Knaus Tabbert AG — Interim / Quarterly Report 2026

May 12, 2026

KnausTabbert
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Interim Statement | Q1 2026

7

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Knaus Tabbert AG Interim Statement

REVENUE BREAKDOWN

in EUR mill.	01.01. to 31.03.2026	01.01. to 31.03.2025	01.01. to 31.03.2024	Change to previous year
Revenue	249.1	295.6	376.7	-15.7%
thereof premium segment	204.4	239.4	327.7	-14.6%
thereof luxury segment	44.8	56.2	49.0	-20.3%
Total output	246.2	243.1	388.4	1.3%

FINANCIAL KEY FIGURES

in EUR mill.	01.01. to 31.03.2026	01.01. to 31.03.2025	01.01. to 31.03.2024	Change to previous year
EBITDA	15.1	8.5	38.1	77.3%
EBITDA adjusted	15.6	8.5	38.8	83.0%
EBITDA margin adjusted	6.3%	2.9%	10.3%
Net income	3.8	-4.7	18.2	-180.0%
Earnings per share (in EUR)	0.37	-0.44	1.77	-183.1%

CASHFLOW

in EUR mill.	01.01. to 31.03.2026	01.01. to 31.03.2025	01.01. to 31.03.2024	Change to previous year
Operating cashflow	32.6	16.6	6.0	96.4%
Investing cashflow	-2.1	-2.0	-4.9	6.3%
Free cashflow	30.5	14.6	1.1	108.6%

BALANCE SHEET

in EUR mill.	31 March 2026	31 March 2025	31 March 2024	Change to previous year
Balance sheet total	503.1	618.7	724.3	-18.7%
Equity	80.8	108.7	210.3	-25.6%
Equity ratio	16.1%	17.6%	29.0%
Net financial debt	283.8	325.1	251.8	-12.7%
Net financial debt / EBITDA	10.3	-8.7	2.0	-218.1%
Average capital employed	415.0	467.9	420.7	-11.3%
Employees	3,214	3,589	4,214	-10.4%

ORDER BACKLOG

in EUR mill.	31 March 2026	31 March 2025	31 March 2024	Change to previous year
Order backlog	363	341	621	6.4%

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3

INDUSTRY REVIEW

In the first quarter of 2026, a total of 26,426 new recreational vehicles were registered in Germany – Knaus Tabbert's most important European market. This represents an increase of 22.2% compared with the same period last year (Q1 2025: 21,630).

Growth was largely driven by one-off factors relating to the phasing out of Euro 6d models. According to estimates by the CIVD (Caravaning Industrie Verband Deutschland e.V.), around 8,700 motorhome registrations in Germany during the 2025/26 season were attributable to this effect; across Europe, the corresponding figure stood at over 10,000 additional units. Adjusted for these pull-forward effects, market growth in the first quarter was in the low single-digit percentage range. The picture is similar at European level: new registrations were significantly higher than in the previous year, but were also substantially influenced by pull-forward effects.

Since March, a noticeable slowdown in demand has been observed across the industry, particularly against the backdrop of increasing macroeconomic uncertainties. At the same time, dealer inventories have fallen significantly compared with the previous year, pointing to an overall healthier market structure.

BUSINESS PERFORMANCE

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 expected market demand.

The organisational and structural realignment began in the first quarter of 2026. The aim is to position Knaus Tabbert in such a way that the company can continue to assert itself as a leading manufacturer of recreational vehicles in a normalised market environment.

A key component of this realignment is the further adjustment of the cost base in the 2026 financial year. Implementation of the measures defined for this purpose began during the reporting period. These measures are of vital importance for the company's future operational development and the achievement of the stated objectives. The most important measures include:

• Relocation of production for individual model ranges
• Restructuring the organisation with the aim of reducing overhead costs
• Measures to increase productivity
• Adjustment of pay rates and bonuses amongst personnel
• Savings in other operating expenses
• Measures to improve profit margins

Over the decades, Knaus Tabbert has established itself as a leading manufacturer of recreational vehicles. The measures introduced during the reporting period have laid the foundations for the sustainable further development of the Group's competitiveness and profitability.

