Global Dominion Access, S.A.

Dominion reported a business figure of EUR 1,045 million, up 4% organically, with inorganic growth contributing 11% and FX subtracting 2%. EBITDA margin reached 13.7% of sales, a historic high for the company. Attributable net profit was EUR 10.2 million, and management said recurrent profit would have been EUR 28.7 million, or 10% higher than 2024, excluding an EUR 18.5 million one-off correction tied to divested Dominican Republic assets. Net financial debt ended at EUR 136.6 million / EUR 137 million, down 25% versus 2024 and 34% versus June 2025, at 0.9x EBITDA. Operating cash flow was EUR 71.7 million, 5.4% above 2024 on a comparable basis. For 2026, management said it expects growth above 5%, with a different CapEx mix and a new strategic plan to be presented after summer at the Capital Markets Day.

The CEO framed 2025 as a year of consolidation and simplification under the current strategic plan, with the company shifting toward more recurrent, higher-margin businesses. He emphasized that Global Dominion Environment (GDE) is becoming a key growth platform, with organic growth, acquisitions, and greenfield investments intended to make it a European reference in environmental services and infrastructure. Tone-wise, he was upbeat but cautious, repeatedly noting macro uncertainty, geopolitics, and weaker project execution as reasons to be disciplined.

The CFO focused on balance sheet improvement and cash generation: net debt was EUR 136.6 million, leverage was 0.9x EBITDA, and operating cash flow was EUR 71.7 million, up 5.4% on a comparable basis. He also broke out capital allocation, noting EUR 20.1 million of maintenance CapEx and EUR 37 million of expansion CapEx, with growth spending directed to mobile device rental, renewables, and greenfields such as Tarragona and Fujairah. He said the company paid EUR 50 million in dividends in July, plus EUR 1.9 million to minorities and EUR 1.2 million earn-out related to Gesthidro, and highlighted the planned EUR 8 million dividend for 2026.

Analysts asked when project growth would reaccelerate, especially in wind projects in Italy and the delayed Dominican Republic pipeline. Management said project execution is currently slower because of tender timing, geopolitical uncertainty, and a stricter rule of not executing renewable projects until a financial partner is brought in, but it expects a meaningful pickup in Dominican projects in the second or third quarter of 2026. Questions also focused on the purpose of the EUR 37 million expansion CapEx and the lower Q4 GDE margin; management explained the CapEx was split across device rental, renewables, and greenfield environmental projects, while the Q4 margin dip was described as a timing effect in the more individualized part of GDE and not a structural issue.