Steyr Motors publishes Annual Report 2024 – Forecast achieved, strong growth with high profitability expected in the 2025 financial year

 Steyr Motors publishes Annual Report 2024 – Forecast achieved, strong growth with high profitability expected in the 2025 financial year

• Adjusted EBIT multiplied to EUR 10.1 million (previous year: EUR 3.6 million)
• Adjusted EBIT margin of 24.3% achieved (previous year: 9.4%)
• Revenue increase by 9.2% to EUR 41.7 million
• Outlook for 2025: revenue growth of at least 40% and EBIT margin well above 20% expected
• Total backlog of firm orders, framework agreements and non-binding sales commitments until the end of 2027 increases to almost EUR 200 million

Steyr, Austria, 18 March 2025 – Steyr Motors AG (ISIN AT0000A3FW25), one of the world's leading companies in the field of customized engines for mission-critical defense and civil applications, today published its annual report for the 2024 financial year. The Group has successfully increased revenue and, in particular, significantly improved its earnings. For the 2025 financial year, Steyr Motors is anticipating continued strong revenue and earnings growth, given the security policy environment.

Steyr Motors generated revenue of EUR 41.7 million in the 2024 financial year (previous year: EUR 38.1 million). EBIT adjusted for special effects in connection with the restructuring and costs for external consultants amounted to EUR 10.1 million in the 2024 financial year, corresponding to an adjusted EBIT margin of 24.3% (previous year: EUR 3.6 million or 9.4%).

The strong demand for high-performance engines in both the defense and civil sectors was a major contributor to the successful performance in 2024. With a share of 61%, the “Defense” segment continued to make the largest contribution to total revenues, growing by 6.9% to EUR 25.6 million in 2024.

From a regional perspective, the main drivers of revenue growth in the 2024 financial year were the successful expansion in Asia with new sales channels in China and new customers in Taiwan, Vietnam and Indonesia. In addition, the MENA region was defined as a strategic growth region and the sales network there was expanded. In the USA, Steyr Motors further intensified the supply of engines to the US Navy Seals.

In recent months, Steyr Motors has systematically entered new markets and expanded its international presence through strategic cooperations. In addition to the expansion of the distributor network, new sales contracts were successfully concluded with sales agents in Asia – including Indonesia as a new market on top of the activities in China – as well as in India, South America, the USA and other regions. The company’s Management Board expects to conclude further significant contracts with long-term revenue potential in 2025.

“We are currently experiencing very dynamic growth in demand for our products in the defense sector, but also in the civil sector. Our expansion activities, particularly in Asia, where we are leveraging our expertise and market position, especially in maritime applications, are bearing fruit”, comments Julian Cassutti, CEO of Steyr Motors.

The significant improvement in earnings is a result of the optimisation measures already implemented in 2023 and the price increases agreed upon with customers. As a result of the positive business development, the company's cash and cash equivalents increased from EUR 5.7 million at 31 December 2023 to EUR 8.2 million at the balance sheet date 2024. Thanks to the realized surge in earnings and the proceeds from the newly issued shares ahead of the stock market listing, the equity of Steyr Motors AG also increased to EUR 22.4 million as of 31 December 2024 (previous year: EUR 15.4 million). This resulted in a significantly improved equity ratio of 62.6% (previous year: 48.3%). Steyr Motors thus has a solid basis for financing its targeted growth.

CEO Julian Cassutti: “We have successfully completed the transformation of Steyr Motors to sustainable profitability and will use the growth opportunities arising from the turnaround and the political security challenges ahead of us, as well as our international expansion, to drive the company's growth. We already have a strong order backlog, we are in promising negotiations with a number of high-profile defense companies and we are accelerating our global expansion, so we are looking forward to the current year and beyond with great confidence.”

Based on current market forecasts, which assume growth in all markets relevant to Steyr Motors, and against the backdrop of the existing order backlog of almost EUR 200 million, consisting of firm orders, framework agreements and non-binding sales commitments until the end of 2027, as well as ongoing customer negotiations, the Management Board expects further strong growth in both the civil and military sectors. For the 2025 financial year, Steyr Motors anticipates an increase in revenue of at least 40% compared to the 2024 financial year, with an output of at least 1,250 engine units (previous year: 729 engine units). The Management Board expects an EBIT margin to be well above 20%. Growth will be driven mainly by increased activities in Asia, the MENA region and the Americas. Steyr Motors is becoming a global player, supported by strong market demand. In the medium term, more than 3,000 engine units are expected to be produced by 2027, with a corresponding increase in revenue and a stable EBIT margin of over 20%, which will lead to at least a fourfold increase in adjusted EBIT compared to 2024. Due to the strong operating result in 2024, the Management Board and Supervisory Board will jointly propose a dividend of EUR 0.55 per dividend-entitled share to the Annual General Meeting for the 2024 financial year.

Annual Report and Conference Call

The Annual Report 2024 is available on the Steyr Motors AG website in the Investor Relations section at ir.steyr-motors.com. A conference call for representatives of the press, analysts and institutional investors will also be held today at 14:00 (CET). The current investor presentation on the 2024 financial figures will be published on ir.steyr-motors.com. Registration for the earnings call is possible under the following link: https://webcast.meetyoo.de/reg/cXxWup8tPYuA

Company profile of Steyr Motors AG

Headquartered in Steyr, Austria, Steyr Motors AG is a global leader in the development and production of high-performance customized special engines with high power density and durability. The Company’s engines are primarily used for military special vehicles, boats (both military and civilian) and as auxiliary power units (“APU”) for main battle tanks and locomotives. In the full year 2024, Steyr Motors generated an (adjusted) EBIT margin of 24%. For 2025, Steyr Motors is aiming for a year-on-year increase in revenue of at least 40%, an EBIT margin of well above 20%, and a production volume of at least 1,250 units.

For further information, please contact:

Steyr Motors AG
Investor Relations
Phone: +436766222367
E-mail: ir@steyr-motors.com
www.steyr-motors.com

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