Good morning, ladies and gentlemen, and a warm welcome to today's earnings call of Knaus Tabbert AG following the publication of the financial half-year figures of 2025. We are delighted to welcome the CFO, Radim Sevcik, who will speak in a moment and guide us through the presentation and the results. After the presentation, we will move on to a Q&A session in which you will be allowed to place your questions directly to the management. We're looking forward to the results, and having said this, Mr. Sevcik, the stage is yours.
Thank you very much, and good morning, ladies and gentlemen. As mentioned, I'd like to welcome you to the first half 2025 financial results call. My name is Radim Sevcik, and I'm the CFO of the company. I will now walk you through the presentation, and then, as mentioned, we will follow up with a Q&A session as usual. Let me first update you where we stand with the program of strategic realignment that we've started at the end of last year. As you know, the program is, among other things, focused on our products and our sales efforts, on our cost structure, and also on our balance sheet. In the past six months, the company has made very significant progress, and I would like to update you on the individual pieces of our focus.
First, let's start with the topic closest to our customers, and that's our product portfolio and sales. As we promised, in the model year 2026, we did, as outlined, and reviewed and analyzed our portfolio. Our portfolio has then been decreased by about 30% from the prior models and layouts, and we've also introduced selected new models. At the same time, we are focusing not only on 2026, but also on the future development of our portfolio, and we've also created a roadmap for ourselves internally, 2027 and beyond, where we are focusing very strongly on key customer segments, our brand differentiation, and innovation of our products. Going to the second element of our realignment strategy, and that's the element of costs. The basic cost adjustment, as such, has been largely concluded.
As you know, across our fixed costs, as well as across our personnel costs, we've taken quite significant steps that we reported about in our Q1 results call as well. That does not stop there. We're making further cost adjustments and reviewing further cost items to then more selectively go and potentially cut costs or make adjustments in order to improve the efficiency of these cost items. These will all be implemented or are being implemented as we speak, and will keep on being implemented until the end of the year. When it comes to the costs related to our purchasing, the price negotiations with suppliers have been largely concluded for the model year 2026.
What is now our key focus is making sure that within the portfolio review that is ongoing and within the model year 2027 and beyond plan, we go ahead and develop products in such a way that will allow us to further review the portfolio of suppliers that we have with, let's say, a strategy towards simplifying the supplier structure, simplifying the amount of variations that we buy from our suppliers, allowing us to potentially create additional synergies from better purchasing conditions. Thirdly, we do continue to review our processes in production, and we're striving to achieve a higher level of productivity and efficiency in our production, and that should additionally lead also to certain cost savings, but these are more mid-to-long-term gains. The last element I have on this slide touches the focus that we've had in the past months on our cash flow and our balance sheet.
As you will have seen in the results or certainly on the upcoming slides, working capital has been a big focus of the management and the company as such, and we believe that the results to some extent show the efforts that have been made. These spread across both inventories and receivables, as well as working with our payables, which are relatively difficult to achieve, but we're also making progress there. Additionally, our CapEx program, that has been mentioned already on a couple of our calls previously, has been cut down to making sure that the company does investments in things that are truly required, either with a high ROI or simply replacement CapEx. The company is currently not expanding its production capacities. Now, let's cover where we are with the market.
I'm not going to dwell too much on these slides that follow this one and the next one, but I do believe that it's important for the overall context. As you can see, the market remains very strong. The registrations in Europe that you see on the left-hand side of the slide split between on dark blue, you have the motorhomes and camper vans, in light blue, you have the caravans. The market as such or the registrations are slightly down by 2.1%, but if you then look into the segments individually, you see that the caravans are down by 6%, but the motorhomes and camper vans are actually up by 1%. The position on the right-hand side, position of Knaus Tabbert on the market remains relatively stable.
