Gabler Group (XK4) H1 2026 earnings summary

Executive summary

• Achieved H1 2026 revenue of EUR 27.3 million and adjusted EBIT of EUR 6.8 million, with an adjusted EBIT margin of 21.3%.

• Record order backlog of EUR 390.4 million as of June 30, 2026, providing high revenue visibility and supported by major orders in Submarine Systems, Subsea Communications & Data, and Subsea Power.

• Strategic initiatives include new production site, North American expansion, and planned acquisition by end of 2026.

• Innovations progressing with successful sea trials of torpedo-tube launched USV and new product launches expected in Q4 2026.

• IPO completed in March 2026, raising EUR 41 million and enabling full repayment of long-term financial liabilities.

Financial highlights

• Net sales for H1 2026 reached EUR 27.3 million, exceeding expectations.

• Gross profit margin at 67.4%, with adjusted EBIT margin of 21.3%.

• Net cash position of EUR 33.3 million at H1 close, with no interest-bearing liabilities.

• Net income for H1 2026 was EUR 0.8 million; EPS EUR 0.13.

• Equity ratio at 78.5% and total assets of EUR 82.3 million.

Outlook and guidance

• 2026 guidance confirmed: revenue EUR 69–71 million, adjusted EBIT EUR 17–19 million, adjusted EBIT margin ~25%.

• Medium-term target: group revenue above EUR 100 million within three to five years, gross margin 70–75%.

• Personnel expenses targeted below 30%, other operating expenses below 13%, CapEx under 3%, D&A around 2%.

• Revenue and margin realization anticipated to be concentrated in H2 2026.

• Management remains confident in achieving guidance, supported by strong backlog and sales visibility.