Knaus Tabbert (KTA) investor relations material

Executive summary

• 2025 marked a year of operational realignment and reset amid competitive pressures, with revenue in line with expectations but profitability falling short due to market pressures, price pressure, and industry-wide inventory overhang.

• Decisive actions were taken to reduce inventories, reset the cost base, and improve working capital, resulting in strong free cash flow.

• The business transformation is ongoing, with a focus on disciplined execution, operational efficiency, and product portfolio streamlining.

• Significant progress in inventory reduction and working capital management.

• Structural cost base adjustments and a strengthened management team are underway to drive execution.

Financial highlights

• Revenue for 2025 reached €1.002 billion, matching original guidance and down from €1,082.1 million in 2024.

• Adjusted EBITDA was €27.3 million (2.7% margin), compared to €28.4 million (2.6%) in 2024, materially below initial guidance.

• Free cash flow improved significantly to €46.1 million, up from -€34.5 million in 2024.

• Operating cash flow was €54.6 million, investing cash flow -€8.5 million, and financing cash flow -€50 million.

• Net debt at year-end 2025 stood at €309 million.

Outlook and guidance

• 2026 revenue is expected around €950 million, with an adjusted EBITDA margin of 5%-7%.

• Guidance assumes stable market demand, gradual inventory normalization, and rational competitive behavior.

• Continued focus on cost measures, supply chain management, and production efficiency.

• No expectation for dealers to rebuild inventory buffers; cautious planning underpins forecasts.