substitute Products & Services
-Bargaining Power of Suppliers
-Bargaining Power of Customers
-Competitive Rivalry within the Industry
9.2 SWOT Analysis
9.3 Sector Prospects
9.4 Proposals to Improve the Competitiveness of Businesses

Appendix I: Economic Overview (latest ALPHA BANK financial report)
Appendix II: Balance Sheets of Sector Companies
Appendix III: List of Sector Studies carried out by the Department of Economic Research, ICAP CRIF S.A.

Benchmarking of Sector Companies

TABLES & GRAPHS

TABLES

Table 2.1 Number of Offences by Category (2024-2025)
Table 2.2 Number of Offenders in Selected Offence Categories (2021-2025)
Table 2.3 Arrivals of Non-Residents in Greece (2015-2025)
Table 2.4 Consumer Price Index Trends (2015-2026)
Table 3.1 Overview of Security Service Providers
Table 3.2 Sales of Private Security Service Providers (2020-2024)
Table 3.3 Sales of Private Security Service Providers (2024-2025)
Table 3.4 Ranking of Private Security Service Providers by Average Annual Sales Growth Rate (2020-2024)
Table 3.5 Overview of Electronic Security Systems Importers
Table 3.6 Sales of Electronic Security Systems Importers (2020-2024)
Table 3.7 Sales of Electronic Security Systems Importers (2024-2025)
Table 3.8 Ranking of Electronic Security Systems Importers by Average Annual Sales Growth Rate (2020-2024)
Table 4.1 Creditworthiness of Private Security Service Providers (2025-2026)
Table 4.2 Change in the Evaluation of the Companies Included in the Study (2026/2025)
Table 4.3 Creditworthiness of Electronic Security Systems Companies (2025-2026)
Table 4.4 Change in the Evaluation of assessed businesses (2026/2025)
Table 4.5 Creditworthiness of Security Equipment Trading Sector (2026*)
App. Table 4.1 ICAP CRIF SCORE Credit Rating Categories
Table 5.1 Profitability Ratios of Security Service Providers (2021-2024)
Table 5.2 Return Ratios of Security Service Providers (2020-2024)
Table 5.3 Liquidity Ratios of Security Service Providers (2020-2024)
Table 5.4 Financial Structure Ratios of Security Service Providers (2020-2024)
Table 5.5 Activity Ratios of Security Service Providers (2020-2024)
Table 5.6 Consolidated Balance Sheet of Security Service Providers (2020-2024, in €)
Table 5.7 Percentage Changes in the Consolidated Balance Sheet of Security Service Providers (2019-2023)
Table 5.8 Shares of Security Service Providers in Total EBITDA (2024)
Tables 5.9-5.27 Financial Ratios of Leading Companies and Comparison with the Sector (2022-2024)
Table 5.28 Ranking of Security Service Providers by Gross Profit (2023-2024)
Table 5.29 Ranking of Security Service Providers by Net Profit (2023-2024)
Table 5.30 Ranking of Security Service Providers by EBITDA (2023-2024)
Table 5.31 Ranking of Security Service Providers by Total Assets (2023-2024)
Table 5.32 Ranking of Security Service Providers by Shareholders’ Equity (2023-2024)
Table 5.33 Profitability Ratios of Electronic Security Systems Importers (2020-2024)
Table 5.34 Return Ratios of Electronic Security Systems Importers (2020-2024)
Table 5.35 Liquidity Ratios of Electronic Security Systems Importers (2020-2024)
Table 5.36 Financial Structure Ratios of Electronic Security Systems Importers (2020-2024)
Table 5.37 Activity Ratios of Electronic Security Systems Importers (2020-2024)
Table 5.38 Consolidated Balance Sheet of Electronic Security Systems Importers (2020-2024, in €)
Table 5.39 Percentage Changes in the Consolidated Balance Sheet of Electronic Security Systems Importers (2020-2024)
Table 5.40 Shares of Electronic Security Systems Importers in Total EBITDA (2024)
Tables 5.41-5.58 Financial Ratios of Leading Companies and Comparison with the Sector (2022-2024)
Table 5.59 Ranking of Electronic Security Systems Importers by Gross Profit (2023-2024)
Table 5.60 Ranking of Electronic Security Systems Importers by Net Profit (2023-2024)
Table 5.61 Ranking of Electronic Security Systems Importers by EBITDA (2023-2024)
Table 5.62 Ranking of Electronic Security Systems Importers by Total Assets (2023-2024)
Table 5.63 Ranking of Electronic Security Systems Importers by Shareholders’ Equity (2023-2024)
Table 5.64 Key Financial Data of Security Service Providers (2025)
Table 5.65 Key Financial Data of Electronic Security Systems Companies (2025)
App. Table 5.1 Financial Ratio Formulae
Table 6.1 Total Private Security Services Market Size (1998-2026)
Table 6.2 Domestic Private Security Services Market by Category (2004-2026)
Table 6.3 Number of Bank Branches (2008-2025)
Table 6.4 Market Shares of Aviation Security Service Providers (2025)
Table 6.5 Market Shares of Port and Port Facility Security Service Providers (2025)
Table 6.6 Market Shares of Guarding Service Providers (2025)
Table 6.7 Market Shares of Cash-in-Transit and Valuable Goods Transport Service Providers (2025)
Table 6.8 Market Shares of Companies Selling Electronic Security Systems Combined with Alarm Receiving Centre Services (2025)
Table 6.9 Sales of Electronic Security Systems (2008-2026)
Table 6.10 Market Shares of Electronic Security Systems Import and Trading Companies (2025)
Table 9.1 Forecast of the Security Services Market by Category (2026-2028)
Table 9.2 Forecast of Electronic Security Systems Sales (2026-2028)

