Over 60% of the group revenue, and the FMI over 91% of the group's EBITDA. That is to say that the margins of the software is significantly higher, and in line with our growth for the strategic plan. Our second very important plan is a loyal customer base. Our customers remain with us over time. We have a retention rate that is very close to 100%. This allows us to increase the revenue of our customers over time, increasing our profitability. The third element is the international expansion. On the bottom left, you see a significant data, as our General Manager will explain in more detail. We have a stability situation for the revenues, where we have a mix, an Italy and abroad mix, which is in favor of the abroad side, which is next to 30%.
This was a choice that we made also in our strategic plan, and we are very happy about it. Last but not least, still, is the expansion of the margins. There is the potential for further growth, due to our growth strategy, expansion abroad, that is scalable and has marginality possibilities. You can see further data on the slide. The important thing to say is that the situation regarding revenues is substantially stable, but the EBITDA is of about 8% compared to the first semester of last year. So it's comparable to the growth of our revenues. Going on to next slide. We wanted to recall our portfolio of products and the solutions we offer our customers. We have three pillars. The first one is core solutions. These are solutions that are offered customers that need customized solutions.
Our medical record is based on a product, but it's so customized that it is more similar to a project. All the solution products follow this same line. Then we have products that are scalable, and we are scaling them at the international level. They are grouped in three areas. The blood area, which includes substances of human origin. We have technologies, both on transfusions and on the donor side, the diagnostics side, laboratory information system, imaging pathology, and so on. A complete suite in the critical care area. This is our software powerhouse, which constitutes about 62% of our revenues. Then we have our strategic diversification area, which is marginal to the software side, because it includes Care, which is a particular business. It includes software to managing doctor's agendas, which is very relevant to managing costs. Going on to the next slide.
I would like to say that this is a very important slide according to me. This talks about our AI strategy. We are a business that has been on the market for over 40 years and offers critical solutions. Our strategy then is to gradually increase our solutions, making them more functional, thanks to the use of AI. These function increases are meant to serve and make more powerful the tools we give to the medical customers we have, to give more specialty to the patients. There is a debate in the healthcare world recently, and this is related to the time that doctors dedicated to the administrative side. There is talk of administrative burnout. Because if a doctor spends over 10 minutes preparing a report, they need a lot of time, and it is time they cannot dedicate to the patients. Here we have some examples.
We have solutions. You can see, for example, the name Eleanor on our medical feature that allows the doctor to talk with the artificial intelligence, that prepare a standardized feature using their language and the abbreviations they use. We made experiments in an important hospital in Lombardy, and this yielded very satisfying results. We also have a predictive model in Puglia for the neurodegenerative diseases. All these applications of the AI in the clinical field need to take into account three fundamental aspects.
First of all, the ethical side. I think it is pretty easy to understand, but it is essential. We were maybe the first in Italy in 2025 to receive the certification covering this ethical side. Then we have the side of data sovereignty and governance, because when we apply AI, we also need to be careful about where our data are put into and how they are managed.
We are very careful about this, and we even thought of offering the market the possibility of putting the data in a specific mine and we were the first in Italy and in the world to do so. The third side is the LLM side. This is the AI agent that is used. LLM is a large language model, and usually LLMs are the application that is used for the empowerment. In short, we will launch our HLM that is specific for our domain. This will give a quality on a better output. We have a very clear and precise strategy. Taking into account ethical aspects, data sovereignty, and the LLMs have to be vertical to be more functional for the results. Before going on to the results, the last comment on my side concerning our geographical footprint.
At the moment, we are present in 18 countries, but we reach about 70 countries overall, and we have a division between public and private. This is pretty relevant. We talk both in health and other clients. About 70% are specified customers. This is to explain the fundamental aspects of our current positioning. What are the pillars? The software house products and solutions, our AI strategy, and our footprint. Now I will give the floor to our General Manager, who will talk about what this is yielding in terms of results.
Thank you. Hello, everybody. Thank you, Andrea, and thank you to our CEO because this framework allows us to better understand the data that I will now present. Please show the first slide.
