Slides
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Bajaj Mobility AGH1 / 2026 Report 27/08/2026
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Bajaj Mobility AG | Stallhofnerstraße 3. | 5230 Mattighofen | Austria - Continuous revenue rebound- Motorcycle business as clear performance driver - Positive EBIT in Q2/26 reflects operational recovery- Sustainable inventory levels achieved- Massive and sustainable Fixed costs reduction - Professional executive board ktm AG- clear Motogp commitment KEY Success Factors H1
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3 From Stabilization to Operational Turnaround DELIVERStrong revenue growthReturn to positive EBITSignificant EBITDA margin expansion GROWNew products launchedStrengthenedmanagement teamMotoGP extended STABILIZEInventory levels Supply chain resilience measures in place SIMPLIFYProduct portfolioReduced entitiesSustainable & lean overhead structure
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4 Inventory Stock Reduction (units)Stabilization of KTM through fundamental improvement of one of the main triggers for insolvency 216 288103 912289 947137 237JAN 2024 JUL 2024 JAN 2025 JUL 2025 JAN 2026 JUN 2026AG StockTotal StockDealer / Importer Stock52% total Reduction
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5 The New Generation of KTM Motorcycles HUSQVARNAFC 2501390 SUPER DUKE GT790 DUKEKTM 450 RALLY REPLICAGASGAS MC 851390 SUPER 1390 SUPER DUKERR TRACK WP XACT suspensions 250 cc DOHC 4 – stroke engine Class-leading power-to-weight ratio Brembo hydraulic clutch and brakes Premium competition-focused ergonomics
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6 The New Generation of KTM Motorcycles KTM 450 RALLY REPLICAHUSQVARNAFC 2501390 SUPER DUKE GTGASGAS MC 85 790 DUKE Easy adjustableWP PRO Suspension Three-fuel-tank construction Titanium Akrapovičexhaust system 450 cc fuel-injectedSOHC engine Carbon-fiber navigation tower 1390 SUPER DUKE RR1390 SUPER
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7 The New Generation of KTM Motorcycles GASGAS MC 85KTM 450 RALLY REPLICAHUSQVARNAFC 2501390 SUPER DUKE RR1390 SUPERDUKE RR TRACK 1390 SUPER DUKE GT Formula hydraulic disc brakes85 cc liquid-cooled 2-stroke engine Race-inspired bodywork and ergonomicsLightweight steel frame 6-speed gerabox
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8 The New Generation of KTM Motorcycles 1390 SUPER DUKE RRGASGAS MC 85KTM 450 RALLY REPLICA1390 SUPERDUKE RR TRACK790 DUKE HUSQVARNAFC 250 TFT dashboard with connectivity feature1350 cc LC8 V-Twin engine Akrapovičperformanceexhaust Quickshifter Race-Focused Ergonomics 1390 SUPER
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9 The New Generation of KTM Motorcycles 1390 SUPERDUKE RR TRACK1390 SUPER DUKE RRGASGAS MC 85790 DUKE1390 SUPER DUKE GTHUSQVARNA KTM 450 RALLY REPLICA Track-Only Performance Package 190 HP LC8 V- Twin Engine Brembo Racing Brakes WP APEX PRO Suspension Carbon Fiber Lightweight Construction
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10 The New Generation of KTM Motorcycles 790 DUKE1390 SUPERDUKE RR TRACK1390 SUPER DUKE RR1390 SUPER DUKE GTHUSQVARNAFC 250KTM 450 RALLY GASGAS MC 85 Advanced Rider Electronics 799 cc Parallel-Twin Engine Lightweight “Scalpel” handling WP APEX Suspension TFT Dashboard & Connectivity
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11 1390 SUPER DUKE GT790 DUKE1390 SUPERDUKE RR TRACKHUSQVARNAFC 250KTM 450 RALLY REPLICA 1390 SUPER DUKE RR Radar-assistedAdaptive Cruise Control and safety systems 190 hp / 145 Nmnew 1,350 cc LC8 engine Redesigned GT Platform WP APEX Semi-Active Suspension 8.8” TFT Touchscreen DashboardOutlook
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12 DAKAR & W2RC superenduro endurogp Hard Enduro MotocrossMIDSEASON SUMMARYMOTORSPORT HY1 2026
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13 MOTOGP KTM EXTENDS ITS 2027-2031NEW TERMMOTOGP COMMITMENT
