Slides
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Bajaj Mobility AG q3 / 2026 Interim Report 03/11/2026
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➢ Motorcycle business reaching EUR 1 BN Revenue ➢ Q3/26 EBIT improving to EUR 11 MN ➢ Significant Cash flow increase from operating activities to EUR 29 MN ( +124.3%) vs YTD Q3 2025 ➢ Inventory levels stabilized at a sustainably efficient level ➢ KTM - owned factory in brazil opened on 14 October 2026 ➢ Continuous success in Motorsport Key Success Factors Q3/26
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3 From Stabilization to Operational Turnaround DELIVER Strong revenue growth Positive EBIT further improved Significant EBITDA margin expansion BUILD Strengthened product leadership Enhanced technology capabilities Global brand relevance STABILIZE Inventory levels at sustainably efficient level Operating cashflow significantly improved SIMPLIFY Restructuring measures consistently implemented Sustainable & lean overhead structure
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4 From peak workforce to targeted staffing levels aligned with business needs External (temporary worker, foundation apprentices) Blue collar ( incl. Apprentices) White collar ( incl. Apprentices) Headcount Development 3,231 3,549 3,289 2,250 1,736 2,229 2,278 2,015 1,500 1,448 628 357 6 32 447 0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 2022 2023 2024 2025 9/30/2026 6,088 6,184 5,310 3,782 3,631 - 514 White Collar + 363 Blue Collar, incl. Externals
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5 Motorcycle Wholesales by Region – Q3/26 YOY Strong worldwide YOY motorcycle wholesale increase* Wholesale Q3/25 Q3/26 Δ Total (excl. Bicycles) 31.402 47.391 15.989 Europe 14.032 20.265 6.233 North America 9.035 11.625 2.590 RoW 8.335 15.501 7.166 31402 14032 9035 8335 47391 20265 11625 15501 0 20000 40000 TOTAL MC EUROPE NORTH AMERICA ROW Units Q3 2025 Q3 2026 +44% +51% +86%+29% ** *** * Whole motorcycle segment including KTM, Husqvarna und GASGAS brands sales, as well as „CFMOTO“, „MV Agusta“, „KTM XBOW“ vehicles and E-Balance Bikes. ** The total amount of Q3 2025 contains 40 vehicles of non KTM, Husqvarna und GASGAS brand. *** The total amount of Q3 2026 contains 1 vehicle of non KTM, Husqvarna und GASGAS brand.
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6 Inventory Stock Reduction ( units ) Inventory stabilized and maintained on a sustainable level Total Stock Dealer / Importer Stock ~51% Total Reduction216.288 JAN 2024 JUL 2024 JAN 2025 JUL 2025 JAN 2026 JUL 2026 104.954 AG Stock SEP 2026 289.947 140.507
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7 Product Innovation on Display at EICMA Showcasing the Innovative MY27 Factory Editions CLASS-LEADING 250F PERFORMANCE (50+ HP, INDUSTRY-FIRST) WORLD‘S STRONGEST 250CC ENGINE ALL-NEW CLOSED-CARTRIDGE SUSPENSION NEW CHASSIS PLATFORM MY27 KTM SX-F FACTORY EDITION MY27 HUSQVARNA FACTORY EDITION ADVANCED ELECTRONIC CONTROLS
