Interim report
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1 INTERIM REPORT Q3 2025
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2 ORDER BACKLOG in EUR mill. 30.09.2025 30.09.2024* Change Order Backlog 476 577 –17.5% FINANCIAL KEY FIGURES in EUR mill. 01.07. - 30.09. 2025 01.07. - 30.09. 2024* Change 01.01. - 30.09. 2025 01.01. - 30.09. 2024* Change Revenue 189.7 197.8 –4.1% 761.5 897.2 –15.1% thereof premium segment 161.2 170.4 –5.4% 637.3 785.2 –18.8% thereof luxury segment 28.5 27.4 4.1% 124.1 111.9 10.9% Total output 188.8 234.0 –19.3% 695.7 979.0 –28.9% Earnings EBITDA –2.9 –24.5 –88.2% 16.7 42.3 –60.5% EBITDA (adjusted) –2.9 –24.5 –88.2% 19.8 43.1 –54.0% EBITDA-margin (adjusted) –1.5% –12.4% 2.6% 4.8% EBIT –10.6 –34.1 –68.9% –9.3 16.2 –157.5% EBIT (adjusted) –10.6 –33.3 –68.2% –6.2 17.0 –136.7% EBIT-margin (adjusted) –5.6% –16.9% –0.8% 1.9% CASH FLOW in EUR mill. 01.07. - 30.09. 2025 01.07. - 30.09. 2024 Change 01.01. - 30.09. 2025 01.01. - 30.09. 2024 Change Cash flows from operating activities –9.1 –46.3 –80.3% 65.0 –0.7 –9198,9% Cash flows from investing activities –0.9 –14.1 –93.6% –4.9 –27.2 –81.9% Free cashflow –10.0 –60.4 –83.4% 60.0 –28.0 –314.7% BALANCE SHEET in EUR mill. 30.09.2025 30.09.2024* Change Balance sheet total 523.1 683.0 –23.4% Equity 94.2 164.7 –42.8% Equity ratio 18.0% 24.1% Net financial debt 289.7 321.0 –9.8% KEY PERSONNEL FIGURES by heads 30.09.2025 30.09.2024 Change Headcount 3,318 4,144 –19.9% Note: The figures marked with an asterisk (*) in this announcement have been adjusted compared with the previous year's report. For more information, please refer to the section “Correction in accordance with IAS 8” in the Q2 2025 interim report.
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3 ABOUT KNAUS TABBERT Knaus Tabbert is one of Europe's leading manufacturers of motorhomes, caravans and camper vans. The company stands for first -class quality, innovation and many years of experience, offering a wide range of recre- ational vehicles – from compact entry -level models to absolute luxury class. Knaus Tabbert relies on strong brands, an international presence, close contact with dealers and a flexible production network. The current brand portfolio includes the five product brands KNAUS, TABBERT, WEINSBERG, T@B, and MORELO. This covers all product segments and price categories for motorhomes, caravans and camper vans. The Knaus Tabbert management team has many years of experience in the caravan and automotive industry. The production sites in Jandelsbrunn, Mottgers, Schlüsselfeld and Nagyoroszi in Hungary have been consistently modernized in recent years. Knaus Tabbert focuses on standardized, flexible production with auto- mation, cross-product components and innovative tech- nologies such as 3D printing or the use of lightweight construction applications. As part of a sustainable growth strategy, Knaus Tabbert relies on long -standing, trust ed partnerships with over 500 dealers in 25 European countries. The company is also strengthening its position in the rental market with the RENT AND TRAVEL platform, which was launched in 2016. This platform connects customers, travel agencies and rental companies and is now one of the leading solutions for recreational vehicle rentals in Germany. With this approach, Knaus Tabbert aims to expand its market presence, develop innovative business models, and support sustainable growth. INDUSTRY DEVELOPMENT In the first nine months of the 2025 financial year the car- avanning industry showed itself to be robust, albeit differ- entiated. The continuing trend toward individual and na- ture-oriented travel was confirmed by CARAVAN SALON 2025, the world's leading trade fair for mobile travel. The very good visitor numbers, 269,000 guests from 80 coun- tries, is the second-best result in the history of the trade fair and signaled a high level of interest among end cus- tomers. The German market for recreational vehicles, as the lead- ing market in Europe, developed differently in the individ- ual vehicle segments. Overall, demand for motorhomes remained stable, while