Bajaj Auto Limited disclosed the quarterly report of its step-down subsidiary Bajaj Mobility AG (formerly PIERER Mobility AG) for the first quarter of 2026, pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The disclosure was received by the company on 13 May 2026 at around 10:10 AM (IST). Bajaj Mobility AG's shares are listed on the SIX Swiss Exchange and the Vienna Stock Exchange.

Q1 2026 Financial Highlights

Bajaj Mobility AG recorded a marked improvement in operating performance in Q1 2026 compared to the same quarter of the previous year. The following table summarises the key financial and operational metrics:

Equity as of December 31, 2025 stood at EUR 385.2 mn, with an equity ratio of 24.3%, compared to EUR 350.7 mn and 22.2% respectively as of March 31, 2026.

Revenue Growth Driven by Strong Motorcycle Demand

The sales trend in Q1 2026 reflected strong demand for motorcycles across the KTM, Husqvarna, and GASGAS brands. Overall motorcycle unit sales rose from 17,915 to 40,332 units, representing a 125.1% increase versus Q1 2025. Motorcycle revenue more than doubled from EUR 108.3 mn to EUR 272.4 mn, a growth of 151.6%. Group revenue of EUR 331.3 mn also includes EUR 1.0 mn from the sale of remaining stocks in the bicycle segment, compared to EUR 26.8 mn from the same segment in Q1 2025. Global inventories were further reduced during the quarter as part of the ongoing restructuring focus. CFO Petra Preining noted: "The significant increase in motorcycle sales and the positive EBITDA prove that our operational realignment is taking effect. At the same time, we have sustainably strengthened our financial stability with the refinancing and created the basis for profitable growth."

Refinancing Milestone Strengthens Financial Base

A key development in Q1 2026 was the successful completion of a EUR 550 mn refinancing by KTM AG in February 2026. The unsecured loan, with a maturity of five years, was provided by an international banking consortium comprising J.P. Morgan SE, HSBC, DBS Bank Limited, and MUFG Bank Ltd. The transaction enabled the full repayment of the restructuring loan from Bajaj Auto International Holdings B.V. of around EUR 473 mn (including payment-in-kind), significantly strengthening the Group's financial base and flexibility.

Organisational Restructuring and Management Changes

As part of the ongoing restructuring program, a staff reduction of 500 employees was initiated in Q1 2026, primarily affecting the white-collar sector and middle management. This process is expected to be completed by Q3 2026 and was developed in close cooperation with the works council and social partners. Additionally, KTM AG reinforced its management team with several key appointments:

• Stephan Reiff took over as Chief Commercial Officer on April 1, 2026, responsible for marketing and sales activities
• Klaus Allisat assumed the position of Vice President Sales Europe from May 4, 2026
• Johann von Balluseck took over as Vice President Sales Rest of World from May 4, 2026

Motorsport Achievements Underline Competitive Strength

Bajaj Mobility AG's brands continued their strong motorsport performance in 2026, reinforcing the Group's technological leadership:

• Luciano Benavides won the 2026 Dakar Rally with Red Bull KTM Factory Racing — KTM's 21st Dakar title
• Billy Bolt was crowned SuperEnduro World Champion for Husqvarna Factory Racing for the sixth consecutive year
• Lucas Coenen leads the MXGP World Championship
• Simon Längenfelder and Sacha Coenen hold the double lead in the MX2 championship

Outlook for 2026

For the 2026 financial year, Bajaj Mobility AG's focus remains on continuing the restructuring program and improving profitability. The efficiency program will continue with full focus on streamlining the product and project portfolio. CEO Gottfried Neumeister stated: "The first quarter of 2026 marks a noticeable turning point for our company. The positive response to our new models combined with implemented restructuring measures shows that we have set the right priorities. Now it is important to use this momentum, further increase our efficiency and secure sustainable profitability." The company operates across more than 70 countries and, through its parent Bajaj Auto Limited, benefits from extensive technological expertise and a global distribution network.

Bajaj Auto Limited has reported record financial results for FY26, delivering all-time highs across volumes, revenues, and profits on a standalone basis. The company's total volumes crossed the 5 million unit mark (+10% YoY), surpassing the previous peak of FY19, while revenue from operations reached ₹58,732 crores and Profit After Tax (PAT) stood at ₹9,825 crores. Following the announcement, the company held a conference call on 06 May 2026 at 07:15 p.m. IST to discuss the results. The audio recording of the call has been hosted on the company's website under the 'QUARTERLY RESULTS' section.

FY26 Standalone Financial Highlights

The company's standalone financial performance for FY26 reflected broad-based strength across all business segments. EBITDA margin improved to 20.5% (+30 bps YoY), driven by favourable USD/INR realisation, a profitable sales mix, and operating leverage. The Board of Directors also recommended a Final Dividend of ₹150 per share and approved a buyback of shares under the Tender route, with the dividend and buyback together amounting to ~₹9,825 crores.

Volume Performance

Total volumes for FY26 reached 51,17,667 units (+10% YoY), with growth recorded across both domestic and export segments. Domestic two-wheelers stood at 23,49,040 units (+2% YoY) and domestic commercial vehicles at 5,18,444 units (+8% YoY). Export two-wheelers grew 18% YoY to 19,67,810 units, while export commercial vehicles surged 49% YoY to 2,82,373 units.

Key Business Highlights for FY26

The company's performance was underpinned by strong execution across multiple business verticals. KTM-Triumph delivered its best-ever performance with global revenue of ~₹5,000 crores (+40% YoY). Chetak reported revenues of more than ₹4,000 crores, retaining its position among India's foremost electric scooters. Commercial Vehicles posted a landmark year, sustaining ICE leadership while rapidly scaling e3Ws. Exports scaled new highs on revenue, with LatAm setting a new benchmark for the third consecutive year. Free Cash Flow generation exceeded ₹8,000 crores during the year, up ~30% YoY.

Management Commentary and Outlook

During the conference call, management highlighted that FY26 was a defining year with record revenues, EBITDA, and PAT. The exports business unit crossed the 6,00,000 units mark for the second consecutive quarter, achieving the highest ever quarterly revenue from exports. Latin America continued to outperform with sustained growth for 11 consecutive quarters. The domestic motorcycle industry saw a muted first half followed by a strong recovery in the second half, driven by the festive season and GST rate cuts.

Management noted that the electric 2-wheeler and 3-wheeler business is now the largest in the auto industry, accounting for over 20% of domestic revenues and contributing double-digit EBITDA percentage. The company announced that Mr. Rakesh Sharma has been elevated to the role of Joint Managing Director effective 1st June. Regarding the outlook, management indicated that while demand has softened in April due to inflation and price hikes, growth is expected to continue in the 150cc plus segment and electric categories. The company is targeting exports of 2,20,000 units per month in the coming quarter.

Source: Company/INE917I01010/e31445ae0bec4c1e.pdf