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

Executive summary

• Achieved strong double-digit growth in FY2024, with revenue up 17.7% to €509.9M and EBITDA up 31.3% to €104.8M, driven by both organic and inorganic expansion, especially in software.

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

• Net income from continuing operations was €14.6M, reversing a prior year loss; total net profit reached €103.4M, including a significant capital gain from the sale of Argentea S.r.l.

• Strategic focus on organic growth, product innovation, and international expansion, with a new industrial plan targeting over €700M revenue and >25% EBITDA margin by 2029.

• Net financial debt decreased to €332.7M, with improved compliance to financial covenants.

Financial highlights

• Revenue reached €509.9M (+17.7% YoY), with software contributing €304.1M (+33.7%).

• EBITDA grew 31.3% to €104.8M, with margin at 20.6% (up from 18.4%); EBIT rose 43.4% to €36.7M.

• Net income from continuing operations was €14.6M; total net profit €103.4M (including €88.8M from discontinued operations).

• Proposed ordinary dividend of €0.50 per share.

• Net financial debt: €332.7M (down from €365M); net debt to financial institutions: €226.6M.

Outlook and guidance

• 2025-2029 plan targets revenue >€700M by 2029, with EBITDA margin >25% and 27-30% from international markets.

• CapEx planned at 7%-9% of revenue; ROIC targeted above 15%; NFP/EBITDA ratio goal below 2.7x.

• Focus on strengthening software, international expansion, operational efficiency, and profitable diversification.

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