Slides
Page 1
RESULTS PRESENTATION | H1 2025 Results presentation H1 2025
Page 2
This document is for information purposes only and shall not be treated as giving any investment advice and/or recommendation whatsoever. This presentation and any information (written or oral) provided to you does not constitute an offer of securities, nor a solicitation for an offer of securities, nor a prospectus or advertisement or a marketing or sales activity for such securities. This presentation is not directed to, or intended for distribution to or use by, any person or entity that is a citizen or resident or located in any locality, state, country or other jurisdiction where such distribution or use would be contrary to law or regulation or which would require any registration or licensing within such jurisdiction. The shares of PIERER Mobility AG (the “Company”) have not been registered under the U.S. Securities Act of 1933 (the “Securities Act”) nor in Canada, U.K. or Japan. No securities may be offered or sold in the United States or in any other jurisdiction, which requires registration or qualification. These materials must not be copied or otherwise distributed to “U.S. persons” (according to the definition under Regulation S of the Securities Act as amended from time to time) or publications with general circulation in the United States. The circulation of this document may be restricted or prohibited in certain jurisdictions. For the United Kingdom: This presentation and related material (these “Materials”) are for distribution only to persons who are members of PIERER Mobility AG falling within Article 43(2) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (as amended, the “Financial Promotion Order”) or who (i) have professional experience in matters relating to investments falling within Article 19(5) of the Financial Promotion Order), (ii) are persons falling within Article 49(2)(a) to (d) (“high net worth companies, unincorporated associations etc.”) of the Financial Promotion Order, (iii) are outside the United Kingdom, or (iv) are persons to whom an invitation or inducement to engage in investment activity (within the meaning of section 21 of the Financial Services and Markets Act 2000) in connection with the issue or sale of any securities may otherwise lawfully be communicated or caused to be communicated (all such persons together being referred to as “relevant persons”). These Materials are directed only at relevant persons and must not be acted on or relied on by persons who are not relevant persons. Any investment or investment activity to which these Materials relate is available only to relevant persons and will be engaged in only with relevant persons. Certain statements contained herein may be statements of future expectations and other forward-looking statements, which are based on management's current views and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in such statements. In addition to statements which are forward-looking by reason of context, words such as “may”, “will”, “should”, “expects”, “plans”, “intends”, “anticipates”, “believes”, “estimates”, “predicts”, “potential”, or “continue” and similar expressions typically identify forward-looking statements. By their nature, forward-looking statements involve known and unknown risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. As such, no forward-looking statement can be guaranteed. Undue reliance should not be placed on these forward-looking statements. Many factors could cause our results of operations, financial condition, liquidity, and the development of the industries in which we compete, to differ materially from those expressed or implied by the forward-looking statements contained herein. Subject to applicable securities law requirements, we disclaim any intention or obligation to update or revise any forward-looking statements set forth herein, whether as a result of new information, future events or otherwise. We have exercised utmost diligence in the preparation of this presentation. However, rounding, transmission, printing, and typographical errors cannot be ruled out. We are not responsible or liable for any omissions, errors or subsequent changes which have not been reflected herein and we accept no liability whatsoever for any loss or damage howsoever arising from any use of this document or its content or third-party data or otherwise arising in connection therewith. The contents of this presentation are confidential and may not be copied, distributed, published or reproduced in whole or in part, or disclosed or distributed by recipients to any other person. In receiving any information relating