Knaus Tabbert (KTA) Q2 2026 earnings summary

Executive summary

• New CEO Thomas Nickel and CSO Matjaž Grm appointed in 2026, both bringing significant transformation experience.

• H1 2026 saw a material improvement in adjusted EBITDA and margins, driven by operational efficiency, cost base adjustments, and stable output.

• Management focus remains on operational efficiency, disciplined execution, aligning production with demand, and maintaining strong dealer relationships.

Financial highlights

• Revenue for H1 2026 was €503.9 million, down 11.9% year-over-year; premium segment revenue fell 11.8% to €420.2 million, luxury segment dropped 12.4% to €83.7 million.

• Adjusted EBITDA rose to €36.0 million (from €22.7 million), margin improved to 7.1% from 4.0%.

• Net income reached €11.5 million for H1 2026, reversing a €4.8 million loss in the prior year.

• Free cash flow was €22.1 million, with positive operating cash flow of €27.4 million.

• Net financial debt at end of June: €296 million, up €22 million year-over-year but down from €309 million at end-2025.

Outlook and guidance

• Full-year 2026 revenue expected around €950 million, with adjusted EBITDA margin guidance narrowed to 5%-6% due to weaker market momentum.

• No rapid market recovery assumed; priorities include cost discipline, flexible production, and working capital control.

• Management emphasizes cautious steering for H2 2026 due to evolving market conditions.