Annual Report 2025

2025

CONTENTS COMPANY

1. Editorial

2. Report of the Supervisory Board

12 Corporate Governance

1. COMBINED MANAGEMENT REPORT

2. Financial Report

1. Group Sustainability Statement

2. CONSOLIDATED FINANCIAL STATEMENTS

This document is an English translation of selected sections of the Annual Report 2025 of Knaus Tabbert AG. The full audited Annual Report is available in German on the Company's website. In case of discrepancies, the German version shall prevail. An English translation of the remaining sections, including the non-financial (ESG) report, will be published at a later date. The German version of the Annual Report was published on March 31, 2026.

KNAUS TABBERT AG - ANNUAL REPORT 2025

Dear Shareholders

For Knaus Tabbert, the 2025 financial year marked a phase of stabilization and the beginning of a structured fresh start. Following the profound challenges of the previous year, our focus was not only on addressing short-term effects, but on setting a consistent and sustainable course for the future.

As part of this realignment, we implemented significant structural measures. We streamlined processes, clarified responsibilities and systematically adapted our organization to changing market conditions. While this process is not yet complete, it will be continued with clear prioritization and discipline.

At the same time, we conducted a thorough analysis of the market and aligned our production capacities and inventory management more closely with actual demand. This also included a necessary reduction in headcount, requiring us to part ways with many valued colleagues.

This decision was painful but unavoidable in order to safeguard the company's long-term viability.

2025 was also a year of rebuilding trust. We worked intensively to strengthen our relationships with partners and stakeholders - including dealers, suppliers, financing partners and investors. Transparency, reliability and a clear course of action are now at the heart of everything we do. We have clearly signalled to the market that we act with integrity, communicate openly and consistently prioritize substance over short-term effects.

In parallel, we further sharpened our brand profiles and focused our development and investment activities on the next generation of products. In doing so, we are returning to our roots and laying the foundation for sustainable competitive advantages, the full impact of which will unfold in the coming model years.

We also made important progress in stabilizing our financial position. The amendment agreement with our financing banks represents a key milestone and provides the planning stability required for the next steps in our transformation process.

EDITORIAL

Nevertheless, the overall environment remained challenging. Market conditions were more difficult than expected. An increased number of dealer insolvencies, ongoing price pressure in the market and challenges in the supply chain - particularly with regard to certain chassis suppliers - led to sustained pressure on margins. As a result, we were not able to fully achieve our profitability targets for the 2025 financial year, despite a disciplined and adaptive management approach.

Not withstanding this, we are convinced that we have taken the right decisions and remain firmly committed to the course we have set.

We draw confidence from the strength of our team as well as the continued appeal of our brands and products. In a challenging environment, our employees make a decisive contribution to the stabilization and further development of our company.

2025 marks the beginning of a comprehensive transformation process. We will continue this path with consistency and determination. Our goal is clear: to position Knaus Tabbert on a stable and sustainable footing and to lay the foundation for a healthy, future-oriented development.

Yours

Wim de Pundert

CEO

& Radim Sevcik

CFO

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REPORT OF THE SUPERVISORY BOARD

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Dear Sir or Madam,

Following the extraordinary boom years, the caravaning market is currently in a natural phase of consolidation -yet the structural drivers remain intact. Compared to 2024, which was still characterised by robust demand and the gradual reduction of excess stock, market activity in 2025 has noticeably normalised: There is clear restraint on both the registration and production sides. However, this is not due to structural weaknesses, but rather a market correction following years of exceptional growth.

The long-term drivers remain intact: the desire for individual freedom and flexibility on holiday, a growing longing for nature and a slower pace of life, as well as changing travel behaviour that is increasingly replacing rigid package deals. At the same time, the target group is noticeably getting younger - caravanning is no longer just a phenomenon for pensioners, but is reaching new generations who see sustainable and self-determined travel as a lifestyle. The digitalisation and electrification of the segment are also driving the industry forward in the long term. Short-term market fluctuations therefore do not alter the bigger picture: caravanning is a resilient market underpinned by enduring megatrends.

Knaus Tabbert experienced a challenging year in 2025 with noticeable declines in turnover and earnings, partly due to a production stoppage at the start of the year and ongoing pressure from excess stock in the retail sector. In response, the company consistently streamlined its portfolio, reduced inventories and realigned its strategy. The first positive signs are a significantly improved cash flow. This transformation of the company is to be further advanced in the 2026 financial year.

In the 2025 financial year, the Supervisory Board performed the duties incumbent upon it under the law, the Articles of Association and the Rules of Procedure with the requisite diligence, whilst also adhering to the German Corporate Governance Code (DCGK). In this spirit, the Supervisory Board continuously monitored and regularly advised the Executive Board on the steering of the company. This monitoring and advice also covered sustainability issues.

The Supervisory Board and the Management Board exchanged information on a regular basis in order to jointly discuss current developments and their impact on the company. This exchange was intensified, particularly in crisis situations affecting the company.

The members of the Supervisory Board had ample opportunity to critically examine the documents, reports and, where applicable, proposed resolutions submitted by the Management Board during committee meetings and plenary sessions. All significant issues were discussed in depth and reviewed for plausibility. The Management Board was also available to the Supervisory Board on a bilateral basis for any discussions or clarifications.

As Chair of the Supervisory Board, I maintained regular contact with the Executive Board, in particular with the Chairman of the Executive Board, between meetings, and discussed matters relating to the company's strategy, business development, risk situation, risk management and compliance.

Eleven meetings of the Supervisory Board took place during the reporting year. The Management Board regularly informed the Supervisory Board of all significant economic developments within the Group. During the reporting period, the Management Board kept the Supervisory Board continuously informed of all fundamental issues relating to corporate planning, including financial, investment, sales and personnel planning, current developments at Group companies, revenue trends, the position of the company and its segments, the economic and political environment, and the current status and assessment of significant legal risks, including internal compliance investigations and legal proceedings.

In addition, the Executive Board reported continuously to the Supervisory Board on the company's profitability and liquidity position, developments in sales and procurement markets, the overall economic situation and developments on the capital markets. Further topics of discussion included the further development of the product portfolio, ensuring compliance with product requirements, securing the company's long-term competitiveness, and the continued implementation of measures to ensure sustainable, forward-looking mobility and, consequently, Knaus Tabbert's sustainability strategy.

Personnel decisions

The Supervisory Board made one personnel decision during the 2025 financial year. On 12 November 2025, the Supervisory Board appointed Willem Paulus de Pundert as a member and Chairman of the Executive Board for the standard term until the end of the 2026 Annual General Meeting. Mr de Pundert had previously resigned from the Supervisory Board, thereby also bringing to an end his temporary secondment to the Executive Board at.

During the 2025 reporting period, the scheduled re-elec-tion of the Supervisory Board of Knaus Tabbert took place. At the Annual General Meeting on 11 July 2025, the shareholder representatives were re-appointed.

Due to its number of employees, Knaus Tabbert AG has a Supervisory Board formed in accordance with the German Co-Determination Act, comprising six members each representing the shareholders and the employees. The cross-site election was conducted in accordance with the applicable legal provisions, in particular in compliance with the German Stock Corporation Act and the German Co-Determination Act, in accordance with the 3rd Election Regulations to the German Co-Determina-tion Act. The election of the employee representatives to the Supervisory Board took place on 14 May 2025. There were no particular incidents or events during the election. The Management Board duly announced the names of the members elected by the employee representatives within the companies and published them in the Federal Gazette on 30 May 2025. No challenge to the election was lodged.

On 16 July 2025, the members of the Supervisory Board were announced in accordance with Section 19 of the Co-Determination Act (MitbesG).

With effect from the close of the Annual General Meeting on 11 July 2025, the company's Supervisory Board consisted of the following members:

Shareholder representatives:

Dr Esther Hackl

Willem Paulus de Pundert Klaas Meertens

René Ado Oscar Bours Jana Donath

Julien Etaix

Employee representatives:

Jürgen Spannbauer Roland Winkler Claudia Mäder Klaus Würzinger Robert Scherer Nesrin Gül

Klaus Würzinger resigned from the Supervisory Board on 4 August 2025. By order of 3 December 2025, Karin Topisch was appointed by the court as the employee representative on the Supervisory Board to replace him. Karin Topisch resigned from the Supervisory Board on 19 March 2026.

Attendance at meetings of the Supervisory Board and its committees was as follows:

SB - Supervisory Board; EC - Executive Committee; AC - Audit Committee; NC - Nomination Committee; SC - Special Committee

* Willem Paulus de Pundert was appointed to the Supervisory Board until 12 November 2025. On 12 November 2025, he resigned from the Supervisory Board.

** Karin Topisch was appointed by the court on 3 December 2025, but the decision was not served until 9 December; consequently, she could only be invited to two meetings

The Mediation Committee did not meet during the reporting period.

The members of the Executive Board attended Supervisory Board and committee meetings to the extent required; however, the Supervisory Board also held regular discussions without the Executive Board. In the 2025 financial year, Supervisory Board and committee meetings took place both virtually and in person.

KEY FOCUS AREAS OF THE SUPERVISORY BOARD

The full Supervisory Board held eleven meetings during the past financial year. In addition to discussions on strategic issues, these meetings focused in particular on the composition of the Management Board, as well as the assessment and setting of short-term and long-term remuneration targets and the achievement of these targets. Furthermore, in the 2025 financial year, the Supervisory Board addressed the topic of sustainability, including the review of the sustainability report and corporate governance systems. The Supervisory Board was also intensively engaged with two internal investigations and close cooperation with the public prosecutor's office in both proceedings. One case concerns the allegation that the technically permissible gross vehicle weight was exceeded in certain vehicles; this was concluded in the 2025 financial year. In addition, the Supervisory Board dealt with the proceedings relating to individual allegations of criminal offences against certain former members of the Executive Board.

At the Supervisory Board meeting on 25 March 2025, the Independent Business Review conducted by FTI Andersch AG was discussed against the backdrop of the company's difficult situation. In addition, the budget and liquidity planning, as well as the amendment to the syndicated loan agreement, were approved. Other topics included the determination of target achievement for the STI 2025 and the LTIP for the performance period from 1 January 2025. Furthermore, the current status of the investigations into allegedly inaccurate weight specifications for vehicles (weight specifications issue) and the individual allegations of criminal offences against certain former members of the Executive Board were discussed. The Supervisory Board also set a target for the proportion of women on the Executive Board and appointed a new expert for accounting and auditing. Furthermore, the Supervisory Board discussed the efficiency of the Supervisory Board's work.

At the meeting on 31 March 2025, the Supervisory Board considered the 2024 separate and consolidated financial statements, each of which had been issued with an unqualified audit opinion by the auditor, as well as the Management Board's proposal for the appropriation of profits (without the Management Board being present) and the Supervisory Board's report to the Annual General Meeting

for 2024. The Supervisory Board also examined in detail an update on the activities of the Audit Committee and the internal audit report. An update on the issues surrounding the allegations against former members of the Management Board was also discussed.

At the meeting on 14 April 2025, the Supervisory Board considered the non-financial reporting and the remuneration report for the 2024 financial year. A further focus of the meeting was on the internal control system, the annual audit report and risk-bearing capacity, as well as discussions with the authorities regarding ongoing proceedings.

At its meeting on 19 May 2025, the Supervisory Board considered the invitation to the Annual General Meeting, as well as the agenda items and proposed resolutions for the meeting. At this meeting, the Supervisory Board also approved a revised remuneration system for the members of the Management Board, which was submitted to the Annual General Meeting on 11 July 2025 for approval. In addition, the Management Board provided a general update on the business situation.

At the inaugural meeting on 11 July 2025, the Chair of the Supervisory Board and her Deputy were newly elected. Furthermore, Willem Paulus de Pundert was reappointed to the Management Board until 21 November 2025.

At the meeting on 22 September 2025, the Executive Board provided a general update on the state of business. Furthermore, the Supervisory Board addressed the issue of weight specifications and the proceedings relating to individual allegations of criminal offences against certain former members of the Executive Board.

