Gabler Group AG reported first-half 2026 net sales of €27.1 million, surpassing its guidance of €24 million by 12.9%, while adjusted EBIT reached €6.8 million at a margin of 21.0% to 21.3%. Gross profit totaled €21.4 million, yielding a gross margin of 67.4%, according to figures disclosed during the company’s earnings call.
The order backlog stood at €390 million, providing strong visibility into future revenue, executives said. Net cash declined to €33 million from €38 million in the first quarter due to higher receivables, which reached €17 million. The current ratio remained elevated at 5.99.
Full-year 2026 guidance was maintained, with net sales projected between €69 million and €71 million and adjusted EBIT between €17 million and €19 million. The adjusted EBIT margin is expected to expand to 23.5% to 26.8%, with second-half revenue anticipated to split evenly between the third and fourth quarters.
Management highlighted progress on several growth initiatives. Deliveries of the Torpedo Tube Launchable USV are slated to begin in the fourth quarter of 2026, with a target production rate of 10 units annually. The Diver Homing System is expected to secure near-term orders, with a public presentation planned at the Euronaval trade show in Paris in November 2026. The Vision Mast system is targeted for market readiness in the first quarter of 2027.
Gabler also outlined plans to establish separate U.S. and Canadian entities in the third quarter of 2026, alongside the signing of a new production site to support larger programs, including Canada’s Patrol Submarine Project and India’s P75I initiative. The facility is scheduled to become operational at the start of 2028.
For the medium term, the company aims for organic net sales to exceed €100 million, with gross margins targeted between 70% and 75%. Personnel expenses are expected to remain below 30% of sales, while other operating expenses are projected to stay below 13%. Capital expenditures and depreciation and amortization are forecasted at less than 3% and roughly 2% of sales, respectively.
Gabler’s shares rose 1.97% to $41.40, extending gains to 18.3% above the 52-week low of $35.40 but still 21.2% below the 52-week high of $52.60.