Revenue and earnings development

In the first three months of the 2026 financial year, Knaus Tabbert recorded an 8.3% decline in sales to 5,190 units sold (previous year: 5,661 units). The trend varied across the product categories: whilst sales of caravans fell slightly to 2,299 units (previous year: 2,371 units), sales of motorhomes fell significantly to 1,474 units (previous year: 2,096 units). In contrast, sales of camper vans rose to 1,417 units (previous year: 1,194 units).

UNITS SOLD BY PRODUCT CATEGORY

in units	01.01. to 31.03.2026	01.01. to 31.03.2025	Change
Total units sold	5,190	5,661	–8.3%
thereof caravans	2,299	2,371	–3.0%
thereof motorhomes	1,474	2,096	–29.7%
thereof camper vans	1,417	1,194	18.7%

In the first three months of the 2026 financial year, Knaus Tabbert recorded a 15.7% decline in consolidated revenue to EUR 249.1 million (previous year: EUR 295.6 million). The decline in revenue is primarily attributable to lower sales volumes during the reporting period, particularly for motorhomes. Furthermore, the corresponding quarter of the previous year was significantly influenced by the clearance of vehicle inventories that had already been produced in earlier periods.

Within the segments, revenue in the Premium segment fell to EUR 204.4 million (previous year: EUR 239.4 million) and in the Luxury segment to EUR 44.8 million (previous year: EUR 56.2 million).

This trend is in line with the ongoing normalisation of demand and sales trends and reflects a change in the product mix structure during the reporting period.

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Knaus Tabbert AG Interim Statement

REVENUE BY BUSINESS SEGMENT	01.01. to 31.03.2026	01.01. to 31.03.2025	Change
Revenue	249.1	295.6	−15.7%
thereof premium segment	204.4	239.4	−14.6%
thereof luxury segment	44.8	56.2	−20.3%

Changes in inventories amounted to EUR -4.5 million in the reporting period, compared with EUR -55.5 million in the previous year. The significantly lower negative impact compared with the same quarter of the previous year is attributable to the fact that the comparative period was characterised by an exceptionally high reduction in inventories due to high sales volumes, whereas the reduction in inventories in the first quarter of 2026 was significantly more moderate.

Total operating performance rose slightly by 1.3% to EUR 246.2 million in the reporting period (previous year: EUR 243.1 million). Despite the decline in revenue, total operating performance was thus above the previous year's level, which is primarily attributable to the significantly less negative changes in inventory compared with the previous year.

Cost of materials fell by 2.0% to EUR 171.9 million (previous year: EUR 175.5 million). The decline was thus significantly smaller than the fall in revenue, which is attributable in particular to the only slightly higher total output and the changed product and inventory mix during the reporting period.

Staff costs increased by 1.8% to EUR 36.4 million (previous year: EUR 35.7 million). As a percentage of total operating revenue, the staff cost ratio stood at 14.8% (previous year: 14.7%). The slightly higher ratio compared with the previous year is primarily attributable to the use of short-time working in the same period of the previous year.

Including costs for temporary workers of EUR 4.0 million (previous year: EUR 4.2 million), the personnel cost ratio in the first quarter of 2026 stood at 16.4% (previous year: 16.5%).

Other operating expenses fell by 2.2% to EUR 22.8 million (previous year: EUR 23.3 million). This reflects also the effects of the additional measures introduced to adjust the cost base.

Adjusted EBITDA amounted to EUR 15.6 million in the first quarter of 2026, exceeding the prior-year figure of EUR 8.5 million. This development reflects, in particular, the initial effects of the measures taken to adjust the cost base. Also adjusted for one-off effects, this results in an improvement in operating profit compared with the previous year.

In connection with the amendment of the syndicated loan agreement, expenses of EUR 0.5 million were incurred in the first three months of 2026 for consultancy services to finalise the 'Independent Business Review - Update' (IBR). These expenses were taken into account when calculating adjusted EBITDA and are attributable exclusively to the premium segment.