At the meeting on 12 November 2025, the Supervisory Board duly appointed Willem Paulus de Pundert as a member and Chairman of the Management Board and approved the conclusion of an employment contract following his resignation from the Supervisory Board. In addition, the Supervisory Board dealt with the court appointment of a new Supervisory Board member to succeed Willem Paulus de Pundert and with the approval of the budget for and the appointment of KPMG AG Wirtschaftsprüfungsgesellschaft, Nuremberg, as auditors.

At the meeting on 27 November 2025, the Supervisory Board discussed the product strategy presented by the Management Board, as well as the budget for 2026 and the issue of special measures in connection with the budget.

At the meeting on 8 December 2025, the Management Board provided the Supervisory Board with a general update on the business situation.

At the meeting on 15 December 2025, the Executive Board provided a further general update on the business situation. In addition, the Supervisory Board passed a resolution on the budget in connection with negotiations with banks.

At its meeting on 29 December 2025, the Supervisory Board considered the declaration of compliance, the efficiency review and the Short-Term Incentive (STI) for 2026, as well as matters relating to the Executive Board.

WORK OF THE COMMITTEES

The Supervisory Board has established four standing committees to fulfil its duties. In addition, the Supervisory Board set up a special committee in 2024, which continued to focus in 2025 on the company's liquidity position as well as internal compliance, investigations and corporate governance matters.

The Executive Committee consists of four members. It prepares the meetings of the Supervisory Board and advises the Management Board on fundamental issues relating to the strategic development of the company. In urgent cases - where a prior resolution by the Supervisory Board cannot be awaited without significant detriment to the company - the Executive Committee decides on behalf of the full Supervisory Board in the case of certain transactions requiring approval.

The Executive Committee also prepares, in particular, personnel decisions of the Supervisory Board and is responsible for preparing the conclusion, amendment and termination of employment contracts with the members of the Management Board. Furthermore, it makes proposals to the Supervisory Board regarding resolutions on the remuneration system for the Management Board and the regular review of the remuneration system.

In the 2025 financial year, there was one meeting of the Executive Committee.

At the Committee meeting on 19 December 2025, the Committee discussed the structure of the STI for the Executive Board for the financial year 2026.

The members of the Committee are:

• Dr Esther Hackl (Chair)

• Jürgen Spannbauer (Deputy Chair) (since 4 August 2025)

• Willem Paulus de Pundert (whose mandate was suspended from the time of his appointment to the Executive Board until his resignation on 12 November 2025)

• Ruben Paulus de Pundert (since 30 January 2026)

• Claudia Mäder (since 4 August 2025)

  AUDIT COMMITTEE

  The Audit Committee consists of six members. The Chair of the Audit Committee, Jana Donath, is an independent financial expert who - in accordance with the provisions of the German Stock Corporation Act (AktG) and the German Corporate Governance Code (DCGK) - possesses, by virtue of her training and relevant professional experience, special knowledge and experience in the application of accounting principles and internal control and risk management systems, as well as expertise in the field of financial statement auditing within the meaning of Section 100(5) AktG. Willem Paulus de Pundert (whose mandate was suspended from the time of his appointment to the Executive Board until his resignation on 12 November 2025) and René de Bours possess, in this regard, particular expertise and experience in the field of accounting by virtue of their professional experience.

  The Audit Committee is responsible in particular for overseeing financial reporting, including the financial reporting process, the adequacy and effectiveness of the internal control system, internal risk management and internal audit, including coverage of sustainability-related objectives, the compliance management system and the statutory audit. In the context of the statutory audit, this also includes determining the audit focus areas and negotiating the fee agreement with the statutory auditor.

  In addition, the Audit Committee maintains close contact with the external auditor and discusses with them, in particular, the assessment of audit risk, the audit strategy and planning, and the audit results. The Chair of the Audit Committee regularly exchanges views with the external auditor on the progress of the audit and reports back to the Audit Committee. The Audit Committee also consults regularly with the external auditor without the Management Board being present. Furthermore, the Committee prepares the Supervisory Board's decision on the adoption of the annual financial statements and the approval of the consolidated financial statements. It also regularly reviews the work of the Internal Audit function and regularly addresses the company's risk profile and risk management. The Audit Committee also prepares the Supervisory Board's proposal to the Annual General Meeting regarding the appointment of the auditor.

  The Committee met five times in the financial year 2025.

  At the meeting on 28 March 2025, the Audit Committee discussed the annual and consolidated financial statements as at 31 December 2024, as well as the audit findings of the auditor. Furthermore, the Committee reviewed the annual reports on the corporate governance systems (Internal Audit, Internal Control System and Risk Management System). In addition, the quality of the audit was assessed at the meeting. On this basis, a recommendation was prepared for the Supervisory Board.

  At the meeting on 13 May 2025, the Audit Committee considered the quarterly report as at 31 March 2025.

  At the meeting on 19 May 2025, the current risk situation was discussed. In addition, recent reports from the Internal Audit department were reviewed.

  At the meeting on 6 August 2025, the Audit Committee considered the half-year results and the corresponding reporting. Furthermore, the results of the audits carried out by the Internal Audit department up to that point were discussed, and a report was presented on the current risk situation and the Compliance Management System.

  At its last meeting on 10 November 2025, the Audit Committee considered the quarterly results as at 30 September 2025 and the corresponding reporting. In addition, the current status of the risk situation, the results of the Internal Audit, and developments and analyses relating to the internal control system and the compliance management system were discussed. Furthermore, the budget and planning for the audit of the annual financial statements for the 2025 financial year were discussed in detail with the auditor.

  The members of the Committee are:

• Jana Donath (Chair)

• Dr Esther Hackl (Deputy Chair)

• Anton Autengruber (until 11 July 2025)

• Jürgen Spannbauer (since 4 August 2025)

• René Ado Oscar Bours

• Willem Paulus de Pundert (whose term of office was suspended from the time of his appointment to the Executive Board until his resignation on 12 November 2025)

• Ruben Paulus de Pundert (since 30 January 2026)

• Ferdinand Sommer (until 11 July 2025)

• Claudia Mäder (since 4 August 2025)

  NOMINATION COMMITTEE

  The Nomination Committee consists of three shareholder representatives on the Supervisory Board. The

  Chair of the Supervisory Board is the Chair of the Nomination Committee. The Nomination Committee's task is to submit proposals to the Annual General Meeting for the election of suitable candidates to the Supervisory Board, taking into account the Supervisory Board's objectives regarding its composition.

  The Nomination Committee met once during the 2025 financial year.

  At the committee meeting on 15 May 2025, the committee dealt with the nomination of candidates for the Supervisory Board for the re-election of Supervisory Board members in the 2025 financial year.

  Members of the Committee

• Dr Esther Hackl (Chair)

• Klaas Meertens

• Willem Paulus de Pundert (whose term of office was suspended from 12 May 2025 until 12 November 2025, following his appointment to the Executive Board)

• René Ado Oscar Bours (12 May 2025 to 30 January 2026)

• Ruben Paulus de Pundert (since 30 January 2026)

  SPECIAL COMMITTEE

  In 2024, the Supervisory Board established a Special Committee, which also met during the 2025 financial year and dealt in particular with the company's liquidity position as well as internal compliance, investigation and corporate governance matters.

  The Special Committee held three meetings in the 2025 financial year.

  At the committee meeting on 7 January 2025, the committee dealt with liquidity planning and the proceedings relating to individual allegations of criminal offences against former members of the Management Board.

  At the committee meeting on 11 February 2025, the committee dealt with liquidity planning, the Independent Business Review conducted by FTI Andersch AG, and the proceedings relating to the individual allegations of criminal offences against individual former members of the Management Board.

  At its meeting on 12 March 2025, the committee considered liquidity planning, the proceedings relating to individual allegations of criminal offences against former members of the Executive Board, and the issue of weight specifications.

  The members of the Special Committee were:

• Dr Esther Hackl (Chair)

• Jana Donath

• Anton Autengruber (until 11 July 2025)

• Stephan Kern (until 11 July 2025)

  MEDIATION COMMITTEE

  The Mediation Committee, which is required by law, consists of the Chair of the Supervisory Board, her Deputy, and one member each elected by the employee representatives on the Supervisory Board and the shareholder representatives on the Supervisory Board. The task of the Mediation Committee is to submit proposals to the Supervisory Board for the appointment of members of the Management Board if no agreement can be reached within the Supervisory Board with the required majority.

  The Mediation Committee did not meet in the 2025 financial year.

  The members of the Committee are:

• Dr Esther Hackl (Chair)

• Anton Autengruber (Deputy Chair) (until 11 July 2025)

• Jürgen Spannbauer (since 4 August 2025)

• Willem Paulus de Pundert (whose term of office was suspended from the time of his appointment to the Executive Board until his resignation on 12 November 2025)

• Ruben Paulus de Pundert (since 30 January 2026)

• Robert Scherer

ANNUAL AND CONSOLIDATED FINANCIAL STATEMENTS FOR 2025 AUDITED AND APPROVED

The Management Board prepared the annual financial statements for the 2025 financial year in accordance with the provisions of the German Commercial Code (HGB), the consolidated financial statements in accordance with International Financial Reporting Standards (IFRS), and a combined management report for Knaus Tabbert AG and the Group. These were audited by KPMG AG Wirtschaftsprüfungsgesellschaft, Nuremberg, and each was issued with an unqualified audit opinion. The Management Board has also prepared a report on the Company's relationships with affiliated companies and submitted it to the Supervisory Board together with the audit report prepared by the auditor. The auditor issued an opinion on the report.

All of these documents, including the Management Board's proposal for the appropriation of profits, were discussed at the Supervisory Board meeting on 30 March 2026, which was also attended by representatives of the auditors. They reported on the key areas and the main findings of their audit, highlighting the particularly significant audit matters. In accordance with the provisions of Section 109(1), third sentence, of the German Stock Corporation Act (AktG), the members of the Management Board did not attend the meeting.

The representatives of the auditor were available to the members of the Supervisory Board for an in-depth discussion. There were no circumstances that might suggest a conflict of interest on the part of the auditor. The Audit Committee, which had received the Executive Board's submissions and the auditor's reports for preliminary review, reported to the Supervisory Board on the key contents and the outcome of its preliminary review and made recommendations regarding the Supervisory Board's resolutions.

The Supervisory Board reviewed the annual and consolidated financial statements for the 2025 financial year, the combined management report for Knaus Tabbert AG and the Group, and the Management Board's proposal for the appropriation of profits, taking into account the Audit Committee's report. The Supervisory Board concurred with the findings of the auditor's review. On the basis of its own review, the Supervisory Board determined that no objections were to be raised against the annual and consolidated financial statements or the combined management report for Knaus Tabbert AG and the Group. In accordance with the recommendation of the Audit Committee, the Supervisory Board approved the annual financial statements and the consolidated financial statements prepared by the Management Board. The annual financial statements for the financial year 2025 were thus adopted. In addition, the Supervisory Board reviewed the Management Board's report on the company's relationships with affiliated companies. The Supervisory Board concurred with the findings of the audit conducted by the statutory auditor. Following the final outcome of its own review, the Supervisory Board determined that no objections were to be raised against the Executive Board's statement at the end of the report on the company's relationships with affiliated companies.

The summary sustainability statement for the 2025 financial year is included in the 2025 Annual Report for the first time and will be published, following review by the Supervisory Board on the basis of an audit by the statutory auditor, at the same time as the Annual Report on 31 March 2026, provided that the Supervisory Board concludes, following its own review, that it meets the existing requirements and that no objections are to be raised.

CORPORATE GOVERNANCE AND DECLARATION OF COMPLIANCE

The Supervisory Board examined the DCGK framework in detail. To monitor compliance with the DCGK, the implementation of the recommendations was reviewed. Together with the Management Board, the Supervisory Board issued the annual declaration of conformity in December 2025. The Declaration of Compliance and further documents relating to corporate governance are made permanently available to shareholders on the internet at https://www.knaustabbert.de/de/investor-relations/cor-porate-governance.

