Gabler Group (XK4) H2 2025 earnings summary

Executive summary

• Achieved record revenue of €70.3 million in 2025, up 43% year-over-year, driven by strong demand in core segments and the SubCtech acquisition.

• EBITDA rose 60% to €14.5 million (margin: 21.4%), and EBIT increased 61% to €12.3 million (margin: 18.2%).

• Net income more than doubled to €6.8 million, reflecting improved operations and positive acquisition effects.

• Strategic focus on underwater technologies, with divestment of non-core Thermoform business and integration of SubCtech.

• Market position strengthened by innovation, expanded portfolio, and international reach.

Financial highlights

• Revenue: €70.3 million (+43% YoY); EBITDA: €14.5 million (+60% YoY); EBIT: €12.3 million (+61% YoY).

• Net income: €6.8 million (+129% YoY); EBT: €10.5 million (+78% YoY).

• Material costs rose to €21.5 million; personnel expenses increased to €19.9 million.

• Cash flow from operations: €12.8 million; cash flow from investing: €-18.6 million (mainly SubCtech acquisition).

• Equity increased to €17.6 million; total assets rose to €52.0 million.

Outlook and guidance

• Management expects continued positive business development, supported by rising global defense spending and strong market positioning.

• Mid-term plan targets consolidated revenue above €100 million, with Subsea Power and Subsea Communications & Data segments expected to grow 20–30% annually.

• EBIT and EBITDA margins projected to remain stable as absolute earnings increase.