Interim report
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HALF - YEAR FINANCIAL REPORT H1 2026 Wir bewegen Knaus Tabbert
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ORDER BACKLOG in EUR mill. 30.06.2026 30.06.2025 Change Order Backlog 340 294 15,5% FINANCIAL KEY FIGURES in EUR mill. 01.04 - 30.06.2026 01.04 - 30.06.2025 Change 01.01 - 30.06.2026 01.01 - 30.06.2025 Change Revenue 254,8 276,1 –7,7% 503,9 571,7 –11,9% thereof premium segment 215,8 236,7 –8,8% 420,2 476,2 –11,8% thereof luxury segment 38,9 39,4 –1,1% 83,7 95,6 –12,4% Total output 273,2 263,8 3,6% 519,4 506,9 2,5% Earnings EBITDA 20,2 11,1 81,9% 35,3 19,6 79,9% EBITDA (adjusted) 20,4 14,2 43,6% 36,0 22,7 58,4% EBITDA-margin (adjusted) 8,0% 5,1% 7,1% 4,0% EBIT 13,5 1,9 603,7% 21,8 1,3 1607,0% EBIT (adjusted) 13,7 5,0 173,3% 22,5 4,4 414,3% EBIT-margin (adjusted) 5,4% 1,8% 4,5% 0,8% CASH FLOW in EUR mill. 01.04 - 30.06.2026 01.04 - 30.06.2025 Change 01.01 - 30.06.2026 01.01 - 30.06.2025 Change Cash flows from operating activities –5,1 57,5 –108,9% 27,4 74,1 –63,0% Cash flows from investing activities –3,3 –2,0 59,0% –5,4 –4,0 33,1% Free cash flow –8,4 55,5 –115,1% 22,1 70,1 –68,5% BALANCE SHEET in EUR mill. 30.06.2026 30.06.2025 Change Balance sheet total 529,4 559,9 –5,4% Equity 89,6 108,7 –17,5% Equity ratio 16,9% 19,4% Net financial debt 295,6 274,1 7,9% Net financial debt / EBITDA (12 months) 8,0 –5,0 n.m. KEY PERSONNEL FIGURES by heads 30.06.2026 30.06.2025 Change Headcount 3.113 3.420 –9,0%
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ABOUT KNAUS TABBERT Knaus Tabbert is one of Europe’s leading manufacturers of recreational vehicles. Its brand portfolio comprises the five product brands KNAUS, TABBERT, WEINSBERG, T@B and MORELO and covers all key product segments and price categories for motorhomes, carava ns and camper vans. The company’s strategy is based on a strong brand portfolio, a Europe -wide sales network, an efficient pro- duction structure and the continuous development of its product portfolio and technologies. Knaus Tabbert’s manufacturing operations are organised as a cross-site production network designed to deliver a high degree of efficiency and flexibility. Standardised manufacturing processes allow motorhomes, caravans and camper vans to be produced flexibly on shared pro- duction lines. This provides a high degree of flexibility across the production network and supports demand - driven production planning. A Europe-wide network of more than 500 dealers in 25 countries forms the basis for the distribution of Knaus Tabbert products. The company also strengthens its po- sition in the rental business through the RENT AND TRAVEL platform, which connects customers, travel agencies and rental companies and is one of Germany’s leading rental platforms for recreational vehicles. This digital rental platform complements Knaus Tabbert’s core business, extends its market reach and opens up ad- ditional business opportunities. INDUSTRY DEVELOPMENT The German caravanning market continued to operate in a challenging environment during the first half of 2026. According to the Caravaning Industry Association (Cara- vaning Industrie Verband e. V. – CIVD), 43,853 new mo- torhomes were registered in Germany be tween January and June 2026, representing a decline of 1.1% compared with the prior-year period. New registrations of caravans totalled 11,156 units, down 2.2% year on year. However, the development in new registrations during the first half of the year was also influenced by pull -for- ward effects related to the introduction of the Euro 6e emissions standard. While registration figures at the be- ginning of the year continued to benefit from purchases brought forward ahead of the regulatory change, market momentum weakened significantly in the second quar- ter. This reflected the continued subdued demand from end customers and resulted in increasingly cautious or- dering behaviour by dealers with regard to the second half of the year. Overall, the market environment remained characterised by subdued demand and persistent macroeconomic un- certainty throughout the first half of the year. Manufac- turers and dealers continued to align production and in- ventory levels with market demand, while inventory re- duction at dealer level remained ongoing and continued to influence market developments during the second quarter. Against this backdrop, the market outlook for the remainder of the year remains cautious. source: www.civd.de/artikel/aktuelle-neuzulassungszahlen and re- gistration statistics CIVD 06/2026 BUSINESS DEVELOPMENT At the end of the 2025 financial year, Knaus Tabbert launched a further programme to align cost structures and production capacities across the Group with ex- pected market demand. The organisational and structural realignment continued in the first half of 2026. The objective remains to further strengthen Knaus Tabbert’s competitive position in a nor- malised market environment. A key component of this realignment is the further adjust- ment of the cost base in the 2026 financial year. Imple- mentation of the measures defined for this purpose be- gan during the reporting period. These measures are of key importance for the Group’s furth er operating perfor- mance and the achievement of its stated objectives. The principal measures include: • Relocation of production for selected model ranges • Organisational adjustments aimed at reducing over- head costs • Productivity enhancement measures
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• Adjustments to pay scales and bonuses in the per- sonnel area • Measures to reduce other operating expenses • Measures to improve sales margins Knaus Tabbert has established itself over decades as a leading manufacturer of recreational vehicles. The measures initiated during the reporting period have cre- ated the basis for further improvements in competitive- ness and profitability. Their success dep ends on con- sistent implementation and on market developments. Revenue In the first half of the 2026 financial year, Knaus Tabbert recorded an 11.9% decline in Group revenue to EUR 503.9 million (prior year: EUR 571.7 million). The decrease was primarily attributable to lower unit sales during the report- ing period. In additio n, the prior -year period was signifi- cantly influenced by the sale of vehicle inventories pro- duced in earlier periods. At segment level, revenue in the Premium segment de- clined to EUR 420.2 million (prior year: EUR 476.2 million), while revenue in the Luxury segment fell to EUR 83.7 mil- lion (prior year: EUR 95.6 million). Group revenue was generated primarily from the sale of recreational vehicles. Aftersales, which mainly comprises the spare parts business and the sale of used vehicles, contributed EUR 21.2 million to revenue (prior -year pe- riod: EUR 34.0 million). The decl ine was attributable to a lower volume of used vehicles from dealer insolvencies being sold during the reporting period. This development reflects the ongoing normalisation of demand and unit sales as well as a changed product mix during the reporting period. Unit sales developed as follows: UNITS SOLD in units 01.01 - 30.06.2026 01.01 - 30.06.2025 Change Total