Knaus Tabbert (AO) | Hold | Q1 results: profitability recovery offsets continued weak volumes

Research evidence excerpt

Knaus Tabbert (AO) | Hold | Q1 results: profitability recovery offsets continued weak volumes

changes versus last year. Lower depreciation, down 26% YOY, also supported EBIT recovery.

Total output increased 1% YOY despite lower revenues, as inventory reduction was far less severe than in Q1 2025. Free cash flow

improved materially to EUR31m versus EUR15m last year, supported by stronger operating cash flow and better working capital

management. Net financial debt stood at EUR284m versus EUR325m a year ago, while order backlog increased 6% YOY to

EUR363m.

Management highlighted a noticeable slowdown in demand since March amid macroeconomic uncertainty, despite healthier

dealer inventory conditions across the industry. The company continues implementing restructuring and cost optimisation

measures to adapt operations to a more normalised market environment.

Table 1:Knaus Tabbert - Q1 2026 sales and EBITDA by division vs Kepler Cheuvreux

FY-end December (EUR m) Q1-2026 Q1-2025 % change KECH Δ vs. KECH

Total revenues 249 292 -15% 264 -5%

…o/w Luxury 45 56 -20% 48 -6%

…o/w Premium 204 236 -13% 216 -5%

EBITDA, adj. 16 9 84% 9 84%

Margin (%) 6.3% 2.9% 335bps 3.2% -304bps

EBITDA, rep. 15 9 78% 9 78%

Vehicles sold (in unit) 5,190 5,661 -8% - -

Order backlog (in EURm) 363 341 6% - -

Source: Kepler Cheuvreux, Knaus Tabbert

FY26 guidance maintained despite softer demand backdrop

Management confirmed FY26 guidance, targeting revenues around EUR950m and an adj. EBITDA margin between 5%-7%. The

outlook assumes continued operational improvement from restructuring measures and cost-base optimisation initiatives.

Management nevertheless remains cautious on market conditions, citing persistent pricing pressure, increasing demand

volatility and broader macroeconomic uncertainty.