You see that we've gained market share when it comes to our caravan products, and we have slightly lost market share in motorhomes and camper vans, but that's down to particular segments, and we believe that's pretty consistent with us holding a stable market position. If we move to the next slide, it shows a very similar picture. This slide is focused on the German market, and you can see that the development is equally a slight decrease in caravans, pretty much flat motorhomes and camper vans, and a Knaus Tabbert market position that remains pretty stable. Now, moving on to how that then reflects in our financial results. The company in the first half of 2025 has achieved a revenue of EUR 571.7 million.
That can be split between the premium and luxury segment in the following way: the premium segment has achieved revenues of EUR 476.2 million, and the luxury segment of EUR 95.6 million. EUR 71.9 million of that number, of the EUR 571.7 million, is actually inventory change, which I think you will have seen and you will certainly see on the following slide. As of the 30th of June, the company had had an order book of EUR 294 million worth. Moving on to profitability, the adjusted EBITDA achieved in the first half of 2025 was EUR 22.7 million, which represents an adjusted EBITDA margin of 4%.
The relatively lower level of margin compared to historical figures is down to one, certain ongoing restructuring costs, two, a level of operating leverage in the sense that a decreased revenue has a certain accelerated effect on margin, and then thirdly, related to inventory sales, which are done at a lower margin level. One more point I would like to comment on on this slide is the adjustment itself because we're referring to an adjusted EBITDA. The adjustment that we've made in the second quarter, i.e., in the first half of 2025, is of EUR 3.1 million related to an increase in provisions linked to the ongoing proceedings related to the vehicle weights. We can probably cover that in more detail in Q&As if that's of interest. Now, moving to the next slide and how our P&L results translate into our cash flow.
You see that the company, as such, has generated EUR 70.1 million of free cash flow. That can be split between the operating cash flow starting at net income level, negative EUR 4.8 million, but then change in working capital of in aggregate EUR 55.5 million, and other effects, which are predominantly non-cash items like depreciation, amortization, etc., of EUR 23.4 million. Overall, the operating cash flow of the company in the first half year, 2025, has been EUR 74.1 million. EUR 4 million has then been "spent" in our investing cash flow, and as such, the free cash flow generated was, as mentioned, EUR 70.1 million.
That is then being clearly used partially to pay our interest fees or our interest to our financing partners, and to a large extent, a predominant focus of ours, which is making sure that we decrease our level of leverage, and the change in financial liabilities has reached EUR 60.9 million in the first six months of the year. Now, let's look more in detail at the working capital and net debt numbers. You see that net debt-wise, the company has ended June 2025 at the level of EUR 274.1 million. That is a significant decrease to the level at the end of 2024. At the same time, you see the development in net working capital, which largely corresponds to the move in net debt. That is, I think, relatively clear also from the prior slide, but let's look more in detail on the right-hand side of the slide.
You see the split between inventories, trade receivables, and trade payables. Inventories have decreased very significantly by EUR 94 million. That can be further split, and you'll see it in the report ultimately, that our raw materials and supplies have gone down from EUR 104 million to EUR 88 million. Our unfinished goods are relatively flat, EUR 12 million to EUR 13 million. What has made a lot of change was the movement in finished goods, which have moved from EUR 169 million at the end of the prior year to EUR 89 million at the end of the second quarter. Let's then probably move on to the last slide, and I guess then we'll open it up to a discussion. The company has repeated its guidance for 2025 when it comes to our revenues, and there we're expecting to achieve around EUR 1 billion in revenue for the full year.
We have further refined and narrowed down our adjusted EBITDA margin range to a range from 5% - 5.5% that we expect to achieve until the end of 2025. I think that concludes the presentation side of things, and I look forward to receiving your questions and the discussion.
Thank you very much for your presentation and the insights, Mr. Sevcik. Now it's your turn, ladies and gentlemen, as we move on to our Q&A session. For dynamic conversation, we kindly ask you to ask questions in person via audio line, and we already have two hands up. To do so, click on the raise your hand button. If you have dialed in by phone, please use the key combination star nine followed by star six. If you do not have the opportunity to speak freely today, you can also place your questions in our chat box. We will move on to our hands up from Ilyas Akin. The stage is yours.