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8 World‘s first Electronic Offroad Suspension Pioneering innovation jointly developed by KTM and WP Hier kommt ein Video von der AVT- Technologie rein MP4 format ➢ Automatically adapts suspension performance to riding conditions and maneuvers in real time ➢ Higher customer value through better control, confidence and versatility ➢ Comfort, control and performance combined in one system ➢ Maximum versatility across all offroad disciplines in one suspension
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9 990 RC R 450 RC KTM Presents …
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10 KTM Motorsport 23 Championship Titles 2026 to Date ROAD RACING W2RC MOTOCROSS SUPERMOTOCROSS HARD ENDURO & ENDUROGP
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11 Motorsport placeholder
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12 KTM - Owned Production plant in brazil Strengthening KTM’s manufacturing footprint investment to date € 3 MN ~80 annual actual capacity 10,000 units employees
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03/11/2026 Financials q3 / 2026
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➢ Group revenue ROSE by 57.0% to EUR 351 MN vs. Q3/25 ➢ Revenue OF KTM, Husqvarna and GASGAS motorcycles increased by 84.0% vs . Q3/25 ➢ Profitability continues to grow: EBITDA margin amounting to 11.6% in Q3/26 ➢ EBIT increased to EUR 11.3 mN with an EBIT margin of 3.2% ➢ Operating cash flow improved by EUR 29.4 mN in YTD Q3/26 vs. YTD Q3/25 ➢ Overheads reduced to EUR 255 mN in YTD Q3/26 ( – EUR 97 mN vs. YTD Q3/25) 14 Focus topics q3/26
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15 212 351 11 -17.2% 11.6% -20% 0% 20% 40% 0 50 100 150 200 250 300 350 400 Q3 2025 Q3 2026 EBITDA Margin Revenue Revenue Motorcycle segment 224 351 ➢ revenue from motorcycles sold driving Q3 performance ➢ Revenue increased +57.0% to EUR 351 mN , confirming the strong rebound seen across H1/26. ➢ profitability continues to improve: EBITDA margin amounting to 11.6% in Q3. ➢ Strong YTD recovery: revenue up 63% to EUR 1,053 mN and EBITDA margin improved to 7.2%. Revenue Bicycle segment ** Revenue from Bicycle segment in Q3 2026: EUR 0 MN. Revenue and profitability development Q3 (EUR MN) EBITDA Development Q3/25 – Q3/26 ( both segments )* 584 1051 64 -34.3% 7.4% -40% -20% 0% 20% 40% 60% 0 200 400 600 800 1000 YTD Q3 2025 YTD Q3 2026 EBITDA Margin Revenue +57% +63% 1053 649 * The values of EBITDA for 2025 were adjusted for the restructuring gain and its effects in the respective periods. *** Revenue from Bicycle segment YTD Q3 2026: EUR 2 MN.
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16 195 331 231 370 224 351 -28.7% 1.7% -55.3% 8.7% -17.2% 11.6% -60% -30% 0% 30% 60% 90% 0 150 300 Q1 2025 Q1 2026 Q2 2025 Q2 2026 Q3 2025 Q3 2026 EBITDA margin* Revenue * The values of EBITDA for 2025 were adjusted for the restructuring gain and its effects in the respective periods. Revenue 2025 Revenue 2026 EBITDA Development* ➢ Profitability continues to improve quarter by quarter. ➢ Revenue recovery translates into profitability. ➢ Q3 revenue was below Q2 due to seasonal effects and the production BREAK due to summer season, but EBITDA increased substantially. Revenue and profitability development Q1 - Q3** (EUR MN) +69.7% +60.5% +57.0% ** For readability, figures are presented on an overall basis without a breakdown by segment.
