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"value": "Change in ownership structure, change of company name Over the course of the insolvency restructuring proceedings of KTM AG, KTM Components GmbH and KTM Forschungs & Entwicklungs GmbH \u2013 all subsidiaries of the former PIERER Mobility AG \u2013 the Bajaj Group, as a long-standing minority owner, has provided comprehensive financing measures to enable the successful conclusion of all three proceedings. As part of these measures, the Bajaj Group also secured a call option on all shares in the former Pierer Bajaj AG, which in turn holds 74.94% of the shares in the former PIERER Mobility AG. This option was exercised in November 2025, whereby the remaining 50.01% of the shares in the former Pierer Bajaj AG were transferred to the Bajaj Group. Since then, the Bajaj Group has been the majority shareholder of the former PIERER Mobility AG. In the course of this change in majority, two name changes were resolved at an Extraordinary General Meeting on November 19, 2025: The former Pierer Bajaj AG now operates as Bajaj Auto International Holdings AG, the company formerly known as PIERER Mobility AG is now called Bajaj Mobility AG. For reasons of clarity, the former company or group name is not mentioned further in these consolidated financial statements.",
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"language": "en",
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"value": "Over the course of the insolvency restructuring proceedings of KTM AG, KTM Components GmbH and KTM Forschungs & Entwicklungs GmbH \u2013 all subsidiaries of the former PIERER Mobility AG \u2013 the Bajaj Group, as a long-standing minority owner, has provided comprehensive financing measures to enable the successful conclusion of all three proceedings. As part of these measures, the Bajaj Group also secured a call option on all shares in the former Pierer Bajaj AG, which in turn holds 74.94% of the shares in the former PIERER Mobility AG. This option was exercised in November 2025, whereby the remaining 50.01% of the shares in the former Pierer Bajaj AG were transferred to the Bajaj Group. Since then, the Bajaj Group has been the majority shareholder of the former PIERER Mobility AG. In the course of this change in majority, two name changes were resolved at an Extraordinary General Meeting on November 19, 2025: The former Pierer Bajaj AG now operates as Bajaj Auto International Holdings AG, the company formerly known as PIERER Mobility AG is now called Bajaj Mobility AG. For reasons of clarity, the former company or group name is not mentioned further in these consolidated financial statements. Explanation of Bajaj Mobility AG Bajaj Mobility AG is the holding company of KTM AG, one of Europe's most important motorcycle manufacturers. With a focus on the pre-mium segment, the company combines brands such as KTM, Husqvarna and GASGAS under one roof. The premium brand range also in-cludes the high-performance components of the WP brand. The group is active in the bicycle sector with the brands Husqvarna, GASGAS and FELT. Due to the strategic withdrawal from the bicycle sector, the Group is discontinuing its operational activities in this area, but will generate revenue from residual activities from the sale of inventories during the first quarter of 2026 and possibly beyond. Bajaj Mobility AG is included in the consolidated financial statements of Bajaj Auto International Holdings AG, Mattighofen, Austria, and Bajaj Auto Ltd., Pune, India. All companies included in the consolidated financial statements of Bajaj Auto Ltd. and controlled or significantly influ-enced by Bajaj Auto Ltd. are shown as related parties in the category \u201cRelated Partners\u201d. The consolidated financial statements of Bajaj Mo-bility AG are filed with the Regional Court of Ried im Innkreis (formerly: Wels) under the number FN 78112 x. The shares of Bajaj Mobility AG are listed primarily on the \u201cSwiss Performance Index (SPI)\u201d of the SIX Swiss Exchange in Zurich and are also listed in the Prime Market of the Vienna Stock Exchange.2. INFORMATION IN CONNECTION WITH THE RESTRUCTURING PROCEEDINGS OF MAJOR SUBSIDIARIES COMPLETED IN 2025Information on the judicial restructuring proceedings of Group companies that were completed in 2025 On November 29, 2024, after examining the alternatives, the Executive Board of KTM AG filed an application for the opening of restructuring proceedings under insolvency law with self-administration over the assets of KTM AG (case number 17 S 56/24b) and its subsidiaries KTM Components GmbH (case number 17 S 59/24v) and KTM Forschungs & Entwicklungs GmbH (case number 17 S 62/24k) at the Regional Court of Ried im Innkreis, Austria. Further information on this, including the impact of the restructuring proceedings on the consolidated fi-nancial statements as of December 31, 2024, can be found in the consolidated financial statements as of December 31, 2024. The restructuring proceedings of KTM AG and its two subsidiaries were fully concluded on June 16, 2025, with the timely deposit of the 30 percent cash quota of May 22, 2025, in the amount of EUR-k 525,000 by the final court confirmation of the restructuring plan. As a result of the restructuring proceedings under insolvency law at the KTM Group, restructuring proceedings were opened on January 7, 2025, over the assets of both PIERER E-Commerce GmbH (case number 17 S 1/25s) and Avocodo GmbH (case number 17 S 3/25b), both subsidiaries of Bajaj Mobility AG. In contrast to the proceedings of the KTM Group, however, these were conducted without self-administration. The restructuring proceedings here were also fully concluded with the timely submission of a cash quota, specifically a quota of 20 or 50 per-cent or EUR k 356 or EUR k 6,087, by final court confirmations of the restructuring plans of July 25, 2025 and September 1, 2025 respectively. In total, the Bajaj Mobility Group received EUR k 524,147 for the realisation of the restructuring gains. The reason for the deviation from the deposit ratios described above is the fulfillment of insolvency law requirements: The Group had to deposit cash quotas determined by the restructuring administrators, but during the course of the financial year it became clear that a lower cash ratio would also have been sufficient due to the settlement of creditor claims that had been registered conditionally. The subsequent cash flows to the Group were recognised ac-cordingly under the same item in the consolidated statement of cash flows. After the restructuring proceedings have been fully completed by law, the restructuring lawyers of the five companies mentioned above have started to pay out the registered and recognized claims to the creditors. These registered and recognized claims had already been paid out to creditors by the balance sheet date of December 31, 2025. In the 2025 financial year, the Bajaj Mobility Group generated a total restructuring gain of EUR k 1,193,134. In addition, there is a possibility that the total amount of the restructuring profit will change still over the course of the 2026 financial year. The reason for this is that proceedings have not yet been concluded for the determination and payment of individual creditor claims on the one hand and the clarification of conditionally registered or disputed creditor claims on the other. In addition, the Austrian insolvency rules grant creditors a period of several years to register their previously unregistered claims, depending on the nature of the claim, which may also result in adjustments to the final restructuring profit. In this context, however, the group does not assume that there will be significant late registra-tions that would lead to corresponding payouts. The restructuring profit of the affected liabilities is distributed among the companies and balance sheet items as follows: KTM-Group PIERER E-Avocodo Consolidation Total Commerce GmbH GmbH Restructuring gain 70% 80% 50% EUR k Current liabilities Financial liabilities 1,019,900 0 3 0 1,019,903 Trade payables 135,717 730 3,865 -6,497133,815 Other current liabilities 36,504 694 2,219 0 39,417 Total 1,192,120 1,424 6,087 -6,497 1,193,134 Going concern assumption These consolidated financial statements are prepared under the assumption of going concern. Following final court confirmation of the re-structuring procedures and the provision of sufficient debt capital by the now majority owner Bajaj and the implementation of further restruc-turing measures, management assumes that the Bajaj Mobility-Group will continue as a going concern. Despite the improved framework conditions, the company continues to be exposed to endogenous and exogenous risks, which can also have a significant impact on economic performance or the achievement of the targets set by management. These risks relate in particular to the macro-economic and geopolitical framework conditions relevant to achieving the planned profitability. The development of these external factors may deviate from the underlying assumptions and have a corresponding impact on the future business development of the Company. If there is a material adverse change in these framework conditions that is not foreseeable at present, this may also have a material impact on the net as-sets, financial position and results of operations of the company and may also require the initiation of further restructuring measures. Management continues to respond to these conditions by continuing to monitor the implementation of strategic priorities closely and is imple-menting additional initiatives to reduce costs and increase profitability. In the 2025 financial year, the KTM Group was already successful in restoring profitability and implementing cost-cutting measures on a significant scale. ",
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"f1__s7__11__10": {
"value": "These consolidated financial statements are prepared under the assumption of going concern. Following final court confirmation of the re-structuring procedures and the provision of sufficient debt capital by the now majority owner Bajaj and the implementation of further restruc-turing measures, management assumes that the Bajaj Mobility-Group will continue as a going concern. Despite the improved framework conditions, the company continues to be exposed to endogenous and exogenous risks, which can also have a significant impact on economic performance or the achievement of the targets set by management. These risks relate in particular to the macro-economic and geopolitical framework conditions relevant to achieving the planned profitability. The development of these external factors may deviate from the underlying assumptions and have a corresponding impact on the future business development of the Company. If there is a material adverse change in these framework conditions that is not foreseeable at present, this may also have a material impact on the net as-sets, financial position and results of operations of the company and may also require the initiation of further restructuring measures. Management continues to respond to these conditions by continuing to monitor the implementation of strategic priorities closely and is imple-menting additional initiatives to reduce costs and increase profitability. In the 2025 financial year, the KTM Group was already successful in restoring profitability and implementing cost-cutting measures on a significant scale.",
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"f1__s7__11__11": {
"value": "3. ACCOUNTING PRINCIPLESThe consolidated financial statements as of December 31, 2024 and December 31, 2025 have been prepared in accordance with IFRS Accounting Standards (IFRS) issued by the International Accounting Standards Board (IASB) and the interpretations of the International Financial Reporting Interpretations Committee (IFRIC) to the extent applied in the European Union. The additional requirements of Section 245a (1) of the Austrian Commercial Code (UGB) were also met. The financial statements were prepared under the assumption of the con-tinuation of the company. The accounting of the companies included in the consolidated financial statements is based on uniform accounting standards. With the ex-ception of newly applied standards, these are identical to those of the 2024 financial year and were applied by all companies included. The individual financial statements of all subsidiaries have been prepared as of the reporting date of the consolidated financial statements. The consolidated financial statements are prepared in the functional currency of the parent company, the euro. Unless otherwise indicated otherwise, all amounts are rounded to the nearest EUR 1,000 (EUR k), although rounding-related differences may occur. The consolidated balance sheet is divided into non-current and current assets and liabilities. The presentation of the consolidated income statement is based on the cost of sales method. The consolidated statement of cash flows is prepared using the indirect method. All current assets and liabilities are generally realised or settled within a period of twelve months after the balance sheet date or a business cycle. All other assets and liabilities are generally realised or settled outside this period. ",
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"language": "en",
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"f1__s7__11__12": {
"value": "The consolidated financial statements as of December 31, 2024 and December 31, 2025 have been prepared in accordance with IFRS Accounting Standards (IFRS) issued by the International Accounting Standards Board (IASB) and the interpretations of the International Financial Reporting Interpretations Committee (IFRIC) to the extent applied in the European Union. The additional requirements of Section 245a (1) of the Austrian Commercial Code (UGB) were also met.",
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"f1__s7__11__13-1": {
"value": "4. NEWLY APPLIED STANDARDS AND INTERPRETATIONSThe following table shows the mandatory standards and interpretations that are to be applied for the first time, and have already been adopted by the EU Commission as of December 31, 2025: First-time adoption New standards and interpretations Published by the IASB January 1, 2025 Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates - Lack of August 15, 2023 Exchangeability All amended standards and interpretations are not relevant to the Bajaj Mobility Group or have no material impact. 5. STANDARDS AND INTERPRETATIONS TO BE APPLIED IN THE FUTUREThe following table shows the changes to standards and interpretations already adopted by the EU Commission, which, however, were not yet mandatory at the reporting date and were not applied prematurely: First-time adoption New standards and interpretations Published by the IASB January 1, 2026 Amendments to IFRS 9 Financial instruments and IFRS 7 Financial instruments: May 30, 2024 Disclosures - Amendments to the Classification and Measurement of Financial Instruments Amendments to IFRS 9 Financial instruments and IFRS 7 Financial instruments: Dec 18, 2024 Disclosures - Contracts Referencing Nature-dependent Electricity Annual Improvements Volume 11 July 10, 2025 January 1, 2027 IFRS 18 Presentation and Disclosure in Financial Statements Apr 09, 2024 The IASB and the IFRIC have adopted further standards and interpretations, but these are not yet mandatory in the 2025 financial year, have not yet been adopted by the EU Commission. These are the following standards and interpretations: New or amended standards and interpretations Published by Date of the IASB application of IASB IFRS 19 Subsidiaries without Public Accountability: Disclosures May 09, 2024 Jan 01, 2027 Amendments to IFRS 19 Subsidiaries without public accountability - Disclosures Aug 21, 2025 Jan 01, 2027 Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates - Translation to a Nov 13, 2025 Jan 01, 2027 Hyperinflationary Presentation Currency The standards or interpretations to be applied in the future are not expected to result in any material changes to assets, liabilities or other disclosures in the consolidated financial statements. The Group has analysed and assessed the impact of the first-time application of IFRS 18, in particular with regard to the structure of the income statement, the statement of cash flows and the additional disclosure requirements for management performance measures. The Bajaj Mobility Group assumes that there will be no material impact on the consolidated financial statements due to the standards to be applied in the future. The review of the impact of the standard on the way information is grouped in the financial statements, including the items currently referred to as \u201cother\u201d, has not yet been finalised; the Group does not expect any significant impact in this respect either.",
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"value": "All amended standards and interpretations are not relevant to the Bajaj Mobility Group or have no material impact.The Bajaj Mobility Group assumes that there will be no material impact on the consolidated financial statements due to the standards to be applied in the future. The review of the impact of the standard on the way information is grouped in the financial statements, including the items currently referred to as \u201cother\u201d, has not yet been finalised; the Group does not expect any significant impact in this respect either.",
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},
"f1__s7__11__19-1": {
"value": "6. ESTIMATES AND DISCRETIONARY DECISIONSTo a certain extent, estimates and assumptions must be made in the consolidated financial statements that affect the assets and liabilities on the balance sheet, the disclosure of contingent liabilities at the balance sheet date and the presentation of expenses and income in the finan-cial year. When making estimates, the Executive Board takes into account empirical values and current forecasts. The amounts actually gen-erated may differ from the estimates if assumed parameters develop contrary to expectations. If new circumstances become known, they will be taken into account accordingly and previous assumptions will be adjusted. \u00bb In particular, assumptions are made to assess the recoverability of company values and intangible assets with an indeterminate useful life.In the 2024 financial year, all goodwill was already fully written down due to the identified need for impairment. In addition, the Group hasintangible assets with indefinite useful lives on the balance sheet: As of the balance sheet 2025 date, the brands \u201cKTM\u201d in the amount ofEUR k 61,103 (previous year: EUR k 61,103) and \u201cGASGAS\u201d in the amount of EUR k 10,355 (previous year: EUR k 10,355) were bal-anced. Further explanations can be found in point 23 \u201cIntangible assets\u201d. In addition, further information on impairments can also be foundin Item 14 \u201cOther operating expenses and expenses related to impairments\u201d and item 24 \u201cProperty, plant and equipment\u201d and Item 22\u201cAssessments of the impairment of assets in accordance with IAS 36\u201d.\u00bb When assessing the approach to deferred tax assets, assumptions are made regarding the assessment of offsetting against deferred taxliabilities and the availability of positive tax results. As of December 31, 2025, no deferred tax assets on loss carryforwards were reported(previous year: EUR k 207,461), as the tax assets incurred in 2024 were offset against the restructuring profit in 2025 in accordance withthe current legal situation pursuant to Section 23a (2) of the Corporate Income Tax Act. For more information, see item 26 \u201cDeferred taxassets and liabilities\u201d.\u00bb As part of cash flow hedge accounting, estimates must be made of the occurrence and amount of future cash flows. In the 2025 financialyear, previously existing foreign currency derivatives were wound up, so that the Group has no derivatives or hedging relationships as of thebalance sheet date of December 31, 2025. Details of the sensitivities to currency and interest rate risks can be found in the explanatorynotes in Section VII \u201cFinancial Risk Report\u201d.\u00bb In addition, estimates are made when recognizing and measuring liabilities for employee benefits. Assumptions are made on the followingfactors: expected values, demographic assumptions such as the retirement age of women / men and employee turnover, as well as financialassumptions such as the actuarial interest rate and future wage and salary trends. As of the balance sheet date, obligations for employeebenefits in the amount of EUR k 15,294 (previous year: EUR k 19,618) were recognized. Further information can be found in the explana-tions under item 35 \u201cObligations for employee benefits\u201d.\u00bb In the case of provisions, estimates are made to assess the probability of occurrence and the expected amount for the valuation of the obli-gation. These assumptions mainly relate to provisions for guarantees and warranties. Based on empirical values, a direct correlation perproduct group was found between warranty and warranty expenses incurred and sales revenues. Based on many years of experience, theExecutive Board assumes that this relationship will remain constant. The average percentage of guarantee and warranty expenses as a per-centage of revenue is reviewed several times a year and adjusted if necessary. The amount of the provision is thus calculated as an averageshare of guarantee and warranty expenses in revenue determined over a three-year observation period. As of December 31, 2025, provi-sions for guarantees and warranties in the amount of EUR k were 10,891 (previous year: EUR k 15,524). The restructuring provision recog-nized in the previous year due to the restructuring proceedings was fully used up in the 2025 financial year (previous year: EUR k 31,424).The development of provisions for guarantees and warranties can be found in item 39 \u201cProvisions\u201d.\u00bb The determination of the fair value of assets and liabilities acquired in a business combination and the useful lives of those assets is basedon management's judgments.\u00bb In the case of leases, estimates are made about the economic useful life and interest rates. The economic useful life is assumed to be anal-ogous to that of non-leased assets, as their operational use does not differ from each other. Essentially, the assumed economic useful lifecorresponds to the term of the leasing contract. The interest rates used are based on interest rate swap curves of different currencies andmaturities based on the external rating of Bajaj Mobility AG, which were used according to the duration of the leases. Further informationcan be found under item 24 \u201cProperty, plant and equipment\u201d and under item 46 \u201cLeases as lessees\u201d.\u00bb In the case of inventories, estimates are made in connection with consumption follow-up procedures and range analyses. In addition, im-pairment requirements due to long storage periods and limited sales opportunities are recorded on a case-by-case basis. The valuationmethodology for model year devaluation, which was adjusted in the previous year as part of the restructuring proceedings, was also retainedfor the 2025 financial year. The heuristic used for model year depreciation continues to assume a more advanced ageing of the underlyinginventory of finished motorcycle goods in order to be able to more accurately reflect future uncertainties in the determination of the net real-izable value in accordance with IAS 2 in the opinion of management.\u00bb Furthermore, PIERER New Mobility Deutschland GmbH is still in an ongoing tax audit procedure in Germany. Due to claims established bythe tax audit, the company is generally at risk of an additional tax payment. The company considers the claims of the German tax authoritiesto be unfounded. The company is working on a joint solution with the German and Austrian tax offices to avoid a tax risk.The following discretionary decisions have been made in the application of accounting policies in the Bajaj Mobility Group: \u00bb Assessments are made on the derecognition requirements of IFRS 9. Further information can be found under item 42 \u201cClassification andfair values\u201d.\u00bb Development costs are capitalized according to the accounting policy shown. The initial capitalization of the costs is based on assumptionsmade by management to assess the future economic benefits of the expenditure incurred and the technical feasibility of the developedproduct or process as well as its marketability.\u00bb In determining whether control exists in accordance with IFRS 10, management exercises discretion in determining the relevant activities ofthe subsidiaries and in determining whether the Group currently has the capacity to direct the relevant activities due to its existing rights inthe subsidiaries.Impact of climate-related aspects on accounting In preparing the consolidated financial statements, management has taken into account the effects of climate change, in particular in relation to the disclosures in risk reporting, non-financial reporting and the Group's stated sustainability targets. These considerations did not have a material impact on the financial reporting judgements and estimates. This is also in line with management's assessment that climate change is not expected to have a material impact on the assessment of going concern in the context of the financial statements. The following specific points were taken into account: \u00bb The Group continues to invest in new technologies, including the development of electric platforms, new climate-neutral forms of propulsionand the further development of battery technologies for two-wheelers.\u00bb The Group continues to invest in on-site renewable energy generation solutions for our facilities.\u00bb Management has taken into account the impact of climate change on a number of key estimates in the annual financial statements, including:- the estimates of future cash flows used in impairment assessments or to assess whether there are indications of impairment;- the carrying amount of non-current assets (e.g. intangible assets and goodwill);- the estimates of future profitability used in our assessment of the impairment of deferred tax assets; and- the long-term assumptions for the identification and determination of dismantling or replacement obligations.A change (+/- 0.5 percentage points) in the \u201cactuarial interest rate\u201d and \u201cwage/salary trend\u201d parameters would have had the following impact on the present value of future payments as of December 31, 2025: Parameters Change -0.50 Change +0.50 percentage points percentage points Discount rate 4.8% -4.5%Trend in wages and salaries -4.5% 4.8%A change (+/- 0.5 percentage points) in the \u201cactuarial interest rate\u201d and \u201cwage/salary trend\u201d parameters would have had the following impact on the present value of future payments as of December 31, 2024: Parameters Change -0.50 percen-Change +0.50 percen-tage points tage points Discount rate 4.6% -4.3%Trend in wages and salaries -4.3% 4.6%The following table shows the expected payments for the defined benefit plans over the next few years: EUR k Dec 31, 2025 Dec 31, 2024 Within the next 12 months 1,146 2,094Between 2 and 5 years 5,076 6,379Between 6 and 10 years 5,219 6,088More than 10 years 11,340 14,175Total expected payments 22,781 28,736Jubilee bonusesA sensitivity analysis is performed for currency risk. This shows the effects of a +/- 10% change in the exchange rate on profit and loss, other comprehensive income and equity. The affected bank balances, receivables and liabilities of the Group as well as future inflows and outflows in foreign currency were used as a basis. It was assumed that the risk on the balance sheet date essentially represents the risk during the financial year. The Group tax rate of 23% was used as the tax rate. The analysis also assumed that all other variables, in particular interest rates, remained constant. The analysis included currency risks from financial instruments that are denominated in a currency other than the functional currency and are of a monetary nature. Currency risks from euro positions in subsidiaries whose functional currency differs from the euro were allocated to the currency risk of the functional currency of the respective subsidiary. Risks from foreign currency positions other than the euro were aggregated at Group level. Exchange rate-related differences from the translation of financial statements into the Group currency were not taken into account. The Bajaj Mobility Group bases its analysis on the following assumption: \u00bb For the sensitivity of profit and loss, bank deposits, receivables and liabilities of the Group in foreign currency that are not accounted for inthe functional currency of the Group company are taken into account.Increase (+) / decrease (-) 10% increase 10% decrease EUR k Dec 31, 2025 Dec 31, 2024 Dec 31, 2025 Dec 31, 2024 Change in earnings (after taxes) -4,068 -20,905 4,972 25,550 Change in equity -4,068 -20,905 4,972 25,550For interest rate risk, the exposures as of the reporting date in the form of book values and their contractual interest rate are as follows: Increase (+) / decrease (-) Note no. Fixed interest Variable Not interest Total interest bearing Dec 31, 2025 1)Cash and cash equivalents 0 137,270 0 137,270Receivables from financing activities 28, 31 2,897 0 0 2,897Financing volume ABS programm and factoring 0 -84,338 0 -84,338Financial liabilities and lease liabilities 35 -21,890 -913,788 0 -935,679Total -18,994 -860,857 0 -879,851Dec 31, 2024 1)Cash and cash equivalents 0 163,407 0 163,407Receivables from financing activities 28, 31 6,140 0 0 6,140Financing volume ABS programm 0 -251,339 0 -251,339Financial liabilities and finance lease liabilities 35 -392,353 -1,413,769 0 -1,806,122Total -386,213 -1,501,701 0 -1,887,9141) Variable interest subject to zero percent floor for reference interest rateA sensitivity analysis was carried out for the interest rate risk shown above. This shows the changes in the interest rate by +/- 100 basis points on profit and loss, other comprehensive income and equity. Increase (+) / decrease (-) Increase of 100 BP Decrease of 100 BP EUR k Dec 31, 2025 Dec 31, 2024 Dec 31, 2025 Dec 31, 2024 Change in earnings (after taxes) 6,629 -11,382 -6,629 11,382 Change in equity 6,629 -11,382 -6,629 11,382 Default risks (credit or credit risks)",
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"language": "en",
"entity": "scheme:5299008TBI1EUJJSWP89",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s7__11__18": {
"value": "6. ESTIMATES AND DISCRETIONARY DECISIONSTo a certain extent, estimates and assumptions must be made in the consolidated financial statements that affect the assets and liabilities on the balance sheet, the disclosure of contingent liabilities at the balance sheet date and the presentation of expenses and income in the finan-cial year. When making estimates, the Executive Board takes into account empirical values and current forecasts. The amounts actually gen-erated may differ from the estimates if assumed parameters develop contrary to expectations. If new circumstances become known, they will be taken into account accordingly and previous assumptions will be adjusted. \u00bb In particular, assumptions are made to assess the recoverability of company values and intangible assets with an indeterminate useful life.In the 2024 financial year, all goodwill was already fully written down due to the identified need for impairment. In addition, the Group hasintangible assets with indefinite useful lives on the balance sheet: As of the balance sheet 2025 date, the brands \u201cKTM\u201d in the amount ofEUR k 61,103 (previous year: EUR k 61,103) and \u201cGASGAS\u201d in the amount of EUR k 10,355 (previous year: EUR k 10,355) were bal-anced. Further explanations can be found in point 23 \u201cIntangible assets\u201d. In addition, further information on impairments can also be foundin Item 14 \u201cOther operating expenses and expenses related to impairments\u201d and item 24 \u201cProperty, plant and equipment\u201d and Item 22\u201cAssessments of the impairment of assets in accordance with IAS 36\u201d.\u00bb When assessing the approach to deferred tax assets, assumptions are made regarding the assessment of offsetting against deferred taxliabilities and the availability of positive tax results. As of December 31, 2025, no deferred tax assets on loss carryforwards were reported(previous year: EUR k 207,461), as the tax assets incurred in 2024 were offset against the restructuring profit in 2025 in accordance withthe current legal situation pursuant to Section 23a (2) of the Corporate Income Tax Act. For more information, see item 26 \u201cDeferred taxassets and liabilities\u201d.\u00bb As part of cash flow hedge accounting, estimates must be made of the occurrence and amount of future cash flows. In the 2025 financialyear, previously existing foreign currency derivatives were wound up, so that the Group has no derivatives or hedging relationships as of thebalance sheet date of December 31, 2025. Details of the sensitivities to currency and interest rate risks can be found in the explanatorynotes in Section VII \u201cFinancial Risk Report\u201d.\u00bb In addition, estimates are made when recognizing and measuring liabilities for employee benefits. Assumptions are made on the followingfactors: expected values, demographic assumptions such as the retirement age of women / men and employee turnover, as well as financialassumptions such as the actuarial interest rate and future wage and salary trends. As of the balance sheet date, obligations for employeebenefits in the amount of EUR k 15,294 (previous year: EUR k 19,618) were recognized. Further information can be found in the explana-tions under item 35 \u201cObligations for employee benefits\u201d.\u00bb In the case of provisions, estimates are made to assess the probability of occurrence and the expected amount for the valuation of the obli-gation. These assumptions mainly relate to provisions for guarantees and warranties. Based on empirical values, a direct correlation perproduct group was found between warranty and warranty expenses incurred and sales revenues. Based on many years of experience, theExecutive Board assumes that this relationship will remain constant. The average percentage of guarantee and warranty expenses as a per-centage of revenue is reviewed several times a year and adjusted if necessary. The amount of the provision is thus calculated as an averageshare of guarantee and warranty expenses in revenue determined over a three-year observation period. As of December 31, 2025, provi-sions for guarantees and warranties in the amount of EUR k were 10,891 (previous year: EUR k 15,524). The restructuring provision recog-nized in the previous year due to the restructuring proceedings was fully used up in the 2025 financial year (previous year: EUR k 31,424).The development of provisions for guarantees and warranties can be found in item 39 \u201cProvisions\u201d.\u00bb The determination of the fair value of assets and liabilities acquired in a business combination and the useful lives of those assets is basedon management's judgments.\u00bb In the case of leases, estimates are made about the economic useful life and interest rates. The economic useful life is assumed to be anal-ogous to that of non-leased assets, as their operational use does not differ from each other. Essentially, the assumed economic useful lifecorresponds to the term of the leasing contract. The interest rates used are based on interest rate swap curves of different currencies andmaturities based on the external rating of Bajaj Mobility AG, which were used according to the duration of the leases. Further informationcan be found under item 24 \u201cProperty, plant and equipment\u201d and under item 46 \u201cLeases as lessees\u201d.\u00bb In the case of inventories, estimates are made in connection with consumption follow-up procedures and range analyses. In addition, im-pairment requirements due to long storage periods and limited sales opportunities are recorded on a case-by-case basis. The valuationmethodology for model year devaluation, which was adjusted in the previous year as part of the restructuring proceedings, was also retainedfor the 2025 financial year. The heuristic used for model year depreciation continues to assume a more advanced ageing of the underlyinginventory of finished motorcycle goods in order to be able to more accurately reflect future uncertainties in the determination of the net real-izable value in accordance with IAS 2 in the opinion of management.\u00bb Furthermore, PIERER New Mobility Deutschland GmbH is still in an ongoing tax audit procedure in Germany. Due to claims established bythe tax audit, the company is generally at risk of an additional tax payment. The company considers the claims of the German tax authoritiesto be unfounded. The company is working on a joint solution with the German and Austrian tax offices to avoid a tax risk.The following discretionary decisions have been made in the application of accounting policies in the Bajaj Mobility Group: \u00bb Assessments are made on the derecognition requirements of IFRS 9. Further information can be found under item 42 \u201cClassification andfair values\u201d.\u00bb Development costs are capitalized according to the accounting policy shown. The initial capitalization of the costs is based on assumptionsmade by management to assess the future economic benefits of the expenditure incurred and the technical feasibility of the developedproduct or process as well as its marketability.\u00bb In determining whether control exists in accordance with IFRS 10, management exercises discretion in determining the relevant activities ofthe subsidiaries and in determining whether the Group currently has the capacity to direct the relevant activities due to its existing rights inthe subsidiaries.Impact of climate-related aspects on accounting In preparing the consolidated financial statements, management has taken into account the effects of climate change, in particular in relation to the disclosures in risk reporting, non-financial reporting and the Group's stated sustainability targets. These considerations did not have a material impact on the financial reporting judgements and estimates. This is also in line with management's assessment that climate change is not expected to have a material impact on the assessment of going concern in the context of the financial statements. The following specific points were taken into account: \u00bb The Group continues to invest in new technologies, including the development of electric platforms, new climate-neutral forms of propulsionand the further development of battery technologies for two-wheelers.\u00bb The Group continues to invest in on-site renewable energy generation solutions for our facilities.\u00bb Management has taken into account the impact of climate change on a number of key estimates in the annual financial statements, including:- the estimates of future cash flows used in impairment assessments or to assess whether there are indications of impairment;- the carrying amount of non-current assets (e.g. intangible assets and goodwill);- the estimates of future profitability used in our assessment of the impairment of deferred tax assets; and- the long-term assumptions for the identification and determination of dismantling or replacement obligations.",
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"concept": "ifrs-full:ExplanationOfAssumptionAboutFutureWithSignificantRiskOfResultingInMaterialAdjustments",
"language": "en",
"entity": "scheme:5299008TBI1EUJJSWP89",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s7__11__17": {
"value": "6. ESTIMATES AND DISCRETIONARY DECISIONSTo a certain extent, estimates and assumptions must be made in the consolidated financial statements that affect the assets and liabilities on the balance sheet, the disclosure of contingent liabilities at the balance sheet date and the presentation of expenses and income in the finan-cial year. When making estimates, the Executive Board takes into account empirical values and current forecasts. The amounts actually gen-erated may differ from the estimates if assumed parameters develop contrary to expectations. If new circumstances become known, they will be taken into account accordingly and previous assumptions will be adjusted. \u00bb In particular, assumptions are made to assess the recoverability of company values and intangible assets with an indeterminate useful life.In the 2024 financial year, all goodwill was already fully written down due to the identified need for impairment. In addition, the Group hasintangible assets with indefinite useful lives on the balance sheet: As of the balance sheet 2025 date, the brands \u201cKTM\u201d in the amount ofEUR k 61,103 (previous year: EUR k 61,103) and \u201cGASGAS\u201d in the amount of EUR k 10,355 (previous year: EUR k 10,355) were bal-anced. Further explanations can be found in point 23 \u201cIntangible assets\u201d. In addition, further information on impairments can also be foundin Item 14 \u201cOther operating expenses and expenses related to impairments\u201d and item 24 \u201cProperty, plant and equipment\u201d and Item 22\u201cAssessments of the impairment of assets in accordance with IAS 36\u201d.\u00bb When assessing the approach to deferred tax assets, assumptions are made regarding the assessment of offsetting against deferred taxliabilities and the availability of positive tax results. As of December 31, 2025, no deferred tax assets on loss carryforwards were reported(previous year: EUR k 207,461), as the tax assets incurred in 2024 were offset against the restructuring profit in 2025 in accordance withthe current legal situation pursuant to Section 23a (2) of the Corporate Income Tax Act. For more information, see item 26 \u201cDeferred taxassets and liabilities\u201d.\u00bb As part of cash flow hedge accounting, estimates must be made of the occurrence and amount of future cash flows. In the 2025 financialyear, previously existing foreign currency derivatives were wound up, so that the Group has no derivatives or hedging relationships as of thebalance sheet date of December 31, 2025. Details of the sensitivities to currency and interest rate risks can be found in the explanatorynotes in Section VII \u201cFinancial Risk Report\u201d.\u00bb In addition, estimates are made when recognizing and measuring liabilities for employee benefits. Assumptions are made on the followingfactors: expected values, demographic assumptions such as the retirement age of women / men and employee turnover, as well as financialassumptions such as the actuarial interest rate and future wage and salary trends. As of the balance sheet date, obligations for employeebenefits in the amount of EUR k 15,294 (previous year: EUR k 19,618) were recognized. Further information can be found in the explana-tions under item 35 \u201cObligations for employee benefits\u201d.\u00bb In the case of provisions, estimates are made to assess the probability of occurrence and the expected amount for the valuation of the obli-gation. These assumptions mainly relate to provisions for guarantees and warranties. Based on empirical values, a direct correlation perproduct group was found between warranty and warranty expenses incurred and sales revenues. Based on many years of experience, theExecutive Board assumes that this relationship will remain constant. The average percentage of guarantee and warranty expenses as a per-centage of revenue is reviewed several times a year and adjusted if necessary. The amount of the provision is thus calculated as an averageshare of guarantee and warranty expenses in revenue determined over a three-year observation period. As of December 31, 2025, provi-sions for guarantees and warranties in the amount of EUR k were 10,891 (previous year: EUR k 15,524). The restructuring provision recog-nized in the previous year due to the restructuring proceedings was fully used up in the 2025 financial year (previous year: EUR k 31,424).The development of provisions for guarantees and warranties can be found in item 39 \u201cProvisions\u201d.\u00bb The determination of the fair value of assets and liabilities acquired in a business combination and the useful lives of those assets is basedon management's judgments.\u00bb In the case of leases, estimates are made about the economic useful life and interest rates. The economic useful life is assumed to be anal-ogous to that of non-leased assets, as their operational use does not differ from each other. Essentially, the assumed economic useful lifecorresponds to the term of the leasing contract. The interest rates used are based on interest rate swap curves of different currencies andmaturities based on the external rating of Bajaj Mobility AG, which were used according to the duration of the leases. Further informationcan be found under item 24 \u201cProperty, plant and equipment\u201d and under item 46 \u201cLeases as lessees\u201d.\u00bb In the case of inventories, estimates are made in connection with consumption follow-up procedures and range analyses. In addition, im-pairment requirements due to long storage periods and limited sales opportunities are recorded on a case-by-case basis. The valuationmethodology for model year devaluation, which was adjusted in the previous year as part of the restructuring proceedings, was also retainedfor the 2025 financial year. The heuristic used for model year depreciation continues to assume a more advanced ageing of the underlyinginventory of finished motorcycle goods in order to be able to more accurately reflect future uncertainties in the determination of the net real-izable value in accordance with IAS 2 in the opinion of management.\u00bb Furthermore, PIERER New Mobility Deutschland GmbH is still in an ongoing tax audit procedure in Germany. Due to claims established bythe tax audit, the company is generally at risk of an additional tax payment. The company considers the claims of the German tax authoritiesto be unfounded. The company is working on a joint solution with the German and Austrian tax offices to avoid a tax risk.The following discretionary decisions have been made in the application of accounting policies in the Bajaj Mobility Group: \u00bb Assessments are made on the derecognition requirements of IFRS 9. Further information can be found under item 42 \u201cClassification andfair values\u201d.\u00bb Development costs are capitalized according to the accounting policy shown. The initial capitalization of the costs is based on assumptionsmade by management to assess the future economic benefits of the expenditure incurred and the technical feasibility of the developedproduct or process as well as its marketability.\u00bb In determining whether control exists in accordance with IFRS 10, management exercises discretion in determining the relevant activities ofthe subsidiaries and in determining whether the Group currently has the capacity to direct the relevant activities due to its existing rights inthe subsidiaries.Impact of climate-related aspects on accounting In preparing the consolidated financial statements, management has taken into account the effects of climate change, in particular in relation to the disclosures in risk reporting, non-financial reporting and the Group's stated sustainability targets. These considerations did not have a material impact on the financial reporting judgements and estimates. This is also in line with management's assessment that climate change is not expected to have a material impact on the assessment of going concern in the context of the financial statements. The following specific points were taken into account: \u00bb The Group continues to invest in new technologies, including the development of electric platforms, new climate-neutral forms of propulsionand the further development of battery technologies for two-wheelers.\u00bb The Group continues to invest in on-site renewable energy generation solutions for our facilities.\u00bb Management has taken into account the impact of climate change on a number of key estimates in the annual financial statements, including:- the estimates of future cash flows used in impairment assessments or to assess whether there are indications of impairment;- the carrying amount of non-current assets (e.g. intangible assets and goodwill);- the estimates of future profitability used in our assessment of the impairment of deferred tax assets; and- the long-term assumptions for the identification and determination of dismantling or replacement obligations.",
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"language": "en",
"entity": "scheme:5299008TBI1EUJJSWP89",
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},
"f1__s7__11__20": {
"value": "In particular, assumptions are made to assess the recoverability of company values and intangible assets with an indeterminate useful life.In the 2024 financial year, all goodwill was already fully written down due to the identified need for impairment. In addition, the Group hasintangible assets with indefinite useful lives on the balance sheet: As of the balance sheet 2025 date, the brands \u201cKTM\u201d in the amount ofEUR k 61,103 (previous year: EUR k 61,103) and \u201cGASGAS\u201d in the amount of EUR k 10,355 (previous year: EUR k 10,355) were bal-anced. Further explanations can be found in point 23 \u201cIntangible assets\u201d. In addition, further information on impairments can also be foundin Item 14 \u201cOther operating expenses and expenses related to impairments\u201d and item 24 \u201cProperty, plant and equipment\u201d and Item 22\u201cAssessments of the impairment of assets in accordance with IAS 36\u201d.\u00bb",
"dimensions": {
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"language": "en",
"entity": "scheme:5299008TBI1EUJJSWP89",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s7__11__21": {
