PIERER MOBILITY (PKTM) H2 2025 TU earnings summary

Executive summary

• Achieved a significant turnaround in 2025, focusing on profitability and premium positioning after a challenging insolvency period.

• Streamlined portfolio to three core brands (KTM, Husqvarna, GASGAS) and exited non-core businesses, including car manufacturing and bicycles.

• Bajaj Auto became the majority shareholder (74.9%), providing €800 million in aid and stabilizing the company.

• Revenue for 2025 was €1,009 million, a 46% decrease year-over-year, reflecting operational constraints and restructuring impacts.

• Production resumed mid-year after a six-month halt, with strong recovery in sales and positive market reception for new models.

Financial highlights

• Preliminary 2025 revenue slightly above €1 billion, despite a 46% year-over-year reduction in top line.

• EBITDA of €874 million, EBIT of €748 million, and net profit just under €600 million, all heavily influenced by a €1.193 billion restructuring gain.

• Adjusted EBITDA (excluding restructuring gain) was €319 million, down from €481 million in 2024.

• Free cash flow for 2025 was -€34 million, with the second half nearly break-even.

• Net debt reduced by half to just under €800 million; equity ratio at 24.3%.

Outlook and guidance

• 2026 focus is on regaining profitability and positive free cash flow, with no specific growth or margin guidance yet.

• Ambition to grow faster than the global motorcycle market in 2026, but volumes will be kept below retail to allow further inventory normalization.

• Several new model launches are planned to strengthen market positioning.

• Historic EBIT margin (8-10%) not expected before 2027; further profitability improvements targeted in subsequent years.

• Continued cost reduction and streamlining of structures are key priorities.