GRAPHS

Graph 2.1 Trends in the Number of Offences in Selected Categories (2015-2025)
Graph 2.2 Trends in the Offence Rate per 1,000 Inhabitants (2015-2025)
Graph 2.3 Trends in Per Capita Net National Disposable Income (in €, 2011-2024)
Graph 3.1 Distribution of Security Service Providers by Prefecture (2026)
Graph 3.2 Distribution of Security Service Providers by Legal Form (2026)
Graph 3.3 Distribution of Electronic Security Systems Importers by Prefecture (2026)
Graph 3.4 Distribution of Electronic Security Systems Importers by Legal Form (2026)
Graph 4.1 Ranking of Private Security Service Providers by Creditworthiness (2026)
Graph 4.2 Changes in the Creditworthiness Assessments of Private Security Service Providers Included in the Study (2026/2025)
Graph 4.3 Ranking of Electronic Security Systems Companies by Creditworthiness (2026)
Graph 4.4 Changes in the Creditworthiness Assessments of Electronic Security Systems Companies (2026/2025)
Graph 5.1 Trends in the Profitability Ratios of Security Service Providers (2020-2024)
Graph 5.2 Trends in the Return Ratios of Security Service Providers (2020-2024)
Graph 5.3 Trends in the Activity Ratios of Security Service Providers (2020-2024)
Graph 5.4 Sales Trends of 69 Security Service Providers (2020-2024)
Graph 5.5 Asset and Liability Structure of 69 Security Service Providers (2024)
Graph 5.6 Number of Security Service Providers Reporting an Improvement or Deterioration in Selected Financial Statement Items (2024/2023)
Graph 5.7 Ranking of Companies by Return on Equity (2024)
Graph 5.8 Ranking of Companies by EBITDA Margin (2024)
Graph 5.9 Ranking of Companies by Net Profit Margin (2024)
Graph 5.10 Trends in the Profitability Ratios of Electronic Security Systems Importers (2020-2024)
Graph 5.11 Trends in the Return Ratios of Electronic Security Systems Importers (2020-2024)
Graph 5.12 Trends in the Activity Ratios of Electronic Security Systems Importers (2020-2024)
Graph 5.13 Total Sales Trends of 27 Electronic Security Systems Companies (2020-2024)
Graph 5.14 Asset and Liability Structure of 27 Electronic Security Systems Companies (2024)
Graph 5.17 Number of Electronic Security Systems Companies Reporting an Improvement or Deterioration in Selected Financial Statement Items (2024/2023)
Graph 5.18 Ranking of Companies by Gross Profit Margin (2024)
Graph 5.19 Ranking of Companies by Net Profit Margin (2024)
Graph 5.20 Ranking of Companies by EBITDA Margin (2024)
Graph 5.21 Ranking of Companies by Return on Equity (2024)
Graph 5.22 Ranking of Companies by Current Ratio (2024)
Graph 6.1 Trends in the Total Domestic Private Security Services Market (2020-2026)
Graph 6.2 Annual Changes in Private Security Services by Category (2024-2026*)
Graph 6.3 Market Structure by Security Service Category (2025)
Graph 6.4 Distribution of Demand for Guarding Services by Customer Category (2025)
Graph 6.5 Distribution of Demand for Cash-in-Transit and Valuable Goods Transport Services by Customer Category (2025)
Graph 6.6 Distribution of Demand for Electronic Security Systems by Customer Category (2025)
Graph 6.7 Market Shares of Companies and Groups in the Total Private Security Services Market (2025)
Graph 7.1 Importance of Sustainable Development and Degree of ESG Practice Implementation at Corporate and National Level
Graph 7.2 Comparative Results Regarding the Degree of ESG Practice Adoption at Corporate and National Level (2026-2025)
Graph 7.3 Distribution (%) of Companies’ Total ESG Budget by Main Pillar (2025)
Graph 7.4 Which ESG Initiatives Do You Consider Most Important to Share with All Stakeholders?
Graph 7.5 Department Responsible for Managing ESG Initiatives
Graph 7.6 Communication Channels Used to Report ESG Initiatives
Graph 7.7 Usefulness of Benchmarking Your Company’s ESG Performance against Other Companies in the Sector
Graph 7.8 Frequency of Assessing and Monitoring Progress on ESG Matters
Graph 7.9 Use of Software to Collect and Monitor ESG Performance Data
Graph 7.10 Participation in National and International Networks Related to Sustainable Development and ESG
Graph 7.11 Cost of ESG Initiatives (2025)
Graph 7.12 Change in Expenditure on ESG Initiatives (2025/2024)
Graph 7.13 Level of Familiarity with the Omnibus Directive
Graph 7.14 Impact of the Omnibus Directive on Companies’ ESG Timelines
Graph 7.15 Impact of the Extension on Greek Companies
Graph 7.16 Degree of Implementation of Environmental ESG Initiatives
Graph 7.17 Degree of Implementation of Social ESG Initiatives
Graph 7.18 Degree of Implementation of Corporate Governance ESG Initiatives
Graph 7.19 Benefits Derived by Companies from Implementing ESG Practices
Graph 7.20 Main Barriers to the Implementation of ESG Initiatives