KTM’s 2025 Financial Reality Shows Restructuring Is Still Unfinished

2026年02月23日（月）

911 ヒット

After restructuring, production restarts, and inventory discounts, KTM's parent Bajaj released preliminary results for 2025. The figures indicate that while some progress was made, the brand's turnaround remains fragile, with sharp declines in revenue and sales volumes and inventory still elevated.

Sharp Declines in Revenue and Sales

According to the company's unaudited preliminary 2025 figures, revenue fell by approximately 46% to about €1.009 billion, a significant contraction following the extensive restructuring process.

Meanwhile, total motorcycle unit sales dropped around 28% year-on-year to 209,704 units.

This dual decline contrasts with internal framing that the company's trajectory reflects a "stabilization of the economic foundation" — language that suggests a return to steadier footing despite the magnitude of the downturn.

Source for revenue & sales numbers:

_{EQS press release of preliminary unaudited key figures 2025 — €1,009 m revenue (-46%), 209,704 motorcycles sold (-28%):}_{https://www.bajajmobility.com/investor-relations/publikationen}

Where the Units Came From — and What That Means

Breakdowns of total unit sales show:

50,334 motorcycles sold in H1 2025, with Bajaj Auto units adding another 34,950 units.
80,464 units sold in H2 2025, with Bajaj Auto adding another 43,956 units.
Total = 209,704 motorcycles across the group.

However, 78,906 of those units were Bajaj-built small-displacement models (e.g., 390cc and below).
Excluding those puts KTM's core higher-displacement lineup at roughly 130,798 units — far below previous years.

Inventory Reduction — Still a Work in Progress

One major structural issue still visible at year-end 2025 was excess inventory.

According to the company:

Groupwide motorcycle inventories were reduced by 101,153 units over the year.
Still, inventory remained at 147,427 motorcycles at the end of 2025, down from 248,580 at year-end 2024.

Source for inventory changes:

_{Bajaj Mobility AG preliminary results showing inventory levels and reduction figures:}_{https://www.bajajmobility.com/investor-relations/publikationen}

This reduction helped free up working capital, but the remaining inventory level is still high for a premium motorcycle maker and indicates that inventory management remains a major challenge.

Restructuring and Workforce Changes

The ongoing realignment also affected KTM's workforce and business divisions:

Total employees reduced from 5,310 to roughly 3,782, a nearly 29% reduction.
Divestments and closures included the X-Bow supercar project, the sale of MV Agusta, and the exit from the bicycle business.

These actions shrink overhead but also reduce the breadth of the organization and may affect long-term capabilities.

What the Company Says About 2026

In its preliminary 2025 disclosure, Bajaj Mobility AG outlined its Outlook for 2026:

Focus on the motorcycle core business, pursuing efficiency gains through further cost reduction, and targeting notable growth in revenue and unit sales.

Source for 2026 outlook:

_{Official Bajaj Mobility AG Key Figures release discussing 2026 plans:}_{https://www.bajajmobility.com/investor-relations/publikationen}

Key Takeaways

What the numbers show:

KTM group is smaller in revenue and volume than in prior years.
A significant portion of unit sales are from Bajaj-built lower-displacement models, not core KTM bikes.
Inventory reductions helped clean out old stock but volumes remain high.
Workforce and non-core business cuts continue as part of restructuring.
2026's success depends on new product traction and full-price sales, not just inventory clearance.

Published data suggests 2025 was less a rebound and more a continuation of a painful reshaping. For KTM to regain momentum, 2026 will need to show actual growth in fresh retail demand and healthier revenue per unit.