KTM, Husqvarna and GASGAS sales top 228,000 in nine months
Worldwide KTM, Husqvarna and GASGAS sales reached 228,067 across the first nine months of 2026, up 71.3 per cent year-on-year, as parent company Bajaj Mobility recorded a second consecutive quarter of positive operating earnings.
The group recorded an operating profit of €11.3 million in Q3, up €10 million from Q2 and a turnaround from the adjusted €71 million loss in the same quarter last year. Bajaj Mobility says this was its highest quarterly EBIT since completion of the restructuring measures.
Following the sales rebound covered in our earlier report on KTM’s Q2 recovery, the latest figures show the business improving its margins even as quarterly revenue and motorcycle volumes eased.
More operating profit from slightly fewer motorcycles
Group revenue reached €351.1 million in Q3, up 57 per cent on the corresponding quarter of 2025. However, it was 5.2 per cent below the €370.2 million recorded in Q2 2026.
Motorcycle sales through the group followed a similar pattern. The 47,390 KTM, Husqvarna and GASGAS motorcycles sold in Q3 represented a 51.1 per cent increase year-on-year, but a 2.6 per cent decline from Q2’s 48,672 units.
Despite that modest reduction in volume, earnings improved. EBITDA rose from €32 million to €40.7 million, while the EBITDA margin increased from 8.7 per cent to 11.6 per cent.
Operating profit, measured as earnings before interest and tax (EBIT), increased from €1.3 million to €11.3 million. The EBIT margin improved from 0.3 per cent to 3.2 per cent.
Overheads cut by €96.9 million
Overheads fell by €96.9 million to €255.1 million across the first nine months of 2026, a reduction of approximately 27.5 per cent year-on-year.
That comparison excludes the restructuring gain and the accounting effect of MV Agusta leaving the consolidated group. Savings came primarily from administration and infrastructure, along with lower sales and marketing expenses.
The workforce reduction initiated in Q1 was completed during Q3, alongside further simplification of the group’s corporate and organisational structures.
Bajaj Mobility quarterly comparison
| Measure | Q3 2025 | Q2 2026 | Q3 2026 |
|---|---|---|---|
| Group revenue | €223.6m | €370.2m | €351.1m |
| Motorcycle revenue | €156.6m | €307.3m | €288.3m |
| Motorcycle sales (units) | 31,362 | 48,672 | 47,390 |
| EBITDA | −€38.0m | €32.0m | €40.7m |
| EBITDA margin | −17.2% | 8.7% | 11.6% |
| EBIT | −€71.0m | €1.3m | €11.3m |
| EBIT margin | −31.7% | 0.3% | 3.2% |
Motorcycle figures cover KTM, Husqvarna and GASGAS.
Unit counts exclude the additional India sales reported separately by Bajaj.
Q3 2025 EBITDA, EBIT and their margins are adjusted to exclude a €7.164 million restructuring gain.
Worldwide sales pass 228,000 motorcycles
Revenue specifically from KTM, Husqvarna and GASGAS motorcycles reached €288.3 million in Q3, up 84 per cent from €156.6 million a year earlier.
Across the first nine months of 2026, the group reported sales of 136,363 motorcycles, up 75.4 per cent from 77,748 in the corresponding period of 2025. Motorcycle revenue over those nine months almost doubled, rising from €434.4 million to €867.9 million.
Bajaj separately sold another 91,704 motorcycles in India, compared with 55,427 a year earlier. Adding those sales brings the worldwide total for KTM, Husqvarna and GASGAS to 228,067 motorcycles, up from 133,175, an increase of approximately 71.3 per cent.
Total group revenue for the nine months reached €1.0525 billion, compared with €648.8 million in 2025.
Inventories hold steady
Bajaj Mobility says global motorcycle inventories within the group and at dealers and importers remained stable during Q3, following reductions earlier in the year.
The final half-year results had confirmed a reduction of 10,190 motorcycles across group and dealer inventories during the first six months of 2026.
KTM opens new assembly plant in Brazil
Since the end of Q3, KTM has also opened a new assembly plant in Manaus, Brazil. The facility opened on October 14 and is described by the company as its first wholly owned assembly plant outside Austria, covering both motorcycle and engine assembly.
Capacity is approximately 10,000 motorcycles per year on a single shift, with production intended exclusively for the Brazilian market. Bajaj Mobility says production at Mattighofen remains unaffected.
KTM has invested around €3 million in the facility so far, with a further €2 million planned across 2027 and 2028.
Cash generation remains the next test
The final half-year report published in August also filled in some of the detail that was still missing when we covered the preliminary Q2 announcement.
It confirmed a first-half operating loss of €24.8 million, despite Q2 returning to positive EBIT. Adding the latest quarterly profit to that result implies an operating loss of approximately €13.5 million across the first nine months.
At the end of June, net debt stood at €826.8 million and first-half free cash flow was negative €22.1 million. The latest announcement does not provide September updates for those measures or a Q3 net profit figure.
For the remainder of 2026, Bajaj Mobility says its priorities are further improving profitability and free cash flow, continuing to optimise costs and organisational structures, managing its product and project portfolio, and maintaining efficient inventory levels.
The latest figures show a business earning stronger operating margins after the disruption of restructuring. The next step is to turn that improvement into cash that can reduce the debt carried out of the crisis.