CONFLICTS OF INTEREST

Each member of the Supervisory Board discloses any conflicts of interest that may arise in accordance with the DCGK. In the past financial year, no conflicts of interest arose among members of the Management Board or the Supervisory Board that would have required immediate disclosure to the Supervisory Board.

Jandelsbrunn, March 30, 2026

Dr. Esther Hackl (Chair of the Supervisory Board)

CORPORATE GOVERNANCE

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The Corporate Governance Statement pursuant to Sections 289f and 315d of the German Commercial Code (HGB) forms an integral part of the Management Report. In accordance with Section 317(2), sixth sentence, HGB, the audit of the disclosures pursuant to Sections 289f and 315d HGB is limited to verifying whether such disclosures have been made.

Knaus Tabbert AG complies with all recommendations of the "Government Commission on the German Corporate Governance Code" in the version dated 28 April 2022 ("Code"), as published by the Federal Ministry of Justice in the official section of the Federal Gazette, and will continue to comply with all recommendations of the Code in the future.

Furthermore, Knaus Tabbert AG has complied with all recommendations of the Code since the submission of the last declaration of compliance on 30 December 2024.

Jandelsbrunn, 30 December 2025

The Management Board of Knaus Tabbert AG

Willem Paulus de Pundert (CEO) Radim Sevcik (CFO)

On behalf of the Supervisory Board of Knaus Tabbert AG

Dr Esther Hackl (Chair of the Supervisory Board)

The 2025 Declaration of Compliance is also permanently available to the public on the Company's website at https://www.knaustabbert.de/de/investor-relations/cor-porate-governance.

CORPORATE GOVERNANCE PRACTICES1)

For the Management Board and Supervisory Board of Knaus Tabbert AG, the recommendations of the German Corporate Governance Code (DCGK) and the statutory provisions form an integral part of day-to-day business. We align our business conduct with group-wide standards thatsurpass the requirements of the law and the DCGK.

These standards also include trust, respect and integrity in our dealings with one another. Integrity and safety are overriding priorities in this regard. On this basis, we aim to ensure that our activities are aligned with the interests of the environment and society, thereby supporting sustainable corporate success.

Compliance, understood as the entirety of group-wide measures to ensure adherence to laws and binding internal regulations, is a key management and monitoring responsibility at Knaus Tabbert.

We have set out the key principles of our corporate governance in a Code of Conduct, which provides all Group employees with guidance on responsible, compliant and ethical behaviour in day-to-day business and is binding on the entire workforce, including members of the Management Board and Supervisory Board.

This applies to how we interact with one another as well as with customers and business partners. Key principles include fairness and responsibility, based on respect for the law. In addition to the general principles of conduct, the Code of Conduct also contains, among other things, provisions on integrity and the handling of conflicts of interest, and prohibits corruption in any form. Unlawful conduct by individuals has seriously damaged our com-pany's reputation in the past and caused Knaus Tabbert considerable harm. We are working very closely with the public prosecutor's office in this case.

Knaus Tabbert is aware of its responsibility towards society and takes particular care to identify social and environmental factors and integrate them into its corporate strategy and operational decisions.

The Code of Conduct has been reviewed and aligned with current requirements and developments. Employees are also regularly informed about current issues relating to the Code of Conduct and receive training on specific topics such as product liability, competition law or data protection. The Code of Conduct can be found on the com-pany's website at https://www.knaustabbert.de/de/un-ternehmen/compliance.

MANAGEMENT AND CONTROL1)

The division of responsibilities between the Management Board and the Supervisory Board is governed by the German Stock Corporation Act, the Articles of Association and the rules of procedure for the Management Board and the Supervisory Board. The rules of procedure for the Supervisory Board can be found on the company's website at https://www.knaustabbert.de/investor-rela-tions/corporate-governance.

As the Company's executive body, the Management Board is bound by the interests of the Company and committed to the sustainable enhancement of the Company's value. The members of the Management Board are jointly responsible for the overall management of the business and decide on fundamental issues of business policy and corporate strategy, as well as on annual and multi-year planning.

The Management Board jointly manages the operational business. In the 2025 financial year, the Management Board consisted of two members. Both members are closely involved in operational activities. Notwithstanding the collective responsibility of the Management Board, each member independently manages the business areas assigned to them by the rules of procedure. In cases of dual responsibility, Management Board members are assigned multiple portfolios where individual areas of responsibility are not filled at Management Board level.

The management of the subsidiaries and the heads of the various functional and product divisions currently report to the Management Board as a whole.

The Management Board is responsible for preparing the quarterly reports and the half-yearly financial report, for drawing up the annual and consolidated financial statements, the combined management report for Knaus Tabbert AG and the Group, and for non-financial reporting.

The Management Board also ensures that legal provisions, regulatory requirements and internal company guidelines are complied with and works to ensure that the Group companies observe them (compliance).

When appointing individuals to management positions within the company, the Management Board pays attention to diversity and strives in particular to ensure appropriate representation of women and different nationalities.

The Management Board and the Supervisory Board work closely together for the benefit of the Company. The Supervisory Board advises, monitors and supervises the Management Board, which reports to the Supervisory

Board regularly, promptly and comprehensively on all material matters relating to business development, corporate strategy and potential risks. At regular intervals, the Supervisory Board discusses business development and planning, as well as strategy and its implementation. It also regularly addresses the topics of risk management and compliance. Between meetings, the Chair of the Supervisory Board maintains regular contact with the Management Board, in particular with the CEO, and consults with him on matters of strategy, business development, the risk situation, risk management and the Company's compliance. In times of crisis, the CEO and the Chair of the Supervisory Board maintain particularly close communication.

The Supervisory Board reviews the annual and consolidated financial statements, the combined management report of Knaus Tabbert AG and the Group, the report on the Company's relationships with affiliated companies, the non-financial reporting, and the proposal for the appropriation of retained earnings. It approves the annual financial statements of Knaus Tabbert AG, thereby adopting them, and the consolidated financial statements. In doing so, it bases its decision on the results of the preliminary review carried out by the Audit Committee and takes into account the auditor's reports. The Supervisory Board reviews the Management Board's proposal for the appropriation of retained earnings and adopts its own proposal for the appropriation of retained earnings, as well as the Supervisory Board's report to the Annual General Meeting.

In addition, the Supervisory Board and the Audit Committee are responsible for monitoring the company's compliance with legal provisions, regulatory requirements and internal company guidelines (compliance), as well as for assessing the adequacy and effectiveness of the internal control system, the adequacy and effectiveness of the risk management system, including coverage of sustainability-related objectives, and the internal audit function. The Supervisory Board also deals, as and when necessary, with the investigation of compliance breaches and the assessment of the necessary (legal) measures.

The Supervisory Board's remit also includes appointing the members of the Management Board and determining their areas of responsibility. Together with the Management Board, it prepares the remuneration report. Major decisions by the Management Board, such as significant acquisitions, investments or financial measures, are subject to the approval of the Supervisory Board, unless these are already included in the approved financing and implementation plan (budget). The Supervisory Board regulates the work of the Management Board in the Rules of Procedure for the Management Board.

The composition of the Supervisory Board of Knaus Tabbert AG is prescribed by law and regulated in detail in the Articles of Association. The Supervisory Board consists of twelve members, six of whom are elected by the Annual General Meeting in accordance with the provisions of the German Stock Corporation Act (AktG) and six by the employees in accordance with the provisions of the German Co-Determination Act (MitbestG).

The shareholders of Knaus Tabbert AG exercise their control and co-determination rights at the Annual General Meeting. The Annual General Meeting is chaired by the Chair of the Supervisory Board. The Annual General Meeting decides on all matters assigned to it by law (including the appropriation of profits, the discharge of the Management Board and the Supervisory Board, the election of Supervisory Board members, capital measures and amendments to the Articles of Association). Shareholders may exercise their voting rights at the Annual General Meeting either in person, through an authorised representative or through a proxy appointed by Knaus Tabbert AG.

1) These two sections form part of the Group Sustainability Statement for the financial year 2025.

The Supervisory Board is responsible for advising and supervising the Management Board in the management of Knaus Tabbert AG. It has adopted rules of procedure. In accordance with statutory and Articles of Association provisions, the Supervisory Board appoints the members of the Management Board. The Supervisory Board's monitoring and advisory role also covers sustainability issues. It has adopted rules of procedure for the Management Board, which include a list of transactions requiring approval, as well as a schedule of responsibilities. The rules of procedure were last amended in January 2026.

The Supervisory Board holds at least two meetings per calendar half-year. As a rule, at least five plenary meetings take place per calendar year, though significantly more in times of crisis. The key topics of the meetings in the past financial year are summarised in the Supervisory Board's report, which forms part of this Annual Report. Unless the Chair of the Supervisory Board decides otherwise, the members of the Management Board attend the meetings of the Supervisory Board, report in writing or orally on the individual agenda items and proposed resolutions, and answer questions from the members of the Supervisory Board.

Meetings of the Supervisory Board are normally convened by the Chair of the Supervisory Board with at least fourteen days' notice. The Chair reports to the shareholders at the Annual General Meeting on the activities of the Supervisory Board and its committees. The Management Board regularly informs the Chair of the Supervisory Board about current developments.

To perform its duties efficiently, the Supervisory Board has established five committees: a Presiding Committee, a Nomination Committee, an Audit Committee, a Mediation Committee and a Special Committee.

The Presiding Committee consists of the Chair, the Deputy Chair, a shareholder representative and an employee representative. The Chair of the Supervisory Board chairs the Presiding Committee. The Presiding Committee discusses important matters at the initiative of its Chair and prepares resolutions of the Supervisory Board. In special circumstances or in urgent cases, the Presiding Committee is authorised to approve transactions requiring the approval of the Supervisory Board. The Presiding Committee also deliberates on the Management Board's corporate planning and prepares the Supervisory Board's personnel decisions.

The members of the Presiding Committee are Dr Esther Hackl (Chair), Anton Autengruber (Deputy Chair) until 11 July 2025, Jürgen Spannbauer (Deputy Chair) from 11 July 2025, Willem Paulus de Pundert, whose mandate has been suspended since his appointment to the Management Board until his resignation on 12 November 2025, Ruben Paulus de Pundert from 30 January 2026, Ferdinand Sommer until 11 July 2025 and Claudia Mäder from 11 July 2025.

The Nomination Committee is composed exclusively of shareholder representatives and consists of the Chair of the Supervisory Board and two other Supervisory Board members representing the shareholders. It proposes suitable candidates for election to the Supervisory Board to the Annual General Meeting. The Chair of the Supervisory Board is also Chair of the Nomination Committee.

The members of the Nomination Committee are Dr Esther Hackl (Chair), Klaas Meertens and Willem Paulus de Pundert, whose mandate was suspended from 12 May 2025 until his resignation on 12 November 2025 following his appointment to the Management Board, René Ado Oscar Bours (12 May 2025 to 30 January 2026) and Ruben Paulus de Pundert from 30 January 2026.

An Audit Committee has also been formed. The Audit Committee consists of six members, namely four Supervisory Board members representing the shareholders and two Supervisory Board members representing the

employees. The Audit Committee meets, where necessary, in the presence of the auditor or members of the Management Board. If the auditor is called in as an expert, the Management Board does not attend this meeting unless the Audit Committee deems its attendance necessary. The Audit Committee is responsible for the audit of the financial statements, the supervision of the accounting process, the adequacy and effectiveness of the internal control system, the adequacy and effectiveness of the risk management system, including coverage of sustainability-related objectives, internal audit and compliance. It is also responsible for monitoring the necessary independence of the auditors, awarding the audit engagement to the auditor, determining the audit focus areas, assessing the quality of the audit and agreeing on fees. In addition, the Audit Committee maintains close contact with the external auditor and discusses with them, in particular, the assessment of audit risk, the audit strategy and planning, as well as the audit results. The Chair of the Audit Committee regularly exchanges views with the external auditor on the progress of the audit and reports back to the Audit Committee. The Audit Committee consults regularly with the external auditor, even without the Management Board being present.

