The restructuring efforts at KTM AG (now under Bajaj Mobility AG) are finally starting to pay off. The first quarter of 2026 has kicked off with some seriously impressive growth in both motorcycle unit sales and overall revenue. While there’s still some work to do, the latest quarterly report suggests the brand is firmly on the road to recovery.
Motorcycle Sales More Than Double
The standout news from the report is the sheer volume of bikes being shifted. Motorcycle unit sales skyrocketed by 125.1%, jumping from 17,915 to 40,332 units compared to the same period last year.
Here is how the brands—KTM, Husqvarna, and GasGas—performed on the ground:
- Retail Success: Actual sales to customers reached 47,374 units, up from 46,220 in Q1 2025.
- Wholesale Recovery: Sales to dealers and importers surged to 40,332 units, a massive leap from the “mere” 17,915 units reported last year.
- Inventory Control: Bajaj Mobility is reaching a much healthier balance, with global unsold stock sitting at about 104,805 motorcycles—a huge improvement over the 219,649 units seen back in 2023.
Revenue and Financial Performance
Financially, the picture is brightening. Total group revenue grew by 70.2% to reach €331.3 million. Looking specifically at the bikes, motorcycle revenue more than doubled, rising 151.6% to €272.4 million.
The “big win” for the accountants was the EBITDA (earnings before interest, taxes, depreciation, and amortisation), which climbed back into the black. It hit €5.5 million, a significant swing from the €55.8 million loss reported this time last year. While this still translated to a net loss of €35 million for the quarter, the operating result (EBIT) improved by €65.5 million.
Refinancing and Structural Changes
KTM AG hit a major milestone in February 2026 by successfully refinancing €550 million in debt through an international banking consortium. This five-year loan allowed them to repay €473 million to their majority owner, Bajaj Auto, significantly strengthening their financial flexibility.
However, the restructuring has meant some tough decisions:
- Staff Reductions: A reduction of 500 employees was initiated this quarter, mostly affecting middle management and white-collar roles. This is expected to wrap up by Q3 2026.
- New Leadership: To boost commercial performance, Stephan Reiff stepped in as Chief Commercial Officer on April 1, with new VPs appointed for European and international sales in May.
Winning on the Track
It wouldn’t be KTM without some racing trophies. The 2026 season has started with a bang:
- Dakar Dominance: Luciano Benavides secured KTM’s 21st Dakar title.
- Enduro Excellence: Billy Bolt was crowned SuperEnduro World Champion for the sixth year running for Husqvarna.
- Motocross Leads: Lucas Coenen is currently leading the MXGP World Championship, while the brand holds a double lead in the MX2 category.
CEO Gottfried Neumeister described Q1 2026 as a “noticeable turning point,” with the focus for the rest of the year remaining on efficiency and securing sustainable profitability.
