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Stock Markets May 12, 2026 03:27 AM

Knaus Tabbert Q1 sales drop 15.7% as motorhome volumes fall; adjusted EBITDA strengthens

Company sees weaker early-year demand and lower backlog but keeps 2026 revenue and margin targets intact

By Hana Yamamoto

Knaus Tabbert AG reported a 15.7% decline in first-quarter revenue to €249 million as both its luxury and premium segments recorded double-digit falls amid softer motorhome volumes. Despite reduced top-line performance and a lower order backlog, the company delivered a marked improvement in adjusted EBITDA and operating cash flow, and reiterated its full-year 2026 guidance.

Knaus Tabbert Q1 sales drop 15.7% as motorhome volumes fall; adjusted EBITDA strengthens

Key Points

  • Revenue fell 15.7% to €249 million in Q1, with luxury down 20.3% to €45 million and premium down 14.6% to €204 million - relevant to recreational vehicle manufacturers and consumer discretionary spending.
  • Adjusted EBITDA rose 83% to €15.6 million, improving the margin to 6.3% from 2.9% year-on-year, driven by cost reduction measures implemented in 2026 - relevant to corporate cost management and operational efficiency assessments.
  • Order backlog declined to €363 million from €454 million at end-Q4 2025; management notes backlog typically peaks in Q2 or Q3, affecting near-term production and revenue visibility.

Knaus Tabbert AG (ETR:KTA) recorded first-quarter revenue of €249 million, a 15.7% decrease versus the prior-year period, the company said on Tuesday. Sales in both the luxury and premium divisions contracted as demand normalized.

The luxury division posted revenue of €45 million, down 20.3%, while the premium division generated €204 million, a decline of 14.6%. Management attributed these falls primarily to reduced sales volumes for motorhomes. The company noted that results in the first quarter of 2025 were supported by the clearance of vehicle inventories that had been produced earlier.

Order backlog at the end of the quarter stood at €363 million, down from €454 million at the close of the fourth quarter of 2025. The company said that order backlog typically reaches its peak in the second or third quarter of the year.

On the profitability side, adjusted EBITDA increased sharply by 83% to €15.6 million, lifting the adjusted EBITDA margin to 6.3% from 2.9% in the comparable prior-year quarter. The company linked this margin expansion to cost reduction measures implemented in 2026.

Operating cash flow rose to €32.6 million in the first quarter, compared with €16.6 million in the year-earlier period, a result the company said reflected improved operating performance and developments in working capital. Cash flow from investing activities was negative €2.1 million, versus negative €2.0 million in the first quarter of 2025.

Balance-sheet metrics showed an equity ratio of 16.1% in the first quarter, up from 14.9% at the end of the fourth quarter of 2025, with the period delivering a net profit of €3.8 million.

Despite the weaker revenue and a reduced backlog, Knaus Tabbert reaffirmed its full-year 2026 outlook: the company expects revenues of €950 million and an adjusted EBITDA margin in the range of 5.0% to 7.0%.

Summary

Knaus Tabbert saw a mid-teens revenue decline in Q1 as motorhome sales softened, but the company improved adjusted EBITDA and operating cash flow and maintained its 2026 guidance for revenues and margin.

Risks

  • Continued weakness in motorhome sales volumes could pressure near-term revenues and affect companies in the recreational vehicle and broader consumer discretionary sectors.
  • A reduced order backlog entering the middle of the year may limit near-term revenue visibility until backlog seasonality reverses - this impacts supply-side planning and manufacturing throughput.
  • The sustainability of margin improvements depends on the effectiveness of cost reduction measures implemented in 2026; if savings do not persist, reported adjusted EBITDA could be at risk.

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