Bike24 Holding AG: Adjusted EBITDA increases from EUR -3 million to EUR 5 million in 2024 – Further significant increase in profitability with simultaneous revenue growth expected for 2025

• Revenue growth in the fourth quarter: +7 per cent / full year: stable at EUR 226.3 million
• Adjusted EBITDA for the financial year 2024: EUR 5.3 million
• Strong start to the financial year 2025: double-digit revenue growth expected in the first quarter
• Guidance 2025: Adjusted EBITDA of EUR 7.0 – 12.1 million

Dresden, 26 March 2025 – Bike24 Holding AG has further consolidated its growth trajectory after a strong final quarter of 2024. In the fourth quarter, the company recorded a 7 per cent increase in revenue compared to the previous year. For the financial year as a whole, revenue remained stable at EUR 226.3 million. At the same time, the profitability target for 2024 was clearly achieved: adjusted EBITDA rose to EUR 5.3 million, after a loss of EUR 2.9 million was reported in 2023. BIKE24 thus confirms the preliminary results published on 7 March 2025.

Profitability target for 2024 comfortably met and positive revenue trend over the course of the year

Despite a challenging market environment, BIKE24 was able to achieve a continuous improvement in growth rates in 2024. After an 11 per cent decline in revenues in the first quarter, business stabilised in the second quarter (+1 per cent), followed by a 3 per cent increase in the third quarter and strong growth of 7 per cent in the fourth quarter.

The positive business performance was also reflected in an improved balance sheet. Here, the as-planned reduction of inventory through the clearance of excess stock and optimised procurement management led to a further optimisation of working capital.

Andrés Martin-Birner, co-founder and CEO of BIKE24, comments
“The strong growth in the BENELUX region is particularly encouraging. The country-specific online shops for these markets were launched in the first quarter of 2023. After growing by 27 per cent in 2023, revenues increased again by 31 per cent in 2024. This region is already contributing 8 per cent of the Group's total revenues.”

The start to 2025 has also been extremely dynamic. According to preliminary calculations, Group revenue for January and February is up 11 per cent. The country-specific online shops for Poland and Finland, which went live earlier than planned, also contributed to this growth.

Timm Armbrust, CFO of BIKE24, adds
“It is encouraging to see that BIKE24 has found its way back to sustainable profitability. We also expect a double-digit revenue growth for the first quarter of 2025. After already recording a remarkable 11 per cent increase in the first two months, growth rates accelerated further in March.”


Outlook for financial year 2025
For 2025, BIKE24 expects a revenue between EUR 233 million and EUR 242 million. The company takes into account the continued high level of uncertainty among consumers. Adjusted EBITDA is expected to be between EUR 7.0 million and EUR 12.1 million, which corresponds to an increase of 31 per cent to 126 per cent compared to the previous year.

The positive business outlook for the BIKE24 group is also supported by the extension of the syndicated loan agreement until 30 April 2027, which was agreed in February and provides BIKE24 with the necessary financial and operational flexibility for its further growth.

With the successful implementation of strategic initiatives and further expansion into new markets, BIKE24 is well positioned to continue its profitable growth in the coming years.

The full annual report including the consolidated financial statements is available at:
 

Today at 3:00 pm CET BIKE24 will hold its FY 2024 Earnings Call. The following participation option is available:


Condensed consolidated P&L (adjusted view)

