- Revenue reached €156.1 million, up 3%, while EBITDA increased by the same percentage to €43.9 million, maintaining a stable EBITDA margin of 28%.
- The Group’s three business lines delivered balanced growth: Rental and Services generated €58.2 million (37%); Distribution and After-sales, €53.7 million (34%); and Long-term Recurring Business, €44.2 million (29%), further strengthening the diversification and resilience of the business model.
- Iberia consolidated its position as the Group’s main market, with revenue of €127.8 million, up 1%. Latin America accelerated growth by 11% to €22.6 million, while Morocco and Saudi Arabia maintained stable business activity at €5.7 million.
- GAM reduced its leverage ratio from 3.4x to 3.3x EBITDA while maintaining a strong liquidity position of €62.3 million.
Granda, Siero (Asturias), July 30, 2026. – GAM, the multinational company specialising in providing tailor-made, end-to-end solutions for industry, closed the first half of 2026 with a net profit of €6.3 million, more than double the €2.8 million recorded in the same period of the previous year. This 127% increase in net profit enabled the company to double its net margin, improving from 2% to 4%.
Revenue reached €156.1 million, up 3%, while EBITDA also increased by 3% to €43.9 million, maintaining a stable margin of 28%. Operating performance was even stronger, with EBIT rising 22% to €17 million, increasing its margin from 9% to 11%.
Performance during the first half was well balanced across the Group’s main business lines. Rental and Services generated revenue of €58.2 million (37% of total revenue), Distribution and After-sales contributed €53.7 million (34%), and Long-term Recurring Business generated €44.2 million (29%). All three business areas delivered growth of between 2% and 3%, maintaining a diversified revenue mix that reduces dependence on any single source of income and enhances the Group’s overall resilience.
Geographically, Iberia grew by 1% to €127.8 million, while Latin America was the Group’s main growth driver, increasing by 11% to €22.6 million.
The improvement in business performance was also reflected in cash generation. During the period, GAM generated €51.3 million in operating cash flow. After investments in machinery and payments related to acquisitions, the company maintained a positive free cash flow of €15.6 million before financing activities.
Investment in machinery totalled €29.9 million, with a significant contribution from equipment refurbished through REVIVER, the Group’s remanufacturing facility. REVIVER contributes to a more efficient and sustainable fleet management model by extending the useful life of equipment and reducing the need to replace it with new machinery. The company continues to target capital expenditure equivalent to approximately 55%–60% of EBITDA by the end of 2026.
Leverage reduced to 3.3x EBITDA
During the first six months of the year, net financial debt stood at €294.1 million, compared with €288.5 million in June 2025, mainly due to higher working capital financing requirements and investments awaiting long-term financing.
However, stronger earnings enabled the Group to reduce its leverage ratio from 3.4x to 3.3x EBITDA. In other words, although debt increased in absolute terms, the Group’s relative debt-servicing capacity improved. GAM also maintained a liquidity position of €62.3 million, reinforcing its ability to meet operational requirements and continue executing its growth strategy.
The strength of the business model is also underpinned by a long-term contractual backlog exceeding €280 million, providing strong visibility over a significant portion of future revenue. This is complemented by a diversified business mix across rental, distribution, after-sales and recurring services, together with strategic projects such as REVIVER, Kirleo and Inquieto.
Looking ahead to the second half of the year, the company will continue driving its international expansion and developing strategic business verticals including energy, modular construction and events. GAM will also continue expanding its distribution business through new brands and partnerships with manufacturers, a strategy that enables additional growth and strengthens customer relationships without relying solely on the expansion of its own fleet.
Antonio Trelles, Chief Financial Officer of GAM: “These results confirm that GAM is progressing towards a higher-quality growth model. It is not simply about increasing activity, but about achieving growth through stronger margins, greater recurring revenue and more efficient capital allocation. The fact that operating profit is growing significantly faster than revenue demonstrates that the decisions taken over recent years—business diversification, the development of higher value-added services and disciplined investment—are strengthening GAM’s earnings generation capacity. Our objective for the second half of the year is to consolidate this progress, translate it into stronger cash generation and continue growing on the basis of a solid financial structure.”
