Bajaj Mobility AG

Bajaj Mobility AG Annual Financial Report 2025

Mattighofen, Austria based Bajaj Mobility AG - the new name for Pierer Mobility AG and the KTM AG holding company - has released its first set of full year financial results since its 2023-2025 'near death experience'. Against the backdrop of what it describes as a "record motorsport season" it is reporting a "successful turnaround following an intensive year of restructuring and operational stabilisation".

CEO Gottfried Neumeister: "as of today March 26 we had already sold more than twice as many motorcycles as in the first quarter of 2025".

Citing a "clear turnaround in the second half of the year" following a restructuring-driven start to the 2025 financial year, the company says it now has now established a "solid foundation for profitable growth."

Business performance highlights include a strong recovery in H2 2025 retail sales, increasing by around 60 % compared to H1 and a previously referenced € 1,193m restructuring gain. In its provisional financial report released at the end of March 2026, the company says revenue was € 1.009bn on sales volume of 209,704 units with an EBITDA of € 874m, EBIT of 

€ 748m and net profit of € 590m - raising its equity ratio to 24.3 % (on equity of € 385m) and "significantly" reducing net debt to € 798m.

Inventory had been reduced by 101,153 units to 147,427 vehicles (from 248,580). In motorsport terms 2025 is described as "the most successful year in the company's history" with 29 championship titles bagged.

CFO Petra Preining is quoted as stating that "2025 was a year of intensive financial reorganization. Through consistent inventory reduction, a focus on a sustainable cost structure and successful refinancing measures, we have clearly strengthened our financial base. We have created the conditions for a more profitable 2026.

"The restructuring and realignment measures initiated in 2025 included strengthening of our capital structure". KTM AG secured an unsecured loan of € 550m from an international banking consortium consisting of J.P. Morgan SE, HSBC, DBS Bank Limited and MUFG Bank Ltd - "a key milestone and strong signal of confidence from the financial markets.

"The five-year unsecured financing at exceptionally favoruable terms underlines the renewed confidence of leading financial institutions in the company's business strategy and operational strength. This replaces the existing, significantly higher-interest loan from Bajaj Auto amounting to € 450m, thereby substantially improving the group's financial stability and flexibility and creating the liquidity base for the planned growth phase."

Additionally, KTM AG secured a new factoring facility of € 150m and a working capital facility of € 50m.

At the same time, "the company sharpened its strategic focus on its core motorcycle business." Non-strategic business areas were divested - MV Agusta, KTM X-Bow and the entire bicycle segment are gone.

Their motorsport dominance has already continued into Q1 of 2026 with successes including Luciano Benavides winning the 2026 Dakar Rally for Red Bull KTM Factory Racing and Billy Bolt securing the 2026 SuperEnduro World Championship for Husqvarna Factory Racing.

For the 2026 financial year "the focus is on further improving profitability" including "focused management of the product and project portfolio as well as strengthening the international production and sales organization.

Adventure R

Adventure S

The Premium Manufacturer's Warranty has been expanded with a four-year warranty now applying to all street-legal KTM and Husqvarna models from model year 2025 onwards, for the first time.

Adventure EVO

CEO Gottfried Neumeister is quoted as stating that "we have made an outstanding start to 2026. It is particularly encouraging that our new models are being received very positively by our customers. As of today [March 26, 2026] we have already sold more than twice as many motorcycles as in the first quarter of the previous year. Inventory reduction is also progressing extremely well."

The company says that "management is aware of the current geopolitical uncertainties and their potential negative impact and is continuously monitoring developments. Appropriate countermeasures are being evaluated."

German motorcycle registrations

Germany - motorcycle registrations +38.66% to February 2026

The most recent available data from the IVM (the motorcycle industry trade association for Germany) shows first two months of 2026 growing at +38.66% (11,786 units).

Welcome though the news is, as elsewhere in Europe the data is somewhat distorted as statistical reporting starts to lap the late 2024 effects of the rush to pre-register unsold Euro 5 inventory before the new Euro 5+ regulatory framework became active at the start of 2025. 

Those units were (mostly) subsequently sold by dealerships in 2025 (in H1 especially) making the apparently extreme decline in new registrations in Germany last year a less than entirely reliable metric.

January in Germany saw reported growth of +70.56% (3,696 units) with February at +27.74% (8,090 units).

Total PTW registrations in January and February in Germany were +41.33% at 17,368 new registrations in total.

As to be expected, the BMW R 1300 GS continues its market domination as the best seller in Germany with 970 units sold for a YTD 8.23% market share. The Kawasaki Z 900 remains in second spot, followed by the BMW F900 R and F 900 GS, S 1000 RR and F 800 GS. The Yamaha MT-07 was the 7th most popular model in Germany so far in 2026, with the BMW F 900 XR, Yamaha Ténéré 700 and BMW S 1000 XR filling the rest of the Top 10 spots. 

