Knaus Tabbert's first-quarter revenue declined, maintaining the 2026 performance guidance unchanged

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Investing.com – German RV manufacturer Knaus Tabbert AG (Stock Code: KTA) announced on Tuesday that revenue in the first quarter of this year decreased by 15.7% year-over-year to €249 million. Due to the continued normalization of demand, both of its luxury and high-end business segments recorded double-digit sales declines.

Among them, the luxury segment’s revenue fell by 20.3% to €45 million; the high-end segment’s revenue declined by 14.6% to €204 million.

The main reason for the revenue decline was a decrease in RV sales. The company pointed out that the performance in the first quarter of 2025 was benefited by a concentrated clearance of previously backlog inventory.

Order backlog decreased from €454 million at the end of Q4 2025 to €363 million. The company stated that order backlog usually peaks in the second or third quarter.

Despite the revenue decline, adjusted EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) increased significantly by 83%, reaching €15.6 million, with a profit margin of 6.3%, higher than 2.9% in the same period last year. The company attributed this improvement to a series of cost-cutting measures implemented in 2026.

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Analysis KTAG

Operating cash flow increased from €16.6 million in Q1 2025 to €32.6 million, benefiting from improved operating performance and optimized working capital. Cash flow from investing activities was negative €2.1 million, roughly unchanged from negative €2.0 million in the same period last year.

The company’s equity ratio in the first quarter rose to 16.1%, up from 14.9% in Q4 2025, reflecting a net profit of €3.8 million during the period.

Knaus Tabbert maintains its 2026 performance guidance, expecting full-year revenue of €950 million, with an adjusted EBITDA profit margin between 5.0% and 7.0%.

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