EQS-News: PIERER Mobility AG: KTM AG takes a pit stop for the future and prepares application for a judicial restructuring proceeding with self-administration

EQS-News: PIERER Mobility AG / Key word(s): Restructure of Company
PIERER Mobility AG: KTM AG takes a pit stop for the future and prepares
application for a judicial restructuring proceeding with
self-administration

26.11.2024 / 14:02 CET/CEST
The issuer is solely responsible for the content of this announcement.

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CORPORATE NEWS       

Wels, November 26, 2024

 

PIERER Mobility AG: KTM AG takes a pit stop for the future and prepares
application for a judicial restructuring proceeding with
self-administration

 

As reported, KTM AG is in the process of implementing restructuring
measures due to high financing needs. The management of KTM AG assumes
that it will not be possible to secure the necessary interim financing in
a timely manner.

 

The Executive Board of KTM AG therefore decided to file the application
for the initiation of judicial restructuring proceedings with
self-administration over the assets of KTM AG and its subsidiaries KTM
Components GmbH and KTM F&E GmbH on November 29, 2024.

 

The proceedings give the opportunity to continue to manage the assets
under supervision and to reorganize the KTM Group independently. All other
subsidiaries of KTM AG, in particular all sales companies, are not
affected.

 

The aim of the proceedings is to agree a reorganization plan with the
creditors within 90 days. A redimensioning is intended to sustainably
secure the existence of the KTM Group and to create the basis for emerging
strengthened from the process.

 

Stefan Pierer, CEO of KTM AG: “Over the past three decades, we have grown
to become Europe’s largest motorcycle manufacturer. We inspire millions of
motorcycle riders around the world with our products. Now we are taking a
pit stop for the future. The KTM brand is my life’s work, and I will fight
for it.”

 

Making KTM robust for the future

 

Since September 2024, Gottfried Neumeister has joined the Executive Board
as Co-CEO. Stefan Pierer: “Gottfried Neumeister has brought impressive
experience and a breath of fresh air and has made a significant
contribution to addressing the current situation. I am convinced that
together we will get the company back on track for success.”

 

Gottfried Neumeister, Co-CEO of KTM AG: “The enthusiasm of our employees
is our most important competitive advantage. Their passion is the reason
why KTM is globally synonymous with peak performance. We build our
motorcycles reliably and robustly for every race, for every terrain. Now
it’s about making the company robust. Robust for the future. So that we
can quickly focus again on what we do best: building the coolest
motorcycles in the world.”

 

Bold and profound measures

 

For the success of the restructuring proceedings, a restructuring plan
must be agreed upon with the creditors. Stefan Pierer: “The core
shareholders stand by KTM and PIERER Mobility and its stock market
listing. The goal is clear: KTM should emerge stronger from this difficult
time.”

 

Contact Investor Relations

Hans Lang & Melinda Busáné-Bellér

Tel: +43 676 4140945 & +43 676 4093711

Email: ir@pierermobility.com

Website: [1] https://www.pierermobility.com

 

ISIN: AT0000KTMI02; Swiss Valor Number (Switzerland): 41860974; Ticker
Symbol: PKTM; Bloomberg: PKTM SW, PKTM AV; Reuters: PKTM.S, PKTM.VI

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26.11.2024 CET/CEST This Corporate News was distributed by EQS Group AG.
www.eqs.com

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Language: English
Company: PIERER Mobility AG
Edisonstrasse 1
4600 Wels
Austria
Phone: +43 (0) 7242 69 402
E-mail: ir@pierermobility.com
Internet: www.pierermobility.com
ISIN: AT0000KTMI02
WKN: A2JKHY
Listed: SIX, Vienna Stock Exchange
EQS News ID: 2038665

Valorennummer (Schweiz): 41860974 Wertpapierkürzel: PKTM Bloomberg: PKTM
SW; PKTM AV Reuters: PKTM.S; PKTM.VI

 
End of News EQS News Service

2038665  26.11.2024 CET/CEST

References

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