Gabler Group (XK4) Q1 2026 earnings summary

Executive summary

• Achieved full repayment of all loans, resulting in a debt-free balance sheet and net cash position of €38 million.

• Order backlog increased to €376.8 million, representing over five times the full-year revenue forecast.

• Q1 2026 revenue reached €5.5 million, with H1 2026 net sales expected at €24 million and significant acceleration anticipated.

• Significant expansion in the U.S. and Canada, with local hiring and operational readiness expected by end of May 2026.

• Successful first sea trials of TTL/Torpedo/Ranger/Raider USVs, with first deliveries scheduled for Q4 2026.

Financial highlights

• FY 2026 net sales guidance set at €69–71 million, with adjusted EBIT of €17–19 million and margin of 23.5%–26.8%, excluding IPO-related expenses and goodwill amortization.

• Gross margin targeted at 70%–75% midterm, with personnel expenses below 30% and other operating expenses below 13%.

• Net liquidity/cash position stands at €37.9–38 million after full debt repayment.

• CapEx targeted below 3% and D&A around 2% of sales midterm.

• Recent contract wins include €20 million and €17 million from naval forces, and €10 million from a shipyard.

Outlook and guidance

• Midterm net sales target set above €100 million, driven by organic growth; acquisitions would be incremental.

• Next acquisition targeted for completion in H1 2027.

• Revenue recognition expected to exceed €24 million in H1 2026, with momentum building through the year.

• Multiple near-term catalysts identified, including large-scale orders, program milestones, and international expansion.

• Market environment remains favorable due to long-term investments in maritime security and underwater infrastructure.