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17 Bajaj Mobility AG | Stallhofnerstraße 3. | 5230 Mattighofen | Austria Q3 2025 Q3 2026 ∆ Q3 Q3 YTD 2025 Q3 YTD 2026 ∆ Q3 YTD Revenue 224 351 +57.0% 649 1.053 +62.2% EBITDA -31 41 +230.0% 971 78 -91.9% EBIT -64 11 +117.7% 867 -14 -101.6% Profit before Tax -89 -5 +94.0% 807 -71 -108.8% Net profit -73 -3 +96.2% 666 -50 -107.5% EBITDA margin -14.0% 11.6% +25.6 PP 149.7% 7.4% -142.6 PP EBIT margin -28.5% 3.2% +31.7 PP 133.6% -1.3% -134.9 PP EBITDA adjusted* -38 41 +205.7% -223 78 +135.1% EBIT adjusted* -71 11 +115.9% -327 -14 +95.9% EBITDA margin adjusted* -17.2% 11.6% +28.8 PP -34.3% 7.4% +41.8 PP EBIT margin adjusted* -31.7% 3.2% +34.9 PP -50.4% -1.3% +49.1 PP 31.12.2025 30.09.2026 ∆ 31/12 vs 30/09 Employees (Headcount) 3,782 3,631 -4.0% 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: -1.194 MN) and for Q3 only (total: -7 MN). ➢ Strong revenue growth of +57.0% to EUR 351 mN in Q3 ➢ Clear turnaround in profitability, with EBITDA improving from EUR – 38 mN to EUR 41 Mn ➢ Significant margin recovery, with EBITDA margin reaching 11.6% and EBIT margin 3.2%
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18 Overheads development (EUR MN) *Figures excluding results from at-equity investments and the restructuring gain in 2025 FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 100 200 300 400 500 600 FY 2025 313 317 401 526 616 … 465 - 151 MN YTD Q3 2025 YTD Q3 2026 100 200 300 400 352 255 FY/19 to FY/25* YTD Q3/25 and YTD Q3/26 461 - 97 MN
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19 Consolidated free cash flow – YTD (EUR MN) YTD Q3 2025 YTD Q3 2026 ∆ YTD Q3 25 / 26 Net profit 666 -50 -107.5% (+) Depreciation 104 92 -12.1% (+) Other expenses and (-) income -1 019 -44 +95.7% Cashflow from earnings -249 -2 +99.1% (+ / -) Changes working capital 127 32 -75.3% Cashflow from operating activities -121 29 +124.3% (-) Payments for intangible and tangible assets -76 -58 +23.7% (+ / -) Other investing activities 71 3 -96.3% Cashflow from investing activities -6 -55 -901.3% Free Cashflow -127 -26 +79.4% in % of revenue -29.8% -2.5% +27.3 PP YTD Comparison: ➢ Positive cash flow from operative activities driven by significant increase in cash flow from earnings ➢ Positive development of Free Cashflow ➢ Other investing activities in YTD Q 3 2025 comprising one - off cash - in from sales of “ held for sale ” - assets amounting to EUR 70 Mn
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20 289 154 115 165 141 618 395 377 374 419 -382 -146 -149 -143 -133 525 403 343 396 427 27.94% 31.04% 33.95% 30.79% 33.46% 31/12/2024 30/06/2025 31/12/2025 30/06/2026 30/09/2026 -30% -10% 10% 30% 50% 70% 90% -500 -300 -100 100 300 500 700 900 1100 Trade receivables Inventories Trade payables Working Capital Net working capital on LTM* revenue * LTM = Last Twelve Months Working capital development (EUR MN)
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21 Maturity of outstanding debt instruments1 Cash Unused credit lines 1 48 348 101 352 2026 2027 2028 2029 >2029 71 110 30/09/2025 30/09/2026 ▪ Solid financial structure with EUR 160 mn cash and unused credit lines (including bank guarantees) vs EUR 71 mn (30/09/2025) ▪ Average debt maturity of 3.13 yrs ▪ Unused Working Capital line of EUR 50 mn2 1 Amounts by maturity as of 30/09/2026. Term loans with banks and shareholder loans; excluding accrued interest, finance leases and IFRS 16 leases 2 EUR 1.4 mn is utilized by bank guarantees. Maturity profile & financial position (EUR MN) 1.4 48.6 30/09/2025 30/09/2026 0 50
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22 Turnaround in full swing Recovery Start Overcoming insolvency & restart. Supply Chain Efficiency Improved Phoenix measures and payment terms. Design Reinforcement Strengthened Bajaj & KTM design capabilities. Go-to-Market Strategy Sharper, purpose-built strategy for growth. Focus on Brands Refined profile and clearer market identity. 04 02 01 03 Refinancing Securing financial stability. 05 Simplified Structure Reduced headcount, fix costs, entities. 06 07 Improved Profitability Growing EBITDA-Margin. achievements