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14 Bajaj Mobility AG | Stallhofnerstraße 3. | 5230 Mattighofen | Austria Foto Stephan ReifStrengthening the executive board of KTM AG Chief Commercial Officer (CCO) •Global Sales•Marketing•Customer ExperienceFocused on profitable growth and dealer network development Chief Technological & Project Officer (CTPO) •R&D•Product StrategyFocused on innovation, technology and future product portfolio development since 1 April 2026 as of 1 October 2026 Corporate development
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153 2313 5493 2892 2501 8152 2292 2782 0151 5001 42162835763218001 0002 0003 0004 0005 0006 0007 0002022 2023 2024 2025 30.06.20266 0886 1845 3103 7823 416- 435 White CollarFrom peak workforce to targeted staffing levels aligned with business needs External (temporary worker, foundation apprentices Blue collar ( incl. Apprentices) White collar ( incl. Apprentices) Headcount change
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27/08/2026Financials H1 / 2026
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17 Focus Topics Q2-Revenue INCREASE of 60.5% compared to Q2/25-Motorcycle revenue** increased by more than 117.5% in Q2 compared to Q2/25-Return to a positive operating ebit in q2/2617 Focus Topics H1-Revenue increase of 65% compared to H1/25-Overhead* reduction by EUR 65.8 MN (H1/26 vs. H1/25)-Strong Ebitda margin of 5.4% for H1/26 -Cash flow improvement: +42.5% in Free Cash Flow (H1/26: -22M vs. H1/25 -38M)-Successful refinancing / Stable liquidity position- Close monitoring of exOGenous factors * Excluding results from at equity-valuation and restructuring gain in H1/2025** Motorcycles branded KTM, Husqvarna and GASGAS only
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18372700521-43.1%5.4%-50%-30%-10%10%30%50%0100200300400500600700800H1 2025 H1 2026EBITDA margin* RevenueRevenue Motorcycle SegmentEBITDA Development H1/25 – H1/26 ( Both Segments )*425701Motorcycle revenue recovery driving H1 performance Revenue increased +65.0% to EUR 701 mN, confirming the strong rebound seen across H1 2026.Return to profitability achieved: EBITDA margin improved from -43.1% H1/25 to +5.4%, H1/26reflecting a significant operational turnaround.Business mix transformation completed: Group results are now predominantly driven by the Motorcycle segment, while the Bicycle business has a limited impact on revenue.Revenue Bicycle Segment H1/25Revenue Bicycle Segment H1/26 +65.0% * The values of EBITDA for 2025 were adjusted for the restructuring gain and its effects in the respective periods. Revenue and profitability development Q2(EUR MN)
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19195331231370-28.7%1.7%-55.3%8.7%-60%-40%-20%0%20%40%60%80%100%0100200300400500Q1 2025 Q1 2026 Q2 2025 Q2 2026EBITDA margin* Revenue* The values of EBITDA for 2025 were adjusted for the restructuring gain and its effects in the respective periods.Revenue 2025 Revenue 2026EBITDA Development* +60.5%Motorcycle revenue recovery continued in Q2, driving revenue growth of +11.6% vs. Q1 to EUR 370m.Profitability accelerated based on volume and restructuring, with EBITDA margin expanding from 1.7% Q1/26 to 8.7% q2/26Motorcycle business is the main driver for the Group performance, while the Bicycle business is no longer a material revenue contributor. +69.74%Revenue and profitability development Q2(EUR MN)
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20 Bajaj Mobility AG | Stallhofnerstraße 3. | 5230 Mattighofen | Austria ∆ Q2 25 / 26Q2 2026Q2 2025∆ H1 25 / 26H1 2026H1 2025+60.5%370231+65.0%701425Revenue-97.0%321 059-96.3%381 003EBITDA-99.9%11 022-102.7%-25930EBIT -101.5%-15997-107.3%-66896Profit before Tax-101.4%-12847-106.4%-47739Net profit-450.7 PP8.7%459.3%-230.6 PP5.4%236.0%EBITDA margin-442.9 PP0.3%443.2%-222.3 PP-3.5%218.8%EBIT margin+125.1%32-128+120.5%38-183EBITDA adjusted*+100.8%1-165+90.3%-25-256EBIT adjusted*+64.1 PP8.8%-55.3%+48.5 PP5.4%-43.1%EBITDA margin adjusted*+71.7 PP0.3%-71.4%+56.7 PP-3.6%-60.3%EBIT margin adjusted*∆ 31/12 vs 30/0630/06/202631/12/2025-9.7%3 4163 782Employees (Headcount) Consolidated Profit & Loss (EUR MN) *The values of EBIT and EBITDA for 2025 were adjusted for the restructuring gain and its effects in the respective periods (total: -1.193 MN).
