Q1 KPIs & FY26 guidance out

研报英文原文证据摘录

Q1 KPIs & FY26 guidance out

May 19, 2026

have long been neglected (notably in the US, South Korea, across NATO

and APAC NATO-friendly countries). This is the highest-margin product in

the Gabler business mix. We would estimate adj. EBIT margins north of

25% for that segment, which could help mitigate the yoy Adj. EBIT margin

decline we currently model (-300bps) and create a positive surprise.

Current trading: Q2 annualising at strong levels. The company is guiding

for revenues of over €24m in H1 2026, consistent with a significant step-

up in Q2 activity. Q2 annualises at over €76m eCF — a very strong print

and confirmation that the sequential revenue ramp is alive and kicking.

Execution on track: capacity and opex ramp. Gabler consolidated three

former Subsea Power sites onto a single purpose-built facility, tripling

floor space capacity in one of its fastest-growing segments. Sales team

expansion is 33% complete vs. plan; R&D developer headcount is 40%

complete. US sales coverage is live; Canada is expected by end of May. This

is a strong, tangible execution on the IPO operational roadmap.

Q1 Net Cash of €37.9m: debt-free balance sheet post-IPO and Possehl

loan repayment. The full repayment of long-term financial liabilities

(Possehl debt) was completed by end of March 2026. Gabler now carries a

debt-free balance sheet with net cash of €37.9m as of end-Q1 2026. This

positions the company to self-fund organic growth initiatives and pursue

the acquisition pipeline with various opportunities under evaluation and

one possible closing in FY27.

Ranger & Raider USVs: successful sea trial, two contracts in sight. A

key Q1 milestone: successful first sea trial of the Ranger and Raider

torpedo tube-launched unmanned surface vehicles. Ranger is designed for