Before giving a markup on the numbers, I would like to express some messages that represent a conversation in our group in these years that are in line with our strategic plan. First of all, we are a software company, even if inside our group, there are also business lines that can seem unconnected to software, actually, there is a line between them. We are a software company, and we offer technological solutions. This is the connotation of our group. We are an IT company that is growing, and in Italy it is the first player. We sell about a third of all the networks in the country, and we cover a position in the market that is very interesting.
At the same time, we are also working a lot abroad because Andrea's world is growing, especially with Claire, is covering a lot of space in Europe together with our other reality, which is in Austria, and which follows the DACH world. Another important thing is that when we published the industrial plan, we announced that we would have followed a reorganization path because we have been growing in the last few years, thanks to over EUR 800 million investments and buying a lot of companies. Due to the speed of the market at the moment, we grew by evolution. We said that we had to integrate, and we developed a new operational model that works on more levels on the corporate side, on the job workflow side. We are incorporating businesses that we acquired over the years.
We are reducing the size, industrializing work processes to increase both EBITDA and margin, both in terms of quality and volumes. Growth has generated these synergies, but this path will allow us also to give the company an organizational factor capable of facing much more important growth already from 2027. This organizational model is already producing value, even if we are not yet in line with the aims that we put ourselves. We are already looking at 2027 with double-digit growth factor. Now, let's have a look at the financial data that have characterized the first semester. Revenue are at EUR 256.4 million, down 1%. It's not a pathological data.
It's a choice because we have to think clearly about the model that we wanted to adopt to make our growth most scalable, because we have a customer portfolio that covers the whole healthcare board, going from electronic medical records to food safety and security. We have a sense of reasoning about how we want to integrate these businesses that seem to be different, but they are strongly linked by the fact that they are all linked to the health and wellness of citizens. We decided to adopt and implement this new organizational model. We concentrated on the cost side. We reduced our cooperation with external providers. We focused our efforts in reorganizing our factories. We worked on corporate costs. In Italy, because abroad we continue to grow, in Italy, we generated economics and improvement in efficiency that allowed us to improve our EBITDA.
I expect some questions about the NRRP, which has no impact on this, because the growth plans for these years were already decided, both in Italy and abroad, to support the healthcare system in a sustainable way, because this is the main system of the economy of our country. In the IT world, resources are growing year-over-year. This is very important. The 3% growth in net income reflects the growth in income. It is linked to a model that could be applied also to other countries. There is a growth from 18.1% to 19.9% of the EBITDA margin, and this reflects the results of our strategic plan. We had already advanced and explained that we expected an increase in the EBITDA margin, and this is happening. We imagined that 2026 would have seen an impact in the acceleration of revenues.
But we see that instead, we will have an increase in the second half of 2026 because our results are better than we expected. Of this revenues quota, 26% is covered by revenues coming from abroad. The rest of the world grows by 23% in line with our plan. The rest of the world should reach about 30% of our overall revenues. Today, 37% of the revenues on the software side is coming from abroad. So EBITDA is positive, but we have a H1 loss in revenues, but this is not due to pathological reasons. We had to face this to start again with our new plan. Going on to the next slide. We can see that the software is driving our results. It has a margin of 32% compared to the rest of the group.
So the margin for software is growing, even if there is a 3.3% impact. Below, you can see the details of the two main business lines linked to revenues. The core one, software solutions and software products. As you can see, software solutions goes from 69% to 75%, and those are the solutions in the Italian market. Over the years in Italy, we were awarded a lot of important projects. We realized important projects with a higher volume to make the country more infrastructural. We delivered these projects, but more are coming. Only yesterday, a new tender was published. What we imagine is that the national path will have a lot of growth in the recurring markets. So delivering large projects allows us to increase our skills in this domain.
Even if it's 75% in our 69%, over the next years, we foresee recurring revenues, and also new contracts. In our projections, there is no estimate about tenders that we may be awarded. Then we have software products that strongly drove the growth, that goes by product lines. This allows us to grow a lot broader. So it went from 25% to 31%. So in the reorganizing process, the focus is on the efficiency that we are already acquiring, but also on the perspective of conquering a market that will be mainly made of recurring revenues. Now, let's see how the two business lines are going, and they seem distant from software, but in fact, they are linked. The first one is automation ICT. ICT includes desktop management services, and these are the IT solutions that we offer customers and automation.