Depreciation and amortisation amounted to EUR 6.8 million in the first quarter of 2026, representing a 26.0% decrease from the previous year's figure of EUR 9.2 million. The decline is attributable to lower capital expenditure in the 2025 financial year and had a positive impact on the operating result.

Tax expense amounted to EUR 0.1 million in the reporting period, following a tax income of EUR 0.3 million reported in the previous year. The change is primarily attributable to the improved pre-tax profit performance compared with the same period last year.

Financial position and net assets

Knaus Tabbert's balance sheet total decreased by EUR 13.6 million to EUR 503.1 million as at 31 March 2026 compared with 31 December 2025. Non-current assets fell to EUR 231.3 million from EUR 236.8 million, primarily due to lower investment in property, plant and equipment.

Current assets stood at EUR 271.8 million, down from EUR 279.8 million as at 31 December 2025. Within current assets, inventories rose to EUR 173.4 million from EUR 167.8 million. This was due in particular to the significant increase in raw materials, consumables and supplies to EUR 97.7 million from EUR 84.9 million, whilst finished goods and merchandise fell to EUR 64.4 million from EUR 72.5 million. Trade receivables increased to EUR 56.5 million from EUR 47.7 million compared with the balance sheet date of 31 December 2025.

In contrast, other receivables and other assets fell significantly to EUR 25.3 million from EUR 48.4 million. Cash and cash equivalents increased slightly to EUR 11.0 million from EUR 10.2 million

The development of current assets during the reporting period was characterised by varying movements in working capital-related items.

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Equity increased during the reporting period to EUR 80.8 million, up from EUR 77.0 million at the end of 2025. This was primarily due to the net profit for the period of EUR 3.8 million. The equity ratio rose accordingly to 16.1%, up from 14.9% as at 31 December 2025.

Non-current liabilities fell slightly to EUR 109.3 million from EUR 111.2 million. Minor changes occurred in other provisions, which fell to EUR 14.1 million from EUR 14.7 million, and in other liabilities, which fell to EUR 14.5 million from EUR 15.7 million. Liabilities to banks remained virtually unchanged at EUR 80.6 million.

Current liabilities decreased to EUR 313.0 million from EUR 328.5 million as at 31 December 2025. This was primarily due to the decrease in current liabilities to banks to EUR 202.4 million from EUR 226.1 million. By contrast, trade payables rose to EUR 49.9 million from EUR 40.9 million, whilst other liabilities remained virtually unchanged at EUR 48.5 million.

FREE CASH FLOW

in EUR mill.	01.01. to 31.03.2026	01.01. to 31.03.2025	Change
Cash flow from operating activities	32.6	16.6	96.4%
Cash flow from investing activities	-2.1	-2.0	6.3%
Free cash flow	30.5	14.6	108.6%

Free cash flow improved significantly in the first quarter of 2026 to EUR 30.5 million, compared with EUR 14.6 million in the previous year. The main driver was the increase in cash flow from operating activities to EUR 32.6 million (previous year: EUR 16.6 million). In addition to the improved operating performance, the development of working capital also had a positive impact on cash inflows. In particular, the increase in inventories and trade receivables was offset by higher trade payables and a significant decline in other receivables and other assets. Cash outflows from investing activities amounted to EUR 2.1 million, remaining virtually at the previous year's level (previous year: EUR 2.0 million).

EMPLOYEES

As at 31 March 2026, a total of 3,214 (previous year: 3,589) people were employed by the Knaus Tabbert Group. The proportion of temporary workers in Knaus Tabbert's workforce as at 31 March 2026 was 18% or 571 employees (previous year: 19% or 676 employees).

HEADCOUNT INCLUDING TEMPORARY WORKERS

in heads	31 March 2026	31 March 2025	Change
Knaus Tabbert Group	3,214	3,589	-375
thereof Jandelsbrunn (D)	1,324	1,478	-154
thereof Nagyoroszi (HU)	994	1,088	-94
thereof Schlüsselfeld (D)	475	526	-51
thereof Mottgers (D)	352	421	-69
thereof dealers	69	76	-7

ORDER DEVELOPMENT

The order book stood at EUR 363 million as at 31 March 2026, up from EUR 341 million on the same date last year. The order book thus continues to provide a solid foundation for revenue and sales growth for the coming months.