Yes, good morning, sir. Thanks for the detailed presentation and taking some time to answer a few questions. A couple of topics I have for you this morning. I'd like to start out with maybe understanding a little bit better between the change in the EBITDA margin guidance towards the lower end of the range, if there are any particular factors involved in that, or if you're just wanting to be conservative there. I'd also be interested in hearing a little bit about what's going on with the order intake this summer, how that's progressing, and then also maybe some insights on your upcoming engagement and the messaging to the market at the CARAVAN SALON in Düsseldor f. I'll leave it at that for now. Thank you.
Thank you. Thanks for the questions. You're touching on what I thought were the most important points in any case, so well expected. Point one, the guidance. As you know, or as has been the case for us, we've done a lot of internal planning to come out with a guidance at the beginning of the year. That guidance was 5% - 6.5%. At the same time, now we are in August. We effectively have four months to go in the year. We see our results for the first six months. We see the market feedback. We are planning our production until the end of the year, etc., etc. As such, we do understand where we're roughly moving or at this point where we believe we're roughly moving.
We've simply felt it was appropriate to make sure that we communicate to the market relatively openly what we believe is the updated guidance for the full year. The effect or the reason why the guidance stays, but it's narrowed down to a more narrow band at the lower third of the initial guidance, is down to the effects that I've just mentioned, which is we do see the market behaving quite well when it comes to end customer demand. We also see that our dealers are cutting down their inventories. We are cutting down our inventories. Our inventories' liquidity is being generated. We're moving in a healthy direction. At the same time, we work in a competitive market. Our competitors, while we don't have their direct numbers, they also have a certain level of inventories that they're trying to place into the market.
That does have an impact on us. We also had certain ideas about our cost planning when we were putting together the initial guidance. Some of the costs we've overachieved and we were able to cut or to save more costs. Others we didn't achieve quite as much. One of the topics that we've been very focused on recently is the level of productivity that we have in our production, which then translates into slightly higher personnel costs than we would have preferred. As such, the end result is an updated guidance that we've now provided, which confirms the general numbers that we've given out at the beginning of the year, but narrows down the EBITDA guidance. That's a little bit on that front. When it comes to the order intake, the number you see there is the number at the end of June.
We have had a very successful, certainly based on the feedback we've received from the dealers, dealer days at the beginning of July here in Jandelsbrunn. It was part of our initiative to make sure that also our dealers understand that we're truly going back to the roots, and we also don't go crazy about spending marketing costs and other costs to entertain, while we focus on our products and making sure we deliver for our customers. They all came to Jandelsbrunn. They saw the factory, and we had very, very good discussions with them. Right now, we're collecting orders. We've been relatively successful collecting orders for what we call Musterwagen, which are the vehicles that the dealers then have in their showrooms. Now we're collecting further orders. You will have seen it in the report.
In the risk section of the report, we do see that the market in general is relatively careful because I think the effects of the past two years also on the dealers have been relatively tough, and many of them are more focused on being careful in committing for very long term. At the same time, Knaus Tabbert has signaled very clearly to the market and also to our dealers that we are not going to go in the direction of producing on stock. As a result, right now, we are progressing with collecting orders. What has also transpired in our discussion with dealers, and that links a little bit to your third point, is that some of the dealers are indicating that they would be very keen to see how the Düsseldorf Messe or the trade fair goes.
I think there we will have another update, certainly for us internally, of where the appetite of dealers stands when it comes to stocking themselves potentially up for what could be a continuation of a strong market also next year. That, again, ties to your third point, messaging to the market at the CARAVAN SALON. That will really depend on how the CARAVAN SALON goes. We're making sure that we are well prepared. We believe that the products, the changes that we've made, will be successfully received by the market. At the same time, the proof will only come during the CARAVAN SALON, and then after that, we'll be able to potentially update the market.
