- Between January and September, the company increased EBITDA by 10 percent and EBIT by 27 percent, consolidating a more efficient business model with a greater proportion of long-term rentals.
Granda, Siero (Asturias). 25 November 2025. GAM closed the first nine months of 2025 with a strong boost in profitability, supported by stable and sustainable business performance. Net profit rose to 5.1 million euros, which is 91 percent higher than last year, meaning the company virtually doubled its profit compared with the same period in 2024. Recurring EBITDA also increased by 10 percent to 64.8 million euros and EBIT increased by 27 percent to 21.1 million euros, reflecting overall improvement in margins.
Revenue increased by 6 percent to 233.4 million euros, driven by the solid performance of the recurring long-term rental business, which grew by 11 percent and now accounts for 28 percent of the total. This shift in the model—towards more stable, less investment-intensive business—enables the company to improve efficiency and reduce its capex requirements.
Antonio Trelles, GAM’s Chief Financial Officer, notes:
“These first nine months confirm that our model works: revenue is growing, margins improving and less investment is needed to generate stronger results. The increased weight of recurring business and of activities that are less capital-intensive gives us greater stability and places us in a strong position to continue growing profitably in the coming years.”
Evolution by business line and geographical area
Long-term rental continues to be the main driver of growth (+11 percent year-on-year), while distribution and after-sales (+7 percent) and rental and services (+2 percent) also show positive trends. GAM also has a contracted portfolio of more than 243 million euros, with renewal rates above 90 percent, reinforcing the visibility of future revenue.
By geographical area, Iberia grew by 9 percent and strengthened its leadership; Latin America recorded a temporary 9 percent decline in revenue, offset by improved margins and the recovery seen in the third quarter; and Morocco and Saudi Arabia grew by 21 percent, adding momentum to the group’s diversification.
Sustainability and circular economy: progress on the REVIVER project
The company continues to strengthen its circular economy strategy: 84.6 percent of its fleet is now zero-emission and the REVIVER re-manufacturing plant has exceeded 375 refurbished units, almost 70 percent of which are already on long-term rental agreements. The introduction of a second shift will enable production to double in the coming months.
With this performance, which is driven by higher profitability, growth in recurring business and a reduced need for investment, GAM reinforces its profile as a solid, diversified company focused on sustainable long-term growth.