to the Company and its group, including information in this presentation, you will be deemed to have represented and agreed for the benefit of the Company (i) that you will only use such information for the purposes of discussions with the Company, (ii) to hold such information in strict confidence and not to disclose it (or any discussions with the Company) to any person, except as may be required by law, regulation or court order, (iii) not to reproduce or distribute, in whole or in part, (directly or indirectly) any information, (iv) that you are permitted, in accordance with all applicable laws, to receive such information, and (v) that you are solely responsible for your own assessment of the market position of the Company and that you will conduct your own analysis and be solely responsible for forming your own review of the potential future performance of the Company's business. In this presentation, stands for KTM AG, which, as the owner of the KTM brand, manufactures and/or distributes motorbikes and motorbike accessories under this brand. To be distinguished from this is KTM Fahrrad GmbH, which, as the exclusive licensee, manufactures and/or sells bicycles and bicycle accessories under the KTM brand. KTM AG and KTM Fahrrad GmbH are neither affiliated with each other under corporate law nor intertwined with each other in terms of capital or otherwise. Consequently, PIERER Mobility Group, does not produce or distribute bicycles and bicycle accessories under the KTM brand but under brands such as Husqvarna, GASGAS or Felt. RESULTS PRESENTATION | H1 2025 PIERER Mobility AG | Edisonstraße 1, 4600 Wels 2
Page 3
PIERER Mobility AG | Edisonstraße 1, 4600 Wels • Restructuring proceedings successfully completed • Efficiency improvement program launched − Sale of MV Agusta and KTM X-BOW − Bicycle business to be discontinued by the end of 2025 − Reduction of cost base − Significantly reduced headcount • Successful resumption of production at the end of 07/2025 • Results of H1 2025 − €1.2B positive impact from restructuring profit − Positive equity, net debt more than halved − Liquidity released through reduction in inventories of €166M 3 Facts of H1 2025 €425M Revenue H1 2025 (-58%) €1,003M EBITDA H1 2025 ~85,300 (-42% y-o-y) Motorcycles sold in H1 2025 4,303 Employees as of June 30, 2025 (-29% y-o-y)
Page 4
RESULTS PRESENTATION | H1 2025 PIERER Mobility AG | Edisonstraße 1, 4600 Wels KTM – Successful restructuring The KTM Group is the core of the PIERER Mobility Group • Liabilities > €2B • November 29, 2024: Opening of restructuring proceedings with self-administration (KTM AG, KTM Components GmbH, KTM Forschungs & Entwicklungs GmbH) • February 25, 2025: Acceptance of the restructuring plans by the creditors − 30% cash quota, payable by May 23, 2025 • May 23, 2025: Confirmation of the restructuring plans following payment of the cash quota and costs • June 16, 2025: Conclusion of restructuring proceedings (legally binding confirmation of the restructuring plans) − Restructuring profit: 70% of the filed insolvency claims 4
Page 5
RESULTS PRESENTATION | H1 2025 PIERER Mobility AG | Edisonstraße 1, 4600 Wels KTM – Successful restructuring Main reasons for the KTM insolvency The causes can be traced back to a series of several circumstances and cannot be reduced to a single fact: • Loss-making business areas: PIERER New Mobility and MV Agusta • High inventories at dealers due to high production in the second half of the year • Comprehensive dealer financing • Increase in production costs in Austria • High R&D spending, scope and complexity of the product portfolio • Relatively high expenditure on motorsports • Unstable financing structure 5
Page 6
RESULTS PRESENTATION | H1 2025 PIERER Mobility AG | Edisonstraße 1, 4600 Wels KTM – Successful restructuring Measures • Significant reduction in production volumes in Mattighofen, Austria, from 2025 to 2026 • Greater focus on production at partner sites to take advantage of lower procurement costs • Adjustment of the workforce, particularly in Austria • Tight cost management • Focus on the core brand strategy and streamlining of development processes • Reduction and sharpening of the product portfolio • Simplification of models to reduce R&D costs • Sale of excess motorcycle inventory (around -79,000 units since year-end 2024, incl. dealer and importer stock) • Winding down the bicycle segment 6
Page 7