demand in the caravan segment weakened. New registrations of motorhomes in Germany reached a volume of 62,374 units from January to Sep- tember 2025. This corresponds to a slight decline of 1.1% compared to the same period last year. The development in the third quarter was positive: • Q3 2025: New registrations rose by 1.9% com- pared to the same quarter last year. • September 2025: The month showed particu- larly dynamic growth of 7.6%. This positive trend is primarily driven by classic mo- torhomes (semi-integrated and fully integrated vehicles as well as alcoves), new registrations of which have in- creased by 5.4% so far this year. New registrations of panel vans, on the other hand, declined by 6.0% in the same period. Both segments of the motorhome market are supported significantly by strong pr ivate demand, which is counteracting the decline in registrations in the commercial sector (rental fleets). The caravan segment recorded a decline in new registra- tions in the first nine months of 2025. • Januar - September 2025: With 16,180 units, 11.8% fewer caravans were newly registered than in the same period last year. • Q3 2025: In the third quarter, the decline was 17.6% compared to Q3 2024. In summary, it can be said that caravanning remains a highly attractive form of holiday. The motorhome seg- ment is proving its strength and benefiting from robust demand from private customers, while the caravan mar- ket is below last year's level. source: www.civd.de/artikel/aktuelle-neuzulassungszahlen as well as admission statistics CIVD 09/2025
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4 BUSINESS DEVELOPMENT At the end of last year and at the beginning of the 2025 financial year, Knaus Tabbert introduced measures to strengthen the company's competitiveness. Reducing inventories is seen as a key objective. Produc- tion at the Jandelsbrunn and Nagyoroszi (HU) sites there- fore did not resume until 27 January 2025. Production had already been underway at the Mottgers and Schlü- sselfeld sites since mid-January. The late start to produc- tion compared with the previous year is therefore also having a negative impact on earnings performance. The package of measures includes a review of the prod- uct portfolio and a significant adjustment of the cost base (implementation of efficiency measures in produc- tion, adjustment of staffing levels and the number of tem- porary workers, use of short -time work ing, savings in other operating expenses). The entire caravanning industry has long been character- ised by an oversupply of recreational vehicles. This has intensified competition across the industry and resulted in considerable price pressure. In order to ensure capac- ity utilisation in this competi tive environment and at the same time reduce inventories throughout the entire dis- tribution chain, increased sales promotion measures are necessary. This market -driven pressure on sales prices has a direct impact on achievable margins and thus fur- ther dampens earnings development. Revenue Knaus Tabbert recorded consolidated sales of EUR 761.5 million in the first nine months of 2025 (same period last year: EUR 897.2 million). This represents a decline of 15.1% compared to the same period last year. Total units sold in the first three quarters of 2025 amounted to 15,642 units (previous year: 18,647 units). The significant decline in sales is mainly due to the inter- ruption in production in the first quarter of 2025 and the lower production volume compared to the same period last year. As in the first half of 2025, a significant portion of sales resulted from the reduction of vehicle inventories that had already been produced in the 2024 financial year. Inventories of finished goods and work in progress (change in inventories) decreased by EUR 76.0 million in the first nine months of 2025 (prior-year period: increase of EUR 73.6 million). Inventories of finished goods and work in progress were significant ly reduced in both the Premium and Luxury business segments. The premium segment accounted for EUR 637.3 million of consolidated revenue (prior -year period: EUR 785.2 million). A further EUR 124.1 million (prior -year period: EUR 111.9 million) is attributable to the luxury segment. The Group's revenue was primarily generated from the sale of recreational vehicles. The aftersales segment, which mainly comprises the spare parts business and the marketing of used vehicles, contributed EUR 42.5 million (previous year: EUR 22.4 million) to revenue. The increase in aftersales activities compared with the previous year is due to take-back ob- ligations for vehicles from dealer insolvencies and their marketing as used vehicles. KEY FINANCIAL INDICATORS KNAUS TAB- BERT GROUP in EUR mill. 01.07. - 30.09.2025 01.07. - 30.09.2024 * Change 01.01. - 30.09.2025 01.01. - 30.09.2024 * Change Revenue 189.7 197.8 –4.1% 761.5 897.2 –15.1% Total output 188.8 234.0 –19.3% 695.7 979.0 –28.9% EBITDA –2.9 –24.5 –88.2% 16.7 42.3 –60.5% EBITDA (adjusted) –2.9 –24.5 –88.2% 19.8 43.1 –54.0% EBITDA-margin (adjusted) –1.5% –12.4% 2.6% 4.8% EBIT –10.6 –34.1 –68.9% –9.3 16.2 –157.5% EBIT (adjusted) –10.6 –33.3 –68.2% –6.2 17.0 –136.7% EBIT-margin (adjusted) –5.6% –16.9% –0.8% 1.9%
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5 Material and Personnel Expenses Material costs fell by 29.3% to EUR 497.5 million in the reporting period from 1 January 2025 to 30 September 2025. Based on total output, this results in a material cost ratio of 71.5% (previous year: 71.9%). The 0.4 percentage point decrease in the mater ial cost ratio compared with the previous year is primarily due to positive effects from material purchasing, offset by the take -back obligations for vehicles from dealer insolvencies and their marketing. Due to the significant reduction in personnel capacity and the use of short -time working, absolute personnel ex- penses also fell by 16.2% to EUR 103.6 million compared with the same period of the previous year (2024: EUR 123.7 million). In relation to total output, the personnel cost ratio stands at 14.9% (previous year: 12.6%). The increase in the ratio is mainly due to the interruption in production at the be- ginning of the year and lower efficiency and capacity uti- lisation in production. Including the costs for temporary workers amounting to EUR 11.7 million (prior -year period: EUR 21.4 million), the personnel cost ratio for the first nine months of 2025 was 16.6% (prior-year period: 14.8%). The reduction in person- nel capacity also included a significant reduction in tem- porary workers. Results Adjusted EBITDA in the reporting period fell dispropor- tionately to revenue by 53.8% to EUR 19.8 million due to the prolonged production interruption at the beginning of the year and a significantly lower total output. (previous year: EUR 42.9 million). As a result, the adjusted EBITDA margin was 2.6%, down 2.2 percentage points from the previous year's figure of 4.8%. In the first nine months of 2025, there were adjustments to EBITDA (‘adjusted EBITDA’) in connection with the in- crease in provisions for ongoing proceedings relating to vehicle weights in the amount of EUR 3.1 million, which is attributable exclusively to the premium segment. Depreciation and amortisation rose by EUR 0.1 million to EUR 26.1 million (prior-year period: EUR 26.0 million). SEGMENT S SEGMENT REPORT in EUR mill. 01.07. - 30.09.2025 01.07. - 30.09.2024 * Change 01.01. - 30.09.2025 01.01. - 30.09.2024 * Change Revenue 189.7 197.8 –4.1% 761.5 897.2 –15.1% thereof premium segment 161.2 170.4 –5.4% 637.3 785.2 –18.8% thereof luxury segment 28.5 27.4 4.1% 124.1 111.9 10.9% EBITDA –2.9 –24.5 –88.2% 16.7 42.3 –60.5% thereof premium segment –2.8 –24.7 –88.7% 11.3 31.2 –63.7% thereof luxury segment –0.1 0.2 –155.2% 5.4 11.2 –51.4% Financial and Asset Situation Knaus Tabbert's total assets decreased by EUR 116.4 mil- lion from EUR 639.5 million as at 31 December 2024 to EUR 523.1 million as at 30 September 2025. At EUR 250.0 million, non -current assets were EUR 17.6 million below the figure of EUR 267.6 million recorded on the balance sheet date of 31 December 2024. The biggest change here is the drop in property, plant and equipment by EUR 17.8 million to EUR 216.8 million (31 December 2024: EUR 234.6 million). This is due to the significantly lower investment require- ments and scheduled depreciation. Current assets, which at EUR 273.1 million were EUR 98.9 million below the figure as at 31 December 2024, were significantly influenced by the reduction in the vehicle fleet. Inventories decreased by EUR 102.8 million in cu- mulative terms, while trade recei vables also fell to EUR
