KTM restoration strikes into its subsequent part
Bajaj Mobility AG has launched its 2025 annual monetary report, and for KTM watchers, the headline is easy sufficient. The group is again in revenue, stock is down sharply, debt has been diminished, and administration says 2026 has began strongly.
Income for 2025 got here in at €1.009 billion from 209,704 bikes bought, whereas EBITDA was €874 million, EBIT €748 million and web revenue €590 million. Internet debt was diminished to €798 million, the fairness ratio improved to 24.3 per cent, and stock fell by 101,153 items.
The numbers, nevertheless, want context. Bajaj Mobility additionally booked a restructuring achieve of €1.193 billion throughout the 12 months, so this isn’t merely a case of KTM abruptly roaring again to full well being on working efficiency alone. What the report actually suggests is that the laborious reset of 2025 has executed its job effectively sufficient to offer the group a firmer base for 2026.
That could be a vital change from the place issues stood when MCNews first started charting KTM’s monetary slide in late 2024. Again in October 2024, MCNews reported that first-half revenue had dropped 27 per cent and the group had slumped to an operating loss of just under €200 million as administration reduce workers, diminished manufacturing and tried to include the harm.
By January 2025, the image had darkened additional, with restructuring proceedings underway and KTM’s funds underneath shut scrutiny after an Alpine Collectors Affiliation assembly. Then got here the most important February turning level, when collectors accepted KTM AG’s restructuring plan, together with a 30 per cent money quota to be paid by Could 23, 2025.
That Could deadline turned the subsequent crucial second within the saga. MCNews reported at the time that Bajaj was stepping in with the funding needed to get KTM through the creditor payment hurdle, a transfer that additionally pointed clearly towards higher management of the Austrian group. By August, MCNews was covering first-half 2025 numbers that showed the restructuring profit had pushed earnings positive, whereas manufacturing had resumed on all 4 Austrian strains by the tip of July.
The formal shift then got here in November 2025, when Bajaj Auto B.V. turned the only real proprietor of Pierer Bajaj AG and accepted the change of the corporate’s authorized identify from PIERER Mobility AG to Bajaj Mobility AG. That was greater than a beauty rename. It confirmed who was now steering KTM’s future.
The brand new 2025 report suggests the group has used that reset to place extra sturdy funding in place. Bajaj Mobility says KTM AG has secured a brand new €550 million unsecured mortgage from a world banking consortium, changing a higher-interest €450 million mortgage from Bajaj Auto. It has additionally added a €150 million factoring facility and a €50 million working capital facility, whereas sharpening its focus by divesting MV Agusta, KTM X-Bow and the bicycle enterprise.
There’s nonetheless no actual case for declaring the entire saga completed. Administration itself flags geopolitical uncertainty as a reside threat, and the restoration nonetheless has to show itself by way of normalised buying and selling relatively than restructuring-led optics. However in comparison with the place KTM was in throughout late 2024 and early 2025, this can be a way more steady footing.
Bajaj Mobility says bike gross sales within the second half of 2025 rose round 60 per cent over the primary half, and that the primary quarter of 2026 has already began at greater than double the extent of the identical interval final 12 months. The group additionally factors to new fashions, together with the KTM 990 RC R, KTM 1390 Tremendous Journey S Evo, up to date LC4 fashions and refreshed Husqvarna 701 fashions, as a part of that subsequent part.
For KTM sellers, homeowners and would-be patrons, that most likely issues greater than the accounting headline. The corporate is now making an attempt to show a survival story right into a enterprise restoration story. After the previous 18 months, that’s about as a lot progress as anybody might realistically have hoped for. Supported by Bajaj’s capital, KTM now seems to be to have stepped out of the hazard zone and into the a lot more durable job of rebuilding belief, gross sales and momentum.
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