- Recurring EBITDA grew by 8% to €87M and consolidated the Group’s operational improvement, increasing the margin by 1 point to 28%.
- The company reduced debt by 8% and increased its cash generation thanks to lower investment in machinery driven by REVIVER.
- The diversification of the business consolidates the Group’s stability in adverse environments, with a balanced distribution of revenue between rental and services (37%), distribution and after-sales (36%) and long-term recurring services (27%).
Granda, Siero (Asturias). February 26, 2026.- GAM closed the 2025 financial year with record results and its main figures at all-time highs, with a very significant improvement in net profit, which increased by 50% to 6.5 million euros. The company reached 316.1 million euros in revenue (+4% compared to the 304 million in 2024) and increased recurring EBITDA to 87 million euros (+8%). In this way, during 2025 the Group strengthened its financial profile relying on profitability, investment discipline, cash generation and deleveraging.
The improvement in profitability is reflected especially clearly in the margin. GAM increased the EBITDA margin by 1pp compared to 2024, reaching 28%, an advance that responds to greater operational efficiency and the evolution of the mix towards activities with greater recurrence and added value. In absolute terms, operating performance also allowed an improvement in EBIT, which reached 28.5 million euros.
In parallel, 2025 was marked by a strengthening of financial solidity. The company reduced debt by 8%, to 276.9 million euros, and reduced its leverage: net financial debt now equals 3.2 times EBITDA, compared with 3.5 times at the close of 2024. This development reinforces the resilience of the balance sheet and expands the flexibility to continue executing the strategy in a demanding economic environment.
Investment discipline was another of the pillars of the year. Maintaining growth in sales, GAM optimised investment in machinery and placed net CAPEX in machinery at 53% of EBITDA, a development that makes it possible to increase cash generation and support the reduction of leverage. In this context, REVIVER, GAM’s remanufacturing plant, played a crucial role, as it made it possible to remanufacture around 430 machines. This project is consolidating itself as a lever for growth with lower investment intensity, by optimising the use of assets and extending their useful life, while at the same time reinforcing the Group’s value proposition in more efficient and sustainable solutions. In terms of total investment, this was reduced by 6%, to 50.6 million euros.
Antonio Trelles, GAM’s chief financial officer: «2025 has been a year of consolidation of the model. We have managed to grow, increasing the EBITDA margin to 28% and improving results by 50%, while at the same time investing with greater discipline — reducing CAPEX by 6% — and decreasing debt by 8%. This combination reinforces the Group’s financial solidity and allows us to continue growing sustainably».
Diversification and recurrence as levers of stability
The development of the year once again highlights the role of diversification as a lever of stability. In 2025, GAM maintained a balanced distribution of revenue among its three main areas: rental and services represented 37%, distribution and after-sales 36%, and long-term recurring services 27%. This balance reduces dependence on a single driver and makes it possible to cushion cycle changes better, reinforcing the Group’s resilience in adverse economic environments.
Within this mix, the long-term recurring services business advanced by 10%, to 86.8 million euros, supported by a contracted portfolio close to 280 million euros and by a renewal rate above 90%, which provides visibility and stability to future billing. For its part, distribution and after-sales reached 112.6 million and rental and services stood at 116.7 million, consolidating a balanced contribution to the growth of the year.
