PIERER MOBILITY (PKTM) H1 2025 earnings summary

Executive summary

• H1 2025 was marked by the completion of restructuring, resulting in a €1.2 billion profit, major divestments, and a focus on core motorcycle brands.

• Production was halted for several months, leading to a sharp decline in output and sales, but dealer inventories were reduced as planned.

• Workforce reduced by over 1,700 employees compared to 2023, with headcount at 4,303 as of June 30, 2025.

• Sale of MV Agusta and KTM Sports Car (X-BOW); bicycle business to be discontinued by end of 2025.

• New executive board appointed in 2025, with major changes in shareholdings.

Financial highlights

• H1 2025 revenue: €425.2 million, down 57.8% year-over-year due to production stoppages and restructuring.

• EBITDA: €1,003.2 million, EBIT: €930.3 million, both driven by a €1,186.5 million restructuring profit; adjusted EBITDA: €-183.3 million, adjusted EBIT: €-256.2 million.

• Net income: €743 million, compared to a loss of €990 million in H1 2024; earnings per share: €22.00.

• Net debt reduced by more than half to €756 million; equity returned positive at €532 million, equity ratio 27%.

• Inventory reduced from €618 million to €394 million, freeing up €223 million in cash.

Outlook and guidance

• FY 2025 revenue expected to remain significantly below previous year due to H1 results and ongoing difficult environment.

• Positive EBITDA expected in 2026, with a return to positive EBIT in 2027 as cost-cutting measures take effect.

• Production to remain at one-shift model (110,000 units/year) in 2026, with gradual ramp-up planned over five years.

• Targeting a return to over 200,000 units annually within five years, prioritizing profitability over volume.

• Investments to be reduced, leveraging existing production capacity.