The members of the Audit Committee are Jana Donath (Chair), Dr Esther Hackl (Deputy Chair), Anton Autengruber until 11 July 2025, René Ado Oscar Bours, Willem Paulus de Pundert, whose mandate has been suspended since his appointment to the Management Board until his resignation on 12 November 2025, Ruben Paulus de Pundert from 30 January 2026, Ferdinand Sommer until 11

July 2025 and Claudia Mäder from 11 July 2025.

In accordance with the provisions of the German Co-De-termination Act, the Supervisory Board of Knaus Tabbert AG also forms a Mediation Committee comprising the Chair of the Supervisory Board, the Deputy Chair, and one Supervisory Board member each representing the employees and the shareholders.

The members of the Mediation Committee are Dr Esther Hackl (Chair), Anton Autengruber (Deputy Chair) until 11 July 2025, Jürgen Spannbauer (Deputy Chair) from 11 July 2025, Willem Paulus de Pundert, whose term of office was suspended from the date of his appointment to the Management Board until his resignation on 12 November 2025, Ruben Paulus de Pundert from 30 January 2026, and Robert Scherer.

In addition, during the 2024 financial year, the Supervisory Board established a special committee to deal in particular with the company's liquidity position as well as internal compliance investigations and corporate governance issues.

The members of the special committee were Dr Esther Hackl (Chair), Jana Donath, Anton Autengruber and Stephan Kern.

At least once a year, the Supervisory Board reviews the effectiveness of its work and that of its committees. For 2025, this was carried out using a questionnaire, the results of which were discussed in detail by the Supervisory Board.

Further information on the Supervisory Board and its members can be found on the company's website at https://www.knaustabbert.de/en/company/superviso-ryboard. There, the Rules of Procedure of the Supervisory Board are also available at https://www.knaust-abbert.de/en/investor-relations/corporate-governance.

A description of the main features of the internal control system and the risk management system, as well as a statement on the adequacy and effectiveness of these systems, can be found in the 'Opportunities and Risk Re-port' section of the Management Report.

SUCCESSION PLANNING AND DIVERSITY

An important element of good corporate governance is ensuring that the composition of the Management Board and Supervisory Board is aligned with the specific needs of the Company.

Key criteria for this are the professional and personal qualifications of the members of the Management Board and Supervisory Board, as well as diversity in the composition of both bodies, including appropriate representation in accordance with legal requirements and the independence of the Supervisory Board.

With regard to diversity, the Supervisory Board aims to ensure that the composition of the Management Board takes into account a variety of professional and international experiences. When selecting members of the Management Board, in addition to aspects of diversity, the knowledge, professional qualifications and personality of the candidates are decisive. Members of the Management Board should contribute a broad range of professional experience and expertise. In this respect, the diversity policy serves as a supplementary guideline for the selection of suitable Management Board candidates. In 2024, in particular, the Management Board was internati-onalised, a policy the Supervisory Board wishes to continue. Its two current members each come from different EU Member States. Willem Paulus de Pundert, an experienced industry expert, has taken on the role of Chairman of the Management Board.

In March 2025, the Supervisory Board set a target of 0% female representation on the Management Board, as there were no women on the Management Board at that time and the aim was to maintain flexibility regarding the composition of the Management Board team. This target was achieved in the 2025 financial year.

An age limit of 70 applies to members of the Management Board.

For the Supervisory Board of Knaus Tabbert AG, the statutory requirement is that it must comprise at least 30% women and at least 30% men. These quotas must be met separately for shareholder representatives and employee representatives, as the requirement for overall compliance - most recently in 2024 - was rejected (separate compliance). It cannot be ruled out that overall compliance will become the determining factor in the future.

In the 2025 financial year, the Supervisory Board comprised two female members on both the shareholder and employee sides, both before and after the Annual General Meeting on 11 July 2025. This resulted in a quota of 33.3% for the entire Supervisory Board.

The Supervisory Board has also adopted a competence profile for its composition. According to this, the Board as a whole should possess the competencies deemed essential in view of the activities of the Knaus Tabbert Group. These include, in particular, in-depth experience and knowledge

• in the management of a large or medium-sized internationally active company;

• in industrial business and in value creation across various value chains;

• in the field of research and development, particularly in technologies relevant to the company as well as adjacent or related areas;

• in the fields of production, marketing, sales and digitalisation;

• in the key markets in which Knaus Tabbert operates;

• in accounting and financial reporting;

• in controlling/risk management;

• in the field of governance and compliance;

• in sustainability issues.

The following qualifications matrix shows that the members of the Supervisory Board possess a range of expertise, ensuring that the Supervisory Board as a whole meets the agreed competence profile.

In addition to the aforementioned areas of expertise, in accordance with the requirements of Section 100(5) of the German Stock Corporation Act (AktG), at least one

member of the Supervisory Board must possess expertise in the field of financial reporting and at least one further member of the Supervisory Board must possess expertise in the field of auditing, which must be taken into account when appointing a new member of the Supervisory Board. The members as a whole must be familiar with the sector in which the company operates. Within the meaning of Section 100(5) of the German Stock Corporation Act (AktG), the Chair of the Audit Committee, Jana Donath, possesses expertise in the field of auditing. René Ado Oscar Bours possesses expertise in the field of accounting within this meaning.

More than half of the shareholder representatives should be independent of the company and the Management Board within the meaning of the DCGK. At least two shareholder representatives should be independent of a controlling shareholder within the meaning of the DCGK (both Dr Esther Hackl and Jana Donath meet this criterion). The Chair of the Supervisory Board, the Chair of the

Audit Committee and the Chair of the Committee responsible for Management Board remuneration should be independent of the company and the Management Board. The Chair of the Audit Committee should also be independent of any controlling shareholder. Members of the Supervisory Board should not hold any executive or advisory positions with the company's major competitors, customers, suppliers or lenders, or with any other third parties, nor should they have any personal relationship with such parties. No more than two former members of the Management Board should sit on the Supervisory Board.

As a rule, members of the Supervisory Board should not be older than 72 years of age. Exceptions may be made in justified individual cases. In principle, the term of office on the Supervisory Board should not exceed twelve years.

The Supervisory Board has adopted a competence profile and considers that this is currently fully implemented.

QUALIF ICATION M ATRIX *

*These sections form part of the Group Sustainability Statement for the 2025 financial year.

When filling management positions within the company, the Management Board pays attention to diversity and strives to ensure appropriate gender representation. As a technology-oriented company, Knaus Tabbert AG must take into account industry-specific circumstances as well as the current proportion of women in the workforce when setting its targets. The Management Board has therefore set a target of 33% for the proportion of women in the first management level of Knaus Tabbert AG below the Management Board, and a target of 22% for the proportion of women in the second management level below the Management Board, both to be achieved by December 2025. Both targets were met in the 2025 financial year. The resolution is valid for a period of five years. However, the Management Board reserves the right to set a higher proportion of women in the first two management levels below the Management Board in the future, provided this can be implemented whilst taking into account industry-specific circumstances.

REMUNERATION REPORT AND REMUNERATION SYSTEM

The remuneration report for the 2025 financial year in accordance with Section 162(1) of the German Stock Corporation Act (AktG), as well as the auditor's report on the audit of the remuneration report for the 2025 financial year in accordance with Section 162(3), third sentence, of the German Stock Corporation Act (AktG), and the current remuneration system approved by the Annual General Meeting on 11 July 2025 in accordance with Section 87a(1) and (2), first sentence, of the German Stock Corporation Act (AktG), as well as the remuneration resolution passed by the Annual General Meeting on 21 June 2024 in accordance with Section 113(3) of the German Stock Corporation Act (AktG), are made publicly available at: https://www.knaustabbert.de/en/investor-relations/corporate-governance/

TRANSPARENT CORPORATE COMMUNICATION

Open and transparent corporate communication is an essential component of good corporate governance. In addition to clear and comprehensible content, this also requires equal access to information about the company for all target groups.

Knaus Tabbert AG informs shareholders, financial analysts, the media and the interested public, in accordance with its legal obligations, on an equal footing and in a timely manner about the company's development and significant events. All mandatory disclosures and detailed

supplementary information are made available promptly on the company's website. Corporate publications such as ad hoc announcements, press releases and interim and annual reports are made available simultaneously to analysts and investors in both German and English.

The scheduled dates of key recurring events, i.e. the publication dates of the annual report and interim reports, as well as the date of the Annual General Meeting, are summarised in a financial calendar. This is published at the start of each financial year and made available on the Knaus Tabbert website. The publication dates are based on the requirements of the Frankfurt Stock Exchange's Listing Rules for securities in the Prime Standard segment.

KNAUS TABBERT AG - ANNUAL REPORT 2025

COMBINED FINANCIAL REPORT

21

GROUP OVERVIEW

The listed company Knaus Tabbert AG is the parent company of the Knaus Tabbert Group, headquartered in Jandelsbrunn, Germany. The company is registered with the Passau Local Court under commercial register number HRB 11089.

The Consolidated Financial Statements comprise the company and its subsidiaries (collectively referred to as "Knaus Tabbert" or the "Group"). The company's governing bodies are the Management Board, the Supervisory Board and the Annual General Meeting. The balance sheet date is 31 December.

The company's shares have been traded in the Prime Standard segment of the regulated market of the Frankfurt Stock Exchange since 23 September 2020.

• ISIN: DE000A2YN504

• WKN: A2YN50

  Knaus Tabbert AG holds a 100% stake in the following companies:

• Caravan-Welt GmbH Nord, Bönningstedt

• Knaus Tabbert Kft., Vac, Hungary

• HÜTTLrent GmbH, Maintal

• MORELO Reisemobile GmbH, Schlüsselfeld

• WVD Südcaravan GmbH, Freiburg

• Knaus Tabbert Foundation gGmbH

  Management Board and Supervisory Board

  The Management Board of Knaus Tabbert AG leads the company at its own responsibility. The Supervisory Board appoints, monitors and advises the Management Board and is directly involved in decisions of fundamental importance to the company. It is composed of an equal number of representatives from the shareholder and employee sides, with six members from each. Both bodies work closely together for the benefit of Knaus Tabbert. Further details are set out in the section 'Corporate Governance Statement'.

  Changes in the Management Board

  The following formal change took place in the 2025 financial year:

  At its meeting on 12 November 2025, the Supervisory Board of Knaus Tabbert AG extended the contract of CEO

  Willem Paulus de Pundert, who had originally been appointed to the Management Board from the Supervisory Board, until the end of the 2026 Annual General Meeting.

  MANAGEMENT SYSTEM

  For internal management purposes, Knaus Tabbert has divided its operating business into two segments, which also correspond to segments in accordance with International Financial Reporting Standards (IFRS 8):

• Premium segment: comprising the KNAUS, TABBERT, WEINSBERG and T@B brands

• Luxury segment: comprising the MORELO brand.

  The key financial performance indicators include metrics relating to growth, profitability and the capital structure.

  The most significant key figures for steering the Group are:

• revenue, and

• adjusted EBITDA margin (based on adjusted EBITDA)

For Knaus Tabbert, the adjusted EBITDA margin provides additional clarity and makes it easier to assess the operational profitability of its business model - including in comparison with the industry.

BUSINESS MODEL1

Knaus Tabbert operates in the recreational vehicle market and manufactures motorhomes, caravans and camper vans. In terms of market share*), Knaus Tabbert, with its five brands, ranks among Europe's leading manufacturers of recreational vehicles.

With its balanced brand portfolio, Knaus Tabbert is represented in all product categories - namely motorhomes, caravans and camper vans - as well as price segments, and occupies top positions in European registration sta-tistics*).

The value chain extends from research and development through production and sales to after-sales services.

Knaus Tabbert manufactures at three sites in Germany (Jandelsbrunn, Schlüsselfeld and Mottgers) and at one site in Hungary (Nagyoroszi).