"value": "II. SCOPE OF CONSOLIDATION7. CONSOLIDATION PRINCIPLESAll subsidiaries are included in the consolidated financial statements of Bajaj Mobility AG by means of full consolidation. Subsidiaries are companies controlled by the Group. The financial statements of subsidiaries are included in the consolidated financial statements from the date on which control begins and until the date on which control ends. Unless otherwise stated, the amount of the non-controlling interests is recognized at the pro rata net assets of the acquired company excluding goodwill. Shares in associates are reported in the balance sheet item \u201cInvestments accounted for using the equity method\u201d. The presentation currency of the Bajaj Mobility Group is the euro. The subsidiaries and the investments accounted for using the equity method prepare the annual financial statements in their functional currency. Assets and liabilities included in the financial statements to be consoli-dated are translated using the mid-market exchange rate on the balance sheet date and the items in the profit and loss account are translated into the average foreign exchange rate for the financial year. The following key exchange rates for the Bajaj Mobility Group were used for cur-rency translation into the reporting currency: Closing rate Average foreign exchange rate Dec 31, 2025 Dec 31, 2024 2025 2024 US-Dollar 1.1750 1.0389 1.1314 1.0808Swiss Franc 0.9314 0.9412 0.9366 0.9534 Japanese Yen 184.0900 163.0600 169.5133 164.0558 South African Rand 19.4439 19.6188 20.1379 19.8325 Mexican Peso 21.1180 21.5504 21.6301 20.0134 Australian Dollar 1.7581 1.6772 1.7543 1.6438 Chinese Renminbi 8.2262 7.5833 8.1099 7.7733Source: Rates according to the ECB as of December 31, 20258. CHANGES IN THE SCOPE OF CONSOLIDATIONAll subsidiaries under the legal or de facto control of Bajaj Mobility AG have been included in these consolidated financial statements as of December 31, 2025. The number of companies in the scope of consolidation developed as follows in the 2025 financial year: Fully consolidated subsidiaries Entities held at equity As at December 31, 2023 80 4 Additions in the scope of consolidation 9 2 Disposals from the scope of consolidation -10 -1Thereof disposals due to merger -8 0 As at December 31, 2024 79 5 Additions in the scope of consolidation 1 0 Disposals from the scope of consolidation -14 -1Thereof disposals due to merger 0 0 As at December 31, 2025 66 4 thereof entities abroad 45 2 Bajaj Mobility AG, as the parent company of the Bajaj Mobility Group, was not included in this list. The companies included in the consolidated financial statements and their first-time consolidation dates are listed in Chapter XII \u201cGroup companies\u201d. Changes to fully consolidated companies MV Agusta Motor S.p.A. As of December 31, 2024, the Group classified its shares in MV Agusta Motor S.p.A., Varese, Italy, as well as its shares in all other MV Agusta companies, as \u201cheld for sale\u201d. As explained in the 2025 half-year financial statements, the various conditions precedent contained in the contract concluded at the beginning of June could not be fulfilled until July 9, 2025. The contractual agreements were finally signed on the same day. Those conditions contained, in particular, the approvals of the transaction by Austrian and Italian authorities and a participating credit institution. Upon conclusion of the agreement on July 9, 2025, control of the MV Agusta companies was transferred to Art of Mobility S.A., Luxembourg \u2013 the previous minority owner. For reasons of simplification, the deconsolidation took place as of July 1, 2025, as between July 1, 2025 and July 9, 2025 there were no transactions that had a material impact on the net assets, financial position and results of operations of the MV Agusta companies and would have excluded this simplified procedure. At the time of the sale, the \u201cMV Agusta\u201d disposal group consisted of a total of six companies. As such, it was classified, measured and de-ferred in the balance sheet as \u201cheld for sale\u201d in accordance with the requirements of IFRS 5 until deconsolidation on July 1, 2025. In accord-ance with the valuation requirements of IFRS 5, an impairment expense of EUR k 1,065 was recognised in the 2025 financial year up to the date of deconsolidation, which is mainly based on investments made in technical plant and machinery at MV Agusta. The result of the deconsolidation is as follows: EUR k Assets classified as held for sale 140,657 Liabilities classified as held for sale 88,482 Net assets disposed 52,175 Net assets disposed -52,175Purchase price receivable 21,600 Liabilities from earn out and written put options 63,838 Result from deconsolidation (gain) 33,263 Disposed cash and cash equivalents classified as held for sale -9,552Net cash outflow on disposal -9,552The Group has a purchase price claim of EUR k 21,600 from the sale, which is to be paid by Art of Mobility S.A. in installments up to the end of 2026. As of December 31, 2025, the Group had received EUR k 6,600 of this. The purchase price receivable is shown under other current assets and receivables. In addition, the conditional purchase price liability previously recognized by the first-time consolidation and the liability arising from written put options were derecognized through profit or loss, as they became irrelevant upon the conclusion of the contract and the associated transfer of the shares. KTM Sportcar GmbH At the beginning of June 2025, the group signed a letter of intent to sell its entire KTM X-BOW business to an international group of investors. It has been agreed to structure the sale as a mixture of an asset and share deal, whereby individual assets, in particular PG&A, semi-finished and finished products as well as the stake in KTM Sportcar GmbH, are to be sold. As explained in the 2025 half-year financial statements, in view of the very likely completion of this transaction, the Group has classified KTM Sportcar GmbH as well as the assets associated with the transaction as \u201cheld for sale\u201d as of June 30, 2025. Similar to MV Agusta above, the agreed conclusion of the contract was subject to various conditions precedent, in particular the approval of the transaction under antitrust law. These were finally fulfilled on October 16, 2025, and the contractual agreements were finally signed on the same day. The control over KTM Sportcar GmbH and the assets subject matter of the contract were transferred to the buyers upon conclusion of the agreement on October 16, 2025. For reasons of simplification, the deconsolidation took place as of October 1, 2025, as no transactions took place between October 1, 2025 and October 16, 2025 that had a material impact on the net assets, financial position and results of opera-tions of KTM Sportcar GmbH or the aforementioned assets and would have excluded this simplified procedure. In accordance with the valuation requirements of IFRS 5, an impairment loss of EUR k 616 on non-current assets was recognized in the 2025 financial year up to the date of deconsolidation. The result of the deconsolidation is as follows: EUR k Assets classified as held for sale 10,827 Liabilities classified as held for sale 1,794 Net assets disposed 9,033 Purchase price receivable 7,600 Consideration received 7,600 Net assets disposed -9,033Consideration received 7,600 Result from deconsolidation (loss) -1,433Consideration received 0 Disposed cash and cash equivalents classified as held for sale -591Net cash outflow on disposal -591The purchasers were granted a short-term payment term. As of the balance sheet date of December 31, 2025, this purchase price receivable had already been settled in cash. In addition, the transaction provides for the successive sale of KTM XBOW finished products to the buyer at book value. As a result, the asso-ciated inventories continue to be reported as \u201cheld for sale\u201d as of the balance sheet date (EUR k 5,781). Between the date of the deconsolida-tion and the balance sheet date, the Group had already received cash and cash equivalents of EUR k 2,822 from KTM XBOW finished prod-ucts sold at book value. KTM Technologies GmbH As part of the Group's restructuring measures, the former 100% subsidiary KTM Technologies GmbH (now NXT Technologies GmbH) was sold to Pierer Konzerngesellschaft mbH, a company related with Bajaj Auto International Holdings AG until the change of ownership. The associated purchase agreement was signed and completed on July 24, 2025, and the purchase price of the shares was set at one euro. Control of the former KTM Technologies GmbH was transferred to the acquirer upon conclusion of the agreement on July 24, 2025. For rea-sons of simplification, the deconsolidation took place on July 31, 2025, as no transactions took place in the interim period that had a material impact on the net assets, financial position and results of operations of the former KTM Technologies GmbH and would have excluded this simplified procedure. The result of the deconsolidation is as follows: EUR k Non-current assets 286 Current assets 864 Non-current liabilities 167 Current liabilities 778 Net assets disposed 205 Means of payment 0 Consideration received 0 Net assets disposed -205Consideration received 0 Result from deconsolidation (loss) -205Consideration received 0 Disposal of cash and cash equivalents -115Net cash outflow on disposal -115PIERER Innovation GmbH and DealerCenter Digital GmbH The previous fully consolidated 100% subsidiary PIERER Innovation GmbH (now NIMBLE Innovation GmbH) and the associated 74.46% subsidiary DealerCenter Digital GmbH were sold to PIERER Digital Holding GmbH, a company related with Bajaj Auto International Holdings AG until the change of ownership. The associated purchase agreement was signed and completed on September 8, 2025, and the purchase price of the shares was set at one euro. In addition, as part of the purchase price, it was contractually agreed that KTM AG would acquire IP rights from PIERER Innovation GmbH in the amount of EUR k 1,000 prior to the execution of the contract. From the point of view of the Bajaj Mobility Group, this represents a cash-effective equity grant at the time of the deconsolidation. The control over PIERER Innovation GmbH and its subsidiary was transferred to the acquirer upon conclusion of the agreement on September 8, 2025. For reasons of simplification, the deconsolidation took place on September 1, 2025, as no transactions took place in the interim pe-riod that had a material impact on the net assets, financial position and results of operations of PIERER Innovation GmbH and its subsidiary and would have excluded this simplified procedure. The result of the deconsolidation is as follows: EUR k Non-current assets 988 Current assets 278 Non-current liabilities 204 Current liabilities 3,034 Net assets disposed -1,972Means of payment 0 Subsidy to be paid -1,000Consideration received -1,000Net assets disposed 1,972Non-controlling interests -285Consideration received -1,000Result from deconsolidation (gain) 687 Consideration received -1,000Disposal of cash and cash equivalents -405Net cash outflow on disposal -1,405FELT As part of its orderly cessation of business in the bicycle sector, the Bajaj Mobility Group entered into a comprehensive agreement towards the end of the 2025 financial year to amend shareholdings in the FELT companies of the PIERER New Mobility Group, specifically FELT Bicycles GmbH, FELT Bicycles North America Inc. and FELT Bicycles Espana S.L.U. The shares held in FELT Bicycles North America Inc. and in FELT Bicycles Espana S.L.U. through the 70% subsidiary FELT Bicycles GmbH, were sold to the previous minority owners for a purchase price of four euro by contract dated November 26, 2025. Until then, FELT Bicycles GmbH held 100% of the shares in FELT Bicycles North America Inc. and FELT Bicycles Espa\u00f1a S.L.U. At the same time, PIERER New Mobil-ity GmbH acquired the outstanding minority shares in FELT Bicycles GmbH for a purchase price of two euros. The minority owners were em-ployed in executive positions of the FELT subgroup until the time of the transaction. In addition, the trademark right \u201cFELT\u201d, which was fully impaired in the 2024 financial year due to the impairment provisions of IAS 36, was acquired by FELT Bicycles Espa\u00f1a S.L.U. for an amount of EUR k 3,248 from FELT Bicycles GmbH, of which EUR k 750 was settled directly in cash. In addition, an agreement was signed to waive mutual claims and liabilities, whereby EUR k 2,094 of the Bajaj Mobility Group's out-standing claims against FELT Bicycles North America Inc. will still be settled by the latter in accordance with the agreement. The associated contracts were finally signed and executed between 15 and 18 December 2025, which also transferred control over the com-panies to the acquirers. Since an associated letter of intent had already been signed at the end of November 2025 and no transactions took place in the period between 1 and 15 December that would have had a material impact on the net assets, financial position and results of operations of the FELT companies and would have precluded this simplified procedure, the deconsolidation was carried out as of December 01, 2025 for the sake of simplification. The result of the deconsolidation is as follows: EUR k Non-current assets 449 Current assets 8,277 Non-current liabilities 178 Current liabilities 9,661 Net assets disposed -1,113Means of payment 750Purchase price receivable 4,592 Waiver of claims and liabilities against the departing companies -7,667Consideration received -2,325Net assets disposed 1,113Non-controlling interests -205Consideration received -2,325Result from deconsolidation (loss) -1,416Consideration received 750Disposal of cash and cash equivalents -2,281Net cash outflow on disposal -1,531Other Also in connection with the withdrawal from the bicycle business, the subsidiaries PIERER New Mobility UK Ltd., Northamptonshire, Great Britain, and PIERER New Mobility Asia Ltd., Taichung City, Taiwan, were liquidated in the 2025 financial year. The liquidation of PIERER New Mobility UK Ltd. became legally binding on July 29, 2025, and its deconsolidation was carried out on July 31, 2025. With regard to PIERER New Mobility Asia Ltd., the liquidation took effect on September 29, 2025, and its deconsolidation took effect on September 30, 2025. Since both were former sales companies, they had neither significant capital nor assets or debts. In total, the Group incurred a result from the de-consolidation of EUR k -43. In order to be able to effectively structure the liquidation of the bicycle segment, PIERER New Mobility Bulgaria OOD, Plovdiv, Bulgaria, ac-quired the outstanding minority stake of 50.0% in the already fully consolidated PIERER MAXCOM MOBILITY OOD, Plovdiv, Bulgaria, from the minority owner MAXCOM in June 2025. The acquisition was made for strategic reasons, as the existing operational relationships with PIERER New Mobility Bulgaria OOD would have characterized a merger or liquidation of high regulatory complexity, which would have further delayed the withdrawal from the bicycle segment. The purchase price amounted to EUR k 8,000, which was not paid in means of payment, but in bicycles provided as tangible objects. This successive acquisition of further company shares, which is to be treated without affecting profit or loss, reduced the equity or non-controlling interests in the equity of the Bajaj Mobility Group by EUR k 8,000, as the existing put op-tion on non-controlling interests became obsolete with the sale of the property, plant and equipment in view of the underlying agreements (see item 32 \u201cNon-current assets held for sale and disposal groups\u201d). Changes in companies accounted for using the equity method On January 3, 2025, the 49.0% stake in MR IMMOREAL GmbH (formerly: PIERER IMMOREAL GmbH), which had already been classified as \u201cheld for sale\u201d in the 2024 financial year, was sold to Pierer Konzerngesellschaft mbH. Both companies were related companies until the change of ownership of Bajaj Auto International Holdings AG. The Bajaj Mobility Group realized a return of EUR k 175 from this, as the sale price was fixed with the original purchase price and the Group valued the shares in 2024 according to the equity method. At the same time, the financial receivables in the amount of EUR k 24,689, which were also classified as \u201cheld for sale\u201d, were sold. As of December 31, 2025, the Bajaj Mobility Group has classified and valued its 20% stake in KISKA GmbH as \u201cheld for sale\u201d. As a result, the Group incurred an impairment expense of EUR k 2.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCompositionOfGroupExplanatory",
"language": "en",
"entity": "scheme:5299008TBI1EUJJSWP89",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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"f1__s7__11__22": {
"value": "7. CONSOLIDATION PRINCIPLESAll subsidiaries are included in the consolidated financial statements of Bajaj Mobility AG by means of full consolidation. Subsidiaries are companies controlled by the Group. The financial statements of subsidiaries are included in the consolidated financial statements from the date on which control begins and until the date on which control ends. Unless otherwise stated, the amount of the non-controlling interests is recognized at the pro rata net assets of the acquired company excluding goodwill. Shares in associates are reported in the balance sheet item \u201cInvestments accounted for using the equity method\u201d. The presentation currency of the Bajaj Mobility Group is the euro. The subsidiaries and the investments accounted for using the equity method prepare the annual financial statements in their functional currency. Assets and liabilities included in the financial statements to be consoli-dated are translated using the mid-market exchange rate on the balance sheet date and the items in the profit and loss account are translated into the average foreign exchange rate for the financial year. The following key exchange rates for the Bajaj Mobility Group were used for cur-rency translation into the reporting currency: Closing rate Average foreign exchange rate Dec 31, 2025 Dec 31, 2024 2025 2024 US-Dollar 1.1750 1.0389 1.1314 1.0808Swiss Franc 0.9314 0.9412 0.9366 0.9534 Japanese Yen 184.0900 163.0600 169.5133 164.0558 South African Rand 19.4439 19.6188 20.1379 19.8325 Mexican Peso 21.1180 21.5504 21.6301 20.0134 Australian Dollar 1.7581 1.6772 1.7543 1.6438 Chinese Renminbi 8.2262 7.5833 8.1099 7.7733Source: Rates according to the ECB as of December 31, 2025",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory",
"language": "en",
"entity": "scheme:5299008TBI1EUJJSWP89",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s7__11__25": {
"value": "All subsidiaries are included in the consolidated financial statements of Bajaj Mobility AG by means of full consolidation. Subsidiaries are companies controlled by the Group. The financial statements of subsidiaries are included in the consolidated financial statements from the date on which control begins and until the date on which control ends. Unless otherwise stated, the amount of the non-controlling interests is recognized at the pro rata net assets of the acquired company excluding goodwill.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:5299008TBI1EUJJSWP89",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s7__11__24": {
"value": "All subsidiaries are included in the consolidated financial statements of Bajaj Mobility AG by means of full consolidation. Subsidiaries are companies controlled by the Group. The financial statements of subsidiaries are included in the consolidated financial statements from the date on which control begins and until the date on which control ends. Unless otherwise stated, the amount of the non-controlling interests is recognized at the pro rata net assets of the acquired company excluding goodwill.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:5299008TBI1EUJJSWP89",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s7__11__23": {
"value": "All subsidiaries are included in the consolidated financial statements of Bajaj Mobility AG by means of full consolidation. Subsidiaries are companies controlled by the Group. The financial statements of subsidiaries are included in the consolidated financial statements from the date on which control begins and until the date on which control ends. Unless otherwise stated, the amount of the non-controlling interests is recognized at the pro rata net assets of the acquired company excluding goodwill.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory",
"language": "en",
"entity": "scheme:5299008TBI1EUJJSWP89",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s7__11__26-1": {
"value": " Shares in associates are reported in the balance sheet item \u201cInvestments accounted for using the equity method\u201d.The share of profit/loss of associates accounted for using the equity method and the elimination of interim results with these companies are shown in the income statement as a separate item in the result of operating activities. All associates accounted for using the equity method are investments that are involved in the operational activities of the Bajaj Mobility Group as major suppliers or customers.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates",
"language": "en",
"entity": "scheme:5299008TBI1EUJJSWP89",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s7__11__27": {
"value": "The presentation currency of the Bajaj Mobility Group is the euro. The subsidiaries and the investments accounted for using the equity method prepare the annual financial statements in their functional currency. Assets and liabilities included in the financial statements to be consoli-dated are translated using the mid-market exchange rate on the balance sheet date and the items in the profit and loss account are translated into the average foreign exchange rate for the financial year. The following key exchange rates for the Bajaj Mobility Group were used for cur-rency translation into the reporting currency: Closing rate Average foreign exchange rate Dec 31, 2025 Dec 31, 2024 2025 2024 US-Dollar 1.1750 1.0389 1.1314 1.0808Swiss Franc 0.9314 0.9412 0.9366 0.9534 Japanese Yen 184.0900 163.0600 169.5133 164.0558 South African Rand 19.4439 19.6188 20.1379 19.8325 Mexican Peso 21.1180 21.5504 21.6301 20.0134 Australian Dollar 1.7581 1.6772 1.7543 1.6438 Chinese Renminbi 8.2262 7.5833 8.1099 7.7733Source: Rates according to the ECB as of December 31, 2025",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
"language": "en",
"entity": "scheme:5299008TBI1EUJJSWP89",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s7__11__29-1": {
"value": "Changes in companies accounted for using the equity method On January 3, 2025, the 49.0% stake in MR IMMOREAL GmbH (formerly: PIERER IMMOREAL GmbH), which had already been classified as \u201cheld for sale\u201d in the 2024 financial year, was sold to Pierer Konzerngesellschaft mbH. Both companies were related companies until the change of ownership of Bajaj Auto International Holdings AG. The Bajaj Mobility Group realized a return of EUR k 175 from this, as the sale price was fixed with the original purchase price and the Group valued the shares in 2024 according to the equity method. At the same time, the financial receivables in the amount of EUR k 24,689, which were also classified as \u201cheld for sale\u201d, were sold. As of December 31, 2025, the Bajaj Mobility Group has classified and valued its 20% stake in KISKA GmbH as \u201cheld for sale\u201d. As a result, the Group incurred an impairment expense of EUR k 2.32. NON-CURRENT ASSETS HELD FOR SALE AND DISPOSAL GROUPSIn the course of the 2025 financial year, all assets and disposal groups classified as \u201cheld for sale\u201d in the previous year were sold. At the end of the 2025 financial year, the Group classified the remaining holdings from the sale of KTM Sportcar GmbH as well as the shares in KISKA GmbH as \u201cheld for sale\u201d. The resulting impact on the net assets, financial position and results of operations of the Group can be seen in the table below. This is followed by an explanation of all related facts of the 2025 financial year. Overview of all assets held for sale and related liabilities Dec 31, 2025 EUR k KTM Sportcar KISKA GmbH Total GmbH Non-current assets: Investments accounted for using the equity method 0 1,300 1,300 0 1,300 1,300 Current assets: Inventories 5,781 0 5,781 5,781 0 5,781 Assets held for sale and disposal groups 5,781 1,300 7,081 Regarding assets and disposal groups already classified as \u201cheld for sale\u201d in the financial year 2024 Building, equipment and land of PIERER & MAXCOM MOBILITY OOD In March 2025, the assets held for sale of PIERER & MAXCOM MOBILITY OOD, Plovdiv, Bulgaria, were sold for the purchase price of EUR k 35,000. The Bajaj Mobility Group received these funds in March 2025 and were immediately transferred to a fiduciary account with which the outstanding bank loans of PIERER & MAXCOM Mobility OOD with DSK Bank (as of March 31, 2025: EUR k 37,705) were largely repaid. The gain on disposals realized in the 2025 financial year amounts to EUR k 4,385. This gain on the sale deviates by EUR k 148 from the value expected as of the balance sheet date of December 31, 2024, as a detailed list of purchased assets was only prepared and agreed upon retro-spectively. Non-sold assets relate in particular to leased commercial vehicles and IT equipment. At equity shares in MR IMMOREAL GmbH and related financial receivables In addition, the 49.0% share in MR IMMOREAL GmbH (formerly: PIERER IMMOREAL GmbH), Wels, was sold. The shares were sold back to the original seller, Pierer Konzerngesellschaft mbH, on January 3, 2025. The purchase price corresponded to the original purchase price (EUR k 10,879). The capital gains realized in the 2025 financial year amount to EUR k 0. At the same time, financial receivables from MR IMMOREAL GmbH in the amount of EUR k 24,689 were sold at book value together with the shares. MV Agusta The sale of the \u201cMV Agusta\u201d disposal group, which was classified as such in the previous year, is explained in more detail under item 8 \u201cChanges in the scope of consolidation\u201d. In addition to the result from the deconsolidation, there is also an explanation of the purchase price. Concerning assets and disposal groups newly classified as \u201cheld for sale\u201d in the financial year 2025 KTM Sportcar GmbH At the end of the first half of 2025, the shares in KTM Sportcar GmbH were classified and valued as \u201cheld for sale\u201d together with other assets on the basis of the signing of a letter of intent to sell. The sale took place in the second half of the 2025 financial year. The inventories, which re-main unchanged as \u201cheld for sale\u201d, relate to KTM XBOW finished products associated with the transaction, which will be successively sold to the buyer at book value. In view of this, further related explanations can also be found under item 8 \u201cChanges in the scope of consolidation\u201d. At equity shares in KISKA GmbH At the end of December 2025, the Executive Board made the strategic decision to sell the 20% share in KISKA GmbH. As of December 31, 2025, the Bajaj Mobility Group has classified and valued these shares as \u201cheld for sale\u201d because pre-contractual agreements have already been reached with the majority shareholder in KISKA GmbH and the sale is therefore highly likely. As a result, the Group incurred an impair-ment expense of EUR k 2.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory",
"language": "en",
"entity": "scheme:5299008TBI1EUJJSWP89",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s7__11__28-1": {
"value": "Changes in companies accounted for using the equity method On January 3, 2025, the 49.0% stake in MR IMMOREAL GmbH (formerly: PIERER IMMOREAL GmbH), which had already been classified as \u201cheld for sale\u201d in the 2024 financial year, was sold to Pierer Konzerngesellschaft mbH. Both companies were related companies until the change of ownership of Bajaj Auto International Holdings AG. The Bajaj Mobility Group realized a return of EUR k 175 from this, as the sale price was fixed with the original purchase price and the Group valued the shares in 2024 according to the equity method. At the same time, the financial receivables in the amount of EUR k 24,689, which were also classified as \u201cheld for sale\u201d, were sold. As of December 31, 2025, the Bajaj Mobility Group has classified and valued its 20% stake in KISKA GmbH as \u201cheld for sale\u201d. As a result, the Group incurred an impairment expense of EUR k 2.32. NON-CURRENT ASSETS HELD FOR SALE AND DISPOSAL GROUPSIn the course of the 2025 financial year, all assets and disposal groups classified as \u201cheld for sale\u201d in the previous year were sold. At the end of the 2025 financial year, the Group classified the remaining holdings from the sale of KTM Sportcar GmbH as well as the shares in KISKA GmbH as \u201cheld for sale\u201d. The resulting impact on the net assets, financial position and results of operations of the Group can be seen in the table below. This is followed by an explanation of all related facts of the 2025 financial year. Overview of all assets held for sale and related liabilities Dec 31, 2025 EUR k KTM Sportcar KISKA GmbH Total GmbH Non-current assets: Investments accounted for using the equity method 0 1,300 1,300 0 1,300 1,300 Current assets: Inventories 5,781 0 5,781 5,781 0 5,781 Assets held for sale and disposal groups 5,781 1,300 7,081 Regarding assets and disposal groups already classified as \u201cheld for sale\u201d in the financial year 2024 Building, equipment and land of PIERER & MAXCOM MOBILITY OOD In March 2025, the assets held for sale of PIERER & MAXCOM MOBILITY OOD, Plovdiv, Bulgaria, were sold for the purchase price of EUR k 35,000. The Bajaj Mobility Group received these funds in March 2025 and were immediately transferred to a fiduciary account with which the outstanding bank loans of PIERER & MAXCOM Mobility OOD with DSK Bank (as of March 31, 2025: EUR k 37,705) were largely repaid. The gain on disposals realized in the 2025 financial year amounts to EUR k 4,385. This gain on the sale deviates by EUR k 148 from the value expected as of the balance sheet date of December 31, 2024, as a detailed list of purchased assets was only prepared and agreed upon retro-spectively. Non-sold assets relate in particular to leased commercial vehicles and IT equipment. At equity shares in MR IMMOREAL GmbH and related financial receivables In addition, the 49.0% share in MR IMMOREAL GmbH (formerly: PIERER IMMOREAL GmbH), Wels, was sold. The shares were sold back to the original seller, Pierer Konzerngesellschaft mbH, on January 3, 2025. The purchase price corresponded to the original purchase price (EUR k 10,879). The capital gains realized in the 2025 financial year amount to EUR k 0. At the same time, financial receivables from MR IMMOREAL GmbH in the amount of EUR k 24,689 were sold at book value together with the shares. MV Agusta The sale of the \u201cMV Agusta\u201d disposal group, which was classified as such in the previous year, is explained in more detail under item 8 \u201cChanges in the scope of consolidation\u201d. In addition to the result from the deconsolidation, there is also an explanation of the purchase price. Concerning assets and disposal groups newly classified as \u201cheld for sale\u201d in the financial year 2025 KTM Sportcar GmbH At the end of the first half of 2025, the shares in KTM Sportcar GmbH were classified and valued as \u201cheld for sale\u201d together with other assets on the basis of the signing of a letter of intent to sell. The sale took place in the second half of the 2025 financial year. The inventories, which re-main unchanged as \u201cheld for sale\u201d, relate to KTM XBOW finished products associated with the transaction, which will be successively sold to the buyer at book value. In view of this, further related explanations can also be found under item 8 \u201cChanges in the scope of consolidation\u201d. At equity shares in KISKA GmbH At the end of December 2025, the Executive Board made the strategic decision to sell the 20% share in KISKA GmbH. As of December 31, 2025, the Bajaj Mobility Group has classified and valued these shares as \u201cheld for sale\u201d because pre-contractual agreements have already been reached with the majority shareholder in KISKA GmbH and the sale is therefore highly likely. As a result, the Group incurred an impair-ment expense of EUR k 2.",
"dimensions": {
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"language": "en",
"entity": "scheme:5299008TBI1EUJJSWP89",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s7__11__30": {
"value": "III. SEGMENT REPORTINGAt Bajaj Mobility AG, business activities are managed on the basis of the two divisions \u201cMotorcycle\u201d and \u201cBicycle\u201d. The individual divisions are managed separately and reported to Bajaj Mobility AG in accordance with IFRS accounting standards. The key decision-maker relevant to the segment report is the full Executive Board of Bajaj Mobility AG. Segment reporting is carried out in accordance with the internal reports with the Motorcycle, Bicycle and Other segments. As already explained in the previous year's annual report, the Executive Board of Bajaj Mobility AG decided at the end of 2024 to discontinue its business activities in the \u201cBicycle\u201d sector. The corresponding Supervisory Board resolution was passed in the 2025 financial year. In order to pursue this strategic objective, significant operational activities in the bicycle sector were reduced and discontinued in the 2025 financial year. However, the discontinuation of all operating activities in this area has not yet been fully completed as of the balance sheet date of De-cember 31, 2025, and the Group will generate revenue-generating residual activities from the sale of inventories at least in the first quarter of 2026. In addition, the Group will meet its statutory warranty obligations accordingly over the next two years. Against this background, the presentation as a discontinued operation in accordance with IFRS 5 is not relevant, which is why segment reporting is carried out below in the same way as in the previous year. MOTORCYCLE The \u201cMotorcycle\u201d segment includes the development, production and sale of motorcycles under the \u201cKTM\u201d, \u201cHusqvarna Motorcycles\u201d and \u201cGASGAS\u201d brands as well as components under the \u201cWP\u201d brand. The Motorcycle segment is formed by KTM AG and its subsidiaries and comprises 54 subsidiaries included in the consolidated financial statements as of December 31, 2025, located in Austria, the USA, Japan, China, South Africa, Mexico, India, Australia and New Zealand as well as in various other countries in Europe and Asia. It also holds shares in assembly companies in the Philippines and China. BICYCLE PIERER New Mobility GmbH and its subsidiaries form the \u201cBicycle\u201d segment of the Bajaj Mobility Group with the brands \u201cHusqvarna E-Bicycles\u201d, \u201cGASGAS Bicycles\u201d and \u201cFELT Bicycles\u201d. The Group is currently pushing for a complete cessation of all business activities in this business area, as explained in detail above. As of the balance sheet date of December 31, 2025, the segment comprises 8 fully consolidated companies. OTHER In the \u201cOther\u201d section, Bajaj Mobility AG itself, Avocodo GmbH, PIERER E-Commerce GmbH, PIERER E-Commerce North America Inc. and Platin 1483 GmbH are summarized. None of the segments is dependent on external customers within the meaning of IFRS 8.34. Deliveries and services between the segments are made at customary market conditions. The segment control parameter EBIT describes the operating result for the period before financial result and income taxes. The investments relate to asset additions from property, plant and equipment and intangible assets (excluding lease additions in accordance with IFRS 16). Earnings accounted for using the equity method are included in EBIT in accordance with the structure of the consolidated income statement. Working capital employed is the sum of inventories and trade receivables less trade payables as of the reporting date. Net debt corresponds to the sum of current and non-current financial liabilities (including lease liabilities) less cash and cash equivalents as of the reporting date; it was significantly influenced by the restructuring profits achieved in the 2025 financial year, as ex-plained in item 2 \u201cInformation in connection with the restructuring proceedings of major subsidiaries completed in 2025\u201d. The segment information for the 2025 and 2024 financial years is broken down among the segments described as follows: 2025 Motorcycles Bicycle Other ConsolidationTotal EUR k Revenue between the segments 44 27 0 -71 0 External revenue 939,346 68,289 1,755 0 1,009,389 segment revenue 939,390 68,316 1,755 -71 1,009,389 Cost of sales -927,855-63,004-91 71-990,879Selling and racing expenses -186,958 -15,328 -2,503 0 -204,789Research and development expenses -79,936 -1,021 1,986 0 -78,972Administration expenses -153,405 -2,967 845,266 -874,596 -185,702Other operating income and expenses 10,406 -300 1,348 -7,408 4,046 Expenses relating to impairments according to IAS 36 -729 0 -652 0 -1,381Expenses relating to impairments according to IFRS 5 -1,681 0 -2 0 -1,683Restructuring gain 1,192,120 0 7,511 -6,497 1,193,134 Result from at-equity holdings 5,105 0 -436 0 4,670 Result from operating activities 796,457 -14,305 854,182 -888,501 747,833 Result before tax -133,909 -337 -2,288 799,356 662,822 1)Investments 80,440 304 119 -3,108 77,756 Depreciation and amortization -133,909 -337 -2,288 0 -136,534thereof impairment according to IAS 36 -729 0 -652 0 -1,381thereof impairment according to IFRS 5 -1,681 0 -2 0 -1,683Balance sheet total 1,556,79928,3262,568,163 -2,567,215 1,586,073 Equity 692,043 -329,705 2,108,827 -2,085,927385,237 Working capital employed 341,490 -1,171 -7,907 10,235 342,647 Net debt 435,036 333,930 375,617 -346,175 798,409 2024 Motorcycles Bicylce Other ConsolidationTotal EUR k Revenue between the segments 39,875 394 62,497 -102,766 0 External revenue 1,763,841 111,093 4,087 0 1,879,021 segment revenue 1,803,716 111,487 66,584 -102,766 1,879,021 Cost of sales -1,638,085-329,566-68638,357-1,929,980Selling and racing expenses -272,713 -34,223 -7,654 15,222-299,368Research and development expenses -74,798 -2,879 -13,234 10,474 -80,437Administration expenses -178,980 -9,474 -47,181 38,505 -197,130Other operating income and expenses -42,494 -249 -518 3,931 -39,330Expenses relating to impairments according to IAS 36 -334,684 -25,976 0 0 -360,660Expenses relating to impairments according to IFRS 5 -147,311 0 0 0 -147,311Result from at-equity holdings -1,772 -217 -7,033 0 -9,022Result from operating activities -887,121 -291,096 -9,721 3,721 -1,184,217Result before tax -666,561 -34,722 -1,629,175 1,053,859 -1,276,5981)Investments 231,237 1,295 261 0 232,793 Depreciation and amortization -666,562 -34,723-4,1682,019-703,434thereof impairment according to IAS 36 -334,684 -25,976 0 0 -360,660thereof impairment according to IFRS 5 -147,311 0 0 0 -147,311Balance sheet total 2,323,364194,529 -705,279 583,220 2,395,834 Equity -138,492 -306,691 -909,721 1,161,155 -193,749Working capital employed 443,763 88,873 6,110 -13,329 525,417 Net debt 1,607,117 376,945 -336,955 -4,392 1,642,715 1) Excluding IFRS 16 (Leasing); lease additions amounted to EUR k 4,568 in 2025 (previous year: EUR k 39,252) INFORMATION ABOUT GEOGRAPHICAL AREAS Non-current assets (excluding tax assets and financial instruments), broken down by geographical area, are as follows: Non-current assets EUR k Dec 31, 2025 Dec 31, 2024 Austria 655,011 761,066Europe (excl. Austria) 16,570 3,479North America incl. Mexico 75,642 92,273Other regions 2,902 3,318Total 750,124 860,136 The breakdown of revenues by geographical area can be found in item 9 \u201cRevenue\u201d.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory",
"language": "en",
"entity": "scheme:5299008TBI1EUJJSWP89",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s7__11__31": {
"value": "None of the segments is dependent on external customers within the meaning of IFRS 8.34. Deliveries and services between the segments are made at customary market conditions. The segment control parameter EBIT describes the operating result for the period before financial result and income taxes. The investments relate to asset additions from property, plant and equipment and intangible assets (excluding lease additions in accordance with IFRS 16). Earnings accounted for using the equity method are included in EBIT in accordance with the structure of the consolidated income statement. Working capital employed is the sum of inventories and trade receivables less trade payables as of the reporting date. Net debt corresponds to the sum of current and non-current financial liabilities (including lease liabilities) less cash and cash equivalents as of the reporting date; it was significantly influenced by the restructuring profits achieved in the 2025 financial year, as ex-plained in item 2 \u201cInformation in connection with the restructuring proceedings of major subsidiaries completed in 2025\u201d.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory",
"language": "en",
"entity": "scheme:5299008TBI1EUJJSWP89",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s7__11__32-1": {
"value": "IV. NOTES TO THE CONSOLIDATED INCOME STATEMENTThe consolidated income statement is prepared according to the cost of sales method. 9. REVENUERevenue is generally recognized after the transfer of risk in accordance with the terms and conditions (Incoterms) or after the time of provi-sion of the service, less cash discounts, customer bonuses and discounts. The breakdown of external sales by geographical area is based on the location of the customers. Sales by geographic region of the Group are as follows: EUR k 2025 2024Austria 55,329 81,139Europe (excl. Austria) 414,988 941,341North America incl. Mexico 337,066 545,448Other regions 202,007 311,0931,009,389 1,879,021 Variable considerations such as price discounts, sales bonuses and discounts are reported as revenue reductions. The obligations for variable consideration are reported as contractual obligations within the meaning of IFRS 15. The contractual obligations for variable consideration regarding price discounts, sales bonuses and discounts as of December 31, 2025 amount to EUR k 28,186 (previous year: EUR k 46,744). As warranty services are not sold separately, they are merely an assurance that the products sold will meet the agreed specifications. Since these warranty services do not go beyond the statutory or industry-typical warranty obligations in terms of time or content, this is a so-called assurance-type warranty, which does not represent a separate performance obligation. Accordingly, warranty services will continue to be rec-ognised in accordance with IAS 37. 10. COST OF PRODUCTION OF SERVICES PROVIDED TO GENERATE SALESThe Group's cost of goods sold is made up as follows: EUR k 2025 2024Cost of materials and cost of purchased services 710,945 1,487,058 Personnel expenses 90,778 134,256Depreciation of property, plant and equipment and amortization of intangible assets 12,249 49,716Amortization of capitalized development costs 83,425 81,666Other operating income and expenses 93,482 177,284990,879 1,929,980 Other operating expenses and income in the 2025 financial year include EUR k 3,006 due to the discontinuation of development projects in the course of strategic realignments (previous year: EUR k 101,853). The cost of goods sold for the purpose of generating sales includes income from realized currency translation differences in the amount of EUR 6,254 (previous year: expenses of EUR k 950). 11. SELLING AND RACING EXPENSESThe Group's sales and racing expenses are made up as follows: EUR k 2025 2024Cost of materials and cost of purchased services 28,086 44,098Personnel expenses 97,614 119,506Depreciation of property, plant and equipment and amortization of intangible assets 12,674 12,977Other operating expenes 104,770 175,468Sponsorship income and other operating income -38,356 -52,681204,789 299,36812. RESEARCH AND DEVELOPMENT EXPENSESThe Group's research and development expenses are made up as follows: EUR k 2025 2024Cost of materials and cost of purchased services 10,292 10,311Personnel expenses 49,931 43,915Depreciation of property, plant and equipment and amortization of intangible assets 6,581 8,255Other operating expenes 28,050 48,625Subsidies and other operating income -15,882 -30,66978,972 80,437The types of expenses presented in research and development expenses include research costs and development costs that cannot be capi-talized. Personnel expenses excluding effects from capitalized development costs amounted to EUR k 75,623 (previous year: EUR k 116,134). Overall, research and development expenses before capitalization of development costs amounted to EUR k 140,985 (previous year: EUR k 235,096) and thus 14.0% (previous year: 13.1%) of sales. 13. ADMINISTRATIVE EXPENSESThe Group's administrative expenses are made up as follows: EUR k 2025 2024Cost of materials and cost of purchased services 1,157 11,146Personnel expenses 60,076 80,892Depreciation of property, plant and equipment and amortization of intangible assets 23,405 42,308Other operating expenes 102,227 69,023Other operating income -1,164 -6,239185,701 197,130 The increase in other operating expenses relating to administrative expenses in the 2025 financial year results in particular from consulting services used (EUR k 43,354, increase by EUR k 2,819 compared to the previous year) as well as one-off expenses from the derecognition of the intangible asset under construction for the technical redesign of the management of the dealer network, as explained under item 23 \u201cIn-tangible assets\u201d (EUR k 27,166). 14. OTHER OPERATING EXPENSES AND EXPENSES RELATED TO IMPAIRMENTSOther operating expenses and expenses related to impairments are made up as follows: EUR k 2025 2024Changes in consolidation scope 3,054 10,369Other miscellaneous expenses 35,830 46,664Other operating expenes 38,884 57,033Expenses relating to impairments according to IAS 36 1,381 360,660Expenses relating to impairments according to IFRS 5 1,683 147,311Expenses relating to impairments of assets 3,064 507,971 41,948 565,004The expenses from the changes in the scope of consolidation relate to expenses of EUR k 3,054 from deconsolidations carried out. For further explanations, please refer to item 8 \u201cChanges in the scope of consolidation\u201d. The remaining other expenses in the 2025 financial year also include various expenses that were incurred in connection with the restructuring proceedings and could not be allocated to the other sub-areas. In contrast to the previous year, in the 2025 financial year this includes in particular and mainly damages payments as well as corporate and other consulting services as well as the impairment of the purchase price receivable from the sale of the \u201cMV Agusta\u201d disposal group. In the 2025 financial year, expenses related to impairments include expenses of EUR k 1,683 (previous year: EUR k 147,311) from the classi-fication of assets as \u201cheld for sale\u201d and disposal groups, as well as EUR k 1,381 (previous year: EUR k 360,660) from impairments in accord-ance with IAS 36. The impairments relating to assets and liabilities held for sale as well as disposal groups in the amount of EUR k 1,179 are attributable to the \u201cMV Agusta\u201d disposal group and thus until the deconsolidation of the disposal group due to the valuation of new fixed assets acquired in the 2025 financial year in accordance with IFRS 5. EUR k 616 are attributable to the classification as \u201cheld for sale\u201d of KTM Sportcar GmbH and the sale of related assets, also until their deconsolidation. In the 2025 financial year, rented vacant premises were classified as no longer necessary for operations. Against this background, the associ-ated capitalized usage rights were impaired by EUR k 1,381. Further information on this can be found in item 22 \u201cAssessments of the impair-ment of assets in accordance with IAS 36\u201d. 15. OTHER OPERATING INCOMEOther operating income is recognized if the economic benefit arising from the underlying contract is probable and a reliable determination of the income is possible. The Group's other operating income totaled EUR k 43,037 (previous year: EUR k 17,703). In the 2025 financial year, these relate to decon-solidations in the amount of EUR k 33,263 affecting profit or loss, specifically with regards to the \u201cMV Agusta\u201d disposal group in the amount of EUR k 63,263 and the sale of the shares in PIERER Innovation GmbH in the amount of EUR k 687. The expenses from the impairment of the purchase price receivable from the sale of the \u201cMV Agusta\u201d disposal group were recognized under other operating expenses in accordance with the underlying facts and the timing of the transaction. Further details can be found in item 8 \u201cChanges in the scope of consolidation\u201d. The remaining other operating income of EUR k 9,774 in the 2025 financial year is mainly due to income of MV Agusta Motor S.p.A. in the amount of EUR k 3,100, which is not fully attributable until its final consolidation, as well as income from the disposal of fixed assets of EUR k 3,707. 16. RESULT FROM INVESTMENTS MADE USING THE EQUITY METHODThe share of profit/loss of associates accounted for using the equity method and the elimination of interim results with these companies are shown in the income statement as a separate item in the result of operating activities. All associates accounted for using the equity method are investments that are involved in the operational activities of the Bajaj Mobility Group as major suppliers or customers. The result of companies accounted for using the equity method is as follows: EUR k 2025 2024KISKA GmbH -399 -7,033KTM Asia Motorcycle Manufacturing Inc. -174 -799Zhejiang CFMOTO-KTMR2R Motorcycles Co., Ltd. 5,279 -832MV Agusta Motor S.p.A. 0 34LX Media GmbH -36 -3924,670 -9,022In the previous year, the acquired earnings of Zhejiang CFMOTO-KTMR2R Motorcycles Co., Ltd. were significantly burdened by write-downs of receivables amounting to 70% of the company, due in particular to receivables from KTM AG, which is in restructuring proceedings. The at-equity result of KTM Asia Motorcycle Manufacturing Inc. includes depreciation and amortization of the company in the amount of EUR k 55. The shares in KISKA GmbH were classified as \u201cheld for sale\u201d as of December 31, 2025, resulting in an impairment expense of EUR k 2. Fur-ther information on this matter can be found under item 32 \u201cNon-current assets held for sale and disposal groups\u201d. 17. FINANCIAL AND INVESTMENT RESULTThe financial and investment result is made up as follows: EUR k 2025 2024Interest income 6,505 25,837Interest expense -84,562 -123,641Other financial and participation result -6,954 5,423-85,011 -92,381The Group's other financial and investment income is made up as follows: EUR k 2025 2024Foreign exchange valuation of bank deposits -248 630Foreign exchange valuation of loans given -6,181 3,216Valuation interest rate swap 0 -139Cost of hedging 29 1,718Interest expenses for employee benefits -554 0Other 0 -2-6,954 5,42318. INCOME TAXESThe Group's income tax expenses and income are divided into current and deferred taxes as follows: EUR k 2025 2024Current tax -3,982 -6,982thereof prior years 108 -2,601Deferred taxes -68,673 203,673 -72,655 196,691 Income taxes include taxes on income and income paid or payable in the individual countries as well as deferred taxes. The Austrian compa-nies of the Bajaj Mobility Group are subject to a corporate tax rate of 23%. As of December 31, 2024, deferred tax assets on loss carryforwards of domestic companies in the amount of EUR k 206,742 were recog-nized, which were used up in the 2025 financial year. Until December 31, 2023, Bajaj Mobility AG formed a group within the meaning of corporate income tax law with Pierer Konzerngesellschaft mbH. Since the 2024 financial year, Bajaj Mobility AG has been the group parent of a group within the meaning of corporate income tax law. The tax income equalization between the group parent and the group member is regulated in the group and tax apportionment agreement. If positive income is attributed to the group sponsor by the group member, the positive tax apportionment amounts to 23% of the positive in-come attributed. In the case of attribution of losses, the group member does not receive a tax apportionment. Non-offset losses are consid-ered evident for the group member to offset against its positive results in the future. The calculation of foreign income taxes is based on the laws and regulations in force or passed in the individual countries. The income tax rates applied to foreign companies vary from 9% to 36.0%. A reconciliation calculation between the expected tax income or tax expense for the financial year (application of the consolidated tax rate of 23% (previous year: 23%) to profit before tax and the tax expense actually reported can be presented as follows: EUR k 2025 2024Earnings before income taxes 662,822 -1,276,598Expected tax income or expense -152,449 293,618Non-temporary differences and other tax additions 56,019 6,750Recognition / Value adjustments / Consumption of loss carryforwards -4,773 -89,869Taxes in relation to prior periods -458 -20,838Effects of foreign tax rates 1,413 2,498Effect of the share on entities accounted for using the equity method 0 -1,986Investment benefits 3,723 6,924Other 6,592 -406Booked tax -92,600 196,691 Waiver of claims by the tax authorities in accordance with restructuring proceedings 17,275 0Income taxes according to profit and loss statement -72,658 196,691 The non-temporary differences and other tax additions include the DTA recognition and the ongoing effect of the sevenths of Bajaj Mobility AG at 57 EUR million. Other items also include the effects of deconsolidation. The reconciliation item \u201cRecognition / Impairments / Consumption of loss carryforwards\u201d results from current losses and deductible temporary differences of companies outside the Austrian tax group for which no deferred tax assets are recognized due to a lack of impairment. The taxes from previous periods in the current year mainly relate to effects in connection with foreign taxes. In the previous year, these were effects from the change in the Austrian tax group structure. Global minimum taxation The Group operates in various countries that have passed laws to introduce the global minimum tax, in particular Austria. Since the tax law in Austria came into force on January 1, 2024, this provision was applied for the preparation of the consolidated financial statements for 2025. In 2025, no tax expense was booked in relation to Pillar II. The Group applies the temporary mandatory exemption with regard to the accounting for deferred taxes resulting from the introduction of the global minimum taxation and recognizes any taxes incurred in connection with the global minimum taxation as actual tax expense/income at the time of incurrence. 19. EARNINGS PER SHARE AND PROPOSAL FOR APPROPRIATION OF EARNINGSEarnings per share in the current 2025 financial year amounted to EUR 17.60 (previous year: EUR-29.30) and is calculated as follows: EUR k 2025 2024Result - Owner of the parent company (in EUR k) 594,957 -990,265Total number of shares (shares) 33,796,535 33,796,535 Impact of treasury and new shares (shares) 0 0Weighted average of stocks 33,796,535 33,796,535 Basic (=diluted) earnings per share (EUR) 17.60 -29.30In accordance with the provisions of the Austrian Stock Corporation Act, the individual financial statements of Bajaj Mobility AG as of Decem-ber 31, 2025, prepared in accordance with Austrian accounting standards, form the basis for the dividend distribution. For the 2025 financial year, it is proposed not to pay a dividend. No dividend was paid out based on the 2024 retained loss. 20. EXPENSES FOR THE AUDITORThe expenses for the auditor MOORE CENTURION Wirtschaftspr\u00fcfungs- und Steuerberatungs GmbH (previous year: Deloitte Audit Wirtschaftspr\u00fcfungs GmbH) attributable to the reporting period are as follows: EUR k 2025 2024Audit of the annual financial statements of all individual companies as well as audit of the consolidated 138 744financial statements Other assurance services 0 0Other services 0 0138 74421. EMPLOYEESThe number of employees is shown including temporary workers and external employees as well as on the basis of the number of heads: As of January 1, 2025 5,310 Changes during the financial year -1,528As of December 31, 2025 3,782 As of December 31, 2025, 2,250 Employees (previous year: 3,290) and 1,532 Workers (previous year: 2,020). As of December 31, 2025, 3,080 Employees (previous year: 4,099) are employed in Austria and 702 Employees (previous year: 1,211) abroad. On average, the group employed 4,138 Employees (previous year: 5,888), of which 1,651 Employees (previous year: 3,482) and 2,487 Workers (previous year: 2,406). Total personnel expenses in the 2025 financial year, excluding effects from the capitalization of development costs, amount to EUR k 327,021 (previous year: EUR k 450,788).V. NOTES TO THE CONSOLIDATED BALANCE SHEET22. ASSESSMENTS OF THE IMPAIRMENT OF ASSETS IN ACCORDANCE WITH IAS 36Recoverable amount of individual assets In the 2025 financial year, leased premises were classified as no longer necessary for business operations. The associated leases were termi-nated in the 2025 financial year and will expire at the end of the 2026 financial year. Against this background, the Group reviewed the carry-ing amounts of its rights of use relating to buildings for impairment. Due to the vacancy of the premises already prevailing or foreseeable on the balance sheet date and the lack of further use of the assets, these were written down by EUR k 1,381. The impairment loss was recog-nized under other operating expenses and reported as a separate line item in the profit and loss statement. Impairment test of cash-generating units Intangible assets with an indefinite useful life are not depreciated on a scheduled basis in accordance with IAS 36 \u201cImpairments\u201d, but are subject to an annual impairment test. For the 2025 financial year, the impairment test carried out did not reveal any need for impairments or reversals of impairment losses in the cash-generating units \u201cKTM\u201d and \u201cPIERER New Mobility\u201d (in the previous year: determined impairment requirements). During the financial year, there were no indications that impairment losses recognized in the past no longer existed or had decreased. Since the assets of the CGU \u201cPIERER New Mobility\u201d had already been fully impaired in the previous year no further impairment test was car-ried out in the 2025 financial year. Against this background, the CGU \u201cPIERER New Mobility\u201d does not have any (valuable) assets that were tested or impaired in the course of the impairment test in the 2025 financial year. The operating assets of the cash-generating units are compared with their value in use and depreciated to the lower value in use, unless there is a higher fair value less cost of sale. If there are indications for a reversal of impairment after a previously applied impairment, a correspond-ing reversal of impairment must be carried out on the value of amortized costs as the upper limit or the lower, determined need for reversal of impairment. The value in use is determined by using the discounted cash flow method assuming a pre-tax WACC of 10.1% (2024: 9.5%) for the CGU \u201cKTM\u201d. All other things being equal, an increase in the pre-tax WACC to 11.9% or a reduction in the planned future EBITs by 17.7% would result in the carrying amount of the CGU corresponding to the recoverable amount for the CGU \u2018KTM\u2019. The forecast of cash flows is based on the financial budgets or forecast calculations approved by the management, taking into account the medium-term strategy goals. The medium-term planning includes a more detailed planning horizon of five years and is based on internal as-sumptions about future sales, price and cost developments, the future development of new markets as well as the composition of the product mix and other factors. The rough planning phase used in the previous year was no longer used in the impairment test for the 2025 financial year. Based on the find-ings gained in the 2025 financial year, the management assumes that a settled state will be achieved by the 2030 plan year. Following the five-year of the last planning year, the cash flow of the last rough planning period was used to determine the estimated cash flows beyond this period by extrapolation, assuming constant evolution using a 1% growth rate and going concern. The assumptions made are essentially based on experience of the past and management's assessment. 