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21 Overheads development H1/19 to H1/26*(EUR MN) *Figures excluding results from at-equity investments, the restructuring gain in 2025 and for 2024, excluding impairments resulting from IAS 36 and IFRS 5 H1 2020H1 2019H1 2021H1 2022H1 2023H1 2024H1 202550 100 150 200250300 H1 2026165139179221268265243177- 66 Mio.
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22 Increase in trade receivables due to increased revenue generated in Europe and North AmericaChange in interest-bearing debt due to refinancing of KTM AG and interest accruals ∆ 31/12 vs 30/0630/06/202631/12/2025-0.4%1 5801 586Balance sheet total-11.8%340385Equity+1.4%949936Total interest-bearing debt-10.9%122137Cash-0.9%374377Inventories+44.1%165115Trade accounts receivable-4.1%-143-149Trade accounts payable+15.5%396343Working capital employed+3.6%827798Net debt-2.8 PP21.5%24.3%Equity ratio+35.9 PP243.2%207.3%Gearing Consolidated balance sheet(EUR MN)
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23 YoY Comparison:Positive cash flow fromoperative activities driven bysignificant increase in cash flowfrom earningsPositive development of FreeCashflowOther investing activities in H12025 comprising one-off cash-infrom sales of “held for sale”-assets amounting to EUR 70 Mn ∆ H1 25 / 26H1 2026H1 2025-106.4%-47739Net profit-14.5%6273(+) Depreciation-100.0%0-1 187(-) Restructuring gain-120.3%-44214(+) Other expenses and (-) income+82.3%-28-160Cashflow from earnings-53.5%4698(+ / -) Changes working capital+128.0%17-62Cashflow from operating activities+25.8%-40-54(-) Payments for intangible and tangible assets-98.9%178(+ / -) Other investing activities-268.3%-3923Cashflow from investing activities+42.5%-22-38Free Cashflow+5.9 PP-3.2%-9.1%in % of revenue Consolidated free cash flow (EUR MN)
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24289154115165618395377374-382-146-149-14352540334339627.94%31.04%33.95%30.79% 31/12/2024 30/06/2025 31/12/2025 30/06/2026 -30%-10%10%30%50%70%90%-500-300-1001003005007009001100 Trade receivablesInventoriesTrade payablesWorking CapitalNet working capital on LTM* revenue* LTM = Last Twelve Months Working capital development (EUR MN)
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25 Maturity of outstanding debt instruments1CashUnused credit lines2483511013522026 2027 2028 2029 >202916112230/06/2025 30/06/2026Solid financial structure withEUR 172 mncash and unused credit lines (including bank guarantees) vs EUR 161 mn(30/06/2025)Refinancing EUR 550 mn successfully completed in Q2/26 Average debt maturity of 3.3 yrsUnused Working Capital line of EUR 50 mn21 Amounts by maturity as of 30/06/2026. Term loans with banks and shareholder loans; excluding accrued interest, finance leases and IFRS 16 leases2EUR 1.4 mn is utilized by bank guarantees. Maturity profile & financial position (EUR MN) 1,448,6 30/06/2025 30/06/2026050
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26 Turnaround in full swingRecovery StartOvercoming insolvency & restart.Supply Chain EfficiencyImproved Phoenix measures and payment terms.Design ReinforcementStrengthened Bajaj & KTM design capabilities.Go-to-Market StrategySharper, purpose-built strategy for growth.Focus on BrandsRefined profile and clearer market identity. 04 02 01 03 RefinancingSecuring financial stability. 05 Simplified StructureReduced headcount, fix costs, entities. 06 07Improved ProfitabilityGrowing EBITDA-Margin achievements