Steyr Motors Q1 revenue rises on defence sector demand (updated)

Steyr Motors AG

14/05/2025 07:18

Adds details on results in paragraphs 3,5, CEO quote in paragraphs 6-7, background in paragraphs 4,8,9, outlook in paragraph 10

May 14 (Reuters) - Austrian engine maker Steyr Motors 4X0.VI saw a 26% increase in first-quarter orders boosted by strong demand from the defence sector, it said on Wednesday.

Revenue for the quarter increased to 11.5 million euros  ($12.87 million), compared with 9.1 million euros in the same period last year, it said.

The defence sector contributed 59% of revenue in the quarter, helped by strong demand for high-performance power units, it added.

Steyr Motors' customers include Rheinmetall RHMG.DE and BAE Systems BAES.L  as well as the U.S. Navy Seals and the Canadian army.

Total order backlog stood at almost 200 million euros at the end of the quarter, the firm said.

"‍We are in the ramp-up phase in order to work off the high order backlog. At the same time, we are continuing to see dynamic demand," CEO Julian Cassutti said in a statement.

In recent weeks the company held discussions about new orders with customers from the U.S., Europe and India, Cassutti added.

Steyr Motors said in March it is
planning external acquisitions
 to expand its business and capitalize on increased defence spending across Europe.

Shares of the Austrian firm, which manufactures engines used in defence and civil applications, have almost quadrupled in value since the beginning of the year, benefiting from a recent rally in European defence stocks.

The company also confirmed its guidance for 2025.

($1 = 0.8939 euros)

 (Reporting by Isabel Demetz; Editing by Muralikumar Anantharaman and Andrew Heavens)

 ((Isabel.Demetz@thomsonreuters.com;))