- Q2 2026 revenue: 370 million euros ($422 million), up from 231 million euros ($263 million) in the same quarter last year
- 48,672 motorcycles sold by KTM, Husqvarna, and GasGas outside India, a 71 percent increase year-on-year
- Expected EBITDA margin of around 8.7 percent, up from minus 55.6 percent a year earlier
After nearly two years of production stoppages, job cuts, and a court-supervised restructuring process, KTM is reporting figures for the first time that point to a genuine recovery. The publicly listed parent company Bajaj Mobility AG, formerly PIERER Mobility AG, reports noticeably higher revenue, higher unit sales, and an operating margin that has returned to positive territory after clearly negative figures a year earlier for the second quarter of 2026. The figures are preliminary, but they offer a first solid indication of how far the company has already progressed on its way out of the crisis.
What does Bajaj Mobility’s Q2 report show?
The report shows revenue of 370 million euros ($422 million) for the second quarter of 2026, up from 231 million euros ($263 million) in the same period last year. That represents an increase of around 60 percent. In the motorcycle segment, which also includes components and related activities, revenue rose from 330 million euros ($376 million) in the first quarter to 370 million euros ($422 million) in the second quarter. Compared with the prior-year figure of 205 million euros ($234 million), that marks an 80 percent increase. In terms of unit sales, the group sold 48,672 motorcycles under the KTM, Husqvarna, and GasGas brands outside India during the second quarter. That is 71 percent more than in the same quarter last year and 21 percent more than in the first quarter of 2026.
How much did first-half sales grow?
Across the entire first half of 2026, the group sold 147,572 motorcycles worldwide, an increase of 81 percent compared with 81,336 units in the first half of 2025. Outside India, 89,004 motorcycles were sold under the KTM, Husqvarna, and GasGas brands. A further 58,568 motorcycles came through the strategic partner and parent group Bajaj Auto, up from 34,950 in the same period last year. Revenue in the motorcycle segment climbed to around 700 million euros ($798 million) for the half-year, compared with 373 million euros ($425 million) a year earlier.
Why is the EBITDA margin the key signal?
Because it shows whether the operating business is making money again, rather than the improvement simply coming from one-off effects in the balance sheet. EBITDA stands for earnings before interest, taxes, depreciation, and amortization. For the second quarter, the company expects an EBITDA margin of around 8.7 percent, up from minus 55.6 percent in the same quarter last year. For the first half of the year, the expected figure is around 5.4 percent, up from minus 43.3 percent. One detail the company itself emphasizes is important here: this margin is stated after deducting restructuring gains.
This point sets the current report apart from last year’s balance sheet. For 2025, Bajaj Mobility had reported a net profit of 590 million euros ($673 million). However, that figure included a restructuring gain of 1.193 billion euros ($1.36 billion), which arose mainly because creditors waived large portions of their claims. That book gain repaired the balance sheet but said nothing about operating profitability. The EBITDA margin now reported excludes such effects and suggests that sales, cost cuts, and the new structure are gradually adding up to a viable business. The first quarter had already produced a positive EBITDA of 5.5 million euros ($6 million), even though the bottom line still showed a loss. The stronger second quarter shows that the recovery has accelerated over the course of the year.
How did the crisis and Bajaj’s takeover come about?
KTM had slid into a severe financial crisis because the company had bet too heavily on growth during the boom years and was then left sitting on large inventories. Falling demand, high interest rates, and full warehouses at dealers and importers tied up significant capital as the market cooled. In November 2024, KTM AG, together with two subsidiaries, entered a court-supervised self-administered restructuring process. Creditors approved a plan that provided for a cash quota of 30 percent of recognized claims, payable by May 23, 2025.
To clear this hurdle, KTM needed fresh capital. Bajaj Auto contributed the decisive amount: 450 million euros ($513 million) directly to KTM AG and a further 150 million euros ($171 million) to the publicly listed parent company. This also cleared the way for a change of ownership. By November 2025, the Indian group had taken sole control through a subsidiary and subsequently held around 74.9 percent of what was then PIERER Mobility. The company was renamed Bajaj Mobility AG, and its headquarters moved to Mattighofen. KTM, Husqvarna, GasGas, and the components brand WP have since formed the core of a leaner group clearly focused on motorcycles.
How reliable are the numbers really?
The increases also look so large partly because the comparison base was very low. In the first half of 2025, production in Austria was massively disrupted, several model deliveries were delayed, and the group deliberately held back deliveries to dealers so that inventories could shrink. Against this backdrop, the 71 percent increase in quarterly sales looks less extraordinary than it first appears. More telling is the 21 percent increase compared with the first quarter of 2026, since it shows that sales continue to grow and are not simply benefiting from a comparison with the weakest months of the crisis.
Key figures remain open. The preliminary announcement provides no updated information on net debt, cash flow, dealer inventories, or net result. Yet these are exactly the figures that determine how much financial repair work still lies ahead. The current report thus fits into a longer series of milestones through which KTM has been working its way out of an existential crisis step by step since late 2024.
When will the complete figures arrive?
Bajaj Mobility plans to present the complete half-year figures on August 27, 2026. Only this report is expected to provide more detailed information below the EBITDA line, covering profit, cash flow, debt, and inventory levels as well as the further progress of the savings program. Until then, the figures released now remain preliminary.
Frequently Asked Questions
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What revenue did Bajaj Mobility AG generate in the second quarter of 2026?
Bajaj Mobility AG reports revenue of 370 million euros ($422 million) for the second quarter of 2026. In the same quarter last year, revenue was 231 million euros ($263 million), which corresponds to an increase of around 60 percent.
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How many motorcycles did the KTM group sell in the first half of 2026?
Worldwide, 147,572 motorcycles were sold, an increase of 81 percent compared with the first half of 2025. Of these, 89,004 units came from sales of KTM, Husqvarna, and GasGas outside India, with a further 58,568 sold through Bajaj Auto.
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Why was KTM in a financial crisis?
KTM had bet too heavily on growth during the boom years and was then left with high inventory levels. In November 2024, a court-supervised self-administered restructuring process followed, which provided creditors with a cash quota of 30 percent of their claims.
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What does the EBITDA margin of 8.7 percent mean?
The margin reflects operating profitability before interest, taxes, depreciation, and amortization, and stands at around 8.7 percent after deducting restructuring gains. In the same quarter last year, it had still stood at minus 55.6 percent.
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When will Bajaj Mobility publish the complete half-year figures?
The complete half-year figures are scheduled for August 27, 2026. They are expected to include details on profit, cash flow, debt, and inventory levels.
