Steyr Motors AG reported a sharp decline in profitability for the first half of 2026, with adjusted EBIT plunging 97% year-over-year to €100,000 from €3.4 million in the same period of 2025. Revenue remained essentially flat at €22.8 million, compared with €23.1 million in H1 2025, as gross profit margin compressed to 38.1% from 48.5%.
The company’s operating expenses rose to €2.4 million from €2.1 million, while personnel costs increased to €7.8 million, reflecting an expansion of its workforce from 121 to 151 full-time equivalents. Cash reserves declined to €300,000 as of June 30, 2026, down from €7.3 million at the end of 2025, with operating and investing cash flows both negative at €4.7 million and €4.9 million, respectively. A €4 million bank loan associated with the February 2026 acquisition of Danish marine engine manufacturer BUKH provided partial financing relief.
Despite the weaker financial performance, Steyr Motors maintained its full-year 2026 guidance, projecting revenue of €56–61 million, a 15–25% increase from 2025, with an EBIT margin target of 8–12%. The company’s order backlog exceeds €310 million through 2030, with approximately €200 million in legally binding contracts and the remainder comprising framework agreements and committed sales. The backlog includes €32.2 million for 2026 and €67.4 million for 2027, with additional opportunities totaling €320 million across military, marine, and power unit segments.
Key contracts include a €15 million four-year agreement with the U.S. Navy for the supply of 7-meter rigid inflatable boats, a €30 million five-year deal with Spain’s Ministry of Defence for 1,000 vehicles, and a €25 million three-year contract with Tekne Trucks for engine and auxiliary power unit refurbishments. The company also secured a framework agreement with KNDS extending through 2034, covering 500 engines.
Steyr Motors outlined a 2029 revenue target of €141.3 million, representing a 30.6% compound annual growth rate from 2025, driven by core business expansion, the M12 Power Unit (M12PU), and contributions from BUKH. The M12PU, described as a modular energy solution for defense applications, is expected to enter serial production in Q1 2027, with capacity to produce over 120 units annually. The company’s share price rose 2.96% to $27.84, though it remains well below its 52-week high of $57.60.
