GMS has released its H1 2025 results. These show a solid performance on revenues and EBITDA, though with regional geopolitical volatility having an effect on utilisation, alongside higher costs for CAPEX and leases as the company increases fleet investment post its new debt facilities. We adjust our forecasts to hold revenue and EBITDA, but reflect the higher costs in our earnings and cash numbers. The company remains on track to establish shareholder returns which we expect in 2026, and we awai ....
