Germany · Delayed Price · Currency is EUR Knaus Tabbert AG Earnings Call Transcripts
Fiscal Year 2026
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Profitability improved in H1 2026 despite an 11.9% revenue decline, with adjusted EBITDA margin rising to 7.1%. Guidance for the year was narrowed due to weaker market momentum, and refinancing of 2027 debt remains a top priority.
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Q1 2026 showed strong EBITDA margin improvement and operational stabilization, despite lower revenue due to normalized inventory effects. Camper van sales surged, while cautious dealer behavior and macro uncertainties persist. Guidance for €950M revenue and 5%-7% EBITDA margin is reaffirmed.
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 was pressured by supply chain bottlenecks, market oversupply, and cautious dealer behavior. Full-year revenue guidance remains at EUR 1 billion, with profitability 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.
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H1 adjusted EBITDA margin rose to 9.6% despite lower revenue. Dealer inventory costs led to reduced production and lower FY24 guidance, while motorhome demand and new orders remained solid.