As at the balance sheet date of 31 December 2025, the Group employed a total of 3,306 members of staff, 592 of whom were agency workers.

Production at Knaus Tabbert is organised as a production network and is characterised by high efficiency. For example, the company is able to manufacture motorhomes, caravans and camper vans on a single production line . Furthermore, standardisation of production processes makes it possible to produce the same models at different sites. This adds a high degree of flexibility within the production network.

Production is generally carried out to order. This enables a rapid response to market changes and fluctuations in sales. In the 2025 financial year, vehicles from all model ranges were essentially produced to order.

The Group's sales (invoiced units) amounted to 20,574 vehicles in the 2025 financial year.

The company's portfolio comprises the five brands KNAUS and WEINSBERG (motorhomes, caravans and camper vans), TABBERT and T@B (caravans), and MORELO (luxury motorhomes). The target customer groups for the individual brands differ, meaning that suitable solutions are offered for both price-conscious newcomers and demanding, experienced caravanning enthusiasts, covering all product and price segments up to the high-end standard in the Luxury segment. The individual brands do not compete with one another.

Sales are conducted via an extensive dealer network. The Group also sells vehicles of the Premium segment directly to end customers through three of its own trading companies.

In addition to the dealer network, Knaus Tabbert offers its customers access to service stations in Germany via its cooperation partner MAN.

Knaus Tabbert sells its products primarily in Europe. Nevertheless, the Group regards itself as a company with regional roots. Knaus Tabbert is therefore aware that its business success depends significantly on its employees from the respective regions of its production sites. Knaus Tabbert's interest in prosperous regional development is correspondingly strong.

In addition to the five brands, Knaus Tabbert operates the digital rental brand RENT AND TRAVEL. This enables users, including newcomers, to rent and test recreational vehicles from the range offered by the Group's brands. The platform connects customers, travel agencies and rental stations.

The regular renewal of the rental fleet by rental partners provides an additional sales channel for Knaus Tabbert. At the same time, the rental market is a key tool for attracting new customers and building customer loyalty.

*)CIVD registration statistics for motorhomes and caravans in Europe in 2025

Alongside operational business development, research and development form the foundation for Knaus Tab-bert's competitiveness and market position. Since the company was founded, this area has been given high priority in order to continuously improve the product range.

In total, EUR 2.6 million (previous year: EUR 3.9 million) in development costs were capitalised in the 2025 financial year, as they met the relevant eligibility criteria. Of this amount, EUR 0.5 million (previous year: EUR 0.9 million) in the current 2025 financial year resulted from capitalised third-party development costs.

Taking into account the capitalised development costs, the R&D ratio fell to 0.3% (previous year: 0.5%) relative to the increase in revenue.

Knaus Tabbert's innovation activities focus on the consistent further development of its products with the aim of offering its customers an even better user experience. At the same time, the aim is also to enhance environmental compatibility and sustainability, thereby achieving clear differentiation from the competition. Key priorities include, in particular, the digitalisation of vehicles, the use of lightweight components as a replacement for conventional steel and timber structures, increasing self-suffi-ciency - particularly with regard to greater independence from grid-connected power supplies - and the increased use of sustainable materials.

Effective procurement and supply chain management is essential for a smooth production process. As a manufacturer of recreational vehicles, Knaus Tabbert relies on a wide range of components and systems, which the company sources from various suppliers.

Knaus Tabbert's procurement strategy is characterised by an order-based practice, which enables the company to respond flexibly to production requirements. For critical components, Knaus Tabbert has implemented a demand-driven stockholding system to avoid bottlenecks and production downtime. Through careful planning and monitoring of stock levels, the company minimises risks whilst optimising its cost structure.

Knaus Tabbert's procurement strategy focuses on sourcing the required purchased parts, materials and components largely within Germany, but also from other European countries. In addition, international suppliers are integrated via European distributors to offset currency risks and ensure a reliable supply. The focus in the selection process is on suppliers who demonstrate high quality, reliability and sustainability. Selection is based on the company's own Supplier Code of Conduct and the provisions of the German Supply Chain Duty of Care Act. Through the Supplier Code of Conduct, Knaus Tabbert also commits its suppliers and partner companies to sustainable corporate governance. In return, the Group benefits from reliable business relationships and longterm stable supply chains and prices.

1This section forms part of the Group Sustainability Statement for the 2025 financial year.

STRATEGY2

The strategic focus of the Knaus Tabbert Group remains fundamentally in line with the company's previous direction. The company's success continues to be based on the following four strategic pillars.

The basis for Knaus Tabbert's market position is a solid product range in which quality and customer benefit are paramount. On this basis, the company aims to secure and strengthen its competitiveness in the long term. Innovation is a key factor in this success. Drawing on its technological expertise, Knaus Tabbert offers its customers optimal product and design solutions.

Knaus Tabbert aims to strengthen its competitiveness through a holistic understanding of the business and the ongoing optimisation of key processes. Process efficiency is to be further enhanced through automation, digitalisation and the use of new management tools. In all business activities, reducing complexity and integrating functions, as well as a focus on sustainability, play a key role.

Knaus Tabbert has established itself as a major player in the European caravanning market and has an extensive network of partners and other stakeholders. These have formed the basis for the company's success to date and will continue to be of central importance in the future. They include employees and local communities, the dealer network, suppliers and financial service providers, as well as other stakeholder groups. To further strengthen the company's position in Europe, Knaus Tabbert does not rule out strategic acquisitions, although the primary focus is currently on organic growth.

Sustainability is deeply rooted in Knaus Tabbert's tradition and is a fundamental component of the corporate culture and strategy. Knaus Tabbert is convinced that long-term economic success is only possible on the basis of fully responsible conduct. In this regard, the Group pursues a holistic approach that encompasses all ESG aspects.

2) This section forms part of the Group Sustainability Statement for the 2025 financial year.

ECONOMIC REPORT3

In 2025, Germany's overall economic performance remained characterised by structural challenges and only weak growth. Following two years of declining economic output, price-adjusted gross domestic product rose slightly, by around 0.2%, in 2025 for the first time, driven primarily by a moderate increase in private and government consumption expenditure, whilst investment activity remained tentative and exports performed poorly.

Over the course of the year, the German economy remained in a phase of weak growth, exacerbated by cyclical and, above all, structural factors such as demographic changes, geopolitical fragmentation and competitive deficits. The Federal Government's 2025 Annual Economic Report highlights that domestic and external demand remained significantly subdued despite a global resurgence in world trade.

Structural challenges, such as high bureaucratic burdens, a shortage of skilled workers and deficits in infrastructure and digitalisation, remained central themes in economic policy debates. Against this backdrop, the 2025 Annual Economic Report highlights measures in several areas of action to strengthen competitiveness and investment activity, with a view to improving the long-term dynamism of the economy.

Overall, the economic environment in the 2025 reporting year was characterised by only a marginal recovery, which, however, could not compensate for all structural burdens, highlighting the need for reform with regard to productivity, competitiveness and growth.

³) Federal Government's Annual Economic Report 2025 and Fed-eral Government Bulletin No. 10-1

DEVELOPMENT OF THE SECTOR4)

In 2025, a total of 94,134 caravans and motorhomes were newly registered in Germany. With a decline of 2.3%, the sector is thus only slightly below the very high level of the previous year, and continues to achieve one of the best results in its history.

The motorhome segment once again performed well, exceeding the already strong previous year's result by just under 1% with 75,368 new registrations. This represents the third-best result of all time.

Private demand was particularly buoyant, rising by 7.2% to 49,983 vehicles, whilst commercial registrations fell by 9.7% to 25,385 units.

The caravan sector, by contrast, recorded a 13.4% year-on-year decline to 18,766 new registrations, but remains at a stable level in the long term.

The used vehicle market underscores the enduring appeal of mobile holidays: with 192,239 transfers of ownership, a new record was set (+2.7%). Both vehicle segments contributed to this record high - 111,034 motorhomes (+4.1%) and 81,205 caravans (+0.8%).

As a result of a temporary oversupply in the retail sector, manufacturers adjusted their production volumes accordingly. In total, around 99,000 recreational vehicles were produced in 2025, representing a decline of around 17% compared with the previous year.

Due to the fewer deliveries of new vehicles and continued stable demand, the increased dealer stock at the start of the year was significantly reduced over the course of the year.

Industry turnover in Germany amounted to around EUR

14.1 billion in 2025, which was approximately 6.5% below the previous year's figure.

Despite temporary market adjustments, this development confirms the sector's structural resilience and the continued high demand for caravanning products.

4) Over 94,000 new registrations: German caravanning industry re-ports positive annual results - Caravanning

OVERALL ASSESSMENT OF THE GROUP

Knaus Tabbert introduced measures at the end of last year and at the start of the 2025 financial year to consolidate the company's competitiveness.

Reducing inventories is seen as a key objective. Production at the Jandelsbrunn and Nagyoroszi (HU) sites was therefore not resumed until 27 January 2025. At the Mott-gers and Schlüsselfeld sites, by contrast, production had begun in mid-January. The late start to production compared with the previous year and a significantly reduced planned production volume in the first half of the year consequently also have a negative impact on earnings performance.

The package of measures includes a review of the product portfolio and a significant adjustment of the cost base (implementation of efficiency measures in production, adjustment of the headcount and the number of temporary staff, as well as the use of short-time working, and savings in other operating expenses).

Since the market returned to normal following the pandemic-driven boom, the caravanning sector has been characterised by increased stock levels in the retail sector and a resulting temporary oversupply of recreational vehicles. This has intensified competition across the industry and led to corresponding price pressure. To secure capacity utilisation in this competitive market environment whilst simultaneously reducing stock levels along the supply chain, sales promotion measures were stepped up. The resulting pressure on sales prices had a direct impact on achievable margins, and thus placed an additional strain on earnings performance during the financial year.5

Against the backdrop of these challenging developments during the 2025 financial year, Knaus Tabbert adjusted the forecast communicated as part of its annual reporting in March 2025 on several occasions. The most recent adjustment was made on 11 November 2025.

Whilst the forecast revenue trend was achieved, the EBITDA margin fell short of management's expectations. The forecast issued in this regard was therefore only partially met. This assessment also takes into account findings after the end of the financial year.

5) Caravaning Industry Association (CIVD): Industry trends 2024/2025

COMPARISON OF ACTUAL BUSINESS PERFORMANCE WITH THE FORECAST

BUSINESS AND EARNINGS SITUATION

RECONCILIATION OF ADJUSTED EBITDA

Knaus Tabbert's business is characterised by seasonal demand patterns within a financial year. The development of the order book continues to be influenced by cautious ordering behaviour on the part of retailers. Following the exceptional years of the pandemic, the caravanning industry is steadily returning to normality. As at the balance sheet date of 31 December 2025, the Group reported an order book of EUR 454 million (previous year: EUR 480 million).

GROUP REVENUE AND EARNINGS

The Group's activities are divided into the Premium and Luxury segments. To ensure a transparent presentation of current business, adjusted figures are calculated and reported for both the Group and the segments.

in EUR million 2025

Adjustment for one-off items

Provision for severance payments 2.1

Independent Business Review (IBR) 0.7

Incorrect weight specifications 3.4

GROUP KEY FIGURES

The adjustments include individual items where these have a material impact in a reporting year. These individual items may relate in particular to restructuring costs, one-off transaction costs or other exceptional expenses.

EBITDA and EBIT - as well as the corresponding adjusted earnings figures - are calculated in accordance with International Financial Reporting Standards (IFRS) as adopted by the EU.

Knaus Tabbert believes that adjusting for one-off items improves both transparency and long-term comparability for assessing the Group's performance and profitability.

In the 2025 financial year, there were one-off items that led to an adjustment to EBITDA.

• As part of the restructuring and the adjustment of capacity to a lower level, a further reduction in staff numbers has become necessary. This was largely implemented by February 2026. In this context, a provision of EUR 2.1 million has been set aside.

• In connection with the amendment of the syndicated loan agreement, consultancy fees of EUR 0.7 million were incurred for an 'Independent Business Review - Update' (IBR).

