KTM AG went through court-supervised restructuring in Austria, not a simple shutdown: creditors accepted a plan offering a 30% cash quota, the proceedings concluded in June 2025, and the business continued. Bajaj Mobility AG now wholly owns KTM AG, and a new bank loan replaced an earlier Bajaj loan. Results reported for the first half of 2026 show stronger sales and positive second-quarter EBIT, but negative EBIT for the half-year means a completed restructuring should not be mistaken for a settled financial recovery.
Why KTM ran into financial trouble
KTM’s crisis combined weaker demand, a large stock of unsold motorcycles and heavy losses and debt. A 2026 European Commission document recounting the 2024 events reports that sales fell 29.4%, inventory reached 265,000 motorcycles, the loss was €1.1 billion and debt was €1.642 billion. These are figures attributed to the Commission’s account of the crisis, rather than a complete current balance sheet.
The operating problems were visible in production as well as the accounts. The Commission document recounts production stoppages and layoffs, a restart in March 2025, and another interruption related to parts shortages in April. That sequence helps explain why a restructuring could resolve creditor claims without instantly restoring normal production or sales.
In KTM’s November 26, 2024 announcement, CEO Stefan Pierer described the planned pause as “a pit stop for the future.” Co-CEO Gottfried Neumeister said, “Now it’s about making the company robust. Robust for the future.” Those were company statements at the outset of the process, not independent assurances about its eventual prospects.
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What happened in the Austrian restructuring
On November 29, 2024, KTM AG applied for court-supervised restructuring with self-administration in Austria, alongside KTM Components GmbH and KTM Forschungs & Entwicklungs GmbH. Self-administration is an insolvency-related legal process in which the company continues under court supervision; it is not the same as a declaration that the business has stopped operating.
- November 29, 2024: KTM AG and the two related companies filed for restructuring with self-administration.
- February 25, 2025: creditors accepted the restructuring plan, which offered a 30% cash quota on eligible creditor claims.
- May 22, 2025: Bajaj Mobility’s reporting says the €525 million required for the quota was deposited.
- June 16, 2025: the restructuring proceedings concluded.
The 30% quota is important: the plan did not promise every creditor full repayment of every claim. In its reporting at June 30, 2025, the group said most registered and recognized claims had been paid, while some claims were still being determined or were disputed.
The accounting effect was substantial, but it should not be confused with earnings from selling motorcycles. PIERER Mobility’s half-year 2025 financial report recorded €1,695 million of liabilities derecognized and a €1,186.5 million restructuring profit. Those entries reflected the proceedings and settlement of liabilities; they were not cash profits generated by normal trading.
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Did KTM go bankrupt, and is it still operating?
KTM entered formal insolvency-related restructuring, but the available company reporting describes a restructuring with continuation of the business, followed by conclusion of the proceedings—not a permanent shutdown. “Went bankrupt” can obscure that distinction. The legal process addressed debts through the approved plan while the operating business continued.
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For owners and prospective buyers, that distinction does not by itself settle every practical question. The cited disclosures do not establish that warranty, service or parts arrangements are identical in every country. Check the applicable local KTM distributor or dealer for a specific motorcycle, market and claim.
Who owns KTM now?
Bajaj Mobility AG, formerly PIERER Mobility AG, is the current parent group. Bajaj Mobility’s FY2025 report says Bajaj acquired a majority share in the listed group at the end of 2025, ending the group’s affiliation with the Pierer group; the group then adopted the Bajaj Mobility name. 2026 company disclosures describe KTM AG as wholly owned by Bajaj Mobility AG.
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That means “Bajaj owns KTM” is broadly accurate, but the corporate steps matter: Bajaj became the majority owner of the listed parent, and KTM AG sits below that parent as its wholly owned motorcycle subsidiary. Bajaj Mobility’s group results therefore are not automatically KTM-only results.
What happened to KTM’s debt?