Okay, Radim, thank you very much. That's quite helpful. I'll jump back in the line and let someone else take it. Thank you.
Thank you.
Thank you very much for your questions, Mr. Akin. We will move on to questions from the chat box. What cost adjustments will be implemented in the coming month? Will this affect the south? If so, to what extent? Do the cost-cutting measures include the continuation of short-time work? If so, to what extent?
Thank you. Thanks for the question. If the question is directed in sort of, is there a wave two coming or something of that sort, the answer certainly at this point is no. We are now focused much more on selective measures, which are, let's say, as an example, we're now changing our company car policy. I mean, it's a small example, but it's just to make sure that you understand that we're focusing not only on the big things, but we're now truly going much more in detail to really go cost item by cost item and using more a scalpel rather than a hammer. That's a little bit what I was referring to when I was saying that we're reviewing the whole cost structure to make sure that the company becomes a bit more, or quite significantly more lean than it maybe was before.
Short-time work will still continue, but the extent to which we will use it will depend on our production planning, which is probably a rather obvious statement, but it's actually quite important because, as I mentioned, we're really focused on producing on order. We will be adjusting our production planning based on the orders that come in. We do see a reasonably healthy development. At the same time, as I also mentioned, the CARAVAN SALON will be an important indicator for us, but also for our dealers. As a result, if we need to be more careful in the production volumes, we will be using the tool of short-time work. If it transpires that the demand of the market is much stronger, it gives us the flexibility to then not use it and produce at full speed.
That would not be my expectation, to be clear, until the end of the year, but I'm just indicating that we very much find this particular tool as very useful for us to be able to steer the company through the restructuring that we're now going through.
Thank you very much. We have one more hand up from the person with the phone number ending 2809. You should be able to speak now. Yes.
Yes, hi, this is Miro speaking. Can you hear me?
Yes.
Yes, we can. Hi, Miro.
Hi, Radim. I have a couple of questions, if I may. The first one is regarding the provision for the overweight issue, which you described in the report. You said you took another provision. May I ask in which line it had been booked and how much it was?
It was EUR 3.1 million. That was the additional provision that we've booked. The basis of that was maybe because I presume that would be your follow-up question to that, was that we received some additional information from our legal counsel, who is representing us in this particular topic. On that basis, we made an additional provision. You will also have seen that we've adjusted in the risk section the risk in that particular element from significance down to moderate because, based on certainly the feedback we currently have, we believe that the level of provisions that we have there right now is probably the most appropriate. We at this point do not envisage this to be moving too much anymore, but obviously, it's an ongoing investigation. We will see.
Was it booked in the other, Radim, was it booked in the other operating expenses? Because this line went up quite significantly.
It's in the other operating expenses.
Okay. Thank you. The next question would be regarding the EBITDA seasonality because, I mean, given the fact that the EBITDA year-to-date is what it is, and usually, the seasonality is skewed towards the first half in terms of profitability, it seems to me hard to model, you know, even the lower end of the guidance, like the 5%. Can you please comment on the seasonality? You know, what to expect from Q3 because I think it's also the holiday season. Maybe also in terms of from which P&L lines the improvement comes. Is it purely gross profit in terms of material cost, or are there additional effects to expect from personnel and other operating expenses? Just to help me model.
No, clear. First of all, we would not have been able to come out with the guidance that we did if we did not have sufficient backup for what we're guiding towards. I do understand where you're coming from with your question. You can rest assured that there is a robust analysis behind the guidance that we're now providing. When it comes to the seasonality this year, I know it provides a bit of a difficulty to everyone. This year is a bit different in the sense that, as you remember, we closed down production until the end of January in our biggest factories. At the same time, we had to consume quite a bit of costs, some of them not provisioned for all of the various investigations that we had running in the company, etc., which impacted our results in Q1.