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6 38.6 million (31 December 2024: EUR 45.6 million). This was offset by an increase in other assets to EUR 36.9 mil- lion (31 December 2024: EUR 21.8 million), which was mainly due to the rise in factoring receivables and bonus receivables from suppliers. Continued high end-customer demand and the measures introduced by Knaus Tabbert enabled our sales partners to continue optimising their own inventories and settle outstanding liabilities to Knaus Tabbert. At Knaus Tab- bert, this development is reflected in a significant reduc- tion in working capital. Long-term liabilities decreased slightly from EUR 118.2 million as at the balance sheet date of 31 December 2024 to EUR 113.7 million. Current liabilities decreased by EUR 93.0 million to EUR 315.2 million as at 30 September 2025. This change is due to the reduction in trade payables, which was influ- enced by shorter payment terms from suppliers. In addi- tion, tax payments due from previous years and cus- tomer bonuses were settled in the third quarter. Current liabilities to banks were reduced by EUR 46.0 million to EUR 206.1 million as of 30 September 2025. Knaus Tab- bert also repaid the first tranche of the promissory note in the amount of EUR 20.0 million on schedule in the sec- ond quarter of 2025 (promissory note 2022 –2032: EUR 100 million). The reduction in equity from EUR 19.1 million to EUR 94.2 million recorded in the reporting period is due to the neg- ative earnings performance of Knaus Tabbert. Overall, the equity ratio increased by 0.3 percentage points to 18.0% compared with the balance sheet date of 31 December 2024 due to the reduction in total assets in the first nine months of 2025. FREE CASHFLOW in EUR mill. 01.07. - 30.09. 2025 01.07 - 30.09. 2024 Change 01.01. - 30.09. 2025 01.07 - 30.09.2 024 Change Cash flows from operating activities –9.1 –46.3 –80.3% 65.0 –0.7 –9198,9% Cash flows from investing activities –0.9 –14.1 –93.6% –4.9 –27.2 –81.9% Free cashflow –10.0 –60.4 –83.4% 60.0 –28.0 –314.7% From its ongoing business activities, Knaus Tabbert gen- erated a positive operating cash flow of EUR 65.0 million in the first nine months of 2025, compared with EUR -0.7 million in the same period of the previous year. Cash flow from investing activities declined significantly in the reporting period to EUR -4.9 million, compared with EUR -27.2 million in the same period of the previous year. Free cash flow of EUR 60.0 million was achieved in a challenging market environment, primarily through measures to optimise working capital. In addition, investment requirements are lower than in the same period last year, with the focus almost entirely on replacement and product investments. FINANCING The existing syndicated loan agreement was amended on 25 March 2025 with regard to the financing terms. The terms of this amendment agreement additionally include the agreement of minimum liquidity, minimum EBITDA and a working capital ratio as financial indicators. All agreed ratios were achieved as of the balance sheet date of 30 September 2025. ORDERBOOK After the extraordinary years of the pandemic, the cara- vanning industry is steadily returning to normal. However, the volatility, uncertainty and economic pressure that have accompanied this normalisation process from a sit- uation of overproduction have had an impact on the or- dering behaviour of dealers and end customers. As at the balance sheet date of 30 September 2025, Knaus Tabbert had an order backlog of around EUR 476.0 million. The order backlog continues to be characterised by cau- tious ordering behaviour on the part of retailers.
