Third Quarter: Knaus Tabbert

Third Quarter: Knaus Tabbert Reduces Inventories – Earnings and Forecast Impacted by Price Pressure and Supply Shortages

In the 2025 financial year, Knaus Tabbert has implemented targeted measures to strengthen its competitiveness. Vehicle inventories have already been successfully and significantly reduced over the course of the year. In addition, Knaus Tabbert has streamlined its portfolio for the coming model years and is focusing on the innovative further development of proven models. The package of measures has also included a significant adjustment of the company’s cost base.
Due to short-term delivery delays announced by a key chassis supplier, the company is adjusting its production plan through the end of 2025. This includes potential production suspensions and shifts into 2026. Based on current business developments, the Management Board of the Knaus Tabbert Group is assessing the key financial implications.

Revenue and Earnings

In the first nine months of 2025, Knaus Tabbert AG generated consolidated revenue of EUR 761.5 million (previous year: EUR 897.2 million), mainly due to production interruptions and lower delivery volumes. Adjusted EBITDA amounted to EUR 19.8 million (previous year: EUR 42.9 million). The adjusted EBITDA margin stood at 2.6 %, reflecting the ongoing challenges in the market.

Industry Development

The trend towards individual and nature-oriented travel continues, as evidenced by the second-highest number of visitors in the history of the CARAVAN SALON – 269,000 in 2025. While the overall recreational vehicle market in Germany remains stable, individual segments developed differently: motorhomes recorded 62,374 new registrations, only slightly below the previous year’s level, whereas caravans saw a more significant decline with 16,180 units. Supply overhang in the market continues to drive intense price competition, putting pressure on margins across the industry.

Outlook

On 11 November 2025, the Management Board of Knaus Tabbert AG further refined its forecast. For the 2025 financial year, the company continues to expect revenue of around EUR 1 billion. Profitability, expressed by the adjusted EBITDA margin, is expected to be at the lower end of the previously communicated range of 3.2 % to 4.2 %.