Märkte & Kurse

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Original-Research: Steyr Motors AG - from NuWays AG

09.03.2026 / 09:00 CET/CEST
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Classification of NuWays AG to Steyr Motors AG

     Company Name:                Steyr Motors AG
     ISIN:                        AT0000A3FW25

     Reason for the research:     Update
     Recommendation:              BUY
     Target price:                EUR 60
     Target price on sight of:    12 months
     Last rating change:
     Analyst:                     Simon Keller

KNDS order and USV momentum to power growth, chg.

Steyr Motors reported final 2025 results in line with prelims, confirmed its
2026 guidance and provided additional detail on current opportunities with
KNDS and in USVs.

  * The KNDS order win improves revenue visibility. It also underlines
    Steyr's strategic relevance for key European land platforms. The
    long-awaited APU order from KNDS, mainly for the Leopard 2 and to a
    lesser extent the Leguan bridge-laying system, should contribute around
    EUR 40m to backlog (eNuW). The agreement includes a firm minimum volume of
    500 units, with upside from further demand potential (eNuW: up to 500
    additional units). Importantly, while the framework extends until 2034,
    delivery phasing is front-loaded, with 100 units due in 2026 alone
    (eNuW: c. EUR 8m sales, up c. 100% yoy) and roughly 80% of total volumes
    expected before 2030.

  * USV business looks set to remain a key emerging growth pillar.
    Additional USV orders are expected in the coming weeks. Total USV sales
    should reach EUR 10m in 2026 (eNuW: 13% of group sales). Growth should
    remain strong as Steyr expands its addressable opportunity beyond the US
    into further markets such as the UK. Importantly, USV engines are
    closely linked to Steyr's existing marine engines, implying that rising
    volumes should be manageable without dedicated expansion capex. In
    addition, the BUKH acquisition should further strengthen the offering by
    broadening the group's addressable engine portfolio for USV
    applications.

  * Guidance confirmed and backed by sizeable order pipeline. Steyr Motors
    reiterated its FY26 guidance of EUR 75-95m sales and an EBIT margin of
    above 15%. The outlook is supported by more than EUR 300m of secured
    orders for the 2026-30 period, providing a solid base for future growth,
    of which EUR 45m are expected to convert into organic sales in 2026.
    Including the BUKH acquisition from Q2 26, we currently forecast FY26
    group sales of EUR 78m and an adj. EBIT margin of 15.7%. The estimate
    reflects the lower half of guidance, as we conservatively factor in some
    timing risk around order call-offs and delivery phasing.

While Steyr Motors continues to benefit from structurally rising defence
budgets, the growth case increasingly also rests on broader platform
penetration and further internationalisation, supported by the company's
differentiated high-power-density diesel engine technology for
mission-critical applications. Recent announcements support this view:
contracts with defence bellwethers such as Rheinmetall, KNDS and ST
Engineering indicate rising platform adoption, while additional use cases
continue to emerge. These include mobile power units, where series
production is set to begin in H2 26, and USV applications, which appear to
be gaining further commercial traction following initial contracts in H2 25.

Confirm BUY, new PT of EUR 60 (old: EUR 59), based on DCF.


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Contact for questions:
NuWays AG - Equity Research
Web: www.nuways-ag.com
Email: research@nuways-ag.com
LinkedIn: https://www.linkedin.com/company/nuwaysag
Adresse: Mittelweg 16-17, 20148 Hamburg, Germany
++++++++++
Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss
bestimmter Börsengeschäfte.
Offenlegung möglicher Interessenkonflikte nach § 85 WpHG beim oben
analysierten Unternehmen befindet sich in der vollständigen Analyse.
++++++++++

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2287578 09.03.2026 CET/CEST

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