sales 10.551 11.469 –8,00% Caravans 4.731 4.989 –5,17% Motorhomes 2.846 3.704 –23,16% Camper vans 2.974 2.776 7,13% Despite the 11.9% decline in revenue, total output in- creased by 2.5% to EUR 519.4 million in the first half of 2026. The main driver was the positive change in inven- tories of EUR 9.8 million, compared with an inventory re- duction of EUR 71.9 million in the prior-year period. This development primarily reflects higher production com- pared with the final quarter of the 2025 financial year and the resulting change in inventories of finished goods and work in progress. KEY FINANCIAL INDICATORS KNAUS TAB- BERT GROUP in EUR mill. 01.04 - 30.06.2026 01.04 - 30.06.2025 Change 01.01 - 30.06.2026 01.01 - 30.06.2025 Change Revenue 254,8 276,1 –7,7% 503,9 571,7 –11,9% Total output 273,2 263,8 3,6% 519,4 506,9 2,5% EBITDA 20,2 11,1 81,9% 35,3 19,6 79,9% EBITDA (adjusted) 20,4 14,2 43,6% 36,0 22,7 58,4% EBITDA-margin (adjusted) 8,0% 5,1% 7,1% 4,0% EBIT 13,5 1,9 603,7% 21,8 1,3 1607,0% EBIT (adjusted) 13,7 5,0 173,3% 22,5 4,4 414,3% EBIT-margin (adjusted) 5,4% 1,8% 4,5% 0,8% Cost of materials and personnel expenses The cost of materials increased slightly by 0.2% to EUR 363.3 million in the first half of 2026 (prior year: EUR 362.6 million). In relation to total output, the cost of ma- terials ratio decreased to 69.9% from 71.5% in the prior - year period. This development was attributable to the changed product and inventory mix. In addition, the prior- year ratio was affected in particular by vehicle repur- chase obligations arising from dealer insolvencies and the subsequent sale of these vehicl es. Comparable ef- fects were significantly lower in the reporting period.
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Personnel expenses decreased by 0.5% to EUR 73.0 mil- lion in the first half of 2026 (prior year: EUR 73.4 million). In relation to total output, the personnel expense ratio fell to 14.0% from 14.5% in the prior -year period. This devel- opment reflects in part icular the measures taken to ad- just the cost base and the operating capacity utilisation achieved during the reporting period. Including expenses for temporary agency workers of EUR 7.9 million (prior -year period: EUR 8.2 million), the personnel expense ratio was 15.6% in the first half of 2026 (prior-year period: 16.1%). Other operating expenses decreased by 6.7% to EUR 47.9 million in the first half of 2026 (prior year: EUR 51.3 mil- lion), reflecting the effects of the measures introduced to adjust the cost base. EBITDA increased to EUR 35.3 million in the first half of 2026, compared with EUR 19.6 million in the prior -year period. Adjusted EBITDA amounted to EUR 36.0 million, significantly above the prior -year figure of EUR 22.7 mil- lion. The adjusted EBITDA margin improved to 7.1% from 4.0%. This earnings development mainly reflects the ef- fects of the measures taken to adjust the cost base and the higher total output compared with the prior year. In connection with the amendment of the syndicated loan agreement and the implementation of the transfor- mation measures initiated, one -off expenses of EUR 0.7 million were incurred in the first half of 2026. These in- cluded costs relating to the “Independent Business Re- view – Update (IBR)”. The expenses were eliminated as adjustment items in the calculation of adjusted EBITDA and are attributable exclusively to the Premium segment. Depreciation and amortisation decreased by 26.6% to EUR 13.5 million in the first half of 2026 (prior year: EUR 18.3 million). The decline was primarily attributable to the lower level of capital expenditure compared with earlier years and to assets reaching the end of their scheduled useful lives. This had a positive effect on operating profit. EBIT increased to EUR 21.8 million from EUR 1.3 million in the prior-year period. Adjusted EBIT amounted to EUR 22.5 million, compared with EUR 4.4 million in the prior - year period. The financial result amounted to EUR –9.1 million and was therefore almost unchanged from the prior-year fig- ure of EUR –9.0 million. Tax expense amounted to EUR 1.3 million, compared with tax income of EUR 2.9 million in the prior-year period. The change was mainly attributable to the significantly im- proved profit before tax. The Group generated a half-year profit of EUR 11.5 million in the first half of 2026, compared with a half-year loss of EUR 4.8 million in the prior-year period. SEGMENT REPORT SEGMENT REPORT in EUR mill. 01.04 - 30.06.2026 01.04 - 30.06.2025 Change 01.01 - 30.06.2026 01.01 - 30.06.2025 Change Revenue 254,8 276,1 –7,7% 503,9 571,7 –11,9% thereof premium segment 215,8 236,7 –8,8% 420,2 476,2 –11,8% thereof luxury segment 38,9 39,4 –1,1% 83,7 95,6 –12,4% EBITDA 20,2 11,1 81,9% 35,3 19,6 79,9% thereof premium segment 18,6 10,1 84,6% 31,4 14,1 122,4% thereof luxury segment 1,6 1,0 55,2% 4,0 5,5 –28,2% Financial position and net assests The Group’s total assets increased by EUR 12.7 million compared with 31 December 2025 to EUR 529.4 million as at 30 June 2026. Non-current assets decreased by EUR 9.0 million to EUR 227.8 million. The main driver was a EUR 9.8 million re- duction in property, plant and equipment to EUR 202.4 million, as depreciation and amortisation exceeded capi- tal expenditure during the reporting period. Current assets increased by EUR 21.8 million compared with 31 December 2025 to EUR 301.6 million. The main
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driver was a EUR 18.6 million increase in inventories to EUR 186.4 million, primarily due to higher inventories of raw materials, consumables and supplies and finished goods. This development was related to higher produc- tion compared with the final quarter of the 2025 financial year. Trade receivables increased by EUR 6.8 million to EUR 54.5 million due to seasonal factors, reflecting the higher revenue level in the second quarter and the related receivables outstanding at the reporting date. By con- trast, other non -financial assets decreased by EUR 3.2 million to EUR 33.4 million. Equity increased by EUR 12.6 million to EUR 89.6 million as a result of the positive Group result for the first half of 2026. Despite the increase in total assets, the equity ratio rose from 14.9% as at 31 December 2025 to 16.9% as at 30 June 2026. Non-current liabilities decreased by EUR 63.4 million compared with 31 December 2025 to EUR 47.9 million, mainly due to the reclassification to current liabilities of the EUR 60.0 million promissory note tranche due in June 2027. Current liabilities increased by EUR 63.5 million com- pared with 31 December 2025 to EUR 391.9 million. The main driver was a EUR 49.5 million increase in current li- abilities to banks to EUR 275.6 million, primarily reflecting the reclassification of the promissory note tranche due in June 2027. Trade payables also increased by EUR 4.6 mil- lion to EUR 45.5 million. Other financial liabilities increased by EUR 9.3 million to EUR 32.3 million, primarily due to higher refund liabilities relating to customer bonuses and an increase in person- nel-related liabilities, particularly for holiday pay and Christmas bonuses. FREE CASH FLOW in EUR mill. 01.04 - 30.06.2026 01.04 - 30.06.2025 