GPI S p A (GPI) H1 2026 earnings summary

Executive summary

• H1 revenue and other income was €256.4m, down 1.1% YoY; EBITDA rose 8.5% to €50.9m as Software and Automation & ICT growth offset Care declines.

• EBITDA margin expanded to 19.9% from 18.1%, while net profit from continuing operations was €3.2m, down from €3.4m amid higher taxes.

• International revenues grew 11.5% and represented 25.8% of total revenues.

Financial highlights

• Revenue and other income was €256.4m versus €259.4m restated in H1 2025; reported revenue was €248.7m versus €253.2m.

• EBITDA was €50.9m, up 8.5% YoY, including 3.8% organic growth; EBIT was €17.3m, up 4.5%.

• Net profit from continuing operations was €3.2m versus €3.4m; income tax expense rose to €3.0m from €2.2m.

• Operating cash flow was €12.1m versus €33.8m restated; working-capital and other changes used €25.8m of cash.

Outlook and guidance

• H2 revenue growth is expected to accelerate, with international growth remaining double digit and Italy also expected to grow.

• 2026 growth expectations remain in line with the strategic plan; double-digit growth is targeted from 2027 as the operating model scales.

• Higher contract assets and working capital are expected to convert into cash in H2 2026; recurring support and related-service revenues are expected to grow materially from 2027.

• The 2025–2029 plan prioritizes a rising Software mix, scalable product-led revenues, international expansion, M&A integration and organizational alignment.