23. INTANGIBLE ASSETSIntangible assets are capitalized at acquisition or production cost in the same way as property, plant and equipment and measured less depreci-ation. The scheduled depreciation is determined according to the straight-line depreciation method on the basis of the following useful lives: Years Useful life Software and concessions 3-5Intangible assets created by the group 5 In the case of self-generated intangible assets, the production period is divided into a research, development and model maintenance phase. Costs incurred in the research and model update phase are recognized immediately in the income statement. Expenditure in the development phase is capitalized as intangible assets if the criteria of IAS 38.57 are met. The intangible assets generated by the company are measured at cost less depreciation and amortization. Scheduled depreciation is carried out according to the straight-line depreciation method on the basis of a useful life of essentially five years. The useful life of five years, which is used in particular for capitalized development costs, is based on empirical values in connection with the underlying product life cycles. The scheduled depreciation of capitalized development costs that can be clearly assigned to specific products or processes takes place with the start of series production. The intangible assets with an indefinite useful life, such as the \u201cKTM\u201d brands in the amount of EUR k 61,103 EUR (previous year: EUR k 61,103) and \u201cGASGAS\u201d in the amount of EUR k 10,355 (previous year: EUR k 13,346) in the context of the \u201cKTM\u201d brands recognized by purchase price allocations, were subject to an impairment test in accordance with IAS 36, as explained in the previous item 22 \u201cAssessments of the impairment of assets in accordance with IAS 36\u201d. The Executive Board assumes an indefinite useful life of the trademarks, as the rights in the relevant sales markets are not subject to any temporal, legal or contractual restrictions and there is no economic devaluation due to the lasting recognition of the trademarks. In the 2025 financial year, the above-mentioned trademarks were not impaired in the course of the impairment test. The breakdown of intangible assets and their development in the 2025 and 2024 financial years is presented in the following table: EUR k Development Concessions, Customer Assets under Total expenses industrial relationships and construction property rights trademarks and similar rights and benefits as well as licenses derived therefrom COST OF ACQUISITION AND PRODUCTION As at January 1, 2024 659,635 101,666 108,176 33,613 903,090 Additions 135,392 4,965 0 19,970 160,327 Disposals -105,543 -17,460 -59,749 -600 -183,352Changes in the scope of consolidation 0 12,789 41,982 612 55,383 Currency transalation 0 41 0 0 41 Transfers 0 9,597 0 -9,771 -174As at December 31, 2024 689,484 111,598 90,409 43,824 935,317 As at January 1, 2025 689,484 111,598 90,409 43,824 935,317 Additions 46,131 349 0 1,187 47,667 Changes in the scope of consolidation -1,027 -1,058 0 0 -2,085Transfers 0 7,519 0 -7,519 0 Disposals -159,208 -11,726 0 -34,845 -205,779Currency transalation 0 -110 0 0 -110As at December 31, 2025 575,380 106,572 90,409 2,646 775,009 ACCUMULATED DEPRECIATION As at January 1, 2024 152,969 75,103 6,051 0 234,123 Additions 81,819 17,907 6,391 8 106,125 Impairments 101,818 1,830 44,672 9,838 158,158 Disposals 0 -14,123 -38,282 -17 -52,422Changes in the scope of consolidation 0 12,455 120 -8 12,567 Currency transalation 0 24 -2 1 23 Transfers 0 34 0 0 34 As at December 31, 2024 336,605 93,230 18,950 9,822 458,608 As at January 1, 2025 336,605 93,230 18,950 9,822 458,608 Additions 65,695 5,336 0 0 71,031 Impairments 0 122 0 16 138 Disposals -154,143 -9,517 0 -7,664 -171,323Changes in the scope of consolidation -796 -957 0 0 -1,753Currency transalation 0 -56 0 0 -56Transfers 0 1,631 0 -1,631 0 As at December 31, 2025 247,360 89,789 18,950 544 356,645 Carrying amounts 352,87918,368 71,45934,002 476,709December 31, 2024 Carrying amounts 328,020 16,782 71,459 2,102 418,363 December 31, 2025 With a transfer agreement dated September 17, 2013, KTM AG has acquired the license right for the use of the \u201cHusqvarna\u201d brand from PIERER Industrie AG, an related company at the time, for EUR k 10,000. The license right is depreciated as planned over the remaining use-ful life of 2 years. The additions to intangible assets were corrected in the consolidated cash flow statement by EUR k -1,881 (previous year: EUR k 38,483) with regard to their ineffectiveness. In the 2025 financial year, development costs of non-usable assets in the amount of EUR k 3,006 fully booked. The reason for the discontinu-ation of the underlying development projects was the further sharpening of the strategic orientation of the Group's development activities. No impairment of assets not ready for use was recognized in the financial year in accordance with IAS 36 (previous year: EUR k 101,835). The impairments of intangible assets in the 2025 financial year relate to impairments due to classification as \u201cheld for sale\u201d in accordance with IFRS 5 in the amount of EUR k 138 (previous year: impairments in accordance with IFRS 5 and IAS 36 in the amount of EUR k 158,158). In the 2025 financial year, the Group's Executive Board made a strategic decision to discontinue the technical redesign of the management of the dealer network, which was under construction under intangible assets, due to expected additional costs. The Group incurred an expense of EUR k 27,166 from the derecognition of this project, which was recognized in other operating expenses in the area of administrative expenses. No financing costs in accordance with IAS 23 were capitalized for intangible assets, in particular development costs. 24. PROPERTY, PLANT AND EQUIPMENTProperty, plant and equipment are valued at cost less depreciation. The scheduled depreciation is determined according to the straight-line depreciation method on the basis of the following useful lives: Years Useful life Buildings 10-50Machinery/tools 2-10Fixtures, fittings and equipment 3-10The calculation of the economic useful lives stated above is essentially based on empirical values on the wear and tear of the underlying as-sets in the course of their operational use. The production costs of self-built plants include the individual costs, including attributable material and manufacturing overheads. Financing costs arising from the direct allocation of debt capital or from the application of an average capitalization interest rate to the expenses incurred are not capitalized in accordance with IAS 23 due to a lack of qualifying assets. In accordance with IAS 20, investment grants from the public sector are to be treated as compensation for the associated depreciation. The net method according to IAS 20.24 (reduction of acquisition and production costs resulting in lower depreciation offset) is used. In the 2025 financial year, additions related to fully capitalized research and development expenses (previous year: EUR k 12,570) were reduced by a total of EUR k 5,033 (previous year: EUR k 12,570). The breakdown of property, plant and equipment and their development in the 2025 and 2024 financial years are shown in the following table: EUR k Land Buildings Technical Fixtures, Assets under Total equipment fittings and construction and machi-equipment nery COST OF ACQUISITION AND PRODUCTION As at January 1, 2024 52,731 351,511 336,627 191,724 18,629 951,222 Additions 1,887 21,128 24,094 17,888 49,167 114,164 Disposals -39 -38,418 -111,753 -22,965 -6,142 -179,317Changes in the scope of consolidation 39 33,580 96,838 8,595 10,527 149,579 Currency transalation 847 2,824 11 1,838 277 5,797 Transfers 0 3,745 38,221 5,003 -47,202 -233Reclassification as held for sale -3,735 -27,027 -466 -796 0 -32,024As at December 31, 2024 51,730 347,343 383,572 201,287 25,256 1,009,188 As at January 1, 2025 51,730 347,343 383,572 201,287 25,256 1,009,188 Additions 582 426 4,491 3,852 20,73930,090 Changes in the scope of consolidation 0 -97 -1,157 -1,577 -1 -2,833Transfers 0 172 26,624 10,267 -37,062 0 Disposals 877 -16,029 -19,291 -28,008 -987 -63,438Currency transalation -1,623 -7,194 -31 -4,392 -103 -13,342As at December 31, 2025 51,566 324,621 394,207 181,429 7,841 959,665 ACCUMULATED DEPRECIATION As at January 1, 2024 1,032 109,580 234,389 122,335 0 467,336 Additions 270 21,795 42,853 26,996 1 91,915 Impairments 11,541 63,022 41,516 15,229 9,342 140,650 Disposals -39 -36,687 -107,736 -21,086 -3,890 -169,438Changes in the scope of consolidation 0 18,115 83,426 7,726 208 109,475 Currency transalation 0 572 -6 1,111 -2 1,675 Transfers 0 -21 0 -146 0 -167Reclassification as held for sale 0 -1,108 -108 -341 0 -1,557As at December 31, 2024 12,804 175,268 294,334 151,824 5,659 639,889 As at January 1, 2025 12,804 175,268 294,334 151,824 5,659 639,889 Additions 226 15,133 28,435 18,593 062,386 Impairments 0 1,576 406 583 358 2,924 Disposals 0 -11,818 -16,263 -26,144 -492 -54,717Changes in the scope of consolidation 0 -2 -931 -1,017 -1 -1,952Currency transalation -2 -1,770 -10 -2,806 2 -4,585Transfers 0 0 4,591 0 -4,591 0 As at December 31, 2025 13,028 178,387 310,561 141,033 935 643,944 Carrying amounts December 31, 2024 38,926 172,075 89,238 49,463 19,597 369,299 Carrying amounts December 31, 2025 38,537 146,234 83,646 40,397 6,906 315,721 In the 2025 financial year, additions included investments of EUR k 4,568 (previous year: EUR k 39,252) as additions from leases that were not cash effective as of the balance sheet date. For further details, please refer to item 46 \u201cLeases as lessees\u201d. The additions to other prop-erty, plant and equipment were corrected in the consolidated statement of cash flows by EUR k -15,316 (previous year: EUR k -5,646) with regard to their cash ineffectiveness. As of the balance sheet date, property, plant and equipment in the amount of EUR k 57,289 (previous year: EUR k 103,500) were secured by pledge deeds entered and deposited in the land register, primarily for liabilities to banks. The application of IFRS 5 and IAS 36 resulted in impairment losses totaling EUR k 2,924 on property, plant and equipment in the 2025 finan-cial year. On the one hand, these relate to the ongoing valuation of property, plant and equipment in accordance with IFRS 5 for the \u201cMV Agu-sta\u201d disposal group and the reclassification of KTM Sportcar GmbH and associated assets as \u201cheld for sale\u201d until their respective deconsolida-tion or sale. The impairment expense pursuant to IAS 36 relates to capitalized right-of-use rights to buildings, as explained in item 22 \u201cAssess-ments of the impairment of assets in accordance with IAS 36\u201d.25. INVESTMENTS ACCOUNTED FOR USING THE EQUITY METHODThe companies accounted for using the equity method are associates and not joint ventures. The interests in associates that are included using the equity method are considered to be immaterial individually. As of December 31, 2025, the financial assets accounted for using the equity method are KTM Asia Motorcycle Manufacturing Inc., CFMOTO-KTMR2R Motorcycles Co., Ltd., and LX Media GmbH. Changes in companies accounted for using the equity method can be found in item 8 \u201cChanges in the scope of consolidation\u201d. KTM Asia Motorcycle Manufacturing Inc., Philippines, was founded in June 2016 together with partner Ayala Corp. and started CKD (Com-pletely-Knocked-Down) assembly for KTM motorcycles in the Philippines in mid-2017. In the 2025 financial year, this share was completely depreciated due to uncertain going concern forecasts. KTM's joint venture in China with partner CFMOTO was established in 2018 financial year under the name \u201cZhejiang CFMOTO-KTMR2R Motor-cycles Co., Ltd.\u201d. The company commenced operations in the 2021 financial year. In Hangzhou, China, mid-range motorcycles are produced. The Bajaj Mobility Group intensified its cooperation with CFMOTO in the 2023 financial year and expanded production in the joint venture. As of December 31, 2025, the Bajaj Mobility Group has classified and valued its 20% share in KISKA GmbH as \u201cheld for sale\u201d. As a result, the Group incurred an impairment expense of EUR k 2. Kiska GmbH is a design company that provides services in the field of development and design. The balance sheet date of Kiska GmbH is March 31, which was set before the acquisition of the share. A change in the balance sheet date is not sought due to materiality considerations. For the purpose of accounting using the equity method, an unaudited interim finan-cial statement as of December 31 was used in each case. The carrying amounts of financial assets accounted for using the equity method developed as follows in the financial year: EUR k 2025 2024Book value of investments as of 1/1 14,130 33,870Acquisition of shares 0 14,679Changes in scope of consolidation (step acquisition) 0 -11,066Classified as held for sale -1,302 -10,748Disposal of shares 0 -3,753Pro rata net result (less elimination of interim result) 4,665 -2,736Other eliminations of interim results 4 214Impairment of investments -57 -6,286Other comprehensive income -1,399 488Dividends 0 -599Other 0 67Book value of investments as of 12/31 16,041 14,130The other elimination of interim results represents those recognized on inventories supplied by companies accounted for using the equity method and in stock with the Bajaj Mobility Group at the balance sheet date. Other comprehensive income consists of foreign currency effects. 26. DEFERRED TAX ASSETS AND LIABILITIESDeferred taxes on tax loss carryforwards are recognized taking into account their prompt realization. Deferred tax assets and liabilities are shown on a netted basis with the same tax jurisdiction and similar maturity. For the differences in the tax basis of fully consolidated or equity-accounted shares to the corresponding group equity, deferred taxes are only deferred if realization is likely in the foreseeable future. The cal-culation is based on the income tax rate customary in the respective country at the time of the expected reversal of the difference in value. In total, deferred tax assets and liabilities are calculated from the following balance sheet items: EUR k Dec 31, 2025 Dec 31, 2024 Deferred tax assets: Property, plant and equipment 9,624 0Inventories 4,961 13,970Financial investments 87,128 48,776Liabilities for employee benefits 1,663 2,498Provisions 422 544Liabilities 12,228 17,368Receivables and other current assets 5,471 0121,497 83,156Loss carryforwards 0 207,461Offsetting -107,500 -206,49113,997 84,126Deferred tax liabilities: Receivables and other current assets 0 108,607Intangible assets 94,508 98,777Non-current assets 13,557 0108,065 207,384 Offsetting -107,500 -206,491565 893The temporary differences in deferred tax liabilities in the item 23 \u201cIntangible assets\u201d are mainly due to the development costs that cannot be capitalized for tax purposes and to differences in the recognition of the \u201cKTM\u201d brand. The tax loss carryforwards in the Bajaj Mobility Group amount to EUR k 313,130 in 2025 (previous year: EUR k 1,185,907), of which EUR k -313,130 (previous year: EUR k -284,628) were not recognized. The tax loss in Austria can be carried forward indefinitely. In addition, there are deductible temporary differences and tax credits amounting to EUR k 7,866 (previous year: EUR k 0). As of December 31, 2025 (and in the previous year), it was assumed that, due to the tax provisions currently in force, the differences between the tax participation approach and the proportionate equity of the subsidiaries included in the IFRS consolidated financial statements (out-side-basis differences) can remain tax-free in the foreseeable future or the reversal of the differences can be controlled by the group. Furthermore, it can be assumed that the differences between the tax participation approach and the carrying amount of the financial assets accounted for using the equity method (outside-basis differences) will remain tax-free in the foreseeable future, as no sale of these invest-ments is planned. In connection with shares in subsidiaries and companies accounted for using the equity method, no deferred tax deferrals were recognized in accordance with IAS 12.39 for taxable temporary differences in the amount of EUR k 515 (previous year: EUR k 2,681). 27. OTHER NON-CURRENT ASSETS AND RECEIVABLESEUR k Dec 31, 2025 Dec 31, 2024 Receivables from financing activities 197 347Receivables from subleases 514 515Other 9,047 2,3859,758 3,247Other non-current assets mainly include deposits and advance payments to suppliers. The increase in this position is due in particular to the collateral required by the Group's suppliers following the insolvency proceedings of the 2024 and 2025 financial years. 28. INVENTORIESThe stocks are made up as follows: EUR k Dec 31, 2025 Dec 31, 2024 Raw materials and supplies 115,107 96,859Work in progress 31,392 31,465Finished goods and merchandise 230,563 489,528377,062 617,852EUR k Dec 31, 2025 Dec 31, 2024 Inventories (gross) 428,049 770,272Write-down -50,987 -152,420Inventories (net) 377,062 617,852With regard to the underlying assessments for the valuation of inventories, reference is made to the explanations under item 6 \u201cEstimates and discretionary decisions\u201d. 29. TRADE RECEIVABLESTrade receivables are made up as follows: EUR k Dec 31, 2025 Dec 31, 2024 To third parties 114,671 237,166From associates 76 6,363From affiliated companies 0 45,893114,747 289,422Gross trade receivables from third parties are reduced by impairments in the amount of EUR k 15,444 (previous year: EUR k 27,957) de-creased. This also includes lump-sum value adjustments in accordance with the expected credit loss model in accordance with IFRS 9, as set out in Chapter VII \u201cFinancial Risk Report\u201d. The change in receivables from affiliated companies is primarily due to the change of ownership of Bajaj Auto International Holdings AG, the parent company of Bajaj Mobility AG. The impairment losses on trade receivables developed as follows: EUR k As at January 1, 2024 7,406 Changes in the scope of consolidation 284 Currency Translation 80 Allocations to individual value adjustment 22,458 Allocation to valuation allowance for expected losses 493 Utilization -1,582Reversals -1,107Reclassification as held for sale -75As at December 31, 2024 = as of January 1, 2025 27,957 Changes in the scope of consolidation -1,481Currency Translation -1,620Allocations to individual value adjustment 6,776 Utilization -15,214Reversal of valuation allowance for expected losses -481Reversals -493As at December 31, 2025 15,444 Expenses for the complete derecognition of trade receivables from third parties amounted to EUR k 1,834 (previous year: EUR k 2,122). Further information on the measurement of trade receivables and on default risks can be found under Chapter VII \u201cFinancial Risk Report\u201d. 30. OTHER CURRENT ASSETS AND RECEIVABLESSubsidies will be considered as soon as there is certainty that they will flow to the Bajaj Mobility Group and that the group can meet the re-quirements set. Other current assets, including current receivables from financing activities, are made up as follows: EUR k Dec 31, 2025 Dec 31, 2024 Receivables from derivative financial instruments 0 6Current receivables from financing activities 2,700 5,793Asset backed securities / factoring financing 2,530 39,875Purchase price claim from selling MV Agusta 11,660 0Receivables from financial institutes 17,207 0Other 10,198 13,358Other current financial assets 44,296 59,032Subsidies14,246 25,769Advance payments for inventories 73,762 10,388Other prepayments, prepaid expenses 24,467 23,985Receivables from value added taxes (from tax group settlement with Pierer Industrie AG) 0 3,600Receivables from tax authorities 16,524 26,473Other 1,063 5,472Other current non-financial assets 130,061 95,687Other current assets and receivables 174,357 154,719For the receivable from the sale of the disposal group \u2018MV Agusta\u2019, as explained in item 8 \u201cChanges in the scope of consolidation\u201d, expected credit losses of EUR k 3,340 were recognized in the 2025 financial year. The input tax receivables from the offsetting of tax groups with Pierer Industrie AG, a formerly affiliated company, were completely eliminated in the course of the restructuring of the tax group in the 2024 and 2025 financial years. The tax group owner is now Bajaj Mobility AG. The position \u201cOther\u201d among other current non-financial assets includes other receivables of various types in the financial year 2025. The receivables sold in connection with the factoring program newly launched in the 2025 financial year will be derecognized in accordance with the provisions of IFRS 9 and taking into account ongoing commitments. As part of the factoring program, monthly revolving insured trade receivables are sold up to a maximum volume of EUR k 100,000 (previous year: EUR k 350,000 under another program with similar eco-nomic content). Further information on the factoring program can be found under item 42 \u201cClassification and fair values\u201d. 31. CASH AND CASH EQUIVALENTSCash and cash equivalents include cash balances, bank deposits, cheques and fixed deposits with a maximum of three months (calculated from the date of acquisition) and are measured at amortized cost on the balance sheet date. For further details on the change in cash and cash equivalents, please refer to the disclosures on the statement of cash flows in Chapter VI of these notes to the consolidated financial statements. 32. NON-CURRENT ASSETS HELD FOR SALE AND DISPOSAL GROUPSIn the course of the 2025 financial year, all assets and disposal groups classified as \u201cheld for sale\u201d in the previous year were sold. At the end of the 2025 financial year, the Group classified the remaining holdings from the sale of KTM Sportcar GmbH as well as the shares in KISKA GmbH as \u201cheld for sale\u201d. The resulting impact on the net assets, financial position and results of operations of the Group can be seen in the table below. This is followed by an explanation of all related facts of the 2025 financial year. Overview of all assets held for sale and related liabilities Dec 31, 2025 EUR k KTM Sportcar KISKA GmbH Total GmbH Non-current assets: Investments accounted for using the equity method 0 1,300 1,300 0 1,300 1,300 Current assets: Inventories 5,781 0 5,781 5,781 0 5,781 Assets held for sale and disposal groups 5,781 1,300 7,081 Regarding assets and disposal groups already classified as \u201cheld for sale\u201d in the financial year 2024 Building, equipment and land of PIERER & MAXCOM MOBILITY OOD In March 2025, the assets held for sale of PIERER & MAXCOM MOBILITY OOD, Plovdiv, Bulgaria, were sold for the purchase price of EUR k 35,000. The Bajaj Mobility Group received these funds in March 2025 and were immediately transferred to a fiduciary account with which the outstanding bank loans of PIERER & MAXCOM Mobility OOD with DSK Bank (as of March 31, 2025: EUR k 37,705) were largely repaid. The gain on disposals realized in the 2025 financial year amounts to EUR k 4,385. This gain on the sale deviates by EUR k 148 from the value expected as of the balance sheet date of December 31, 2024, as a detailed list of purchased assets was only prepared and agreed upon retro-spectively. Non-sold assets relate in particular to leased commercial vehicles and IT equipment. At equity shares in MR IMMOREAL GmbH and related financial receivables In addition, the 49.0% share in MR IMMOREAL GmbH (formerly: PIERER IMMOREAL GmbH), Wels, was sold. The shares were sold back to the original seller, Pierer Konzerngesellschaft mbH, on January 3, 2025. The purchase price corresponded to the original purchase price (EUR k 10,879). The capital gains realized in the 2025 financial year amount to EUR k 0. At the same time, financial receivables from MR IMMOREAL GmbH in the amount of EUR k 24,689 were sold at book value together with the shares. MV Agusta The sale of the \u201cMV Agusta\u201d disposal group, which was classified as such in the previous year, is explained in more detail under item 8 \u201cChanges in the scope of consolidation\u201d. In addition to the result from the deconsolidation, there is also an explanation of the purchase price. Concerning assets and disposal groups newly classified as \u201cheld for sale\u201d in the financial year 2025 KTM Sportcar GmbH At the end of the first half of 2025, the shares in KTM Sportcar GmbH were classified and valued as \u201cheld for sale\u201d together with other assets on the basis of the signing of a letter of intent to sell. The sale took place in the second half of the 2025 financial year. The inventories, which re-main unchanged as \u201cheld for sale\u201d, relate to KTM XBOW finished products associated with the transaction, which will be successively sold to the buyer at book value. In view of this, further related explanations can also be found under item 8 \u201cChanges in the scope of consolidation\u201d. At equity shares in KISKA GmbH At the end of December 2025, the Executive Board made the strategic decision to sell the 20% share in KISKA GmbH. As of December 31, 2025, the Bajaj Mobility Group has classified and valued these shares as \u201cheld for sale\u201d because pre-contractual agreements have already been reached with the majority shareholder in KISKA GmbH and the sale is therefore highly likely. As a result, the Group incurred an impair-ment expense of EUR k 2. 33. GROUP EQUITYThe development of consolidated equity in the financial year and in the previous year is shown in the consolidated statement of changes in equity. As in the previous year, the Company's share capital amounts to EUR 33,796,535 and is divided into 33,796,535 no-par value bearer shares, each of which represents an equal shareholding in the share capital. The shares grant the ordinary rights to which shareholders are entitled under the Austrian Stock Corporation Act. These include the right to payment of the dividend resolved at the Annual General Meeting and the right to exercise voting rights at the Annual General Meeting. All shares were paid up in full. The share capital reported in the consolidated financial statements corresponds to the share capital reported in the individual financial statements of Bajaj Mobility AG. In accordance with IFRS 9, the cash flow hedge reserve comprises the effective portion of the cumulative net changes in the fair value of hedging instruments used to hedge cash flows until it is subsequently recognized in profit or loss or recognized directly in the cost or carrying amount of a non-financial asset or liability. The hedging cost reserve shows the gains and losses of the portion excluded from the designated hedging transaction that relates to the forward element of the foreign exchange forward transaction. These are initially recognized as other comprehensive income and, like the gains and losses, are recognized in the reserve from hedging transactions. As of December 31, 2025, the Group no longer has any cash flow hedge relationships, as already explained in the consolidated financial statements 2024. The development of the cash flow hedge reserve and the reserve for hedging costs is explained in more detail under item 44 \u201cHedging\u201d. In the 2022 financial year, the Bajaj Mobility Group acquired outstanding shares in KTM AG amounting to 0.2% as part of a squeeze-out by granting a cash settlement. However, the minority shareholders concerned did not claim the full amount of cash to which they were entitled within the statutory period. For this reason, the Group received previously deposited cash of EUR k 2,835 in the 2025 financial year, which was recognized directly in equity. Non-controlling interests comprise third-party interests in the equity of the consolidated subsidiaries: EUR k KTM AG Others and Total consolidation Dec 31, 2025 Revenue 939,390 69,999 1,009,389 Profit/loss for the period 852,612 -262,448590,164 Other comprehensive income -8,380 0 -8,380Total comprehensive income 844,232 -262,448 581,784 Profit/Loss attributed to non-controlling interests -3,875 -918 -4,793Other comprehensive income attributed to non-controlling interests 0 0 0 Non-current assets 774,070-194773,876 Current assets 782,729 29,467 812,196 Non-current liabilities 618,878 325,538 944,416 Current liabilities 245,878 10,541 256,419 Net assets 692,043 -306,806 385,237 Carrying amount of non-controlling interests 1,849 387 2,236 Cash flow from operating activities -54,134 33,313 -20,821Cash flow from investing activities 317,074 -330,593 -13,519Cash flow from financing activities -288,267 290,867 2,600 Total cash flow -25,327 -6,414 -31,741Dividends to non-controlling interests 0 0 0 EUR k KTM AG Others and Total consolidation Dec 31, 2024 Revenue 1,802,554 76,467 1,879,021 Profit/loss for the period -1,083,001 3,094 -1,079,907Other comprehensive income -1,695 26 -1,669Total comprehensive income -1,084,696 3,120 -1,081,576Profit/Loss attributed to non-controlling interests -89,896 254 -89,642Other comprehensive income attributed to non-controlling interests 0 0 0 Non-current assets 1,023,980-76,470947,510 Current assets 1,298,073 150,251 1,448,324 Non-current liabilities -192,831 -3,246 -196,077Current liabilities -2,269,275 -124,231 -2,393,506Net assets -140,053 -53,696 -193,749Carrying amount of non-controlling interests 1,692 1,322 3,014 Cash flow from operating activities -418,956 -17,006-435,962Cash flow from investing activities -338,971 -1,539 -340,510Cash flow from financing activities 696,684 -2,007 694,677 Total cash flow -61,243 -20,552 -81,795Dividends to non-controlling interests 754 0 754 The non-controlling interests in the motorcycle segment include non-controlling interests of subsidiaries of KTM AG and relate to the compa-nies CERO Design Studio S.L. and KTM MOTOHALL GmbH as of the reporting date of December 31, 2025. For the levels of participation, please refer to the list of participations in Chapter XII. The impact of the transactions with non-controlling interests and the change in shareholders' equity during the financial year is as follows: EUR k Dec 31, 2025 Dec 31, 2024 Acquired (-) resp. derecognised (+) carrying amount of non-controlling interestReceived (+) resp. paid (-) purchase price to non-controlling shareholders -8,297 658,000 0Difference amount recognised in equity -297 65The development of other comprehensive income after tax in consolidated equity was as follows: EUR k Reserves Cash flow Foreign Total Interests non-Total con-including hedge reserve currency controlling solidated retained translation shareholders equity earnings reserve Dec 31, 2025 Currency translation differences 0 0 -9,805 -9,805 482 -9,323Cost of hedging 0 -2,081 0 -2,081 0 -2,081Revaluation reserve from defined benefit 3,02400 3,024 0 3,024 plans 3,024 -2,081 -9,805 -8,862 482 -8,380Dec 31, 2024 Currency translation differences 0 0 4,048 4,048 0 4,048 Cost of hedging 0 -6,233 0 -6,233 0 -6,233Revaluation reserve from defined benefit 516 0 0516 0 516 plans 516 -6,233 4,048 -1,669 0 -1,66934. FINANCIAL LIABILITIESThe Group's financial liabilities as of the balance sheet date for the financial year and the previous year are as follows: EUR k Nominal amount Carrying amount Residual term \u2264 Residual term > 1 year 1 year Dec 31, 2025 Liabilities to banks and similar institutes 31,051 31,051 3,762 27,288Restructuring loans 450,000 471,619 0 471,619 Loans from affilliated companies 350,000 374,670 0 374,670 Lease liabilities 58,339 58,339 16,695 41,645 Total financial liabilities 889,390 935,679 20,457 915,222 EUR k Residual term \u2264 Residual term > Nominal amount Carrying amount 1 year 1 year Dec 31, 2024 Promissory note loans 495,000 495,000 495,000 0 Registered bonds 110,000 110,000 110,000 0 Liabilities to banks and similar institutes 359,445 359,445 330,613 28,832Liabilities from factoring program between group companies 63,415 63,415 63,415 0 Liabilities from supplier finance arrangements between group 15,871 15,871 15,871 0companies Lease liabilities 87,796 87,796 23,275 64,521 Other interest-bearing liabilities 674,595 674,595 674,595 0Total financial liabilities 1,806,122 1,806,122 1,712,769 93,353In the 2025 financial year, the Group realized a restructuring profit, which was mainly attributable to financial liabilities. The related explana-tions can be found under item 2 \u201cInformation in connection with the restructuring proceedings of major subsidiaries completed in 2025\u201d. The realized restructuring gain was omitted at EUR k 1,019,903 on financial liabilities, which specifically corresponds to a balance sheet value of financial liabilities of EUR k 1,457,006, which was part of the restructuring proceedings. The remaining liabilities to credit institutions relate to loans from subsidiaries of the group that were not part of the restructuring proceedings. To settle the restructuring quotas, Bajaj Auto International Holdings BV, Netherlands, has granted the Bajaj Mobility Group a restructuring loan of EUR k 450,000 with a term of three years, i.e. until December 30, 2028, via KTM AG. The deviation between nominal and book value shown above is due to interest accruals and accruals. Bajaj Auto International Holdings B.V. has been an affiliated company since the change of majority ownership of Bajaj Auto International Holdings AG and Bajaj Mobility AG. At the same time, Bajaj Auto International Holdings AG provided its subsidiary Bajaj Mobility AG with a loan of EUR k 350,000, the funds of which were used to a significant extent to settle intra-group receivables of KTM AG and thus ultimately also accrued to KTM AG. The loan was granted in several tranches, each of which has a maturity of three years. The last tranche is therefore to be repaid on May 22, 2028. The devi-ation between nominal and book value shown above is due to interest accruals. Although lease liabilities were also subject to the restructuring proceedings, they were analyzed in detail by the insolvency administrators and listed as conditionally registered creditor claims. The reason for this is the basic operational necessity of the leased assets. In the case of such leases that were discontinued, a restructuring profit amounting to EUR k 2,332 was recognized, which corresponds to a level of lease liabilities of EUR k 3,331. 35. OBLIGATIONS FOR EMPLOYEE BENEFITSThe obligations for employee benefits are made up of obligations for severance and anniversary bonuses: EUR k Dec 31, 2025 Dec 31, 2024 Severance 15,294 19,618Anniversary bonuses 6,593 7,28921,886 26,907Special features in the course of the restructuring procedure In the previous year, a (restructuring) provision was already recognized for those claims of employees that were issued as a result of termina-tions between January 1 and 19, 2025. The terminations in question had already been communicated by the restructuring administrators before the balance sheet date of the previous year and formed the basis of the restructuring plan. The associated provision was used in full in the 2025 financial year. Severance payments Due to legal regulations, the Bajaj Mobility Group is obliged to make a severance payment to all employees in Austria whose employment rela-tionship began before January 1, 2003 upon termination by the employer or at the time of retirement. This performance-based obligation depends on the number of years of service and the relevant salary at the time of severance pay and amounts to between two and twelve months' salary. For all employment relationships established in Austria after December 31, 2002, the Group pays 1.53% of the salary per month into a com-pany employee provision fund, in which the contributions are invested in an employee's account and paid out to him or passed on as an enti-tlement upon termination of the employment relationship. The company is only obliged to pay the contributions that are recognized in the expenditure for which they were paid in the financial year for which they were paid (defined contribution obligation). For employees of Aus-trian group companies who entered into employment on or after January 1, 2003, contributions for severance payments to a statutory em-ployee provision fund in the amount of 1.53% of wages or salaries were paid. In the past financial year, premiums totaling EUR k 3,174 (pre-vious year: EUR k 4,688) were paid. Net debt from defined benefit severance pay plans developed as follows: EUR k Dec 31, 2025 Dec 31, 2024 Present value of future defined benefits: As at 1/1 19,618 20,548Changes in the scope of consolidation 0 -885Current service cost 339 416Interest expense 628 960Payments made -1,063 -1,233Additions/disposals 0 -169Actuarial gain/loss (other comprehensive income) -3,927 670Reclassification as held for sale 0 -847Miscellaneous -302 158As at 12/31 15,294 19,618The weighted remaining terms (duration) of the severance pay obligations are 9 years as of December 31, 2025 (previous year: 9 years). Actuarial gain/loss is made up of the following factors: EUR k Dec 31, 2025 Dec 31, 2024 Change in expected values -1,623 234Change in demographic assumptions -99 38Change in financial assumptions -2,204 398Actuarial gain/loss -3,927 670The valuation of the obligation is based on the following assumptions: Dec 31, 2025 Dec 31, 2024 Discount rate 3.98% 3.41%Trend in wages and salaries 1.90% 2.75%Retirement age (with transitional provisions) 63 years 63 years The discount rate was set taking into account the average maturities and average remaining life expectancy. The discount rate is the yield that is achieved on the market on the balance sheet date for first-class, fixed-interest industrial bonds. Employee turnover is determined on a company-specific basis and taken into account depending on age/length of service. The actuarial as-sessments are based on country-specific mortality tables. The statutory retirement age for each country was chosen as the retirement age. A change (+/- 0.5 percentage points) in the \u201cactuarial interest rate\u201d and \u201cwage/salary trend\u201d parameters would have had the following impact on the present value of future payments as of December 31, 2025: Parameters Change -0.50 Change +0.50 percentage points percentage points Discount rate 4.8% -4.5%Trend in wages and salaries -4.5% 4.8%A change (+/- 0.5 percentage points) in the \u201cactuarial interest rate\u201d and \u201cwage/salary trend\u201d parameters would have had the following impact on the present value of future payments as of December 31, 2024: Parameters Change -0.50 percen-Change +0.50 percen-tage points tage points Discount rate 4.6% -4.3%Trend in wages and salaries -4.3% 4.6%The following table shows the expected payments for the defined benefit plans over the next few years: EUR k Dec 31, 2025 Dec 31, 2024 Within the next 12 months 1,146 2,094Between 2 and 5 years 5,076 6,379Between 6 and 10 years 5,219 6,088More than 10 years 11,340 14,175Total expected payments 22,781 28,736Jubilee bonuses On the basis of collective agreements, companies of the Bajaj Mobility Group are obliged to pay jubilee bonuses to employees in Austria in accordance with the achievement of certain years of service (from 25 years of service) (performance-oriented obligation). The interest on this is recognized in other financial income. The obligations for claims from anniversary bonuses developed as follows: EUR k Dec 31, 2025 Dec 31, 2024 As of January 1 7,289 7,419Changes in the scope of consolidation -17 0Current service cost 530 587Interest expense 242 371Payments made -174 -111Additions/disposals -27 -98Actuarial gain/loss (through profit or loss) -1,247 -245Reclassification as held for sale 0 12Other -3 -646as of December 31 6,593 7,289The weighted remaining terms (duration) of the jubilee bonus obligations are 13 years as of December 31, 2025 (previous year: 14 years). 36. OTHER LONG- AND SHORT-TERM DEBTSThe other long-term liabilities are essentially made up as follows: EUR k Dec 31, 2025 Dec 31, 2024 Security deposits 5,246 7,338Options on non-controlling interests 0 61,445Purchase price liabilities 0 4,616Other financial liabilities 205 118Other non-current financial liabilities 5,451 73,517Sundry other non-current non-financial liabilities 1,294 1,408Other non-current non-financial liabilities 1,294 1,408Other non-current liabilities 6,745 74,925Both the options on non-controlling interests and the purchase price liabilities from the previous year were derecognized in the 2025 financial year as a result of changes in the scope of consolidation. In the previous year, the purchase price liabilities related in full, while the options on non-controlling interests to a significant extent (EUR k 55,753) related to the \u201cMV Agusta\u201d disposal group. The remaining options on non-controlling interests from the previous year related to the minorities in PIERER MAXCOM MOBILITY OOD, which were acquired in the 2025 financial year. The related explanations can be found under item 8 \u201cChanges in the scope of consolidation\u201d. The other short-term liabilities are essentially as follows: EUR k Dec 31, 2025 Dec 31, 2024 Liabilities from derivative financial instruments 0 222Sales bonus 14,416 31,113Price discounts 13,770 15,631Liabilities from restructuring 1,845 0Sundry other current financial liabilities 7,262 8,854Other current financial liabilities 37,293 55,820Current employee liabilities 26,116 60,960Liabilities to tax offices 3,227 13,915Prepayments 3,086 6,399Sundry other current non-financial liabilities 0 -121Other current non-financial liabilities 32,428 81,153Other current liabilities 69,721 136,973The liabilities arising from restructuring proceedings relate to the Group's liabilities recognized in the balance sheet at the time of the opening of the restructuring proceedings, which have not yet been asserted by the creditors. The Group has already realized the restructuring profits on this with the conclusion of the restructuring proceedings becoming legally binding. Creditors can assert their claims on the basis of national law over a period of several years, depending on the individual case. Short-term personnel liabilities mainly include liabilities for unused vacations, liabilities for employee bonuses, liabilities to regional health in-surance funds and liabilities from wages. The other short-term liabilities included liabilities that were settled in the course of the restructuring proceedings. These led to a restructuring profit for the Bajaj Mobility Group of EUR k 39,417, of which EUR k 27,209 was attributable to current personnel liabilities. This corresponds to a carrying value of EUR k 57,577 or, with regard to personnel liabilities, EUR k 38,843. The related explanations can be found under item 2 \u201cInformation in connection with the restructuring proceedings of major subsidiaries completed in 2025\u201d. 37. TRADE PAYABLESTrade payables are made up as follows: EUR k Dec 31, 2025 Dec 31, 2024 To third parties 118,521 361,000of which amounts that are part of supplier finance arrangements 0 59,204To affiliated companies 16,878 5,712To associates 13,764 15,145149,162 381,857 As already described above with regard to financial liabilities, the Group's realized restructuring profit also relates to trade payables, as they were also part of the restructuring proceedings. The related explanations can be found under item 2 \u201cInformation in connection with the re-structuring proceedings of major subsidiaries completed in 2025\u201d. The realized restructuring gain was omitted at EUR k 133,815 on trade payables, which specifically corresponds to a carrying amount of trade payables subject to the restructuring proceedings after consolidation effects of EUR k 196,157. With regard to the information on supplier financing agreements, reference should be made at this point to item 38 of the same name below. 38. SUPPLIER FINANCING AGREEMENTSThe supplier financing programs were discontinued with the opening of the restructuring proceedings under insolvency law in mid-November 2024. No new supplier financing program was set up in the 2025 financial year. 39. PROVISIONSThe Group sets aside provisions for guarantees and warranties for known, expected individual cases. Expected expenses are primarily based on past experience and are recognized at the time the products are sold. The estimation of future expenses is inevitably subject to numerous uncertainties, which may lead to an adjustment of the provisions created in the future. It cannot be ruled out that the actual expenditure for these measures will exceed or fall short of the provisions created for them in an unforeseeable manner. Further details can be found in item 6 \u201cEstimates and discretionary decisions\u201d. The development of provisions in the financial year was as follows: EUR k Provisions Provisions for Provisions for re-Other provisions Total current relating to litigations structuring provisions guarantees and warranties As at January 1, 2024 20,523 1,199 0 149 21,871 Changes in the scope of consolidation 619 7,726 0 2,166 10,511 Utilization -21,110 -8,347 0 -206 -29,663Reversals 0 0 0 0 0 Additions 15,492 1,540 31,424 40,540 88,996 As at December 31, 2024 15,524 2,118 31,424 42,649 91,715 Changes in the scope of consolidation 0 -7 0 0 -7Currency transalation 0 311 0 0 311 Utilization -12,915 -88 -31,424 -42,649 -87,076Reversals 0 0 0 0 0 Additions 8,282 484 0 0 8,766 As at December 31, 2025 10,891 2,817 0 0 13,708 The provisions for restructuring created in the 2024 financial year were fully used up in the 2025 financial year in the course of the successful completion of the restructuring proceedings. In the previous year, other provisions mainly included provisions for the settlement of existing contracts in the bicycle segment. In the 2025 financial year, these were fully utilized with the largely completed winding-up of the bicycle segment. 40. CONTINGENT LIABILITIESAs of the balance sheet date of December 31, 2025, the Bajaj Mobility Group has contingent liabilities from liability relationships for third-party credit lines in the amount of EUR k 4,630 (previous year: EUR k 4,000 from liability relationships for third-party credit lines). On August 1, 2024, Bajaj Mobility declared to Erste Group Bank AG that it would exercise its rights as owner of various direct and indirect shareholdings in such a way that, in accordance with sound commercial practice, these would be financially equipped to service their liabili-ties arising from the ErsteConfirming business relationship in a timely manner. From Bajaj Mobility AG's point of view, this declaration dated August 1, 2024 constitutes a soft letter of comfort, which does not result in any obligation on the part of Bajaj Mobility AG to pay or guarantee payments to Erste Group Bank AG as guarantor. The legal qualification of the declaration dated August 1, 2024 is currently the subject of legal clarification. Based on the current status, management does not expect any significant cash outflow from this matter.",
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"f1__s7__11__33": {
"value": "9. REVENUERevenue is generally recognized after the transfer of risk in accordance with the terms and conditions (Incoterms) or after the time of provi-sion of the service, less cash discounts, customer bonuses and discounts. The breakdown of external sales by geographical area is based on the location of the customers. Sales by geographic region of the Group are as follows: EUR k 2025 2024Austria 55,329 81,139Europe (excl. Austria) 414,988 941,341North America incl. Mexico 337,066 545,448Other regions 202,007 311,0931,009,389 1,879,021 Variable considerations such as price discounts, sales bonuses and discounts are reported as revenue reductions. The obligations for variable consideration are reported as contractual obligations within the meaning of IFRS 15. The contractual obligations for variable consideration regarding price discounts, sales bonuses and discounts as of December 31, 2025 amount to EUR k 28,186 (previous year: EUR k 46,744). As warranty services are not sold separately, they are merely an assurance that the products sold will meet the agreed specifications. Since these warranty services do not go beyond the statutory or industry-typical warranty obligations in terms of time or content, this is a so-called assurance-type warranty, which does not represent a separate performance obligation. Accordingly, warranty services will continue to be rec-ognised in accordance with IAS 37.",
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"f1__s7__11__34-1": {
"value": "Revenue is generally recognized after the transfer of risk in accordance with the terms and conditions (Incoterms) or after the time of provi-sion of the service, less cash discounts, customer bonuses and discounts.Variable considerations such as price discounts, sales bonuses and discounts are reported as revenue reductions. The obligations for variable consideration are reported as contractual obligations within the meaning of IFRS 15.",
"dimensions": {
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"language": "en",
"entity": "scheme:5299008TBI1EUJJSWP89",
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"f1__s7__11__35": {
"value": "he breakdown of external sales by geographical area is based on the location of the customers. Sales by geographic region of the Group are as follows: EUR k 2025 2024Austria 55,329 81,139Europe (excl. Austria) 414,988 941,341North America incl. Mexico 337,066 545,448Other regions 202,007 311,0931,009,389 1,879,021 Variable considerations such as price discounts, sales bonuses and discounts are reported as revenue reductions. The obligations for variable consideration are reported as contractual obligations within the meaning of IFRS 15. The contractual obligations for variable consideration regarding price discounts, sales bonuses and discounts as of December 31, 2025 amount to EUR k 28,186 (previous year: EUR k 46,744). As warranty services are not sold separately, they are merely an assurance that the products sold will meet the agreed specifications. Since these warranty services do not go beyond the statutory or industry-typical warranty obligations in terms of time or content, this is a so-called assurance-type warranty, which does not represent a separate performance obligation. Accordingly, warranty services will continue to be rec-ognised in accordance with IAS 37.",
"dimensions": {
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"language": "en",
"entity": "scheme:5299008TBI1EUJJSWP89",
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"f1__s7__11__37-1": {
"value": "Variable considerations such as price discounts, sales bonuses and discounts are reported as revenue reductions. The obligations for variable consideration are reported as contractual obligations within the meaning of IFRS 15. The contractual obligations for variable consideration regarding price discounts, sales bonuses and discounts as of December 31, 2025 amount to EUR k 28,186 (previous year: EUR k 46,744). As warranty services are not sold separately, they are merely an assurance that the products sold will meet the agreed specifications. Since these warranty services do not go beyond the statutory or industry-typical warranty obligations in terms of time or content, this is a so-called assurance-type warranty, which does not represent a separate performance obligation. Accordingly, warranty services will continue to be rec-ognised in accordance with IAS 37.Revenue is generally recognized after the transfer of risk in accordance with the terms and conditions (Incoterms) or after the time of provi-sion of the service, less cash discounts, customer bonuses and discounts.",
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"f1__s7__11__39": {
"value": "10. COST OF PRODUCTION OF SERVICES PROVIDED TO GENERATE SALESThe Group's cost of goods sold is made up as follows: EUR k 2025 2024Cost of materials and cost of purchased services 710,945 1,487,058 Personnel expenses 90,778 134,256Depreciation of property, plant and equipment and amortization of intangible assets 12,249 49,716Amortization of capitalized development costs 83,425 81,666Other operating income and expenses 93,482 177,284990,879 1,929,980 Other operating expenses and income in the 2025 financial year include EUR k 3,006 due to the discontinuation of development projects in the course of strategic realignments (previous year: EUR k 101,853). The cost of goods sold for the purpose of generating sales includes income from realized currency translation differences in the amount of EUR 6,254 (previous year: expenses of EUR k 950).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCostOfSalesExplanatory",
"language": "en",
"entity": "scheme:5299008TBI1EUJJSWP89",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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},
