PIERER Mobility: Financials, Brands and What’s Next

PIERER Mobility AG (hereafter “PIERER Mobility” or “the Group”) is a major European player in the powered two-wheeler market, known for premium motorcycle brands such as KTM, Husqvarna Motorcycles and GASGAS. The company also historically expanded into e-bicycles and other mobility segments. With the two-wheeler market evolving rapidly (including electrification, digitalisation and supply chain pressures), PIERER Mobility stands at a crossroads: its financial performance, brand strategy and future direction are under intense scrutiny.

This article explores:

1. The recent financials of PIERER Mobility (with focus on 2024 and beyond)

2. Its brand portfolio and business segments

3. Strategic developments and what’s next for the Group

4. Key risks, opportunities and take-aways for industry watchers.

2. Financials: 2023 into 2024 & Outlook

2.1 2023 Highlights

In the 2023 financial year, PIERER Mobility reported strong growth in core motorcycle segment: revenues climbed to €2,661.2 million (+9.2 % year-on-year). WebDisclosure+2Powersports Business+2 The Group sold 381,555 motorcycles in 2023, up around 1.6 % from the prior year. WebDisclosure+1 This growth underscored the strength of the KTM/Husqvarna/GASGAS brands in traditional internal-combustion and premium two-wheeler markets.

2.2 2024: Marked Decline and Restructuring

However, the 2024 picture is much more challenging. Preliminary figures show revenues dropped by approximately 29 % to €1,879 million. pierermobility.com+3WebDisclosure+3StockAnalysis+3 The Group reported large operating losses: an EBITDA of about €-484 million, and an EBIT of around €-1,188 million. Equity as of end-2024 was deeply negative (≈ €-199 million). WebDisclosure+1 Net debt expanded significantly, to about €1.64 billion. supanda-bike.com

Key contributing factors:

• Weaker global two-wheeler demand and macroeconomic headwinds.

• Inventory buildup and production slowdowns (especially in the motorcycle segment).

• Underperformance and restructuring in the e-bike / bicycle business.

• Substantial cost and margin pressures.

2.3 Recent Metrics (H1-2025) & Key Figures

According to PIERER Mobility’s investor-relations data:

• H1 2025 revenues fell to about €425 million, compared to ~€1,007 million in H1 2024 (-57.8 %). pierermobility.com+1

• Net debt decreased somewhat (from ~€1,643 m to ~€756 m as of June 30, 2025) thanks to restructuring actions. pierermobility.com

• Production lines for KTM have resumed full capacity, which may help restoration of operations. Powersports Business+1

2.4 Outlook & Guidance

The company expects that 2025 will remain challenging, with recovery more likely in 2026 or beyond. For example, in 2025 the bicycle segment is being fully exited. Powersports Business Operational profitability (positive EBITDA) is targeted for 2026 and positive EBIT for 2027. motorcycles.news+1 The significant restructuring programme will be central to achieving this turnaround.

2.5 Key Financial Take-Aways

• PIERER Mobility’s premium motorcycle core remains a strength, but weak macro conditions have severely impacted 2024.

• The abrupt drop in revenue and margin losses highlight the vulnerability of the business to product-cycle issues, supply chain constraints and shifting consumer demand.

• The substantial net debt and negative equity raise concerns about financial flexibility and the path to recovery.

• Restructuring measures are already underway—success will depend on execution and a sustained market rebound.

3. Brands & Business Segments

3.1 Motorcycle Segment

At the heart of the Group is its motorcycle business. The key brands:

• KTM: Flagship brand offering premium sport, off-road and street motorcycles worldwide.

• Husqvarna Motorcycles: Positioned slightly below KTM in price and often focused on street-enduro/off-road segments.

• GASGAS: Another brand under the umbrella, often tied to off-road and competition motorcycles. pierermobility.com+2pierermobility.com+2

In addition, PIERER Mobility produces high-performance components under the WP brand. pierermobility.com

3.2 Bicycle / E-Mobility Segment & Exit

Historically the Group also operated in the e-bicycle sector (brands like Husqvarna e-Bicycles, GASGAS Bicycles, FELT). However, strategic developments show a full exit-from the bicycle segment: the Group is phasing out its e-bike business by end of 2025 as part of the restructuring. motorcycles.news+1 This illustrates the Group’s intention to refocus on its motorcycle core.

3.3 Strategic Partnerships & Global Footprint

Important collaborations include:

• Partnership with Bajaj Auto (India) for production, development and cost advantages. Powersports Business+1

• Cooperation with CFMOTO (China) for motorcycle production in competitive mid-range segments. Finanzwire+1

• The Group sells motorcycles in numerous international markets via a global dealer network. pierermobility.com+1

3.4 Brand Strategy & Differentiation

PIERER Mobility’s brand strategy emphasises:

• Premium positioning: offering high-performance bikes rather than entry-level mass market.

• Off-road / street dual dominance: strong heritage in enduro, motocross, sport bikes.

• Global expansion with support from strategic partners, enabling access to cost-effective manufacturing and emerging markets.

• Streamlining the portfolio: the bicycle segment exit underscores a sharper focus on core motorcycle business.

