Germany · Delayed Price · Currency is EUR Knaus Tabbert AG Earnings Call Transcripts
Fiscal Year 2025
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Revenue met guidance at €1.002 billion in 2025, but profitability lagged due to price pressure, dealer insolvencies, and supply chain issues. 2026 guidance is cautious, targeting €950 million revenue and a 5%-7% adjusted EBITDA margin, with ongoing cost discipline and stable market assumptions.
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Order book and revenue grew in Q3, but profitability remains under pressure from market oversupply, supply chain bottlenecks, and competitive pricing. Full-year guidance for revenue is unchanged, but EBITDA margin is expected at the lower end of the range.
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Revenue for H1 2025 was EUR 571.7 million, with adjusted EBITDA at EUR 22.7 million (4% margin). Inventory and net debt were significantly reduced, and full-year guidance was narrowed to a 5%-5.5% EBITDA margin on EUR 1 billion revenue.
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Revenue fell 21.5% year-over-year, but cost reductions and inventory management led to positive EBITDA and cash flow. Full-year guidance of EUR 1 billion revenue and 5%-6.5% EBITDA margin is reiterated, with production kept low to support dealer inventory digestion.
Fiscal Year 2024
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2024 saw a sharp revenue decline, major management changes, and significant one-time costs due to inventory and legal issues. Strategic realignment and cost reductions are underway, with 2025 guidance targeting improved margins and normalized inventories.
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Revenue for the first nine months of 2024 fell 16.4% year-over-year, with profitability hit by lower production, dealer support costs, and a one-off insolvency. 2024 revenue is forecast at EUR 1.3 billion, but margin guidance remains uncertain due to ongoing cost pressures.