Bike24 Holding AG: Accelerated growth in 2025 fueled by greater market reach, stronger results and enhanced financial stability

Bike24 Holding AG: Accelerated growth in 2025 fueled by greater market reach, stronger results and enhanced financial stability
 

• Fourth‑quarter revenue growth: +35.5 % / Full year: +27.7 % to EUR 289.1 million
• Adjusted EBITDA for the financial year 2025: EUR 14.5 million (+172.7%)
• Free cash flow rises to EUR 16.0 million (previous year: EUR 10.5 million)
• More than 1 million active customers
• Extension of the syndicated loan agreement until April 30, 2028
• Forecast 2026: revenue EUR 318 - 332 million / adjusted EBITDA EUR 16 – 20 million

Dresden, March 26, 2026 – Bike24 Holding AG (BIKE24) has consistently continued its strong growth in a market environment that remains challenging. In the fourth quarter, the company recorded a 35.5% increase in revenue compared to the previous year. For the full financial year, revenue grew to EUR 289.1 million, an increase of 27.7% year-over-year. At the same time, the profitability target for 2025 was exceeded: adjusted EBITDA rose to EUR 14.5 million, placing it EUR 1.0 million above the forecast range issued on October 21, 2025. This confirms the preliminary results published by BIKE24 on February 5, 2026.

Significant improvement in earnings metrics and strong operating cash flow development
Despite a challenging market environment, BIKE24 was able to significantly increase its adjusted EBITDA in 2025 by 172.7% to EUR 14.5 million. This corresponds to an adjusted EBITDA margin of 5.0% (previous year: 2.4%). The main drivers were an exceptionally strong revenue performance in the second half of the year, an improved cost structure and measures to enhance efficiency. The significant improvement in profitability is also reflected in the annual result, which rose markedly to EUR -0.6 million (previous year: EUR -13.6 million).

From operating activities, BIKE24 generated an operating cash flow of EUR 17.9 million in the financial year 2025, while free cash flow increased to EUR 16.0 million (previous year: EUR 10.5 million). The growth is primarily attributable to a substantially improved operating result.

The company’s strong business performance was also mirrored in a stronger balance sheet structure. As in the financial year 2024, the targeted improvement of inventory coverage—achieved through reducing excess stock and optimizing purchasing management—resulted in a further improvement in working capital.

Andrés Martin-Birner, co‑founder and CEO of BIKE24, commented:
“Two key figures from 2025 make me particularly proud: for the first time, we are surpassing the milestone of one million active customers - a significant achievement that underscores the growing reach and relevance of our platform across Europe. At the same time, despite strong revenue growth, we improved our inventory-to-sales ratio from 27% to 22%. This is the result of disciplined purchasing management and a healthier inventory position.”

Sylvio Eichhorst, CFO of BIKE24, added:
“It is encouraging to see that BIKE24 has made substantial progress toward financial strength and independence across nearly all financial metrics. With the increase in profitability and operating cash flow, we were able to significantly improve our net leverage ratio. In addition, the extension of the existing syndicated loan provides us with the financial flexibility we need. For the finacial year 2026, we continue to pursue a growth trajectory and expect not only revenue increases but also higher operating earnings.”

Outlook for financial year 2026

For 2026, BIKE24 aims to continue its profitable growth and expects revenue in the range of EUR 318 million to EUR 332 million, corresponding to an increase of 10% to 15% compared to the previous year. Adjusted EBITDA is expected to be between EUR 16 million and EUR 20 million.

To finance its growth trajectory, BIKE24 exercised the extension option included in the existing syndicated loan agreement. As a result, the term of the credit facilities was extended by one additional year until April 30, 2028, with terms and conditions remaining unchanged.

With the successful implementation of strategic initiatives and continued expansion into new markets, BIKE24 considers itself well positioned to sustain profitable growth in the years ahead.

The full annual report including the consolidated financial statements is available at:
https://ir.bike24.com/websites/bike24/English/3000/publications.html 

Today at 11:00 am CET BIKE24 will hold its FY 2025 Earnings Call. The following participation option is available:
https://www.appairtime.com/de/event/503b6994-728c-4c19-91b2-a70a153d930a

Condensed consolidated P&L (adjusted view)