• In connection with the investigations into incorrect weight specifications for vehicles, a fine notice from the Stuttgart Public Prosecutor's Office was accepted in December 2025, leading to a further increase in the provision of EUR 3.4 million.

Information on the management system and the most significant performance indicators can be found in the chapter "Group Fundamentals/Management System".

KEY FINANCIAL PERFORMANCE INDICATORS

FINANCIAL YEAR 2025

in EUR million Premium segment

Luxury segment Total

a decrease of 7.4% compared with the same period in 2024 (previous year: EUR 1,082.1 million).

Of the total revenue of EUR 1,002.1 million, 74.6% (previous year: 77.6%) was generated from the sale of motorised vehicles (motorhomes and camper vans) and 20.4% (previous year: 19.1%) from caravan sales. A further 5.0% (previous year: 3.3%) was attributable to the after-sales business.

Revenue performance was primarily driven by structural shifts within the product categories, in particular by the increased share of the after-sales business, which resulted from repurchase obligations and the subsequent marketing of these vehicles as used vehicles. The regional breakdown of revenue between domestic and international markets remained close to unchanged.

Price and volume effects, by contrast, had a negative impact on revenue: the price level was lowered by the sale of vehicles in stock, and sales volumes declined noticeably. Changes to the product range had no significant impact. Overall, the revenue trend thus reflects business ac-

tivity characterised by structural shifts, whilst price and

In the 2025 financial year, Knaus Tabbert sold a total of

SALES BY PRODUCT CATEGORIES

20,574 units (previous year: 22,575 units).

in units 2025 2024

volume effects placed an additional strain on revenue.

Inventories of finished and work-in-progress goods (change in inventories) decreased by EUR 93.5 million in the 2025 financial year (previous year: increase of EUR 59.1 million). In both the Premium and Luxury business segments, inventories of finished and work-in-progress goods were significantly reduced.

of which camper vans 4,969 5,225

Germany was once again the largest sales market, with France, the Netherlands and Scandinavia also ranking among the main sales markets.

Knaus Tabbert recorded consolidated revenue of EUR 1,002.1 million in the 2025 financial year. This represents

million. Including other operating income of EUR 6.5 million (previous year: EUR 8.4 million), total output amounted to EUR 918.6 million (previous year: EUR 1,160.5 million).

In line with the lower total output and lower total revenue, material costs fell by EUR 199.2 million to EUR 663.0 million during the reporting period.

The cost-of-materials ratio (including expenditure on temporary staff) relative to total revenue fell by 2.1 percentage points to 72.2%. The lower cost-of-materials ratio compared with the previous year is primarily due to positive effects on material procurement and a lower need for write-downs on vehicles in stock; this is offset by repurchase obligations for vehicles resulting from dealer insolvencies and their marketing.

Due to the significant reduction in staff numbers and the use of short-time working, absolute staff costs also declined, to EUR 136.0 million, which represents a decrease of EUR 21.0 million compared with the previous year.

Further staff restructuring costs, which were initiated at the end of 2025, as well as wage adjustments, weighed on staff costs in the past financial year. Relative to total operating revenue, staff costs, at a ratio of 14.8%, were thus 1.3 percentage points higher than the previous year's figure of 13.5%. The rise in the ratio is mainly attributable to the production stoppage at the start of the year, and to lower efficiency and capacity utilisation in production.

Including costs for temporary staff, who make a significant contribution to value creation, the ratio of 16.5% was still above the previous year's figure of 15.9%. The reduction in staff numbers also included a significant reduction in the number of temporary staff.

Other operating expenses fell by 34.0%, or EUR 50.7 million, compared with the previous year to EUR 98.5 million. This was primarily due to the cost-saving measures that took effect during the financial year. In particular, advertising and trade fair costs, as well as expenses for the handling and storage of finished vehicles, were significantly reduced. Furthermore, goodwill and warranty expenses decreased as a result of the lower revenue. Lower provisions for bad debts and lower exchange rate losses from currency translations also contributed to the reduction in expenses. This was offset by costs relating to legal disputes.

The adjusted EBITDA margin of 2.7% was slightly above the previous year's figure of 2.6%, but fell short of the forecast issued for the 2025 financial year.

The main reason for this was a lower-than-expected margin on vehicle sales. This was significantly influenced by an oversaturated market and the increased sale of stock vehicles - both at Knaus Tabbert and our dealers, as well as among competitors and their sales partners. This led to sustained price pressure throughout the year, which weighed on the price levels achieved for production vehicles, stock vehicles and vehicles from insolvency repurchases.

Furthermore, the production stoppage at the start of the year, as well as lower production efficiency and capacity utilisation later in the year (which was also attributable to a shortage of chassis in the final quarter of the year), had a negative impact on earnings performance. Additional burdens arose from staff restructuring costs, wage ad-

justments and costs relating to legal disputes. The savings realised in cost of materials and other operating expenses were not sufficient to fully offset these burdens. Depreciation and amortisation fell by 11.9%, primarily due to reduced investment activity, amounting to EUR 34.3 million compared with EUR 38.9 million in the previous year. Adjustments to the product portfolio (reduction in product variety) contributed to the increased depreciation and amortisation expense in the previous year.

On this basis, the operating result (EBIT) amounted to EUR -13.2 million, compared with EUR -46.8 million in the previous year.

The financial result for the reporting year was EUR -18.0 million (previous year: EUR -14.3 million). The significant increase is due to generally higher interest rates and the costs of amending the loan agreement.

Taking into account tax expense of EUR 5.8 million (previous year: tax income of EUR 13.1 million), this results in a net loss for the 2025 financial year of EUR 36.9 million (previous year: net loss of EUR 48.0 million).

Performance of the Premium segment

Revenue in the Premium segment amounted to EUR

836.0 million in the 2025 financial year, which is 9.5% below the previous year's figure (EUR 924.1 million). A total of 20,077 units sold (previous year: 22,072 units) are attributable to the Premium segment.

The segment's adjusted EBITDA stood at EUR 19.3 million, up 12.9% on the previous year's figure (EUR 17.1 million). In the 2025 financial year, specific items led to an adjustment to EBITDA. These are explained in more detail in the Notes to the Consolidated Financial Statements.

The total investment volume of the Premium segment amounted to EUR 10.0 million (previous year: EUR 40.5 million), of which EUR 2.6 million related to intangible assets such as development services, industrial property rights and similar assets. A further EUR 7.0 million relates to property, plant and equipment such as land, machinery and other operating and office equipment, and is largely attributable to replacement investments.

Performance of the Luxury segment

In the Luxury segment, Knaus Tabbert recorded sales of 497 units in 2025 (previous year: 503 units). Revenue increased by EUR 8.1 million, or 5.1%, to EUR 166.1 million, driven by sales of high-priced vehicles.

EBITDA in the Luxury segment stood at EUR 8.0 million, 29.1% below the previous year's figure of EUR 11.2 million.

In the 2025 financial year, there were no specific items that led to an adjustment to EBITDA.

The total investment volume in the Luxury segment amounted to EUR 1.7 million (previous year: EUR 13.9 million) and related almost exclusively to property, plant and equipment such as machinery and other operating and office equipment.

FINANCIAL POSITION

Non-current assets decreased to EUR 236.8 million as at the balance sheet date of 31 December 2025 as a result of reduced investment in property, plant and equipment, scheduled depreciation and amortisation, and the reduction in deferred taxes.

Of the investments in property, plant and equipment amounting to EUR 8.7 million (previous year: EUR 48.3 million), EUR 7.1 million (previous year: EUR 34.8 million) related to the Premium segment. These consisted primarily of replacement investments, investments in the rental fleet of retailers, and investments in connection with the accounting for rental and lease obligations under IFRS 16. A further EUR 1.6 million related to the Luxury segment, primarily comprising tools and replacement investments at the Schlüsselfeld site.

Additions to intangible assets comprised investments in development costs amounting to EUR 2.6 million (previous year: EUR 3.9 million), which were primarily related to the development of new caravans and motorhomes.

The investments in development costs relate exclusively to the Premium segment; no development costs were capitalised in the Luxury segment.

Current assets stood at EUR 279.8 million, down EUR

92.1 million on the figure for the same date last year. This development is largely attributable to the decrease in inventories by EUR 116.2 million; this is offset by the increase in other receivables and assets to EUR 48.4 million (31 December 2024: EUR 21.8 million), which is driven by the rise in bonus receivables from suppliers, VAT receivables and factoring receivables

The trend in inventories, in line with adjusted production in the current financial year, is linked to the significant reduction in finished vehicles of EUR 96.0 million. Furthermore, the optimisation of the chassis stock enabled raw materials, consumables and supplies to be reduced by EUR 19.0 million to EUR 84.9 million.

Trade receivables increased slightly, by EUR 2.1 million to EUR 47.7 million, due to ongoing production until the end of the year and the associated higher revenue in December.

Trade payables decreased by EUR 29.5 million to EUR

40.9 million, compared with the balance sheet date of 31 December 2024, due to shorter payment terms from suppliers resulting from the missing of credit lines from trade credit insurers.

Tax liabilities were paid on time, resulting in a reduction of EUR 16.3 million to EUR 0.3 million as at 31 December 2025.

The challenges of the current financial year, together with the resulting earnings situation in the 2025 financial year, weighed on the Group's financial ratios. As a result, the Group was unable to meet the minimum EBITDA and working capital ratio covenants agreed in the syndicated loan agreement as at 31 December 2025. The lending banks were therefore entitled to a special right of termination. The Group notified the lending banks of this breach of covenants at an early stage and, during the subsequent negotiations, secured an amendment to the agreement.

The existing syndicated loan agreement was amended on 20 March 2026 with regard to the financing terms. The terms of this amendment agreement additionally include an agreement on minimum liquidity, minimum EBITDA and a working capital ratio as financial covenants. Please also refer to the additional information provided in the Risk Report.

The Knaus Tabbert Group's balance sheet equity stood at EUR 77.0 million as at the balance sheet date (previous year: EUR 113.2 million). This significant decline results from the net loss for the year of EUR 36.9 million

The equity ratio stood at 14.9% as at 31 December 2025 (previous year: 17.7%).

Non-current liabilities stood at EUR 111.2 million, down EUR 6.9 million on the previous year, primarily due to the reduction in the warranty provision.

Current liabilities stood at EUR 328.5 million, down EUR

79.7 million on the previous year. This is primarily due to the reduction in liabilities to banks by EUR 25.9 million to EUR 226.1 million; Knaus Tabbert AG repaid the first tranche of the promissory note in the amount of EUR 20.0 million on schedule (promissory note 2022-2032: EUR 100 million).

Knaus Tabbert generated a cash flow from operating activities of EUR 54.6 million in the 2025 financial year (previous year: positive cash flow of KEUR 29). This was derived from the net income for the year, taking into account non-cash expenses and income as well as the change in working capital.

The development of cash flow from operating activities is primarily attributable to the significant decrease in inventories as at the balance sheet date, amounting to EUR

116.2 million. This was offset by the net loss for the year of EUR 36.9 million.

Cash flow from investing activities, at EUR -8.5 million, was EUR 26.0 million lower than the previous year's figure (EUR -34.5 million). In the current financial year, capital expenditure relates almost exclusively to replacement and product-related investments.

At EUR 3.1 million, investments in intangible assets such as development work, industrial property rights and similar assets, were below the previous year's level (EUR 6.1 million).

Knaus Tabbert recorded a cash outflow of EUR 50.0 million from financing activities (previous year: cash inflow of EUR 38.1 million). This figure includes the repayment of the EUR 20 million promissory note tranche due in June 2025. Financial liabilities decreased by a net total of EUR 26.6 million

For details on existing repayment obligations and contingent liabilities, please refer to Notes 10 and 11.

The appropriation of profits is generally based on the retained earnings reported in Knaus Tabbert AG's annual results under commercial law. For the financial year 2025, a loss of EUR 40.9 million was reported (previous year: loss of EUR 45.7 million).

