Gamma Communications (GAMA) Q4 2025 TU earnings summary

Executive summary

• FY 2025 Adjusted EBITDA and Adjusted EPS (fully diluted) are expected to be within market consensus, reflecting strong year-on-year growth, especially from German acquisitions.

• Performance remains robust despite a challenging UK macroeconomic environment, with significant contributions from the expanded product portfolio and increased scale in Germany.

Financial highlights

• Adjusted EBITDA consensus range for FY 2025 is £140.0m–£143.0m; Adjusted EPS (fully diluted) is 93.6p–95.4p.

• Net debt at 31 December 2025 was £9.4m, compared to net cash of £153.7m at the end of 2024, following the STARFACE acquisition, share buyback, and dividend payments.

• Healthy adjusted cash generation supported rapid deleveraging.

Outlook and guidance

• Share buyback programme of up to £42.5m in FY 2026 and intention for a further £42.5m in FY 2027, totaling up to £85m.

• Dividend per share to be fixed at FY 2025 levels for the next two years, with interim and final payments structured as 1/3rd and 2/3rds.

• Positioned for continued growth, leveraging high recurring revenue, strong cash generation, and available liquidity.