Bajaj Mobility AG (formerly PIERER Mobility AG) published its preliminary data today: unaudited figures for the 2025 fiscal year. While Bajaj management is attempting to present the current figures in the best light possible, a closer and critical examination reveals a bleak picture.
Revenue was a paltry €1,009 million euros, representing a 46% decrease compared to 2024, the year in which debts of €1.8 billion euros and insolvency had to be declared in November. As a reminder, in 2023, the revenue of what was once Europe's largest motorcycle manufacturer was €2.6 billion euros.
The Bajaj Group has reported an operating profit (EBIT) of €748 million euros. This positive result, however, was only due to the fact that 70% of the debt was transferred to creditors as part of the insolvency proceedings, leading to a restructuring gain of €1.193 billion euros, reducing its new net debt to €798 million euros. The company's equity now stands at €385 million euros, therefore, increasing the equity ratio to 24.3%.
Bajaj Mobility AG sold only 50,334 motorcycles in the first half of 2025, supplemented by 34,950 sold through its new majority shareholder, Bajaj, in India. This is hardly surprising. Due to high inventory levels and supply chain issues, production had been suspended for six months until the end of July.
When production began again in the summer, 80,464 motorcycles were sold in the second half of the year: an increase of 60% compared to the first half, with an additional 43,956 bikes sold through Bajaj Auto. Total sales, therefore, for 2025 amounted to 209,704 bikes. This represented a decrease of 28% compared to the previous year.
As part of the restructuring program, several business sectors were divested or wound down in fiscal year 2025. These included the KTM Sportcar/X-BOW activities, the 50.1% stake in MV Agusta, and the entire bicycle segment, including FELT, the US brand. The Group is now focusing on its core business in the premium motorcycle segment, with plans to reduce the number of models across the KTM, Husqvarna, and GASGAS brands from 84 to 42. The workforce was reduced to 3,782 employees (5,310 in 2024) due to structural adjustments. The new majority owner, Rajiv Bajaj, aims to cut costs by 50% in the Austrian site. He regularly emphasizes that motorcycle production in Europe is dead and that manufacturing bikes in Asia is 30% cheaper.
Oddly enough, the annual report from January 29th still refers to new majority owner Bajaj as a strategic partner. However, Bajaj rescued the Pierer Group from collapse in the first half of 2025, injecting almost €600 million euros into the struggling company. Furthermore, Bajaj is expected to have sold around 60% of all motorcycles produced at their plants in India and Austria in 2025. Additional details will be published on March 26th.
For 2026, the company plans to achieve increased efficiency in its motorcycle business through further cost reductions, with a significant increase in revenue and sales.
Another focus in 2025 was on reducing global inventory. The number of outdated vehicles was reduced by 101,153 over the course of the year: from 248,580 at the end of 2024 to 147,427 by the end of December 2025.
Although Bajaj's new CEO, Gottfried Neumeister, celebrated at the KTM Christmas party in December wearing a Santa hat on stage, he already knew then that an additional 500 employees would have to be laid off.
In the fall, the new Chairman of the Board, Rajiv Bajaj, appointed CFO Petra Preining to oversee him. As part of the reorganization at a holding company level, Stephan Reiff will join BMW on April 1st in the newly created position of Chief Commercial Officer (CCO). Reiff was most recently manager at BMW Motorrad, where he had been Vice President of Customer, Brand & Sales since 2022, responsible for global sales, marketing, and aftersales. In Austria, Reiff will consolidate key areas: sales, marketing, brand strategy, dealer network, and aftersales business, however, he still needs to acquire the necessary expertise in KTM's core off-road business.
In addition to Neumeister, Preining, and Reiff, Verena Schneglberger-Grossmann (Human Resources and Legal Affairs) also serves on the board.
Thanks to the costly "Ready To Race" strategy, Luciano Benavides won the 2026 Dakar Rally for Red Bull KTM Factory Racing, whielAustrian Lukas Höllbacher secured the Supermoto World Championship title in January, and Eli Tomac won the first two Supercross races in North America.
Gottfried Neumeister was celebrating newly signed Tomac's triumph at the Anaheim Supercross during the second weekend in January 2026. Shortly afterward, the KTM CEO had to dismiss veteran Sel Narajana, a native of India, who had come to KTM from Maico several decades earlier and, with outstanding success, led motorsports of KTM North America based at the US headquarter in Murrieta (California) for many years.
Whether the motorsports budget of around €60 million euros per year will continue to be approved by Bajaj for the years to come remains to be seen.
After three years, the KTM MotoGP factory team lost the US oil company, ExxonMobil, as a sponsor. ExxonMobil had come to KTM through the Red Bull Racing F1 team and provided valuable services in the development of synthetic fuel.
While formerly-named Pierer Mobility still generated $960 million euros in revenue in the US in 2023, the US market has become a difficult environment for KTM, Husqvarna, and GASGAS. Because tariffs for Europe are rising from 2.5% to 15%, Bajaj motorcycles in India are subjected to 50% tariffs. The Trump administration has threatened a further increase if India continues to buy oil from Russia.
CEO Gottfried Neumeister: "In 2026, the consistent and systematic continuation of the restructuring process we have embarked upon is our top priority. The newly introduced models are very well received, and our recent motorsport successes are providing additional momentum. They are noticeably contributing to increased sales figures."