in k€	Q4 2025	Q4 2024	Delta		FY 2025	FY 2024	Delta
Revenue and other income
DACH markets	43,976	31,855	+38.1%		196,827	150,389	+30.9%
Localized markets	17,710	12,884	+37.5%		66,125	51,251	+29.0%
Rest of Europe (EEA) (previous year adjusted)	5,532	4,145	+33.5%		21,714	18,395	+18.0%
Rest of World	978	1,458	-32.9%		4,417	6,276	-29.6%
Revenue	68,196	50,341	+35.5%		289,084	226,311	+27.7%
Other income	4,137	75	+5428.7%		4,433	331	+1239.5%
Total income	72,333	50,415	+43.5%		293,516	226,642	+29.5%
COGS (Merchandise, consumables & supplies)	-49,041	-35,897	+36.6%		-210,847	-164,736	+28.0%
Gross profit	19,155	14,443	+32.6%		78,237	61,576	+27.1%
Gross margin	28.1%	28.7%	-0.6 pp		27.1%	27.2%	-0.1 pp
Performance marketing costs	-1,015	-752	+35.0%		-3,705	-2,820	+31.4%
Selling expenses¹	-5,775	-4,367	+32.2%		-24,699	-19,490	+26.7%
Personnel expenses	-6,410	-5,022	+27.6%		-25,975	-25,557	+1.6%
Miscellaneous expenses	-4,155	-2,351	+76.8%		-12,172	-10,964	+11.0%
Restructuring expenses	-	-1,621	-		-	-1,621	-
EBITDA	5,936	405	+1365.4%		16,118	1,455	+1007.6%
EBITDA margin	8.7%	0.8%	+7.9 pp		5.6%	0.6%	+4.9 pp
Adjustments	-2,374	1,193	-		-1,576	3,878	-
Adjusted EBITDA	3,562	1,598	+122.9%		14,541	5,333	+172.7%
Adjusted EBITDA margin	5.2%	3.2%	+2.0 pp		5.0%	2.4%	+2.6 pp
Depreciation/ amortization (excl. goodwill-like items)	-1,993	-1,820	+9.5%		-7,233	-7,025	+3.0%
Adjusted EBIT	1,569	-221	-		7,309	-1,691	-
Adjusted EBIT margin	2.3%	-0.4%	+2.7 pp		2.5%	-0.7%	+3.3 pp
Amortization of goodwill-like items	-2,400	-2,381	+0.8%		-9,543	-9,524	+0.2%
Adjustments	2,374	-1,193	-		1,576	-3,878	-
Earnings before interest and taxes (EBIT)	1,543	-3,796	-		-658	-15,094	-
EBIT margin	2.3%	-7.5%	+9.8 pp		-0.2%	-6.7%	+6.4 pp
Finance expense, net	-299	-808	-63.0%		-3,515	-4,157	-15.4%
Result before tax	1,244	-4,604	-		-4,174	-19,250	-
Income tax income	394	1,075	-63.3%		3,592	5,633	-36.2%
Result for the period	1,638	-3,529	-		-582	-13,618	-
Rounding differences may arise..
¹ Including impairment loss on trade receivables.
Customer KPIs
Active customers (LTM)					1,142,447	916,900	+24.6%
Number of orders	450,923	334,436	+34.8%		2,014,581	1,567,236	+28.5%
Average order value	153	152	+1.3%		144	144	-0.1%
Orders returning customers	70.05%	69.6%	+0.9 pp		70.7%	71.3%	-0.5 pp
Return rate	16.4%	16.0%	+0.4 pp		18.1%	17.5%	+0.5 pp

** About Bike24 Holding AG**
Bike24 Holding AG is one of Europe’s leading e-commerce platforms for bikes, bike parts, and bike accessories. Headquartered in Dresden, BIKE24 offers an extensive selection of premium brands and serves cycling enthusiasts in numerous European countries. The company has been listed on the Prime Standard of the Frankfurt Stock Exchange since June 2021.

**Press Relations**  
E-mail: presse@bike24.net  

**Investor Relations Contact**
Bike24 Holding AG
Breitscheidstraße 40
01237 Dresden
E-Mail: ir@bike24.net
Web: www.bike24.com/investor-relations


Forward-looking statements
This document contains forward-looking statements that relate to our future business performance and future financial performance and to future events or developments affecting Bike24 Holding AG and its subsidiaries (together "BIKE24"). These statements can be recognised by formulations such as "expect", "want", "anticipate", "intend", "plan", "believe", "aim", "estimate", "will" and "predict" or similar terms. We may also make forward-looking statements in other reports, prospectuses, presentations, documents sent to shareholders and press releases. In addition, from time to time, our representatives may make forward-looking statements verbally. Such statements are based on current expectations and certain assumptions of BIKE24 management and concern circumstances, many of which are beyond BIKE24's control. They are therefore subject to a large number of risks, uncertainties and factors which are described in publications - in particular in the chapters on the internal control and risk management system and opportunities and risks in the annual report and the corresponding chapters in the half-year financial report - but are not limited to these. If one or more of these risks or uncertainties materialise, force majeure events such as pandemics occur or underlying expectations, including future events, do not occur or occur later or assumptions are not fulfilled, the actual results, performance or achievements of BIKE24 may differ materially (either negatively or positively) from those expressed or implied in the forward-looking statements. Unless otherwise required by law, BIKE24 assumes no obligation and does not intend to update or revise these forward-looking statements in light of developments which differ from those anticipated.
Alternative performance indicators
In addition to the key figures prepared in accordance with IFRS, BIKE24 presents alternative performance measures, e.g. adjusted EBITDA, adjusted EBITDA margin, adjusted EBIT, free cash flow, which are not part of the accounting standards. These key figures should be seen as a supplement to, but not a substitute for, the disclosures prepared in accordance with IFRS. Alternative performance measures are not subject to IFRS or other generally accepted accounting principles. Other companies may use different definitions for these terms.