The Knaus Tabbert Group's dividend policy is geared towards continuity, taking into account macroeconomic developments as well as the company's economic and financial position.

Specifically, it provides for the distribution of around 50% of the Group's net profit for the year (in accordance with IFRS) as a dividend to shareholders, thereby allowing them to participate appropriately in the Group's financial success.

For the 2025 financial year, Knaus Tabbert reports a consolidated net loss of EUR 36.9 million; for this reason, no dividend payment is planned. Notwithstanding this, due to the contractual provisions of the existing loan agreement, dividend payments and comparable distributions to shareholders are not permitted until the end of the contract term, unless the financing banks agree to this. Against this background, no dividend payment is planned for the duration of the contractual restriction.

KNAUS TABBERT AG (HGB)

Knaus Tabbert AG steers its operating business on the basis of revenue and EBITDA adjusted for special items. In the 2025 financial year, specific circumstances arose that led to an adjustment to EBITDA.

The adjustments include specific items which have a material impact in a reporting year. These specific items may include, in particular, restructuring costs, one-off transaction costs or other exceptional expenses.

Knaus Tabbert believes that adjusting for one-off items improves both transparency and long-term comparability for assessing performance and profitability.

RECONCILIATION OF ADJUSTED EBITDA

In the 2025 financial year, the following one-off items led to an adjustment to EBITDA:

in EUR million 2025

Adjustment for one-off items

Provision for severance payments 2.1

• As part of restructuring and the adjustment of capacity to a lower level, a further reduction in staff numbers has become necessary. This was largely implemented by February 2026. In this context, a provision of EUR 2.1 million has been recognised.

• Consultancy fees of EUR 0.7 million incurred in connection with the amendment of the syndicated loan agreement for an 'Independent Business Review -Update' (IBR).

• In connection with the investigations into incorrect vehicle registration details, a fine notice from the Stuttgart Public Prosecutor's Office was accepted in December 2025, leading to an increase in risk provisions of EUR 3.4 million.

Of the total revenue of EUR 814.5 million, 69.4% (previous year: 75.6%) was generated by motorised vehicles (mo-

torhomes and camper vans). Sales of caravans contributed 24.6% (previous year: 23.4%) to total revenue. A further 6.0% of revenue was attributable primarily to the after-sales division, as well as to the repurchase obligations for vehicles arising from dealer insolvencies and their marketing as used vehicles.

Revenue was generated exclusively by the Premium segment.

The forecast report for the 2025 financial year did not include a separate revenue forecast for Knaus Tabbert AG; instead, revenue growth in line with that of the Group as a whole was anticipated. Knaus Tabbert AG's actual revenue performance was in line with this expectation. Revenue performance was significantly influenced by a delayed start to production at the beginning of the financial year, as well as a generally lower production output.

At EUR -76.6 million, the change in inventories was significantly below the previous year's figure of EUR 41.3 million, and resulted from a reduced stock of finished and unfinished vehicles as at the balance sheet date of 31 December 2025.

Material costs fell to EUR 571.6 million in the reporting period (previous year: EUR 753.6 million) due to the significantly lower revenue.

The cost-of-materials ratio relative to total revenue fell by

1.5 percentage points to 76.4%. The lower cost-of-mate-rials ratio is primarily due to positive effects from material procurement, offset by vehicle repurchase obligations arising from dealer insolvencies and the marketing of these vehicles.

Personnel expenses fell by EUR 20.3 million compared with the previous year to EUR 97.2 million.

As a percentage of total revenue, staff costs stood at 13.0%, which is 0.9 percentage points higher than the previous year's figure of 12.1%.

Personnel expenses were adjusted in line with the planned

production volume. Staff reduction measures were implemented at the Jandelsbrunn site at the start of the financial year, and short-time working continued to be utilised. Further staff restructuring costs, which were initiated at the end of 2025, as well as wage adjustments are weighing on staff costs.

Other operating expenses fell by 34.2% compared with the previous year, or by EUR 42.9 million in absolute terms, to EUR 82.5 million. The cost-saving measures introduced were showing effect in the past financial year. A

significant reduction in advertising and trade fair costs, and costs for external services was achieved. Additionally, lower goodwill and warranty expenses due to lower revenue, and lower provisions for bad debts, contributed to the reduction. Costs relating to legal disputes continue to negatively affect earnings.

Adjusted EBITDA for the financial year decreased from EUR 4.8 million in the previous year to EUR 2.9 million. The adjusted EBITDA margin stands at 0.4%.

Overall, Knaus Tabbert AG's business performance has therefore only partially met management's expectations, as set out in the Group forecast, with regard to the adjusted EBITDA margin. For a more detailed analysis of the forecast performance, please refer to the comments in the overall assessment of the Group.

Depreciation and amortisation decreased from EUR 33.0 million in the previous year to EUR 20.5 million due to lower investment activity. In the previous year, necessary write-downs on the value of the investment in the subsidiary WVD Südcaravan GmbH, as well as adjustments to the product portfolio (reduction in product variety), contributed to the increased depreciation and amortisation expense.

The pre-tax loss for the financial year fell to EUR -35.2 million (previous year: EUR -61.9 million).

Taking into account the revaluation of deferred tax liabilities relating to tax loss carry-forwards, tax expense amounted to EUR 5.2 million (previous year: tax income of EUR 16.4 million). On balance, this results in a net loss for the 2025 financial year of EUR 40.9 million (previous year: net loss of EUR 45.7 million).

Knaus Tabbert AG's fixed assets decreased by EUR 17.0 million to EUR 148.8 million as a result of reduced investment activity and scheduled depreciation.

Investments in property, plant and equipment mainly comprised replacement investments and investments in tools.

Additions to intangible assets comprised investments in development costs amounting to EUR 2.6 million (previous year: EUR 3.9 million), which were primarily related to the development of new caravans and motorhomes.

Financial assets include the acquisition costs for shareholdings in subsidiaries as well as loans to the Hungarian subsidiary, which were provided to finance investments

at the Nagyoroszi site. In the reporting year, a further EUR

3.9 million were provided to Knaus Tabbert Kft., Hungary. Knaus Tabbert AG has identified a impairment in the 2024 financial year relating to its 100% stake in WVD Südcaravan GmbH, Freiburg, acquired in 2022. The carrying amount of the investment as at 31 December 2025 was EUR 0 million (31 December 2024: EUR 0.0 million).

Current assets stood at EUR 192.0 million, which was EUR 72.9 million lower than the figure for the same date last year. This development was largely due to a reduction in inventories of EUR 97.1 million, in particular of finished goods amounting to EUR 81.9 million, and of raw materials, consumables and supplies amounting to EUR

17.7 million. This was offset by an increase in trade receivables of EUR 9.9 million to EUR 44.0 million, as well as an increase in other assets of EUR 26.7 million, which mainly resulted from higher bonus claims against suppliers, VAT receivables and factoring receivables.

Deferred taxes decreased by EUR 5.9 million to EUR 7.9 million due to the reduced recognition of tax loss carryforwards.

Knaus Tabbert AG's balance sheet equity stood at EUR

27.0 million as at 31 December 2025 (previous year: EUR 67.9 million). The balance sheet equity ratio amounts to 7.7%, representing a decrease of 7.5 percentage points compared with the previous year-end. This negative change resulted from the net loss for the 2025 financial year.

Provisions decreased by EUR 28.0 million compared with the previous year. The reduction is linked, amongst other things, to the decrease in the tax provision due to the earnings situation, as well as to lower warranty and goodwill obligations, and bonus obligations to dealers.

Liabilities to banks stood at EUR 245.1 million, down from the previous year's figure of EUR 263.0 million. Knaus Tabbert AG repaid the first tranche of the promissory note in the amount of EUR 20.0 million on schedule (promissory note 2022-2032: EUR 100 million).

Trade payables decreased by EUR 18.4 million to EUR

16.6 million, compared with the balance sheet date of 31 December 2024, due to shorter payment terms of suppliers resulting from the lack of credit lines from trade credit insurers.

Cash flow from operating activities amounted to EUR

30.0 million in the 2025 financial year (previous year: EUR 0.6 million), representing a significant increase compared with the previous year. It was derived from the

net income for the year, taking into account non-cash expenses and income as well as the positive change in working capital.

At EUR -4.1 million, cash flow from investing activities was EUR 7.5 million lower than the previous year's figure (EUR -11.6 million). This is due to lower investment requirements, which are almost entirely focused on replacement and product investments.

Knaus Tabbert AG recorded a cash inflow of EUR 29.7 million from financing activities (previous year: cash outflow of EUR 16.1 million). This amount also includes the repayment of the promissory note tranche amounting to EUR 20.0 million.

With regard to existing repayment obligations and contingent liabilities, please refer to Note 3.12 of the Annual Financial Statements.

The future economic development of Knaus Tabbert AG is closely linked to the continued operational performance of the Group as a whole. The management of Knaus Tabbert AG therefore expects a proportionate revenue development in line with that of the Group for the 2026 financial year, as well as a slightly lower adjusted EBITDA margin than that forecast for the Group.

Based on the underlying planning assumptions for the Group, Knaus Tabbert AG currently believes that its net assets, financial position and operational result may improve in the 2026 financial year compared with the reporting year. However, the extent of this development depends, in particular, on the actual operational performance as well as the future market and cost environment. Information on the outlook and plans for the operational business is provided in the sections 'Opportuni-ties and Risk Report' and 'Forecast Report'.

OPPORTUNITIES AND RISK REPORT

The Knaus Tabbert Group is exposed to a wide range of risks associated with the business activities of Knaus Tabbert AG and its subsidiaries, or arising from external influences. A risk is defined as the danger that events, developments or actions may prevent the Group or one of its segments from achieving its objectives. These include both financial and non-financial risks. At the same time, it is important to identify opportunities in order to secure

and enhance competitiveness. An opportunity refers to the possibility of securing or exceeding the planned objectives of the Group or a segment as a result of events, developments or actions. Only those risks are taken that are necessary for the Group's business activities in order to remain competitive and achieve sustainable success.

The primary objective of the Risk Management System (RMS) is to safeguard the continued existence of Knaus Tabbert AG and the Group at all locations, taking into account potential opportunities and risks. The entrepreneurial risks and opportunities associated with the business should be identified at an early stage, assessed and actively managed to enable proactive corporate governance. The identification of risks that are to be taken on may also result in competitive advantages. To this end, effective management and control systems are employed, which are consolidated within an RMS. Risks and opportunities are not offset against one another. Knaus Tabbert aims to limit any negative impact on results arising from the occurrence of risks through appropriate and commercially sound countermeasures. Developments that threaten the company's continued existence must always be identified at a sufficiently early stage to allow appropriate measures to be taken in good time to safeguard the company's continued existence. Based on an assessment of the potential extent of damage and the probability of risks occurring, an overall corporate risk is determined which can be borne not only operationally in the short term, but also strategically in the long term, without jeopardising the company's existence. The overall risk is calculated using the statistical method of Monte Carlo simulation. The simulation runs were carried out with a confidence level of 95%.

The risk and opportunity profile of Knaus Tabbert AG is largely dependent on that of the Knaus Tabbert Group and is essentially similar. In this respect, management's statements regarding the overall assessment of the risk and opportunity profile also serve as a summary for Knaus Tabbert AG.

In addition to Knaus Tabbert AG, all subsidiaries are included in the scope of Knaus Tabbert's risks and opportunities.

The Risk Management System was subject to a regularly performed evaluation by the internal audit department in 2025 as scheduled. The audit confirmed the adequacy and effectiveness of the system, and no major limitations were identified.

^As at the reporting date, there are no indications in any material respects that point to an overall inadequacy or ineffectiveness of the Risk Management System.

Risks are identified and monitored on a quarterly basis using both 'bottom-up' and 'top-down' approaches via software-based reporting. Responsibility for the RMS and internal monitoring lies with the Management Board. The RMS is aligned with the 'Internal Control Framework -COSO II ©'.