PIERER Mobility AG | Edisonstraße 1, 4600 Wels Gottfried Neumeister, CEO (*1977) Appointed 09/2024–08/2026 Completed studies in International Business Administration at the University of Vienna Worked as a consultant for Siemens AG Austria In 2003, founded flyniki together with Niki Lauda In 2012, moved to DO & CO Aktiengesellschaft, various positions on the Management Board, 2021–2023 Co-CEO On January 23, 2025, CEO of PIERER Mobility AG and KTM AG, where he had been Co-CEO since September 1, 2024 Verena Schneglberger-Grossmann (*1979) Appointed 06/2025–12/2025 Law degree at the Leopold-Franzens University in Innsbruck Admitted to the bar in 2008 From 2010 to 2015, partner and junior partner in a renowned commercial law firm in Upper Austria Joined KTM as Vice President Legal in 2015, has been an authorized signatory of KTM AG since 2022 New Executive Board – PIERER Mobility AG and KTM AG 7
Page 8
RESULTS PRESENTATION | H1 2025 PIERER Mobility AG | Edisonstraße 1, 4600 Wels Motorcycle – retail market environment in H1 2025 In a challenging environment, dealers sold more than 100,000 motorcycles to retail Main motorcycle (>120c) markets in H1 2025 • Europe: <432,000 units (-15%) PIERER Mobility market share: 4.8% • North America: <253,000 units (-7%) PIERER Mobility market share: 7.7% • Australia & New Zealand: <29,000 units (-4%) PIERER Mobility market share: 13.6% • India (relevant market): <700,000 units (+5%) PIERER Mobility (via Bajaj) market share: 4.9% Key market comments • Europe: End of 2024, advance (one-day) registrations due to Euro 5 changes in 2025. Market impact of about -10pp; i.e., effective market decline of about 5% • North America: Negative offroad trend continues • India: Relevant market continues to grow Europe (DE, FR, IT, ES, UK, SE, BE, NL, AT, CH, FI, DK, NO, PL, CZ, SK, HU, PT, Baltic): national data providers (w/o motocross) US: Motorcycle Industry Council (incl. motocross) Note: Calculations 12 months rolling| Motorcycles >120cc + electric (excl. ATVs, electric motorcycles and scooters), no P&L impact; KTM = KTM, HQV, GASGAS EuropeUSA 0% 2% 4% 6% 8% 10% 12% 14% 0 300 600 900 Registrations in Europe (rolling 12 months) Market share Europe: 9.5% (rolling 12 months) Registrations in 1,000 Market share 0% 2% 4% 6% 8% 10% 12% 14% 0 300 600 900 Registrations in the US (rolling 12 months ) Market share US: 7.8% (rolling 12 months) Registrations in 1,000 Market share 8
Page 9
PIERER Mobility AG | Edisonstraße 1, 4600 Wels RESULTS PRESENTATION | H1 2025 KTM 78% Husqvarna 13% GASGAS 4% MV Agusta & CFMOTO 5% Motorcycle unit sales in H1 2025 Europe 22% North America 19% Asia 49% Other 11% ,0 100,000 200,000 300,000 400,000 92/93 93/94 94/95 95/96 96/97 97/98 98/99 99/00 00/01 01/02 02/03 03/04 04/05 05/06 06/07 07/08 08/09 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 H1 2024 H1 2025 KTM Husqvarna GASGAS MV Agusta & CFMOTO . 292,497 147,496 85,284 H1 2024 Europe 44% N-America 21% Asia 25% Other 9% 9 Total wholesale: 85,284 units – PIERER Mobility with 50,334 units & via Bajaj Auto 34,950 units
Page 10
RESULTS PRESENTATION | H1 2025 PIERER Mobility AG | Edisonstraße 1, 4600 Wels Results H1 2025 P&L in €m 2024 H1 2024 H1 2025 Revenue 1,879 1,007 425 Production costs (-1,930) (940) (439) Gross profit (51) 67 (14) SG&A expenses (577) (291) (240) Other operating result (39) 27 (3) Earnings from at-equity holdings (9) 3 0 Impairments/restructuring profit (508) 0 1,187 EBIT (-1,184) (195) 930 EBITDA (481) (102) 1,003 Financial result (92) (42) (34) Result before taxes (-1,277) (237) 896 Income taxes 197 65 (157) Result for the period (-1,080) (172) 739 thereof equity holders (990) (170) 743 Earnings per share (€) (29.30) (5.02) 22.00 Revenue -57.8%: limited production, demanding environment Production costs -53.3%: reduced variable costs in AT due to production stoppage, but fixed costs remained SG&A -17.5% Restructuring profit: 70% of creditors‘ registered claims EBIT excl restructuring profit: €-257M EBITDA excl restructuring profit: €-183M Improved financial result due to lower interest expenses (no interest on debt subject to the restructuring quota until the end of restructuring process, i.e. mid June 2025; interest only applies to new debt) Europe 47% North America 32% Other 21% Revenue split in H1 2025 10
Page 11
