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Original-Research: Steyr Motors AG - from NuWays AG

21.05.2026 / 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

Q1 soft, FY26 unchanged

Soft Q1, stronger quarters ahead. While Steyr Motors' Q1 result release was
weak, it is not seen to derail the FY26 case. With the guidance confirmed,
order visibility still high and several marine defence datapoints supporting
the growth story, the focus now shifts to execution from Q2 onwards. In
detail:

* Q1 sales came in at EUR 11.7m (+2% yoy), as larger orders from India and
the Middle East shifted into later quarters amid geopolitical tensions
around Iran. Adj. EBIT of EUR 0.9m (EUR 2.1m in Q1 25) reflected upfront
investments in personnel and capacity as well as the delay of
high-margin projects. With a EUR 308m backlog, c. EUR 200m of legally
binding orders, BUKH entering consolidation from Q2 and FY26 guidance
confirmed at EUR 75-95m sales with an EBIT margin of at least 15%, the
remaining quarters are expected to show a growth step-up (eNuW: implied
sales c. +52% yoy in Q2-Q4 organically for the lower guidance end).

* U.S. Navy RIB framework supports repeat-order logic. The U.S. Navy has
selected eight suppliers for a framework covering up to 474 RIB-class
boats, including RIBCRAFT USA, whose U.S. Navy seven meter RIB platform
already uses Steyr engines. While firm volumes still depend on specific
call-offs, Steyr looks well positioned on future 7m orders given its
incumbent engine status on the Navy's standard 7m RIB. The framework
also confirms demand for mission-critical small craft where compact,
reliable diesel engines are core equipment. At c. EUR 30k per engine
(eNuW), 7m RIB orders would already represent meaningful unit content,
with replacements and spares further improving lifecycle economics.

* USV demand gaining budget support. USVs already look relevant for Steyr,
with our estimates implying c. EUR 10m of related sales in 2026. The U.S.
Navy's latest shipbuilding plan underlines the broader demand trend,
with Medium USVs now included in funded procurement plans. For Steyr,
the takeaway is that USVs are increasingly moving into real budgets.
BUKH improves the company's positioning, expanding the marine engine
range to 24-700hp and adding a broader service base.

* CFO adds execution capacity. The appointment of Björn Krausmann as CFO,
effective 1 June 2026, fits Steyr's scale-up plans. With BUKH entering
consolidation from Q2 and several defence programs moving towards
execution, his finance, corporate development and M&A background should
support integration, capital allocation and profitable international
growth.

Steyr's defence and marine niche remains structurally attractive.
Reliability, certification and power density matter more than upfront engine
cost, supporting long platform lives, high switching barriers and lifecycle
revenues through replacements, spares and service. As the business scales
internationally and adds more applications beyond its historic core, the
growth profile should become broader, more repeatable and less dependent on
single large orders.

BUY, PT EUR 60, based on DCF.

You can download the research here:
https://eqs-cockpit.com/c/fncls.ssp?u=4c46a9837698ac703d28ad150595fe4e
For additional information visit our website:
https://www.nuways-ag.com/research

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
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2331044 21.05.2026 CET/CEST

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