Gabriel Holding (GABR) Q2 24/25 earnings summary

Executive summary

• Revenue grew by DKK 7.8 million to DKK 476.8 million in H1 2024/25, with all units except North American Furn Master showing improvement.

• EBIT rose to DKK 16.0 million (from DKK 10.5 million prior year), and profit before tax reached DKK 9.2 million (from DKK 1.2 million prior year).

• Continuing operations saw 9% revenue growth and EBIT increased to DKK 20.9 million (from DKK 4.2 million prior year).

• Discontinued Furn Master activities experienced a 5% revenue decline, but Furn Master Europe grew revenue by 5% and delivered a solid result, while Mexico is under restructuring with negative contribution.

• Sale of Furn Master is ongoing and reported as discontinued operations; forensic analysis in Mexico continues.

Financial highlights

• First half revenue increased by DKK 7.8 million to DKK 476.8 million year-over-year.

• EBITDA for H1 was DKK 44.7 million (up from DKK 35.0 million), EBIT DKK 16.0 million (up from DKK 10.5 million), and pre-tax profit DKK 9.2 million (up from DKK 1.2 million).

• Second quarter revenue rose 3% to DKK 248.7 million, with EBITDA at DKK 30.8 million and EBIT at DKK 15.6 million.

• Net profit after tax for H1 was DKK 8.2 million (DKK 0.3 million prior year), including discontinued operations.

• Cash flow from operations was DKK 51.5 million in H1; investments totaled DKK 4.9 million.

Outlook and guidance

• Full-year expectations maintained: continuing operations revenue of DKK 485–530 million (0–10% growth) and EBIT of DKK 20–30 million.

• Management expects challenging market conditions to persist in H2 2024/25 due to geopolitical risks, tariffs, inflation, currency, and interest rate uncertainties.

• Guidance is subject to significant uncertainty from these market risks.

• Growth in revenue and profit for continuing operations is expected to continue.