Knaus Tabbert (KTA) investor relations material

Executive summary

• Q1 2026 saw a material improvement in EBITDA, driven by cost adjustments, operational measures, and stable output, despite a 15.7% revenue decline to €249.1 million due to normalized demand and lower sales volumes, especially in motorhomes.

• Net income improved to €3.8 million from a loss of €4.7 million in Q1 2025, reflecting effective cost and operational measures.

• Healthy cash flow generation resulted from working capital improvements and operational discipline.

• Inventory effects that distorted prior periods have largely normalized, supporting a more sustainable revenue and margin profile.

Financial highlights

• Q1 2026 revenue was €249.1 million, down 13.7%-15.7% year-over-year, mainly due to lower sales volumes and absence of prior inventory clearance effects.

• Adjusted EBITDA increased to €15.6 million (6.3% margin) from €8.5 million (2.9% margin) in Q1 2025.

• Operating cash flow was €32.6 million, with investing cash flow of €-2.1 million, resulting in strong free cash flow of €30.5 million.

• Net financial debt decreased to €283.8 million, supported by cash generation and reduced liabilities.

• Equity ratio decreased to 16.1% from 17.6% year-over-year.

Outlook and guidance

• Full-year 2026 guidance confirmed: revenue expected around €950 million and adjusted EBITDA margin between 5.0% and 7.0%.

• Management expresses confidence in achieving guidance, with Q1 performance seen as a solid base.

• Margin sustainability depends on continued cost discipline, product mix, and stable demand.