Knaus Tabbert Sees Q1 Revenue Slip but Boosts Profit Margins, Sticks to 2026 Targets

Knaus Tabbert AG (KTA) has reported a 15.7% revenue decline in the first quarter, totaling €249 million. Both its luxury and premium divisions faced double-digit sales drops, as motorhome demand appears to be settling back to more typical levels after an inventory-driven boost in early 2025.

The luxury segment revenue took a bigger hit, tumbling 20.3% to €45 million, while the premium division fell 14.6% to €204 million. The slide mainly stems from fewer motorhome units sold, reversing a prior quarter that benefited from completing sales of stock built in previous periods.

Order backlog currently stands at €363 million, down from €454 million at the close of 2025. Knaus Tabbert indicated that the backlog typically peaks mid-year, so the dip isn't necessarily alarming but does show a more cautious near-term picture.

On the profitability front, the company managed to lift its adjusted EBITDA by 83% to €15.6 million, pushing the margin up to 6.3% from just 2.9% a year ago. This improvement largely reflects ongoing cost-saving initiatives enacted in 2026.

Operating cash flow also saw a healthy increase, jumping to €32.6 million from €16.6 million in Q1 2025. The boost is attributed to better operational efficiency and favorable working capital changes. Meanwhile, investing activities showed a slight uptick in cash outflows, coming in at €2.1 million versus €2.0 million last year.

Equity levels strengthened modestly, with the ratio moving to 16.1% in the first quarter compared to 14.9% at the end of 2025. This reflects a net profit of €3.8 million for the quarter amid the challenging sales environment.

Despite the dip in revenue and order backlog, Knaus Tabbert has confirmed its full-year 2026 outlook, targeting revenues around €950 million and aiming for an adjusted EBITDA margin between 5.0% and 7.0%. The company's commitment to these figures suggests confidence in stabilizing sales and continued cost discipline.

While the early-year sales softness might raise eyebrows, the company's margin expansion and cash flow resilience could be key factors in navigating the period ahead. Whether the expected recovery in backlog materializes as usual remains a watch point as the year progresses.