Steyr Motors (4X0) Q1 2026 earnings summary

Executive summary

• Revenue grew to EUR 11.7 million in Q1 2026, up from EUR 11.5 million year-over-year, despite delays in large orders from India and the Middle East.

• Strong order backlog of EUR 308 million, with EUR 200 million legally binding, ensures high revenue visibility through 2030.

• Rising demand in the defense marine sector, especially for USVs, and new European defense programs underpin growth acceleration in H2 2026 and beyond.

• BUKH Group acquisition strengthens international market position and opens new revenue streams, with consolidation from Q2 2026.

Financial highlights

• Adjusted EBIT was EUR 0.9 million in Q1 2026, down from EUR 2.1 million year-over-year, due to upfront investments and project delays.

• Approximately EUR 1.7 million of Q1 revenue attributed to BUKH A/S post-acquisition.

• Significant margin and earnings increase expected in H2 2026 as high-margin projects and backlog are executed.

Outlook and guidance

• Management confirms 2026 guidance: revenue between EUR 75 million and EUR 95 million, with EBIT margin of at least 15%.

• Additional growth expected from new European defense programs and tenders starting H2 2026 and into 2027.

• Revenue contributions from a major U.S. Navy follow-up order anticipated from 2027 onward.