BMW has 14 models in the list of the top 50 best sellers in Germany for 2026 so far; Honda has 12, Kawaski six, Yamaha and Suzuki four each and Triumph, Bird and CFMoto two each. In 2025 Honda closed the market share gap on BMW, ending the year only fractionally behind with a 20.30 % market share (19,571 units).

In the electric (light) motorcycles segment in Germany Stark Future has taken market leadership from Zero with 176 units sold to 35 for Zero Motorcycles (now a Dutch globally headquartered American manufacturer), ahead of NIU with 20, LiveWire with 12, Electric Motion and Vmoto with seven each.

For the record: total motorcycle registrations in Germany in 2025 were recorded as being a Euro 5 'pre-reg' distorted -36.02 (97,699 units) with total PTWs at -35.50% (161,744 units).

Athena - GET

Athena and GET in 2026 MXGP partnership

Athena and GET have renewed their long-term collaboration with Infront Moto Racing for the 2026 FIM Motocross World Championship MXGP.

"The MXGP World Championship continues to be a strategic global platform: a true on-track testing ground where GET constantly tests, validates and develops its electronic solutions under real race conditions, working side by side with factory teams, riders and engineers," said Stefania Vercesi, Athena Chief Marketing Officer.

There will be new strategic collaborations for GET in the paddock in 2026, with established partnerships with the likes of Monster Energy Yamaha Factory Racing seeing them continue to use the complete GET electronics package. 

GET electronics also supports Yamaha's entire development structure, with an active presence in the EMX and WMX categories through partner teams.

"GET technology remains central to the technical development of Kawasaki Racing Team in the MX2 class," says Stefania, "while the collaboration with Beta Factory Racing continues through GET Smart Tools."

Athena and GET have also confirmed their support for the Ducati Factory MX Team, accompanying the debut of the Desmo250MX in MX2 through Team Beddini Racing, also active in the European EMX250 program.

"New in 2026, we have TM Moto joining the GET family, adopting data acquisition systems as part of its performance program."

www.athena.eu

Italian motorcycle registrations

Italy - Q1 2026 motorcycle registrations +13.93%

Italy has got its mojo back! For the first three months of 2026 the Italian market appears to have returned to growth, but this is the first published data since the industry started to lap the statistical anomalies caused by the late 2024 Euro 5/Euro 5+ transition - so some caution is required.

In motorcycle terms the first three months were +13.93% at 35,637 units registered. January was +16.26% (8,099 units), February was +11.63% (10,595 units) with March +14.31% (16,943 units).

In total PTW terms the YTD data has Q1 +14.34% (82,023 units) with a ‘Massive March’ that saw growth of +21.95% at 39,606 unit registrations. Scooters were +14.65% for the YTD at 46,386 with motorcycles +13.93

As usual, Q1 saw scooters dominate the list of top-sellers in Italy, with Honda Italia’s SH 125, 350 and 150 series taking the top three spots (over  11,000 units for the first three months between them) followed by their X-ADV 750 and ADV 350 to give them a top-5 lock-out. 

The Zontes ZT368T-G was sixth, followed by the Kymco Agility 125 S, the Yamaha TMAX, The Piaggio Liberty 125 ABS and the Voge SFIDA SR16 in tenth spot.

The top-selling larger displacement motorcycles were all ADV platforms with the Honda Africa Twin in 15th place overall (1,033 units) and the BMW R 1300 GS and R 1300 GS Adventure in 16th and 17th place with 948 and 783 units sold respectively.

For the record: Motorcycle registrations for the 2025 full year in Italy were put at 134,480 units (-19.22%), though the official data does not include the unsold Euro 5 models that were pre-registered in late 2024 but still (mostly) sold from dealerships in 2025. 

SIP Scootershop

SIP - Open Day

SIP Scootershop (Landsberg am Lech, near Munich) will stage its popular 2026 Open Day on 16 May - the event that fires a starting gun for the scooter season throughout Bavaria and beyond.

The last SIP Open Day attracted around 3,500 scooter riders from near and far. The Thursday before the Open Day is Ascension Day, a public holiday, and Munich hosts the Vespa Corso. Two great events on one long weekend!

As ever all the usual attractions and creature comforts will make it a fun day - from crispy pizza cooked in the wood-fired Ape, to food and drink from the Italian SIPERIA café bar and a Custom Scooter Show.

Visitors always report that highlight though is the chance to tour SIP's architect designed, purpose-built headquarters and to have your scooter tested on their calibrated P4 Amerschlaeger test bench (dynamometer).

Every year there are more vendors and an always growing parts and used scooter market for bargains and rarities.

