Knaus Tabbert publishes 2026 half-year financial report

Knaus Tabbert AG improved its earnings performance in the first half of 2026 compared with the prior-year period. In an environment that remains challenging, the measures implemented to adjust the cost base together with higher total operating performance had a particularly positive effect on profitability. At the same time, market demand remained subdued, with retailers continuing to order cautiously.

Group revenue amounted to EUR 503.9 million in the first six months of 2026, compared with EUR 571.7 million in the prior-year period, representing a decline of 11.9%. Unit sales decreased by 8.0% to 10,551 vehicles. While sales of motorhomes and caravans were below the prior-year level, camper van sales increased by 7.1%.

The decline in revenue reflects not only lower sales volumes but also the high comparative base in the previous year, which benefited significantly from the sale of vehicles produced in earlier periods. Despite lower revenue, total operating performance increased by 2.5% to EUR 519.4 million. This was primarily driven by the change from a significant inventory reduction in the prior-year period to a positive change in inventories during the first half of 2026.

Adjusted EBITDA increased to EUR 36.0 million, compared with EUR 22.7 million in the prior-year period. The adjusted EBITDA margin improved from 4.0% to 7.1%. Adjusted EBIT rose to EUR 22.5 million, up from EUR 4.4 million in the previous year. Net profit for the first half of the year amounted to EUR 11.5 million, compared with a net loss of EUR 4.8 million in the prior-year period.

„Our performance in the first half of the year demonstrates that the measures we have implemented are delivering operational improvements. At the same time, market conditions remain challenging. We therefore continue to focus on the consistent execution of our measures, maintaining flexible production management and further strengthening our competitiveness,“ says Thomas Nickel, Chief Executive Officer of Knaus Tabbert AG.

Cash flow from operating activities amounted to EUR 27.4 million in the first half of the year, compared with EUR 74.1 million in the same period of the previous year. The year-on-year decrease is mainly attributable to a less favourable working capital development following the substantial inventory reduction recorded in the prior-year period.
The order backlog amounted to EUR 340 million as of 30 June 2026, compared with EUR 294 million a year earlier. Compared with year-end 2025, it declined by EUR 114 million. This primarily reflects retailers' continued cautious ordering behaviour as well as seasonal and market-related factors.

„The improvement in earnings and the positive operating cash flow achieved in the first half of the year mark an important step forward. At the same time, disciplined liquidity management and preparations for follow-on financing remain among our key priorities,“ says Radim Sevcik, Chief Financial Officer of Knaus Tabbert AG.

Based on business performance in the first half of 2026 and against the backdrop of weaker end-customer demand since the spring as well as continued cautious ordering behaviour by retailers, Knaus Tabbert has refined its guidance for the 2026 financial year. The Executive Board continues to expect Group revenue of around EUR 950 million. The adjusted EBITDA margin is now expected to be within a narrower range of 5.0% to 6.0%. The Company continues to expect market conditions to remain challenging in the second half of the year. The focus remains on the consistent execution of the measures already introduced, demand-driven production management and the further stabilisation of earnings and the financial position.