GPI H1 2026 slides: software margins rise as transition year pressures revenue

Italian healthcare technology firm GPI S.p.A. unveiled its H1 2026 interim financials on October 2, 2026, showcasing a transition-focused strategy that resulted in increased profitability despite declining revenue. The company's emphasis on software-driven growth and international expansion contributed to its strong performance.

GPI reported €256.4 million in H1 2026 revenue, a 1.1% year-over-year decrease, yet EBITDA surged 8.5% to €50.9 million, with a 180-basis-point margin improvement to 19.9%. This margin growth was primarily attributed to the company's software segment, which now generates 63% of group revenue and 91% of EBITDA. Revenue weakness was largely due to strategic decisions, including exiting low-margin contracts and the impact of contract timing in the Care segment, which declined 12.4% but marked a transition towards higher-value technology adoption.

The software division was the primary driver of profitability improvement in H1 2026, with software revenue rising 3.3% to €162.7 million and EBITDA expanding 7.5% to €45.9 million. GPI operates through a three-pillar software structure, with Software Products emerging as the growth engine, now comprising 31% of software revenue.

The company's AI strategy, branded Gpi4AI, positions it as a pioneer in ethical AI for healthcare, with offerings like Eleanor.NGH, CaiLL, and DREAM. International growth was a key highlight, with overseas revenues increasing 11.5% year-over-year and software revenues from abroad accounting for 37% of total software revenue. The Care segment faced challenges, with revenue declining 12.4% and EBITDA margin compressing to 0.9%, but management attributed this to exits from low-margin contracts.

Despite the near-term revenue pressures, GPI's strategic transition is delivering results, positioning the company for future growth.