GPI S p A (GPI) H2 2025 earnings summary

Executive summary

• Revenues reached €546.2M for FY2025, up 7.0% year-over-year, driven by both organic (+5.8%) and external (+1.2%) growth, with double-digit international growth and reinforced leadership in the Italian market.

• Software segment led growth, contributing 62.8% of total revenues and growing 12.7% year-over-year.

• EBITDA increased 8.4% to €113.5M, with margin improving to 20.8% of revenue.

• Execution of the 2025-2029 Industrial Plan is on track, with a scalable operating model and increased focus on software business driving profitability.

• International revenues rose 17.6% to €130.4M, now 23.9% of total, with strong expansion in EU and non-EU markets.

Financial highlights

• Revenue: €546.2M (+7.0% YoY; +5.8% organic), driven by software-led growth and international markets.

• EBITDA: €113.5M (+8.4% organic; +6.2% organic YoY), margin at 20.8% (+30bps YoY), with disciplined cost structure.

• EBIT: €48.0M (+31.5% YoY), margin at 8.8% (+170bps YoY).

• Net profit from continuing operations was €15.2M, up 5.6% year-over-year.

• Net financial indebtedness increased to €396.4M, reflecting inorganic growth, capex, and dividends.

Outlook and guidance

• 2026 outlook aligns with the Business Plan, focusing on operationalizing new structures, integrating acquisitions, and expanding internationally.

• Revenue targets: >€600M by 2027 (25–27% overseas), >€700M by 2029 (27–30% overseas).

• EBITDA margin expected to exceed 22% (target >25%), ROIC >11% (target >15%), and net debt/EBITDA below 2.7x (target <2.5x) by 2027.