3.5 Motorsport & Brand Visibility

Brand and product credibility are enhanced through motorsport participation. For instance, changes were announced in 2025 whereby GASGAS and Husqvarna will reduce their involvement in MotoGP and the key focus will shift to KTM-branded machines. GPone.com+1 The strategic realignment is intended to concentrate brand power and reduce cost complexities.

4. What’s Next: Strategy & Future Outlook

4.1 Refocus on Core Business

The decision to exit the bicycle/e-mobility business signals a refocusing effort: PIERER Mobility is doubling-down on its motorcycle heritage. The restructuring plans aim to restore profitability by 2026/2027. motorcycles.news+1

4.2 Cost Rationalisation & Operational Efficiency

Cutting costs, reducing manufacturing complexity, optimising R&D, and leveraging partner production are key levers. The Group’s 2024 outlook flagged cost-cutting in “double-digit million” ranges. Finanzwire+1

4.3 Manufacturing and Supply Chain Reset

The restart of full production at KTM’s Austrian factories (four production lines) in mid-2025 is a positive milestone. Powersports Business+1 Global supply chain constraints are easing, but inventory management remains a challenge for the Group.

4.4 Strategic Partnerships & Market Expansion

• The Bajaj partnership offers access to low-cost production in India and high-volume markets.

• CFMOTO partnership caters to growth opportunities in Asia.

• The Group may explore further consolidation of global distribution, new market entries and product diversification (e.g., electrified motorcycles) though the immediate priority is financial recovery.

4.5 Product Innovation & Electrification

Although the e-bike business is being exited, electrification of motorcycles remains an industry imperative. PIERER Mobility is expected to invest in electrified two-wheelers, digital connectivity and new forms of mobility, although specifics are less publicised. The Group’s high R&D intensity (12.5 % of revenue in 2024) reveals its commitment to future products. pierermobility.com+1

4.6 Risks & Uncertainties

• The sharp decline in revenue and large losses pose a financial risk and may limit strategic flexibility.

• Execution risk: restructuring often involves complex change management, cost-cutting, layoffs and the risk of brand erosion.

• Market risks: slower growth in global motorcycle demand, supply-chain volatility, regulatory/electric-transition risk.

• Partner dependencies: reliance on Bajaj and CFMOTO can help but also exposes the Group to partner risks or strategic misalignment.

• Brand segmentation risk: focusing efforts on KTM while scaling back Husqvarna/GASGAS in motorsport may affect brand perception among some customer segments.

4.7 Opportunities

• Recovery play: if global motorcycle demand rebounds and PIERER Mobility executes restructuring, there is potential upside.

• Premium segment advantage: mid-to-high-end motorcycle market may see less commoditisation and better margins.

• Emerging markets and Asia: via Bajaj/CFMOTO partnerships, expansion into growth markets is feasible.

• Digital/connected mobility: new offerings in electric two-wheelers or subscription models may open new revenue streams.

5. Final Thoughts & Takeaways

For anyone evaluating PIERER Mobility, the key message is: this is not a “business as usual” period. The Group is undergoing a major reset. While its brand portfolio remains strong and the motorcycle heritage is solid, the financial damage from 2024 means the coming years are critical.

• The 2024 drop in revenue and the operating losses underline the urgency of the turnaround.

• The exit from the bicycle/e-bike segment illustrates a strategic pivot to concentrate on the core motorcycle business.

• The success or failure of the restructuring (cost cuts, production restart, partner integration) will determine whether PIERER Mobility can deliver on its 2026/2027 profitability targets.

• For brand watchers and investors, the premium motorcycle segment remains the most interesting area — especially given PIERER Mobility’s positioning and partnerships.

In short: PIERER Mobility is at a turning point. If it executes well, it could emerge leaner, more focused, and ready for growth in the premium two-wheeler market. If missteps occur, the financial risks remain material. Monitoring the next 12-24 months will be pivotal.

6. FAQs

Q1: What does PIERER Mobility AG do?

PIERER Mobility AG is the holding company behind major two-wheeler brands (KTM, Husqvarna, GASGAS). It designs, manufactures and markets premium motorcycles and previously e-bicycles.

Q2: Why did PIERER Mobility’s revenues drop in 2024?

The drop was due to weak demand, inventory and production issues, and underperformance in the bicycle segment. Preliminary 2024 revenue was €1.879 billion, down ~29 %.

Q3: Which brands are part of PIERER Mobility’s portfolio?

Key brands include KTM, Husqvarna Motorcycles and GASGAS. The Group also historically included bicycle/e-mobility brands (Husqvarna e-Bicycles, GASGAS Bicycles, FELT) but is exiting that business.

Q4: What is PIERER Mobility’s future strategy?

The strategy focuses on refocusing the business on premium motorcycles, manufacturing cost efficiency, global partnerships (Bajaj, CFMOTO), production restart, and restoration of profitability by 2026/2027.

Q5: What are the biggest risks for PIERER Mobility?

Key risks include the large net debt and negative equity, execution of restructuring, market downturns, supply chain disruptions and competitive pressure in electrified two-wheelers.