Also, some of the cost measures that we took resulted in a level of unproductiveness in our production, which is improving only over time, and that will have impacted our Q1 and Q2 results. You're absolutely right. Q3 tends to be relatively weaker. That's also driven by the fact that in August, we have a company holiday, so we're not producing. Q4 would then be the quarter where we would then aim to catch up some of the performance that might not necessarily be that strong in Q3. The overall seasonality, unfortunately, right now is very much distorted by the effects of all that we've been trying to achieve here in the company in the past seven, eight months. As a result, the guidance that we're providing has a robust analysis behind it. Hopefully, we can go back to a more standard seasonality as of 2026.
Okay. Maybe another one, if I may, the personnel cost in Q2, was there any special provisioning? Any special effect? Because costs went up. However, the number of employees went down. Was there anything special to report? I don't know, some additional provisions or maybe your.
No, not really.
[crosstalk].
It's also, again, partially, and that's the question that was asked by the previous person, about the short-time work, right? That provides us with a certain level of benefits. Even though you see the amount of FTEs in the company at a certain amount, if we use fewer hours per worker, the cost items or the euro item will be impacted. I would need to go two levels deeper, which is probably not the format of this call, to explain to you all of the various effects. No, there have been no particular provisions, no extraordinary items unless you consider short-time work as an extraordinary item, which to some extent, obviously, it is, which does have an impact on our personnel costs. No, there have been no charges, no impairments, no provisions for further cuts or anything of that sort that would be material.
One person here or there, of course, but nothing material.
Okay. Another one, if I may, you did an excellent job on the working capital management, the destocking. Is there further room to do more of the destocking, or will there at some point be the need to also restock again if the level of operations is ongoing?
Oh, the last section of your question was, I think, very critical. Of course, if we then go back up to producing much higher levels of vehicles, then yes, I mean, naturally, the level of working capital would then move along. If I look at, let's say, that the market is as it is right now and the registrations that we have right now, and if I extrapolate that as a state, as a regular state, there is certainly some work to go when it comes to finished goods, but not much. Honestly, we would very much like to see that particular element normalized by the end of Q3 when it comes to our finished goods. When it comes to the supplies and the material, very little space there, to be honest, because we've been really focused on optimizing the flows of chassis and all of the other material.
There is some potential, but let's say more limited. In our receivables, we still have an element of overdue receivables in there, but that has also been significantly decreased. No massive effects there either. Where we do see some level of potential is in our payables, but that depends very much on the availability of credit lines for our suppliers, which at this point, let's say the credit insurers are very cautious, and they have been since November last year. We do not envisage that situation to improve. Certainly, at this point, we don't envisage it to improve until at least the end of the year. That would be more an improvement to see potentially next year. By and large, there is potential to improve our working capital further. A jump that you've seen in Q2 would be difficult to replicate in Q3 and Q4.
Okay. Cool. Thank you very much, Radim.
Sure. Thank you.
All the best.
Thanks for your questions. We move on to the next question from Jorge Gonzalez. You should be able to speak now. Mr. Gonzalez, you're already unmuted. We will come.
Can you hear me?
Yes, now you can.
Okay. Perfect. I'm analyzing. Thank you very much for taking my questions. In fact, I have mainly one question remaining. It's regarding the health of the market in terms of competition. Last year, there was, and correct me if this is not completely correct, increasing competition in the entry-level price for motorhomes. I think you also saw more of this compared to what you were doing in the past. Can you comment on the dynamics if this is still the case that the consumers are now more interested in these, let's say, EUR 50,000 - EUR 70,000 motorhomes than in the premium models? How is your offering at this point if you are focusing on this, which plans are reducing more? If you have seen some improvement and maybe how is the pricing developing? That would be very, very useful for me.
