GPI S p A (GPI) H2 2024 & CMD 2025 earnings summary

Executive summary

• Achieved double-digit growth in FY2024, with revenue up 17.7% to €509.9M and EBITDA up 31.3% to €104.8M, driven by strong performance in software and successful integration of acquisitions.

• Consolidated leadership in Italian healthcare software, expanded international presence, and maintained high win rates in public tenders.

• Net profit reached €103.4M, including a significant capital gain from the sale of Argentea S.r.l.; net profit from continuing operations was €14.6M (vs. €0.6M FY23 revised).

• Strategic plan for 2025-2029 targets revenue above €700M and EBITDA margin of 25% or higher by 2029.

Financial highlights

• Software revenue rose to €304.1M (+33.7% YoY), now 60% of total business volume.

• EBIT reached €36.7M (+43.4% YoY); net income from continuing operations €14.6M, reversing a prior-year loss.

• Total net income includes a €103.4M capital gain from Argentea.

• Dividend proposed at €0.50 per share (unchanged YoY).

• Net financial debt decreased to €332.7M, with net debt to financial institutions at €226.6M.

Outlook and guidance

• 2025-2029 plan targets revenue above €700M by 2029, with EBITDA margin at or above 25%, and international markets contributing 27-30%.

• Focus on organic growth, minimal M&A, and operational efficiency.

• CapEx expected at 7-9% of revenue; ROIC targeted above 15%; NFP/EBITDA ratio below 2.5x.

• 2025 expected to show further growth in revenue and EBITDA.