BIKE24 reports record quarter: 25% increase in revenue and adjusted EBITDA nearly doubled – growth continues

• Revenue in the second quarter reaches new high of EUR 80 million – +25% year-over-year, +10% compared to previous highest peak (Q3 2022)

• Adjusted EBITDA increases significantly to EUR 5.1 million (Q2 2024: EUR 2.7 million)

• Fifth consecutive quarter with year-over-year revenue growth and operating profit

• Growth in all European markets – GSA home region particularly strong

• Inventory levels remain virtually unchanged despite increase in revenue – Further optimisation of inventory-to-revenue ratio

• Cost initiatives in marketing and administration are taking effect as planned

• Revenue growth continues in July and August

• Guidance for 2025 confirmed – earnings expected at the upper end of the range

Dresden, August 13, 2025 – Bike24 Holding AG (BIKE24) has successfully continued its positive business development in the second quarter of 2025, achieving a new peak with revenue of EUR 80 million. This represents an increase of 25% compared to the previous year and an increase of 10% compared to the previous record quarter in 2022. Even more remarkable is that the group achieved this jump in growth once again with a significantly improved operating result – adjusted EBITDA nearly doubled compared to the same quarter last year.

Growth across the board – efficiency programme in full effect
After five consecutive quarters of rising growth rates, BIKE24 has confirmed that its turnaround has been a success. Particularly encouraging is the fact that the efficiency measures introduced continue to bear fruit. Despite a 25% increase in sales, personnel costs are slightly below the level of the same quarter last year. This has led to a significant improvement in profitability.

‘’The second quarter confirms impressively that we are not only growing, we are growing profitably – out of our own strength’’ says Andrés Martin-Birner, CEO and founder of BIKE24. ‘’Our cost-cutting measures are taking effect, our processes are more efficient and our product range meets the needs of our customers. The fact that the adjusted EBITDA has almost doubled with a record revenue speaks clearly.”

Strong momentum in all markets – especially in the home region
In addition to a particularly strong domestic market, BIKE24 also recorded significant growth in all other European markets. The continuous localisation of the product range, combined with fast delivery and high product availability, is paying off – especially in the area of sporty bikes such as road bikes and gravel bikes, where BIKE24 has a particularly attractive range.

Inventory management further optimised
Despite the significant increase in revenue, inventory levels remained virtually unchanged compared with the same quarter of the previous year. This enables the company to further optimise its inventory-to-revenue ratio – clear evidence of its efficiency in purchasing and logistics management.

Revenue growth continues in July and August
The momentum remains high after the second quarter: Both in July and so far in August, BIKE24 has continued to record strong sales growth. The positive trend is therefore continuing beyond the quarter, underlining the sustainable impact of the measures introduced and the ongoing high demand for the BIKE24 products and services.

Outlook for 2025 confirmed – results expected at the upper end of the range
In view of the strong performance in the second quarter, BIKE24 reaffirms its previous guidance for the full year 2025. The company continues to expect revenue of between EUR 248 million and EUR 261 million and adjusted EBITDA of between EUR 7.0 million and EUR 12.1 million. Based on the positive development, the Management Board expects to reach the upper end of the guidance revenue and adjusted EBITDA range.

Sylvio Eichhorst has been appointed as a member of the Management Board with effect from August 18, 2025, and will officially commence his duties with the company on that day.

Today at 3 pm CEST, the BIKE24 Q2 2025 earnings call will take place. The corresponding presentation will be available on the IR website. Please register via the following link:

https://www.appairtime.com/event/389dd3fb-5fb9-4525-b159-054699df919e 

Condensed consolidated P&L (adjusted view)
 