Sure. Thanks. I mean, in general, I would say that the market is rather competitive across all segments. We are more positioned slightly above the most entry point. You know, with our WEINSBERG brand, we don't necessarily compete for the lowest price. KNAUS is obviously placed above that, and so are TABBERT, etc. I think our brands have throughout time found their segment. In their segment, it's always a combination of what you offer and what your price is. At this point, we have actually done a relatively thorough analysis of the pricing of our competitors and of ourselves. We've adjusted our pricing to make sure that we find the right balance between the volumes that we can place into the market given the demand developments that we see and the margins that we achieve from those volumes. Clearly, it's planning, right?
We will only see in the coming months what reality brings. We also need to see what our competitors do because, as mentioned, it is certainly the feeling that we have from some of the discussions we have with some of our multi-brand dealers that, let's say, KNAUS has done quite a bit to improve the stock situation. Maybe some other players still have a little bit to go. I think right now the market is not stable enough to provide a general comment on, you know, this segment behaves this way and that this way because it really depends on the individual actions of the individual players across these segments.
For me, the truly most important statement to make is that I believe that our products have their segment in which they have, you know, sufficient customers, and you can see that in the registrations, to place our products there. The customers are happy to pay those prices because our prices are in those particular segments competitive. We don't necessarily do, you know, the hard discounting or the cheapest entry-level products that would then be competing with some of our competitive brands. Yes, you're right. In general, we do see or hear from our dealers that there is a certain level of bifurcation where customers, there is a certain echelon of customers who are heavily focused on the very, very entry-level positions. We feel that the segments that we're in are strong enough to uphold our production levels.
Thank you. Very useful. I have a couple of questions on Tabbert's backlog and potentially the summer break situation. Sorry if you answered on an EBITDA because I connected late to the call. Now the backlog obviously is done here. I'm wondering if this means a longer, similar, or shorter summer break compared to last year. I completely understand that the backlog is more related to the new levels of the dealer stocks. If maybe you can also comment a little bit on the low levels for the, I mean, if the main situation for the interface in Europe is supporting a little bit also their conditions in general or if they are still linked to the situation from last year. That would be also very helpful.
Just briefly, did we catch the first question related to the backlog? The second one, you broke up a little bit there. You were asking about interest rates?
Yeah. The levels for the loans collected to the dealers, I don't know if in the presentation you have commented something of this because I.
No, I don't hear that. Okay. Let me address what I understood, and if you have follow-ups, more than happy to take them. When it comes to the backlog and our production in the summer, the level of production break that we have across our factories is actually relatively standard. As mentioned, throughout the year, we're using the tool of short-time work. We've taken, I think, the pretty significant decision at the end of last year to actually have a long production stop from the middle of November until pretty much the end of January in our biggest factories. That has provided the biggest step forward for us to adjust the level of production and the flow of products onto the market.
For us, it was more a one-time big decision and then a pretty tough, but at the same time, rather consistent and stable lower level of production all across up until now. The break is not extraordinary in that sense that we have right now in August in our factories. The level of backlog, I guess that's maybe an important element to comment on. Clearly, nobody has a crystal ball here, but we do believe that it could be with us for a little bit longer, these lower levels of order book. I think, and I mentioned it a bit earlier, the dealers having gone through, not only the dealers, but also the producing and everybody having gone through the COVID times and then the aftermath and the difficulties that we've all been facing in the past 12 months, 18 months, you don't erase them from memory that quickly.
Right now, the dealers are relatively cautious and prudent when it comes to making orders. They really take it step by step as they see that the demand is still there, etc. They go ahead and order more. It is a little bit our feeling that that particular order book situation will be with us for the coming period, certainly short term. We are ready for that. Again, as mentioned, we use the tools that we have at our disposal, be it short-time work, etc. We are not inclined to go ahead and foresee the market next year and produce on stock, etc. That is something that we do not want to do.