They are about 18.6% of the margins, with about 1.5% and 0.9% margin in the care side. So this is very linked to the clinical side, to the therapy side, and the logistics side. So at the moment in our country, there is a concept center that has not been awarded yet. That includes more companies that will be awarded, and we are one of the main companies in Italy. This creates our expectations and also strong automatization sector that is growing. Here we have a connection, even if these businesses are not strictly linked, but they work with software, including therapies and quantitative measurement of targets, is simply linked with the software world. The other stream is a care stream.
And for us, I always say that the software drives, and also in this kind of business, the software is driving the market, because in the future, the circle of our healthcare system is more local, that takes care of the citizen, offers them care and therapies. And for us, it is the main channel. And if the software allows us to invest in the healthcare offer that is growing, the number of services that is growing exponentially needs technologies to manage this curve so that the healthcare offer is also capable of facing the demand. Care is growing because today we are choosing where we want to expand our skills. Where the customer doesn't want to use new technologies, we also have certified solutions of AI on voice that in call centers make the difference to create more inclusivity and more productivity.
But many customers don't have this sensitivity, so at the moment, we left the region. And the decreasing Care does not impact our EBITDA. The region had an impact that was almost next to zero. And we are not running any risks because we have a close so that the new company that is replacing us takes care of everything with access. We are also awarded a very important tender that will be worth EUR 400 million. This will allow us to reach double digits in the next years. And it's in an area where we are not very present at the moment, and this will allow us to have a positioning very important, because when we talk about access to care, we are in an excellent position to deliver a technological solution that allows the entities to generate more values for everybody.
So the Care is decreasing due to our own choices, because we close some contracts that don't want to follow the innovation trend that is required from the market today. Going on to the next slide. This is the outlook of our financial situation. Fixed assets are reduced by EUR 30 million, in line with our plan. Because we reduce the assets by the amortization was higher. So to use it, in fact, we chose to optimize it. Net working capital is going by EUR 42.5 million, and then we see our operating net working capital is increasing. The next slide allows us to understand the situation even better. Here we see a bridge. We closed last year with a financial position of EUR 396 million. And we had an improvement in EBITDA of EUR 50.9 million.
Then there is the impact of the NWC, which is due to the contract assets. In 2025, we reduced the old contract assets of about EUR 110 million. And we generated new revenue. And this is due specifically to the Italian situation. In 2026, we have the same dynamic. In the first semester, we lost almost EUR 50 million of old CTA, but we generated almost the same, because thanks to the aggregation of the demand, because in Italy, the procurement was once managed by the hospital, the entity that affected some necessity. And now there are buyers and sellers that publish new tenders that are worth EUR 400 million to EUR 1 billion, and they are awarded in a way that are not in line with the needs of our customers. So when a customer has a need and needs someone, a provider, this can generate delays.
When there are new projects activated with our customer, there is a rigid and complex formula that is a double burden for us, because these entities have some requirements for pay that are very rigid. This slows the times for receiving our payments. The invoices are generated late. Even if the payment times are expected of the remaining six years, the times to receive the payments of the invoices are delayed. The procurement is divided into two components: who wins the tenders and who distributes the resources, and the final users. Something is not functioning there, and there is also some activities in the works at the political level.
We believe that in the future, this situation will be improved, because we see that very large projects with a lot of CapEx with closing times of two to three years, will be covered with recurrent revenues or other systems, because we have been working on this side. We will overcome this problem. The increase of the net working capital also is impacted by this factor. Also in the chain from 396 to 428 NFP. It is also due to higher cost of the providers, because since sustainability is very important in this environment. In some cases, we have to pay in advance some providers who are in very financial difficulties. We see that the debt is increasing due to the payment of taxes. We also have costs that this year remained constant compared to last year, even if the EBITDA is growing.
We have CapEx that are tangible, links to the creation of our headquarters and investments made in Italy. We have an automation component, related to the creation of robots, that manage medicines destined to oncological treatments. This is a market that is in high expansion. We have a net interest of EUR 11 million. Our net financial position is of EUR 435 million. What we can say is that compared to the end of the last year, we foresee a positive situation, because economic reserves are there, but our customers need to close their balance sheet. We made an invoice in the last two, three months of the year, so we will have an important impact at the end of the year. We will reconcile and generate more cash in the last part of the year.