ORDER BACKLOG

in EUR mill.	31 March 2026	31 March 2025
Order backlog	363	341

OPPORTUNITIES AND RISKS

In the first quarter of the 2026 financial year, there have been no significant changes to the key opportunities and risks affecting the company compared with the detailed assessments set out in the 2025 Summary Management Report.

Knaus Tabbert continuously monitors risks relating to the market and customers against the backdrop of trends in registration figures, the current order book and a market environment that remains challenging. In particular, persistent price pressure, increased volatility in demand and structural developments within the dealer network could have an adverse effect on revenue and adjusted EBITDA margin.

Furthermore, uncertainties remain in connection with economic and geopolitical developments, in particular the ongoing conflict in the Middle East. These may lead to disruptions in supply chains and price increases in procurement markets, thereby weighing on the Group's cost base. Depending on the duration and intensity of these developments, this may also have indirect effects on revenue and sales volumes, for example through limited

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Knaus Tabbert AG Interim Statement

product availability, delayed deliveries or subdued demand resulting from higher market prices or general uncertainty among end customers.

OUTLOOK

Against the backdrop of developments to date in the current financial year 2026, the management of Knaus Tabbert confirms the forecast for the full year 2026 communicated as part of the annual reporting on 31 March 2026.

Based on current business performance and the Knaus Tabbert Group's internal planning, the following forecasts apply to the key performance indicators:

• Revenue of around EUR 950 million is expected for the 2026 financial year.
• Profitability, expressed as the adjusted EBITDA margin, is expected to be in the range of 5.0% to 7.0%.

For a detailed description of the expected development, please refer to the forecast report as published in the 2025 Annual Report.

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7

Consolidated
Financial Statements
31 March 2026

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Knaus Tabbert AG Interim Statement

GROUP PROFIT AND LOSS STATEMENT

in KEUR	01.01. to 31.03.2026	01.01. to 31.03.2025
Revenue	249,146	295,633
thereof premium segment	204,353	239,404
thereof luxury segment	44,793	56,228
Inventory changes	-4,486	-55,482
Other capitalized assets	799	621
Other operating income	780	2,315
Total output	246,239	243,086
Cost of materials	-171,905	-175,496
Personnel expenses	-36,390	-35,747
Other operating expenses	-22,796	-23,301
EBITDA	15,148	8,542
Depreciation and amortization expenses	-6,797	-9,179
EBIT	8,351	-637
Financial result	-4,477	-4,446
EBT	3,874	-5,083
Income taxes	-87	348
Net income	3,787	-4,735
Other results	7	-167
Overall result	3,794	-4,568

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GROUP BALANCE SHEET

ASSETS

in KEUR	31 March 2026	31 December 2025
Intangible assets	14,641	14,498
Tangible assets	205,944	212,201
Other financial assets	954	972
Other non-financial assets	1,486	1,368
Deferred tax assets	8,265	7,799
Total non-current assets	231,290	236,838
Inventories	173,352	167,843
Trade receivables	56,477	47,675
Other financial assets	10,274	11,782
Other non-financial assets	15,019	36,627
Tax receivables	5,724	5,707
Cash and cash equivalents	10,965	10,211
Total current assets	271,810	279,845
Balance sheet total	503,100	516,682

LIABILITIES

in KEUR	31 March 2026	31 December 2025
Equity	80,817	77,003
Other provisions	14,141	14,688
Amounts owed to credit institutions	80,622	80,708
Other financial liabilities	7,456	8,519
Other non-financial liabilities	7,069	7,149
Deferred tax liabilities	34	159
Total non-current liabilities	109,321	111,223
Other provisions	11,859	12,585
Amounts owed to credit institutions	202,390	226,129
Trade accounts payable	49,892	40,909
Other financial liabilities	27,150	22,993
Other non-financial liabilities	21,380	25,539
Tax liabilities	290	301
Total current liabilities	312,961	328,456
Total liabilities	422,283	439,679
Balance sheet total	503,100	516,682

