This article first appeared on GuruFocus .
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Organic Growth:4% overall, with GDE and GDT services growing at 6%.
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EBITDA Margin:13.7%, a historic maximum for the company.
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Net Financial Debt:EUR 137 million, 25% lower than 2024.
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Leverage Ratio:0.9 times EBITDA.
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Revenue:EUR 1.045 billion, with 4% organic growth.
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Net Profit:EUR 10.2 million, with a one-off effect of EUR 18.5 million.
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GDE Turnover:EUR 472 million, 5.9% organic growth.
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GDT Services Turnover:EUR 460 million, 5.8% organic growth.
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GDT Projects Turnover:EUR 113 million, 14% decrease.
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Operating Cash Flow:EUR 71.7 million, 5.4% increase from 2024.
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Dividend Proposal:EUR 8 million, equivalent to 50% of net profit from continued activities.
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Release Date: February 27, 2026
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
Positive Points
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Global Dominion Access SA ( FRA:G08 ) achieved organic growth of 4% in 2025, with GDE and GDT services growing above guidance at 6%.
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The company reported a historic maximum EBITDA over sales margin of 13.7%, indicating improved profitability.
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Net financial debt was significantly reduced by 25% compared to 2024, with a leverage ratio of 0.9 times EBITDA.
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The company successfully divested non-strategic activities, improving its balance sheet and focusing on higher-margin businesses.
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Global Dominion Access SA ( FRA:G08 ) is actively pursuing growth opportunities in the environmental sector, with a strong pipeline of acquisitions and new contracts in circular economy and decarbonization.
Negative Points
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The depreciation of the North American dollar negatively impacted the balance sheet and net profits, with a one-off effect of EUR18.5 million.
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There was a temporary slowdown in project execution due to geopolitical uncertainty and changes in renewable project strategies.
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GDT projects segment experienced a 14% decline in turnover, attributed to slower project execution.
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Forex fluctuations negatively impacted sales by 2% in GDT services and 3% in GDE.
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The company faced challenges in reactivating project growth, with uncertainties in public tenders and geopolitical factors affecting timelines.
Q & A Highlights
Q: Could you please give us an indication of the levels of growth expected for 2026, and when do you think project growth can be reactivated? A: We expect to grow above 5% in 2026, continuing with our current strategic plan. Regarding project growth, it's challenging to forecast due to the binary nature of public tenders. However, we have good expectations for projects in Chile and the Dominican Republic, with significant reactivation anticipated from the second or third quarter.
Q: Could you provide more details on the EUR37 million growth CapEx for 2025 and the expected level for 2026? A: The growth CapEx includes investments in mobile device rentals, renewable developments in Italy and the Dominican Republic, and greenfield projects in the circular economy sector. For 2026, we expect lower CapEx in renewables as projects mature, with a potential shift in distribution focusing more on GDE.
Q: Why is there a reduction in the dividend despite improved debt levels, and is a share buyback being considered? A: The dividend reduction aligns with our focus on attractive investment opportunities that generate shareholder value. We are considering a share buyback as part of our new strategic plan, which will be presented in the second half of the year.
Q: What is the status of the Cerritos wind farm sale, and how will it affect net debt? A: The Cerritos project is progressing well, with several interested bidders. The sale is expected to generate liquidity, with the net asset value properly reflected. The project is valued at around $100 million, with debt between $85 million and $90 million.
Q: What profitability do you expect from the aggressive investment plan in GDE, and is a buyback of shares possible? A: We anticipate significant value generation from our ambitious GDE investment plan, which has already doubled EBITDA and increased EBIT by 2.7 times over the last three years. A share buyback is possible and will be analyzed under the new strategic plan.
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