RESULTS PRESENTATION | H1 2025 PIERER Mobility AG | Edisonstraße 1, 4600 Wels Results H1 2025 Balance sheet in €m Dec 31, 2024 June 30, 2025 Goodwill - - Intangible assets 477 461 Property, plant, and equipment 369 337 Investments accounted for using the equity method 14 13 Deferred tax assets 84 17 Other non-current assets 3 4 Non-current assets 948 833 Inventories 618 395 Trade receivables 289 154 Receivables and other assets 155 252 Tax refund claims 16 4 Cash and cash equivalents 163 161 Current assets 1,242 965 Assets held for sale 207 170 Total 2,396 1,968 No goodwill in balance sheet Inventories reduced by €223M Trade receivables lower by €135M Trade payables down by €236M → Working capital employed reduced by €122M to €403M Higher reicevables and other assets due to increased advance payments on inventories in connection with the resumption of production and the reactivation of the supply chain Assets held for sale: PIERER & MAXCOM MOBILITY, MV Agusta, KTM X-BOW Positive equity (consequence of positive result for the period) Equity ratio of 27.0% Long-term financial liabilities include €800M from Bajaj. Residual: long-term investment loans and finance leases Net debt reduced by €887M to €756M Gearing of 142.2% in €m Dec 31, 2024 June 30, 2025 Total equity (194) 532 Financial liabilities 93 892 Liabilities for employee benefits 27 26 Deferred tax liabilities 1 87 Other non-current liabilities 75 71 Non-current liabilities 196 1,076 Financial liabilities 2 25 Trade payables 382 146 Provisions 92 31 Tax and other current liabilities 3 3 Other current liabilities 137 64 Current liabilities 2,326 270 Liabilities in connection with assets held for sale 67 90 Total 2,396 1,968 11
Page 12
PIERER Mobility AG | Edisonstraße 1, 4600 Wels RESULTS PRESENTATION | H1 2025 Segment results H1 2025 Key figures as of June 30, 2025 Motorcycle Bicycle Other * Group total Net debt (in €m) 433 347 (23) 756 Net debt/EBITDA (12 months) 0.5x N/M N/M 1.2x * Other = segment Other + consolidation effects Motorcycle segment accounts for of total revenue 88% 12 H1 2025, in €m Motorcycle Bicycle Other * Group total thereof restructuring profit Adj. Total (excluding restructuring profi) Revenue external 372 52 1 425 425 EBITDA 1,038 (11) (24) 1,003 1,187 (184) Depreciation & amortization 72 0 1 73 73 EBIT 966 (11) (25) 930 1,187 (257) Bajaj loan to KTM 450 Pierer Bajaj loan to PIERER Mobility 350 Lease liabilities 71 Other 46 Total debt 917 - Cash & cash equivalents (161) Net debt 756
Page 13
RESULTS PRESENTATION | H1 2025 PIERER Mobility AG | Edisonstraße 1, 4600 Wels Employees As of June 30, 2025 • 4,303 employees, including 185 apprentices • 25% female employees • After making substantial staff cuts, the Group is again looking to recruit qualified specialists and managers, especially for its headquarters in Upper Austria. 4,586 5,249 6,088 6,184 5,310 4,303 808 976 1,181 1,302 1,173 831 2020 2021 2022 2023 2024 June 30, 2025 thereof R&D thereof 218 MV Agusta thereof 63 MV Agusta 13
Page 14
RESULTS PRESENTATION | H1 2025 PIERER Mobility AG | Edisonstraße 1, 4600 Wels Shareholder structure August 2025 Share characteristics • 33.796.535 bearer shares • No shares with special control rights • One share one vote Call option • Bajaj Auto International Holdings B.V. has a call option to acquire all shares of Pierer Industrie AG in Pierer Bajaj AG • Can be exercised until the end of May 2026 • Subject to regulatory approvals 14
Page 15
PIERER Mobility AG | Edisonstraße 1, 4600 Wels RESULTS PRESENTATION | H1 2025 Outlook New cost base allows for sustainable value creation in the long term FY 2025 • Revenue significantly below the level of the previous financialy year, due to − results of H1 2025; − lack of operating performance for 6 months; − conscious decision to sell fewer motorcycles to dealers − ongoing difficult economic environment. • EBIT positive due to restructuring profit Beyond 2025 • Some of the cost-cutting measures introduced will take more time to implement and take effect → EBIT 2026 expected to be negative, EBITDA 2026 already positive → EBIT & EBITDA 2027 expected to be positive • Investments made in recent years have secured the necessary production capacity for the coming years → Expected to allow for a significant reduction in investments until operational profitability is achieved, without compromising the Group’s substance or future viability.
Page 16
Appendix
Page 17
RESULTS PRESENTATION | H1 2025 PIERER Mobility AG | Edisonstraße 1, 4600 Wels Motorcycle wholesales in H1 2025 Wholesale (B2B): Sale to Dealer & General Importer Network reflected in P&L 66,745 11,003 3,588 3,948 -39% -58% -54% -22% KTM Husqvarna GASGAS MV Agusta & CFMOTO Europe North America Asia South America Africa & Oceania 18,344 units sold -72% (-46,634) KTM | 10,109 | -53% HQV | 4,257 | -37% GAS | 1,332 | -49% MVA | 135 | -53% KTM | 37,676 | +9% HQV | 1,725 | -35% GAS | 588 | +98% MVA | 13 | -76% KTM | 5,046 | -20% HQV | 492 | -68% GAS | 181 | -29% MVA | 19 | -56% KTM | 2,358 | -32% HQV | 901 | -39% GAS | 366 | -47% MVA | 28 | -40% units soldunits soldunits soldunits sold 15,833 -49% (-15,362) 41,716 +11% (+4,228) 5,738 -30% (-2,413) KTM | 11,556 | -73% HQV | 3,628 | -73% GAS | 1,121 | -72% MVA | 1,250 | +23% CFM | 789 | -78% 3,653 -36% (-2,031) 18