"f1__s7__11__40-1": {
"value": "EUR k 2025 2024Cost of materials and cost of purchased services 710,945 1,487,058 Personnel expenses 90,778 134,256Depreciation of property, plant and equipment and amortization of intangible assets 12,249 49,716Amortization of capitalized development costs 83,425 81,666Other operating income and expenses 93,482 177,284990,879 1,929,980 Other operating expenses and income in the 2025 financial year include EUR k 3,006 due to the discontinuation of development projects in the course of strategic realignments (previous year: EUR k 101,853). The cost of goods sold for the purpose of generating sales includes income from realized currency translation differences in the amount of EUR 6,254 (previous year: expenses of EUR k 950).The Group's sales and racing expenses are made up as follows: EUR k 2025 2024Cost of materials and cost of purchased services 28,086 44,098Personnel expenses 97,614 119,506Depreciation of property, plant and equipment and amortization of intangible assets 12,674 12,977Other operating expenes 104,770 175,468Sponsorship income and other operating income -38,356 -52,681204,789 299,368The Group's research and development expenses are made up as follows: EUR k 2025 2024Cost of materials and cost of purchased services 10,292 10,311Personnel expenses 49,931 43,915Depreciation of property, plant and equipment and amortization of intangible assets 6,581 8,255Other operating expenes 28,050 48,625Subsidies and other operating income -15,882 -30,66978,972 80,437The types of expenses presented in research and development expenses include research costs and development costs that cannot be capi-talized. Personnel expenses excluding effects from capitalized development costs amounted to EUR k 75,623 (previous year: EUR k 116,134). Overall, research and development expenses before capitalization of development costs amounted to EUR k 140,985 (previous year: EUR k 235,096) and thus 14.0% (previous year: 13.1%) of sales. The Group's administrative expenses are made up as follows: EUR k 2025 2024Cost of materials and cost of purchased services 1,157 11,146Personnel expenses 60,076 80,892Depreciation of property, plant and equipment and amortization of intangible assets 23,405 42,308Other operating expenes 102,227 69,023Other operating income -1,164 -6,239185,701 197,130 The increase in other operating expenses relating to administrative expenses in the 2025 financial year results in particular from consulting services used (EUR k 43,354, increase by EUR k 2,819 compared to the previous year) as well as one-off expenses from the derecognition of the intangible asset under construction for the technical redesign of the management of the dealer network, as explained under item 23 \u201cIn-tangible assets\u201d (EUR k 27,166).Other operating expenses and expenses related to impairments are made up as follows: EUR k 2025 2024Changes in consolidation scope 3,054 10,369Other miscellaneous expenses 35,830 46,664Other operating expenes 38,884 57,033Expenses relating to impairments according to IAS 36 1,381 360,660Expenses relating to impairments according to IFRS 5 1,683 147,311Expenses relating to impairments of assets 3,064 507,971 41,948 565,004The expenses from the changes in the scope of consolidation relate to expenses of EUR k 3,054 from deconsolidations carried out. For further explanations, please refer to item 8 \u201cChanges in the scope of consolidation\u201d. The remaining other expenses in the 2025 financial year also include various expenses that were incurred in connection with the restructuring proceedings and could not be allocated to the other sub-areas. In contrast to the previous year, in the 2025 financial year this includes in particular and mainly damages payments as well as corporate and other consulting services as well as the impairment of the purchase price receivable from the sale of the \u201cMV Agusta\u201d disposal group. In the 2025 financial year, expenses related to impairments include expenses of EUR k 1,683 (previous year: EUR k 147,311) from the classi-fication of assets as \u201cheld for sale\u201d and disposal groups, as well as EUR k 1,381 (previous year: EUR k 360,660) from impairments in accord-ance with IAS 36. The impairments relating to assets and liabilities held for sale as well as disposal groups in the amount of EUR k 1,179 are attributable to the \u201cMV Agusta\u201d disposal group and thus until the deconsolidation of the disposal group due to the valuation of new fixed assets acquired in the 2025 financial year in accordance with IFRS 5. EUR k 616 are attributable to the classification as \u201cheld for sale\u201d of KTM Sportcar GmbH and the sale of related assets, also until their deconsolidation. In the 2025 financial year, rented vacant premises were classified as no longer necessary for operations. Against this background, the associ-ated capitalized usage rights were impaired by EUR k 1,381. Further information on this can be found in item 22 \u201cAssessments of the impair-ment of assets in accordance with IAS 36\u201d.Total personnel expenses in the 2025 financial year, excluding effects from the capitalization of development costs, amount to EUR k 327,021 (previous year: EUR k 450,788).",
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"f1__s7__11__41": {
"value": "11. SELLING AND RACING EXPENSESThe Group's sales and racing expenses are made up as follows: EUR k 2025 2024Cost of materials and cost of purchased services 28,086 44,098Personnel expenses 97,614 119,506Depreciation of property, plant and equipment and amortization of intangible assets 12,674 12,977Other operating expenes 104,770 175,468Sponsorship income and other operating income -38,356 -52,681204,789 299,368",
"dimensions": {
"concept": "ifrs-full:DisclosureOfExpensesExplanatory",
"language": "en",
"entity": "scheme:5299008TBI1EUJJSWP89",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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"f1__s7__11__43": {
"value": "12. RESEARCH AND DEVELOPMENT EXPENSESThe Group's research and development expenses are made up as follows: EUR k 2025 2024Cost of materials and cost of purchased services 10,292 10,311Personnel expenses 49,931 43,915Depreciation of property, plant and equipment and amortization of intangible assets 6,581 8,255Other operating expenes 28,050 48,625Subsidies and other operating income -15,882 -30,66978,972 80,437The types of expenses presented in research and development expenses include research costs and development costs that cannot be capi-talized. Personnel expenses excluding effects from capitalized development costs amounted to EUR k 75,623 (previous year: EUR k 116,134). Overall, research and development expenses before capitalization of development costs amounted to EUR k 140,985 (previous year: EUR k 235,096) and thus 14.0% (previous year: 13.1%) of sales. ",
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"f1__s7__11__45": {
"value": "13. ADMINISTRATIVE EXPENSESThe Group's administrative expenses are made up as follows: EUR k 2025 2024Cost of materials and cost of purchased services 1,157 11,146Personnel expenses 60,076 80,892Depreciation of property, plant and equipment and amortization of intangible assets 23,405 42,308Other operating expenes 102,227 69,023Other operating income -1,164 -6,239185,701 197,130 The increase in other operating expenses relating to administrative expenses in the 2025 financial year results in particular from consulting services used (EUR k 43,354, increase by EUR k 2,819 compared to the previous year) as well as one-off expenses from the derecognition of the intangible asset under construction for the technical redesign of the management of the dealer network, as explained under item 23 \u201cIn-tangible assets\u201d (EUR k 27,166).",
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"language": "en",
"entity": "scheme:5299008TBI1EUJJSWP89",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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},
"f1__s7__11__48-1": {
"value": "14. OTHER OPERATING EXPENSES AND EXPENSES RELATED TO IMPAIRMENTSOther operating expenses and expenses related to impairments are made up as follows: EUR k 2025 2024Changes in consolidation scope 3,054 10,369Other miscellaneous expenses 35,830 46,664Other operating expenes 38,884 57,033Expenses relating to impairments according to IAS 36 1,381 360,660Expenses relating to impairments according to IFRS 5 1,683 147,311Expenses relating to impairments of assets 3,064 507,971 41,948 565,004The expenses from the changes in the scope of consolidation relate to expenses of EUR k 3,054 from deconsolidations carried out. For further explanations, please refer to item 8 \u201cChanges in the scope of consolidation\u201d. The remaining other expenses in the 2025 financial year also include various expenses that were incurred in connection with the restructuring proceedings and could not be allocated to the other sub-areas. In contrast to the previous year, in the 2025 financial year this includes in particular and mainly damages payments as well as corporate and other consulting services as well as the impairment of the purchase price receivable from the sale of the \u201cMV Agusta\u201d disposal group. In the 2025 financial year, expenses related to impairments include expenses of EUR k 1,683 (previous year: EUR k 147,311) from the classi-fication of assets as \u201cheld for sale\u201d and disposal groups, as well as EUR k 1,381 (previous year: EUR k 360,660) from impairments in accord-ance with IAS 36. The impairments relating to assets and liabilities held for sale as well as disposal groups in the amount of EUR k 1,179 are attributable to the \u201cMV Agusta\u201d disposal group and thus until the deconsolidation of the disposal group due to the valuation of new fixed assets acquired in the 2025 financial year in accordance with IFRS 5. EUR k 616 are attributable to the classification as \u201cheld for sale\u201d of KTM Sportcar GmbH and the sale of related assets, also until their deconsolidation. In the 2025 financial year, rented vacant premises were classified as no longer necessary for operations. Against this background, the associ-ated capitalized usage rights were impaired by EUR k 1,381. Further information on this can be found in item 22 \u201cAssessments of the impair-ment of assets in accordance with IAS 36\u201d.15. OTHER OPERATING INCOMEOther operating income is recognized if the economic benefit arising from the underlying contract is probable and a reliable determination of the income is possible. The Group's other operating income totaled EUR k 43,037 (previous year: EUR k 17,703). In the 2025 financial year, these relate to decon-solidations in the amount of EUR k 33,263 affecting profit or loss, specifically with regards to the \u201cMV Agusta\u201d disposal group in the amount of EUR k 63,263 and the sale of the shares in PIERER Innovation GmbH in the amount of EUR k 687. The expenses from the impairment of the purchase price receivable from the sale of the \u201cMV Agusta\u201d disposal group were recognized under other operating expenses in accordance with the underlying facts and the timing of the transaction. Further details can be found in item 8 \u201cChanges in the scope of consolidation\u201d. The remaining other operating income of EUR k 9,774 in the 2025 financial year is mainly due to income of MV Agusta Motor S.p.A. in the amount of EUR k 3,100, which is not fully attributable until its final consolidation, as well as income from the disposal of fixed assets of EUR k 3,707.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:5299008TBI1EUJJSWP89",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s7__11__47": {
"value": "14. OTHER OPERATING EXPENSES AND EXPENSES RELATED TO IMPAIRMENTSOther operating expenses and expenses related to impairments are made up as follows: EUR k 2025 2024Changes in consolidation scope 3,054 10,369Other miscellaneous expenses 35,830 46,664Other operating expenes 38,884 57,033Expenses relating to impairments according to IAS 36 1,381 360,660Expenses relating to impairments according to IFRS 5 1,683 147,311Expenses relating to impairments of assets 3,064 507,971 41,948 565,004The expenses from the changes in the scope of consolidation relate to expenses of EUR k 3,054 from deconsolidations carried out. For further explanations, please refer to item 8 \u201cChanges in the scope of consolidation\u201d. The remaining other expenses in the 2025 financial year also include various expenses that were incurred in connection with the restructuring proceedings and could not be allocated to the other sub-areas. In contrast to the previous year, in the 2025 financial year this includes in particular and mainly damages payments as well as corporate and other consulting services as well as the impairment of the purchase price receivable from the sale of the \u201cMV Agusta\u201d disposal group. In the 2025 financial year, expenses related to impairments include expenses of EUR k 1,683 (previous year: EUR k 147,311) from the classi-fication of assets as \u201cheld for sale\u201d and disposal groups, as well as EUR k 1,381 (previous year: EUR k 360,660) from impairments in accord-ance with IAS 36. The impairments relating to assets and liabilities held for sale as well as disposal groups in the amount of EUR k 1,179 are attributable to the \u201cMV Agusta\u201d disposal group and thus until the deconsolidation of the disposal group due to the valuation of new fixed assets acquired in the 2025 financial year in accordance with IFRS 5. EUR k 616 are attributable to the classification as \u201cheld for sale\u201d of KTM Sportcar GmbH and the sale of related assets, also until their deconsolidation. In the 2025 financial year, rented vacant premises were classified as no longer necessary for operations. Against this background, the associ-ated capitalized usage rights were impaired by EUR k 1,381. Further information on this can be found in item 22 \u201cAssessments of the impair-ment of assets in accordance with IAS 36\u201d.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory",
"language": "en",
"entity": "scheme:5299008TBI1EUJJSWP89",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s7__11__49-1": {
"value": "Other operating expenses and expenses related to impairments are made up as follows: EUR k 2025 2024Changes in consolidation scope 3,054 10,369Other miscellaneous expenses 35,830 46,664Other operating expenes 38,884 57,033Expenses relating to impairments according to IAS 36 1,381 360,660Expenses relating to impairments according to IFRS 5 1,683 147,311Expenses relating to impairments of assets 3,064 507,971 41,948 565,004The impairments relating to assets and liabilities held for sale as well as disposal groups in the amount of EUR k 1,179 are attributable to the \u201cMV Agusta\u201d disposal group and thus until the deconsolidation of the disposal group due to the valuation of new fixed assets acquired in the 2025 financial year in accordance with IFRS 5. EUR k 616 are attributable to the classification as \u201cheld for sale\u201d of KTM Sportcar GmbH and the sale of related assets, also until their deconsolidation.For the 2025 financial year, the impairment test carried out did not reveal any need for impairments or reversals of impairment losses in the cash-generating units \u201cKTM\u201d and \u201cPIERER New Mobility\u201d (in the previous year: determined impairment requirements). During the financial year, there were no indications that impairment losses recognized in the past no longer existed or had decreased. Since the assets of the CGU \u201cPIERER New Mobility\u201d had already been fully impaired in the previous year no further impairment test was car-ried out in the 2025 financial year. Against this background, the CGU \u201cPIERER New Mobility\u201d does not have any (valuable) assets that were tested or impaired in the course of the impairment test in the 2025 financial year.The operating assets of the cash-generating units are compared with their value in use and depreciated to the lower value in use, unless there is a higher fair value less cost of sale. If there are indications for a reversal of impairment after a previously applied impairment, a correspond-ing reversal of impairment must be carried out on the value of amortized costs as the upper limit or the lower, determined need for reversal of impairment. The value in use is determined by using the discounted cash flow method assuming a pre-tax WACC of 10.1% (2024: 9.5%) for the CGU \u201cKTM\u201d. All other things being equal, an increase in the pre-tax WACC to 11.9% or a reduction in the planned future EBITs by 17.7% would result in the carrying amount of the CGU corresponding to the recoverable amount for the CGU \u2018KTM\u2019. The forecast of cash flows is based on the financial budgets or forecast calculations approved by the management, taking into account the medium-term strategy goals. The medium-term planning includes a more detailed planning horizon of five years and is based on internal as-sumptions about future sales, price and cost developments, the future development of new markets as well as the composition of the product mix and other factors. The rough planning phase used in the previous year was no longer used in the impairment test for the 2025 financial year. Based on the find-ings gained in the 2025 financial year, the management assumes that a settled state will be achieved by the 2030 plan year. Following the five-year of the last planning year, the cash flow of the last rough planning period was used to determine the estimated cash flows beyond this period by extrapolation, assuming constant evolution using a 1% growth rate and going concern. The assumptions made are essentially based on experience of the past and management's assessment.Recoverable amount of individual assets In the 2025 financial year, leased premises were classified as no longer necessary for business operations. The associated leases were termi-nated in the 2025 financial year and will expire at the end of the 2026 financial year. Against this background, the Group reviewed the carry-ing amounts of its rights of use relating to buildings for impairment. Due to the vacancy of the premises already prevailing or foreseeable on the balance sheet date and the lack of further use of the assets, these were written down by EUR k 1,381. The impairment loss was recog-nized under other operating expenses and reported as a separate line item in the profit and loss statement. Impairment test of cash-generating unitsIn the 2025 financial year, development costs of non-usable assets in the amount of EUR k 3,006 fully booked. The reason for the discontinu-ation of the underlying development projects was the further sharpening of the strategic orientation of the Group's development activities. No impairment of assets not ready for use was recognized in the financial year in accordance with IAS 36 (previous year: EUR k 101,835). The impairments of intangible assets in the 2025 financial year relate to impairments due to classification as \u201cheld for sale\u201d in accordance with IFRS 5 in the amount of EUR k 138 (previous year: impairments in accordance with IFRS 5 and IAS 36 in the amount of EUR k 158,158). In the 2025 financial year, the Group's Executive Board made a strategic decision to discontinue the technical redesign of the management of the dealer network, which was under construction under intangible assets, due to expected additional costs. The Group incurred an expense of EUR k 27,166 from the derecognition of this project, which was recognized in other operating expenses in the area of administrative expenses. EUR k Development Concessions, Customer Assets under Total expenses industrial relationships and construction property rights trademarks and similar rights and benefits as well as licenses derived therefrom COST OF ACQUISITION AND PRODUCTION As at January 1, 2024 659,635 101,666 108,176 33,613 903,090 Additions 135,392 4,965 0 19,970 160,327 Disposals -105,543 -17,460 -59,749 -600 -183,352Changes in the scope of consolidation 0 12,789 41,982 612 55,383 Currency transalation 0 41 0 0 41 Transfers 0 9,597 0 -9,771 -174As at December 31, 2024 689,484 111,598 90,409 43,824 935,317 As at January 1, 2025 689,484 111,598 90,409 43,824 935,317 Additions 46,131 349 0 1,187 47,667 Changes in the scope of consolidation -1,027 -1,058 0 0 -2,085Transfers 0 7,519 0 -7,519 0 Disposals -159,208 -11,726 0 -34,845 -205,779Currency transalation 0 -110 0 0 -110As at December 31, 2025 575,380 106,572 90,409 2,646 775,009 ACCUMULATED DEPRECIATION As at January 1, 2024 152,969 75,103 6,051 0 234,123 Additions 81,819 17,907 6,391 8 106,125 Impairments 101,818 1,830 44,672 9,838 158,158 Disposals 0 -14,123 -38,282 -17 -52,422Changes in the scope of consolidation 0 12,455 120 -8 12,567 Currency transalation 0 24 -2 1 23 Transfers 0 34 0 0 34 As at December 31, 2024 336,605 93,230 18,950 9,822 458,608 As at January 1, 2025 336,605 93,230 18,950 9,822 458,608 Additions 65,695 5,336 0 0 71,031 Impairments 0 122 0 16 138 Disposals -154,143 -9,517 0 -7,664 -171,323Changes in the scope of consolidation -796 -957 0 0 -1,753Currency transalation 0 -56 0 0 -56Transfers 0 1,631 0 -1,631 0 As at December 31, 2025 247,360 89,789 18,950 544 356,645 Carrying amounts 352,87918,368 71,45934,002 476,709December 31, 2024 Carrying amounts 328,020 16,782 71,459 2,102 418,363 December 31, 2025 With a transfer agreement dated SeptemberThe application of IFRS 5 and IAS 36 resulted in impairment losses totaling EUR k 2,924 on property, plant and equipment in the 2025 finan-cial year. On the one hand, these relate to the ongoing valuation of property, plant and equipment in accordance with IFRS 5 for the \u201cMV Agu-sta\u201d disposal group and the reclassification of KTM Sportcar GmbH and associated assets as \u201cheld for sale\u201d until their respective deconsolida-tion or sale. The impairment expense pursuant to IAS 36 relates to capitalized right-of-use rights to buildings, as explained in item 22 \u201cAssess-ments of the impairment of assets in accordance with IAS 36\u201d. EUR k Land Buildings Technical Fixtures, Assets under Total equipment fittings and construction and machi-equipment nery COST OF ACQUISITION AND PRODUCTION As at January 1, 2024 52,731 351,511 336,627 191,724 18,629 951,222 Additions 1,887 21,128 24,094 17,888 49,167 114,164 Disposals -39 -38,418 -111,753 -22,965 -6,142 -179,317Changes in the scope of consolidation 39 33,580 96,838 8,595 10,527 149,579 Currency transalation 847 2,824 11 1,838 277 5,797 Transfers 0 3,745 38,221 5,003 -47,202 -233Reclassification as held for sale -3,735 -27,027 -466 -796 0 -32,024As at December 31, 2024 51,730 347,343 383,572 201,287 25,256 1,009,188 As at January 1, 2025 51,730 347,343 383,572 201,287 25,256 1,009,188 Additions 582 426 4,491 3,852 20,73930,090 Changes in the scope of consolidation 0 -97 -1,157 -1,577 -1 -2,833Transfers 0 172 26,624 10,267 -37,062 0 Disposals 877 -16,029 -19,291 -28,008 -987 -63,438Currency transalation -1,623 -7,194 -31 -4,392 -103 -13,342As at December 31, 2025 51,566 324,621 394,207 181,429 7,841 959,665 ACCUMULATED DEPRECIATION As at January 1, 2024 1,032 109,580 234,389 122,335 0 467,336 Additions 270 21,795 42,853 26,996 1 91,915 Impairments 11,541 63,022 41,516 15,229 9,342 140,650 Disposals -39 -36,687 -107,736 -21,086 -3,890 -169,438Changes in the scope of consolidation 0 18,115 83,426 7,726 208 109,475 Currency transalation 0 572 -6 1,111 -2 1,675 Transfers 0 -21 0 -146 0 -167Reclassification as held for sale 0 -1,108 -108 -341 0 -1,557As at December 31, 2024 12,804 175,268 294,334 151,824 5,659 639,889 As at January 1, 2025 12,804 175,268 294,334 151,824 5,659 639,889 Additions 226 15,133 28,435 18,593 062,386 Impairments 0 1,576 406 583 358 2,924 Disposals 0 -11,818 -16,263 -26,144 -492 -54,717Changes in the scope of consolidation 0 -2 -931 -1,017 -1 -1,952Currency transalation -2 -1,770 -10 -2,806 2 -4,585Transfers 0 0 4,591 0 -4,591 0 As at December 31, 2025 13,028 178,387 310,561 141,033 935 643,944 Carrying amounts December 31, 2024 38,926 172,075 89,238 49,463 19,597 369,299 Carrying amounts December 31, 2025 38,537 146,234 83,646 40,397 6,906 315,721 In the 2025 financial year, additionsIn the 2025 financial year, the Group classified capitalized rights of use from rented, vacant premises that were primarily used for administra-tive purposes as no longer necessary for operations. The associated leasing contracts have already been terminated and an impairment of EUR k 1,381 attributable to them has been recognized.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:5299008TBI1EUJJSWP89",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s7__11__52": {
"value": "15. OTHER OPERATING INCOMEOther operating income is recognized if the economic benefit arising from the underlying contract is probable and a reliable determination of the income is possible. The Group's other operating income totaled EUR k 43,037 (previous year: EUR k 17,703). In the 2025 financial year, these relate to decon-solidations in the amount of EUR k 33,263 affecting profit or loss, specifically with regards to the \u201cMV Agusta\u201d disposal group in the amount of EUR k 63,263 and the sale of the shares in PIERER Innovation GmbH in the amount of EUR k 687. The expenses from the impairment of the purchase price receivable from the sale of the \u201cMV Agusta\u201d disposal group were recognized under other operating expenses in accordance with the underlying facts and the timing of the transaction. Further details can be found in item 8 \u201cChanges in the scope of consolidation\u201d. The remaining other operating income of EUR k 9,774 in the 2025 financial year is mainly due to income of MV Agusta Motor S.p.A. in the amount of EUR k 3,100, which is not fully attributable until its final consolidation, as well as income from the disposal of fixed assets of EUR k 3,707.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory",
"language": "en",
"entity": "scheme:5299008TBI1EUJJSWP89",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s7__11__57-1": {
"value": "16. RESULT FROM INVESTMENTS MADE USING THE EQUITY METHODThe share of profit/loss of associates accounted for using the equity method and the elimination of interim results with these companies are shown in the income statement as a separate item in the result of operating activities. All associates accounted for using the equity method are investments that are involved in the operational activities of the Bajaj Mobility Group as major suppliers or customers. The result of companies accounted for using the equity method is as follows: EUR k 2025 2024KISKA GmbH -399 -7,033KTM Asia Motorcycle Manufacturing Inc. -174 -799Zhejiang CFMOTO-KTMR2R Motorcycles Co., Ltd. 5,279 -832MV Agusta Motor S.p.A. 0 34LX Media GmbH -36 -3924,670 -9,022In the previous year, the acquired earnings of Zhejiang CFMOTO-KTMR2R Motorcycles Co., Ltd. were significantly burdened by write-downs of receivables amounting to 70% of the company, due in particular to receivables from KTM AG, which is in restructuring proceedings. The at-equity result of KTM Asia Motorcycle Manufacturing Inc. includes depreciation and amortization of the company in the amount of EUR k 55. The shares in KISKA GmbH were classified as \u201cheld for sale\u201d as of December 31, 2025, resulting in an impairment expense of EUR k 2. Fur-ther information on this matter can be found under item 32 \u201cNon-current assets held for sale and disposal groups\u201d. 25. INVESTMENTS ACCOUNTED FOR USING THE EQUITY METHODThe companies accounted for using the equity method are associates and not joint ventures. The interests in associates that are included using the equity method are considered to be immaterial individually. As of December 31, 2025, the financial assets accounted for using the equity method are KTM Asia Motorcycle Manufacturing Inc., CFMOTO-KTMR2R Motorcycles Co., Ltd., and LX Media GmbH. Changes in companies accounted for using the equity method can be found in item 8 \u201cChanges in the scope of consolidation\u201d. KTM Asia Motorcycle Manufacturing Inc., Philippines, was founded in June 2016 together with partner Ayala Corp. and started CKD (Com-pletely-Knocked-Down) assembly for KTM motorcycles in the Philippines in mid-2017. In the 2025 financial year, this share was completely depreciated due to uncertain going concern forecasts. KTM's joint venture in China with partner CFMOTO was established in 2018 financial year under the name \u201cZhejiang CFMOTO-KTMR2R Motor-cycles Co., Ltd.\u201d. The company commenced operations in the 2021 financial year. In Hangzhou, China, mid-range motorcycles are produced. The Bajaj Mobility Group intensified its cooperation with CFMOTO in the 2023 financial year and expanded production in the joint venture. As of December 31, 2025, the Bajaj Mobility Group has classified and valued its 20% share in KISKA GmbH as \u201cheld for sale\u201d. As a result, the Group incurred an impairment expense of EUR k 2. Kiska GmbH is a design company that provides services in the field of development and design. The balance sheet date of Kiska GmbH is March 31, which was set before the acquisition of the share. A change in the balance sheet date is not sought due to materiality considerations. For the purpose of accounting using the equity method, an unaudited interim finan-cial statement as of December 31 was used in each case. The carrying amounts of financial assets accounted for using the equity method developed as follows in the financial year: EUR k 2025 2024Book value of investments as of 1/1 14,130 33,870Acquisition of shares 0 14,679Changes in scope of consolidation (step acquisition) 0 -11,066Classified as held for sale -1,302 -10,748Disposal of shares 0 -3,753Pro rata net result (less elimination of interim result) 4,665 -2,736Other eliminations of interim results 4 214Impairment of investments -57 -6,286Other comprehensive income -1,399 488Dividends 0 -599Other 0 67Book value of investments as of 12/31 16,041 14,130The other elimination of interim results represents those recognized on inventories supplied by companies accounted for using the equity method and in stock with the Bajaj Mobility Group at the balance sheet date. Other comprehensive income consists of foreign currency effects. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory",
"language": "en",
"entity": "scheme:5299008TBI1EUJJSWP89",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s7__11__55-1": {
"value": "16. RESULT FROM INVESTMENTS MADE USING THE EQUITY METHODThe share of profit/loss of associates accounted for using the equity method and the elimination of interim results with these companies are shown in the income statement as a separate item in the result of operating activities. All associates accounted for using the equity method are investments that are involved in the operational activities of the Bajaj Mobility Group as major suppliers or customers. The result of companies accounted for using the equity method is as follows: EUR k 2025 2024KISKA GmbH -399 -7,033KTM Asia Motorcycle Manufacturing Inc. -174 -799Zhejiang CFMOTO-KTMR2R Motorcycles Co., Ltd. 5,279 -832MV Agusta Motor S.p.A. 0 34LX Media GmbH -36 -3924,670 -9,022In the previous year, the acquired earnings of Zhejiang CFMOTO-KTMR2R Motorcycles Co., Ltd. were significantly burdened by write-downs of receivables amounting to 70% of the company, due in particular to receivables from KTM AG, which is in restructuring proceedings. The at-equity result of KTM Asia Motorcycle Manufacturing Inc. includes depreciation and amortization of the company in the amount of EUR k 55. The shares in KISKA GmbH were classified as \u201cheld for sale\u201d as of December 31, 2025, resulting in an impairment expense of EUR k 2. Fur-ther information on this matter can be found under item 32 \u201cNon-current assets held for sale and disposal groups\u201d. 25. INVESTMENTS ACCOUNTED FOR USING THE EQUITY METHODThe companies accounted for using the equity method are associates and not joint ventures. The interests in associates that are included using the equity method are considered to be immaterial individually. As of December 31, 2025, the financial assets accounted for using the equity method are KTM Asia Motorcycle Manufacturing Inc., CFMOTO-KTMR2R Motorcycles Co., Ltd., and LX Media GmbH. Changes in companies accounted for using the equity method can be found in item 8 \u201cChanges in the scope of consolidation\u201d. KTM Asia Motorcycle Manufacturing Inc., Philippines, was founded in June 2016 together with partner Ayala Corp. and started CKD (Com-pletely-Knocked-Down) assembly for KTM motorcycles in the Philippines in mid-2017. In the 2025 financial year, this share was completely depreciated due to uncertain going concern forecasts. KTM's joint venture in China with partner CFMOTO was established in 2018 financial year under the name \u201cZhejiang CFMOTO-KTMR2R Motor-cycles Co., Ltd.\u201d. The company commenced operations in the 2021 financial year. In Hangzhou, China, mid-range motorcycles are produced. The Bajaj Mobility Group intensified its cooperation with CFMOTO in the 2023 financial year and expanded production in the joint venture. As of December 31, 2025, the Bajaj Mobility Group has classified and valued its 20% share in KISKA GmbH as \u201cheld for sale\u201d. As a result, the Group incurred an impairment expense of EUR k 2. Kiska GmbH is a design company that provides services in the field of development and design. The balance sheet date of Kiska GmbH is March 31, which was set before the acquisition of the share. A change in the balance sheet date is not sought due to materiality considerations. For the purpose of accounting using the equity method, an unaudited interim finan-cial statement as of December 31 was used in each case. The carrying amounts of financial assets accounted for using the equity method developed as follows in the financial year: EUR k 2025 2024Book value of investments as of 1/1 14,130 33,870Acquisition of shares 0 14,679Changes in scope of consolidation (step acquisition) 0 -11,066Classified as held for sale -1,302 -10,748Disposal of shares 0 -3,753Pro rata net result (less elimination of interim result) 4,665 -2,736Other eliminations of interim results 4 214Impairment of investments -57 -6,286Other comprehensive income -1,399 488Dividends 0 -599Other 0 67Book value of investments as of 12/31 16,041 14,130The other elimination of interim results represents those recognized on inventories supplied by companies accounted for using the equity method and in stock with the Bajaj Mobility Group at the balance sheet date. Other comprehensive income consists of foreign currency effects. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory",
"language": "en",
"entity": "scheme:5299008TBI1EUJJSWP89",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s7__11__54": {
"value": "16. RESULT FROM INVESTMENTS MADE USING THE EQUITY METHODThe share of profit/loss of associates accounted for using the equity method and the elimination of interim results with these companies are shown in the income statement as a separate item in the result of operating activities. All associates accounted for using the equity method are investments that are involved in the operational activities of the Bajaj Mobility Group as major suppliers or customers. The result of companies accounted for using the equity method is as follows: EUR k 2025 2024KISKA GmbH -399 -7,033KTM Asia Motorcycle Manufacturing Inc. -174 -799Zhejiang CFMOTO-KTMR2R Motorcycles Co., Ltd. 5,279 -832MV Agusta Motor S.p.A. 0 34LX Media GmbH -36 -3924,670 -9,022In the previous year, the acquired earnings of Zhejiang CFMOTO-KTMR2R Motorcycles Co., Ltd. were significantly burdened by write-downs of receivables amounting to 70% of the company, due in particular to receivables from KTM AG, which is in restructuring proceedings. The at-equity result of KTM Asia Motorcycle Manufacturing Inc. includes depreciation and amortization of the company in the amount of EUR k 55. The shares in KISKA GmbH were classified as \u201cheld for sale\u201d as of December 31, 2025, resulting in an impairment expense of EUR k 2. Fur-ther information on this matter can be found under item 32 \u201cNon-current assets held for sale and disposal groups\u201d. ",
"dimensions": {
"concept": "BAJ:DisclosureOfShareOfProfitLossOfAssociatesAndJointVenturesAccountedForUsingEquityMethod",
"language": "en",
"entity": "scheme:5299008TBI1EUJJSWP89",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s7__11__63-1": {
"value": "17. FINANCIAL AND INVESTMENT RESULTThe financial and investment result is made up as follows: EUR k 2025 2024Interest income 6,505 25,837Interest expense -84,562 -123,641Other financial and participation result -6,954 5,423-85,011 -92,381The Group's other financial and investment income is made up as follows: EUR k 2025 2024Foreign exchange valuation of bank deposits -248 630Foreign exchange valuation of loans given -6,181 3,216Valuation interest rate swap 0 -139Cost of hedging 29 1,718Interest expenses for employee benefits -554 0Other 0 -2-6,954 5,423The table below shows the carrying amounts and fair values of financial liabilities (financial instruments on the liabilities side) by class or measurement category in accordance with IFRS 9. Fair Value Carrying amount 12/31/2025 EUR k Carrying Fair Value Level 1 Level 2 Level 3 TotalAC FVOCI FVPL Fair Value - amount 12/31/ Amortised Fair Value Fair Value Hedging 12/31/2025 2025 Cost through OCI through P&L instruments (w/o re-cycling) Financial liabilities not measured at fair value At amortized cost Financial liabilities 935,679 947,396 - - 947,396 947,396 935,679 - - -Trade payables 149,162 149,162 - - 149,162 149,162 149,162 - - -Other current and non-current 42,744 42,744- - 42,744 42,744 42,744- - -financial liabilities Total 1,127,585 Total sum 1,127,585 Fair Value 0 EUR k Carrying Fair Value Level 1 Level 2 Level 3 Total AC FVOCI FVPL Fair Value - amount 12/31/ Amortised Fair Value Fair Value Hedging 12/31/20242024 Cost through OCI through P&L instruments (w/o re-cycling) Financial liabilities measured at fair value Fair Value - Hedging instruments Other financial liabilities - derivates with negative market value, assigned to receivables 188 188 - 188 - 188 - - - 188 Other financial liabilities - derivates with negative market value (cash flow hedge) 34 34 - 34 - 34 - - - 34 Total 222 1)Financial assets not measured at fair value At amortized cost Financial liabilities 1,718,326 712,236 - - 712,236 712,236 1,718,326 - - -Trade payables 381,857 - - - - - 381,857 - - -thereof trade payables that are part of supplier finance arrangements 59,204 - - - - - 59,204 - - -Options on non-controlling 2)interests 61,445 - - - - - - 61,445 - - Other current and non-current financial liabilities 67,670 - - - - - 67,670 - - -Total 2,229,298 Total sum 2,229,520 1) Of which in insolvency proceedings: Financial liabilities of EUR k 943,488; liabilities from leases subject to conditional claims registration of EUR k 58,380; Trade payables EUR k 196,411; promissory note loan of EUR k 495,000; other short- andlong-term financial debts EUR k 174.2) Valuation is not carried out via OCI, but via the other reserves in equity, see point 33 for further explanations.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:5299008TBI1EUJJSWP89",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s7__11__62": {
"value": "17. FINANCIAL AND INVESTMENT RESULTThe financial and investment result is made up as follows: EUR k 2025 2024Interest income 6,505 25,837Interest expense -84,562 -123,641Other financial and participation result -6,954 5,423-85,011 -92,381The Group's other financial and investment income is made up as follows: EUR k 2025 2024Foreign exchange valuation of bank deposits -248 630Foreign exchange valuation of loans given -6,181 3,216Valuation interest rate swap 0 -139Cost of hedging 29 1,718Interest expenses for employee benefits -554 0Other 0 -2-6,954 5,423",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory",
"language": "en",
"entity": "scheme:5299008TBI1EUJJSWP89",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s7__11__61": {
"value": "17. FINANCIAL AND INVESTMENT RESULTThe financial and investment result is made up as follows: EUR k 2025 2024Interest income 6,505 25,837Interest expense -84,562 -123,641Other financial and participation result -6,954 5,423-85,011 -92,381The Group's other financial and investment income is made up as follows: EUR k 2025 2024Foreign exchange valuation of bank deposits -248 630Foreign exchange valuation of loans given -6,181 3,216Valuation interest rate swap 0 -139Cost of hedging 29 1,718Interest expenses for employee benefits -554 0Other 0 -2-6,954 5,423",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory",
"language": "en",
"entity": "scheme:5299008TBI1EUJJSWP89",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s7__11__60": {
"value": "17. FINANCIAL AND INVESTMENT RESULTThe financial and investment result is made up as follows: EUR k 2025 2024Interest income 6,505 25,837Interest expense -84,562 -123,641Other financial and participation result -6,954 5,423-85,011 -92,381The Group's other financial and investment income is made up as follows: EUR k 2025 2024Foreign exchange valuation of bank deposits -248 630Foreign exchange valuation of loans given -6,181 3,216Valuation interest rate swap 0 -139Cost of hedging 29 1,718Interest expenses for employee benefits -554 0Other 0 -2-6,954 5,423",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory",
"language": "en",
"entity": "scheme:5299008TBI1EUJJSWP89",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s7__11__59": {
"value": "17. FINANCIAL AND INVESTMENT RESULTThe financial and investment result is made up as follows: EUR k 2025 2024Interest income 6,505 25,837Interest expense -84,562 -123,641Other financial and participation result -6,954 5,423-85,011 -92,381The Group's other financial and investment income is made up as follows: EUR k 2025 2024Foreign exchange valuation of bank deposits -248 630Foreign exchange valuation of loans given -6,181 3,216Valuation interest rate swap 0 -139Cost of hedging 29 1,718Interest expenses for employee benefits -554 0Other 0 -2-6,954 5,423",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceCostExplanatory",
"language": "en",
"entity": "scheme:5299008TBI1EUJJSWP89",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s7__11__58-1": {
"value": "17. FINANCIAL AND INVESTMENT RESULTThe financial and investment result is made up as follows: EUR k 2025 2024Interest income 6,505 25,837Interest expense -84,562 -123,641Other financial and participation result -6,954 5,423-85,011 -92,381The Group's other financial and investment income is made up as follows: EUR k 2025 2024Foreign exchange valuation of bank deposits -248 630Foreign exchange valuation of loans given -6,181 3,216Valuation interest rate swap 0 -139Cost of hedging 29 1,718Interest expenses for employee benefits -554 0Other 0 -2-6,954 5,423Net income from financial instruments by measurement categories under IFRS 9 includes net gains/losses, total interest income/expense and reduction losses and is composed as follows: EUR k from interests from from from result of from foreign Net result subsequent allowance disposal exchange (Total) fair value valuation measurement Dec 31, 2025 Financial assets - Amortised Cost (AC) 6,505 0 -5,802 0 -248455 Other financial liabilities - Amorised Cost -84,562 0 0-6,181-90,743(AC) Total -78,057 0 -5,802 0 -6,429 -90,288Dec 31, 2024 Financial assets - Amortised Cost (AC) 25,755 0 -26,967 0 630 -582Fair Value through P&L (FVPL) 0 -139 0 0 0 -139Other financial liabilities - Amorised Cost -118,1640 0 0 3,216 -114,948(AC) Total -92,409 -139 -26,967 0 3,846 -115,669The changes in impairment and derecognition relating to financial assets allocated to the amortized cost (AC) category are reported in other operating expenses in the respective overhead expenses. The remaining components of net income are included in financial income and financial expenses.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:5299008TBI1EUJJSWP89",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s7__11__64": {
"value": "18. INCOME TAXESThe Group's income tax expenses and income are divided into current and deferred taxes as follows: EUR k 2025 2024Current tax -3,982 -6,982thereof prior years 108 -2,601Deferred taxes -68,673 203,673 -72,655 196,691 Income taxes include taxes on income and income paid or payable in the individual countries as well as deferred taxes. The Austrian compa-nies of the Bajaj Mobility Group are subject to a corporate tax rate of 23%. As of December 31, 2024, deferred tax assets on loss carryforwards of domestic companies in the amount of EUR k 206,742 were recog-nized, which were used up in the 2025 financial year. Until December 31, 2023, Bajaj Mobility AG formed a group within the meaning of corporate income tax law with Pierer Konzerngesellschaft mbH. Since the 2024 financial year, Bajaj Mobility AG has been the group parent of a group within the meaning of corporate income tax law. The tax income equalization between the group parent and the group member is regulated in the group and tax apportionment agreement. If positive income is attributed to the group sponsor by the group member, the positive tax apportionment amounts to 23% of the positive in-come attributed. In the case of attribution of losses, the group member does not receive a tax apportionment. Non-offset losses are consid-ered evident for the group member to offset against its positive results in the future. The calculation of foreign income taxes is based on the laws and regulations in force or passed in the individual countries. The income tax rates applied to foreign companies vary from 9% to 36.0%. A reconciliation calculation between the expected tax income or tax expense for the financial year (application of the consolidated tax rate of 23% (previous year: 23%) to profit before tax and the tax expense actually reported can be presented as follows: EUR k 2025 2024Earnings before income taxes 662,822 -1,276,598Expected tax income or expense -152,449 293,618Non-temporary differences and other tax additions 56,019 6,750Recognition / Value adjustments / Consumption of loss carryforwards -4,773 -89,869Taxes in relation to prior periods -458 -20,838Effects of foreign tax rates 1,413 2,498Effect of the share on entities accounted for using the equity method 0 -1,986Investment benefits 3,723 6,924Other 6,592 -406Booked tax -92,600 196,691 Waiver of claims by the tax authorities in accordance with restructuring proceedings 17,275 0Income taxes according to profit and loss statement -72,658 196,691 The non-temporary differences and other tax additions include the DTA recognition and the ongoing effect of the sevenths of Bajaj Mobility AG at 57 EUR million. Other items also include the effects of deconsolidation. The reconciliation item \u201cRecognition / Impairments / Consumption of loss carryforwards\u201d results from current losses and deductible temporary differences of companies outside the Austrian tax group for which no deferred tax assets are recognized due to a lack of impairment. The taxes from previous periods in the current year mainly relate to effects in connection with foreign taxes. In the previous year, these were effects from the change in the Austrian tax group structure. Global minimum taxation The Group operates in various countries that have passed laws to introduce the global minimum tax, in particular Austria. Since the tax law in Austria came into force on January 1, 2024, this provision was applied for the preparation of the consolidated financial statements for 2025. In 2025, no tax expense was booked in relation to Pillar II. The Group applies the temporary mandatory exemption with regard to the accounting for deferred taxes resulting from the introduction of the global minimum taxation and recognizes any taxes incurred in connection with the global minimum taxation as actual tax expense/income at the time of incurrence.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:5299008TBI1EUJJSWP89",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s7__11__65-1": {
"value": "Income taxes include taxes on income and income paid or payable in the individual countries as well as deferred taxes. The Austrian compa-nies of the Bajaj Mobility Group are subject to a corporate tax rate of 23%. As of December 31, 2024, deferred tax assets on loss carryforwards of domestic companies in the amount of EUR k 206,742 were recog-nized, which were used up in the 2025 financial year. Until December 31, 2023, Bajaj Mobility AG formed a group within the meaning of corporate income tax law with Pierer Konzerngesellschaft mbH. Since the 2024 financial year, Bajaj Mobility AG has been the group parent of a group within the meaning of corporate income tax law. The tax income equalization between the group parent and the group member is regulated in the group and tax apportionment agreement. If positive income is attributed to the group sponsor by the group member, the positive tax apportionment amounts to 23% of the positive in-come attributed. In the case of attribution of losses, the group member does not receive a tax apportionment. Non-offset losses are consid-ered evident for the group member to offset against its positive results in the future. The calculation of foreign income taxes is based on the laws and regulations in force or passed in the individual countries. The income tax rates applied to foreign companies vary from 9% to 36.0%. A reconciliation calculation between the expected tax income or tax expense for the financial year (application of the consolidated tax rate of Global minimum taxation The Group operates in various countries that have passed laws to introduce the global minimum tax, in particular Austria. Since the tax law in Austria came into force on January 1, 2024, this provision was applied for the preparation of the consolidated financial statements for 2025. In 2025, no tax expense was booked in relation to Pillar II. The Group applies the temporary mandatory exemption with regard to the accounting for deferred taxes resulting from the introduction of the global minimum taxation and recognizes any taxes incurred in connection with the global minimum taxation as actual tax expense/income at the time of incurrence.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:5299008TBI1EUJJSWP89",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s7__11__67": {
"value": "19. EARNINGS PER SHARE AND PROPOSAL FOR APPROPRIATION OF EARNINGSEarnings per share in the current 2025 financial year amounted to EUR 17.60 (previous year: EUR-29.30) and is calculated as follows: EUR k 2025 2024Result - Owner of the parent company (in EUR k) 594,957 -990,265Total number of shares (shares) 33,796,535 33,796,535 Impact of treasury and new shares (shares) 0 0Weighted average of stocks 33,796,535 33,796,535 Basic (=diluted) earnings per share (EUR) 17.60 -29.30",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:5299008TBI1EUJJSWP89",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s7__11__69": {
"value": "2025000.0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners",
"entity": "scheme:5299008TBI1EUJJSWP89",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f1__s7__11__68": {
"value": "In accordance with the provisions of the Austrian Stock Corporation Act, the individual financial statements of Bajaj Mobility AG as of Decem-ber 31, 2025, prepared in accordance with Austrian accounting standards, form the basis for the dividend distribution. For the 2025 financial year, it is proposed not to pay a dividend. No dividend was paid out based on the 2024 retained loss. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDividendsExplanatory",
"language": "en",
"entity": "scheme:5299008TBI1EUJJSWP89",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s7__11__70": {
"value": "20. EXPENSES FOR THE AUDITORThe expenses for the auditor MOORE CENTURION Wirtschaftspr\u00fcfungs- und Steuerberatungs GmbH (previous year: Deloitte Audit Wirtschaftspr\u00fcfungs GmbH) attributable to the reporting period are as follows: EUR k 2025 2024Audit of the annual financial statements of all individual companies as well as audit of the consolidated 138 744financial statements Other assurance services 0 0Other services 0 0138 744",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory",
"language": "en",
"entity": "scheme:5299008TBI1EUJJSWP89",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s7__11__71": {
"value": "21. EMPLOYEESThe number of employees is shown including temporary workers and external employees as well as on the basis of the number of heads: As of January 1, 2025 5,310 Changes during the financial year -1,528As of December 31, 2025 3,782 As of December 31, 2025, 2,250 Employees (previous year: 3,290) and 1,532 Workers (previous year: 2,020). As of December 31, 2025, 3,080 Employees (previous year: 4,099) are employed in Austria and 702 Employees (previous year: 1,211) abroad. On average, the group employed 4,138 Employees (previous year: 5,888), of which 1,651 Employees (previous year: 3,482) and 2,487 Workers (previous year: 2,406). Total personnel expenses in the 2025 financial year, excluding effects from the capitalization of development costs, amount to EUR k 327,021 (previous year: EUR k 450,788).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory",
"language": "en",
"entity": "scheme:5299008TBI1EUJJSWP89",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s7__11__75-1": {
