First Berlin Equity Research has published a research update on Knaus Tabbert AG (ISIN: DE000A2YN504). Analyst Ellis Acklin reiterated his BUY rating and maintained his EUR 24.00 price target.

Abstract
Knaus Tabbert published 2026 preliminary KPIs ahead of audited full year reporting slated for 31 March. The RV maker will also host a conference call marking the first opportunity for KTA brass to update investors on market and operational developments since mid-November 2025. Revenue of €1bn was in line with FBe, but the reported 2.7% AEBITDA margin was below our target (3.2%) and the guided range (3.2% to 4.2%). No other KPIs or hints on the 2026 outlook were communicated. In 9M/25, we saw signs that the operational reset is gaining traction; however, a still uneven demand environment, choppy order visibility, ongoing dealer inventory digestion, and intermittent supply chain frictions suggest that 2026 will be a stabilisation year rather than a full rebound one. FBe and consensus currently call for 2026 revenue of ~€1bn, but we think this may be ambitious. Given the aforementioned issues, we currently see risks to consensus skewed to the downside. KTA traditionally gives initial guidance for the year with full year reporting. We would not be surprised if management take a conservative approach given the issues that caused multiple guidance cuts the past 18 months. We remain Buy-rated on KTA with a €24 TP (upside: 91%).