● Destocking as the main driver of the positive trend in working capital - free cash flow of EUR 14.6 million

● Significant cost savings and reduction in headcount implemented

● Outlook for 2025 confirmed

At the end of the 2024 financial year, a comprehensive program was launched to adjust costs and production capacities across the entire Group to the expected normalized market demand. This organizational and structural realignment is intended to position Knaus Tabbert in such a way that the company can continue to assert itself as a leading manufacturer of leisure vehicles in a normalized market environment. This also includes a significant adjustment of the cost base in the 2025 financial year. The most important cost measures include the implementation of efficiency measures in production, the adjustment of headcount and the number of temporary workers as well as the use of short-time work, savings in other operating expenses and the optimization of the product portfolio.

Revenue and earnings

Knaus Tabbert recorded a 21.5% decline in consolidated turnover to EUR 295.6 million in the first three months of the 2025 financial year (previous year: EUR 376.7 million). The significant decline in revenue is mainly due to the interruption in production and the reduced production volume compared to the same period of the previous year. However, this development is in line with the expected return to a normalized demand and sales trend. Significant revenue also results from the reduction of vehicle inventories that were already produced in the 2024 financial year and before. Inventories of finished goods and work in progress (change in inventories) decreased by EUR 55.5 million in the first three months of 2025 (previous year: increase of EUR 9.1 million).

Adjusted EBITDA in the first three months of 2025 decreased disproportionately to revenue by 78% to EUR 8.5 million due to the extended production shutdown at the beginning of the year and a lower total operating performance. (previous year: EUR 38.8 million). As a result, the adjusted EBITDA margin of 2.9% was below the previous year's figure of 10.3%. The effects of the implemented and planned measures, including those to adjust the cost base, are expected to take effect over the course of the 2025 financial year.

Cash flow

Knaus Tabbert generated a positive operating cash flow of EUR 16.6 million from operating activities in the first three months of 2025, compared to EUR 6.0 million in the same period of the previous year. Cash flow from investing activities decreased significantly to EUR 2.0 million in the first quarter of 2025 after EUR 4.9 million in the same period of the previous year.

The free cash flow of EUR 14.6 million was achieved in particular through measures to optimize working capital. In addition, investment requirements were lower than in the same period of the previous year, focusing almost entirely on replacement and product investments.

Order backlog

As at the balance sheet date of March 31, 2025, Knaus Tabbert had an order backlog of around EUR 341 million. The order backlog currently covers a good 30% of annual revenue. Knaus Tabbert also expects orders for the new model year, which are traditionally received in the second and third quarter of the financial year.

Outlook for the 2025 financial year

The Executive Board expects revenue of around one billion euros (EUR 1,000 million) in the 2025 financial year. Earnings power, expressed in terms of the adjusted EBITDA margin, is expected to be in the range of 5.0% to 6.5%. The scheduled implementation of the measures defined above will have a significant impact on this.

About Knaus Tabbert

Knaus Tabbert AG, headquartered in Jandelsbrunn, is one of the leading manufacturers of leisure vehicles in Europe and looks back on a long tradition in caravanning. With its strong brands KNAUS, TABBERT, WEINSBERG, T@B, MORELO and the rental brand RENT AND TRAVEL, the company has stood for quality, innovation and freedom of travel on wheels for decades. The broad portfolio ranges from high-quality luxury models to practical entry-level vehicles. At four locations, the employees combine traditional craftsmanship with modern technology - for mobile travel that inspires. More at www.knaustabbert.de/en/