"value": "Intangible assets with an indefinite useful life are not depreciated on a scheduled basis in accordance with IAS 36 \u201cImpairments\u201d, but are subject to an annual impairment test. For the 2025 financial year, the impairment test carried out did not reveal any need for impairments or reversals of impairment losses in the cash-generating units \u201cKTM\u201d and \u201cPIERER New Mobility\u201d (in the previous year: determined impairment requirements). During the financial year, there were no indications that impairment losses recognized in the past no longer existed or had decreased. Since the assets of the CGU \u201cPIERER New Mobility\u201d had already been fully impaired in the previous year no further impairment test was car-ried out in the 2025 financial year. Against this background, the CGU \u201cPIERER New Mobility\u201d does not have any (valuable) assets that were tested or impaired in the course of the impairment test in the 2025 financial year. The operating assets of the cash-generating units are compared with their value in use and depreciated to the lower value in use, unless there is a higher fair value less cost of sale. If there are indications for a reversal of impairment after a previously applied impairment, a correspond-ing reversal of impairment must be carried out on the value of amortized costs as the upper limit or the lower, determined need for reversal of impairment. The value in use is determined by using the discounted cash flow method assuming a pre-tax WACC of 10.1% (2024: 9.5%) for the CGU \u201cKTM\u201d. All other things being equal, an increase in the pre-tax WACC to 11.9% or a reduction in the planned future EBITs by 17.7% would result in the carrying amount of the CGU corresponding to the recoverable amount for the CGU \u2018KTM\u2019. The forecast of cash flows is based on the financial budgets or forecast calculations approved by the management, taking into account the medium-term strategy goals. The medium-term planning includes a more detailed planning horizon of five years and is based on internal as-sumptions about future sales, price and cost developments, the future development of new markets as well as the composition of the product mix and other factors. The rough planning phase used in the previous year was no longer used in the impairment test for the 2025 financial year. Based on the find-ings gained in the 2025 financial year, the management assumes that a settled state will be achieved by the 2030 plan year. Following the five-year of the last planning year, the cash flow of the last rough planning period was used to determine the estimated cash flows beyond this period by extrapolation, assuming constant evolution using a 1% growth rate and going concern. The assumptions made are essentially based on experience of the past and management's assessment.Impairments Trade receivables do not have a significant financing component. Therefore, the simplified procedure for determining the expected credit loss is applied, according to which allowance for credit losses in the amount of the expected losses over the remaining term must be recognized for all instruments, regardless of their credit quality. In the case of trade receivables, this is less than twelve months and therefore corresponds to the 12-month loss. For an explanation of the amount, see Chapter VII \u201cFinancial Risk Report\u201d. To determine the expected credit loss, historical default data on receivables from the last ten years was collected and segmented by geograph-ical region. Current economic factors and forecasts are also taken into account. Individual value adjustments of financial assets are made when they are considered irrecoverable or partially irrecoverable. Indicators of indi-vidual value adjustments include financial difficulties, insolvency, breach of contract or significant late payment by customers. The individual value adjustments are made up of numerous individual items. A direct derecognition of the financial assets only takes place if the contractual rights to payments from the financial assets no longer exist (especially in the event of insolvency). If the amount of the impairment decreases in one of the following periods and this reduction can be objectively attributed to a situation that occurred after the impairment was recog-nized, the previously recognized impairment allowance is reversed by adjusting the impairment account.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:5299008TBI1EUJJSWP89",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s7__11__74": {
"value": "Intangible assets with an indefinite useful life are not depreciated on a scheduled basis in accordance with IAS 36 \u201cImpairments\u201d, but are subject to an annual impairment test. For the 2025 financial year, the impairment test carried out did not reveal any need for impairments or reversals of impairment losses in the cash-generating units \u201cKTM\u201d and \u201cPIERER New Mobility\u201d (in the previous year: determined impairment requirements). During the financial year, there were no indications that impairment losses recognized in the past no longer existed or had decreased.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:5299008TBI1EUJJSWP89",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s7__11__79": {
"value": "23. INTANGIBLE ASSETSIntangible assets are capitalized at acquisition or production cost in the same way as property, plant and equipment and measured less depreci-ation. The scheduled depreciation is determined according to the straight-line depreciation method on the basis of the following useful lives: Years Useful life Software and concessions 3-5Intangible assets created by the group 5 In the case of self-generated intangible assets, the production period is divided into a research, development and model maintenance phase. Costs incurred in the research and model update phase are recognized immediately in the income statement. Expenditure in the development phase is capitalized as intangible assets if the criteria of IAS 38.57 are met. The intangible assets generated by the company are measured at cost less depreciation and amortization. Scheduled depreciation is carried out according to the straight-line depreciation method on the basis of a useful life of essentially five years. The useful life of five years, which is used in particular for capitalized development costs, is based on empirical values in connection with the underlying product life cycles. The scheduled depreciation of capitalized development costs that can be clearly assigned to specific products or processes takes place with the start of series production. The intangible assets with an indefinite useful life, such as the \u201cKTM\u201d brands in the amount of EUR k 61,103 EUR (previous year: EUR k 61,103) and \u201cGASGAS\u201d in the amount of EUR k 10,355 (previous year: EUR k 13,346) in the context of the \u201cKTM\u201d brands recognized by purchase price allocations, were subject to an impairment test in accordance with IAS 36, as explained in the previous item 22 \u201cAssessments of the impairment of assets in accordance with IAS 36\u201d. The Executive Board assumes an indefinite useful life of the trademarks, as the rights in the relevant sales markets are not subject to any temporal, legal or contractual restrictions and there is no economic devaluation due to the lasting recognition of the trademarks. In the 2025 financial year, the above-mentioned trademarks were not impaired in the course of the impairment test.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory",
"language": "en",
"entity": "scheme:5299008TBI1EUJJSWP89",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s7__11__80-1": {
"value": "The scheduled depreciation is determined according to the straight-line depreciation method on the basis of the following useful lives: Years Useful life Software and concessions 3-5Intangible assets created by the group 5 In the case of self-generated intangible assets, the production period is divided into a research, development and model maintenance phase. Costs incurred in the research and model update phase are recognized immediately in the income statement. Expenditure in the development phase is capitalized as intangible assets if the criteria of IAS 38.57 are met. The intangible assets generated by the company are measured at cost less depreciation and amortization. Scheduled depreciation is carried out according to the straight-line depreciation method on the basis of a useful life of essentially five years. The useful life of five years, which is used in particular for capitalized development costs, is based on empirical values in connection with the underlying product life cycles. The scheduled depreciation of capitalized development costs that can be clearly assigned to specific products or processes takes place with the start of series production.The calculation of the economic useful lives stated above is essentially based on empirical values on the wear and tear of the underlying as-sets in the course of their operational use. The production costs of self-built plants include the individual costs, including attributable material and manufacturing overheads. Financing costs arising from the direct allocation of debt capital or from the application of an average capitalization interest rate to the expenses incurred are not capitalized in accordance with IAS 23 due to a lack of qualifying assets. In accordance with IAS 20, investment grants from the public sector are to be treated as compensation for the associated depreciation. The net method according to IAS 20.24 (reduction of acquisition and production costs resulting in lower depreciation offset) is used. In the 2025 financial year, additions related to fully capitalized research and development expenses (previous year: EUR k 12,570) were reduced by a total of EUR k 5,033 (previous year: EUR k 12,570).In addition, leasing contracts for tools (special leasing) and machines are concluded with a term of 3-10 years.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory",
"language": "en",
"entity": "scheme:5299008TBI1EUJJSWP89",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s7__11__81": {
"value": "In the case of self-generated intangible assets, the production period is divided into a research, development and model maintenance phase. Costs incurred in the research and model update phase are recognized immediately in the income statement. Expenditure in the development phase is capitalized as intangible assets if the criteria of IAS 38.57 are met. The intangible assets generated by the company are measured at cost less depreciation and amortization. Scheduled depreciation is carried out according to the straight-line depreciation method on the basis of a useful life of essentially five years. The useful life of five years, which is used in particular for capitalized development costs, is based on empirical values in connection with the underlying product life cycles. The scheduled depreciation of capitalized development costs that can be clearly assigned to specific products or processes takes place with the start of series production.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory",
"language": "en",
"entity": "scheme:5299008TBI1EUJJSWP89",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s7__11__84": {
"value": "The breakdown of intangible assets and their development in the 2025 and 2024 financial years is presented in the following table: EUR k Development Concessions, Customer Assets under Total expenses industrial relationships and construction property rights trademarks and similar rights and benefits as well as licenses derived therefrom COST OF ACQUISITION AND PRODUCTION As at January 1, 2024 659,635 101,666 108,176 33,613 903,090 Additions 135,392 4,965 0 19,970 160,327 Disposals -105,543 -17,460 -59,749 -600 -183,352Changes in the scope of consolidation 0 12,789 41,982 612 55,383 Currency transalation 0 41 0 0 41 Transfers 0 9,597 0 -9,771 -174As at December 31, 2024 689,484 111,598 90,409 43,824 935,317 As at January 1, 2025 689,484 111,598 90,409 43,824 935,317 Additions 46,131 349 0 1,187 47,667 Changes in the scope of consolidation -1,027 -1,058 0 0 -2,085Transfers 0 7,519 0 -7,519 0 Disposals -159,208 -11,726 0 -34,845 -205,779Currency transalation 0 -110 0 0 -110As at December 31, 2025 575,380 106,572 90,409 2,646 775,009 ACCUMULATED DEPRECIATION As at January 1, 2024 152,969 75,103 6,051 0 234,123 Additions 81,819 17,907 6,391 8 106,125 Impairments 101,818 1,830 44,672 9,838 158,158 Disposals 0 -14,123 -38,282 -17 -52,422Changes in the scope of consolidation 0 12,455 120 -8 12,567 Currency transalation 0 24 -2 1 23 Transfers 0 34 0 0 34 As at December 31, 2024 336,605 93,230 18,950 9,822 458,608 As at January 1, 2025 336,605 93,230 18,950 9,822 458,608 Additions 65,695 5,336 0 0 71,031 Impairments 0 122 0 16 138 Disposals -154,143 -9,517 0 -7,664 -171,323Changes in the scope of consolidation -796 -957 0 0 -1,753Currency transalation 0 -56 0 0 -56Transfers 0 1,631 0 -1,631 0 As at December 31, 2025 247,360 89,789 18,950 544 356,645 Carrying amounts 352,87918,368 71,45934,002 476,709December 31, 2024 Carrying amounts 328,020 16,782 71,459 2,102 418,363 December 31, 2025 With a transfer agreement dated September 17, 2013, KTM AG has acquired the license right for the use of the \u201cHusqvarna\u201d brand from PIERER Industrie AG, an related company at the time, for EUR k 10,000. The license right is depreciated as planned over the remaining use-ful life of 2 years. The additions to intangible assets were corrected in the consolidated cash flow statement by EUR k -1,881 (previous year: EUR k 38,483) with regard to their ineffectiveness. In the 2025 financial year, development costs of non-usable assets in the amount of EUR k 3,006 fully booked. The reason for the discontinu-ation of the underlying development projects was the further sharpening of the strategic orientation of the Group's development activities. No impairment of assets not ready for use was recognized in the financial year in accordance with IAS 36 (previous year: EUR k 101,835). The impairments of intangible assets in the 2025 financial year relate to impairments due to classification as \u201cheld for sale\u201d in accordance with IFRS 5 in the amount of EUR k 138 (previous year: impairments in accordance with IFRS 5 and IAS 36 in the amount of EUR k 158,158). In the 2025 financial year, the Group's Executive Board made a strategic decision to discontinue the technical redesign of the management of the dealer network, which was under construction under intangible assets, due to expected additional costs. The Group incurred an expense of EUR k 27,166 from the derecognition of this project, which was recognized in other operating expenses in the area of administrative expenses. No financing costs in accordance with IAS 23 were capitalized for intangible assets, in particular development costs. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory",
"language": "en",
"entity": "scheme:5299008TBI1EUJJSWP89",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s7__11__83": {
"value": "The breakdown of intangible assets and their development in the 2025 and 2024 financial years is presented in the following table: EUR k Development Concessions, Customer Assets under Total expenses industrial relationships and construction property rights trademarks and similar rights and benefits as well as licenses derived therefrom COST OF ACQUISITION AND PRODUCTION As at January 1, 2024 659,635 101,666 108,176 33,613 903,090 Additions 135,392 4,965 0 19,970 160,327 Disposals -105,543 -17,460 -59,749 -600 -183,352Changes in the scope of consolidation 0 12,789 41,982 612 55,383 Currency transalation 0 41 0 0 41 Transfers 0 9,597 0 -9,771 -174As at December 31, 2024 689,484 111,598 90,409 43,824 935,317 As at January 1, 2025 689,484 111,598 90,409 43,824 935,317 Additions 46,131 349 0 1,187 47,667 Changes in the scope of consolidation -1,027 -1,058 0 0 -2,085Transfers 0 7,519 0 -7,519 0 Disposals -159,208 -11,726 0 -34,845 -205,779Currency transalation 0 -110 0 0 -110As at December 31, 2025 575,380 106,572 90,409 2,646 775,009 ACCUMULATED DEPRECIATION As at January 1, 2024 152,969 75,103 6,051 0 234,123 Additions 81,819 17,907 6,391 8 106,125 Impairments 101,818 1,830 44,672 9,838 158,158 Disposals 0 -14,123 -38,282 -17 -52,422Changes in the scope of consolidation 0 12,455 120 -8 12,567 Currency transalation 0 24 -2 1 23 Transfers 0 34 0 0 34 As at December 31, 2024 336,605 93,230 18,950 9,822 458,608 As at January 1, 2025 336,605 93,230 18,950 9,822 458,608 Additions 65,695 5,336 0 0 71,031 Impairments 0 122 0 16 138 Disposals -154,143 -9,517 0 -7,664 -171,323Changes in the scope of consolidation -796 -957 0 0 -1,753Currency transalation 0 -56 0 0 -56Transfers 0 1,631 0 -1,631 0 As at December 31, 2025 247,360 89,789 18,950 544 356,645 Carrying amounts 352,87918,368 71,45934,002 476,709December 31, 2024 Carrying amounts 328,020 16,782 71,459 2,102 418,363 December 31, 2025 With a transfer agreement dated September 17, 2013, KTM AG has acquired the license right for the use of the \u201cHusqvarna\u201d brand from PIERER Industrie AG, an related company at the time, for EUR k 10,000. The license right is depreciated as planned over the remaining use-ful life of 2 years. The additions to intangible assets were corrected in the consolidated cash flow statement by EUR k -1,881 (previous year: EUR k 38,483) with regard to their ineffectiveness. In the 2025 financial year, development costs of non-usable assets in the amount of EUR k 3,006 fully booked. The reason for the discontinu-ation of the underlying development projects was the further sharpening of the strategic orientation of the Group's development activities. No impairment of assets not ready for use was recognized in the financial year in accordance with IAS 36 (previous year: EUR k 101,835). The impairments of intangible assets in the 2025 financial year relate to impairments due to classification as \u201cheld for sale\u201d in accordance with IFRS 5 in the amount of EUR k 138 (previous year: impairments in accordance with IFRS 5 and IAS 36 in the amount of EUR k 158,158). In the 2025 financial year, the Group's Executive Board made a strategic decision to discontinue the technical redesign of the management of the dealer network, which was under construction under intangible assets, due to expected additional costs. The Group incurred an expense of EUR k 27,166 from the derecognition of this project, which was recognized in other operating expenses in the area of administrative expenses. No financing costs in accordance with IAS 23 were capitalized for intangible assets, in particular development costs. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:5299008TBI1EUJJSWP89",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s7__11__85-1": {
"value": " EUR k Development Concessions, Customer Assets under Total expenses industrial relationships and construction property rights trademarks and similar rights and benefits as well as licenses derived therefrom COST OF ACQUISITION AND PRODUCTION As at January 1, 2024 659,635 101,666 108,176 33,613 903,090 Additions 135,392 4,965 0 19,970 160,327 Disposals -105,543 -17,460 -59,749 -600 -183,352Changes in the scope of consolidation 0 12,789 41,982 612 55,383 Currency transalation 0 41 0 0 41 Transfers 0 9,597 0 -9,771 -174As at December 31, 2024 689,484 111,598 90,409 43,824 935,317 As at January 1, 2025 689,484 111,598 90,409 43,824 935,317 Additions 46,131 349 0 1,187 47,667 Changes in the scope of consolidation -1,027 -1,058 0 0 -2,085Transfers 0 7,519 0 -7,519 0 Disposals -159,208 -11,726 0 -34,845 -205,779Currency transalation 0 -110 0 0 -110As at December 31, 2025 575,380 106,572 90,409 2,646 775,009 ACCUMULATED DEPRECIATION As at January 1, 2024 152,969 75,103 6,051 0 234,123 Additions 81,819 17,907 6,391 8 106,125 Impairments 101,818 1,830 44,672 9,838 158,158 Disposals 0 -14,123 -38,282 -17 -52,422Changes in the scope of consolidation 0 12,455 120 -8 12,567 Currency transalation 0 24 -2 1 23 Transfers 0 34 0 0 34 As at December 31, 2024 336,605 93,230 18,950 9,822 458,608 As at January 1, 2025 336,605 93,230 18,950 9,822 458,608 Additions 65,695 5,336 0 0 71,031 Impairments 0 122 0 16 138 Disposals -154,143 -9,517 0 -7,664 -171,323Changes in the scope of consolidation -796 -957 0 0 -1,753Currency transalation 0 -56 0 0 -56Transfers 0 1,631 0 -1,631 0 As at December 31, 2025 247,360 89,789 18,950 544 356,645 Carrying amounts 352,87918,368 71,45934,002 476,709December 31, 2024 Carrying amounts 328,020 16,782 71,459 2,102 418,363 December 31, 2025 With a transfer agreement dated September EUR k Land Buildings Technical Fixtures, Assets under Total equipment fittings and construction and machi-equipment nery COST OF ACQUISITION AND PRODUCTION As at January 1, 2024 52,731 351,511 336,627 191,724 18,629 951,222 Additions 1,887 21,128 24,094 17,888 49,167 114,164 Disposals -39 -38,418 -111,753 -22,965 -6,142 -179,317Changes in the scope of consolidation 39 33,580 96,838 8,595 10,527 149,579 Currency transalation 847 2,824 11 1,838 277 5,797 Transfers 0 3,745 38,221 5,003 -47,202 -233Reclassification as held for sale -3,735 -27,027 -466 -796 0 -32,024As at December 31, 2024 51,730 347,343 383,572 201,287 25,256 1,009,188 As at January 1, 2025 51,730 347,343 383,572 201,287 25,256 1,009,188 Additions 582 426 4,491 3,852 20,73930,090 Changes in the scope of consolidation 0 -97 -1,157 -1,577 -1 -2,833Transfers 0 172 26,624 10,267 -37,062 0 Disposals 877 -16,029 -19,291 -28,008 -987 -63,438Currency transalation -1,623 -7,194 -31 -4,392 -103 -13,342As at December 31, 2025 51,566 324,621 394,207 181,429 7,841 959,665 ACCUMULATED DEPRECIATION As at January 1, 2024 1,032 109,580 234,389 122,335 0 467,336 Additions 270 21,795 42,853 26,996 1 91,915 Impairments 11,541 63,022 41,516 15,229 9,342 140,650 Disposals -39 -36,687 -107,736 -21,086 -3,890 -169,438Changes in the scope of consolidation 0 18,115 83,426 7,726 208 109,475 Currency transalation 0 572 -6 1,111 -2 1,675 Transfers 0 -21 0 -146 0 -167Reclassification as held for sale 0 -1,108 -108 -341 0 -1,557As at December 31, 2024 12,804 175,268 294,334 151,824 5,659 639,889 As at January 1, 2025 12,804 175,268 294,334 151,824 5,659 639,889 Additions 226 15,133 28,435 18,593 062,386 Impairments 0 1,576 406 583 358 2,924 Disposals 0 -11,818 -16,263 -26,144 -492 -54,717Changes in the scope of consolidation 0 -2 -931 -1,017 -1 -1,952Currency transalation -2 -1,770 -10 -2,806 2 -4,585Transfers 0 0 4,591 0 -4,591 0 As at December 31, 2025 13,028 178,387 310,561 141,033 935 643,944 Carrying amounts December 31, 2024 38,926 172,075 89,238 49,463 19,597 369,299 Carrying amounts December 31, 2025 38,537 146,234 83,646 40,397 6,906 315,721 In the 2025 financial year, additionsEUR k Land and buil-Machinery Fixtures,Total dings fittings and equipment Dec 31, 2025 Balance as of 1/1 25,848 24,290 13,576 63,715 Additions and disposals due to changes in the scope of + / --92 0-229-321consolidation Foreign exchange translation on cost of acquisition and + / --5580 -617-1,176production + Additions to right-of-use assets 708 2,521 1,340 4,568- Disposals of right-of-use assets -13,897 -11,758 -5,691 -31,346Additions to and disposals of depreciation due to changes in the- / +0 0 9898 scope of consolidationForeign exchange translation of cumulative amortization and+ / -450 0 390840 depreciation- Depreciation on right-of-use assets -7,392 -4,121 -4,805 -16,318- Impairment of right-of-use assets -1,381 0 0 -1,381+ Disposals of depreciation on right of use assets 9,741 8,629 4,620 22,990Carrying amount 12/31/2025 13,427 19,561 8,681 41,668 Dec 31, 2024 Balance as of 1/1 29,75519,611 21,078 70,444 Additions and disposals due to changes in the scope of + / -2,118 363 2,8955,376 consolidation Foreign exchange translation on cost of acquisition and + / --95 -2 266169 production + Additions to right-of-use assets 14,511 18,204 6,537 39,252 - Disposals of right-of-use assets -6,231 -7,283 -12,264 -25,778- Reclass right-of-use assets held for sale -378 0 -995 -1,373Additions to and disposals of depreciation due to changes in the- / +-405 0 -2,599 -3,004scope of consolidationForeign exchange translation of cumulative amortization and+ / --15 1 -153 -167depreciation- Depreciation on right-of-use assets -11,133 -6,313 -8,008 -25,454- Impairment of right-of-use assets -7,368 -7,016 -4,576 -18,960+ Disposals of depreciation on right of use assets 4,711 6,560 10,824 22,095+ Reclass of depreciation on right-of-use assets held for sale 378 0 738 1,116Carrying amount 12/31/2024 25,848 24,125 13,743 63,716",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory",
"language": "en",
"entity": "scheme:5299008TBI1EUJJSWP89",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s7__11__87": {
"value": "Property, plant and equipment are valued at cost less depreciation. The scheduled depreciation is determined according to the straight-line depreciation method on the basis of the following useful lives: Years Useful life Buildings 10-50Machinery/tools 2-10Fixtures, fittings and equipment 3-10The calculation of the economic useful lives stated above is essentially based on empirical values on the wear and tear of the underlying as-sets in the course of their operational use. The production costs of self-built plants include the individual costs, including attributable material and manufacturing overheads. Financing costs arising from the direct allocation of debt capital or from the application of an average capitalization interest rate to the expenses incurred are not capitalized in accordance with IAS 23 due to a lack of qualifying assets. In accordance with IAS 20, investment grants from the public sector are to be treated as compensation for the associated depreciation. The net method according to IAS 20.24 (reduction of acquisition and production costs resulting in lower depreciation offset) is used. In the 2025 financial year, additions related to fully capitalized research and development expenses (previous year: EUR k 12,570) were reduced by a total of EUR k 5,033 (previous year: EUR k 12,570).",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:5299008TBI1EUJJSWP89",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s7__11__91": {
"value": "In accordance with IAS 20, investment grants from the public sector are to be treated as compensation for the associated depreciation. The net method according to IAS 20.24 (reduction of acquisition and production costs resulting in lower depreciation offset) is used. In the 2025 financial year, additions related to fully capitalized research and development expenses (previous year: EUR k 12,570) were reduced by a total of EUR k 5,033 (previous year: EUR k 12,570).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGovernmentGrantsExplanatory",
"language": "en",
"entity": "scheme:5299008TBI1EUJJSWP89",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s7__11__90": {
"value": "The breakdown of property, plant and equipment and their development in the 2025 and 2024 financial years are shown in the following table: EUR k Land Buildings Technical Fixtures, Assets under Total equipment fittings and construction and machi-equipment nery COST OF ACQUISITION AND PRODUCTION As at January 1, 2024 52,731 351,511 336,627 191,724 18,629 951,222 Additions 1,887 21,128 24,094 17,888 49,167 114,164 Disposals -39 -38,418 -111,753 -22,965 -6,142 -179,317Changes in the scope of consolidation 39 33,580 96,838 8,595 10,527 149,579 Currency transalation 847 2,824 11 1,838 277 5,797 Transfers 0 3,745 38,221 5,003 -47,202 -233Reclassification as held for sale -3,735 -27,027 -466 -796 0 -32,024As at December 31, 2024 51,730 347,343 383,572 201,287 25,256 1,009,188 As at January 1, 2025 51,730 347,343 383,572 201,287 25,256 1,009,188 Additions 582 426 4,491 3,852 20,73930,090 Changes in the scope of consolidation 0 -97 -1,157 -1,577 -1 -2,833Transfers 0 172 26,624 10,267 -37,062 0 Disposals 877 -16,029 -19,291 -28,008 -987 -63,438Currency transalation -1,623 -7,194 -31 -4,392 -103 -13,342As at December 31, 2025 51,566 324,621 394,207 181,429 7,841 959,665 ACCUMULATED DEPRECIATION As at January 1, 2024 1,032 109,580 234,389 122,335 0 467,336 Additions 270 21,795 42,853 26,996 1 91,915 Impairments 11,541 63,022 41,516 15,229 9,342 140,650 Disposals -39 -36,687 -107,736 -21,086 -3,890 -169,438Changes in the scope of consolidation 0 18,115 83,426 7,726 208 109,475 Currency transalation 0 572 -6 1,111 -2 1,675 Transfers 0 -21 0 -146 0 -167Reclassification as held for sale 0 -1,108 -108 -341 0 -1,557As at December 31, 2024 12,804 175,268 294,334 151,824 5,659 639,889 As at January 1, 2025 12,804 175,268 294,334 151,824 5,659 639,889 Additions 226 15,133 28,435 18,593 062,386 Impairments 0 1,576 406 583 358 2,924 Disposals 0 -11,818 -16,263 -26,144 -492 -54,717Changes in the scope of consolidation 0 -2 -931 -1,017 -1 -1,952Currency transalation -2 -1,770 -10 -2,806 2 -4,585Transfers 0 0 4,591 0 -4,591 0 As at December 31, 2025 13,028 178,387 310,561 141,033 935 643,944 Carrying amounts December 31, 2024 38,926 172,075 89,238 49,463 19,597 369,299 Carrying amounts December 31, 2025 38,537 146,234 83,646 40,397 6,906 315,721 In the 2025 financial year, additions",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:5299008TBI1EUJJSWP89",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s7__11__94": {
"value": "The companies accounted for using the equity method are associates and not joint ventures. The interests in associates that are included using the equity method are considered to be immaterial individually. As of December 31, 2025, the financial assets accounted for using the equity method are KTM Asia Motorcycle Manufacturing Inc., CFMOTO-KTMR2R Motorcycles Co., Ltd., and LX Media GmbH. Changes in companies accounted for using the equity method can be found in item 8 \u201cChanges in the scope of consolidation\u201d.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory",
"language": "en",
"entity": "scheme:5299008TBI1EUJJSWP89",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s7__11__97": {
"value": "KTM Asia Motorcycle Manufacturing Inc., CFMOTO-KTMR2R Motorcycles Co., Ltd., and LX Media GmbH. Changes in companies accounted for using the equity method can be found in item 8 \u201cChanges in the scope of consolidation\u201d. KTM Asia Motorcycle Manufacturing Inc., Philippines, was founded in June 2016 together with partner Ayala Corp. and started CKD (Com-pletely-Knocked-Down) assembly for KTM motorcycles in the Philippines in mid-2017. In the 2025 financial year, this share was completely depreciated due to uncertain going concern forecasts. KTM's joint venture in China with partner CFMOTO was established in 2018 financial year under the name \u201cZhejiang CFMOTO-KTMR2R Motor-cycles Co., Ltd.\u201d. The company commenced operations in the 2021 financial year. In Hangzhou, China, mid-range motorcycles are produced. The Bajaj Mobility Group intensified its cooperation with CFMOTO in the 2023 financial year and expanded production in the joint venture.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfJointVenturesExplanatory",
"language": "en",
"entity": "scheme:5299008TBI1EUJJSWP89",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s7__11__98": {
"value": "26. DEFERRED TAX ASSETS AND LIABILITIESDeferred taxes on tax loss carryforwards are recognized taking into account their prompt realization. Deferred tax assets and liabilities are shown on a netted basis with the same tax jurisdiction and similar maturity. For the differences in the tax basis of fully consolidated or equity-accounted shares to the corresponding group equity, deferred taxes are only deferred if realization is likely in the foreseeable future. The cal-culation is based on the income tax rate customary in the respective country at the time of the expected reversal of the difference in value. In total, deferred tax assets and liabilities are calculated from the following balance sheet items: EUR k Dec 31, 2025 Dec 31, 2024 Deferred tax assets: Property, plant and equipment 9,624 0Inventories 4,961 13,970Financial investments 87,128 48,776Liabilities for employee benefits 1,663 2,498Provisions 422 544Liabilities 12,228 17,368Receivables and other current assets 5,471 0121,497 83,156Loss carryforwards 0 207,461Offsetting -107,500 -206,49113,997 84,126Deferred tax liabilities: Receivables and other current assets 0 108,607Intangible assets 94,508 98,777Non-current assets 13,557 0108,065 207,384 Offsetting -107,500 -206,491565 893The temporary differences in deferred tax liabilities in the item 23 \u201cIntangible assets\u201d are mainly due to the development costs that cannot be capitalized for tax purposes and to differences in the recognition of the \u201cKTM\u201d brand. The tax loss carryforwards in the Bajaj Mobility Group amount to EUR k 313,130 in 2025 (previous year: EUR k 1,185,907), of which EUR k -313,130 (previous year: EUR k -284,628) were not recognized. The tax loss in Austria can be carried forward indefinitely. In addition, there are deductible temporary differences and tax credits amounting to EUR k 7,866 (previous year: EUR k 0). As of December 31, 2025 (and in the previous year), it was assumed that, due to the tax provisions currently in force, the differences between the tax participation approach and the proportionate equity of the subsidiaries included in the IFRS consolidated financial statements (out-side-basis differences) can remain tax-free in the foreseeable future or the reversal of the differences can be controlled by the group. Furthermore, it can be assumed that the differences between the tax participation approach and the carrying amount of the financial assets accounted for using the equity method (outside-basis differences) will remain tax-free in the foreseeable future, as no sale of these invest-ments is planned. In connection with shares in subsidiaries and companies accounted for using the equity method, no deferred tax deferrals were recognized in accordance with IAS 12.39 for taxable temporary differences in the amount of EUR k 515 (previous year: EUR k 2,681). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
"language": "en",
"entity": "scheme:5299008TBI1EUJJSWP89",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s7__11__99": {
"value": "Deferred taxes on tax loss carryforwards are recognized taking into account their prompt realization. Deferred tax assets and liabilities are shown on a netted basis with the same tax jurisdiction and similar maturity. For the differences in the tax basis of fully consolidated or equity-accounted shares to the corresponding group equity, deferred taxes are only deferred if realization is likely in the foreseeable future. The cal-culation is based on the income tax rate customary in the respective country at the time of the expected reversal of the difference in value.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:5299008TBI1EUJJSWP89",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s7__11__100": {
"value": "The temporary differences in deferred tax liabilities in the item 23 \u201cIntangible assets\u201d are mainly due to the development costs that cannot be capitalized for tax purposes and to differences in the recognition of the \u201cKTM\u201d brand. The tax loss carryforwards in the Bajaj Mobility Group amount to EUR k 313,130 in 2025 (previous year: EUR k 1,185,907), of which EUR k -313,130 (previous year: EUR k -284,628) were not recognized. The tax loss in Austria can be carried forward indefinitely. In addition, there are deductible temporary differences and tax credits amounting to EUR k 7,866 (previous year: EUR k 0). As of December 31, 2025 (and in the previous year), it was assumed that, due to the tax provisions currently in force, the differences between the tax participation approach and the proportionate equity of the subsidiaries included in the IFRS consolidated financial statements (out-side-basis differences) can remain tax-free in the foreseeable future or the reversal of the differences can be controlled by the group. Furthermore, it can be assumed that the differences between the tax participation approach and the carrying amount of the financial assets accounted for using the equity method (outside-basis differences) will remain tax-free in the foreseeable future, as no sale of these invest-ments is planned. In connection with shares in subsidiaries and companies accounted for using the equity method, no deferred tax deferrals were recognized in accordance with IAS 12.39 for taxable temporary differences in the amount of EUR k 515 (previous year: EUR k 2,681).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsExplanatory",
"language": "en",
"entity": "scheme:5299008TBI1EUJJSWP89",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s7__11__103": {
"value": "27. OTHER NON-CURRENT ASSETS AND RECEIVABLESEUR k Dec 31, 2025 Dec 31, 2024 Receivables from financing activities 197 347Receivables from subleases 514 515Other 9,047 2,3859,758 3,247Other non-current assets mainly include deposits and advance payments to suppliers. The increase in this position is due in particular to the collateral required by the Group's suppliers following the insolvency proceedings of the 2024 and 2025 financial years. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory",
"language": "en",
"entity": "scheme:5299008TBI1EUJJSWP89",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s7__11__102": {
"value": "27. OTHER NON-CURRENT ASSETS AND RECEIVABLESEUR k Dec 31, 2025 Dec 31, 2024 Receivables from financing activities 197 347Receivables from subleases 514 515Other 9,047 2,3859,758 3,247Other non-current assets mainly include deposits and advance payments to suppliers. The increase in this position is due in particular to the collateral required by the Group's suppliers following the insolvency proceedings of the 2024 and 2025 financial years. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory",
"language": "en",
"entity": "scheme:5299008TBI1EUJJSWP89",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s7__11__101": {
"value": "27. OTHER NON-CURRENT ASSETS AND RECEIVABLESEUR k Dec 31, 2025 Dec 31, 2024 Receivables from financing activities 197 347Receivables from subleases 514 515Other 9,047 2,3859,758 3,247Other non-current assets mainly include deposits and advance payments to suppliers. The increase in this position is due in particular to the collateral required by the Group's suppliers following the insolvency proceedings of the 2024 and 2025 financial years. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory",
"language": "en",
"entity": "scheme:5299008TBI1EUJJSWP89",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s7__11__104": {
"value": "28. INVENTORIESThe stocks are made up as follows: EUR k Dec 31, 2025 Dec 31, 2024 Raw materials and supplies 115,107 96,859Work in progress 31,392 31,465Finished goods and merchandise 230,563 489,528377,062 617,852EUR k Dec 31, 2025 Dec 31, 2024 Inventories (gross) 428,049 770,272Write-down -50,987 -152,420Inventories (net) 377,062 617,852With regard to the underlying assessments for the valuation of inventories, reference is made to the explanations under item 6 \u201cEstimates and discretionary decisions\u201d.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInventoriesExplanatory",
"language": "en",
"entity": "scheme:5299008TBI1EUJJSWP89",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s7__11__105": {
"value": "With regard to the underlying assessments for the valuation of inventories, reference is made to the explanations under item 6 \u201cEstimates and discretionary decisions\u201d.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories",
"language": "en",
"entity": "scheme:5299008TBI1EUJJSWP89",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s7__11__107-1": {
"value": "29. TRADE RECEIVABLESTrade receivables are made up as follows: EUR k Dec 31, 2025 Dec 31, 2024 To third parties 114,671 237,166From associates 76 6,363From affiliated companies 0 45,893114,747 289,422Gross trade receivables from third parties are reduced by impairments in the amount of EUR k 15,444 (previous year: EUR k 27,957) de-creased. This also includes lump-sum value adjustments in accordance with the expected credit loss model in accordance with IFRS 9, as set out in Chapter VII \u201cFinancial Risk Report\u201d. The change in receivables from affiliated companies is primarily due to the change of ownership of Bajaj Auto International Holdings AG, the parent company of Bajaj Mobility AG. The impairment losses on trade receivables developed as follows: EUR k As at January 1, 2024 7,406 Changes in the scope of consolidation 284 Currency Translation 80 Allocations to individual value adjustment 22,458 Allocation to valuation allowance for expected losses 493 Utilization -1,582Reversals -1,107Reclassification as held for sale -75As at December 31, 2024 = as of January 1, 2025 27,957 Changes in the scope of consolidation -1,481Currency Translation -1,620Allocations to individual value adjustment 6,776 Utilization -15,214Reversal of valuation allowance for expected losses -481Reversals -493As at December 31, 2025 15,444 Expenses for the complete derecognition of trade receivables from third parties amounted to EUR k 1,834 (previous year: EUR k 2,122). Further information on the measurement of trade receivables and on default risks can be found under Chapter VII \u201cFinancial Risk Report\u201d. A summary of the risk of default for trade receivables as of December 31, 2025 is presented in the following table. Trade receivables Not impaired in Creditworthiness Total creditworthiness impaired EUR k Not overdue 80,212 0 80,212 Overdue 1-30 days 15,051 0 15,051 Overdue 31-60 days 2,290 0 2,290 Overdue 61-90 days 890 0 890 Overdue > 90 days 7,458 24,292 31,750 Total gross carrying amount 105,900 24,292 130,192 Impairment loss -313 -15,130 -15,444Total 105,587 9,162 114,748 A summary of the risk of default for trade receivables as of December 31, 2024 is presented in the following table. Trade receivables Not impaired in Creditworthiness Total creditworthiness impaired EUR k Not overdue 220,448 0 220,448 Overdue 1-30 days 34,188 0 34,188 Overdue 31-60 days 5,446 0 5,446 Overdue 61-90 days 4,583 0 4,583 Overdue > 90 days 3,309 49,460 52,769 Total gross carrying amount 267,974 49,460 317,434 Impairment loss -794 -27,218 -28,012Total 267,180 22,242 289,422 In order to determine the impairment requirements for trade receivables that have not been individually value-adjusted, the Bajaj Mobility Group evaluated the defaults of recent years. The analysis has shown that there is only a negligible risk for receivables with a certain overdue date. The assessment of loss ratios is based on historical default rates related to overdue dates and taking into account forward-looking information. With regard to the balance of financial delivery and other receivables that are neither impaired nor in arrears in payment, there are no indica-tions at the balance sheet date that the debtors will not meet their payment obligations. There are no concentration risks. Estimation of expected credit losses On the basis of the defaults actually observed in the past, an average default rate of 0.233% (previous year: 0.235%) of trade receivables was determined. Unchanged from the previous year, it remains the case that macroeconomic uncertainties and a persistently elevated interest rate level are causing a difficult market environment. The restructuring proceedings under insolvency law of the group, in particular of KTM AG, create an additional risk, because although these have been successfully concluded from a legal point of view, there are still uncertainties among (end) customers regarding the warranty services offered, product reliability, the supply of spare parts and other reputational damage, etc. The risk premium for future-related developments remained unchanged compared to the previous year. A reversal of EUR k 481 (previ-ous year: allocation of EUR k 493) was recognized as an impairment of expected losses on trade receivables. The reason for this is the signifi-cantly reduced level of receivables as of the balance sheet date. As of December 31, 2025, the impairment charge for expected losses amounted to EUR k 313 (previous year: EUR k 794). Changes in value adjustments relating to trade receivables The development of value adjustments is described in the notes under item 29 \u201cTrade receivables\u201d. Cash and cash equivalents, other financial assets and derivatives Credit losses on cash and cash equivalents and other financial assets are calculated on the basis of average default rates and the rating of the instrument. A significant change in credit risk is determined on the basis of rating and late payment. Taking into account the short-term nature of this position and in view of the good rating of the banks, the Group assumes that these holdings are financial instruments with a low risk of default and that the expected losses are negligible. There is no evidence of additional impairment requirements for financial assets. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory",
"language": "en",
"entity": "scheme:5299008TBI1EUJJSWP89",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s7__11__106": {
"value": "29. TRADE RECEIVABLESTrade receivables are made up as follows: EUR k Dec 31, 2025 Dec 31, 2024 To third parties 114,671 237,166From associates 76 6,363From affiliated companies 0 45,893114,747 289,422Gross trade receivables from third parties are reduced by impairments in the amount of EUR k 15,444 (previous year: EUR k 27,957) de-creased. This also includes lump-sum value adjustments in accordance with the expected credit loss model in accordance with IFRS 9, as set out in Chapter VII \u201cFinancial Risk Report\u201d. The change in receivables from affiliated companies is primarily due to the change of ownership of Bajaj Auto International Holdings AG, the parent company of Bajaj Mobility AG. The impairment losses on trade receivables developed as follows: EUR k As at January 1, 2024 7,406 Changes in the scope of consolidation 284 Currency Translation 80 Allocations to individual value adjustment 22,458 Allocation to valuation allowance for expected losses 493 Utilization -1,582Reversals -1,107Reclassification as held for sale -75As at December 31, 2024 = as of January 1, 2025 27,957 Changes in the scope of consolidation -1,481Currency Translation -1,620Allocations to individual value adjustment 6,776 Utilization -15,214Reversal of valuation allowance for expected losses -481Reversals -493As at December 31, 2025 15,444 Expenses for the complete derecognition of trade receivables from third parties amounted to EUR k 1,834 (previous year: EUR k 2,122). Further information on the measurement of trade receivables and on default risks can be found under Chapter VII \u201cFinancial Risk Report\u201d. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:5299008TBI1EUJJSWP89",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s7__11__108": {
"value": "Gross trade receivables from third parties are reduced by impairments in the amount of EUR k 15,444 (previous year: EUR k 27,957) de-creased. This also includes lump-sum value adjustments in accordance with the expected credit loss model in accordance with IFRS 9, as set out in Chapter VII \u201cFinancial Risk Report\u201d. The change in receivables from affiliated companies is primarily due to the change of ownership of Bajaj Auto International Holdings AG, the parent company of Bajaj Mobility AG.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:5299008TBI1EUJJSWP89",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s7__11__110-1": {
"value": "30. OTHER CURRENT ASSETS AND RECEIVABLESSubsidies will be considered as soon as there is certainty that they will flow to the Bajaj Mobility Group and that the group can meet the re-quirements set. Other current assets, including current receivables from financing activities, are made up as follows: EUR k Dec 31, 2025 Dec 31, 2024 Receivables from derivative financial instruments 0 6Current receivables from financing activities 2,700 5,793Asset backed securities / factoring financing 2,530 39,875Purchase price claim from selling MV Agusta 11,660 0Receivables from financial institutes 17,207 0Other 10,198 13,358Other current financial assets 44,296 59,032Subsidies14,246 25,769Advance payments for inventories 73,762 10,388Other prepayments, prepaid expenses 24,467 23,985Receivables from value added taxes (from tax group settlement with Pierer Industrie AG) 0 3,600Receivables from tax authorities 16,524 26,473Other 1,063 5,472Other current non-financial assets 130,061 95,687Other current assets and receivables 174,357 154,719The input tax receivables from the offsetting of tax groups with Pierer Industrie AG, a formerly affiliated company, were completely eliminated in the course of the restructuring of the tax group in the 2024 and 2025 financial years. The tax group owner is now Bajaj Mobility AG.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory",
"language": "en",
"entity": "scheme:5299008TBI1EUJJSWP89",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s7__11__109": {
"value": "30. OTHER CURRENT ASSETS AND RECEIVABLESSubsidies will be considered as soon as there is certainty that they will flow to the Bajaj Mobility Group and that the group can meet the re-quirements set. Other current assets, including current receivables from financing activities, are made up as follows: EUR k Dec 31, 2025 Dec 31, 2024 Receivables from derivative financial instruments 0 6Current receivables from financing activities 2,700 5,793Asset backed securities / factoring financing 2,530 39,875Purchase price claim from selling MV Agusta 11,660 0Receivables from financial institutes 17,207 0Other 10,198 13,358Other current financial assets 44,296 59,032Subsidies14,246 25,769Advance payments for inventories 73,762 10,388Other prepayments, prepaid expenses 24,467 23,985Receivables from value added taxes (from tax group settlement with Pierer Industrie AG) 0 3,600Receivables from tax authorities 16,524 26,473Other 1,063 5,472Other current non-financial assets 130,061 95,687Other current assets and receivables 174,357 154,719For the receivable from the sale of the disposal group \u2018MV Agusta\u2019, as explained in item 8 \u201cChanges in the scope of consolidation\u201d, expected credit losses of EUR k 3,340 were recognized in the 2025 financial year. The input tax receivables from the offsetting of tax groups with Pierer Industrie AG, a formerly affiliated company, were completely eliminated in the course of the restructuring of the tax group in the 2024 and 2025 financial years. The tax group owner is now Bajaj Mobility AG. The position \u201cOther\u201d among other current non-financial assets includes other receivables of various types in the financial year 2025. The receivables sold in connection with the factoring program newly launched in the 2025 financial year will be derecognized in accordance with the provisions of IFRS 9 and taking into account ongoing commitments. As part of the factoring program, monthly revolving insured trade receivables are sold up to a maximum volume of EUR k 100,000 (previous year: EUR k 350,000 under another program with similar eco-nomic content). Further information on the factoring program can be found under item 42 \u201cClassification and fair values\u201d. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory",
"language": "en",
"entity": "scheme:5299008TBI1EUJJSWP89",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s7__11__112": {
"value": "31. CASH AND CASH EQUIVALENTSCash and cash equivalents include cash balances, bank deposits, cheques and fixed deposits with a maximum of three months (calculated from the date of acquisition) and are measured at amortized cost on the balance sheet date. For further details on the change in cash and cash equivalents, please refer to the disclosures on the statement of cash flows in Chapter VI of these notes to the consolidated financial statements.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:5299008TBI1EUJJSWP89",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s7__11__115": {
"value": "33. GROUP EQUITYThe development of consolidated equity in the financial year and in the previous year is shown in the consolidated statement of changes in equity. As in the previous year, the Company's share capital amounts to EUR 33,796,535 and is divided into 33,796,535 no-par value bearer shares, each of which represents an equal shareholding in the share capital. The shares grant the ordinary rights to which shareholders are entitled under the Austrian Stock Corporation Act. These include the right to payment of the dividend resolved at the Annual General Meeting and the right to exercise voting rights at the Annual General Meeting. All shares were paid up in full. The share capital reported in the consolidated financial statements corresponds to the share capital reported in the individual financial statements of Bajaj Mobility AG. In accordance with IFRS 9, the cash flow hedge reserve comprises the effective portion of the cumulative net changes in the fair value of hedging instruments used to hedge cash flows until it is subsequently recognized in profit or loss or recognized directly in the cost or carrying amount of a non-financial asset or liability. The hedging cost reserve shows the gains and losses of the portion excluded from the designated hedging transaction that relates to the forward element of the foreign exchange forward transaction. These are initially recognized as other comprehensive income and, like the gains and losses, are recognized in the reserve from hedging transactions. As of December 31, 2025, the Group no longer has any cash flow hedge relationships, as already explained in the consolidated financial statements 2024. The development of the cash flow hedge reserve and the reserve for hedging costs is explained in more detail under item 44 \u201cHedging\u201d. In the 2022 financial year, the Bajaj Mobility Group acquired outstanding shares in KTM AG amounting to 0.2% as part of a squeeze-out by granting a cash settlement. However, the minority shareholders concerned did not claim the full amount of cash to which they were entitled within the statutory period. For this reason, the Group received previously deposited cash of EUR k 2,835 in the 2025 financial year, which was recognized directly in equity. Non-controlling interests comprise third-party interests in the equity of the consolidated subsidiaries: EUR k KTM AG Others and Total consolidation Dec 31, 2025 Revenue 939,390 69,999 1,009,389 Profit/loss for the period 852,612 -262,448590,164 Other comprehensive income -8,380 0 -8,380Total comprehensive income 844,232 -262,448 581,784 Profit/Loss attributed to non-controlling interests -3,875 -918 -4,793Other comprehensive income attributed to non-controlling interests 0 0 0 Non-current assets 774,070-194773,876 Current assets 782,729 29,467 812,196 Non-current liabilities 618,878 325,538 944,416 Current liabilities 245,878 10,541 256,419 Net assets 692,043 -306,806 385,237 Carrying amount of non-controlling interests 1,849 387 2,236 Cash flow from operating activities -54,134 33,313 -20,821Cash flow from investing activities 317,074 -330,593 -13,519Cash flow from financing activities -288,267 290,867 2,600 Total cash flow -25,327 -6,414 -31,741Dividends to non-controlling interests 0 0 0 EUR k KTM AG Others and Total consolidation Dec 31, 2024 Revenue 1,802,554 76,467 1,879,021 Profit/loss for the period -1,083,001 3,094 -1,079,907Other comprehensive income -1,695 26 -1,669Total comprehensive income -1,084,696 3,120 -1,081,576Profit/Loss attributed to non-controlling interests -89,896 254 -89,642Other comprehensive income attributed to non-controlling interests 0 0 0 Non-current assets 1,023,980-76,470947,510 Current assets 1,298,073 150,251 1,448,324 Non-current liabilities -192,831 -3,246 -196,077Current liabilities -2,269,275 -124,231 -2,393,506Net assets -140,053 -53,696 -193,749Carrying amount of non-controlling interests 1,692 1,322 3,014 Cash flow from operating activities -418,956 -17,006-435,962Cash flow from investing activities -338,971 -1,539 -340,510Cash flow from financing activities 696,684 -2,007 694,677 Total cash flow -61,243 -20,552 -81,795Dividends to non-controlling interests 754 0 754 The non-controlling interests in the motorcycle segment include non-controlling interests of subsidiaries of KTM AG and relate to the compa-nies CERO Design Studio S.L. and KTM MOTOHALL GmbH as of the reporting date of December 31, 2025. For the levels of participation, please refer to the list of participations in Chapter XII. The impact of the transactions with non-controlling interests and the change in shareholders' equity during the financial year is as follows: EUR k Dec 31, 2025 Dec 31, 2024 Acquired (-) resp. derecognised (+) carrying amount of non-controlling interestReceived (+) resp. paid (-) purchase price to non-controlling shareholders -8,297 658,000 0Difference amount recognised in equity -297 65The development of other comprehensive income after tax in consolidated equity was as follows: EUR k Reserves Cash flow Foreign Total Interests non-Total con-including hedge reserve currency controlling solidated retained translation shareholders equity earnings reserve Dec 31, 2025 Currency translation differences 0 0 -9,805 -9,805 482 -9,323Cost of hedging 0 -2,081 0 -2,081 0 -2,081Revaluation reserve from defined benefit 3,02400 3,024 0 3,024 plans 3,024 -2,081 -9,805 -8,862 482 -8,380Dec 31, 2024 Currency translation differences 0 0 4,048 4,048 0 4,048 Cost of hedging 0 -6,233 0 -6,233 0 -6,233Revaluation reserve from defined benefit 516 0 0516 0 516 plans 516 -6,233 4,048 -1,669 0 -1,669",