Change 01.01 - 30.06.2026 01.01 - 30.06.2025 Change Cash flows from operating activities –5,1 57,5 –108,9% 27,4 74,1 –63,0% Cash flows from investing activities –3,3 –2,0 59,0% –5,4 –4,0 33,1% Free cash flow –8,4 55,5 –115,1% 22,1 70,1 –68,5% Cash flow from operating activities amounted to EUR 27.4 million in the first half of 2026, compared with EUR 74.1 million in the prior-year period. The higher prior-year figure was mainly attributable to the reduction in invento- ries and the resulting release of working capital. Cash flow from investing activities amounted to EUR – 5.4 million, compared with EUR –4.0 million in the prior - year period. Investments mainly related to property, plant and equipment and intangible assets. Free cash flow amounted to EUR 22.1 million in the first half of 2026, compared with EUR 70.1 million in the prior- year period. The decline was mainly attributable to a less favourable working capital development and higher cash outflows for investments. Free cash flow nevertheless remained positive. FINAN CING On 20 March 2026, the existing syndicated loan agree- ment was amended through an amendment agreement revising the financing terms. The amended agreement in- cludes financial covenants relating to minimum liquidity, minimum EBITDA and a working capital ratio. The finan- cial covenants applicable as at 30 June 2026 were com- plied with. Based on the updated liquidity planning and the underlying assumptions, the Management Board ex- pects to remain in compliance with the agreed financial covenants throughout the remainder of the financial year. ORDER BACKLOG The order backlog amounted to EUR 340 million as at 30 June 2026, compared with EUR 294 million at the prior - year reporting date. It decreased by EUR 114 million com- pared with 31 December 2025.
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This development primarily reflects the continued cau- tious ordering behaviour of dealers as well as seasonal and market-related effects. The order backlog provides an indication of revenue and unit sales trends for the coming months. Its realisation continues to depend on demand trends and dealers’ ordering and call -off sched- ules. ORDER BACKLOG in EUR mill. 30.06.2026 31.12.2025 30.06.2025 Order Backlog 340 454 294 PERSON NEL HEADCOUNT in heads 30.06.2026 31.12.2025 30.06.2025 Change (yoy) Knaus Tabbert Group 3.113 3.306 3.420 –307 thereof temporary workers 562 592 626 –64 As at 30 June 2026, a total of 3,113 people, including tem- porary agency workers, were working for Knaus Tabbert (prior year: 3,420). Temporary agency workers accounted for 18.1% of the workforce as at 30 June 2026, corresponding to 562 peo- ple (prior year: 626)
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OPPORTUNITI ES AND RISKS Since publication of the 2025 combined management re- port, the assessments of individual material risks have been updated. No new material risk categories arose dur- ing the reporting period. The going -concern risk associated with the Group’s fi- nancing, as described in the 2025 combined manage- ment report, persists. As part of the further development of the risk classification system, this risk is now reported under “Financing and refinancing risk”. Following the re- finement of expectations for operating performance, the probabilities of occurrence assigned to the financing and refinancing risk and the risk of a covenant breach were increased. Preparations have also begun for the refinanc- ing of financing instruments maturing by mid -2027. Due to its potential impact on the Group’s ability to secure fi- nancing, the financing and refinancing risk remains a ma- terial Group risk. Apart from these changes, the material opportunities and risks described in the 2025 combined management re- port remain unchanged. The market environment remains challenging. Persistent competitive and pricing pressure, continued high volatil- ity in demand and structural developments in the dealer network may adversely affect unit sales, revenue and the adjusted EBITDA margin. Against this backdrop, Knaus Tabbert continuously monitors registration figures, order intake and the order backlog and addresses these risks through flexible production capacity management and targeted market and sales measures, among other ac- tions. If market conditions deteriorate further or demand falls short of expectations, additional sales promotion measures may be required. Such measures may help sta- bilise unit sales and the Group’s market position but could also weigh on earnings. Significant uncertainty also persists due to the macroe- conomic and geopolitical environment. The war in Ukraine, which has continued for more than four years, and renewed conflict in the Middle East increase the risk of disruptions to international supply chains, higher en- ergy, raw material and logistics costs, and greater volatil- ity in procurement markets. At the same time, the eco- nomic environment in Germany and key European sales markets remains characterised by subdued economic growth, weak consumer confidence and continued reluc- tance among end customers to make investments and purchases. A further escalation of geopolitical tensions or a weaker or delayed economic recovery could ad- versely affect demand, unit sales, revenue and the Group’s earnings. Financing and refinancing risks As part of its ongoing review of the financing structure, Knaus Tabbert regularly assesses the long -term safe- guarding of its financial flexibility. Key financing instru- ments, including a promissory note tranche and the syn- dicated loan agreement, mature by June 2027. The Group has taken early steps to prepare for refinancing. Whether refinancing can be secured and on what terms depends in particular on future operating performance, compliance with the agreed financial covenants and con- ditions in the financial and capital markets. The Group’s refinancing capacity may be affected by changes in capital market conditions, rising financing costs, more restrictive lending or a deterioration in key fi- nancial ratios. Such developments could adversely affect the terms of future financing as well as the Group’s net assets, financial position and results of operations. Knaus Tabbert addresses these risks through forward - looking liquidity management, ongoing monitoring of the relevant financial indicators and the early assessment of suitable financing options and potential refinancing measures. OUTLOOK Based on business performance in the first half of 2026 and the updated assessment of the market environment, Knaus Tabbert’s management is refining the forecast for the 2026 financial year communicated in the Annual Re- port on 31 March 2026. The Group expects revenue of around EUR 950 million and an adjusted EBITDA margin in the range of between 5.0% and 6.0%. The refinement takes particular account of weaker end -customer demand since the spring, cau- tious ordering by dealers and correspondingly prudent production planning for the second half of the year. The forecast assumes that demand, the pricing and compet- itive environment and the macroeconomic and geopoliti- cal conditions will not deteriorate materially compared with the underlying assumptions.