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Knaus Tabbert AG Interim Statement

GROUP CASH FLOW STATEMENT

OPERATING CASHFLOW

in KEUR	01.01. to 31.03.2026	01.01. to 31.03.2025
Net income	3,787	-4,735
Adjusted for:
Depreciation and amortisation expenses	6,797	9,179
Increase/decrease of provisions	-1,274	-1,613
Other non-cash income/expenses	-1,742	-83
Increase/decrease of inventories, trade accounts receivable and other assets not attributable to investing or financing activities	10,631	20,801
Increase/decrease of trade accounts payable and other liabilities not attributable to investing or financing activities	10,595	-9,963
Net finance costs	4,477	4,446
Income tax credit	-126	-473
Income tax paid	-558	-966
Operating cashflow	32,588	16,593

INVESTING CASHFLOW

in KEUR	01.01. to 31.03.2026	01.01. to 31.03.2025
Cash inflow from the disposal of tangible assets	38	19
Cash outflow for investments in tangible assets	-1,222	-1,504
Cash outflow for investments in intangible assets	-987	-770
Interest received	64	273
Investing cashflow	-2,107	-1,982

FINANCING CASHFLOW

in KEUR	01.01. to 31.03.2026	01.01. to 31.03.2025
Cash inflow from increase of financial liabilities	1,213	14,779
Cash outflow for repayment of financial liabilities	-26,365	-15,212
Interest paid	-3,512	-4,313
Cash outflow for repayment of liabilities from financial leases	-1,067	-1,843
Financing cashflow	-29,730	-6,588
Cash-effective change in cash and cash equivalents	751	8,024
Cash and cash funds at the beginning of the period	3,122	6,994
Cash and cash funds at the end of the period	3,872	15,019

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SUPPLEMENTARY INFORMATION TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS AT 31 MARCH 2026

Amendment to a note in the consolidated financial statements as at 31 December 2025

In the consolidated financial statements as at 31 December 2025, the breakdowns of other liabilities contained in notes 5.12 and 5.12.3 were not fully consistent with the balance sheet figures due to an editorial oversight. This concerned, in particular, the presentation of other current non-financial liabilities relating to a single matter. The disclosure has been adjusted accordingly in this interim statement. The adjustment relates exclusively to the presentation in notes 5.12 and 5.12.3. This has no impact on the consolidated balance sheet, the consolidated income statement or key financial ratios.

5.12. OTHER LIABILITIES

in KEUR	31 December 2025 adjusted	31 Dec 2025 published
Non-current other liabilities
Other financial liabilities	8,519	8,519
Other non-financial liabilities	7,149	7,149
Total	15,668	15,668
Other current liabilities
Other financial liabilities	15,518	15,518
Accrued liabilities	17,314	17,314
Other non-financial liabilities	15,701	9,278
Total	48,532	42,109
Total non-current	15,668	15,668
Total current	48,532	42,109
Total other liabilities	64,200	57,777

5.12.3 OTHER NON-FINANCIAL LIABILITIES

in KEUR	31 December 2025 adjusted	31 December 2025 published
Value-added tax liabilities	918	918
Customers with credit balances	2,149	2,149
Other taxes	1,009	1,009
Liabilities from wages and salaries	781	781
Contractual liabilities	3,695	3,695
Deferred income	7,539	7,539
Other liabilities	6,759	336
Total	22,850	16,427

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Knaus Tabbert AG Interim Statement

INFORMATION

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

All amounts in this quarterly report are stated in millions of euros (EUR million), unless otherwise noted.

Due to commercial rounding, the totals may contain immaterial rounding differences resulting from the addition of figures.

The percentages shown are calculated on the basis of the respective amounts in millions of euros. This quarterly report is available in German and English at www.knaustabbert.de.

In cases of doubt, the content of the German version is binding.