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

11.11.2026 / 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.

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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: HOLD Target price: EUR 39 Target price on sight of: 12 months Last rating change: Analyst: Simon Keller

Takeover reshapes the investment case; down to HOLD

We downgrade Steyr Motors from BUY to HOLD and set a technical PT of EUR 39 (prev. EUR 49), in line with Red Cat's cash offer. We continue to see long-term standalone value above the offer price. However, Red Cat intends to initiate a delisting after settlement, subject to the applicable withdrawal and exit-offer requirements. The expected reduction in free float also points to lower trading liquidity. With the offer still subject to completion risk and limited visibility on shareholders' ability to realise the standalone upside, we no longer see a compelling case for new investment.

Key shareholder support strengthens the deal. Regulatory clearance remains a hurdle. Both Steyr boards unanimously recommend acceptance, and B&C's commitment to tender its c. 15% stake provides a solid starting point towards the 50% plus one share threshold. Completion requires clearance from the foreign investment authorities in Austria, Australia, Italy and the UK. The deadline for obtaining these regulatory clearances is 30 June 2027, well beyond the initial acceptance deadline of 18 December 2026. We view the remaining spread to EUR 39 as compensation for completion risk and an uncertain settlement timetable, limiting its appeal as a reason to buy (eNuW).

We expect Red Cat to accelerate growth in Steyr's marine engine business. Steyr's specialised engines fit Red Cat's expansion into unmanned surface vessels (USVs). Broader defence customer access and closer involvement in platform development should help Steyr secure engine positions on future USV programmes, supported by additional development and production resources. These growth opportunities reinforce our positive view of Steyr's operating potential.

Q3 showed a recovery in adj. earnings. Sales rose 11.2% yoy and 13.4% qoq to EUR 12.5m as deliveries under the KNDS framework started in September. Gross margin improved by 3.1pp yoy to 46.6%, helping lift adj. EBIT to EUR 1.4m from EUR 0.9m in Q3 25 and the corresponding margin to 11.4% (+3.3pp yoy). Reported EBIT fell to EUR 0.4m from EUR 0.6m, with adjustments mainly relating to consulting expenses.

We expect a stronger finish to the year. KNDS deliveries and call-offs under the US Navy SEALs tender support the acceleration embedded in our forecasts. Our FY26 estimates remain close to the midpoints of management's confirmed guidance of 15-25% sales growth and an 8-12% EBIT margin. Nonetheless, the delays seen earlier this year leave some uncertainty over the timing of individual project revenues (eNuW).

HOLD (old: BUY), new technical PT of EUR 39 (old: EUR 49), based on the takeover offer price, which represents a c. 29% premium to the last Xetra closing price before the announcement.

You can download the research here: https://nwr.eqs-cockpit.com/fncls2.ssx?fn=redirect&u=41f69123086797d58e8acdda89626e1b 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 ++++++++++ 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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2432300 11.11.2026 CET/CEST

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Quelle: dpa-Afx