The situation is generally positive, and we expect important improvements in the second semester. Also linked to the release of the evolutional platform that is foreseen in the second semester. We are working on the 2027 budget, and as I said, we expect a double-digit return on our growth because the operating model was implemented, cannot but improve, and it will be expanded and scaled also in other countries and in the rest of the world that are already focused on the growth products that generate more growth. The markets abroad pay with other time frames, completely different from the Italian market. I think I have concluded the financial side.
Thank you, Matteo. Thank you, Andrea. Now I will ask you the questions that we received. Matteo, you cannot relax because the first question is for you.
You have in part already replied, but I ask the same. Concerning Care, is it possible to give more details on the strategic error? If the decreasing revenues is due to the time frames of the contacts, and another question to this is the level of revenues and the margins will somehow normalize once the transition of the new contacts will be completed. Can you answer, Matteo?
Yes. As I have anticipated, concerning Care, we are moving on to the right. The first one is this investor where customers are not sensitive to the use of technology, because technology today allows us to improve productivity. So the decrease you have seen is due to our choice not to go on. We were talking about a contract that we awarded five years ago.
We stopped with that contract because we saw that the customer had no will to understand how the market is evolving. But we have also won an important tender, with a EUR 400 million contract, with a double-digit growth. This is a great occasion for us because on the one side, software allows us to create an infrastructure and offer solutions on the output side. But we understand that the real issue is the demand, because we do not need more doctors, but we need systems where software is really helping. Because the system can be absorbed only when the citizen is taken care of by operative centers where we are already organized. So this will allow us to understand if it is possible to follow this path, otherwise, we will follow other choices.
Care for us is a strategic system to look at the medium to long term, how the management of the chronical patients can be managed to avoid everybody accessing the hospitals.
There is another question on ASA Care. Considering the activity is lower than the average of the group, the positioning of [SPA] is always targeted abroad. Do you believe it is possible to leverage the software?
There are two sides to consider. The first is also a strategic value, as Matteo said lately, and the other one is that assets must be valued. At the moment, we have margins that are not excellent. These are typical business, but we are confident that the tenders that we are being awarded, and better selection, the choice of getting out of some contracts that have lower margins and enter into new contracts will allow us to have a better relativity.
Then we will be able to think about, even if at the moment it is not the order of the day, but we are thinking about this at the moment.
Thank you. Andrea, for you also the next question. This concerns software. Can you comment on the trend of growth in the revenues in the first half year of 2026 and delineate the expected drivers for the second half of the year?
2026 was the year of the implementation of the operating model. Clearly growing as we are changing, and then changing the performance of Care, just to give an example, while you are changing the engine, it is pretty complicated. In fact, we concentrated more on the margins. The expectation, as Matteo said before, is that this will change.
It will change more abroad than in Italy, because abroad will continue to grow double digits, and we count on continuing to grow also in Italy. The second part of the question is related to the drivers.
Exactly.
The drivers for acceleration. When we implement a new operating model, it is made with a certain strategy and not just to do so. In this case, we have an expectation that the operational change that we made in Italy will have a synergic effect that will increase revenues at the same cost. We will see an effect, and this is a fundamental leverage. Difference of digitally and difference of presence on the area that will yield us better results in 2027.
Thank you. Matteo, the next question is for you.
Concerning net working capital, do we have a higher visibility on the evolution of contract assets that you also wrote about in the presentation, and the high level for the business? When do you foresee the values to slow down?
I am sorry, I was muted. The issue of contract assets is being faced by many points of view. A strategic theme is that large projects were delivered, and in those projects, the quota of recurring revenues was pretty irrelevant. Now that the projects are in place, and we need to deliver further assistance, data privacy and so on, this will increase the recurring revenues that generate immediate cash for us. So already in 2027, we foresee an important growth of these recurring revenues that will allow us to be less dependent on the SPA phenomenon.
On the other side, at least in our country, we have a structural issue of a customer that usually pays in times that are very slow for us. There is already a talk at national level because companies all over Italy are suffering from this, and large companies usually survive, but smaller companies usually suffer and may be too close. The possibility is to have tenders in the future to be paid with a SaaS model ID.