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7 ORDER BACKLOG in EUR mill. 30.09.2025 31.12.2024 30.09.2024 Order Backlog 476 480 577 KEY PERSONNEL FIGURES HEADCOUNT in heads 30.09.2025 31.12.2024 30.09.2024 Change (yoy) Knaus Tabbert Group 3,318 3,953 4,144 –826 thereof temporary workers 583 769 944 –361 As of 30 September 2025, Knaus Tabbert employed a to- tal of 3,318 people (previous year: 4,144). This develop- ment reflects the measures introduced to reduce the workforce. The proportion of temporary workers in Knaus Tabbert's workforce as at 30 September 2025 is 17.6% or 583 em- ployees (previous year: 944 employees). RISK AND OPPORTUNITIES In the third quarter of fiscal year 2025, there were changes in the following risk areas compared to the de- tailed assessments in the 2024 Summary Management Report and the further presentation in the 2025 Half-Year Report: • Finance • Purchasing The terms and conditions of the syndicated loan dated 3 June 2024 with a volume of EUR 250 million, as de- scribed in the combined management report for 2024, re- quire Knaus Tabbert to comply with certain key figures. If one or more financial indicators defined in the syndi- cated loan agreement are not met, the lenders have the right to terminate the loan and demand immediate repay- ment. With reference to Knaus Tabbert's forecast, which was adjusted on 23 September 2025 and clarified on 11 No- vember 2025 , there is a higher risk of non -compliance with one or more financial indicators. Specifically, this concerns profitability, expressed by the absolute mini- mum EBITDA for the financial year. Knaus Tabbert has therefore increased the probability of this material risk, which was already described in the 2024 annual report, but still considers termination of the contract to be unlikely. Knaus Tabbert continues to monitor the significant risk described in the combined management report regarding supply bottlenecks or interruptions in the chassis supply chain with great care. Knaus Tabbert believes that another interruption in the supply of chassis could have a significant impact on the Group's earnings. The risk described as very unlikely in the 2024 management report is now classified by the company as unlikely for the third quarter of 2025. There were no other significant changes in terms of op- portunities and other risk areas. OUTLOOK On 23 September 2025, the management of Knaus Tab- bert adjusted its forecast for the full year 2025 and fur- ther refined it on 11 November 2025. Based on current business development and the internal planning of the Knaus Tabbert Group, the following fore- casts have been made for the key performance indica- tors: • Revenue of around one billion euros (EUR 1,000 mil- lion) is still expected for the 2025 financial year. • Earnings power, expressed as adjusted EBITDA mar- gin, is expected to be at the lower end of the most recently communicated range of 3.2% to 4.2%.
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Jandelsbrunn, November 12. 2025 Willem Paulus de Pundert Radim Sevcik
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9 INTERIM FINANCIAL STATEMENTS SEPTEMBER 30 , 202 5
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Knaus Tabbert AG – Interim Report GROUP BALANCE SHEET ASSETS in KEUR 30.09.2025 31.12.2024 Intangible assets 14,692 17,090 Tangible assets 216,752 234,559 Other financial assets 1,119 1,169 Other non-financial assets 1,177 1,758 Deferred tax assets 16,259 13,027 Total non-current assets 250,000 267,602 Inventories 181,269 284,042 Trade accounts receivable 38,613 45,573 Other financial assets 13,034 4,856 Other non-financial assets 23,914 16,989 Tax receivables 6,062 5,040 Cash and cash equivalents 10,167 15,441 Total current assets 273,059 371,943 Balance sheet total 523,059 639,544 LIABILITIES in KEUR 30.09.2025 31.12.2024 Subscribed capital 10,377 10,377 Capital reserves 26,951 26,926 Retained earnings 103,960 103,960 Profit / loss carried forward –25,357 22,655 Consolidated net loss –19,524 –48,011 Accumulated other comprehensive income –2,197 –2,660 Equity 94,211 113,246 Other provisions 16,622 17,990 Amounts owed to credit institutions 80,824 81,367 Other financial liabilities 8,485 10,863 Other non-financial liabilities 7,206 7,326 Deferred tax liabilities 560 606 Long-term liabilities 113,697 118,152 Other provisions 24,289 20,204 Amounts owed to credit institutions 206,087 252,063 Trade accounts payable 46,091 70,366 Other financial liabilities 21,367 27,871 Other non-financial liabilities 17,317 21,052 Tax liabilities – 16,589 Short-term liabilities 315,151 408,146 Liabilities 428,848 526,299 Balance sheet total 523,059 639,544
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11 GROUP PROFIT AND LOSS STATEMENTS in KEUR 01.01. - 30.09. 2025 01.01 - 30.09. 2024* Revenue 761,476 897,194 thereof premium segment 637,338 785,245 thereof luxury segment 124,139 111,949 Inventory changes –75,953 73,603 Other own work capitalized 4,329 2,273 Other operating income 5,831 5,966 Total output 695,684 979,037 Cost of materials –497,460 –704,077 Personnel expenses –103,571 –123,666 Other operating expenses –77,922 –108,968 EBITDA 16,732 42,325 Depreciation and amortization expenses –26,068 –26,093 EBIT –9,337 16,233 Financial result –13,251 –9,834 EBT –22,588 6,399 Income taxes 3,064 –3,794 Net income –19,524 2,605 Other results 464 535 Overall result –19,060 2,070
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Knaus Tabbert AG – Interim Report GROUP CASHFLOW STATEMENTS CASH FLOWS FROM OPERATING ACTIVITIES in KEUR 01.01. - 30.09. 2025 01.01 - 30.09. 2024* Consolidated net loss (previous: net income) –19,524 2,604 Adjusted for: – Depreciation and amortisation/write -ups on intangible assets and property, plants and equipment 26,068 26,093 Increase of provisions 2,717 1,403 Other non-cash income/ expenses –2,035 12,349 Decrease / increase of inventories, trade accounts receivable and other assets not attributable to invest- ing or financing activities 92,737 –3,182 Decrease of trade accounts payable and other liabilities not attributable to investing or financing activi- ties –40,135 –46,203 Net finance costs 13,251 9,834 Income tax (previous: income tax expense) –3,425 3,385 Income taxes paid –4,696 –6,996 Cash flows from operating activities 64,959 –714 CASH FLOWS FROM INVESTING ACTIVITIES in KEUR 01.01. - 30.09. 2025 01.01 - 30.09. 2024 Proceeds from the sale of property, plant and equipment 185 37 Payments for investments in property, plant and equipment –3,581 –24,711 Payments for investments in intangible assets –1,943 –4,714 Interest received 410 2,145 Cash flows from investing activities –4,930 –27,243 CASH FLOWS FROM FINANCING ACTIVITIES in KEUR 01.01. - 30.09. 2025 01.01 - 30.09. 2024 Dividends paid – –30,094 Proceeds from liabilities to banks 98,095 161,356 Repayments of liabilities to banks –143,527 –89,603 Interest paid –14,143 –12,198 Repayment of liabilities from leases –4,344 –3,694 Cash flows from financing activities –63,919 25,767 Net change in fund of means of payment –3,889 –2,190 Impact of exchange rate fluctuations on fund of means of payment –1 2 Fund of means of payment at the beginning of the period 6,994 3,347 Fund of means of payment at the end of the period 3,103 1,159
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13 Contact Investor Relations Knaus Tabbert AG Helmut-Knaus-Straße 1 D-94118 Jandelsbrunn phone: +49 (0) 8583 21 5616 email: ir@knaustabbert.de website: www.knaustabbert.de All amounts in this Interim Report are stated in millions of eu- ros (EUR million) unless otherwise noted. Due to commercial rounding, the addition of the totals may result in insignificant rounding differences. The percentages shown are calculated on the basis of the respective amounts in millions of euros. This Interim Report is available in German and English at www.knaustabbert.de When in doubt, the German version shall prevail. INFORMATION