Automatic translation: Originally published in Danish 02/09/2026, 06:54 GMT. Give feedback here.

This morning, we are publishing an updated research report on Gabriel Holding. The continuing textile business delivered Q3 revenue of DKK 133.0 million, marginally below our estimate, but the gross margin reached its highest level of the year at 56.3%, and EBIT, EBT, and EPS all came in above our expectations. Management has narrowed its full-year guidance to revenue of DKK 528-532 million and an EBIT of DKK 44-46 million, and we are adjusting our estimates slightly downward while remaining at the high end of the revenue range. More importantly, the sale of the European FurnMaster activities to Leggett & Platt was completed on August 14 with an estimated equity value of DKK 76.9 million, well above our previous assumption of DKK 30 million. The equity markdown is thus reduced to DKK 19.9 million vs. DKK 114 million in our previous model, and the proceeds are expected to be used for further reduction of interest-bearing debt. Our DCF model points to DKK 278 per share, but we maintain our target price of DKK 270 until the final transaction statement and guidance for 2026/27 are available. With the share at DKK 238, the expected return now exceeds our required return, and we upgrade our recommendation to "Accumulate" from "Reduce". Link to the research report: https://www.inderes.dk/en/research/guidance-narrows-despite-a-solid-q3-202526-margin

GomSpace announced yesterday its first order since the Q2 report. Italian D-Orbit has selected the company's power systems for its ION Satellite Carrier missions in 2026-2027. The order of TSEK 6,300 is modest vs. the 2026 guidance of MSEK 540-640, but lands in the most interesting part of the business, namely Products. Products grew 69% y/y to MSEK 107.4 in H1 and accounted for MSEK 24.0 of the group's adj. EBITDA of MSEK 30.1. The agreement covers all satellites deployed by D-Orbit in 2026-2027 and builds on a customer relationship of nearly ten years. This is precisely the type of repeat order for standardized subsystems on which the strategy to scale the high-margin product business relies. Read the announcement here: https://www.inderes.dk/en/releases/gomspace-as-d-orbit-selects-gomspace-power-systems-for-upcoming-space-logistics-missionsDisclaimer: HC Andersen Capital receives payment from the mentioned companies for a Digital IR subscription agreement. /Rasmus Køjborg 02/09/2026 at 08:55 AM.