in k€	Q2 2025	Q2 2024	Delta		FY 2025	FY 2024	Delta
Revenue and other income
DACH markets	56,629	44,313	+27.8%		95,591	76,297	+25.3%
Localized markets	16,586	12,945	+28.1%		30,019	24,397	+23.0%
Rest of Europe (EEA) (previous year adjusted)	5,691	5,064	+12.4%		10,106	9,086	+11.2%
Rest of World	1,137	1,501	-24.2%		2,369	3,313	-28.5%
Revenue	80,043	63,823	+25.4%		138,085	113,094	+22.1%
Other income	118	73	+61.7%		211	175	+20.5%
Total income	80,162	63,896	+25.5%		138,296	113,269	+22.1%
COGS (Merchandise, consumables & supplies)	-57,909	-46,208	+25.3%		-101,353	-83,170	+21.9%
Gross profit	22,135	17,615	+25.7%		36,733	29,924	+22.8%
Gross margin	27.7%	27.7%	0.0pp		26.6%	26.6%	0.0pp
Performance marketing costs	-975	-730	+33.6%		-1,700	-1,411	+20.5%
Selling expenses¹	-6,944	-5,326	+30.4%		-12,011	-9,750	+23.2%
Personnel expenses	-6,851	-6,986	-1.9%		-12,935	-13,934	-7.2%
Miscellaneous expenses	-2,458	-2,686	-8.5%		-5,339	-5,733	-6.9%
EBITDA	5,024	1,961	+156.1%		4,958	-730	-
EBITDA margin	6.3%	3.1%	+104.2pp		3.6%	-0.6%	+4.2pp
Adjustments	50	721	-93.0%		681	1,940	-64.9%
Adjusted EBITDA	5,075	2,683	+89.1%		5,640	1,210	+366.1%
Adjusted EBITDA margin	6.3%	4.2%	+2.1pp		4.1%	1.1%	+3.0pp
Depreciation/ amortization (excl. goodwill-like items)	-1,723	-1,910	-9.8%		-3,446	-3,790	-9.1%
Adjusted EBIT	3,352	772	+333.9%		2,193	-2,580	-
Adjusted EBIT margin	4.2%	1.2%	+3.0pp		1.6%	-2.3%	+3.9pp
Amortization of goodwill-like items	-2,381	-2,381	0.0%		-4,762	-4,762	0.0%
Adjustments	-50	-721	-93.0%		-681	-1,940	-64.9%
Earnings before interest and taxes (EBIT)	921	-2,330	-		-3,250	-9,282	-
EBIT margin	1.2%	-3.7%	+4.9pp		-2.4%	-8.2%	+5.8pp
Finance expense, net	-671	-961	-30.2%		-2,556	-2,509	+1.9%
Result before tax	250	-3,291	-		-5,805	-11,791	-
Income tax income	0	1,043	-100.0%		1,840	3,681	-50.0%
Result for the period	249	-2,248	-		-3,966	-8,110	-
Rounding differences may arise.
¹Including impairment loss on trade receivables.
Customer KPIs
Active customers (LTM)	-	-	-		1,022,389	902,818	+13.2%
Number of orders	575,799	450,517	+27.8%		979,385	795,196	+23.2%
Average order value	140	140	-0.6%		141	141	+0.2%
Orders returning customers	70.5%	72.2%	-1.7pp		70.6%	71.8%	-1.2pp
Return rate	18.7%	17.7%	+1.0pp		17.8%	17.2%	+0.6pp

The half-year financial report including the condensed consolidated interim financial statements can be found here:

https://ir.bike24.com/websites/bike24/English/3000/publications.html

Press Relations:
E-Mail: presse@bike24.net

Investor Relations:
E-Mail: ir@bike24.net


About BIKE24 
BIKE24 is one of continental Europe's leading e-commerce bike platforms. The online retailer with a focus on the premium segment is the central contact point for the fast-growing community of bicycle enthusiasts and thus promotes green mobility. Founded in Dresden in 2002 by CEO Andrés Martin-Birner, Falk Herrmann and Lars Witt the company has quickly developed into one of continental Europe's leading companies as well as a globally active online retailer in this fast-growing market. The web shop offers customers 70,000 products from more than 800 brands. This gives BIKE24 the widest range of branded products in the sector in continental Europe. The online bike platform is already present with ten local online shops in Germany (bike24.de), Austria (bike24.at), Spain (bike24.es), France (bike24.fr), Italy (bike24.it), the Netherlands (bike24.nl), Luxembourg (bike24.lu), Belgium (bike24.be), Poland (bike24.pl), and Finland (bike24.fi) in continental Europe. In addition, the international shop (bike24.com) serves customers worldwide.

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,  revise or adjust any forward-looking statements in this announcement to reflect actual events or developments, whether as a result of new information, future developments  or otherwise, nor do they assume any obligation to do so.