"dimensions": {
"concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:5299008TBI1EUJJSWP89",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s7__11__116": {
"value": "As in the previous year, the Company's share capital amounts to EUR 33,796,535 and is divided into 33,796,535 no-par value bearer shares, each of which represents an equal shareholding in the share capital.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:5299008TBI1EUJJSWP89",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s7__11__117-1": {
"value": "In accordance with IFRS 9, the cash flow hedge reserve comprises the effective portion of the cumulative net changes in the fair value of hedging instruments used to hedge cash flows until it is subsequently recognized in profit or loss or recognized directly in the cost or carrying amount of a non-financial asset or liability. The hedging cost reserve shows the gains and losses of the portion excluded from the designated hedging transaction that relates to the forward element of the foreign exchange forward transaction. These are initially recognized as other comprehensive income and, like the gains and losses, are recognized in the reserve from hedging transactions. As of December 31, 2025, the Group no longer has any cash flow hedge relationships, as already explained in the consolidated financial statements 2024. The development of the cash flow hedge reserve and the reserve for hedging costs is explained in more detail under item 44 \u201cHedging\u201d. In the 2022 financial year, the Bajaj Mobility Group acquired outstanding shares in KTM AG amounting to 0.2% as part of a squeeze-out by granting a cash settlement. However, the minority shareholders concerned did not claim the full amount of cash to which they were entitled within the statutory period. For this reason, the Group received previously deposited cash of EUR k 2,835 in the 2025 financial year, which was recognized directly in equity.As of the balance sheet date, the amounts relating to items designated as hedged items are as follows. EUR k Cash flow hedge Costs of Balances remaining in the cash flow hedge reserve from hedging reserve hedging hedge relationships for which hedge accounting is no longer applied reserve Dec 31, 2025 Foreign currency risk Sales and receivables 0 0 0 Inventory purchases 0 0 0 Interest rate risk Variable-rate instruments 0 0 0 Total 0 0 0 Dec 31, 2024 Foreign currency risk Sales and receivables 0 0 0 Inventory purchases 0 0 0 Interest rate risk Variable-rate instruments 1,965 0 0 Total 1,965 0 0 The cash flow hedge reserve and the reserve for hedging costs (after tax) developed as follows: EUR k Costs of hedging Cash flow hedge Total hedge reserve reserve As at January 1, 2024 -177 8,497 8,320 Amount reclassified to the income statement Realization of hedged item (recognized in revenues - currency risk) 177 613 790 Realization of hedged item (recorded in net interest income - interest 0 -4,013-4,013rate risk) InventoriesRealization of hedged item (recorded in inventories / production costs - 0 -121-121currency risk) Change in fair value Addition - interest rate risk 0 -3,011-3,011As at December 31, 2024 = as of January 1, 2025 0 1,965 1,965 Amount reclassified to the income statement Realization of hedged item (recognized in revenues - currency risk) 0 -1,965-1,965As at December 31, 2025 0 0 0",
"dimensions": {
"concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:5299008TBI1EUJJSWP89",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s7__11__118-1": {
"value": "Non-controlling interests comprise third-party interests in the equity of the consolidated subsidiaries: EUR k KTM AG Others and Total consolidation Dec 31, 2025 Revenue 939,390 69,999 1,009,389 Profit/loss for the period 852,612 -262,448590,164 Other comprehensive income -8,380 0 -8,380Total comprehensive income 844,232 -262,448 581,784 Profit/Loss attributed to non-controlling interests -3,875 -918 -4,793Other comprehensive income attributed to non-controlling interests 0 0 0 Non-current assets 774,070-194773,876 Current assets 782,729 29,467 812,196 Non-current liabilities 618,878 325,538 944,416 Current liabilities 245,878 10,541 256,419 Net assets 692,043 -306,806 385,237 Carrying amount of non-controlling interests 1,849 387 2,236 Cash flow from operating activities -54,134 33,313 -20,821Cash flow from investing activities 317,074 -330,593 -13,519Cash flow from financing activities -288,267 290,867 2,600 Total cash flow -25,327 -6,414 -31,741Dividends to non-controlling interests 0 0 0 EUR k KTM AG Others and Total consolidation Dec 31, 2024 Revenue 1,802,554 76,467 1,879,021 Profit/loss for the period -1,083,001 3,094 -1,079,907Other comprehensive income -1,695 26 -1,669Total comprehensive income -1,084,696 3,120 -1,081,576Profit/Loss attributed to non-controlling interests -89,896 254 -89,642Other comprehensive income attributed to non-controlling interests 0 0 0 Non-current assets 1,023,980-76,470947,510 Current assets 1,298,073 150,251 1,448,324 Non-current liabilities -192,831 -3,246 -196,077Current liabilities -2,269,275 -124,231 -2,393,506Net assets -140,053 -53,696 -193,749Carrying amount of non-controlling interests 1,692 1,322 3,014 Cash flow from operating activities -418,956 -17,006-435,962Cash flow from investing activities -338,971 -1,539 -340,510Cash flow from financing activities 696,684 -2,007 694,677 Total cash flow -61,243 -20,552 -81,795Dividends to non-controlling interests 754 0 754 The non-controlling interests in the motorcycle segment include non-controlling interests of subsidiaries of KTM AG and relate to the compa-nies CERO Design Studio S.L. and KTM MOTOHALL GmbH as of the reporting date of December 31, 2025. For the levels of participation, please refer to the list of participations in Chapter XII.The impact of the transactions with non-controlling interests and the change in shareholders' equity during the financial year is as follows: EUR k Dec 31, 2025 Dec 31, 2024 Acquired (-) resp. derecognised (+) carrying amount of non-controlling interestReceived (+) resp. paid (-) purchase price to non-controlling shareholders -8,297 658,000 0Difference amount recognised in equity -297 65",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory",
"language": "en",
"entity": "scheme:5299008TBI1EUJJSWP89",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s7__11__120": {
"value": "The development of other comprehensive income after tax in consolidated equity was as follows: EUR k Reserves Cash flow Foreign Total Interests non-Total con-including hedge reserve currency controlling solidated retained translation shareholders equity earnings reserve Dec 31, 2025 Currency translation differences 0 0 -9,805 -9,805 482 -9,323Cost of hedging 0 -2,081 0 -2,081 0 -2,081Revaluation reserve from defined benefit 3,02400 3,024 0 3,024 plans 3,024 -2,081 -9,805 -8,862 482 -8,380Dec 31, 2024 Currency translation differences 0 0 4,048 4,048 0 4,048 Cost of hedging 0 -6,233 0 -6,233 0 -6,233Revaluation reserve from defined benefit 516 0 0516 0 516 plans 516 -6,233 4,048 -1,669 0 -1,669",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAnalysisOfOtherComprehensiveIncomeByItemExplanatory",
"language": "en",
"entity": "scheme:5299008TBI1EUJJSWP89",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s7__11__121": {
"value": "34. FINANCIAL LIABILITIESThe Group's financial liabilities as of the balance sheet date for the financial year and the previous year are as follows: EUR k Nominal amount Carrying amount Residual term \u2264 Residual term > 1 year 1 year Dec 31, 2025 Liabilities to banks and similar institutes 31,051 31,051 3,762 27,288Restructuring loans 450,000 471,619 0 471,619 Loans from affilliated companies 350,000 374,670 0 374,670 Lease liabilities 58,339 58,339 16,695 41,645 Total financial liabilities 889,390 935,679 20,457 915,222 EUR k Residual term \u2264 Residual term > Nominal amount Carrying amount 1 year 1 year Dec 31, 2024 Promissory note loans 495,000 495,000 495,000 0 Registered bonds 110,000 110,000 110,000 0 Liabilities to banks and similar institutes 359,445 359,445 330,613 28,832Liabilities from factoring program between group companies 63,415 63,415 63,415 0 Liabilities from supplier finance arrangements between group 15,871 15,871 15,871 0companies Lease liabilities 87,796 87,796 23,275 64,521 Other interest-bearing liabilities 674,595 674,595 674,595 0Total financial liabilities 1,806,122 1,806,122 1,712,769 93,353In the 2025 financial year, the Group realized a restructuring profit, which was mainly attributable to financial liabilities. The related explana-tions can be found under item 2 \u201cInformation in connection with the restructuring proceedings of major subsidiaries completed in 2025\u201d. The realized restructuring gain was omitted at EUR k 1,019,903 on financial liabilities, which specifically corresponds to a balance sheet value of financial liabilities of EUR k 1,457,006, which was part of the restructuring proceedings. The remaining liabilities to credit institutions relate to loans from subsidiaries of the group that were not part of the restructuring proceedings. To settle the restructuring quotas, Bajaj Auto International Holdings BV, Netherlands, has granted the Bajaj Mobility Group a restructuring loan of EUR k 450,000 with a term of three years, i.e. until December 30, 2028, via KTM AG. The deviation between nominal and book value shown above is due to interest accruals and accruals. Bajaj Auto International Holdings B.V. has been an affiliated company since the change of majority ownership of Bajaj Auto International Holdings AG and Bajaj Mobility AG. At the same time, Bajaj Auto International Holdings AG provided its subsidiary Bajaj Mobility AG with a loan of EUR k 350,000, the funds of which were used to a significant extent to settle intra-group receivables of KTM AG and thus ultimately also accrued to KTM AG. The loan was granted in several tranches, each of which has a maturity of three years. The last tranche is therefore to be repaid on May 22, 2028. The devi-ation between nominal and book value shown above is due to interest accruals. Although lease liabilities were also subject to the restructuring proceedings, they were analyzed in detail by the insolvency administrators and listed as conditionally registered creditor claims. The reason for this is the basic operational necessity of the leased assets. In the case of such leases that were discontinued, a restructuring profit amounting to EUR k 2,332 was recognized, which corresponds to a level of lease liabilities of EUR k 3,331.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:5299008TBI1EUJJSWP89",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s7__11__122": {
"value": "35. OBLIGATIONS FOR EMPLOYEE BENEFITSThe obligations for employee benefits are made up of obligations for severance and anniversary bonuses: EUR k Dec 31, 2025 Dec 31, 2024 Severance 15,294 19,618Anniversary bonuses 6,593 7,28921,886 26,907Special features in the course of the restructuring procedure In the previous year, a (restructuring) provision was already recognized for those claims of employees that were issued as a result of termina-tions between January 1 and 19, 2025. The terminations in question had already been communicated by the restructuring administrators before the balance sheet date of the previous year and formed the basis of the restructuring plan. The associated provision was used in full in the 2025 financial year. Severance payments Due to legal regulations, the Bajaj Mobility Group is obliged to make a severance payment to all employees in Austria whose employment rela-tionship began before January 1, 2003 upon termination by the employer or at the time of retirement. This performance-based obligation depends on the number of years of service and the relevant salary at the time of severance pay and amounts to between two and twelve months' salary. For all employment relationships established in Austria after December 31, 2002, the Group pays 1.53% of the salary per month into a com-pany employee provision fund, in which the contributions are invested in an employee's account and paid out to him or passed on as an enti-tlement upon termination of the employment relationship. The company is only obliged to pay the contributions that are recognized in the expenditure for which they were paid in the financial year for which they were paid (defined contribution obligation). For employees of Aus-trian group companies who entered into employment on or after January 1, 2003, contributions for severance payments to a statutory em-ployee provision fund in the amount of 1.53% of wages or salaries were paid. In the past financial year, premiums totaling EUR k 3,174 (pre-vious year: EUR k 4,688) were paid. Net debt from defined benefit severance pay plans developed as follows: EUR k Dec 31, 2025 Dec 31, 2024 Present value of future defined benefits: As at 1/1 19,618 20,548Changes in the scope of consolidation 0 -885Current service cost 339 416Interest expense 628 960Payments made -1,063 -1,233Additions/disposals 0 -169Actuarial gain/loss (other comprehensive income) -3,927 670Reclassification as held for sale 0 -847Miscellaneous -302 158As at 12/31 15,294 19,618The weighted remaining terms (duration) of the severance pay obligations are 9 years as of December 31, 2025 (previous year: 9 years). Actuarial gain/loss is made up of the following factors: EUR k Dec 31, 2025 Dec 31, 2024 Change in expected values -1,623 234Change in demographic assumptions -99 38Change in financial assumptions -2,204 398Actuarial gain/loss -3,927 670The valuation of the obligation is based on the following assumptions: Dec 31, 2025 Dec 31, 2024 Discount rate 3.98% 3.41%Trend in wages and salaries 1.90% 2.75%Retirement age (with transitional provisions) 63 years 63 years The discount rate was set taking into account the average maturities and average remaining life expectancy. The discount rate is the yield that is achieved on the market on the balance sheet date for first-class, fixed-interest industrial bonds. Employee turnover is determined on a company-specific basis and taken into account depending on age/length of service. The actuarial as-sessments are based on country-specific mortality tables. The statutory retirement age for each country was chosen as the retirement age. A change (+/- 0.5 percentage points) in the \u201cactuarial interest rate\u201d and \u201cwage/salary trend\u201d parameters would have had the following impact on the present value of future payments as of December 31, 2025: Parameters Change -0.50 Change +0.50 percentage points percentage points Discount rate 4.8% -4.5%Trend in wages and salaries -4.5% 4.8%A change (+/- 0.5 percentage points) in the \u201cactuarial interest rate\u201d and \u201cwage/salary trend\u201d parameters would have had the following impact on the present value of future payments as of December 31, 2024: Parameters Change -0.50 percen-Change +0.50 percen-tage points tage points Discount rate 4.6% -4.3%Trend in wages and salaries -4.3% 4.6%The following table shows the expected payments for the defined benefit plans over the next few years: EUR k Dec 31, 2025 Dec 31, 2024 Within the next 12 months 1,146 2,094Between 2 and 5 years 5,076 6,379Between 6 and 10 years 5,219 6,088More than 10 years 11,340 14,175Total expected payments 22,781 28,736Jubilee bonuses On the basis of collective agreements, companies of the Bajaj Mobility Group are obliged to pay jubilee bonuses to employees in Austria in accordance with the achievement of certain years of service (from 25 years of service) (performance-oriented obligation). The interest on this is recognized in other financial income. The obligations for claims from anniversary bonuses developed as follows: EUR k Dec 31, 2025 Dec 31, 2024 As of January 1 7,289 7,419Changes in the scope of consolidation -17 0Current service cost 530 587Interest expense 242 371Payments made -174 -111Additions/disposals -27 -98Actuarial gain/loss (through profit or loss) -1,247 -245Reclassification as held for sale 0 12Other -3 -646as of December 31 6,593 7,289The weighted remaining terms (duration) of the jubilee bonus obligations are 13 years as of December 31, 2025 (previous year: 14 years). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:5299008TBI1EUJJSWP89",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s7__11__123-1": {
"value": "Due to legal regulations, the Bajaj Mobility Group is obliged to make a severance payment to all employees in Austria whose employment rela-tionship began before January 1, 2003 upon termination by the employer or at the time of retirement. This performance-based obligation depends on the number of years of service and the relevant salary at the time of severance pay and amounts to between two and twelve months' salary. For all employment relationships established in Austria after December 31, 2002, the Group pays 1.53% of the salary per month into a com-pany employee provision fund, in which the contributions are invested in an employee's account and paid out to him or passed on as an enti-tlement upon termination of the employment relationship. The company is only obliged to pay the contributions that are recognized in the expenditure for which they were paid in the financial year for which they were paid (defined contribution obligation). For employees of Aus-trian group companies who entered into employment on or after January 1, 2003, contributions for severance payments to a statutory em-ployee provision fund in the amount of 1.53% of wages or salaries were paid. In the past financial year, premiums totaling EUR k 3,174 (pre-vious year: EUR k 4,688) were paid. Net debt from definedThe discount rate was set taking into account the average maturities and average remaining life expectancy. The discount rate is the yield that is achieved on the market on the balance sheet date for first-class, fixed-interest industrial bonds. Employee turnover is determined on a company-specific basis and taken into account depending on age/length of service. The actuarial as-sessments are based on country-specific mortality tables. The statutory retirement age for each country was chosen as the retirement age.On the basis of collective agreements, companies of the Bajaj Mobility Group are obliged to pay jubilee bonuses to employees in Austria in accordance with the achievement of certain years of service (from 25 years of service) (performance-oriented obligation). The interest on this is recognized in other financial income.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:5299008TBI1EUJJSWP89",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s7__11__124-1": {
"value": "Net debt from defined benefit severance pay plans developed as follows: EUR k Dec 31, 2025 Dec 31, 2024 Present value of future defined benefits: As at 1/1 19,618 20,548Changes in the scope of consolidation 0 -885Current service cost 339 416Interest expense 628 960Payments made -1,063 -1,233Additions/disposals 0 -169Actuarial gain/loss (other comprehensive income) -3,927 670Reclassification as held for sale 0 -847Miscellaneous -302 158As at 12/31 15,294 19,618The weighted remaining terms (duration) Actuarial gain/loss is made up of the following factors: EUR k Dec 31, 2025 Dec 31, 2024 Change in expected values -1,623 234Change in demographic assumptions -99 38Change in financial assumptions -2,204 398Actuarial gain/loss -3,927 670The valuation of the obligation is based on the following assumptions: Dec 31, 2025 Dec 31, 2024 Discount rate 3.98% 3.41%Trend in wages and salaries 1.90% 2.75%Retirement age (with transitional provisions) 63 years 63 years The discount rate was setThe obligations for claims from anniversary bonuses developed as follows: EUR k Dec 31, 2025 Dec 31, 2024 As of January 1 7,289 7,419Changes in the scope of consolidation -17 0Current service cost 530 587Interest expense 242 371Payments made -174 -111Additions/disposals -27 -98Actuarial gain/loss (through profit or loss) -1,247 -245Reclassification as held for sale 0 12Other -3 -646as of December 31 6,593 7,289The weighted remaining terms (duration) of the jubilee bonus obligations are 13 years as of December 31, 2025 (previous year: 14 years). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNetDefinedBenefitLiabilityAssetExplanatory",
"language": "en",
"entity": "scheme:5299008TBI1EUJJSWP89",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s7__11__125": {
"value": "The weighted remaining terms (duration) of the severance pay obligations are 9 years as of December 31, 2025 (previous year: 9 years).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutMaturityProfileOfDefinedBenefitObligationExplanatory",
"language": "en",
"entity": "scheme:5299008TBI1EUJJSWP89",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s7__11__128": {
"value": "A change (+/- 0.5 percentage points) in the \u201cactuarial interest rate\u201d and \u201cwage/salary trend\u201d parameters would have had the following impact on the present value of future payments as of December 31, 2025: Parameters Change -0.50 Change +0.50 percentage points percentage points Discount rate 4.8% -4.5%Trend in wages and salaries -4.5% 4.8%A change (+/- 0.5 percentage points) in the \u201cactuarial interest rate\u201d and \u201cwage/salary trend\u201d parameters would have had the following impact on the present value of future payments as of December 31, 2024: Parameters Change -0.50 percen-Change +0.50 percen-tage points tage points Discount rate 4.6% -4.3%Trend in wages and salaries -4.3% 4.6%The following table shows the expected payments for the defined benefit plans over the next few years: EUR k Dec 31, 2025 Dec 31, 2024 Within the next 12 months 1,146 2,094Between 2 and 5 years 5,076 6,379Between 6 and 10 years 5,219 6,088More than 10 years 11,340 14,175Total expected payments 22,781 28,736Jubilee bonuses",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSensitivityAnalysisForActuarialAssumptionsExplanatory",
"language": "en",
"entity": "scheme:5299008TBI1EUJJSWP89",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s7__11__134": {
"value": "36. OTHER LONG- AND SHORT-TERM DEBTSThe other long-term liabilities are essentially made up as follows: EUR k Dec 31, 2025 Dec 31, 2024 Security deposits 5,246 7,338Options on non-controlling interests 0 61,445Purchase price liabilities 0 4,616Other financial liabilities 205 118Other non-current financial liabilities 5,451 73,517Sundry other non-current non-financial liabilities 1,294 1,408Other non-current non-financial liabilities 1,294 1,408Other non-current liabilities 6,745 74,925Both the options on non-controlling interests and the purchase price liabilities from the previous year were derecognized in the 2025 financial year as a result of changes in the scope of consolidation. In the previous year, the purchase price liabilities related in full, while the options on non-controlling interests to a significant extent (EUR k 55,753) related to the \u201cMV Agusta\u201d disposal group. The remaining options on non-controlling interests from the previous year related to the minorities in PIERER MAXCOM MOBILITY OOD, which were acquired in the 2025 financial year. The related explanations can be found under item 8 \u201cChanges in the scope of consolidation\u201d. The other short-term liabilities are essentially as follows: EUR k Dec 31, 2025 Dec 31, 2024 Liabilities from derivative financial instruments 0 222Sales bonus 14,416 31,113Price discounts 13,770 15,631Liabilities from restructuring 1,845 0Sundry other current financial liabilities 7,262 8,854Other current financial liabilities 37,293 55,820Current employee liabilities 26,116 60,960Liabilities to tax offices 3,227 13,915Prepayments 3,086 6,399Sundry other current non-financial liabilities 0 -121Other current non-financial liabilities 32,428 81,153Other current liabilities 69,721 136,973The liabilities arising from restructuring proceedings relate to the Group's liabilities recognized in the balance sheet at the time of the opening of the restructuring proceedings, which have not yet been asserted by the creditors. The Group has already realized the restructuring profits on this with the conclusion of the restructuring proceedings becoming legally binding. Creditors can assert their claims on the basis of national law over a period of several years, depending on the individual case. Short-term personnel liabilities mainly include liabilities for unused vacations, liabilities for employee bonuses, liabilities to regional health in-surance funds and liabilities from wages. The other short-term liabilities included liabilities that were settled in the course of the restructuring proceedings. These led to a restructuring profit for the Bajaj Mobility Group of EUR k 39,417, of which EUR k 27,209 was attributable to current personnel liabilities. This corresponds to a carrying value of EUR k 57,577 or, with regard to personnel liabilities, EUR k 38,843. The related explanations can be found under item 2 \u201cInformation in connection with the restructuring proceedings of major subsidiaries completed in 2025\u201d.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:5299008TBI1EUJJSWP89",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s7__11__133-1": {
"value": "36. OTHER LONG- AND SHORT-TERM DEBTSThe other long-term liabilities are essentially made up as follows: EUR k Dec 31, 2025 Dec 31, 2024 Security deposits 5,246 7,338Options on non-controlling interests 0 61,445Purchase price liabilities 0 4,616Other financial liabilities 205 118Other non-current financial liabilities 5,451 73,517Sundry other non-current non-financial liabilities 1,294 1,408Other non-current non-financial liabilities 1,294 1,408Other non-current liabilities 6,745 74,925Both the options on non-controlling interests and the purchase price liabilities from the previous year were derecognized in the 2025 financial year as a result of changes in the scope of consolidation. In the previous year, the purchase price liabilities related in full, while the options on non-controlling interests to a significant extent (EUR k 55,753) related to the \u201cMV Agusta\u201d disposal group. The remaining options on non-controlling interests from the previous year related to the minorities in PIERER MAXCOM MOBILITY OOD, which were acquired in the 2025 financial year. The related explanations can be found under item 8 \u201cChanges in the scope of consolidation\u201d.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherNoncurrentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:5299008TBI1EUJJSWP89",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s7__11__132": {
"value": "36. OTHER LONG- AND SHORT-TERM DEBTSThe other long-term liabilities are essentially made up as follows: EUR k Dec 31, 2025 Dec 31, 2024 Security deposits 5,246 7,338Options on non-controlling interests 0 61,445Purchase price liabilities 0 4,616Other financial liabilities 205 118Other non-current financial liabilities 5,451 73,517Sundry other non-current non-financial liabilities 1,294 1,408Other non-current non-financial liabilities 1,294 1,408Other non-current liabilities 6,745 74,925Both the options on non-controlling interests and the purchase price liabilities from the previous year were derecognized in the 2025 financial year as a result of changes in the scope of consolidation. In the previous year, the purchase price liabilities related in full, while the options on non-controlling interests to a significant extent (EUR k 55,753) related to the \u201cMV Agusta\u201d disposal group. The remaining options on non-controlling interests from the previous year related to the minorities in PIERER MAXCOM MOBILITY OOD, which were acquired in the 2025 financial year. The related explanations can be found under item 8 \u201cChanges in the scope of consolidation\u201d. The other short-term liabilities are essentially as follows: EUR k Dec 31, 2025 Dec 31, 2024 Liabilities from derivative financial instruments 0 222Sales bonus 14,416 31,113Price discounts 13,770 15,631Liabilities from restructuring 1,845 0Sundry other current financial liabilities 7,262 8,854Other current financial liabilities 37,293 55,820Current employee liabilities 26,116 60,960Liabilities to tax offices 3,227 13,915Prepayments 3,086 6,399Sundry other current non-financial liabilities 0 -121Other current non-financial liabilities 32,428 81,153Other current liabilities 69,721 136,973The liabilities arising from restructuring proceedings relate to the Group's liabilities recognized in the balance sheet at the time of the opening of the restructuring proceedings, which have not yet been asserted by the creditors. The Group has already realized the restructuring profits on this with the conclusion of the restructuring proceedings becoming legally binding. Creditors can assert their claims on the basis of national law over a period of several years, depending on the individual case. Short-term personnel liabilities mainly include liabilities for unused vacations, liabilities for employee bonuses, liabilities to regional health in-surance funds and liabilities from wages. The other short-term liabilities included liabilities that were settled in the course of the restructuring proceedings. These led to a restructuring profit for the Bajaj Mobility Group of EUR k 39,417, of which EUR k 27,209 was attributable to current personnel liabilities. This corresponds to a carrying value of EUR k 57,577 or, with regard to personnel liabilities, EUR k 38,843. The related explanations can be found under item 2 \u201cInformation in connection with the restructuring proceedings of major subsidiaries completed in 2025\u201d. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:5299008TBI1EUJJSWP89",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s7__11__135": {
"value": "The other short-term liabilities are essentially as follows: EUR k Dec 31, 2025 Dec 31, 2024 Liabilities from derivative financial instruments 0 222Sales bonus 14,416 31,113Price discounts 13,770 15,631Liabilities from restructuring 1,845 0Sundry other current financial liabilities 7,262 8,854Other current financial liabilities 37,293 55,820Current employee liabilities 26,116 60,960Liabilities to tax offices 3,227 13,915Prepayments 3,086 6,399Sundry other current non-financial liabilities 0 -121Other current non-financial liabilities 32,428 81,153Other current liabilities 69,721 136,973",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:5299008TBI1EUJJSWP89",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s7__11__137": {
"value": "37. TRADE PAYABLESTrade payables are made up as follows: EUR k Dec 31, 2025 Dec 31, 2024 To third parties 118,521 361,000of which amounts that are part of supplier finance arrangements 0 59,204To affiliated companies 16,878 5,712To associates 13,764 15,145149,162 381,857 As already described above with regard to financial liabilities, the Group's realized restructuring profit also relates to trade payables, as they were also part of the restructuring proceedings. The related explanations can be found under item 2 \u201cInformation in connection with the re-structuring proceedings of major subsidiaries completed in 2025\u201d. The realized restructuring gain was omitted at EUR k 133,815 on trade payables, which specifically corresponds to a carrying amount of trade payables subject to the restructuring proceedings after consolidation effects of EUR k 196,157. With regard to the information on supplier financing agreements, reference should be made at this point to item 38 of the same name below. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:5299008TBI1EUJJSWP89",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s7__11__138": {
"value": "38. SUPPLIER FINANCING AGREEMENTSThe supplier financing programs were discontinued with the opening of the restructuring proceedings under insolvency law in mid-November 2024. No new supplier financing program was set up in the 2025 financial year.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:5299008TBI1EUJJSWP89",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s7__11__140-1": {
"value": "39. PROVISIONSThe Group sets aside provisions for guarantees and warranties for known, expected individual cases. Expected expenses are primarily based on past experience and are recognized at the time the products are sold. The estimation of future expenses is inevitably subject to numerous uncertainties, which may lead to an adjustment of the provisions created in the future. It cannot be ruled out that the actual expenditure for these measures will exceed or fall short of the provisions created for them in an unforeseeable manner. Further details can be found in item 6 \u201cEstimates and discretionary decisions\u201d. The development of provisions in the financial year was as follows: EUR k Provisions Provisions for Provisions for re-Other provisions Total current relating to litigations structuring provisions guarantees and warranties As at January 1, 2024 20,523 1,199 0 149 21,871 Changes in the scope of consolidation 619 7,726 0 2,166 10,511 Utilization -21,110 -8,347 0 -206 -29,663Reversals 0 0 0 0 0 Additions 15,492 1,540 31,424 40,540 88,996 As at December 31, 2024 15,524 2,118 31,424 42,649 91,715 Changes in the scope of consolidation 0 -7 0 0 -7Currency transalation 0 311 0 0 311 Utilization -12,915 -88 -31,424 -42,649 -87,076Reversals 0 0 0 0 0 Additions 8,282 484 0 0 8,766 As at December 31, 2025 10,891 2,817 0 0 13,708 The provisions for restructuring created in the 2024 financial year were fully used up in the 2025 financial year in the course of the successful completion of the restructuring proceedings. In the previous year, other provisions mainly included provisions for the settlement of existing contracts in the bicycle segment. In the 2025 financial year, these were fully utilized with the largely completed winding-up of the bicycle segment. 40. CONTINGENT LIABILITIESAs of the balance sheet date of December 31, 2025, the Bajaj Mobility Group has contingent liabilities from liability relationships for third-party credit lines in the amount of EUR k 4,630 (previous year: EUR k 4,000 from liability relationships for third-party credit lines). On August 1, 2024, Bajaj Mobility declared to Erste Group Bank AG that it would exercise its rights as owner of various direct and indirect shareholdings in such a way that, in accordance with sound commercial practice, these would be financially equipped to service their liabili-ties arising from the ErsteConfirming business relationship in a timely manner. From Bajaj Mobility AG's point of view, this declaration dated August 1, 2024 constitutes a soft letter of comfort, which does not result in any obligation on the part of Bajaj Mobility AG to pay or guarantee payments to Erste Group Bank AG as guarantor. The legal qualification of the declaration dated August 1, 2024 is currently the subject of legal clarification. Based on the current status, management does not expect any significant cash outflow from this matter.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory",
"language": "en",
"entity": "scheme:5299008TBI1EUJJSWP89",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s7__11__139": {
"value": "39. PROVISIONSThe Group sets aside provisions for guarantees and warranties for known, expected individual cases. Expected expenses are primarily based on past experience and are recognized at the time the products are sold. The estimation of future expenses is inevitably subject to numerous uncertainties, which may lead to an adjustment of the provisions created in the future. It cannot be ruled out that the actual expenditure for these measures will exceed or fall short of the provisions created for them in an unforeseeable manner. Further details can be found in item 6 \u201cEstimates and discretionary decisions\u201d. The development of provisions in the financial year was as follows: EUR k Provisions Provisions for Provisions for re-Other provisions Total current relating to litigations structuring provisions guarantees and warranties As at January 1, 2024 20,523 1,199 0 149 21,871 Changes in the scope of consolidation 619 7,726 0 2,166 10,511 Utilization -21,110 -8,347 0 -206 -29,663Reversals 0 0 0 0 0 Additions 15,492 1,540 31,424 40,540 88,996 As at December 31, 2024 15,524 2,118 31,424 42,649 91,715 Changes in the scope of consolidation 0 -7 0 0 -7Currency transalation 0 311 0 0 311 Utilization -12,915 -88 -31,424 -42,649 -87,076Reversals 0 0 0 0 0 Additions 8,282 484 0 0 8,766 As at December 31, 2025 10,891 2,817 0 0 13,708 The provisions for restructuring created in the 2024 financial year were fully used up in the 2025 financial year in the course of the successful completion of the restructuring proceedings. In the previous year, other provisions mainly included provisions for the settlement of existing contracts in the bicycle segment. In the 2025 financial year, these were fully utilized with the largely completed winding-up of the bicycle segment. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfProvisionsExplanatory",
"language": "en",
"entity": "scheme:5299008TBI1EUJJSWP89",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s7__11__141": {
"value": "The Group sets aside provisions for guarantees and warranties for known, expected individual cases. Expected expenses are primarily based on past experience and are recognized at the time the products are sold. The estimation of future expenses is inevitably subject to numerous uncertainties, which may lead to an adjustment of the provisions created in the future. It cannot be ruled out that the actual expenditure for these measures will exceed or fall short of the provisions created for them in an unforeseeable manner. Further details can be found in item 6 \u201cEstimates and discretionary decisions\u201d.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory",
"language": "en",
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"f1__s7__11__145": {
"value": "VI. DISCLOSURES ON THE STATEMENT OF CASH FLOWSChanges in the balance sheet items presented in the statement of cash flows cannot be derived directly from the balance sheet, as non-cash effects are neutralized. Other non-cash expenses (income) in the cash flow from operating activities are made up of various individual items. These can be re-presented as follows: EUR k 2025 2024Non cash-effective gains / losses from changes in the scope of consolidation -30,896 -5,922Valuation of foreign currency positions 45,406 8,959Valuations of receivables 2,712 15,340Valuations of inventories 28,874 113,195Not yet cash-effective income from subsidies -10,849 -17,699Restructuring expenses directly related to the restructuring gain 8,518 0Creating / dissolving the restructuring provision -31,424 31,424Non cash-effective loss from ineligible VAT refunds 8,049 0Other 20,756 31,797Other non-cash income (expenses) 41,145 177,095 Non-cash income and expenses from changes in the scope of consolidation represent first-time and deconsolidation transactions affecting profit or loss. Before the completion of the restructuring proceedings, various agreements were reached with creditors, on which the Group recognized re-structuring gains. These agreements mainly relate to claims for damages and additional payments to employees and are included above un-der restructuring expenses for the realization of restructuring gains. Payments made to realize the restructuring gain were recorded in full in cash flow from financing activities as a separate item. The individual lines of the cash flow statement, including those relating to cash flow from financing activities concerning financial liabilities, were adjusted for the associated non-cash and cash effects. A reconciliation between the change in the balance sheet of financial liabilities and the values presented in the cash flow statement can be presented for the financial year as follows: EUR k Carrying Changes Carrying amount affecting Changes that do not affect cash flow amount 1/1/2025 cash flow 12/31/2025 Booket out Acquisition Changes in Reclassifi-Transaction Accrued due to the / disposal con-cation costs interest, restructur-solidation currency ing processscope valuation and others Current financial 1,689,494 -215,895 -1,453,674 0 -208 -51,211 0 35,256 3,762 liabilities Non-current 28,833 764,268 0 0 51,211 746 28,520 873,577 financial liabilities Leasing liabilities 23,275 -21,625 -3,331 0 -142 18,517 0 0 16,695 (current) Leasing liabilities 64,521 0 -3,788 -131 -18,517 0 -439 41,645 (non-current) Total 1,806,123 526,748 -1,457,005 -3,788 -481 0 746 63,336 935,679 A reconciliation between the change in financial liabilities in the balance sheet and the values presented in the statement of cash flows can be presented for the previous year as follows: EUR k Carrying Changes Carrying amount affecting Changes that do not affect cash flow amount 1/1/2024 cash flow 12/31/2024 Acquisiti-Changes in Reclassifi-Transact-Accrued Acquisiti-on / con-cation ion costs interest, on / disposal solidation currency disposal scope valuation and others Current financial 52,378 687,911 0 5,417 933,478 0 10,310 1,689,494 liabilities Non-current financial 909,238 47,031 0 3,500 -933,478 2,542 0 28,833 liabilities Leasing liabilities 19,671 -22,612 0 -559 26,775 0 0 23,275 (current) Leasing liabilities 53,611 0 37,006 1,072 -26,775 -435 0 42 64,521 (non-current) Total 1,034,898 712,330 37,006 9,430 0 -435 2,542 10,352 1,806,123A reconciliation between the balance sheet change in the positions of the working capital employed \u2013 specifically inventories, trade receiva-bles and trade payables \u2013 and the values presented in the statement of cash flows can be presented for the financial year as shown below. The reported non-cash changes cannot be derived directly from the present consolidated financial statements, as the changes compared to the previous year are relevant for the consolidated statement of cash flows. EUR k Carrying Carrying CFS-Changes amount amount relevant affecting 1/1/2025 12/31/2025change in Changes that do not affect cash flow cash flow book values Booked Acquisit-Changes Impair-Classi-Foreign out due ion / in con-ments fied as ex-to the disposal solidatioheld for change restruc-n scope sale valu-turing ations process and others Inventories 617,852 377,062 240,790 0 0 -10,627 0 -28,118 -33,772 168,272 Trade 289,422 114,747 174,6750 0 -3,510 -2,124 -18,754 -69,93280,355 receivables Trade payables 381,857 149,162 -232,695 196,157 12,164 1,196 0 14,664 14,237 5,723 Total 1,289,131 640,971 182,770 196,157 12,164 -12,941 -2,124 -32,208 -89,468 254,350 A reconciliation between the change in the balance sheet of the working capital employed items \u2013 specifically inventories, trade receivables and trade payables \u2013 and the values presented in the statement of cash flows can be presented for the previous year as shown below. The reported non-cash changes cannot be derived directly from the present consolidated financial statements, as the changes compared to the previous year are relevant for the consolidated statement of cash flows. EUR k Carrying Carrying CFS-Changes amount amount relevant affecting 1/1/2024 12/31/2024 change in Changes that do not affect cash flow cash flow book values Acquisit-Changes Impair-Classified Foreign ion / in con-ments as held for exchange disposal solidation sale valu-scope ations and others Inventories 857,255 617,852 239,403 0 34,654 -100,262 -89,845 6,899 90,849 Trade 350,801 289,422 61,379 0 -23,884-10,783 -13,341 -5,8337,538 receivables Trade payables 676,978 381,857 -295,121 18,070 -20,113 0 21,507 27,659 -247,999Total 1,885,034 1,289,131 5,661 18,070 -9,343 -111,045 -81,680 28,724 -149,612",
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"f1__s7__11__143-1": {
"value": "VI. DISCLOSURES ON THE STATEMENT OF CASH FLOWSChanges in the balance sheet items presented in the statement of cash flows cannot be derived directly from the balance sheet, as non-cash effects are neutralized.Before the completion of the restructuring proceedings, various agreements were reached with creditors, on which the Group recognized re-structuring gains. These agreements mainly relate to claims for damages and additional payments to employees and are included above un-der restructuring expenses for the realization of restructuring gains. Payments made to realize the restructuring gain were recorded in full in cash flow from financing activities as a separate item. The individual lines of the cash flow statement, including those relating to cash flow from financing activities concerning financial liabilities, were adjusted for the associated non-cash and cash effects.",
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"f1__s7__11__146": {
"value": "A reconciliation between the change in the balance sheet of financial liabilities and the values presented in the cash flow statement can be presented for the financial year as follows: EUR k Carrying Changes Carrying amount affecting Changes that do not affect cash flow amount 1/1/2025 cash flow 12/31/2025 Booket out Acquisition Changes in Reclassifi-Transaction Accrued due to the / disposal con-cation costs interest, restructur-solidation currency ing processscope valuation and others Current financial 1,689,494 -215,895 -1,453,674 0 -208 -51,211 0 35,256 3,762 liabilities Non-current 28,833 764,268 0 0 51,211 746 28,520 873,577 financial liabilities Leasing liabilities 23,275 -21,625 -3,331 0 -142 18,517 0 0 16,695 (current) Leasing liabilities 64,521 0 -3,788 -131 -18,517 0 -439 41,645 (non-current) Total 1,806,123 526,748 -1,457,005 -3,788 -481 0 746 63,336 935,679 A reconciliation between the change in financial liabilities in the balance sheet and the values presented in the statement of cash flows can be presented for the previous year as follows: EUR k Carrying Changes Carrying amount affecting Changes that do not affect cash flow amount 1/1/2024 cash flow 12/31/2024 Acquisiti-Changes in Reclassifi-Transact-Accrued Acquisiti-on / con-cation ion costs interest, on / disposal solidation currency disposal scope valuation and others Current financial 52,378 687,911 0 5,417 933,478 0 10,310 1,689,494 liabilities Non-current financial 909,238 47,031 0 3,500 -933,478 2,542 0 28,833 liabilities Leasing liabilities 19,671 -22,612 0 -559 26,775 0 0 23,275 (current) Leasing liabilities 53,611 0 37,006 1,072 -26,775 -435 0 42 64,521 (non-current) Total 1,034,898 712,330 37,006 9,430 0 -435 2,542 10,352 1,806,123",
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"f1__s7__11__147": {