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For a detailed description of the expected development, reference is made to the outlook report published in the 2025 Annual Report. RESPONSIBILITY STATEM ENT BY THE LEGAL REPRES ENTATIVES To the best of our knowledge, and in accordance with the applicable accounting principles for half-year financial re- porting, the condensed interim consolidated financial statements give a true and fair view of the Group’s net assets, financial position and results of operations, and the interim Group management report includes a fair re- view of the development and performance of the busi- ness and the position of the Group, together with a de- scription of the material opportunities and risks associ- ated with the expected development of the Group for the remainder of the financial year. This half-year financial report has neither been audited nor reviewed by an auditor. Jandelsbrunn, den 06. August 2026 Thomas Nickel Radim Sevcik Matjaž Grm Chairman of the Executive Board / CEO Executive Board / CFO Executive Board / CSO
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CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS 30 JUN E 202 6
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GROUP BALANCE SHEET ASSETS in KEUR 30.06.2026 31.12.2025 Intangible assets 15.037 14.498 Property, plant and equipment 202.424 212.201 Other financial assets 832 972 Other non-financial assets 1.084 1.368 Deferred tax assets 8.422 7.799 Non-current assets 227.799 236.837 Inventories 186.432 167.843 Trade receivables 54.455 47.675 Other financial assets 11.992 11.782 Other non-financial assets 33.417 36.627 Tax receivables 5.562 5.707 Cash and cash equivalents 9.781 10.211 Current assets 301.639 279.846 Balance sheet total 529.438 516.682 LIABILITIES in KEUR 30.06.2026 31.12.2025 Subscribed capital 10.377 10.377 Capital reserves 26.990 26.950 Retained earnings 103.959 103.959 Profit- / loss carry forwards –62.273 –25.357 Consolidated half -year profit (previous year: half-year loss) 11.481 –36.916 Accumulated other comprehensive income –908 –2.010 Equity 89.626 77.003 Other provisions 14.014 14.688 Liabilities to banks 20.501 80.708 Other financial liabilities 5.866 8.519 Other non-financial liabilities 7.229 7.149 Deferred tax liabilities 253 159 Non-current liabilities 47.864 111.223 Other provisions 13.467 12.585 Liabilities to banks 275.645 226.129 Trade payables 45.534 40.909 Other financial liabilities 32.336 22.993 Other non-financial liabilities 24.087 25.539 Tax liabilities 879 301 Current liabilities 391.948 328.456 Liabilities 439.812 439.679 Balance sheet total 529.438 516.682
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GROUP PROFIT OR LOSS STATEMENTS in KEUR 01.01.- 30.06.2026 01.01.- 30.06.2025 Revenue 503.921 571.747 Premium segment 420.178 476.143 Luxury segment 83.742 95.603 Changes in inventory 9.840 –71.913 Other own work capitalised 1.722 3.260 Other operating income 3.951 3.802 Total output 519.433 506.896 Cost of materials –363.272 –362.570 Personnel expenses –72.952 –73.354 Other operating expenses –47.886 –51.343 EBITDA 35.323 19.629 Depreciation and amortisation –13.474 –18.349 EBIT 21.849 1.280 Financial expense –9.087 –8.975 EBT 12.762 –7.695 Tax expense (previous year : tax income) –1.281 2.873 Consolidated half -year profit (previous year: half-year loss) 11.481 –4.822 Other comprehensive income 1.102 253 Total comprehensive income 12.583 –4.569
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GROUP CASH FLOW STATEMENTS CASH FLOWS FROM OPERATING ACTIVITIES in KEUR 01.01.- 30.06.2026 01.01.- 30.06.2025 Consolidated half -year profit (previous year : half-year loss) 11.481 –4.822 Adjustments for: Amortization of intangible assets and depreciation of property, plant, and equipment 13.474 18.349 Increase in provisions 208 3.283 Other non-cash income/expenses –3.638 1.040 Increase/decrease in inventories, trade receivables and other assets not attributable to investing or finan- cing activities –19.976 61.852 Increase/decrease in trade payables and other liabilities not attributable to investing or financing activi- ties 16.963 –7.348 Net finance costs 9.087 8.975 Income tax expense (previous year: income tax credit ) 933 –3.157 Income taxes paid –1.087 –4.078 Cash flows from operating activities 27.445 74.094 CASH FLOWS FROM INVESTING ACTIVITIES in KEUR 01.01.- 30.06.2026 01.01.- 30.06.2025 Proceeds from the sale of property, plant and equipment 74 59 Payments for investments in property, plant and equipment –3.314 –2.937 Payments for investments in intangible assets –2.233 –1.478 Interest payments received 113 330 Cash flows from investing activities –5.360 –4.027 CASH FLOWS FROM FINANCING ACTIVITIES in KEUR 01.01.- 30.06.2026 01.01.- 30.06.2025 Proceeds from liabilities to banks 19.895 52.718 Repayments of liabilities to banks –29.037 –110.571 Interest paid –11.296 –10.649 Repayment of liabilities from leases –2.117 –3.060 Cash flows from financing activities –22.555 –71.562 CHANGE IN CASH AND CASH EQUIVALENTS Net change in fund of means of payment –470 –1.495 Impact of exchange rate fluctuations on fund of means of payment 1 –1 Fund of means of payment at the beginning of the period 3.122 6.994 Fund of means of payment at the end of the period 2.653 5.498
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CONSOLIDATED STATEMENT OF CHANGES IN EQUITY 01. JANUAR –30. JUNI 2026 in KEUR Subscribed capital Capital re- serves Currency translation re- serves Retained earn- ings Profit/loss carry-forwards Consolidated net result Total Balance as at 1 January 2026 10.377 26.950 –2.010 103.959 –25.356 –36.916 77.003 Allocation of consolidated net loss to pro- fit/loss carried forward – – – – –36.916 36.916 – Transfer of profit/loss carried forward to retained earnings – – – – – – – Subtotal 10.377 26.950 –2.010 103.959 –62.273 – 77.003 Half-year profit – – – – – 11.481 11.481 Other comprehensive income – – 1.102 – – – 1.102 Total comprehensive income – – 1.102 – – 11.481 12.583 Transactions with owners Contributions and distributions Share-based payment – 40 – – – – 40 Dividends paid – – – – – – – Total contributions and distributions – 40 – – – – 40 Total transactions with owners of the company – 40 – – – – 40 Balance as at 30 June 2026 10.377 26.990 –908 103.959 –62.273 11.481 89.626 01. JANUAR –30. JUNI 2025 in KEUR Subscribed capital Capital re- serves Currency translation re- serves Retained earn- ings Profit/loss carry-forwards Consolidated net result Total Balance as at 1 January 2025 10.377 26.926 –2.660 103.959 22.655 –48.011 113.246 Allocation of consolidated net loss to pro- fit/loss carried forward – – – – –48.011 48.011 – Transfer of profit/loss carried forward to retained earnings – – – – – – – Subtotal 10.377 26.926 –2.660 103.959 –25.357 – 113.246 Half-year loss – – – – – –4.822 –4.822 Other comprehensive income – – 253 – – – 253 Total comprehensive income – – 253 – – –4.822 –4.570 Transactions with owners Contributions and distributions Share-based payment – 16 – – – – 16 Total contributions and distributions – 16 – – – – 16 Total transactions with owners of the company – 16 – – – – 16 Balance as at 30 June 2025 10.377 26.941 –2.408 103.959 –25.357 –4.822 108.692
