^ Original-Research: Steyr Motors AG - from NuWays AG

09.03.2026 / 09:00 CET/CEST Dissemination of a Research, transmitted by EQS News - a service of EQS Group. The issuer is solely responsible for the content of this research. The result of this research does not constitute investment advice or an invitation to conclude certain stock exchange transactions.

---------------------------------------------------------------------------

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.

You can download the research here: https://eqs-cockpit.com/c/fncls.ssp?u=dc411be2a3b09e6d7992a81867eb5ba9 For additional information visit our website: https://www.nuways-ag.com/research-feed

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. ++++++++++

---------------------------------------------------------------------------

The EQS Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. View original content: https://eqs-news.com/?origin_id=3c6bedc2-1b87-11f1-8534-027f3c38b923&lang=en

---------------------------------------------------------------------------

2287578 09.03.2026 CET/CEST

°

Quelle: dpa-Afx