The creditor settlement and later borrowing are separate parts of the story. The restructuring reduced or settled eligible old claims under the 30% quota; it did not make all future borrowing disappear. In February 2026, KTM AG refinanced the €450 million Bajaj loan that had been used in the restructuring with a €550 million unsecured, five-year loan from an international banking consortium. The company announcement said the refinancing reduced ongoing interest costs.
The new €550 million loan is replacement financing, not proof that KTM has no debt. It changes the lender, amount and terms of that borrowing. It should not be added to the €1.642 billion debt figure from 2024 as though both were simultaneous measures: they refer to different points in the restructuring timeline and different financing positions.
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What the reported figures say about recovery
The figures below cover different periods and scopes. Group revenue includes more than KTM motorcycles; brand motorcycle revenue and unit sales are narrower measures. Bajaj Mobility’s FY2025 report also presents a full-year sales total spanning the time when MV Agusta was held, and includes motorcycles sold by Bajaj in India. Do not read the rows as interchangeable measures of KTM AG alone.
| Period and measure | Reported figure | Scope and source |
|---|---|---|
| 2024 full-year revenue | €1,879.0 million | Group revenue, as reported in Bajaj Mobility’s 2026 annual report |
| 2025 full-year revenue | €1,009.4 million | Group revenue, as reported in Bajaj Mobility’s 2026 annual report |
| 2025 motorcycle sales | 275,593 motorcycles | Worldwide sales across KTM, Husqvarna, GASGAS and MV Agusta while held; includes units sold by Bajaj in India, per Bajaj Mobility’s 2026 annual report |
| H1 2026 group revenue | €701.4 million, up 65.0% year on year | Bajaj Mobility group result, compared with H1 2025, per its 2026 half-year results |
| H1 2026 motorcycle revenue | €579.6 million | KTM, Husqvarna and GASGAS, per Bajaj Mobility’s 2026 half-year results |
| H1 2026 group EBITDA and EBIT | €37.6 million EBITDA; negative €24.8 million EBIT | Bajaj Mobility group result, per its 2026 half-year results |
| Q2 2026 EBIT | Positive €1.3 million | Bajaj Mobility group result, per its 2026 half-year results |
The comparison of full-year revenue shows that 2025 remained a much smaller revenue year than 2024. The H1 2026 year-on-year increase and positive Q2 EBIT are encouraging interim indicators, but do not erase the negative EBIT reported for H1 as a whole. The group also reported 89,004 motorcycles sold in the KTM, Husqvarna and GASGAS business in H1 2026, up 91.9% year on year. Bajaj Auto sold a further 58,568 motorcycles in India during the period, for 147,572 worldwide across those reported streams.
Revenue, earnings and unit sales each answer a different question. Higher sales can improve production utilization and cash generation, but it does not alone demonstrate sustained profitability. Likewise, positive EBITDA does not mean positive EBIT: EBITDA excludes depreciation and amortization, while the reported H1 EBIT remained below zero.
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What to watch next
Bajaj Mobility’s 2026 reporting describes continued cost reduction, a sharper business focus and workforce reductions planned for 2026. These are reported measures and plans, not proof that the company has finished adjusting. The recovery assessment will depend on whether demand and production hold up, costs fall without undermining the business, and profitability improves consistently.
- Profitability: track EBIT over comparable reporting periods, alongside EBITDA, rather than treating one positive quarter as a full turnaround.
- Sales and revenue: compare like periods and distinguish group revenue from motorcycle revenue for specific brands.
- Inventory: watch both company-owned stock and dealer inventory where disclosed. Falling inventory and rising sales are different measures and can move independently.
- Financing: the five-year bank loan replaced the earlier Bajaj loan, but it remains borrowing that must be serviced.
- Operations: production continuity, parts availability and workforce changes matter because reported improvements must translate into durable deliveries and earnings.
On the available reports, the legal restructuring is complete and the ownership and refinancing picture has changed materially. Financial recovery is underway in some indicators, but it is not yet established as a durable return to profitability.
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