As a result, for us, what is critical or critically important is to always have an order book for, say, two and a half, three months ahead to make sure that we can plan our production, make sure that we get our supplies in place to be able to produce in an efficient way, etc., etc. As long as that rolls with us, we will roll with it. That's on that. When it comes to our dealers, when the situation sharpened at the end of last year, obviously, the financing banks of our dealers have been one of our first points of call. The level of insecurity there was also relatively high. Some of them have gone as far as very significantly decreasing their lines to our dealers, etc.
I think with the results that we're showing and certainly the communication towards them and with the market, the end customer market remaining as robust as it is, there is much more calmness in the market. What we also endeavored to do was to diversify our sources of funding, given the one or two occasions of significant line cuts to our dealers. We've now worked relatively closely with a couple more suppliers or financing providers to make sure that our dealers have a diversified base of funding. What we're focusing on right now is making sure that the cost of funding for our dealers is actually optimized.
I'm putting nice words in there, but ultimately, all it means is that we're now entering negotiations with some of our financing partners to make sure that the developments in interest rates in Europe and ultimately, hopefully, the better situation on the market should also translate into better pricing for our dealers, which we will partially also see because, as you know, we do support our dealers in certain products also with covering their interest expenses. That will be something that will also have a direct impact on us. That is very much a focus that we have. We have negotiations coming up also at the Düsseldorf CARAVAN SALON to make sure that these things move forward in a positive direction for us.
Thank you for the call. Are the lines for dealers still around EUR 500 million? Can you give us a figure there?
Sorry. You mentioned the lines of EUR 400 million?
500, I think it was.
I don't think maybe we didn't necessarily publish that information, but I also don't think it's that sensitive. We did have lines slightly above EUR 500 million, but that was last year. Right now, the lines are, let's say, 20% lower than that. They're way more sufficient because the utilizations of those lines are not even reaching two-thirds.
Okay. Perfect. That's very useful. Thank you very much.
Sure.
Thank you for your questions, Mr. González. In the meantime, we have received no further questions. I will hold the room a little bit longer for Ellis Acklin. There's another question. Please. Sorry. Can you unmute?
Yes.
Yes.
Okay. Great. One very quick follow-up about the provision you've talked about, the EUR 3.1 million you added. Is that now the total provision, or is that added to an amount that already existed? I know you really have your hands tied about talking about the legal case in itself, but can we maybe interpret the new provision as a sign that maybe this is working closer to a resolution in the near term? That would be it for me today.
Thanks for the question. First of all, it's an incremental change. The total provision is higher than those EUR 3.1 million. It's basically added to the original one.
Can you share with us what the total amount is?
I would be inclined not to, if you don't mind. At the same time, for you, what I think is critical, and that maybe ties a little bit to the second part of your question. Maybe a signal was also made in the risk section that we do believe that the amount that we have provisioned right now is the most appropriate based on the information that we have. The step in the risk section is probably a bit of an indication to you that we are hopefully nearing some kind of a conclusion. As you mentioned very, very, very precisely, it's an ongoing investigation. I would certainly not want to, in what I express here, impact the investigations as such.
Okay, Radim, thank you very much. All the best for the rest of the year.
Thank you very much.
Thank you, Mr. Akin. Ladies and gentlemen, are there any questions left? That is not the case. We therefore come to the end of today's earnings call. Thank you, everyone, for joining and your shown interest in Knaus Tabbert AG. Should further questions arise at a later time, please feel free to contact Investor Relations Manager, Mr. Manuel Taverne. Afterwards, you can find the recording of this call at the AirTime platform. A big thank you also to you, Mr. Sevcik, for your transparency and the time you took to answer the questions. I wish you all a lovely weekend. With this, I hand over again to Mr. Sevcik for some final remarks.
Thank you. Thank you, everyone, for your attention. I would also like to thank the whole team, including Manuel, for the preparation of the materials and for all the work that has gone into it. I look forward to speaking to you at the next earnings call or earlier.