"value": "VII. FINANCIAL RISK REPORTThe Bajaj Mobility Group is subject to credit, market and liquidity risks with respect to its assets, liabilities and planned transactions. The aim of financial risk management is to manage and limit these risks. The Executive Board and the Supervisory Board are regularly informed about risks that could have a significant impact on business development. The principles of financial risk management are defined and monitored by the Supervisory Board and the Executive Board. Implementation is the responsibility of Group Treasury. In the 2024 financial year, liquidity risks and ultimately the lack of liquidity at KTM AG in particular led to the opening of restructuring proceed-ings under insolvency law. As a result, the objectives of the Bajaj Mobility Group's financial risk management to ensure solvency and financial flexibility at all times were missed. However, the successful and planned implementation of the going concern prognosis, which was used as a plan for the restructuring proceedings, is fraught furthermore with uncertainties and is subject to exogenous and endogenous factors. The opening of the insolvency restructuring proceedings, in particular of KTM AG, resulted in the derivatives used in hedging relationships being terminated by the offering banks. As a result, all of the Group's cash flow hedging relationships based on interest rate derivatives were terminated at the end of the 2024 financial year. No new derivatives or cash flow hedge relationships were issued in the 2025 financial year, so the Group does not have any of these as of the balance sheet date of December 31, 2025. Currency risks As a globally active company, the Bajaj Mobility Group is influenced by global economic parameters such as changes in currency parities or developments on the financial markets. In particular, the exchange rate development of the US dollar, which represents the highest individual risk in the Bajaj Mobility Group's foreign currency risk, plays a major role in the company's revenue and earnings development. Due to the increasing importance of the USD in purchasing, the foreign currency risk for the USD is significantly reduced (\u201cnatural hedge\u201d). In the 2025 financial year, around 31% of sales (previous year: 25%) were generated in US dollars. The Group also faces currency risks if financial assets and liabilities are settled in a currency other than the local currency of the respective company. The majority of the Group's companies invoice in local currency and are largely financed in local currency. Investments are mainly made in the local currency of the investing Group company. For these reasons, of course, currency positions usually result in closed. A sensitivity analysis is performed for currency risk. This shows the effects of a +/- 10% change in the exchange rate on profit and loss, other comprehensive income and equity. The affected bank balances, receivables and liabilities of the Group as well as future inflows and outflows in foreign currency were used as a basis. It was assumed that the risk on the balance sheet date essentially represents the risk during the financial year. The Group tax rate of 23% was used as the tax rate. The analysis also assumed that all other variables, in particular interest rates, remained constant. The analysis included currency risks from financial instruments that are denominated in a currency other than the functional currency and are of a monetary nature. Currency risks from euro positions in subsidiaries whose functional currency differs from the euro were allocated to the currency risk of the functional currency of the respective subsidiary. Risks from foreign currency positions other than the euro were aggregated at Group level. Exchange rate-related differences from the translation of financial statements into the Group currency were not taken into account. The Bajaj Mobility Group bases its analysis on the following assumption: \u00bb For the sensitivity of profit and loss, bank deposits, receivables and liabilities of the Group in foreign currency that are not accounted for inthe functional currency of the Group company are taken into account.Increase (+) / decrease (-) 10% increase 10% decrease EUR k Dec 31, 2025 Dec 31, 2024 Dec 31, 2025 Dec 31, 2024 Change in earnings (after taxes) -4,068 -20,905 4,972 25,550 Change in equity -4,068 -20,905 4,972 25,550Interest rate risks Some of the financial instruments have variable interest rates on both the assets and liabilities. The risk therefore consists of rising interest expenses or decreasing interest income, which result from an adverse change in market interest rates. The information below relates to the characteristics of financial instruments as of the reporting date. As already explained in the introduction, the opening of the restructuring proceedings under insolvency law entailed the scheduling of deriva-tives used in hedging relationships by the offering credit institutions. Cash flow hedge hedges on foreign currencies, which were primarily used in the sales subsidiaries KTM Sportmotorcycle GmbH and Husqvarna Mobility GmbH as well as their subsidiaries, remained unaffected by the termination by the banks. As of the balance sheet date of December 31, 2025, no interest rate swap was in place to hedge interest rate risks. Interest rate risks mainly resulted from original, floating-rate financial instruments (cash flow risk). Sensitivity analyses were carried out for the interest rate risks of these financial instruments, which show the effects of hypothetical changes in the market interest rate level on earnings (after tax) and Group equity. The affected portfolios as of the balance sheet date were used as a basis. It was assumed that the risk at the balance sheet date essentially represents the risk during the financial year. The group tax rate of 23% was used as the tax rate. In addition, the analysis assumed that all other variables, especially exchange rates, remain constant. The main causes of ineffectiveness in the context of interest rate hedging are \u00bb the impact of the counterparty's and the Group's credit risk on the fair value of the interest rate derivatives, which is not reflected in thechange in the fair value of hedged cash flows due to changes in interest rates, and\u00bb the differences in parameters (e.g. interest rate adjustment dates) between the derivatives and the hedged items.For interest rate risk, the exposures as of the reporting date in the form of book values and their contractual interest rate are as follows: Increase (+) / decrease (-) Note no. Fixed interest Variable Not interest Total interest bearing Dec 31, 2025 1)Cash and cash equivalents 0 137,270 0 137,270Receivables from financing activities 28, 31 2,897 0 0 2,897Financing volume ABS programm and factoring 0 -84,338 0 -84,338Financial liabilities and lease liabilities 35 -21,890 -913,788 0 -935,679Total -18,994 -860,857 0 -879,851Dec 31, 2024 1)Cash and cash equivalents 0 163,407 0 163,407Receivables from financing activities 28, 31 6,140 0 0 6,140Financing volume ABS programm 0 -251,339 0 -251,339Financial liabilities and finance lease liabilities 35 -392,353 -1,413,769 0 -1,806,122Total -386,213 -1,501,701 0 -1,887,9141) Variable interest subject to zero percent floor for reference interest rateA sensitivity analysis was carried out for the interest rate risk shown above. This shows the changes in the interest rate by +/- 100 basis points on profit and loss, other comprehensive income and equity. Increase (+) / decrease (-) Increase of 100 BP Decrease of 100 BP EUR k Dec 31, 2025 Dec 31, 2024 Dec 31, 2025 Dec 31, 2024 Change in earnings (after taxes) 6,629 -11,382 -6,629 11,382 Change in equity 6,629 -11,382 -6,629 11,382 Default risks (credit or credit risks) The risk of default is the risk of financial loss in the event that a client or the contracting party to a financial instrument fails to meet his or her contractual obligations. The default risk of the Bajaj Mobility Group exists in principle with regard to trade receivables. The maximum payment terms granted were significantly reduced in the course of the restructuring proceedings: The maximum payment term in the 2025 financial year is 180 days (previous year: 270 to 360 days). On the assets side, the reported book values also represent the maximum default risk. With the exception of the set-off agreement de-scribed in item 43 \u201cOffsetting of financial assets and liabilities\u201d of these notes to the consolidated financial statements, there are no gen-eral set-off agreements. Trade receivables and contract assets The default risk for receivables from customers can still be assessed as low overall, as the creditworthiness of new and existing customers is continuously checked and collateral is required. The Group's risk management department carries out an analysis and assessment of new customers. First, these are analyzed individually with regard to their creditworthiness. The analysis includes external ratings, where available, as well as annual financial statements, credit agency information and bank information. Standardized contracts are concluded with customers throughout the Group, with specific sales limits being set for each customer and reviewed on an ongoing basis. All transactions that exceed these limits require the approval of the risk management department. Default risks of receivables from customers are hedged in the Group by bank collateral (guarantees, letters of credit). The default risks are defined in internal guidelines and continuously monitored based on this. There are largely long-standing business relationships with dealers and importers. By continuously monitoring the risk of default or the credit-worthiness of the customers, each receivable is individually checked for the need for a value adjustment. A summary of the risk of default for trade receivables as of December 31, 2025 is presented in the following table. Trade receivables Not impaired in Creditworthiness Total creditworthiness impaired EUR k Not overdue 80,212 0 80,212 Overdue 1-30 days 15,051 0 15,051 Overdue 31-60 days 2,290 0 2,290 Overdue 61-90 days 890 0 890 Overdue > 90 days 7,458 24,292 31,750 Total gross carrying amount 105,900 24,292 130,192 Impairment loss -313 -15,130 -15,444Total 105,587 9,162 114,748 A summary of the risk of default for trade receivables as of December 31, 2024 is presented in the following table. Trade receivables Not impaired in Creditworthiness Total creditworthiness impaired EUR k Not overdue 220,448 0 220,448 Overdue 1-30 days 34,188 0 34,188 Overdue 31-60 days 5,446 0 5,446 Overdue 61-90 days 4,583 0 4,583 Overdue > 90 days 3,309 49,460 52,769 Total gross carrying amount 267,974 49,460 317,434 Impairment loss -794 -27,218 -28,012Total 267,180 22,242 289,422 In order to determine the impairment requirements for trade receivables that have not been individually value-adjusted, the Bajaj Mobility Group evaluated the defaults of recent years. The analysis has shown that there is only a negligible risk for receivables with a certain overdue date. The assessment of loss ratios is based on historical default rates related to overdue dates and taking into account forward-looking information. With regard to the balance of financial delivery and other receivables that are neither impaired nor in arrears in payment, there are no indica-tions at the balance sheet date that the debtors will not meet their payment obligations. There are no concentration risks. Estimation of expected credit losses On the basis of the defaults actually observed in the past, an average default rate of 0.233% (previous year: 0.235%) of trade receivables was determined. Unchanged from the previous year, it remains the case that macroeconomic uncertainties and a persistently elevated interest rate level are causing a difficult market environment. The restructuring proceedings under insolvency law of the group, in particular of KTM AG, create an additional risk, because although these have been successfully concluded from a legal point of view, there are still uncertainties among (end) customers regarding the warranty services offered, product reliability, the supply of spare parts and other reputational damage, etc. The risk premium for future-related developments remained unchanged compared to the previous year. A reversal of EUR k 481 (previ-ous year: allocation of EUR k 493) was recognized as an impairment of expected losses on trade receivables. The reason for this is the signifi-cantly reduced level of receivables as of the balance sheet date. As of December 31, 2025, the impairment charge for expected losses amounted to EUR k 313 (previous year: EUR k 794). Changes in value adjustments relating to trade receivables The development of value adjustments is described in the notes under item 29 \u201cTrade receivables\u201d. Cash and cash equivalents, other financial assets and derivatives Credit losses on cash and cash equivalents and other financial assets are calculated on the basis of average default rates and the rating of the instrument. A significant change in credit risk is determined on the basis of rating and late payment. Taking into account the short-term nature of this position and in view of the good rating of the banks, the Group assumes that these holdings are financial instruments with a low risk of default and that the expected losses are negligible. There is no evidence of additional impairment requirements for financial assets. Liquidity risks The liquidity risks of the Bajaj Mobility Group are primarily due to the fact that cash inflows from sales revenues are below the planned as-sumptions due to a weakening in demand. The Bajaj Mobility Group countered this risk by maintaining a liquidity reserve in the form of un-used credit lines and, if necessary, in the form of cash holdings with banks with a high credit rating. After completion of the restructuring pro-cedures, the Group will again have sufficient liquidity coverage on the basis of current planning calculations. In addition, direct cash flow plan-ning is carried out on a weekly basis and strict expenditure control is carried out via internal company approval processes against the back-ground of the analysis of operationally necessary transactions As described in item 42, the Group participates in a factoring program whose purpose is to enable efficient payment processing and interim fi-nancing. This enables the Group to centralize payments from trade receivables and at the same time maintain flexibility in liquidity management. The Group's credit agreements do not contain any covenants entitling the holder to early maturity. Free cash flow is a key performance indicator for the Bajaj Mobility Group. The contractually agreed (undiscounted) cash flows (interest and principal payments) and the remaining maturities of the financial debt are made up as shown below. The information on payment terms refers to the status of contractual obligations as of December 31, 2025. EUR k Cash flows 2026 Cash flows 2027 to 2030 Cash flows from 2031 on Carrying fixed interestvariable redemption fixed interest variable redemption fixed interest variable redemption amount interest interest interest 12/31/2025 Financial liabilities not measured at fair value At amortized cost Financial liabilities 877,339 2,184 95,667 2,537 6,056 164,533 857,926 22,550 0 16,876 Lease liabilities 58,339 0 1,586 16,695 0 3,193 29,584 0 3,640 12,061 Trade payables 149,162 0 0 149,162 0 0 0 0 0 0thereof trade payables that are part of supplier finance 0 0 0 0 0 0 0 0 0 0arrangements Other current and non-current 42,7440 0 42,5390 02050 0 0financial liabilities Total 1,127,585 2,184 97,253 210,933 6,056 167,727 887,715 22,550 3,640 28,937 EUR k Cash flows 2025 Cash flows 2026 to 2029 Cash flows from 2030 on Carrying fixed interestvariable redemption fixed interest variable redemption fixed interest variable redemption amount interest interest interest 12/31/2024 Financial liabilities measured at fair value Fair Value - Hedging instruments Other financial liabilities - derivates with negative market 1880 01880 0 0 0 0 0value, assigned to receivables Other financial liabilities - derivates with negative market 34 0 0 34 0 0 0 0 0 0value (cash flow hedge) Total 222 0 0 222 0 0 0 0 0 0Financial assets not measured 1)at fair value At amortized cost Financial liabilities 1,718,326 14,494 21,904 913,833 42,775 53,404 481,487 32,794 12,207 340,226Trade payables 381,857 0 0 381,857 0 0 0 0 0 0thereof trade payables that are part of supplier finance 59,204 0 0 59,204 0 0 0 0 0 0arrangements Other current and non-current 129,115 0 0 129,115 0 0 0 0 0 0financial liabilities Total 2,229,298 14,494 21,904 1,424,805 42,775 53,404 481,487 32,794 12,207 340,226 Total 2,229,520 14,494 21,904 1,425,027 42,775 53,404 481,487 32,794 12,207 340,226 1) Of which in insolvency proceedings: Financial liabilities of EUR k 943,488; liabilities from leases subject to conditional claims registration of EUR k 58,380; Trade payables EUR k 196,411; promissory note loan of EUR k 495,000; Other short- and long-term financial liabilities EUR k 174",
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"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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},
"f1__s7__11__148-1": {
"value": "In the 2024 financial year, liquidity risks and ultimately the lack of liquidity at KTM AG in particular led to the opening of restructuring proceed-ings under insolvency law. As a result, the objectives of the Bajaj Mobility Group's financial risk management to ensure solvency and financial flexibility at all times were missed. However, the successful and planned implementation of the going concern prognosis, which was used as a plan for the restructuring proceedings, is fraught furthermore with uncertainties and is subject to exogenous and endogenous factors.Liquidity risks The liquidity risks of the Bajaj Mobility Group are primarily due to the fact that cash inflows from sales revenues are below the planned as-sumptions due to a weakening in demand. The Bajaj Mobility Group countered this risk by maintaining a liquidity reserve in the form of un-used credit lines and, if necessary, in the form of cash holdings with banks with a high credit rating. After completion of the restructuring pro-cedures, the Group will again have sufficient liquidity coverage on the basis of current planning calculations. In addition, direct cash flow plan-ning is carried out on a weekly basis and strict expenditure control is carried out via internal company approval processes against the back-ground of the analysis of operationally necessary transactions As described in item 42, the Group participates in a factoring program whose purpose is to enable efficient payment processing and interim fi-nancing. This enables the Group to centralize payments from trade receivables and at the same time maintain flexibility in liquidity management. The Group's credit agreements do not contain any covenants entitling the holder to early maturity. Free cash flow is a key performance indicator for the Bajaj Mobility Group. The contractually agreed (undiscounted) cash flows (interest and principal payments) and the remaining maturities of the financial debt are made up as shown below. The information on payment terms refers to the status of contractual obligations as of December 31, 2025. EUR k Cash flows 2026 Cash flows 2027 to 2030 Cash flows from 2031 on Carrying fixed interestvariable redemption fixed interest variable redemption fixed interest variable redemption amount interest interest interest 12/31/2025 Financial liabilities not measured at fair value At amortized cost Financial liabilities 877,339 2,184 95,667 2,537 6,056 164,533 857,926 22,550 0 16,876 Lease liabilities 58,339 0 1,586 16,695 0 3,193 29,584 0 3,640 12,061 Trade payables 149,162 0 0 149,162 0 0 0 0 0 0thereof trade payables that are part of supplier finance 0 0 0 0 0 0 0 0 0 0arrangements Other current and non-current 42,7440 0 42,5390 02050 0 0financial liabilities Total 1,127,585 2,184 97,253 210,933 6,056 167,727 887,715 22,550 3,640 28,937 EUR k Cash flows 2025 Cash flows 2026 to 2029 Cash flows from 2030 on Carrying fixed interestvariable redemption fixed interest variable redemption fixed interest variable redemption amount interest interest interest 12/31/2024 Financial liabilities measured at fair value Fair Value - Hedging instruments Other financial liabilities - derivates with negative market 1880 01880 0 0 0 0 0value, assigned to receivables Other financial liabilities - derivates with negative market 34 0 0 34 0 0 0 0 0 0value (cash flow hedge) Total 222 0 0 222 0 0 0 0 0 0Financial assets not measured 1)at fair value At amortized cost Financial liabilities 1,718,326 14,494 21,904 913,833 42,775 53,404 481,487 32,794 12,207 340,226Trade payables 381,857 0 0 381,857 0 0 0 0 0 0thereof trade payables that are part of supplier finance 59,204 0 0 59,204 0 0 0 0 0 0arrangements Other current and non-current 129,115 0 0 129,115 0 0 0 0 0 0financial liabilities Total 2,229,298 14,494 21,904 1,424,805 42,775 53,404 481,487 32,794 12,207 340,226 Total 2,229,520 14,494 21,904 1,425,027 42,775 53,404 481,487 32,794 12,207 340,226 1) Of which in insolvency proceedings: Financial liabilities of EUR k 943,488; liabilities from leases subject to conditional claims registration of EUR k 58,380; Trade payables EUR k 196,411; promissory note loan of EUR k 495,000; Other short- and long-term financial liabilities EUR k 174",
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"f1__s7__11__150": {
"value": "A sensitivity analysis is performed for currency risk. This shows the effects of a +/- 10% change in the exchange rate on profit and loss, other comprehensive income and equity. The affected bank balances, receivables and liabilities of the Group as well as future inflows and outflows in foreign currency were used as a basis. It was assumed that the risk on the balance sheet date essentially represents the risk during the financial year. The Group tax rate of 23% was used as the tax rate. The analysis also assumed that all other variables, in particular interest rates, remained constant. The analysis included currency risks from financial instruments that are denominated in a currency other than the functional currency and are of a monetary nature. Currency risks from euro positions in subsidiaries whose functional currency differs from the euro were allocated to the currency risk of the functional currency of the respective subsidiary. Risks from foreign currency positions other than the euro were aggregated at Group level. Exchange rate-related differences from the translation of financial statements into the Group currency were not taken into account. The Bajaj Mobility Group bases its analysis on the following assumption: \u00bb For the sensitivity of profit and loss, bank deposits, receivables and liabilities of the Group in foreign currency that are not accounted for inthe functional currency of the Group company are taken into account.Increase (+) / decrease (-) 10% increase 10% decrease EUR k Dec 31, 2025 Dec 31, 2024 Dec 31, 2025 Dec 31, 2024 Change in earnings (after taxes) -4,068 -20,905 4,972 25,550 Change in equity -4,068 -20,905 4,972 25,550",
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"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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},
"f1__s7__11__152": {
"value": "Default risks (credit or credit risks) The risk of default is the risk of financial loss in the event that a client or the contracting party to a financial instrument fails to meet his or her contractual obligations. The default risk of the Bajaj Mobility Group exists in principle with regard to trade receivables. The maximum payment terms granted were significantly reduced in the course of the restructuring proceedings: The maximum payment term in the 2025 financial year is 180 days (previous year: 270 to 360 days). On the assets side, the reported book values also represent the maximum default risk. With the exception of the set-off agreement de-scribed in item 43 \u201cOffsetting of financial assets and liabilities\u201d of these notes to the consolidated financial statements, there are no gen-eral set-off agreements. Trade receivables and contract assets The default risk for receivables from customers can still be assessed as low overall, as the creditworthiness of new and existing customers is continuously checked and collateral is required. The Group's risk management department carries out an analysis and assessment of new customers. First, these are analyzed individually with regard to their creditworthiness. The analysis includes external ratings, where available, as well as annual financial statements, credit agency information and bank information. Standardized contracts are concluded with customers throughout the Group, with specific sales limits being set for each customer and reviewed on an ongoing basis. All transactions that exceed these limits require the approval of the risk management department. Default risks of receivables from customers are hedged in the Group by bank collateral (guarantees, letters of credit). The default risks are defined in internal guidelines and continuously monitored based on this. There are largely long-standing business relationships with dealers and importers. By continuously monitoring the risk of default or the credit-worthiness of the customers, each receivable is individually checked for the need for a value adjustment. A summary of the risk of default for trade receivables as of December 31, 2025 is presented in the following table. Trade receivables Not impaired in Creditworthiness Total creditworthiness impaired EUR k Not overdue 80,212 0 80,212 Overdue 1-30 days 15,051 0 15,051 Overdue 31-60 days 2,290 0 2,290 Overdue 61-90 days 890 0 890 Overdue > 90 days 7,458 24,292 31,750 Total gross carrying amount 105,900 24,292 130,192 Impairment loss -313 -15,130 -15,444Total 105,587 9,162 114,748 A summary of the risk of default for trade receivables as of December 31, 2024 is presented in the following table. Trade receivables Not impaired in Creditworthiness Total creditworthiness impaired EUR k Not overdue 220,448 0 220,448 Overdue 1-30 days 34,188 0 34,188 Overdue 31-60 days 5,446 0 5,446 Overdue 61-90 days 4,583 0 4,583 Overdue > 90 days 3,309 49,460 52,769 Total gross carrying amount 267,974 49,460 317,434 Impairment loss -794 -27,218 -28,012Total 267,180 22,242 289,422 In order to determine the impairment requirements for trade receivables that have not been individually value-adjusted, the Bajaj Mobility Group evaluated the defaults of recent years. The analysis has shown that there is only a negligible risk for receivables with a certain overdue date. The assessment of loss ratios is based on historical default rates related to overdue dates and taking into account forward-looking information. With regard to the balance of financial delivery and other receivables that are neither impaired nor in arrears in payment, there are no indica-tions at the balance sheet date that the debtors will not meet their payment obligations. There are no concentration risks. Estimation of expected credit losses On the basis of the defaults actually observed in the past, an average default rate of 0.233% (previous year: 0.235%) of trade receivables was determined. Unchanged from the previous year, it remains the case that macroeconomic uncertainties and a persistently elevated interest rate level are causing a difficult market environment. The restructuring proceedings under insolvency law of the group, in particular of KTM AG, create an additional risk, because although these have been successfully concluded from a legal point of view, there are still uncertainties among (end) customers regarding the warranty services offered, product reliability, the supply of spare parts and other reputational damage, etc. The risk premium for future-related developments remained unchanged compared to the previous year. A reversal of EUR k 481 (previ-ous year: allocation of EUR k 493) was recognized as an impairment of expected losses on trade receivables. The reason for this is the signifi-cantly reduced level of receivables as of the balance sheet date. As of December 31, 2025, the impairment charge for expected losses amounted to EUR k 313 (previous year: EUR k 794). Changes in value adjustments relating to trade receivables The development of value adjustments is described in the notes under item 29 \u201cTrade receivables\u201d.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCreditRiskExplanatory",
"language": "en",
"entity": "scheme:5299008TBI1EUJJSWP89",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s7__11__153": {
"value": "A summary of the risk of default for trade receivables as of December 31, 2025 is presented in the following table. Trade receivables Not impaired in Creditworthiness Total creditworthiness impaired EUR k Not overdue 80,212 0 80,212 Overdue 1-30 days 15,051 0 15,051 Overdue 31-60 days 2,290 0 2,290 Overdue 61-90 days 890 0 890 Overdue > 90 days 7,458 24,292 31,750 Total gross carrying amount 105,900 24,292 130,192 Impairment loss -313 -15,130 -15,444Total 105,587 9,162 114,748 A summary of the risk of default for trade receivables as of December 31, 2024 is presented in the following table. Trade receivables Not impaired in Creditworthiness Total creditworthiness impaired EUR k Not overdue 220,448 0 220,448 Overdue 1-30 days 34,188 0 34,188 Overdue 31-60 days 5,446 0 5,446 Overdue 61-90 days 4,583 0 4,583 Overdue > 90 days 3,309 49,460 52,769 Total gross carrying amount 267,974 49,460 317,434 Impairment loss -794 -27,218 -28,012Total 267,180 22,242 289,422 In order to determine the impairment requirements for trade receivables that have not been individually value-adjusted, the Bajaj Mobility Group evaluated the defaults of recent years. The analysis has shown that there is only a negligible risk for receivables with a certain overdue date. The assessment of loss ratios is based on historical default rates related to overdue dates and taking into account forward-looking information. With regard to the balance of financial delivery and other receivables that are neither impaired nor in arrears in payment, there are no indica-tions at the balance sheet date that the debtors will not meet their payment obligations. There are no concentration risks. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCreditRiskExposureExplanatory",
"language": "en",
"entity": "scheme:5299008TBI1EUJJSWP89",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s7__11__154": {
"value": "Estimation of expected credit losses On the basis of the defaults actually observed in the past, an average default rate of 0.233% (previous year: 0.235%) of trade receivables was determined. Unchanged from the previous year, it remains the case that macroeconomic uncertainties and a persistently elevated interest rate level are causing a difficult market environment. The restructuring proceedings under insolvency law of the group, in particular of KTM AG, create an additional risk, because although these have been successfully concluded from a legal point of view, there are still uncertainties among (end) customers regarding the warranty services offered, product reliability, the supply of spare parts and other reputational damage, etc. The risk premium for future-related developments remained unchanged compared to the previous year. A reversal of EUR k 481 (previ-ous year: allocation of EUR k 493) was recognized as an impairment of expected losses on trade receivables. The reason for this is the signifi-cantly reduced level of receivables as of the balance sheet date. As of December 31, 2025, the impairment charge for expected losses amounted to EUR k 313 (previous year: EUR k 794). Changes in value adjustments relating to trade receivables The development of value adjustments is described in the notes under item 29 \u201cTrade receivables\u201d. Cash and cash equivalents, other financial assets and derivatives Credit losses on cash and cash equivalents and other financial assets are calculated on the basis of average default rates and the rating of the instrument. A significant change in credit risk is determined on the basis of rating and late payment. Taking into account the short-term nature of this position and in view of the good rating of the banks, the Group assumes that these holdings are financial instruments with a low risk of default and that the expected losses are negligible. There is no evidence of additional impairment requirements for financial assets.",
"dimensions": {
"concept": "ifrs-full:ExplanationOfCreditRiskManagementPracticesAndHowTheyRelateToRecognitionAndMeasurementOfExpectedCreditLossesExplanatory",
"language": "en",
"entity": "scheme:5299008TBI1EUJJSWP89",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s7__11__156": {
"value": "Liquidity risks The liquidity risks of the Bajaj Mobility Group are primarily due to the fact that cash inflows from sales revenues are below the planned as-sumptions due to a weakening in demand. The Bajaj Mobility Group countered this risk by maintaining a liquidity reserve in the form of un-used credit lines and, if necessary, in the form of cash holdings with banks with a high credit rating. After completion of the restructuring pro-cedures, the Group will again have sufficient liquidity coverage on the basis of current planning calculations. In addition, direct cash flow plan-ning is carried out on a weekly basis and strict expenditure control is carried out via internal company approval processes against the back-ground of the analysis of operationally necessary transactions As described in item 42, the Group participates in a factoring program whose purpose is to enable efficient payment processing and interim fi-nancing. This enables the Group to centralize payments from trade receivables and at the same time maintain flexibility in liquidity management. The Group's credit agreements do not contain any covenants entitling the holder to early maturity. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfManagingLiquidityRisk",
"language": "en",
"entity": "scheme:5299008TBI1EUJJSWP89",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s7__11__158-1": {
"value": "VIII. FINANCIAL INSTRUMENTS AND CAPITAL MANAGEMENT41. BASICSAs of the balance sheet date of December 31, 2025, the Bajaj Mobility Group holds exclusively original financial instruments (previous year: additional derivative financial instruments). Primary financial instruments mainly include trade receivables, credit balances with credit institu-tions, liabilities to credit institutions, trade payables and financial liabilities. The holdings of the original financial instruments are shown in the consolidated balance sheet or in the notes to the consolidated financial statements. Accounting policies for the consolidated financial statements Receivables and other assets are measured at fair value at the time of acquisition and at amortized cost in subsequent periods under the cat-egory \u201cat amortized cost\u201d (AC). Financial receivables are also assigned to category AC and are measured at amortized cost. The part of trade receivables that is part of the factoring program is assigned to the category \u201cat fair value through profit and loss\u201d (FVPL). Financial debt is measured at amortized cost in the AC category. A difference between the amount received and the repayment amount is distributed over the term according to the effective interest method and recognized in the financial result. The costs of raising money in con-nection with financing taken out are amortized through profit or loss using the effective interest method. Liabilities are also measured at amor-tized cost. The Bajaj Mobility Group does not have any financial debt that is assigned to any category other than AC. Impairments Trade receivables do not have a significant financing component. Therefore, the simplified procedure for determining the expected credit loss is applied, according to which allowance for credit losses in the amount of the expected losses over the remaining term must be recognized for all instruments, regardless of their credit quality. In the case of trade receivables, this is less than twelve months and therefore corresponds to the 12-month loss. For an explanation of the amount, see Chapter VII \u201cFinancial Risk Report\u201d. To determine the expected credit loss, historical default data on receivables from the last ten years was collected and segmented by geograph-ical region. Current economic factors and forecasts are also taken into account. Individual value adjustments of financial assets are made when they are considered irrecoverable or partially irrecoverable. Indicators of indi-vidual value adjustments include financial difficulties, insolvency, breach of contract or significant late payment by customers. The individual value adjustments are made up of numerous individual items. A direct derecognition of the financial assets only takes place if the contractual rights to payments from the financial assets no longer exist (especially in the event of insolvency). If the amount of the impairment decreases in one of the following periods and this reduction can be objectively attributed to a situation that occurred after the impairment was recog-nized, the previously recognized impairment allowance is reversed by adjusting the impairment account. 42. CLASSIFICATION AND FAIR VALUESThe fair value of a financial instrument is determined by quoted market prices for the identical instrument on active markets (level 1 in ac-cordance with IFRS 13). If no quoted market prices are available on active markets for the instrument, the fair value is determined using valu-ation methods whose essential parameters are based exclusively on observable market data (level 2). Otherwise, the fair value is determined on the basis of valuation methods for which at least one essential parameter is not based on observable market data (level 3). Reclassifications between the categories under IFRS 9 are taken into account at the end of the reporting period. In the financial year, with the exception of the facts described below, there were no shifts between the levels. The table below shows the measurement technique used in determining fair value in accordance with IFRS 13 and material non-observable inputs used. Financial instruments measured at fair value Art Evaluation technique Essential, unobservable input factors Financial liabilities Discounted cash flows Risk premium for own credit riskDuring the 2025 financial year, the previously existing ABS and factoring programs were finally wound up and terminated. As a result, the Bajaj Mobility Group entered into a new factoring program with a financial services provider in the 2025 financial year, under which the sold receiva-bles are derecognized in accordance with the provisions of IFRS 9 on continuing involvement (as in the previous year). Under this factoring program, trade receivables are sold on a monthly revolving basis up to a maximum volume of EUR k 100,000 (previous year: EUR k 350,000). As of the balance sheet date, trade receivables totaling EUR k 84,338 (previous year: EUR k 251,339) to third parties. Up to a contractually defined amount, the Group continues to bear a risk from credit risk-related defaults. As of December 31, 2025, the resulting maximum risk of loss is EUR k 2,530 (previous year: EUR k 2,648). At the time of the sale, the expected loss is generally recognized as a liability. The carrying amount of the ongoing exposure amounts to EUR k 2,530 as of December 31, 2024 (previous year: EUR k 2,648) and is shown under the other short-term liabilities. The carrying amount is the fair value of the ongoing exposure. In the reporting period, the ongoing commitment to EUR k -118 (previous year: EUR k -842) and has accumulated EUR k 2,530 since the start of the transaction (previous year: EUR k 2,648) recognized through profit or loss. The Bajaj Mobility Group does not exercise control over the factoring portfolio companies, as the group does not have any existing rights to influence the relevant activities of the investment companies. This includes, in particular, the selection and financing of the receivables to be purchased as well as the collection of non-performing receivables.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:5299008TBI1EUJJSWP89",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s7__11__160": {
"value": "Receivables and other assets are measured at fair value at the time of acquisition and at amortized cost in subsequent periods under the cat-egory \u201cat amortized cost\u201d (AC). Financial receivables are also assigned to category AC and are measured at amortized cost. The part of trade receivables that is part of the factoring program is assigned to the category \u201cat fair value through profit and loss\u201d (FVPL).",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:5299008TBI1EUJJSWP89",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s7__11__161": {
"value": "Financial debt is measured at amortized cost in the AC category. A difference between the amount received and the repayment amount is distributed over the term according to the effective interest method and recognized in the financial result. The costs of raising money in con-nection with financing taken out are amortized through profit or loss using the effective interest method. Liabilities are also measured at amor-tized cost. The Bajaj Mobility Group does not have any financial debt that is assigned to any category other than AC.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:5299008TBI1EUJJSWP89",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s7__11__162": {
"value": "Impairments Trade receivables do not have a significant financing component. Therefore, the simplified procedure for determining the expected credit loss is applied, according to which allowance for credit losses in the amount of the expected losses over the remaining term must be recognized for all instruments, regardless of their credit quality. In the case of trade receivables, this is less than twelve months and therefore corresponds to the 12-month loss. For an explanation of the amount, see Chapter VII \u201cFinancial Risk Report\u201d. To determine the expected credit loss, historical default data on receivables from the last ten years was collected and segmented by geograph-ical region. Current economic factors and forecasts are also taken into account. Individual value adjustments of financial assets are made when they are considered irrecoverable or partially irrecoverable. Indicators of indi-vidual value adjustments include financial difficulties, insolvency, breach of contract or significant late payment by customers. The individual value adjustments are made up of numerous individual items. A direct derecognition of the financial assets only takes place if the contractual rights to payments from the financial assets no longer exist (especially in the event of insolvency). If the amount of the impairment decreases in one of the following periods and this reduction can be objectively attributed to a situation that occurred after the impairment was recog-nized, the previously recognized impairment allowance is reversed by adjusting the impairment account.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:5299008TBI1EUJJSWP89",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s7__11__165": {
"value": "42. CLASSIFICATION AND FAIR VALUESThe fair value of a financial instrument is determined by quoted market prices for the identical instrument on active markets (level 1 in ac-cordance with IFRS 13). If no quoted market prices are available on active markets for the instrument, the fair value is determined using valu-ation methods whose essential parameters are based exclusively on observable market data (level 2). Otherwise, the fair value is determined on the basis of valuation methods for which at least one essential parameter is not based on observable market data (level 3). Reclassifications between the categories under IFRS 9 are taken into account at the end of the reporting period. In the financial year, with the exception of the facts described below, there were no shifts between the levels. The table below shows the measurement technique used in determining fair value in accordance with IFRS 13 and material non-observable inputs used. Financial instruments measured at fair value Art Evaluation technique Essential, unobservable input factors Financial liabilities Discounted cash flows Risk premium for own credit risk",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:5299008TBI1EUJJSWP89",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s7__11__164": {
"value": "42. CLASSIFICATION AND FAIR VALUESThe fair value of a financial instrument is determined by quoted market prices for the identical instrument on active markets (level 1 in ac-cordance with IFRS 13). If no quoted market prices are available on active markets for the instrument, the fair value is determined using valu-ation methods whose essential parameters are based exclusively on observable market data (level 2). Otherwise, the fair value is determined on the basis of valuation methods for which at least one essential parameter is not based on observable market data (level 3). Reclassifications between the categories under IFRS 9 are taken into account at the end of the reporting period. In the financial year, with the exception of the facts described below, there were no shifts between the levels. The table below shows the measurement technique used in determining fair value in accordance with IFRS 13 and material non-observable inputs used. Financial instruments measured at fair value Art Evaluation technique Essential, unobservable input factors Financial liabilities Discounted cash flows Risk premium for own credit risk",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:5299008TBI1EUJJSWP89",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s7__11__166": {
"value": "The table below shows the carrying amounts and fair values of financial assets (asset-side financial instruments), separated by class or meas-urement category in accordance with IFRS 9. However, it does not include information on fair value or the level of financial assets and finan-cial liabilities that have not been measured at fair value if the carrying amount is a reasonable approximation of fair value. Fair Value Carrying amount 12/31/2025 EUR k Carrying Fair Value Level 1 Level 2 Level 3 Total AC FVOCI FVPL Fair Value - amount 12/31/ Amortised Fair Value Fair Value Hedging 12/31/2025 2025 Cost through OCI through P&L instruments (w/o re-cycling) Financial assets measured at fair value Other non-current financial 216 216- - 216 216-216- - assets Trade receivables 2,232 2,232 - - 2,232 2,232 - - 2,232 -Total 2,448 Financial assets not measured at fair value Cash and cash equivalents 137,270- - - - -137,270- - -Trade receivables 112,515 - - - - - 112,515 - - -Other financial assets 53,838 - - - - - 53,838 - - -Total 303,623 Total sum 306,071 Fair Value Carrying amount 12/31/2024 EUR k Carrying Fair Value Level 1 Level 2 Level 3 Total AC FVOCI FVPL Fair Value - amount 12/31/ Amortised Fair Value Fair Value Hedging 12/31/2024 2024 Cost through OCI through P&L instruments (w/o re-cycling) Financial assets measured at fair value Other current assets - derivatives with positive 6 6 - 6 - 6 - - - 6market value (cash flow hedge) Trade receivables 8,424 8,424 - - 8,424 8,424 - - 8,424 -Other non-current financial 215 215- - 215 215-215- - assets Total 8,645 Financial assets not measured at fair value Cash and cash equivalents 163,406- - - - -163,406- - -Trade receivables 280,999 - - - - - 280,999 - - -Other financial assets 65,659 - - - - - 65,659 - - -Total 510,064 Total sum 518,709 During the 2025 financial year, the previously existing ABS and factoring programs were finally wound up and terminated. As a result, the Bajaj Mobility Group entered into a new factoring program with a financial services provider in the 2025 financial year, under which the sold receiva-bles are derecognized in accordance with the provisions of IFRS 9 on continuing involvement (as in the previous year). Under this factoring program, trade receivables are sold on a monthly revolving basis up to a maximum volume of EUR k 100,000 (previous year: EUR k 350,000). As of the balance sheet date, trade receivables totaling EUR k 84,338 (previous year: EUR k 251,339) to third parties. Up to a contractually defined amount, the Group continues to bear a risk from credit risk-related defaults. As of December 31, 2025, the resulting maximum risk of loss is EUR k 2,530 (previous year: EUR k 2,648). At the time of the sale, the expected loss is generally recognized as a liability. The carrying amount of the ongoing exposure amounts to EUR k 2,530 as of December 31, 2024 (previous year: EUR k 2,648) and is shown under the other short-term liabilities. The carrying amount is the fair value of the ongoing exposure. In the reporting period, the ongoing commitment to EUR k -118 (previous year: EUR k -842) and has accumulated EUR k 2,530 since the start of the transaction (previous year: EUR k 2,648) recognized through profit or loss. The Bajaj Mobility Group does not exercise control over the factoring portfolio companies, as the group does not have any existing rights to influence the relevant activities of the investment companies. This includes, in particular, the selection and financing of the receivables to be purchased as well as the collection of non-performing receivables.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueMeasurementOfAssetsExplanatory",
"language": "en",
"entity": "scheme:5299008TBI1EUJJSWP89",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s7__11__168": {
"value": "During the 2025 financial year, the previously existing ABS and factoring programs were finally wound up and terminated. As a result, the Bajaj Mobility Group entered into a new factoring program with a financial services provider in the 2025 financial year, under which the sold receiva-bles are derecognized in accordance with the provisions of IFRS 9 on continuing involvement (as in the previous year). Under this factoring program, trade receivables are sold on a monthly revolving basis up to a maximum volume of EUR k 100,000 (previous year: EUR k 350,000). As of the balance sheet date, trade receivables totaling EUR k 84,338 (previous year: EUR k 251,339) to third parties. Up to a contractually defined amount, the Group continues to bear a risk from credit risk-related defaults. As of December 31, 2025, the resulting maximum risk of loss is EUR k 2,530 (previous year: EUR k 2,648). At the time of the sale, the expected loss is generally recognized as a liability. The carrying amount of the ongoing exposure amounts to EUR k 2,530 as of December 31, 2024 (previous year: EUR k 2,648) and is shown under the other short-term liabilities. The carrying amount is the fair value of the ongoing exposure. In the reporting period, the ongoing commitment to EUR k -118 (previous year: EUR k -842) and has accumulated EUR k 2,530 since the start of the transaction (previous year: EUR k 2,648) recognized through profit or loss. The Bajaj Mobility Group does not exercise control over the factoring portfolio companies, as the group does not have any existing rights to influence the relevant activities of the investment companies. This includes, in particular, the selection and financing of the receivables to be purchased as well as the collection of non-performing receivables.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory",
"language": "en",
"entity": "scheme:5299008TBI1EUJJSWP89",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s7__11__167": {
"value": "During the 2025 financial year, the previously existing ABS and factoring programs were finally wound up and terminated. As a result, the Bajaj Mobility Group entered into a new factoring program with a financial services provider in the 2025 financial year, under which the sold receiva-bles are derecognized in accordance with the provisions of IFRS 9 on continuing involvement (as in the previous year). Under this factoring program, trade receivables are sold on a monthly revolving basis up to a maximum volume of EUR k 100,000 (previous year: EUR k 350,000). As of the balance sheet date, trade receivables totaling EUR k 84,338 (previous year: EUR k 251,339) to third parties. Up to a contractually defined amount, the Group continues to bear a risk from credit risk-related defaults. As of December 31, 2025, the resulting maximum risk of loss is EUR k 2,530 (previous year: EUR k 2,648). At the time of the sale, the expected loss is generally recognized as a liability. The carrying amount of the ongoing exposure amounts to EUR k 2,530 as of December 31, 2024 (previous year: EUR k 2,648) and is shown under the other short-term liabilities. The carrying amount is the fair value of the ongoing exposure. In the reporting period, the ongoing commitment to EUR k -118 (previous year: EUR k -842) and has accumulated EUR k 2,530 since the start of the transaction (previous year: EUR k 2,648) recognized through profit or loss. The Bajaj Mobility Group does not exercise control over the factoring portfolio companies, as the group does not have any existing rights to influence the relevant activities of the investment companies. This includes, in particular, the selection and financing of the receivables to be purchased as well as the collection of non-performing receivables.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:5299008TBI1EUJJSWP89",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s7__11__170": {
"value": "The table below shows the carrying amounts and fair values of financial liabilities (financial instruments on the liabilities side) by class or measurement category in accordance with IFRS 9. Fair Value Carrying amount 12/31/2025 EUR k Carrying Fair Value Level 1 Level 2 Level 3 TotalAC FVOCI FVPL Fair Value - amount 12/31/ Amortised Fair Value Fair Value Hedging 12/31/2025 2025 Cost through OCI through P&L instruments (w/o re-cycling) Financial liabilities not measured at fair value At amortized cost Financial liabilities 935,679 947,396 - - 947,396 947,396 935,679 - - -Trade payables 149,162 149,162 - - 149,162 149,162 149,162 - - -Other current and non-current 42,744 42,744- - 42,744 42,744 42,744- - -financial liabilities Total 1,127,585 Total sum 1,127,585 Fair Value 0 EUR k Carrying Fair Value Level 1 Level 2 Level 3 Total AC FVOCI FVPL Fair Value - amount 12/31/ Amortised Fair Value Fair Value Hedging 12/31/20242024 Cost through OCI through P&L instruments (w/o re-cycling) Financial liabilities measured at fair value Fair Value - Hedging instruments Other financial liabilities - derivates with negative market value, assigned to receivables 188 188 - 188 - 188 - - - 188 Other financial liabilities - derivates with negative market value (cash flow hedge) 34 34 - 34 - 34 - - - 34 Total 222 1)Financial assets not measured at fair value At amortized cost Financial liabilities 1,718,326 712,236 - - 712,236 712,236 1,718,326 - - -Trade payables 381,857 - - - - - 381,857 - - -thereof trade payables that are part of supplier finance arrangements 59,204 - - - - - 59,204 - - -Options on non-controlling 2)interests 61,445 - - - - - - 61,445 - - Other current and non-current financial liabilities 67,670 - - - - - 67,670 - - -Total 2,229,298 Total sum 2,229,520 1) Of which in insolvency proceedings: Financial liabilities of EUR k 943,488; liabilities from leases subject to conditional claims registration of EUR k 58,380; Trade payables EUR k 196,411; promissory note loan of EUR k 495,000; other short- andlong-term financial debts EUR k 174.2) Valuation is not carried out via OCI, but via the other reserves in equity, see point 33 for further explanations.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:5299008TBI1EUJJSWP89",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s7__11__169": {
"value": "The table below shows the carrying amounts and fair values of financial liabilities (financial instruments on the liabilities side) by class or measurement category in accordance with IFRS 9. Fair Value Carrying amount 12/31/2025 EUR k Carrying Fair Value Level 1 Level 2 Level 3 TotalAC FVOCI FVPL Fair Value - amount 12/31/ Amortised Fair Value Fair Value Hedging 12/31/2025 2025 Cost through OCI through P&L instruments (w/o re-cycling) Financial liabilities not measured at fair value At amortized cost Financial liabilities 935,679 947,396 - - 947,396 947,396 935,679 - - -Trade payables 149,162 149,162 - - 149,162 149,162 149,162 - - -Other current and non-current 42,744 42,744- - 42,744 42,744 42,744- - -financial liabilities Total 1,127,585 Total sum 1,127,585 Fair Value 0 EUR k Carrying Fair Value Level 1 Level 2 Level 3 Total AC FVOCI FVPL Fair Value - amount 12/31/ Amortised Fair Value Fair Value Hedging 12/31/20242024 Cost through OCI through P&L instruments (w/o re-cycling) Financial liabilities measured at fair value Fair Value - Hedging instruments Other financial liabilities - derivates with negative market value, assigned to receivables 188 188 - 188 - 188 - - - 188 Other financial liabilities - derivates with negative market value (cash flow hedge) 34 34 - 34 - 34 - - - 34 Total 222 1)Financial assets not measured at fair value At amortized cost Financial liabilities 1,718,326 712,236 - - 712,236 712,236 1,718,326 - - -Trade payables 381,857 - - - - - 381,857 - - -thereof trade payables that are part of supplier finance arrangements 59,204 - - - - - 59,204 - - -Options on non-controlling 2)interests 61,445 - - - - - - 61,445 - - Other current and non-current financial liabilities 67,670 - - - - - 67,670 - - -Total 2,229,298 Total sum 2,229,520 1) Of which in insolvency proceedings: Financial liabilities of EUR k 943,488; liabilities from leases subject to conditional claims registration of EUR k 58,380; Trade payables EUR k 196,411; promissory note loan of EUR k 495,000; other short- andlong-term financial debts EUR k 174.2) Valuation is not carried out via OCI, but via the other reserves in equity, see point 33 for further explanations.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueMeasurementOfLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:5299008TBI1EUJJSWP89",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s7__11__174": {
"value": "43. OFFSETTING OF FINANCIAL ASSETS AND LIABILITIESIn the previous year, the Group had set-off agreements with banks in connection with derivatives. Since the Group does not have any deriva-tives as of the reporting date of the financial year, there are no corresponding offsetting agreements. In principle, the amounts owed under such agreements by each counterparty on a single day in respect of all outstanding transactions in the same currency were combined into a single net amount payable by one party to the other. In certain cases - for example, when a credit event such as a default occurs - all out-standing transactions under the agreement were terminated, the value was determined to be terminated, and only a single net amount was payable to offset all transactions. A netting in the balance sheet was not carried out, as there was usually no net settlement of several transac-tions from such framework agreements.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForOffsettingOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:5299008TBI1EUJJSWP89",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s7__11__173": {
"value": "43. OFFSETTING OF FINANCIAL ASSETS AND LIABILITIESIn the previous year, the Group had set-off agreements with banks in connection with derivatives. Since the Group does not have any deriva-tives as of the reporting date of the financial year, there are no corresponding offsetting agreements. In principle, the amounts owed under such agreements by each counterparty on a single day in respect of all outstanding transactions in the same currency were combined into a single net amount payable by one party to the other. In certain cases - for example, when a credit event such as a default occurs - all out-standing transactions under the agreement were terminated, the value was determined to be terminated, and only a single net amount was payable to offset all transactions. A netting in the balance sheet was not carried out, as there was usually no net settlement of several transac-tions from such framework agreements.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOffsettingOfFinancialAssetsAndFinancialLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:5299008TBI1EUJJSWP89",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s7__11__175": {
