AGENDA
GENERAL UPDATE BUSINESS UPDATE OUTLOOK
QUESTIONS & ANSWERS
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Q1 AT A GLANCE
Key highlights
Strong start into 2026
Strong European growth
Full Bikes remains a key growth driver
Targeted inventory build-up
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SOLID START TO THE 2026 BIKE SEASON
Bike segment growth outpaces overall Group performance
EUROPEAN GROWTH MOMENTUM REMAINS STRONG INTO Q1
Focus on localized markets continues to pay off
CUSTOMER KPIs
Quality growth across the customer base
INVENTORY BUILD-UP TO SUPPORT FUTURE GROWTH
Improving inventory turnover continues to enhance efficiency
INCOME STATEMENT DETAILS
Q1 at a glance
OBIKE24In 'Cm | Q1 2026 | Q1 2025 | Change | |
Gross Profit | 18.0 | 14.6 | 23.5% | |
Performance Marketing | (1.0) | (0.7) | (43.9%) | |
Selling Costs | (6.0) | (5.1) | (18.9%) | |
Contribution Profit | 11.0 | 8.8 | 24.5% | |
Personnel Expenses | (6.8) | (6.1) | (12.6%) | |
Miscellaneous Income/ Expenses | (2.4) | (2.2) | (8.1%) | |
Adj. EBITDA | 1.8 | 0.6 | 215.1% | |
Adjustments | 0.1 | 0.6 | (91.8%) | |
EBITDA | 1.7 | (0.1) | 1,000% | |
EBIT | (2.5) | (4.2) | 39.1% | |
Financial Result | (0.7) | (1.9) | 63.4% | |
Result before tax | (3.2) | (6.1) | 46.7% | |
Result after tax | (2.2) | (4.2) | 47.3% | |
06.05.2026 |
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Gross profit growth reflects strong revenue momentum and attractive assortment
Higher performance marketing spend reflects an increased paid channel share at stable efficiency
Personnel expenses increased mainly due to higher temporary labour costs in fulfilment and general wage increases
Adjustments in 2025 mainly related to refinancing costs
EBITDA turned positive as a result of improved operating performance
EBIT improved, still impacted by amortization on brand and customer relationships of 'g2.4M
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INCOME STATEMENT DETAILS
Gross Margin | 25.5% | 25.2% | 0.3pp |
Performance Marketing | (1.5%) | (1.2%) | (0.3pp) |
Selling Costs | (8.5%) | (8.7%) | 0.2pp |
Contribution Margin | 15.5% | 15.2% | 0.3pp |
Personnel Expenses | (9.6%) | (10.4%) | 0.8pp |
Miscellaneous Income/ Expenses | (3.3 %) | (3.8 %) | 0.4pp |
Adj. EBITDA Margin | 2.5% | 1.0% | 1.5pp |
Q1 at a glance
06.05.2026
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While a higher paid channel share increased performance marketing cost as a percentage of revenue, Google Shopping channel efficiency improved, with cost ratios declining from 3.2% to 2.9%
Personnel and operating expenses increased at a slower pace than revenue, highlighting continued operating leverage
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TEMPORARY CASH FLOW IMPACT FROM GROWTH
Working capital effects weighed on free cash flow, with net debt remaining stable
CASHFLOW STATEMENT DETAILS
Q1 at a glance
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Cash at the beginning of the period
19.0
13.9 36.6%
Cashflow from operating activities before taxes | 0.9 | 4.5 | (79.7%) |
Cashflow from investing activities | (0.5) | (0.4) | (28.8%) |
Free Cashflow before taxes | 0.5 | 4.1 | (88.7%) |
Cashflow from taxes | 0.0 | 1.1 | (100.7%) |
Cash flow from financing activities | (1.3) | (3.2) | 60.1% |
Cash at the end of the period | 18.2 | 15.9 | 14.3 |
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SUMMARY
Ready to accelerate into the 2026 bike season
Solid growth momentum at the start of 2026
Operating leverage continues to translate
growth into profitability
Inventory positioned to support the upcoming season
Well positioned for continued profitable
growth in 2026
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06.05.2026 16
GUIDANCE FOR 2026
Driving sustained growth and enhanced profitability
2026
FINANCIAL CALENDAR 2026
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06.05.2026 19
YOUR
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