Among the parts that will be on show will be SIP's performance upgrade kits and its Mk II 2.0 design forged aluminum rims for all modern Vespa GTS models - an update to the new-in-2025 seen in IDN a yar ago.

With reduced 3,000 g weight (and therefore improved handling) compared to comparable 13" rims, they meet German and international strength and durability standards, have a dynamic design with concave surface, are approved for wide tyres up to 140/60-13" and ship with the ABE general operating permit certificate.

www.sip-scootershop.com

RK Chain

Sealed chain solution for vintage motorcycles 

­The RK 530UWR chain is specifically designed for vintage motorcycles that originally came equipped with narrow-clearance, non-sealed 530-size chains. 

Leveraging RK's exclusive ultra-thin seal (UW-Ring) technology, the 530UWR achieves the durability of a sealed chain while maintaining a width comparable to a standard non-sealed chain - "making it the perfect upgrade without compromising fitment". 

Ideal for classic British bikes like Norton and Triumph, as well as Japanese vintage motorcycles from the 1970s and 1980s, the RK 530UWR is the "go-to choice for riders looking to enhance reliability while preserving authenticity." 

The chain features a silver coating on the inner and outer plates, pins, and rollers, offering excellent protection against rust and corrosion. 

By upgrading from a non-sealed to a sealed chain, riders can expect at least four times the chain life, along with significantly reduced adjustment requirements after the initial stretch of the chain.

RK JAPAN

www.rk-europe.com

TecMate

OptiMate Duo does the thinking for you

The OptiMate DUO family of battery chargers is designed to deliver on a very simple premise - make charging and maintaining of a battery easy, and so without the need for the rider to know what type of battery is in their vehicle - if it is a 12V, then an OptiMate DUO can charge and maintain that battery without issue. 

OptiMate 1 Duo

CEO and Chief Technical Officer of manufacturer TecMate says that it is the OptiMate DUO's charging algorithm that does all the 'heavy lifting' - "adjusting automatically for whether it is a Pb/lead-acid or lithium motorcycle battery, an especially valuable feature during long term maintenance where a Pb / AGM battery requires continuous maintenance to remain at 100%, but lithium LFP battery does not." 

OptiMate 2 Duo x4

Lead-acid / AGM batteries receive an hourly 'float charge' to keep the battery at 100%, but when it comes to lithium, the OptiMate DUO charger backs off and monitors the battery hourly, delivering that 'float charge' to bring it back up to around 90% - but only if it had dropped down below 70% due to the drain from the motorcycle's electronics. Clever stuff. Simple stuff. 

"Using an OptiMate DUO charger really is as simple and fully automatic as that - connect to the battery and that's it. No buttons to push, no thinking required. Once connected, the OptiMate DUO charger does the thinking for you and adapts automatically, delivering a true 'connect & forget, no more battery problems' experience." 

OptiMate10 watt solar panel

Two connection options are included - a fused battery lead / harness with M6 ringlets and a protected SAE connector, and a set of battery clips that are designed specifically for the square posts of a motorcycle battery. 

"The range has a selection of options and entry-points," says Martin. "OptiMate 1 DUO is a popular choice, a balance between function and price, delivering up to 0.6A of charge current, ideal for any motorcycle, ATV or UTV that does not have continuously active electronics like a keyless ignition system. 

"With more sophisticated systems and heavier draws the dealer needs to step up to the OptiMate 2 DUO that delivers up to 2 Amps of charge current for a faster charge and sufficient maintenance current for those touring and adventure motorcycles with key-less ignition (key-fob) and electronic lockable side cases / bags."  

The OptiMate 2 DUO range extends to 2-bank and 4-bank models that are ideal for multi-vehicle maintenance or new battery preparation. Each independent bank delivers 2 Amps and automatically adapts to the connected battery type, which means you could have different lead-acid (flooded or AGM) or lithium LFP batteries connected to the same multi-bank charger, which certainly makes battery preparation or maintenance as easy as you like. 

For situations where there is no AC power available there are two off-grid options to consider. The first is the OptiMate DC-DUO that delivers up to 2 Amps of charge to a 12V battery, whilst drawing power from another 12V source or battery, or from the battery in a car or pickup truck. The OptiMate DC-DUO is an essential tool for the rider who wants to maintain a battery in a motorcycle or even their car that is parked in a 'off-grid' storage area. The second option is the OptiMate Solar DUO range with 10W, 20W and 40W options available. 

"Never-mind battery type or size, one of the OptiMate DUO family 'members' will make your customers' battery problems go away and at the same time reduce questionable battery returns," says Martin. "If you want it easy, choose the OptiMate DUO range of chargers". 

TECMATE

www.tecmate.com

www.optimate1.com