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CONDENSED CONSOLIDATED FINA NCIAL STATEMENTS
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REPORTING COMPANY Knaus Tabbert AG, hereinafter referred to as “KTAG” or the “Company”, and together with its subsidiaries as the “Group”, is a stock corporation incorporated in Germany with its registered office at Helmut -Knaus-Strasse 1, 94118 Jandelsbrunn. The Group prim arily manufactures and distributes products for the recreational and com- mercial vehicle markets, namely caravans, motorhomes and camper vans. The Group’s principal sales market is the European Union (EU). The Company is registered in the Commercial Register of the Passau Local Court under HRB 11089. The con- densed interim consolidated financial statements of Knaus Tabbert AG as at 30 June 2026 comprise Knaus Tabbert AG and its subsidiaries. The scope of consolida- tion remains unchanged from 31 December 2025. BASIS OF ACCOUNTING Accounting standards applied The condensed interim consolidated financial state- ments as at 30 June 2026 were prepared in accordance with IAS 34 Interim Financial Reporting and comply with the International Financial Reporting Standards (IFRS) as adopted by the European Union and the related interpre- tations of the International Accounting Standa rds Board (IASB). They do not include all disclosures required for a complete set of consolidated financial statements under IFRS and should therefore be read in conjunction with the Group’s consolidated financial statements as at 31 De- cember 2025. Going concern With regard to the assumptions and uncertainties rela- ting to the going concern assumption, in particular with respect to compliance with the relevant financial covenants, reference is made to the disclosures in the consolidated financial statements as at 3 1 December 2025. The assessment of the Group's ability to continue as a going concern for a period of at least twelve months from the reporting date of these interim consolidated financial statements is based on the assumption that the relevant financial covenants will be complied with throughout this period and that the ongoing discussions regarding the follow-on financing will be concluded successfully and in a timely manner. At the date of publication of this Half -Year Financial Re- port, the Management Board assumes that the relevant financial covenants will be complied with and that the re- quired follow-on financing, or alternatively an adjustment or extension of the existing financing structure, can be secured in a timely manner. Nevertheless, the Group's ability to continue as a going concern depends on the successful and timely comple- tion of the follow -on financing or another refinancing measure, as well as on compliance with the relevant fi- nancial covenants. Consequently, a material uncertainty exists that may cast significant doubt on the Group's abi- lity to continue as a going concern. Should the Group fail to comply with the relevant financial covenants or should the follow-on financing or another refinancing measure not be secured, or not be secured in a timely manner, the Group may not be able to realise its assets in the ordinary course of business and settle its liabilities as they fall due. Functional and presentation currency The Group’s functional and presentation currency is the euro. Unless otherwise stated, all amounts are presented in thousands of euros (EUR thousand) and rounded to the nearest thousand. Differences of up to EUR 1 thou- sand may arise due to rounding. ESTIMATION AND JUDGEMENTS In preparing the condensed interim consolidated finan- cial statements, the Management Board is required to make estimates, judgements and assumptions that af- fect the application of accounting policies and the re- ported amounts of assets, liabilities, income and ex- penses. These estimates and assumptions are made to the best of the Management Board’s knowledge and are reviewed on an ongoing basis. Actual results may differ from these estimates. The estimates and judgements are generally unchanged from those des cribed in the consolidated financial statements as at 31 December 2025. With regard to current and deferred tax assets and liabil- ities, management intends, where possible, to exercise a legally enforceable right of set-off against corresponding claims with matching maturities and therefore offsets deferred tax assets against t he corresponding liabilities. A description of the Group’s opportunities and risks is provided in the relevant section of this report. The effects of regulatory, political and economic developments are subject to uncertainty. Management continues to moni- tor regulatory, economic and geo political developments and their potential impact on the Group’s net assets, fi- nancial position and results of operations and will take