in k€	Q4 2024	Q4 2023	Delta		FY 2024	FY 2023	Delta
Revenue and other income
DACH markets	31,855	29,605	7.6%		150,389	146,868	2.4%
Localized markets	11,923	10,818	10.2%		45,891	45,421	1.0%
Rest of EEA	5,105	4,747	7.6%		23,755	24,212	-1.9%
Rest of World	1,458	1,885	-22.6%		6,276	9,837	-36.2%
Revenue	50,341	47,055	7.0%		226,311	226,337	0.0%
Other income	75	75	-0.4%		331	186	78.1%
Total income	50,415	47,130	7.0%		226,642	226,523	0.1%
COGS (Merchandise, consumables & supplies)	-35,897	-37,074	-3.2%		-164,736	-171,674	-4.0%
Gross profit	14,443	9,981	44.7%		61,576	54,663	12.6%
Gross margin	28.7%	21.2%	+ 7.5 pp		27.2%	24.2%	+ 3.1 pp
Performance marketing costs	-752	-871	-13.7%		-2,820	-3,358	-16.0%
Selling expenses¹	-4,367	-4,343	0.6%		-19,490	-21,093	-7.6%
Personnel expenses	-5,022	-5,757	-12.8%		-25,557	-25,385	0.7%
Miscellaneous expenses	-2,351	-2,734	-14.0%		-10,964	-11,098	-1.2%
Restructuring expenses	-1,621	-			-1,621	-
EBITDA	405	-3,649	-111.1%		1,455	-6,084	-123.9%
EBITDA margin	0.8%	-7.8%	+ 8.6 pp		0.6%	-2.7%	+ 3.3 pp
Adjustments	1,193	336	254.8%		3,878	3,174	22.2%
Adjusted EBITDA	1,598	-3,313	-148.2%		5,333	-2,910	-283.3%
Adjusted EBITDA margin	3.2%	-7.0%	+ 10.2 pp		2.4%	-1.3%	+ 3.6 pp
Depreciation/ amortization (excl. goodwill-like items)	-1,829	-1,914	-4.4%		-7,063	-6,237	13.2%
Adjusted EBIT	-231	-5,227	-95.6%		-1,730	-9,147	-81.1%
Adjusted EBIT margin	-0.5%	-11.1%	+ 10.6 pp		-0.8%	-4.0%	+3.2 pp
Amortization of goodwill-like items	-2,372	-63,721	-96.3%		-9,486	-71,175	-86.7%
Adjustments	-1,193	-336	254.8%		-3,878	-3,174	22.2%
Earnings before interest and taxes (EBIT)	-3,796	-69,284	-94.5%		-15,094	-83,495	-81.9%
EBIT margin	-7.5%	-147.2%	+ 139.7 pp		-6.7%	-36.9%	+ 30.2 pp
Finance expense, net	-825	-1,069	-22.8%		-4,157	-6,243	-33.4%
Profit / (loss) before tax	-4,621	-70,352	-93.4%		-19,251	-89,738	-78.5%
Income tax income / (expense)	1,075	4,960	-78.3%		5,633	9,335	-39.7%
Result for the period	-3,546	-65,392	-94.6%		-13,618	-80,403	-83.1%
Rounding differences may arise.
¹Including impairment loss on trade receivables.
Customer KPIs
Active customers (LTM)	-	-	-		916,900	921,555	-0.5%
Number of orders	334,436	328,766	1.7%		1,567,236	1,625,087	-3.6%
Average order value	152 €	140 €	8.2%		144 €	137 €	4.8%
Orders returning customers	66.6%	67.0%	-0.4pp		67.9%	69.3%	-1.4pp
Return rate	16.0%	16.5%	-0.5pp		17.5%	16.9%	+0.6pp

About BIKE24
Bike24 Holding AG is a leading European e-commerce platform for bicycle and outdoor products. With a comprehensive product range, fast delivery times and country-specific online shops, the company offers its customers an optimal shopping experience. BIKE24 is active in several European countries and pursues the goal of further digitising the bicycle market and promoting sustainable growth.

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Notes
Certain statements contained in this release may constitute forward-looking statements that involve a number of risks and uncertainties. Forward-looking statements generally can be identified by the use of the words "may," "will," "should," "plan," "expect," "anticipate," "estimate," "believe," "intend," "project," or "aim," or the negative of these words or other variations of these words or comparable terminology. Forward-looking statements are based on assumptions, forecasts, estimates, projections, opinions or plans that, by their nature, are subject to significant risks and uncertainties and contingencies that are subject to change. The Company does not and will not give any assurance that any forward-looking statement will be achieved or will prove to be accurate. Actual future business, financial condition, results of operations and prospects may differ materially from those projected or anticipated in the forward-looking statements. Subject to applicable legal requirements, neither the Company nor any other person intends to update, review, or revise any forward-looking statements in this release to reflect actual events or developments, whether as a result of new information becoming available, new developments occurring in the future or otherwise, nor does it undertake any such obligation.