Thank you, Matteo. The next question is for Andrea. Concerning artificial intelligence, do you foresee a significant spare on cost due to the implementation of artificial intelligence? Are they impact on labor cost?
It is a two question. If you wanted to ask if we have revision plans, somehow the answer is no. I can explain why.
Concerning if this will have an impact on the future, certainly so, because when we implement both on our customer side, also on our internal processes, AI algorithms will improve productivity. This will mean less hiring processes in the area overall, because the old process meant that the more the reviews increase, the cost of labor increases and also the number of employees. This is a paradigm that the AI is challenging. Because when we want to hire someone, we have to ask ourselves how much we can make it more efficient, so that an employee instead of doing 100, we can do 110. Over time, adding all this times within hiring a person less. So I think I will have answered. On the current basis, no, because we have such a backlog of work to do. We do not foresee any impact.
Thank you, Andrea.
Sorry, guys, I wanted to add something on the AI team, because this is a very important issue. A few months ago, the foreign market gave a signal on technological companies. Talking about the AI yes, AI no. Shortly, we will publish our position on the AI scene because it has to be addressed as industrial positioning and not just scrapping costs. We will shortly communicate how we want to move. At the basis, there has to be a domain competence. Because there are more and more companies appearing on the market that are making AI, but they do not have the domain competence, domain skills. We are moving with the logic of presenting an industrial project with a scenery stream, with our own confidence, in the domain companies. So with the AI, not just as a tool to decrease costs, but also to acquire more market shares.
Andrea, concerning possible M&As. They ask if we are focusing mainly on the internal strengthening or we are open to M&As. They ask if we are focused on software and on what niches, and if we can give some more details.
I would say that the answer is yes on both sides. We are open to M&As in an opportunistic way. This is not the moment for us. We are following a plan that first is a centering to improvement, to organize. Then country by country, and market by market, we are assessing very carefully, because obviously an investment may be useful to increase our growth. They also ask the guidance of how we believe to close 2026, and relative to this, if international growth is proceeding in line, above or below the expectations of industrial plan. Actually, you already said something, but this one.
Yes, both 2026 and national growth are going on in line with our plan. This is the line we need to follow. We usually try to do better than previously planned, but certainly we are in line with our plan.
Matteo, a question for you. You already partially answered during the presentation on how the cash is going, if we have some data to offer.
We cannot share any data about it, but we foresee at the end of the year, according to our estimates, that we will recover over the first semester. So our revenues will be invoice will be higher than our revenues.
Andrea, a question for you. Do you have any news on a possible extraordinary event by the FM controller company? Or if there is no possibility, then the short answer is no.
In 2025, we had a communication, and then we did not have any more communication, so we cannot share anything else as GPI.
The next question is on the software. We work well on the margins, so they ask if the efficiency measure had an impact, where we are regarding some digital software, and if we have KPIs that we use to measure this process.
It is a pretty broad question. Concerning efficiency improvement, we are basing our job on two lines. The portfolio mix Italy versus the world is going more in favor of versus the world. Offering products that are standardized and less customizable, and this will allow us higher margins. So handling more with the rest of the board is going to help us and increase our revenues. Then we are paying more and more attention to the costs.
We want to uniform the cost of the various companies that are part of our group. Concerning software standardization, we are keeping ourselves. We have internal KPIs, but we cannot share them at the moment. I can say that we use AI also in this sector because it has our support by coding. It is used both on the external side for the strategy that we have studied for, but it can also be used in the software development and in the software coding, which is very important because we have to update our systems. The standardization is going on and it's going on pretty fast.
This is the last question for you, Andrea, then we'll close the Q&A. Do we have an idea of the contribution to the margin expansion due to the rationalization of the group?
I would return to the plan.
We are reasoning in terms of percentage. I could say 2% or 3%, but it's something that we are implementing day by day, and it's certainly contributing to what we do. At the moment, I cannot give a precise number of the contribution on the semester or on the year.
Thank you, Andrea. Thank you, Matteo. Thank you to all of you for attending this presentation. I remind you that the company is always available through our email address for any kind of questions related to the financial side. Thank you for your attention, and have a good day.