GAM benefits from diversification strategy

Spanish rental company GAM said its diversification strategy - by geography and products - was making it a more resilient company.

The company is now split into three distinct business streams, with long term rentals of equipment such as forklifts representing 27% of revenues, traditional equipment rental 37% and distribution and after sales services taking a 36% share.

GAM’s fleet of 40,000 machines is dominated by forklift trucks (49%), followed by aerial platforms (29%), telehandlers (8%) and power (7%).

Logo: GAM

The company reported revenue growth of 4% in 2025 to €316.1 million, with EBITDA up 8% to €87 million. It’s long term rentals business expanded the fastest last year, by 10%, followed by traditional rental, which was up 3% year-on-year, and distribution up 1%.

Spain and Portugal still generate 77% of its revenues, while its Latin American business - in Mexico, Peru, Chile and the Dominican Republic - reported 2025 sales of €48.2 million. Its Saudi Arabia and Morocco operations generated revenues of €11.1 million last year.

The company’s Reviver plant in Spain, which refurbishes equipment to give it a second economic life, has now processed 430 machines since its opening in 2024. The plant employs 200 people.

GAM said the Reviver initiative was helping it reduce capital expenditure on its fleet. Net CapEx in 2025 was €50.6 million and the company said its aim was to maintain net CapEx at no more than 60% of EBITDA.