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appropriate measures in a timely manner where neces- sary. The condensed interim consolidated financial state- ments were authorised for issue by the Management Board on 6 August 2026. NEW ACCOUNTING STANDARDS AP- PLIED FOR THE FIRST TIME IN THE 2026 FINANCIAL YEAR The accounting policies applied in the condensed interim consolidated financial statements as at 30 June 2026 are consistent with those applied as at 31 December 2025, except for the new and amended standards de- scribed below: Annual Improvements to IFRS Accounting Standards – Volume 11 The amendments comprise editorial and clarifying changes to IFRS 1, IFRS 7, IFRS 9, IFRS 10 and IAS 7. Amendments to IFRS 9 and IFRS 7 The amendments concern the derecognition of financial liabilities, the classification and measurement of finan- cial instruments and related disclosures. They also in- clude amendments relating to electricity contracts that reference nature-dependent electricity. The application of the amended standards had no impact on the condensed interim consolidated financial state- ments as at 30 June 2026. ACCOUNTING STANDARDS NOT YET ADOPTED The Group did not early-adopt any standards that are not yet required to be applied. With regard to the implementation of IFRS 18, the Group is currently analysing the detailed effects on the consoli- dated financial statements, in particular any potential quantitative effects on the presentation in the consoli- dated statement of profit or lo ss. The analysis also in- cludes the identification of management performance measures and the preparation of the disclosures required in future. SEGMENT REPORTING Operating segments Compared with the consolidated financial statements as at 31 December 2025, the basis of segmentation and the measure of segment profit or loss, earnings before inter- est, taxes, depreciation and amortisation (EBITDA), re- mained unchanged. Segment revenue and EBITDA deve- loped as follows:
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REVENUE AND EBITDA OF THE SEGMENTS 1 JANUAR Y – 30 JUN E 2026 In KEUR Luxury seg- ment Premium seg- ment Total Revenues from external customers 83.742 420.178 503.921 Inter-segment revenues – 25 25 Segment revenues 83.742 420.203 503.945 EBITDA 3.969 31.354 35.323 REVENUE AND EBITDA OF THE SEGMENTS 1 JANUARY – 30 JUNE 202 5 In KEUR Luxury seg- ment Premium seg- ment Total Revenues from external customers 95.603 476.143 571.747 Inter-segment revenues – 16 16 Segment revenues 95.603 476.159 571.762 EBITDA 5.531 14.098 19.629 The reconciliation of segment EBITDA to the Group’s profit before tax is as follows: RECONCILIATION OF THE SEGMENT FIGURES in KEUR 01.01.-30.06.2026 01.01.-30.06.2025 EBITDA of the segments 35.323 19.629 Depreciation of the segments –13.474 –18.349 Financial result of the segments –9.087 –8.975 Profit before taxes, consolidated 12.762 –7.695 The assets and liabilities of the two segments are as follows: SEGMENT ASSETS AND LIABILITIES AS AT 30 JUNE 2026 In KEUR Luxury segment Premium seg- ment Total Consolidation effects Balance-sheet amount Assets 99.771 429.671 529.442 –4 529.438 Liabilities 66.472 373.344 439.816 –4 439.812 SEGMENT ASSETS AND LIABILITIES AS AT 31 DECEMBER 2025 In KEUR Luxury seg- ment Premium seg- ment Total Consolidation effects Balance-sheet amount Assets 106.991 409.643 516.634 49 516.682 Liabilities 73.905 365.725 439.630 49 439.679
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External segment revenue is broken down by product group as follows: caravans, motorhomes, camper vans and after-sales/other: SEGMENT REVENUE BY PRODUCT GROUP 1 JANUARY – 30 JUNE 2026 in KEUR Caravans Motorhomes Camper vans Aftersales/Others Total Luxury segment – 81.200 – 2.543 83.742 Premium segment 106.707 145.714 149.057 18.700 420.178 Total 106.707 226.914 149.057 21.242 503.921 SEGMENT REVENUE BY PRODUCT GROUP 1 JANUARY – 30 JUNE 2025 in KEUR Caravans Motorhomes Camper vans After sales/Others Total Luxury segment – 94.438 – 1.165 95.603 Premium segment 108.870 193.162 141.231 32.880 476.143 Total 108.870 287.600 141.231 34.045 571.747
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Segment revenue by geographical region, based on the customer’s country of origin, is presented below: SEGMENT REVENUE BY REGION 1 JANUARY – 30 JUNE 2026 in KEUR Germany Europe Rest of the world Total Luxury segment 65.707 16.978 1.057 83.742 Premium segment 278.965 138.388 2.825 420.178 Total 344.672 155.367 3.882 503.921 SEGMENT REVENUE BY REGION 1 JANUARY – 30 JUNE 2025 in KEUR Germany Europe Rest of the world Total Luxury segment 78.253 17.341 10 95.603 Premium segment 304.755 167.952 3.436 476.143 Total 383.008 185.293 3.446 571.747 NOTES TO THE CONSOLIDATED STATE- MENT OF FINANCIAL POSITION Intangible assets During the reporting period from 1 January to 30 June 2026, internally generated intangible assets of EUR 2,233 thousand were capitalised (prior-year period: EUR 1,478 thousand). Property, plant and equipment and leases In the first half of 2026, additions to property, plant and equipment amounted to EUR 3,903 thousand (prior year: EUR 3,598 thousand). These mainly comprised acquired assets in the categories “Other equipment, operating and office equipment” (including tools, vehicles classified as non-current assets, other transport equipment and office furniture) and “Prepayments and assets under construc- tion” for various technical installations. Inventories The carrying amount of raw materials, consumables and supplies increased by EUR 10,715 thousand to EUR 95,584 thousand compared with 31 December 2025 (prior-year period: decrease of EUR 16,369 thousand to EUR 87,538 thousand). Work in progress increased by EUR 250 thousand t o EUR 10,679 thousand (prior -year period: increase of EUR 1,660 thousand to EUR 13,217 thousand). Finished goods and merchandise increased by EUR 7,624 thousand to EUR 80,170 thousand (prior - year period: decrease of EUR 79,300 thousand to EUR 89,279 thousand). Overall, inventories increased by EUR 18,589 thousand to EUR 186,432 thousand (prior-year pe- riod: decrease of EUR 94,008 thousand to EUR 190,034 thousand). INVENTORIES in KEUR 30.06.2026 31.12.2025 Raw materials and supplies 95.584 84.868 Work in progress 10.679 10.429 Finished goods and merchandise 80.170 72.546 Total 186.432 167.843 Trade receivables The gross and net carrying amounts of trade receivables measured in accordance with IFRS 9 are as follows: TRADE RECEIVABLES in KEUR 30.06.2026 31.12.2025 Gross carrying amount 57.828 50.568 Expected credit losses –3.373 –2.893 Net carrying amount 54.455 47.675 Compared with 31 December 2025, the gross carrying amount of trade receivables increased by EUR 7,260 thousand to EUR 57,828 thousand (prior -year period: in- crease of EUR 7,198 thousand to EUR 56,587 thousand). Expected credit losses increased by EUR 480 th ousand to EUR 3,373 thousand, reflecting the change in credit risk (prior-year period: increase of EUR 799 thousand to EUR 3,017 thousand).
