November 12, 2025
AGENDA
GENERAL UPDATE BUSINESS UPDATE OUTLOOK
Q&A
12.11.2025 3
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Q3 2025 AT A GLANCE
Key Highlights
Record Quarterly Sales
Q3 revenue of C83M (+32%) and YTD revenue of C221M (+26%)
Adjusted EBITDA Q3 of C5.3M (+C2.8M) and YTD of C11.0M (+C7.3M)
Strong European Growth
GSA drives Q3 performance with C57M revenue (+36%), clearly outperforming group growth (+32%)
Focus on Full Bikes continues to pay off
Q3 revenue (C17.8M) exceeded Q2 (C15.5M), another record quarter
Inventory Turnover back to Pre-Pandemic Levels
With a ratio of 26%, healthy level of inventory restored, supported by optimized purchasing and SAP rollout
2025 Guidance raised
Revenue outlook increased to C278-288M and adj. EBITDA C12.5-13.5M
12.11.2025 5
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CONSISTENT GROWTH
Quarterly growth rates have increased steadily
Q3 Group revenue(in Cm)
+25%
+32%
-11%
+1% +3%
62.9
+7%
+18%
55.3
49.3
47.1
50.3
49.3
58.0
61.1
62.9
62.9
63.8
63.8
80.0
82.8
Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25
Previous Year Quarter Reporting Year Quarter
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GROWTH ACCELERATION TO 32% IN Q3
Strong increase in both product categories
Q3 Group revenue
(in Cm)
Q3 Revenue by categorie(in Cm)
+32%
Bike PAC 1)82.8
+32% +31%
62.9
13.4
17.8
49.5
65.0
Q3 2024 Q3 2025
Q3 2024 Q3 2025
Q3 2024 Q3 2025
12.11.2025 1) Parts, Accessories & Clothing 8
STRONG GROWTH ACROSS ALL EUROPEAN REGIONS
Localization shows sustained positive impact
Q3 revenue by geography(in Cm)
GSA LOCALIZED MARKETS 1)+32%
+36%
18.4
14.0
42.2
57.3
Q3 2024 Q3 2025
REST OF EEAQ3 2024 Q3 2025
REST OF WORLD+18%
-29%
5.2
6.1
1.5 1.0
Q3 2024 Q3 2025 Q3 2024 Q3 2025
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9
1)France, Italy, Spain, BeNeLux and (since 03/2025) Poland & Finland. Due to comparability, the new localizations were included in the previous year's figures
CUSTOMER KPIs
Customer growth paired with increasing revenue per customer
Revenue(Q3 in Cm)
Active customer 1)(Q3 in k
Average revenue per customer 2)
(Q3 in C)
+36%
+28%
+6%
42.2
232
182
194
57.3
296
Q3 2024 Q3 2025
Q3 2024 Q3 2025
Q3 2024 Q3 2025
+32%
+26%
106
+5%
Localized Markets14.0
165
173
18.4
Q3 2024 Q3 2025
85
Q3 2024 Q3 2025
Q3 2024 Q3 2025
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10
1) Customers with at least one recorded sale during the quarter
2) Defined as revenue divided by the number of customers
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