Knaus Tabbert (KTA) Q2 2025 earnings summary

Executive summary

• Strategic realignment advanced, with a 30% reduction in product portfolio for model year 2026 and a defined roadmap for 2027 and beyond, focusing on key customer segments and innovation.

• Significant cost reductions implemented, including workforce adjustments, process improvements, and finalized supplier negotiations for 2026.

• Revenue for H1 2025 declined 18.3% year-over-year to EUR 571.7 million, with units sold down to 11,469 from 14,332.

• Production interruptions and inventory optimization measures negatively impacted earnings.

• Emphasis on working capital management, inventory reduction, and disciplined CapEx focused on high ROI or replacement needs.

Financial highlights

• H1 2025 revenue was EUR 571.7 million, with adjusted EBITDA at EUR 22.7 million (4% margin), and free cash flow generated was EUR 70.1 million.

• Net debt at June 2025 was reduced to EUR 190 million from EUR 284 million in 2024.

• Inventories decreased from EUR 309 million in 2023 to EUR 190 million in H1 2025, mainly from finished goods reduction.

• Order backlog dropped 37% year-over-year to EUR 294 million as of June 30, 2025.

• Equity ratio decreased to 19.4% from 28.0% a year ago.

Outlook and guidance

• Full-year 2025 revenue expected around EUR 1 billion, with adjusted EBITDA margin guidance narrowed to 5%-5.5%.

• Market normalization and cautious dealer ordering expected to continue impacting order intake.

• Order book at June 30 stood at EUR 294 million; ongoing order intake and dealer caution expected to persist.