Gabriel Holding (GABR) Q1 24/25 earnings summary

Executive summary

• Revenue for the total business reached DKK 228.1 million, nearly flat compared to DKK 227.7 million last year; EBIT declined to DKK 0.3 million from DKK 3.2 million.

• Revenue from continuing operations grew 6% year-over-year to DKK 123.5 million, driven by strong performance in North America and Asia.

• EBITDA for the total business was DKK 13.9 million, down from DKK 15.9 million year-over-year.

• Discontinued operations (Furn Master/FurnMaster units) posted a loss of DKK 9.4 million after tax, with European units stable and Mexico underperforming.

• The quarter was negatively impacted by restructuring and ongoing forensic investigation in the Mexican Furn Master unit.

Financial highlights

• EBITDA from continuing operations increased to DKK 13.8 million (from DKK 9.1 million); EBIT was DKK 4.1 million (DKK 0.4 million last year).

• Gross margin for continuing operations improved to 53.1% from 50.2% year-over-year.

• Cash flow from operations (total business) was DKK 33.8 million, up from DKK 26.6 million.

• Return on invested capital (ROIC) for continuing operations was 4.5% (0.4% last year).

• EBITDA margin for continuing operations was 11.3% (7.9% last year); EBIT margin was 3.3% (0.3% last year).

Outlook and guidance

• Full-year guidance maintained: revenue from continuing operations expected at DKK 485–530 million (0–10% growth), EBIT at DKK 20–30 million.

• Management expects continued growth in revenue and earnings for the continuing business.

• Outlook is subject to significant uncertainty due to geopolitical risks, tariffs, inflation, currency, and interest rate developments.