This article first appeared on GuruFocus.

Revenue: EUR494.1 million for the first half of 2026, with positive organic growth of 0.05% at constant currency.

EBITDA: EUR63.2 million, resulting in an EBITDA margin of 12.8% over sales.

Net Income: Increased from EUR2.2 million to EUR7.1 million, nearly reaching EUR11 million excluding renewables infrastructures for sale.

Global Dominion Environment Revenue: EUR221.2 million, with 5% organic growth.

GDT Project Revenue: EUR51.4 million, with a contribution margin of EUR10.3 million.

Backlog: EUR369 million, with no project cancellations to date.

Net Financial Debt: Remains stable at EUR135.9 million as of the end of 2025.

Working Capital Variation: EUR39.3 million, influenced by the inclusion of net assets of the biomass plant in Argentina.

Dividend: EUR8 million paid on July 9, 2026.

Release Date: July 23, 2026

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Positive Points

Global Dominion Access SA (GBDMF) reported positive organic growth of 0.05% at constant currency despite a challenging macroeconomic environment.

The company’s recurrent businesses, GDE and GDT Services, are growing organically above guidance, contributing to sustained growth.

The EBITDA margin stands at 12.8% over sales, indicating solid profitability despite a slight slump compared to the previous period.

The company has successfully reduced financial expenses by 50% compared to the previous year, improving financial results.

The environmental business segment showed a growth of 5% in organic terms, with a contribution margin of 12.3%, highlighting operational profitability.

Negative Points

The Project segment is still affected by the current economic situation, leading to lower levels of activity compared to the previous year.

The sale process of renewable infrastructure in Argentina and other divestitures have resulted in lower turnover and results.

The backlog of new orders appears weak, with only EUR3 million in Q2 and EUR4 million in Q1, raising concerns about future project activity.

The geopolitical instability has reduced business trust, impacting global investments and project execution.

The company’s strategic divestments and simplification process have led to a reduction in turnover and EBITDA, affecting short-term financial performance.

Q & A Highlights

Q: In Q1, you mentioned an EBITDA target of about EUR150 million. Do you still expect to achieve this? Also, the backlog seems weak with only EUR3 million in new orders in Q2. Can you comment on the pipeline and future expectations? A: Mikel Felix Barandiaran Landin, CEO: The EUR150 million EBITDA is an estimate, with EUR155 million from recurrent business being fully guaranteed. The remaining EUR25 million depends on project execution, which is challenging to predict. We are close to our goals, but the backlog has few new projects. We are conservative with our pipeline, only including projects with firm commitments.

Story Continues

Q: When will you present the updated strategic plan? Also, can you provide a timeline for the sale of biomass in Argentina and any changes in project trends? A: Mikel Felix Barandiaran Landin, CEO: We aim to present the strategic plan around the second week of November. Regarding biomass in Argentina, we expect the sale to occur in Q4. Project execution levels may improve by Q4, aligning with past performance.

Q: Are there any future divestments planned? A: Mikel Felix Barandiaran Landin, CEO: We have discontinued non-core activities and are simplifying our business. Future divestments will focus on non-core areas, aligning with our strategic plan to concentrate on core activities.

Q: What is the timing for the sale of biomass? A: Mikel Felix Barandiaran Landin, CEO: We have several alternatives and expect the sale to occur in Q4, despite challenges in Argentina.

Q: Will the BPA for Q2 be similar to Q1? A: Roberto Tobillas Angulo, General Manager: We expect the BPA to be higher in relative terms compared to Q1, given our operational leverage and balance sheet strength.

For the complete transcript of the earnings call, please refer to the full earnings call transcript.