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Other assets and tax receivables Current and non-current other assets decreased by TEUR 3,423 to TEUR 47,325 during the reporting period (same period last year: an increase of TEUR 16,902 to TEUR 41,675). This was primarily due to an increase of TEUR 2,414 in current receivables from deal er financing and factoring, offset by a corresponding decrease of TEUR 8,916 in bonus receivables. Deferred tax assets arise predominantly from tax loss carry-forwards. The Group recognises such assets only to the extent that there is convincing and substantiated evidence of the likelihood of their future realisation. Based on the information available as at 30 June 2026, the Company expects to be able to provide such evidence to an extent that essentially corresponds to that assu- med as at 31 December 2025. The recoverability of the recognised deferred tax assets is mon itored on an on- going basis. For further details on recognition, measure- ment and the underlying assumptions, please refer to the annual financial statements as at 31 December 2025. Cash and cash equivalents Cash and cash equivalents of EUR 7,129 thousand were subject to restrictions on disposal (31 December 2025: EUR 7,089 thousand). These amounts relate to the secu- rity fund under the dealer purchase financing model. Equity At the Annual General Meeting on 10 July 2026, no divi- dend distribution was resolved. The consolidated net loss for the 2025 financial year of EUR 36,916 thousand was carried forward. Other provisions Compared with 31 December 2025, current and non-cur- rent other provisions increased only marginally by EUR 208 thousand to EUR 27,482 thousand (prior-year period: increase of EUR 3,284 thousand to EUR 41,478 thou- sand). Liabilities to banks The carrying amount of current and non-current liabilities to banks decreased by EUR 10,691 thousand to EUR 296,146 thousand (prior -year period: decrease of EUR 59,602 thousand to EUR 273,828 thousand). Trade payables Trade payables increased by EUR 4,625 thousand to EUR 45,534 thousand compared with 31 December 2025 (prior-year period: decrease of EUR 24,722 thousand to EUR 45,644 thousand). The increase was mainly attribut- able to higher inventories. Other current liabilities and tax liabilities Other current liabilities increased by EUR 7,891 thousand to EUR 56,424 thousand compared with 31 December 2025 (prior-year period: increase of EUR 9,818 thousand to EUR 58,741 thousand). The increase was mainly at- tributable to refund liabilities, which ro se by EUR 7,928 thousand to EUR 16,808 thousand (prior -year period: in- crease of EUR 9,354 thousand to EUR 21,289 thousand), as the underlying customer bonus settlements are not fi- nalised until the model year change in August each year. Current tax liabilities increased by EUR 578 thousand to EUR 879 thousand (prior -year period: decrease of EUR 2,544 thousand to EUR 14,045 thousand).
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NOTES TO THE CONSOLIDATED STATEMENT OF PROFIT OR LOSS Seasonal factors The peak season for the European caravanning industry runs from April to October, while the industry’s model year extends from August to July of the following year. Nevertheless, end-customer business is generally stable throughout the year, as many customers wish to be pre- pared before the peak season. In addition, dealers seek to offer a comprehensive product range and the latest models in their showrooms throughout the year. Against this background, seasonal effects within the Group are more pronounced in order intake than in Group revenue. As a manufacturing company, the Group’s total output is significantly influenced by the number of avail- able working days. Total output the refore tends to be higher in the first half of the year, primarily due to sched- uled plant holidays in the second half. Revenue Revenue by product group – caravans, motorhomes, camper vans and after-sales/other – is presented below: REVENUES BY PRODUCT GROUPS in KEUR 01.01.- 30.06.2026 01.01.- 30.06.2025 Caravans 106.707 108.870 Motorhomes 226.914 287.600 Camper Vans 149.057 141.231 Aftersales / other 21.242 34.045 Total 503.921 571.747 Revenue by geographical region – Germany, the rest of Europe and the rest of the world – is presented below: REVENUES BY GEO- GRAPHICAL REGION in KEUR 01.01.- 30.06.2026 01.01.- 30.06.2025 Germany 344.672 383.008 Europe 155.367 185.293 Rest of the world 3.882 3.446 Total 503.921 571.747 Tax expense In accordance with IAS 34, tax expense was calculated on the basis of the half-year profit before tax using man- agement’s best estimate at the reporting date of the weighted average annual income tax rate expected for the full year. The calculation takes in to account the Ger- man rules on loss offsetting and the recognition of de- ferred tax assets on tax loss carryforwards as described in the consolidated financial statements as at 31 Decem- ber 2025. Tax effects relating to individual matters that are required to be recognised in full in the interim report- ing period were included accordingly. The effective tax rate reported in the consolidated finan- cial statements as at 31 December 2026 will depend sig- nificantly on the extent to which deferred tax assets on tax loss carryforwards can be recognised at that date. It may therefore differ from the effective tax rate applied in the half-year financial statements. No current tax expense arising from the global minimum tax rules was recognised due to the applicable exemp- tions. Tax expense includes other taxes of EUR 348 thou- sand (prior-year period: EUR 284 thousand). Earnings per share Basic and diluted earnings per share are calculated in ac- cordance with IAS 33 by dividing the profit attributable to the shareholders of Knaus Tabbert AG by the weighted average number of shares outstanding. As at 30 June 2026, basic and diluted earnings p er share amounted to EUR 1.11 (prior-year period: EUR –0.46).
