Sharecast - The new contract, which starts on 1 January 2024, is for the operation and maintenance of five Airbus H145 emergency medical service helicopters, two of which will be supplied by the group.
A primary fleet of four helicopters will operate from the WAAC's current facilities in Cardiff, Caernarfon, Welshpool and Dafen providing comprehensive nationwide HEMS coverage across Wales.
The fifth helicopter will provide back-up for the maintenance downtime of the primary fleet to ensure service continuity, Gama said.
Chief executive officer Marwan Khalek said: "I am delighted that we will be partnering with the Charity for the next seven years to support the important service they deliver to communities across Wales.
"This contract award is further evidence of the execution of our group's focused growth strategy and marks another significant milestone for our Special Mission business unit in the air ambulance market."
At 1340 GMT, the shares were up 13.6% at 75p.