AGENDA
GENERAL UPDATE BUSINESS UPDATE OUTLOOK
QUESTIONS & ANSWERS
GENERAL UPDATE
2025 AT A GLANCE
Key highlights
Growth Acceleration Throughout 2025
Strong European Growth
Focus on Full Bikes continues to pay off
Improved Inventory Efficiency
STRONG EUROPEAN FOOTPRINT WITH SCALABLE OPERATIONS
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SCALING OPERATIONS: EXPANDING ASSORTMENT WHILE DRIVING PERFORMANCE
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BIKE24 - A LEADING BRAND FOR CYCLING ENTHUSIASTS IN EUROPE
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fiBlKE
BUILD YOUR RIDE
26.03.2026 9
CONSISTENT GROWTH
Quarterly growth rates have increased steadily
WELL-BALANCED PERFORMANCE ACROSS ALL SEGMENTS
Significant growth on a comparable basis
STRONG GROWTH ACROSS ALL EUROPEAN REGIONS
Localized markets deliver sustained growth momentum
CUSTOMER KPIs
Quality growth across the customer base
IMPROVED INVENTORY QUALITY AND EFFICIENCY
Faster turnover and reduced aged inventory enhanced inventory performance
OPERATING LEVERAGE DELIVERED
Lower personnel and miscellaneous cost ratios reflect scale effects and cost discipline
INCOME STATEMENT DETAILS
2025 at a glance
fiBlKE24
FY 2025 | FY | 2024 | Change | Q4 2025 | Q4 2024 | Change | |
Gross Profit | 78.2 | 61.6 | 27.1% | 19.2 | 14.4 | 32.6% | |
Performance Marketing | (3.7) | (2.8) | (31.4%) | (1.0) | (0.8) | (35.0%) | |
Selling Costs | (24.7) | (19.5) | (26.7%) | (5.8) | (4.4) | (32.2%) | |
Contribution Profit | 49.8 | 39.3 | 26.9% | 12.4 | 9.3 | 32.6% | |
Personnel Expenses1 | (25.9) | (25.2) | (2.8%) | (6.4) | (5.7) | (12.5%) | |
Miscellaneous Income/ Expenses1 Adj. EBITDA1 | (9.4) 14.5 | (8.8) 5.3 | 172.7% | (2.4) 3.6 | (2.0) 1.6 | (18.0%) 122.9% | |
Adjustments | 1.6 | (3.9) | 140.6% | 2.4 | (1.2) | 299.0% | |
EBITDA | 16.1 | 1.5 | > 1,000% | 5.9 | 0.4 | > 1,000% | |
EBIT | (0.7) | (15.1) | 95,6% | 1.5 | (3.8) | 140,6% | |
Financial Result | (3.5) | (4.2) | 15.4% | (0.3) | (0.8) | 63.0% | |
Result before tax | (4.2) | (19.3) | 78.3% | 1.2 | (4.6) | 127.0% | |
Result after tax | (0.6) | (13.6) | 95.7% | 1.6 | (3.5) | 146.4% | |
Earnings per share | (0,01) | (0,3) | |||||
BUILD YOUR RIDE
Rising costs in line with revenue growth
Higher temporary staff costs due to revenue growth. €0.6M adjusted in the prior year related to SAP implementation and €1.7M for restructuring
Higher relocation costs were driven by improved warehouse utilization in Barcelona. Cost increase for SAP related consulting (adjusted as on-off implementation in the prior year)
Improved financial result driven by scheduled debt repayments and lower interest margins
in 2025 mainly relate to impairment reversals on brand (€2,387k), customer base (€1,201k) and Autostore (€373k), the derecognition of customer base
26.03.2026 assets (€1,548k) and financing-related items (€704k). 16
Adjustments in 2024 primarily comprised restructuring costs (€1,746k), SAP implementation expenses (€1,459k) and financing-related items (€920k).
INCOME STATEMENT DETAILS
2025 at a glance
1BIKE24BUILD YOUR RIDE
Gross Margin
26.03.2026
27.1%
27.2% (0.1pp)
28.1% 28.7% (0.6pp)
Gross margin in Q4 reflects competitive pricing to drive volume growth, category mix effects and disciplined inventory management.
Performance Marketing | (1.3%) | (1.2%) | 0.1pp | (1.5%) | (1.5 %) | (0.0pp) |
Selling Costs | (8.5%) | (8.6%) | 0.1pp | (8.5%) | (8.7%) | 0.2pp |
Contribution Margin | 17.2% | 17.4% | (0.2pp) | 18.1% | 18.5% | (0.4pp) |
Personnel Expenses1 | (8.9%) | (11.1%) | 2.2pp | (9.4%) | (11.3%) | 1.9pp |
Miscellaneous Income/ Expenses1 | (3.3%) | (3.9%) | 0.6pp | (3.5%) | (4.0%) | 0.5pp |
Adj. EBITDA Margin | 5.0% | 2.4% | 2.6pp | 5.2% | 3.2% | 2.0pp |
Personnel expenses improved on a full-year basis due to operating leverage, with higher Q4 costs reflecting peak-season volume support.
Strict cost discipline combined with fixed-cost leverage
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STRONG FREE CASH FLOW AND DEBT REDUCTION
Improved cash generation strengthened the balance sheet
CASHFLOW STATEMENT DETAILS
2025 at a glance
SUMMARY
Delivering profitable growth with improved financial quality
Accelerating revenue growth delivered across the year
Profitability structurally improved through operating leverage
Inventory efficiency and cash generation
Clear foundation for continued profitable
growth in 2026
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