Guidance & group KPIs

Based on the results of the first half of the year 2025, the lack of operating performance for six months, the conscious decision to sell fewer motorcycles to dealers, and the ongoing challenging economic environment, the Executive Board expects revenue for the 2025 financial year to be significantly below the level of the previous financial year. In order to give the market the opportunity to further reduce dealer inventories in financial year 2026, fewer motorcycles will be produced and sold in 2026 than in 2024. At the same time, some of the cost-cutting measures that have been introduced will require more time to implement and take effect. Therefore, EBITDA for financial year 2026 is expected to be positive; a positive EBIT will be feasible in the 2027 financial year. The EBIT of the financial year 2025 will be significantly positive due to the restructuring profit realized. Rebuilding and maintaining strong supplier relationships is crucial for the successful continuation of production and remains challenging. The untimely availability of individual components can disrupt the production ramp-up process at any time.

The investments made in recent years have secured the necessary production capacities for the coming years. It is expected that this will enable significantly reduced investments until operational profitability is achieved, without impairing the Group’s substance or future viability.

• The adjusted guidance for the 2025 financial year was published on August 28, 2025 (Ad hoc).

• The guidance for the 2025 financial year was published on May 28, 2025 (Ad hoc).