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FINAN CIAL INSTRUMEN TS Classification and fair values The table below presents the carrying amounts and fair values of financial assets and financial liabilities, includ- ing their respective levels within the fair value hierarchy. It does not provide fair value information for financial as- sets and financial liabilities not measured at fair value where the carrying amount is a reasonable approxima- tion of fair value. CARRYING AMOUNT FAIR VALUE 30.06.2026 in KEUR Measured at amortised cost Measured at fair value Other financial liabilities Total Level 1 Level 2 Level 3 Total Financial assets measured at fair value Derivative financial instru- ments – – – – – – – – – – – – – – – – Financial assets not meas- ured at fair value Trade receivables 54.455 – – 54.455 – – – – Receivables from dealer fi- nancing and factoring 7.998 – – 7.998 – – – – Cash and cash equivalents 9.781 – – 9.781 – – – – 72.234 – – 72.234 – – – – Financial liabilities not meas- ured at fair value Financial guarantee – – 3.740 3.740 – - – – Liabilities to banks (current) – – 275.645 275.645 – – – – Liabilities to banks (non -cur- rent) – – 20.501 20.501 – 17.869 – 17.869 Trade payables – – 45.534 45.534 – – – – Refund liabilities – – 16.808 16.808 – – – – – – 362.227 362.227 – 17.869 – 17.869
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CARRYING AMOUNT FAIR VALUE 31.12.2025 in KEUR Measured at amortised cost Measured at fair value Other financial liabilities Total Level 1 Level 2 Level 3 Total Financial assets measured at fair value Derivative financial instru- ments – 1 – 1 – 1 – 1 – 1 – 1 – 1 – 1 Financial assets not meas- ured at fair value Trade receivables 47.675 – – 47.675 – – – – Receivables from dealer fi- nancing and factoring 5.583 – – 5.583 – – – – Cash and cash equivalents 10.211 – – 10.211 – – – – 63.468 – – 63.468 – – – – Financial liabilities not meas- ured at fair value Financial guarantee – – 2.417 2.417 – – – Liabilities to banks (current) – – 226.129 226.129 – – – – Liabilities to banks (non -cur- rent) – – 80.708 80.708 – 76.517 – 76.517 Liabilities to shareholders – – 25 25 – – – – Trade payables – – 40.909 40.909 – – – – Refund liabilities – – 8.880 8.880 – – – – – – 359.070 359.070 – 76.517 – 76.517 Determination of fair values The following valuation techniques were used to deter- mine Level 2 fair values. Level 2 Derivative financial instruments The fair values of derivative financial instruments, com- prising an interest rate swap, an interest rate cap and for- ward foreign exchange contracts, are determined by the counterparties using market-based valuation techniques. Other financial liabilities The fair values of other financial liabilities in the form of non-current bank borrowings were determined by dis- counting the expected cash flows using a risk -adjusted discount rate No transfers between levels of the fair value hierarchy oc- curred between 1 January and 30 June 2026.
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FUTURE PAYMENT OBIGATIONS The future payment obligations as at 30 June 2026 are presented below: FUTURE PAYMENT OBLIGATIONS in KEUR 30.06.2026 TEUR 31.12.2025 TEUR Due within one year 4.450 4.678 Due in between one and five years 328 460 Due in more than fi ve years - 3 Total 4.778 5.140 CONTINGENT ASSETS AND LIABILITIES The disclosures on contingent liabilities in the 2025 con- solidated financial statements remain largely un- changed. RELATED -PARTY DISCLOSURES For details of relationships with related parties, please re- fer to the consolidated financial statements as at 31 De- cember 2025. No material changes occurred up to 30 June 2026. Transactions with other related parties are presented be- low: TRANSACTIONS WITH RELATED PARTIES 1 JANUARY – 30 JUNE 2026 in KEUR Expenses Liability Income Receivable Purchase of goods 4.422 – – 178 Purchase of services 261 6 – – Total 4.683 6 – 178 TRANSACTIONS WITH RELATED PARTIES 1 JANUARY – 30 JUNE 2025 in KEUR Expenses Liability Income Receivable Purchase of goods 4.218 78 – Purchase of services 263 10 – – Total 4.480 88 – – EVENTS AFTER THE REPORTING DATE With effect from 1 July 2026, Thomas Nickel assumed the role of Chairman of the Management Board. Matja ž Grm was appointed to the Management Board with ef- fect from 1 August 2026. On 10 July 2026, the Annual General Meeting of Knaus Tabbert AG approved the profit and loss transfer agree- ments between the Company and its subsidiaries Morelo Reisemobile GmbH and Hüttlrent GmbH. No other material events occurred after the reporting date. Jandelsbrunn, 6 August 2026 Thomas Nickel Radim Sevcik Matjaž Grm Chairman of the Executive Board / CEO Executive Board / CFO Executive Board / CSO
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Contact Investor Relations Knaus Tabbert AG Helmut-Knaus-Strasse 1 D-94118 Jandelsbrunn Telephone: +49 (0) 8583 21 5616 Email: ir@knaustabbert.de Website: www.knaustabbert.de Unless otherwise stated, figures in the interim Group man- agement report are presented in millions of euros and figures in the condensed interim consolidated financial statements in thousands of euros. Due to commercial rounding, totals may differ immaterially from the sum of the individual figures. The percentages shown are calculated on the basis of the respective amounts in millions of euros. This half-year finan- cial report is available in German and English at www.knaustabbert.de. In the event of discrepancies, the German version shall pre- vail. INFORMATION