The RMS is based on the principles of the auditing standards IDW PS 981 and PS 340 (in the new version of January 2022), issued by the Institute of Public Auditors in Germany, regarding the early risk detection system pursuant to Section 317(4) of the German Commercial Code (HGB).

Risk management officers (risk owners) have been appointed for the sites, business divisions and central functions. Should there be any changes to responsibilities, the risk owners are updated accordingly. The extensive network of risk owners ensures the effective identification of risks across various hierarchical levels. Central risk management is to be understood within the Risk Management System of Knaus Tabbert AG as the executive body or link between the Management Board and the risk owners. However, central risk management does not assume direct responsibility for individual risks. These fall within the remit of the respective risk owner.

The Risk Manager, who holds a staff position within the Chief Financial Officer's department, is responsible for the proper and efficient execution of the risk management process. This includes, amongst other things, quarterly meetings with all risk owners in which all risks are discussed in detail, the validation of the risk portfolio, the maintenance of the RMS software, and reporting to the Management Board and the Audit Committee of the Supervisory Board. Changes to material risks are briefly described in the respective published quarterly reports.

In the 2025 financial year, the Risk Manager provided the risk owners with ongoing, detailed support regarding the approach and implementation of the RMS. In doing so, the identification and detection of risks were further sys-tematised, and the assessment and control framework was further standardised.

As part of the risk assessment, the identified risks are systematically evaluated in terms of the maximum loss amount (potential extent of loss) and the realistic probability of occurrence, both before and after risk-mitigating measures have been implemented. The time horizon for the assessment is one year.

Risks are assessed in terms of their probability of occurrence using four levels: 'Very unlikely', 'Unlikely', 'Rare' or 'Likely'. These levels are underpinned by percentage ranges for the probability of occurrence and can, if necessary, be further specified by time intervals in which the risk typically occurs.

Level Probability of occurrence in %

Very unlikely <10

Unlikely 10-29

Rare 30-49

Likely ≥50

When assessing the potential extent of damage, Knaus Tabbert distinguishes between six categories: 'Marginal', 'Low', 'Moderate', 'Significant', 'High' and 'Critical'. Each of these categories is assigned thresholds regarding the potential extent of damage in EUR, based on the impact on EBITDA or liquidity, as follows:

Level Extent of damage in EUR thousand

Marginal ≤100

Low 101-500

Moderate 501-2,500

Significant 2,501-5,000

High 5,001-7,500

Critical >7,500

In the 2025 financial year, the monetary thresholds for the extent of loss remained unchanged from the previous year.

Risks in the 'Marginal' category are not formally included in the assessment of the Group's overall risk profile.

Non-quantifiable risks, such as reputational damage, are categorised in the same way as quantifiable risks into the levels "low risk", "moderate risk" and "significant risk". To this end, the potential impact is first classified as "low", "medium", "high" or "very high".

In its risk assessment, Knaus Tabbert considers both gross and net risks. The gross risk represents the inherent risk prior to risk-mitigating measures. The net risk refers to the remaining risk after all risk-mitigating measures have been implemented. This approach enables, on the one hand, a comprehensive understanding of the impact of risk-mitigating measures and, on the other hand, forms the basis for scenario analyses. The risk assessment in this report reflects exclusively the net expected value. Knaus Tabbert has identified as significant risks those risks that exhibit a corresponding combination of probability of occurrence and extent of damage in accordance with the risk matrix shown below.

.

In this report, Knaus Tabbert explains the financial and non-financial risks and opportunities. To ensure the company achieves its targets in 2025, Knaus Tabbert has, in turn, initially categorised the identified risks into overarching risk areas. The table below provides information on the significant net risks following the implementation of effective measures. Unless otherwise stated, the risks described apply equally to the Premium and Luxury segments.

Knaus Tabbert AG was formed through a change in legal form in 2020. A documented early risk detection system has been in place since that time. Changes in the risk situation arose in the past financial year, in particular due to the emergence of new significant risks, but also the elimination of previous risks (see below). The presentation of risks and opportunities relates to the balance sheet date. Since then, no significant changes have occurred up to

the preparation of the consolidated and annual financial statements of Knaus Tabbert AG. In addition, risks and opportunities that are not yet known, or have been classified as immaterial, may influence the earnings, financial and asset position in the future.

The risks currently classified as material are set out below. The risks within the individual risk areas are presented in descending order of significance in accordance with the requirements of DRS 20. Any further prediction regarding the impact of additional risk factors would be subject to considerable uncertainty given the current political and economic developments. The management of Knaus Tabbert continues to closely monitor economic and geopolitical developments and their potential impact on the Group's earnings, financial and asset position and will, where necessary, take appropriate measures in good time.

Net risk = Amount of loss after measures taken and effective x probability of occurrence after measures taken and effective

The following changes occurred in the risk assessment during the past financial year:

Identified as new significant risks

• In the Market & Customers area: Retailers are acting much more cautiously when placing (pre-)orders.

• In the Market & Customers area: delayed market launch of new products due to process bottlenecks throughout the value chain

  Furthermore, the following significant risks ceased to apply due to their occurrence or changes in circumstances:

• In the Market & Customers area: workshop capacities in the retail sector due to the gradual expansion of retailers' service offerings and lower new car production by manufacturers

• In the Compliance area: The proceedings regarding vehicle weights have been concluded following the issuance of a legally binding fine notice.

Detailed overview of risks in the "Significant" category

Market & Customers

Despite careful and detailed revenue planning, macroeconomic conditions, unexpected market developments or individual customer risks may affect Knaus Tabbert's revenue and earnings. Geopolitical crises, such as the ongoing conflicts in Ukraine and the Middle East, as well as trade wars and their knock-on effects, pose a significant risk to the global economic situation. Rising energy costs and persistent inflation in the main sales markets continue to place a strain on households, businesses and governments. Among other things, this may affect private consumption and thus influence sales development in the medium to long term.

Knaus Tabbert's current order book offers a degree of protection against this risk during the period under re-

view. The continued interest in the company at international and regional trade fairs, as well as the sustained demand for travel options, are also helping to uphold sales of both new and stock vehicles. As a result of the high stock levels built up by dealers in previous financial years - comprising both Knaus Tabbert AG products and those of competitors - numerous dealers have suffered significant losses in earnings. The resulting tied-up capital, along with increased write-downs and price concessions, has led to a marked reduction in risk appetite with regard to stock levels. Against this backdrop, dealers are acting much more cautiously when placing advance orders and are avoiding early stockpiling. Orders are increasingly being placed at short notice and on a demand-driven basis. This may lead to reduced visibility in production planning, increased volatility in order intake and potential shifts in revenue. Knaus Tabbert classifies the risk of cautious ordering behaviour by retailers in the 2025 financial year as material, as this could have significant implications for sales, production capacity utilisation, liquidity and earnings performance. To mitigate this risk, the company is further intensifying its cooperation with retail partners and aligning its production and sales processes more closely with the increased volatility in demand. This includes, in particular, more flexible production planning with shorter response times, as well as closer coordination to improve demand forecasts.

Knaus Tabbert AG classifies the risk of a delayed market launch of new products as material. The causes of potential delays lie, in particular, in process bottlenecks along the entire value chain - from product development through manufacturing to logistics. Delays in these areas may result in demonstration vehicles not being available to retail partners in time, which could directly impact the company's sales performance and earnings. To actively manage this risk, Knaus Tabbert AG employs an established steering and control system. A key instrument is the steering committee ('Gate Meeting'), which monitors all key milestones in product development and market launch. Regular status reviews, the early identification of potential bottlenecks and coordinated countermeasures across all relevant areas ensure the timely market launch of new products. The monitoring and management of

this risk is carried out continuously and systematically. In addition, internal processes are regularly analysed and optimised to identify potential delays at an early stage and initiate countermeasures. In this way, Knaus Tabbert AG helps to ensure the scheduled market launch of new products and limit the negative impact of delays on revenue and earnings.

Knaus Tabbert AG remains exposed to the risk of potential market share losses. Contrary to earlier assumptions, no market share losses materialised in the 2025 financial year as a result of the alleged incidents involving the Management Board that came to light in the previous year. Nevertheless, risks remain for the future, arising in particular from ongoing competitive price pressure and the company's strained economic situation as at the balance sheet date. This price pressure is attributable, among other things, to competitors' vehicle inventories remaining comparatively high. In this market environment, a certain degree of uncertainty among end customers can influence demand and, in some cases, lead to greater consideration of alternative suppliers. To mitigate these risks, the company is adapting its pricing and sales strategy through the use of flexible pricing models, targeted sales measures and differentiated product structures, while at the same time sharpening its market differentiation and positioning, particularly by emphasising quality and brand-specific unique selling points.

Knaus Tabbert AG continues to regard dealer purchase financing as a significant risk. Financing partners of retail businesses could reduce their credit lines to limit their own risk. Here, not only dealer insolvencies that have already occurred in 2025 are relevant, but also the partial decline in the creditworthiness of individual retail partners, particularly in connection with the reduction of retail stock in 2025 and the discounts granted to end customers for this purpose. Geopolitical uncertainties and the economic situation of recreational vehicle manufacturers could further exacerbate this development. A reduction in financing volumes could adversely affect Knaus Tabbert AG's sales and earnings, as planned vehicle orders by trading partners cannot be fulfilled at short notice. To actively mitigate this risk, the company is intensifying its cooperation with financing and retail partners in order to stabilise existing credit lines and develop them in line with requirements. This includes, in particular, supporting dealers through coordinated measures to improve stock turnover and liquidity, tighter control of stock levels, and the provision of sales-promoting marketing tools.

In the previous year, there was a risk that, due to continued high sales figures in the European caravan industry and a pronounced shortage of skilled workers, the workshop capacities of the dealer networks might not be sufficient to serve customers promptly and to the required

service quality. This could have had potential negative effects on customer satisfaction and, indirectly, on future sales development. For the 2025 financial year, this risk is no longer classified as material. Manufacturers' production volumes have been adjusted to current end-cus-tomer demand, thereby normalising capacity utilisation along the value chain. Furthermore, dealerships have specifically expanded and structurally strengthened their workshop capacities in recent periods. Against this background, existing service and workshop capacities are, from today's perspective, sufficient to ensure customer support that meets demand and is of an appropriate quality. A significant adverse impact on sales performance as a result of insufficient after-sales capacities is therefore not expected for the 2025 financial year.

Finance

Compliance with the financial covenants stipulated in the syndicated loan agreement of 3 June 2024 for EUR 250 million represents a significant risk for Knaus Tabbert AG. The agreement required compliance with ratios relating to net debt, adjusted EBITDA and the equity ratio; in the event of non-compliance, the lenders had a right to terminate the loan and demand immediate repayment. Due to high inventory levels and clearance measures, the financial ratios could not be met as at 30 September 2024. The syndicate banks subsequently commissioned an 'Inde-pendent Business Review' (IBR), which confirmed the planning assumptions and the going-concern forecast. On the basis of the IBR, the loan agreement was amended in March 2025. As at 31 December 2025, the adjusted key figures could once again not be met due to unforeseen business developements. The update to the Independent Business Review (IBR Update), completed in January 2026, confirmed the going-concern forecast and simultaneously formed the basis for a further amendment to the loan agreement until its expiry on 3 June 2027. Temporarily suspended covenants relating to the equity ratio and gearing were replaced by alternative covenants (minimum EBITDA, working capital ratio, minimum liquidity) and simultaneously tightened. If the agreed future financial covenants are not met, or if adjustments are not approved, this could significantly impair the financing structure of Knaus Tabbert AG. To mitigate this risk, the company is implementing a comprehensive package of measures to ensure sustained compliance with the covenants. These include, in particular, rigorous management of net debt and liquidity through active working capital management, as well as measures to stabilise and improve earnings. In doing so, the quality of earnings is also being specifically enhanced, for example through improved margin management, a focus on high-margin product segments and the optimisation of cost structures. To provide further support with the sustained pursuit and implementation of these measures, a