General De Alquiler De Maquinaria, S.a. · BME:GAM
General De Alquiler De Maquinaria — FY2025 Earnings Presentation
25 slides from General De Alquiler De Maquinaria's earnings presentation, Feb 26, 2026
Slide 1: Think Big – FY 2025 Results Presentation
Think Big FY 2025 Results presentation February, 26th 2026
Slide 2: Disclaimer
Disclaimer 2 This document has been prepared by General de Alquiler de Maquinaria, S.A. ("GAM" or the “Company”) exclusively for the presentation in connection with the results corresponding to financial year 2025. This document has been prepared for information and background purposes only. Neither
Slide 3: Contents
3 Contents 1 GAM at a glance GAM at a glance Key figures Key figures 2 Financial overview FY25 Financial overview FY25 GAM around the world Main figures FY25 Revenue by business GAM around the world Revenue by business Milestones in GAM’s history Revenue and EBITDA by geography Milestones in GAM’s h
Slide 4: GAM at a glance
GAM at a glance
Slide 5: Key figures
5 GAM at a glance Key figures 70.000 + Customers 10 Business lines +40.000 +40 Dealers 800 80 Machines Technical Staff 350 Branches FY 2025 – Results Presentation Mobile Workshops 850 €650M 2.000 8 AGV’s Managed fleet 120 Employees Countries Service points
Slide 6: GAM around the world
6 GAM at a glance GAM around the world Spain Portugal 8 Countries Mexico Dominican Republic 80 Branches FY 2025 – Results Presentation Peru Morocco 120 Service points Chile Saudi Arabia
Slide 7: Milestones in GAM's history
7 GAM at a glance Milestones in GAM’s history 2003 2004 Foundation in Asturias as a Growth through acquisitions in Spain and Portugal rental company 2006 2007/10 Entry into the Stock Market Internacional expansion: Morocco, Mexico, Chile, Peru, Colombia, Panama, Dominican Republic and Saudi Arabia 2
Slide 8: Corporate profile
8 GAM at a glance Corporate profile More tan 40.000 machines to meet market demand: Diversified and les capital-intensive business model. Focus on business and market diversification. ▪ Accounting value of the fleet at year-end 2025: €316 millions. ▪ Market value is estimated over €395 millions. ▪ T
Slide 9: Sectoral diversification
9 GAM at a glance Sectoral diversification “ ▪ GAM’s business diversification also carries a relevant sectoral diversification. Tailor-made solutions from a ▪ High diversification and low sectoral exposure. Food & single interlocutor ▪ The company has a backlog1 of €280 Million (recurring and long-t
Slide 10: Strong and resilient growth
10 GAM at a glance Strong and resilient growth ▪ GAM has grown by 13% over the last three years, improving profitability and reducing investment needs. ▪ Diversification strengthens stability and resilience in Recurring and long term rental adverse economic 316,1 37% 27% environments. Revenue Distri
Slide 11: Path of deleverage
11 GAM at a glance Path of deleverage Net Financial Debt1 ▪ Since 2023, the Group’s revenue have grown by +13%. 3.6x 3.5x Ratio Net Financial 3.2x Debt/ EBITDA2 ▪ Improvement in EBITDA margin of 1pp each year, reaching +28% of sales. 28% % EBITDA 27% margin 26% 279,2 ▪ Reduction in CAPEX: -6% 276,9
Slide 12: Financial overview FY25
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Slide 13: Consolidated figures FY25
13 Financial overview FY25 Consolidated figures FY25 The Group’s main financial figures, show a revenue growth of +4%, an improvement in EBITDA of +1pp, a reduction in leverage of -8% (3,2x EBITDA) and a decrease in CAPEX of -6%, reducing to 53% of EBITDA. Main figures FY25 vs FY24 FY24 FY25 Revenue
Slide 14: Revenue by business
14 Financial overview FY25 Revenue by business Recurring and long-term rental business, with a €280 million backlog and a renewal contract rate over 90%, consolidates the position within the company’s total revenue, improving in 2025 the business diversification already achieved in 2024. +10% 86,8 +
Slide 15: Revenue and EBITDA by geography
15 Financial overview FY25 Revenue and EBITDA by geography GAM aims to maintain a balanced market footprint. While the Iberian market remains the +6% CAGR IBERIA strongest, new markets have gained 2023-25 relevance, and their revenues have grown at higher CAGRs. +3% CAGR LATAM 2023-25 +18% Marruecos
Slide 16: CAPEX
16 Financial overview FY25 CAPEX FY25 FY24 REVIVER a circular economy factory contributes to reducing annual CAPEX needs, by providing a second life to GAM’s fleet. 4,7 Sustainability GAM continues making efforts to keep investment (CAPEX) Project under control, focusing on strategic projects and in
Slide 17: Free cash flow generation
17 Financial overview FY25 Free cash flow generation Cash Flow before financing activities FY25 +€8M ▪ is €7,8 million (-€0,8 million in 2024). Cash Flow after investments ▪ GAM expects to maintain machinery capex to levels close to 50% of -20,4 +10,6 annual EBITDA. -8,2 65,9 -43,9 57,7 ▪ REVIVER co
Slide 18: Net financial debt
18 Financial overview FY25 Net financial debt GAM grows +4% , reducing net debt/EBITDA ratio in 3,2x +6,9 (-8% reduction of leverage compared to 2024). -29,2 +20 279,2 276,9 FY24 FY25 3.5x 3.2x Net-Debt-to-EBITDA1 Net-Debt-to-EBITDA1 Decrease in Other variations working capital and Net debt CAPEX Bo
Slide 19: Embracing sustainability
Embracing sustainability
Slide 20: Transforming business in four steps
20 Embracing sustainability Transforming business in four steps Circular economy Sustainable energy We incorporate the circular and mobility economy into our business model GAM Works to renew rental fleet: with the aim of giving a second 85,4% is zero-Emissions in 2025 life to our main asset: the (8
Slide 21: Reviver: GAM's Circular Economy project
21 Embracing sustainability Reviver: GAMs Circular Economy project Reviver arise from GAM’s objective of transforming business by generating a positive impact in the environment and the communities in which operates. What? The project started in 2024, and nowadays, Reviver remanufactured nearly 430
Slide 22: Reviver: GAM's Circular Economy project – How?
22 Embracing sustainability Reviver: GAMs Circular Economy project How? CIRCULAR ECONOMY Remanufacturing machines with an adequate market potential. Providing remanufactures machines with a guarantee and a circular certificate The machinery is once again 100% operational and ready to begin a new use
Slide 23: Reviver: environmental impact and facilities
23 Embracing sustainability Reviver: GAMs Circular Economy project How? How? ENVIRONMENTAL IMPACT FACILITIES 100% green energy consumptions +12.000 m2 +300 m2 workshop technical offices +20.000 m2 +1.250 m2 Refurbishing an old ceramic factory site in outdoor area warehouse Villacé (León). Future Wor
Slide 24: Energy and sustainable mobility
24 Embracing sustainability Energy and sustainable mobility This step includes initiatives promoting the reduction of CO2 Emissions through the renewable energy consumption: +95% of the energy consumed at GAM comes from clean energy sources. % 0 emissions fleet Installed solar panels +1,5% +18,5% 85
Slide 25: Headquarters and Contact
Headquarters Road Tiñana Km 1, 33199 Granda, Asturias, Spain Contact gamrentals.com investor.relations@gamrentals.com 985 732 273 “ Ordinary people doing extraordinary things Pedro Luis Fernández, GAM CEO ”
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