Gabriel Holding

The Q2 2025/26 results confirm Gabriel's continuing operations are resilient in a challenging market, though the headline is weighed down by a steeper-than-expected FurnMaster revenue decline. Management's decision to maintain full-year continuing operations guidance of revenue MDKK 510-550 and EBIT MDKK 40-55, despite a softer Q2 in Europe and Asia, signals confidence in a stronger H2 as investments in new key account managers begin generating returns. Gross margins remain strong and the balance sheet is in its best shape in years, supporting the ongoing share buyback programme. We maintain our recommendation of "Accumulate" with a adjusted target price of DKK 280 per share, though we revise group estimates lower primarily on FurnMaster.

Gabriel Holding will report its Q2 2025/26 results on Thursday, May 7, 2026. We expect the group results to show a continued revenue decline y/y, driven entirely by the ongoing FurnMaster wind-down, while continuing operations should demonstrate sustained growth from the key account strategy. We estimate that the EBIT margin in Q2 will expand slightly, despite being at a similar level in absolute terms, reflecting operating leverage in the continuing business, and a less negative effect from FurnMaster. Our recommendation remains Accumulate with a target price of DKK 270 per share.