"value": "44. HEDGINGThe derivative financial instruments concluded by the Group in the previous year (forward currency transactions and interest rate swaps) were concluded to hedge foreign currency and interest rate risk. The aim of the use of derivative financial instruments was to compensate for the differentiation of cash flows from future transactions. The expected sales revenues and material purchases in foreign currency served as the basis for planning future cash flows. With the opening of the restructuring proceedings under insolvency law, in particular of KTM AG, the majority of the derivatives held at the time were already terminated by the financial service providers in the previous year. For example, the reserves created in equity were recog-nized in profit or loss in the 2024 financial year. The exception to this was a cash flow hedge on interest rate risk: In this case, the Group con-tinued to assume the occurrence of the underlying cash flows, so that the Group carried out an instalment, profit or loss recognition over the actual remaining term of the hedging transaction until April 2025.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory",
"language": "en",
"entity": "scheme:5299008TBI1EUJJSWP89",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s7__11__177": {
"value": "The derivative financial instruments concluded by the Group in the previous year (forward currency transactions and interest rate swaps) were concluded to hedge foreign currency and interest rate risk. The aim of the use of derivative financial instruments was to compensate for the differentiation of cash flows from future transactions. The expected sales revenues and material purchases in foreign currency served as the basis for planning future cash flows. With the opening of the restructuring proceedings under insolvency law, in particular of KTM AG, the majority of the derivatives held at the time were already terminated by the financial service providers in the previous year. For example, the reserves created in equity were recog-nized in profit or loss in the 2024 financial year. The exception to this was a cash flow hedge on interest rate risk: In this case, the Group con-tinued to assume the occurrence of the underlying cash flows, so that the Group carried out an instalment, profit or loss recognition over the actual remaining term of the hedging transaction until April 2025.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory",
"language": "en",
"entity": "scheme:5299008TBI1EUJJSWP89",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s7__11__176": {
"value": "The derivative financial instruments concluded by the Group in the previous year (forward currency transactions and interest rate swaps) were concluded to hedge foreign currency and interest rate risk. The aim of the use of derivative financial instruments was to compensate for the differentiation of cash flows from future transactions. The expected sales revenues and material purchases in foreign currency served as the basis for planning future cash flows. With the opening of the restructuring proceedings under insolvency law, in particular of KTM AG, the majority of the derivatives held at the time were already terminated by the financial service providers in the previous year. For example, the reserves created in equity were recog-nized in profit or loss in the 2024 financial year. The exception to this was a cash flow hedge on interest rate risk: In this case, the Group con-tinued to assume the occurrence of the underlying cash flows, so that the Group carried out an instalment, profit or loss recognition over the actual remaining term of the hedging transaction until April 2025.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:5299008TBI1EUJJSWP89",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s7__11__180": {
"value": "As of the balance sheet date, the amounts relating to items designated as hedged items are as follows. EUR k Cash flow hedge Costs of Balances remaining in the cash flow hedge reserve from hedging reserve hedging hedge relationships for which hedge accounting is no longer applied reserve Dec 31, 2025 Foreign currency risk Sales and receivables 0 0 0 Inventory purchases 0 0 0 Interest rate risk Variable-rate instruments 0 0 0 Total 0 0 0 Dec 31, 2024 Foreign currency risk Sales and receivables 0 0 0 Inventory purchases 0 0 0 Interest rate risk Variable-rate instruments 1,965 0 0 Total 1,965 0 0 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDetailedInformationAboutHedgingInstrumentsExplanatory",
"language": "en",
"entity": "scheme:5299008TBI1EUJJSWP89",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s7__11__179": {
"value": "As of the balance sheet date, the amounts relating to items designated as hedged items are as follows. EUR k Cash flow hedge Costs of Balances remaining in the cash flow hedge reserve from hedging reserve hedging hedge relationships for which hedge accounting is no longer applied reserve Dec 31, 2025 Foreign currency risk Sales and receivables 0 0 0 Inventory purchases 0 0 0 Interest rate risk Variable-rate instruments 0 0 0 Total 0 0 0 Dec 31, 2024 Foreign currency risk Sales and receivables 0 0 0 Inventory purchases 0 0 0 Interest rate risk Variable-rate instruments 1,965 0 0 Total 1,965 0 0 The cash flow hedge reserve and the reserve for hedging costs (after tax) developed as follows: EUR k Costs of hedging Cash flow hedge Total hedge reserve reserve As at January 1, 2024 -177 8,497 8,320 Amount reclassified to the income statement Realization of hedged item (recognized in revenues - currency risk) 177 613 790 Realization of hedged item (recorded in net interest income - interest 0 -4,013-4,013rate risk) InventoriesRealization of hedged item (recorded in inventories / production costs - 0 -121-121currency risk) Change in fair value Addition - interest rate risk 0 -3,011-3,011As at December 31, 2024 = as of January 1, 2025 0 1,965 1,965 Amount reclassified to the income statement Realization of hedged item (recognized in revenues - currency risk) 0 -1,965-1,965As at December 31, 2025 0 0 0",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDetailedInformationAboutHedgedItemsExplanatory",
"language": "en",
"entity": "scheme:5299008TBI1EUJJSWP89",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s7__11__178": {
"value": "As of the balance sheet date, the amounts relating to items designated as hedged items are as follows. EUR k Cash flow hedge Costs of Balances remaining in the cash flow hedge reserve from hedging reserve hedging hedge relationships for which hedge accounting is no longer applied reserve Dec 31, 2025 Foreign currency risk Sales and receivables 0 0 0 Inventory purchases 0 0 0 Interest rate risk Variable-rate instruments 0 0 0 Total 0 0 0 Dec 31, 2024 Foreign currency risk Sales and receivables 0 0 0 Inventory purchases 0 0 0 Interest rate risk Variable-rate instruments 1,965 0 0 Total 1,965 0 0 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:5299008TBI1EUJJSWP89",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s7__11__182": {
"value": "45. CAPITAL MANAGEMENTThe objective of capital management is to maintain an adequate capital base so that a return for the shareholders commensurate with the company's risk situation, the future development of the company can be promoted and benefits can also be created for other interest groups. Although this fundamental objective was missed by the necessity of opening restructuring proceedings under insolvency law, especially in the previous year, the creditors' interests, which had thus come to the fore, can be regarded as largely satisfied with the legally binding conclusion of the restructuring proceedings. Following the change of majority ownership, the Bajaj Mobility Group pursues the goal of corporate financial sustainability. The management considers capital to be exclusively the consolidated equity in the books in accordance with IFRS. As of the balance sheet date, the consolidated equity ratio was 24.3% (previous year: -8.1%). The change in equity is shown in the statement of changes in equity. The strategy of the Bajaj Mobility Group aims to ensure that Bajaj Mobility AG and the other Group companies have an equity base that meets local requirements. Capital management is mainly managed on the basis of the key figures equity ratio, net debt, gearing and dynamic debt. The equity ratio is as follows: EUR k Dec 31, 2025 Dec 31, 2024 Equity 385,237 -193,749Balance sheet total 1,586,073 2,395,834equity ratio 24.3% -8.1%Net debt is defined by the Group as the sum of short- and long-term financial liabilities (loans, lease liabilities, and other interest-bearing liabili-ties) less cash and cash equivalents. The objective is to secure long-term liquidity, efficiently draw on debt financing and limit financial risk while optimizing returns. The net debt at the balance sheet dates stated is as follows: EUR k Dec 31, 2025 Dec 31, 2024 Non-current financial liabilities 915,222 93,353Current financial liabilities 20,457 1,712,769935,679 1,806,122Cash and cash equivalents -137,270 -163,407Net debt 798,409 1,642,715The key figures \u201cgearing\u201d (ratio of net debt to equity) and the key figure \u201cdynamic debt\u201d (ratio of net debt to EBITDA) for the monitoring of capital are as follows: EUR k Dec 31, 2025 Dec 31, 2024 Equity 385,237 -193,749Net debt 798,409 1,642,715Gearing 207.3% -847.9%Net debt 798,409 1,642,715EBITDA* 873,711 -480,783Dynamic debt 0.9 -3.4EBITDA is calculated as the result from operating activities or EBIT plus depreciation, amortization and impairment losses in accordance with IAS 36 and IFRS 5. In the 2025 financial year, the amount of depreciation was adjusted by disposals of assets impaired in the previous year in the amount of EUR k 10,656.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory",
"language": "en",
"entity": "scheme:5299008TBI1EUJJSWP89",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s7__11__183": {
"value": "IX. LEASES46. LEASES AS LESSEESThe Bajaj Mobility Group has concluded rental and leasing agreements for the use of land, operational and administrative buildings, offices and storage areas, machines (including CNC machines) and in the area of the vehicle fleet. The group also rents IT equipment with contractual terms of between one and five years. These rental and leasing agreements are either short-term or (or and) they are based on items of low value. The Group has exercised the option under IFRS 16.5-.8 and has not recognized any right-of-use or lease liabilities for these lease and lease agreements. In addition, leasing contracts for tools (special leasing) and machines are concluded with a term of 3-10 years.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:5299008TBI1EUJJSWP89",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s7__11__184": {
"value": "Right-of-use assets and lease liabilities The book value of the right-of-use assets is as follows: EUR k Land and buil-Machinery Fixtures,Total dings fittings and equipment Dec 31, 2025 Balance as of 1/1 25,848 24,290 13,576 63,715 Additions and disposals due to changes in the scope of + / --92 0-229-321consolidation Foreign exchange translation on cost of acquisition and + / --5580 -617-1,176production + Additions to right-of-use assets 708 2,521 1,340 4,568- Disposals of right-of-use assets -13,897 -11,758 -5,691 -31,346Additions to and disposals of depreciation due to changes in the- / +0 0 9898 scope of consolidationForeign exchange translation of cumulative amortization and+ / -450 0 390840 depreciation- Depreciation on right-of-use assets -7,392 -4,121 -4,805 -16,318- Impairment of right-of-use assets -1,381 0 0 -1,381+ Disposals of depreciation on right of use assets 9,741 8,629 4,620 22,990Carrying amount 12/31/2025 13,427 19,561 8,681 41,668 Dec 31, 2024 Balance as of 1/1 29,75519,611 21,078 70,444 Additions and disposals due to changes in the scope of + / -2,118 363 2,8955,376 consolidation Foreign exchange translation on cost of acquisition and + / --95 -2 266169 production + Additions to right-of-use assets 14,511 18,204 6,537 39,252 - Disposals of right-of-use assets -6,231 -7,283 -12,264 -25,778- Reclass right-of-use assets held for sale -378 0 -995 -1,373Additions to and disposals of depreciation due to changes in the- / +-405 0 -2,599 -3,004scope of consolidationForeign exchange translation of cumulative amortization and+ / --15 1 -153 -167depreciation- Depreciation on right-of-use assets -11,133 -6,313 -8,008 -25,454- Impairment of right-of-use assets -7,368 -7,016 -4,576 -18,960+ Disposals of depreciation on right of use assets 4,711 6,560 10,824 22,095+ Reclass of depreciation on right-of-use assets held for sale 378 0 738 1,116Carrying amount 12/31/2024 25,848 24,125 13,743 63,716The present value of the minimum",
"dimensions": {
"concept": "ifrs-full:DisclosureOfQuantitativeInformationAboutRightofuseAssetsExplanatory",
"language": "en",
"entity": "scheme:5299008TBI1EUJJSWP89",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s7__11__185-1": {
"value": "The present value of the minimum lease payments as of the respective reporting date is as follows: EUR k Minimum lease payments Interest payments Present value of minimum lease payments Dec 31, 2025 < 1 year 15,984 1,586 16,695 > 1 to 5 years 35,074 3,193 29,584 > 5 years 15,701 3,640 12,061 66,758 8,419 58,339 Dec 31, 2024 < 1 year 25,651 2,363 23,288 > 1 to 5 years 53,815 4,412 49,403 > 5 years 18,931 3,827 15,104 98,397 10,602 87,795 The payment obligations arising from leases are shown in the consolidated balance sheet under financial liabilities, see item 34 of this Annex. Amounts recognized in the incomeFrom a lessor's point of view, all leases are classified as operating leases because they are designed in such a way that the Bajaj Mobility Group retains substantially all risks and opportunities associated with ownership. This does not apply to a sublease, which the Group classifies as a finance lease. This concerns the subletting by the group of a building that has been designated as a right of use in the property, plant and equipment. In the 2025 financial year, no new subleases were concluded and accounted for.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLeasesExplanatory",
"language": "en",
"entity": "scheme:5299008TBI1EUJJSWP89",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s7__11__189": {
"value": "Amounts recognized in the income statement and cash flow statement 2025 - Leases EUR kInterest expense on lease liabilities 1,749 Income from sub-leasing right-of-use assets 245 Expenses relating to short-term leases 5,211 Expenses relating to leases of low-value assets, excluding short-term leases of low-value assets 22,055 2024 - Leases EUR kInterest expense on lease liabilities 3,908 Income from sub-leasing right-of-use assets 245 Expenses relating to short-term leases 5,978 Expenses relating to leases of low-value assets, excluding short-term leases of low-value assets 25,281 The expenses for leases of an asset of low value mainly relate to rental and leasing contracts for IT equipment. In the statement of cash flows, cash outflows for leases in the amount of EUR k 50,394 (previous year: EUR k 57,534) were recognized. Of this, EUR k 21,625 (previous year: EUR k 22,612; the reported value of EUR k 22,640 has been adjusted due to a calculation error) as repayments of lease liabilities in the cash flow from financing activities and EUR k 28,770 (previous year: EUR k 34,922) as expenses from short-term and lower-value leases as well as interest expense and income from subleases of right-of-use leases in the cash flow from operating activities. Renewal Options Some rental and leasing agreements contain extension options that can be exercised by the Group up to one year before the end of the non-terminable contract term. Where possible, the Group aims to include extension options when concluding new leases and leases in order to ensure operational flexibility. On the date of provision, the Group assesses whether the exercise of extension options is sufficiently secure. The Group shall redetermine whether the exercise of an extension option is reasonably certain in the event of a material event or change in cir-cumstances within its control.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAdditionalInformationAboutLeasingActivitiesForLesseeExplanatory",
"language": "en",
"entity": "scheme:5299008TBI1EUJJSWP89",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s7__11__190": {
"value": "47. LEASES AS LESSORSFrom a lessor's point of view, all leases are classified as operating leases because they are designed in such a way that the Bajaj Mobility Group retains substantially all risks and opportunities associated with ownership. This does not apply to a sublease, which the Group classifies as a finance lease. This concerns the subletting by the group of a building that has been designated as a right of use in the property, plant and equipment. In the 2025 financial year, no new subleases were concluded and accounted for. In 2025, the Group generated interest income on lease receivables in the amount of EUR k 10 (previous year: EUR k 10). The lease receivables from subleases as of December 31, 2025 amount to: EUR k 767 (previous year: EUR k 767). Of this, EUR k 253 (previous year: EUR k 253) are due in less than a year and EUR k 514 (previous year: EUR k 514) in 1-5 years. ",
"dimensions": {
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"language": "en",
"entity": "scheme:5299008TBI1EUJJSWP89",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s7__11__192": {
"value": "X. EXPLANATIONS OF RELATED PARTIES AND RELATED PARTYTRANSACTIONS48. BUSINESS RELATIONSHIPS WITH RELATED PARTIESAccording to the requirements of IAS 24, disclosures must be made about related party transactions. If transactions with related parties led to changes in the scope of consolidation, the related statements were made with reference to the exist-ence of an IAS 24-relevant transaction due to their proper allocation under item 8 \u201cChanges in the scope of consolidation\u201d. At this point, refer-ence should be made to the statements there. In the 2025 financial year, this related to the disposals of KTM Technologies GmbH, PIERER Innovation GmbH with DealerCenter Digital GmbH, as well as the FELT companies in the case of fully consolidated subsidiaries and, with re-gard to associated companies, the sale of the shares in MR IMMOREAL GmbH. Change of ownership structure in the financial year, change of name In the course of the insolvency restructuring proceedings of KTM AG, KTM Components GmbH and KTM Forschungs & Entwicklungs GmbH, all subsidiaries of the former PIERER Mobility AG, the long-standing minority owner, the Bajaj Group, has provided extensive financing for the successful conclusion of all three proceedings. On May 22, 2025, Bajaj Auto International Holdings B.V., Netherlands, entered into a call option agreement with Pierer Industrie AG, whose shares are held by Pierer Konzerngesellschaft mbH, which enabled Bajaj Auto International Holdings B.V. to acquire all shares held by Pierer Industrie AG in the former Pierer Bajaj AG and thus indirectly control of the former PIERER Mobility AG by the end of May 2026 at the latest. The shares held by Pierer Industrie AG in the majority shareholder (formerly) Pierer Bajaj AG were transferred to Bajaj Auto International Holdings B.V. on November 18, 2025, after receiving all regulatory approvals. Bajaj Auto International Holdings B.V. is now the sole share-holder of the former Pierer Bajaj AG. Since then, it has also indirectly held a stake of around 74.94% of the shares of the former PIERER Mo-bility AG. As the majority shareholder, it exercises control over the former PIERER Mobility AG. In the course of this change of majority, two name changes were resolved at an Extraordinary General Meeting on November 19, 2025: The former Pierer Bajaj AG now operates as Bajaj Auto International Holdings AG, the company of the former PIERER Mobility AG is now named Bajaj Mobility AG. In the present consolidated financial statements and below, for reasons of clarity, the former company or group name will not be mentioned any further. A cooperation with the Bajaj Group has been in place since 2007. The Bajaj Group is the largest motorcycle manufacturer in India with sales of around 4.7 million motorcycles and three-wheelers in the last financial year (balance sheet date March 31, 2025). The focus of the cooper-ation is the joint development of entry-level street motorcycles, which are produced in India and sold under the KTM and Husqvarna brands by both companies in their home markets. However, the change of majority ownership also has consequences for the presentation of transactions with related parties in the 2025 finan-cial year. For the 2025 financial year, the balance sheet figures based on the reporting date refer exclusively to the corresponding changes in the majority ratios, while the flow-related disclosures from the income statement also include those transactions that were carried out prior to this change. Consequently, transactions with Pierer Konzerngesellschaft mbH and subsidiaries controlled by it were considered related party transactions until November 18, 2025. General information, explanatory information As of December 31, 2025, 74.94% of the shares of Bajaj Mobility AG are held by Bajaj Auto International Holdings AG, whose shares are wholly owned by Bajaj Auto International Holdings B.V., a subsidiary of Bajaj Auto Ltd., India. Bajaj Auto Ltd. is the highest company of the entire group. Transactions with related parties are grouped within the Bajaj Mobility Group according to \u201cRelated Companies\u201d, \u201cAssociated Companies\u201d and \u201cOther Companies\u201d. Associates can be found in the statement of participations (see Chapter XII) and relate to all financial assets accounted for using the equity method. Other companies are defined as all companies that are controlled by key management. In principle, Bajaj Mobility AG defines key manage-ment as members of the Executive Board and Supervisory Board and, if applicable, other managers in key positions who can exert a signifi-cant influence on the Group's financial and business policy decisions. In addition, family members of key management and their companies are also taken into account. In the 2025 financial year and in the previous year, with the exception of the transactions also listed under item 8 \u201cChanges in the scope of consolidation\u201d, there were no material transactions with related parties (with the exception of the remuneration of the Executive Board and the Supervisory Board, see item 50). The transactions with related parties are as follows according to the grouping described: EUR k Shareholder related Associated companies Other companies companies Dec 31, Dec 31, Dec 31, Dec 31, Dec 31, Dec 31, 2025 2024 20252024 2025 2024 Receivables 0 23,055 76 7,487 0 4,772 Liabilities -16,758 -10,349 -13,764 -7,405 0 -5,188Revenue 2,628 6,281 5,042 5,547 112 20,192Expenses -59,767 -104,645 -29,983 -84,393 -97,637 -154,858Dividend 0 -12,514 0 0 0 -36All related party transactions were carried out at customary market conditions. Key business relationships are explained below: Shareholders related companies Since the 2024 assessment, Bajaj Mobility AG has formed its own tax group in accordance with Section 9 of the Corporate Income Tax Act (KStG) within the meaning of the Austrian Corporate Income Tax Act. Since the 2024 financial year, the KTM AG Group has also been part of this steering group. As of December 31, 2025, due to the acquisition of the shares by Bajaj, there was no outstanding receivable (previous year: EUR k 13,806) against Pierer Konzerngesellschaft mbH. In the 2025 financial year, Bajaj Auto International Holdings AG received no dividends (previous year: EUR k 12,503), and similarly, Pierer Konzerngesellschaft mbH did not receive any dividends in the 2025 financial year (previous year: EUR k 11) from Bajaj Mobility AG from the retained profit of the previous financial year. On the expense side, the transactions with companies close to the shareholders from January to November 2025 mainly affect the Pankl Racing Group and other companies of the PIERER Group, which acted as suppliers of purchased parts for the Bajaj Mobility Group. These suppliers are companies of the Pierer Industrie AG Group. PIERER Industrie AG is a subsidiary of Pierer Konzerngesellschaft mbH, which is owned by Dipl.-Ing. Stefan Pierer. In addition, in the 2025 financial year, expenses were incurred vis-\u00e0-vis Pierer Konzerngesellschaft mbH and Pierer Industrie AG from the rebilling of services. Most of these expenses relate to group levies for IT and management services vis-\u00e0-vis Pierer Industrie AG. Expenses of EUR k 13,623 (previous year: EUR k 23,705) were incurred with Pankl Racing Systems AG, Kapfenberg, expenses of EUR k 7,318 (previous year: EUR k 17,112) with Pankl Automotive Slovakia s.r.o., Topolcany, Slovakia, and expenses of EUR k 2,404 (previous year: EUR k 10,524) with Pankl Cooling Systems Dalian, China. As of the balance sheet date of December 31, 2025, there were liabilities to Bajaj Auto Ltd in the amount of EUR k 16,758, but no receiva-bles. For December 2025, Bajaj Auto Ltd. generated expenses of EUR k 12,643 (previous year, for the full financial year: EUR k 151,015) and small income of EUR k 6 (previous year: EUR k 5,681), mainly from the purchase of street motorcycles and parts. In addition, income from license fees relating to the month of December in the amount of EUR k 295 was accrued. To settle the restructuring quotas in the KTM Group, Bajaj Auto International Holdings BV, Netherlands, has granted KTM AG a restructuring loan of EUR k 450,000 with a term of three years, i.e. until December 30, 2028. At the same time, Bajaj Auto International Holdings AG has provided a loan of EUR k 350,000 to its subsidiary Bajaj Mobility AG. The loan was granted in several tranches, each of which has a maturity of three years. The last tranche is therefore to be repaid on May 22, 2028. Associates In the financial year, KISKA GmbH, Anif, incurred expenses of EUR k 1,406 (previous year: EUR k 20,166) for development and design ser-vices as well as services in the area of brand development. The investment was classified and measured as \u201cheld for sale\u201d at the end of the 2025 financial year. The related statements can be found under item 32 \u201cNon-current assets held for sale and disposal groups\u201d. KTM Asia Motorcycle Manufacturing Inc. was founded in June 2016 together with partner Ayala Corp. Since mid-2017, the company has been responsible for the CKD (Completely Knocked-Down) assembly for KTM motorcycles in the Philippines. In the 2025 financial year, the Group generated revenues of EUR k 1,109 (previous year: EUR k 2,269) and expenses of EUR k 6,692 (previous year: EUR k 7,837). The joint venture in China with partner CF Moto was established in 2018 financial year under the name \u201cZhejiang CFMOTO-KTMR2R Motor-cycles Co., Ltd.\u201d. Since 2021, mid-range motorcycles have been produced in Hangzhou, China. In the 2025 financial year, the Group gener-ated revenues of EUR k 360 (previous year: EUR k 3,208) and expenses of EUR k 21,236 (previous year: EUR k 56,390). Bajaj Mobility AG holds a minority share in LX Media GmbH, Wels, which is indirectly controlled by Pierer Konzerngesellschaft mbH. LX Media GmbH provides web and IT services in the amount of EUR k 3,044 (previous year: EUR k 1,932). Other companies The classification of companies of the Bajaj Group as other companies was carried out under the explanations described in the introduction until November 2025. The member of the Supervisory Board of Bajaj Mobility AG, Mr. Srinivasan Ravikumar, is Director of Bajaj Auto Interna-tional Holdings B.V. and President of Business Development and Assurance of Bajaj Auto Ltd. By November 2025, Bajaj Auto Ltd. had in-curred expenses of EUR k 96,140 (previous year, for the full financial year: EUR k 151,015) and income of EUR k 106 (previous year: EUR k 5,681) from the purchase of street motorcycles and parts in the 2025 financial year. With a transfer agreement dated on September 17, 2013, KTM AG has acquired the license right for the use of the \u201cHusqvarna\u201d brand from PIERER Industrie AG for EUR k 10,000. The license right is depreciated as planned over the remaining useful life of 2 years and regularly checked for its intrinsic value. The value of the license right was plausibly verified by a valuation at the time and the acquisition was approved by the Supervisory Board of KTM AG. Customary deliveries of motorcycles and spare parts were made to dealers. Proceeds or receivables from other companies mainly relate to transactions with these merchants. The minority shares in the dealers were held by Pierer Industrie AG until November 2025. 49. GOVERNING BODIES OF BAJAJ MOBILITY AGThe following persons were appointed as members of the Executive Board with collective representation authority in the 2025 financial year. The dates refer to the entry dates in the Austrian commercial register: Name from / since to Mag. Gottfried Neumeister Sep 01, 2024 Mag. Petra Preining Sep 16, 2025 Dipl.-Ing. Stefan Pierer May 05, 2020 Oct 03, 2025 Mag. Verena Schneglberger-Grossmann Jun 01, 2025 Dec 31, 2025 The following ladies and gentlemen were appointed as members of the Supervisory Board: Name Function from / since to Srinivasan Ravikumar Chairman Jan 13, 2026 Dinesh Thapar Deputy Chairman Jan 13, 2026 Pradeep Shrivastava Member Jan 13, 2026 Dr. Wulf Gordian Hauser Member Jan 13, 2026 Josef Blazicek Chairman Oct 19, 2021 Feb 07, 2025 Stephan Z\u00f6chling Chairman Feb 07, 2025 Jul 31, 2025 Mag. Ewald Oberhammer Chairman Jul 31,2025 Jan 13, 2026 Rajiv Bajaj Deputy Chairman Oct 19, 2021 Jul 31, 2025 Mag. Friedrich Roithner Member Jan 24, 2025 Jul 31, 2025 Mag. Michaela Friepe\u00df Member May 05, 2020 Jan 13, 2026 Dr. Ernst Chalupsky Member Oct 19, 2021 Jan 13, 2026 Dipl.- Ing. Dr. Iris Filzwieser Member Oct 19, 2021 Jan 13, 2026 50. EXECUTIVE BOARD AND SUPERVISORY BOARD REMUNERATIONRemuneration for the Executive Board of the Bajaj Mobility AG Group includes salaries, benefits in kind, bonuses, severance payments and contributions to the company pension fund, and amounted to EUR k 1,965 in the 2025 financial year (previous year: EUR k 2,607). Further-more, there were no additional payments to members of the Executive Board from previous periods. There is no agreement on a company pen-sion scheme for members of the Executive Board. No pension fund payments were made to the Executive Board in the 2025 financial year. For the 2025 financial year (payment in the 2026 financial year), a total remuneration of EUR k 59 (previous year: EUR k 20) is proposed to the Supervisory Board of Bajaj Mobility AG. As of the balance sheet date, there were no loans or advances to the members of the Supervisory Board of Bajaj Mobility AG. ",
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"value": "48. BUSINESS RELATIONSHIPS WITH RELATED PARTIESAccording to the requirements of IAS 24, disclosures must be made about related party transactions. If transactions with related parties led to changes in the scope of consolidation, the related statements were made with reference to the exist-ence of an IAS 24-relevant transaction due to their proper allocation under item 8 \u201cChanges in the scope of consolidation\u201d. At this point, refer-ence should be made to the statements there. In the 2025 financial year, this related to the disposals of KTM Technologies GmbH, PIERER Innovation GmbH with DealerCenter Digital GmbH, as well as the FELT companies in the case of fully consolidated subsidiaries and, with re-gard to associated companies, the sale of the shares in MR IMMOREAL GmbH. Change of ownership structure in the financial year, change of name In the course of the insolvency restructuring proceedings of KTM AG, KTM Components GmbH and KTM Forschungs & Entwicklungs GmbH, all subsidiaries of the former PIERER Mobility AG, the long-standing minority owner, the Bajaj Group, has provided extensive financing for the successful conclusion of all three proceedings. On May 22, 2025, Bajaj Auto International Holdings B.V., Netherlands, entered into a call option agreement with Pierer Industrie AG, whose shares are held by Pierer Konzerngesellschaft mbH, which enabled Bajaj Auto International Holdings B.V. to acquire all shares held by Pierer Industrie AG in the former Pierer Bajaj AG and thus indirectly control of the former PIERER Mobility AG by the end of May 2026 at the latest. The shares held by Pierer Industrie AG in the majority shareholder (formerly) Pierer Bajaj AG were transferred to Bajaj Auto International Holdings B.V. on November 18, 2025, after receiving all regulatory approvals. Bajaj Auto International Holdings B.V. is now the sole share-holder of the former Pierer Bajaj AG. Since then, it has also indirectly held a stake of around 74.94% of the shares of the former PIERER Mo-bility AG. As the majority shareholder, it exercises control over the former PIERER Mobility AG. In the course of this change of majority, two name changes were resolved at an Extraordinary General Meeting on November 19, 2025: The former Pierer Bajaj AG now operates as Bajaj Auto International Holdings AG, the company of the former PIERER Mobility AG is now named Bajaj Mobility AG. In the present consolidated financial statements and below, for reasons of clarity, the former company or group name will not be mentioned any further. A cooperation with the Bajaj Group has been in place since 2007. The Bajaj Group is the largest motorcycle manufacturer in India with sales of around 4.7 million motorcycles and three-wheelers in the last financial year (balance sheet date March 31, 2025). The focus of the cooper-ation is the joint development of entry-level street motorcycles, which are produced in India and sold under the KTM and Husqvarna brands by both companies in their home markets. However, the change of majority ownership also has consequences for the presentation of transactions with related parties in the 2025 finan-cial year. For the 2025 financial year, the balance sheet figures based on the reporting date refer exclusively to the corresponding changes in the majority ratios, while the flow-related disclosures from the income statement also include those transactions that were carried out prior to this change. Consequently, transactions with Pierer Konzerngesellschaft mbH and subsidiaries controlled by it were considered related party transactions until November 18, 2025. General information, explanatory information As of December 31, 2025, 74.94% of the shares of Bajaj Mobility AG are held by Bajaj Auto International Holdings AG, whose shares are wholly owned by Bajaj Auto International Holdings B.V., a subsidiary of Bajaj Auto Ltd., India. Bajaj Auto Ltd. is the highest company of the entire group. Transactions with related parties are grouped within the Bajaj Mobility Group according to \u201cRelated Companies\u201d, \u201cAssociated Companies\u201d and \u201cOther Companies\u201d. Associates can be found in the statement of participations (see Chapter XII) and relate to all financial assets accounted for using the equity method. Other companies are defined as all companies that are controlled by key management. In principle, Bajaj Mobility AG defines key manage-ment as members of the Executive Board and Supervisory Board and, if applicable, other managers in key positions who can exert a signifi-cant influence on the Group's financial and business policy decisions. In addition, family members of key management and their companies are also taken into account. In the 2025 financial year and in the previous year, with the exception of the transactions also listed under item 8 \u201cChanges in the scope of consolidation\u201d, there were no material transactions with related parties (with the exception of the remuneration of the Executive Board and the Supervisory Board, see item 50). The transactions with related parties are as follows according to the grouping described: EUR k Shareholder related Associated companies Other companies companies Dec 31, Dec 31, Dec 31, Dec 31, Dec 31, Dec 31, 2025 2024 20252024 2025 2024 Receivables 0 23,055 76 7,487 0 4,772 Liabilities -16,758 -10,349 -13,764 -7,405 0 -5,188Revenue 2,628 6,281 5,042 5,547 112 20,192Expenses -59,767 -104,645 -29,983 -84,393 -97,637 -154,858Dividend 0 -12,514 0 0 0 -36All related party transactions were carried out at customary market conditions. Key business relationships are explained below: Shareholders related companies Since the 2024 assessment, Bajaj Mobility AG has formed its own tax group in accordance with Section 9 of the Corporate Income Tax Act (KStG) within the meaning of the Austrian Corporate Income Tax Act. Since the 2024 financial year, the KTM AG Group has also been part of this steering group. As of December 31, 2025, due to the acquisition of the shares by Bajaj, there was no outstanding receivable (previous year: EUR k 13,806) against Pierer Konzerngesellschaft mbH. In the 2025 financial year, Bajaj Auto International Holdings AG received no dividends (previous year: EUR k 12,503), and similarly, Pierer Konzerngesellschaft mbH did not receive any dividends in the 2025 financial year (previous year: EUR k 11) from Bajaj Mobility AG from the retained profit of the previous financial year. On the expense side, the transactions with companies close to the shareholders from January to November 2025 mainly affect the Pankl Racing Group and other companies of the PIERER Group, which acted as suppliers of purchased parts for the Bajaj Mobility Group. These suppliers are companies of the Pierer Industrie AG Group. PIERER Industrie AG is a subsidiary of Pierer Konzerngesellschaft mbH, which is owned by Dipl.-Ing. Stefan Pierer. In addition, in the 2025 financial year, expenses were incurred vis-\u00e0-vis Pierer Konzerngesellschaft mbH and Pierer Industrie AG from the rebilling of services. Most of these expenses relate to group levies for IT and management services vis-\u00e0-vis Pierer Industrie AG. Expenses of EUR k 13,623 (previous year: EUR k 23,705) were incurred with Pankl Racing Systems AG, Kapfenberg, expenses of EUR k 7,318 (previous year: EUR k 17,112) with Pankl Automotive Slovakia s.r.o., Topolcany, Slovakia, and expenses of EUR k 2,404 (previous year: EUR k 10,524) with Pankl Cooling Systems Dalian, China. As of the balance sheet date of December 31, 2025, there were liabilities to Bajaj Auto Ltd in the amount of EUR k 16,758, but no receiva-bles. For December 2025, Bajaj Auto Ltd. generated expenses of EUR k 12,643 (previous year, for the full financial year: EUR k 151,015) and small income of EUR k 6 (previous year: EUR k 5,681), mainly from the purchase of street motorcycles and parts. In addition, income from license fees relating to the month of December in the amount of EUR k 295 was accrued. To settle the restructuring quotas in the KTM Group, Bajaj Auto International Holdings BV, Netherlands, has granted KTM AG a restructuring loan of EUR k 450,000 with a term of three years, i.e. until December 30, 2028. At the same time, Bajaj Auto International Holdings AG has provided a loan of EUR k 350,000 to its subsidiary Bajaj Mobility AG. The loan was granted in several tranches, each of which has a maturity of three years. The last tranche is therefore to be repaid on May 22, 2028. Associates In the financial year, KISKA GmbH, Anif, incurred expenses of EUR k 1,406 (previous year: EUR k 20,166) for development and design ser-vices as well as services in the area of brand development. The investment was classified and measured as \u201cheld for sale\u201d at the end of the 2025 financial year. The related statements can be found under item 32 \u201cNon-current assets held for sale and disposal groups\u201d. KTM Asia Motorcycle Manufacturing Inc. was founded in June 2016 together with partner Ayala Corp. Since mid-2017, the company has been responsible for the CKD (Completely Knocked-Down) assembly for KTM motorcycles in the Philippines. In the 2025 financial year, the Group generated revenues of EUR k 1,109 (previous year: EUR k 2,269) and expenses of EUR k 6,692 (previous year: EUR k 7,837). The joint venture in China with partner CF Moto was established in 2018 financial year under the name \u201cZhejiang CFMOTO-KTMR2R Motor-cycles Co., Ltd.\u201d. Since 2021, mid-range motorcycles have been produced in Hangzhou, China. In the 2025 financial year, the Group gener-ated revenues of EUR k 360 (previous year: EUR k 3,208) and expenses of EUR k 21,236 (previous year: EUR k 56,390). Bajaj Mobility AG holds a minority share in LX Media GmbH, Wels, which is indirectly controlled by Pierer Konzerngesellschaft mbH. LX Media GmbH provides web and IT services in the amount of EUR k 3,044 (previous year: EUR k 1,932). Other companies The classification of companies of the Bajaj Group as other companies was carried out under the explanations described in the introduction until November 2025. The member of the Supervisory Board of Bajaj Mobility AG, Mr. Srinivasan Ravikumar, is Director of Bajaj Auto Interna-tional Holdings B.V. and President of Business Development and Assurance of Bajaj Auto Ltd. By November 2025, Bajaj Auto Ltd. had in-curred expenses of EUR k 96,140 (previous year, for the full financial year: EUR k 151,015) and income of EUR k 106 (previous year: EUR k 5,681) from the purchase of street motorcycles and parts in the 2025 financial year. With a transfer agreement dated on September 17, 2013, KTM AG has acquired the license right for the use of the \u201cHusqvarna\u201d brand from PIERER Industrie AG for EUR k 10,000. The license right is depreciated as planned over the remaining useful life of 2 years and regularly checked for its intrinsic value. The value of the license right was plausibly verified by a valuation at the time and the acquisition was approved by the Supervisory Board of KTM AG. Customary deliveries of motorcycles and spare parts were made to dealers. Proceeds or receivables from other companies mainly relate to transactions with these merchants. The minority shares in the dealers were held by Pierer Industrie AG until November 2025. ",
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"value": "49. GOVERNING BODIES OF BAJAJ MOBILITY AGThe following persons were appointed as members of the Executive Board with collective representation authority in the 2025 financial year. The dates refer to the entry dates in the Austrian commercial register: Name from / since to Mag. Gottfried Neumeister Sep 01, 2024 Mag. Petra Preining Sep 16, 2025 Dipl.-Ing. Stefan Pierer May 05, 2020 Oct 03, 2025 Mag. Verena Schneglberger-Grossmann Jun 01, 2025 Dec 31, 2025 The following ladies and gentlemen were appointed as members of the Supervisory Board: Name Function from / since to Srinivasan Ravikumar Chairman Jan 13, 2026 Dinesh Thapar Deputy Chairman Jan 13, 2026 Pradeep Shrivastava Member Jan 13, 2026 Dr. Wulf Gordian Hauser Member Jan 13, 2026 Josef Blazicek Chairman Oct 19, 2021 Feb 07, 2025 Stephan Z\u00f6chling Chairman Feb 07, 2025 Jul 31, 2025 Mag. Ewald Oberhammer Chairman Jul 31,2025 Jan 13, 2026 Rajiv Bajaj Deputy Chairman Oct 19, 2021 Jul 31, 2025 Mag. Friedrich Roithner Member Jan 24, 2025 Jul 31, 2025 Mag. Michaela Friepe\u00df Member May 05, 2020 Jan 13, 2026 Dr. Ernst Chalupsky Member Oct 19, 2021 Jan 13, 2026 Dipl.- Ing. Dr. Iris Filzwieser Member Oct 19, 2021 Jan 13, 2026 50. EXECUTIVE BOARD AND SUPERVISORY BOARD REMUNERATIONRemuneration for the Executive Board of the Bajaj Mobility AG Group includes salaries, benefits in kind, bonuses, severance payments and contributions to the company pension fund, and amounted to EUR k 1,965 in the 2025 financial year (previous year: EUR k 2,607). Further-more, there were no additional payments to members of the Executive Board from previous periods. There is no agreement on a company pen-sion scheme for members of the Executive Board. No pension fund payments were made to the Executive Board in the 2025 financial year. For the 2025 financial year (payment in the 2026 financial year), a total remuneration of EUR k 59 (previous year: EUR k 20) is proposed to the Supervisory Board of Bajaj Mobility AG. As of the balance sheet date, there were no loans or advances to the members of the Supervisory Board of Bajaj Mobility AG. ",
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"value": "XI. SIGNIFICANT EVENTS AFTER THE BALANCE SHEET DATEOn January 13, 2026, the Bajaj Mobility Group took further steps as part of its restructuring and announced measures. These include, in par-ticular, a reduction in the workforce of around 500 employees, which mainly affects the white-collar sector and middle management. However, at the time of writing, it was not yet known to what extent and to what level these announced measures would have a concrete impact on the Group itself. By contract dated January 14, 2026, the share in KISKA GmbH held for sale was sold to the previous majority shareholder, Loxone GmbH, at a balance sheet value of EUR k 1,300. The Bajaj Mobility Group did not receive any gains from the sale as a result. The agreement provides for payment of the purchase price in several annual tranches, starting on July 1, 2026. The last payment is to be made on July 1, 2029. On February 26, 2026, the Group announced that KTM AG's financial liabilities had been successfully refinanced. KTM AG concluded a new loan agreement for a volume of EUR k 550,000 with an international banking consortium consisting of J.P. Morgan SE, HSBC, DBS Bank Limited and MUFG Bank Ltd. The loan is unsecured, has a term of five years and has total financing costs in the low to mid single-digit per-centage range. The aim of this new loan is to repay the restructuring loan of EUR k 450,000 granted by Bajaj Auto International Holdings B.V. for the successful completion of the restructuring proceedings, thereby reducing the Group's interest burden. Since the end of February 2026, the United States and Israel have been conducting joint military operations against Iran; the conflict is ongo-ing at the time of writing this conclusion. The Middle East is not a significant sales or procurement market for the Group, so no immediate financial impact is expected from direct business relationships. However, a further escalation of the conflict or a prolonged dispute could lead to an increase in raw material prices and supply bottlenecks, particularly due to disruptions to global energy supplies and supply chains. From today's perspective, adverse effects on the Group's business activities cannot therefore be ruled out. Management is continuously monitoring the situation and, if necessary, will evaluate the implementation of appropriate measures to mitigate potential negative effects. A reliable esti-mate of the financial impact is not possible at the time of publication of these financial statements. Events beyond this after December 31, 2025 that are material for the valuation of assets and liabilities are either included in the present finan-cial statements or are not known.",
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"value": "XII. GROUP COMPANIESThe statement of shareholdings contains all companies that have been included in the consolidated financial statements in addition to the parent companies and is presented in the Annex to the Notes to the Consolidated Financial Statements.",
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"value": "XIII. DECLARATION OF THE LEGAL REPRESENTATIVES (RELEASE)The consolidated financial statements were approved by the Executive Board on March 03, 2026 (previous year: May 27, 2025) for review by the Supervisory Board, for submission to the Annual General Meeting and for subsequent publication. The Supervisory Board may initiate an amendment to the consolidated financial statements as part of its audit. Mattighofen, March 03, 2026 The Executive Board of Bajaj Mobility AG Mag. Gottfried Neumeister Mag. Petra Preining CEO CFOAnnex to the Notes to the Consolidated Financial Statements: Statement of Shareholdings STATEMENT ON SHAREHOLDINGS ANNEX TO THE NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS OF BAJAJ MOBILITY AG, MATTIGHOFEN, AS OF DECEMBER 31, 2025 12/31/2025 12/31/2024 Date of initial Type of Type of consolidation Percentage % consolidation Percentage % consolidation Affiliated companies: KTM AG, Mattighofen 5/31/2005 100.00 FC 100.00 FC KTM Immobilien GmbH, Mattighofen 5/31/2005 100.00 FC 100.00 FC KTM North America, Inc., Murrieta, CA, USA 5/31/2005 100.00 FC 100.00 FCKTM-Motorsports Inc., Murrieta, CA, USA 5/31/2005 100.00 FC 100.00 FCKTM Japan K.K., Tokyo, Japan 5/31/2005 100.00 FC 100.00 FCKTM Sportcar GmbH, Mattighofen 5/31/2005 - - 100.00 FC KTM Motorcycles S.A. Pty. Ltd., Midrand, South Africa 3/1/2009 100.00 FC 100.00 FCKTM Sportmotorcycle Mexico C.V. de S.A., Lerma, 6/1/2009 100.00 FC 100.00 FCMexico KTM Sportmotorcycle GmbH, Mattighofen 3/31/2011 100.00 FC 100.00 FC KTM-Sportmotorcycle India Private Limited, Pune, 6/1/2012 100.00 FC 100.00 FCIndia Husqvarna Mobility GmbH, Mattighofen 1/1/2013 100.00 FC 100.00 FC KTM Sportmotorcycle Deutschland GmbH, 12/31/2013 100.00 FC 100.00 FCUrsensollen, Germany KTM Switzerland Ltd., Frauenfeld, Switzerland 12/31/2013 100.00 FC 100.00 FCKTM Sportmotorcycle UK Ltd., Northamptonshire, 12/31/2013100.00FC100.00FCUnited Kingdom KTM-Sportmotorcycle Espana S.L., Terrassa, Spain 12/31/2013 100.00 FC 100.00 FC KTM Sportmotorcycle France SAS, Saint-Priest, 12/31/2013 100.00 FC 100.00 FCFrance KTM Sportmotorcycle Italia S.r.l., Meran, Italy 12/31/2013 100.00 FC 100.00 FC KTM-Sportmotorcycle Nederland B.V., Milsbeek, 12/31/2013 100.00 FC 100.00 FCNetherlands KTM Sportmotorcycle Scandinavia AB, \u00d6rebro, 12/31/2013 100.00 FC 100.00 FCSweden KTM Sportmotorcycle Benelux S.A., Gembloux, 12/31/2013 100.00 FC 100.00 FCBelgium KTM Canada Inc., Chambly, Canada 12/31/2013 100.00 FC 100.00 FC KTM Sportmotorcycle Hung\u00e1ria Kft., Budapest, 12/31/2013 100.00 FC 100.00 FCHungary KTM Central East Europe s.r.o., Bratislava, Slovakia 12/31/2013 100.00 FC 100.00 FCKTM \u00d6sterreich GmbH, Mattighofen 12/31/2013 100.00 FC 100.00 FC KTM Nordic Oy, Helsinki, Finland 12/31/2013 100.00 FC 100.00 FC KTM Sportmotorcycle d.o.o., Marburg, Slovenia 12/31/2013 100.00 FC 100.00 FCKTM Czech Republic s.r.o., Pilsen, Czech Republic 12/31/2013 100.00 FC 100.00 FCKTM Sportmotorcycle SEA PTE. Ltd., Singapore, 1/1/2014 100.00 FC 100.00 FCSingapore Husqvarna Mobility North America , Inc., Murrieta, 12/1/2013 100.00 FC 100.00 FCCA, USA 12/31/2025 12/31/2024 Date of initial Type of Type of consolidation Percentage % consolidation Percentage % consolidation Affiliated companies (continued): Husqvarna Motorsports, Inc., Murrieta, CA, USA 4/1/2015 100.00 FC 100.00 FC KTM Logistikzentrum GmbH, Mattighofen 9/16/2016 100.00 FC 100.00 FC WP Suspension GmbH, Mattighofen 11/30/2016 100.00 FC 100.00 FC WP Suspension North America, Inc., Murrieta, CA, 8/31/2017 100.00 FC 100.00 FC USA KTM do Brasil Ltda., Sao Paulo, Brasilia 12/31/2017 100.00 FC 100.00 FC KTM Components GmbH, Munderfing 11/30/2007 100.00 FC 100.00 FC WP Immobilien GmbH, Munderfing 4/30/2005 100.00 FC 100.00 FC KTM Beteiligungs GmbH, Mattighofen 4/30/2018 100.00 FC 100.00 FC KTM Australia Holding Pty Ltd., Prestons, Australia 7/1/2019 100.00 FC 100.00 FC KTM Australia Pty Ltd., Prestons, Australia 7/1/2019 100.00 FC 100.00 FC HQVA Pty Ltd., Prestons, Australia 7/1/2019 100.00 FC 100.00 FC KTM Motorcycles Distributors NZ Limited, Wellington 7/1/2019 100.00 FC 100.00 FC Central, New Zealand GASGAS GmbH, Mattighofen 10/31/2019 100.00 FC 100.00 FC GASGAS Motorcycles Espana S.L.U., Terrassa, Spain 1/1/2020 100.00 FC 100.00 FC KTM MOTOHALL GmbH, Mattighofen 1/1/2020 90.00 FC 90.00 FC CFMOTO Motorcycles Distribution GmbH, 6/25/2022 100.00 FC 100.00 FC Mattighofen PIERER IMMOREAL NORTH AMERICA LLC., 7/7/2022 100.00 FC 100.00 FC Murrieta, CA, USA KTM (SHANGHAI) MOTO CO., LTD., Shanghai, China 7/15/2022 100.00 FC 100.00 FC MV Agusta Motor S.P.A., 3/1/2024 - - 50.10 FC Varese, Italy Centro Stile MV Agusta S.r.l., Borgo Magiore, San 3/1/2024 - - 100.00 FC Marino MV Agusta USA LLC, Pennsylvania, USA 3/1/2024 - - 100.00 FC MV Agusta Motorcycles GmbH, Mattighofen 9/21/2022 - - 74.90 FC MV Agusta Motorcycles North America, Inc., 9/30/2022 - - 100.00 FC Murrieta, CA, USA MV Agusta Services S.r.l. 10/24/2022 - - 100.00 FC Meran, Italy PIERER Produktion GmbH, Munderfing 11/26/2022 100.00 FC 100.00 FC KTM Informatics GmbH, Mattighofen 7/13/2023 100.00 FC 100.00 FC KTM Forschungs & Entwicklungs GmbH, Mattighofen 3/18/2021 100.00 FC 100.00 FC Cero Design Studio S.L., Barcelona, Spain 10/1/2019 50.01 FC 50.01 FC KTM Racing GmbH, Munderfing 2/29/2020 100.00 FC 100.00 FC KTM Offroad Racing AG, Frauenfeld, Switzerland 2/25/2005 100.00 FC - FC KTM MotoGP Racing AG (vormals: KTM-Racing AG), 5/31/2005 100.00 FC 100.00 FC Frauenfeld, Switzerland KTM Racing North America Inc., Murrieta, CA, USA 6/16/2023 100.00 FC 100.00 FC PIERER New Mobility GmbH, Munderfing 2/25/2020 100.00 FC 100.00 FC PIERER New Mobility Deutschland GmbH, 12/31/2019 100.00 FC 100.00 FC Schweinfurt, Germany PIERER New Mobility North America, Inc., Murrieta, 10/1/2020 100.00 FC 100.00 FC CA, USA 12/31/2025 12/31/2024 Date of initial Type of Type of consolidation Percentage % consolidation Percentage % consolidation Affiliated companies (continued): PIERER New Mobility UK Ltd., Northamptonshire, 12/31/2013 - - 100.00 FC United Kingdom PIERER New Mobility Asia Ltd., Taichung City, Taiwan 5/25/2022 - - 100.00 FC PIERER NEW MOBILITY AUSTRALIA PTY LTD, 10/13/2022 100.00 FC 100.00 FC Prestons, Australia PIERER NEW MOBILITY BULGARIA OOD, Plowdiw, 3/30/2023 100.00 FC 100.00 FC Bulgaria PIERER & MAXCOM MOBILITY OOD, Plowdiv, 1/1/2022 100.00 FC 50.00 FC Bulgaria PIERER New Mobility S.A. Pty. Ltd., Midrand, South 4/1/2015 100.00 FC 100.00 FC Africa Felt Bicycles GmbH, Munderfing 7/1/2024 100.00 FC 70.00 FC Felt Bicycles North America Inc., Murrieta, CA, USA 7/1/2024 - - 100.00 FC Felt Bicycles Espana S.L.U., Barcelona, Spain 9/1/2024 - - 100.00 FC PIERER E-Commerce GmbH, Munderfing 12/31/2016 100.00 FC 100.00 FC PIERER E-Commerce North America Inc., Murrieta, 6/21/2022 100.00 FC 100.00 FC CA, USA KTM Technologies GmbH, Anif 10/1/2008 - - 100.00 FC PIERER Innovation GmbH, Wels 3/31/2018 - - 100.00 FC DealerCenter Digital GmbH, Landshut, Germany 7/31/2021 - - 75.46 FC Avocodo GmbH, Linz 4/30/2019 100.00 FC 100.00 FC Platin 1483. GmbH, Schweinfurt, Germany 12/31/2019 100.00 FC 100.00 FC Associated companies: Kiska GmbH, Anif - 20.00 AE 50.00 AE PIERER Immoreal GmbH, Wels - - - 49.00 AE Zhejiang CFMOTO-KTMR2R Motorcycles Co., Ltd., - 49.00 AE 49.00 AE Hangzhou City, Zhejiang, China KTM Asia Motorcycle Manufacturing Inc., Binan, - 40.00 AE 40.00 AE Laguna, Philippines LX Media GmbH, Wels - 20.00 AE 20.00 AE FC: Full consolidation AE: Inclusion at Equity",
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