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Edge12 Dec 2025
Running on Clouds: The Story of On
The story of how a Swiss runner's pursuit of a new running sensation became On, aiming to be the most premium global sportswear brand worldwide.
GPI S p A (GPI) investor relations material
GPI S p A H1 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H1 2025 earnings summary3 Oct, 2025
Executive summary
Achieved 9.1% year-over-year revenue growth in H1 2025, reaching €257.9M, with EBITDA up 14.8% to €46.7M, driven by software solutions and new contract launches.
Net income increased 20.5% to €3.5M, despite higher tax expenses and reduced financial income.
Organic growth and international expansion are strategic priorities, consolidating previous M&A-driven expansion and optimizing synergies.
Software segment delivered 13.4% organic revenue growth, now 60.5% of total revenue, with recurring revenues at 52% and a 96% retention rate.
EBITDA margin improved by 90 bps to 18.1%, reflecting a focus on higher-margin software products.
Financial highlights
Revenue reached €257.9M (+9.1% YoY); Software revenue: €156M; EBITDA: €46.7M (+14.8% YoY); EBIT: €16.6M (+113% YoY); Net income: €3.5M (+20.5% YoY).
EBITDA margin improved to 18.1% from 17.2% year-over-year.
Net working capital increased by €14.5M, mainly due to higher trade receivables and contract assets.
Net debt stands at €340.4M, up €7.7M from year-end 2024, mainly due to investments and dividend payments.
Dividends of €15.9M were approved and paid in July 2025.
Outlook and guidance
Strategic plan targets revenue above €700M, EBITDA margin above 25%, and ROIC above 15% by 2029, with foreign revenue share rising to 27–30%.
Organic revenue CAGR targeted above 8%, with CapEx at 7–9% of revenue and NFP/EBITDA ratio maintained below 2.5.
Ongoing organizational transformation aims to maximize synergies, profitability, and international expansion, with full implementation by early 2026.
Focus on reducing contract assets and leveraging a significant order backlog from new framework agreements.
How will the shift to organic growth impact margins?
Rationale for high H1 CapEx and future plan?
What is the strategic role of the Care business?
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H2 202531 Mar, 2026
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