Gabler Group (XK4) Q3 2026 earnings summary

Executive summary

• Strong Q3 performance and record order backlog supported higher FY2026 sales guidance and a raised midterm sales target; strategic projects and DECK integration remained on track.

• Defense represents 80% of business, with additional demand across security and oil and gas markets.

Financial highlights

• 9M 2026 revenue was EUR 49.8 million and adjusted EBIT was EUR 15.6 million, with a 29.3% margin excluding IPO-related items and goodwill amortization.

• Q3 revenue was EUR 22.5 million and adjusted EBIT was EUR 8.9 million; the quarter was described as particularly strong.

• Net cash rose to EUR 36 million from EUR 33 million at H1, with no interest-bearing liabilities; EUR 21.5 million of receivables was expected to convert to cash in coming months.

Outlook and guidance

• FY2026 sales guidance rose from EUR 69–71 million to above EUR 71 million; adjusted EBIT guidance rose to above EUR 18 million from EUR 17–19 million, with adjusted margin expected to exceed 24%.

• Midterm sales target for the next three to five years increased from above EUR 100 million to above EUR 120 million; target mix remains 55% submarine systems, 15% subsea comms and data, and 30% subsea power.

• Management sees a sustainable midterm EBIT margin of 20%–30% without a specific target; established products are expected to generate EUR 90 million in midterm revenue and new-business potential exceeds EUR 70 million, excluding M&A upside.

• DECK’s Q4 consolidation is expected to have only a minor current-year revenue and earnings impact.