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Edge14 Aug 2026
Deutsche Qualität: The Story of Birkenstock
From an 18th-century German shoemaker to a global footwear brand, how Birkenstock turned an orthopedic insole into the world's most popular sandal.
Knaus Tabbert
Knaus Tabbert (KTA) investor relations material
Knaus Tabbert Q2 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2026 earnings summary6 Aug, 2026
Executive summary
New CEO Thomas Nickel and CSO Matjaž Grm appointed in 2026, both bringing significant transformation experience.
H1 2026 saw a material improvement in adjusted EBITDA and margins, driven by operational efficiency, cost base adjustments, and stable output.
Management focus remains on operational efficiency, disciplined execution, aligning production with demand, and maintaining strong dealer relationships.
Financial highlights
Revenue for H1 2026 was €503.9 million, down 11.9% year-over-year; premium segment revenue fell 11.8% to €420.2 million, luxury segment dropped 12.4% to €83.7 million.
Adjusted EBITDA rose to €36.0 million (from €22.7 million), margin improved to 7.1% from 4.0%.
Net income reached €11.5 million for H1 2026, reversing a €4.8 million loss in the prior year.
Free cash flow was €22.1 million, with positive operating cash flow of €27.4 million.
Net financial debt at end of June: €296 million, up €22 million year-over-year but down from €309 million at end-2025.
Outlook and guidance
Full-year 2026 revenue expected around €950 million, with adjusted EBITDA margin guidance narrowed to 5%-6% due to weaker market momentum.
No rapid market recovery assumed; priorities include cost discipline, flexible production, and working capital control.
Management emphasizes cautious steering for H2 2026 due to evolving market conditions.
Refinancing plans for mid-2027 debt maturities
Euro 6e pull-forward effects on Q2 demand
Drivers of the EUR 18.6 million inventory build
Refinancing options for June 2027 maturities
Unwind strategy for unfinished goods inventory
Morelo margin recovery expectations for H2
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Latest events from Knaus Tabbert
- EBITDA margin reached 6.3% in Q1 2026 as revenue fell but guidance and order book remain strong.KTA
Q1 2026 - 2025 revenue met guidance but profitability lagged; 2026 targets margin recovery.KTAQ4 2025
- Revenue guidance steady at €1bn, but profitability pressured by supply chain and market risks.KTAQ3 2025
- Revenue and profit fell, but free cash flow and guidance remain solid.KTAQ2 2025
- Revenue, earnings, and margins fell in 2024 as dealer inventory and cost pressures persisted.KTAQ3 2024
- 2024 revenue guidance set at €1.3–1.4bn, with margin at 7–8% amid strong demand.KTAQ2 2024
- Revenue fell 24.9% in 2024 amid restructuring, with 2025 set for recovery and margin improvement.KTAQ4 2024
- Revenue and profit fell in Q1 2025, but cash flow and guidance remain stable.KTAQ1 2025
Next Knaus Tabbert earnings date
Q3 202611 Nov, 2026
Knaus Tabbert
Next Knaus Tabbert earnings date
Q3 202611 Nov, 2026
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