Q1 financial report 2026

Table of content

At a glance 3

Business performance 4

Revenue and earnings position 5

Net assets and financial position 6

Forecast 8

Consolidated financial statements

Consolidated statement of income and statement of comprehensive income 10

Consolidated balance sheet 11

Consolidated statement of cash flows 12

Consolidated statement of changes in equity 13

2 BIKE24 | Quarterly Statement Q1 2026

3M

Revenue1

EUR 70.7 million

+ 21.9 %

Adjusted EBITDA1

EUR 1.8 million

+ 215.1 %

Adjusted EBITDA-margin1

2.5 %

+ 1.5 pp

Free cashflow1, 4

EUR 0.5 million

- 88.7 %

Cash and cash equivalents2

EUR 18.2 million

- 4.4 %

Active customers3

1,181,382

+ 24.5 %

Average number of orders per active customer1

1.77

+ 3.3 %

Average order value1

EUR 146

+ 1.2 %

Number of orders1

483,800

+ 19.9 %

Orders from returning customers1

71.7 %

+ 1.1 pp

1 Compared to March 31, 2025

2 Compared to December 31, 2025

3 Last 12 month

4 Defined as cash flow from operating activities before income taxes minus cash outflow from investing activities

Business performance

The BIKE24 Group's (BIKE24) business performance during the reporting period was characterized by continued strong growth. Revenue in the first quarter of 2026 increased significantly by 21.9 % compared to the same period last year, amounting to EUR 70.7 million. This positive development was not driven by individual factors but extended across all major markets, product ranges, and customer groups.

Both the core GSA market and the localized markets showed significant double-digit growth rates. Particularly noteworthy are the web shops in Poland and Finland, which were launched in February 2025 and recorded above-average growth of 109.0 % and 59.4 %, respectively.

At the product group level, the "Bicycles" group further expanded its share of total revenue and recorded growth of 27.2% compared to the same quarter of the previous year. The "Parts, Accessories and Clothing" product group also performed very well and, with a growth rate of 20.8 % compared to the first quarter of the previous year, contributed significantly to overall revenue growth.

In parallel with the revenue growth, inventory also increased by 21.9 % compared to March 31, 2025, reaching EUR 80.8 million, which is primarily attributable to the increased business volume as well as the targeted inventory build-up to ensure product availability. This underscores the strategy of continuing to offer bicycle enthusiasts a broad product range while maintaining inventory at a stable level commensurate with growth through more frequent, targeted reorders.

Despite higher revenue and inventory levels, the company managed to slightly reduce overall working capital compared to December 31, 2025, reflecting improved management of operating assets and financial positions as well as greater efficiency in working capital management.

As of March 31, 2026, the number of active customers on an annual basis was 1,181 thousand, an increase of 24.5 % compared to the same date last year. On a quarterly basis, the number of customers increased by 14.8 %. The average order value was EUR 146, which is 1.2 % higher than the comparable figure from the previous year. The share of orders from returning customers was 71.7 %, an increase of 1.1 percentage points.

Despite the continuing challenging economic environment and persistently subdued consumer sentiment, demand for BIKE24's product range rose significantly. The company is thus continuing the positive trend of previous quarters and achieved very encouraging business results in the first quarter of 2026.

Revenue and earnings position

BIKE24 generated revenue of EUR 70.7 million in the first quarter of 2026, exceeding the figure for the same period last year by 21.9 % (Q1 2025: EUR 58.0 million). The largest share of revenue, at EUR 47.0 million, came from the core GSA market, where growth of 20.7 % was recorded compared to the previous year (Q1 2025: EUR 39.0 million). In the localized markets, revenue rose by 30.0 % to EUR 17.5 million (3M 2025: EUR 13.4 million). The remaining countries in europe contributed EUR 5.4 million to revenue, representing a 22.0 % increase compared to the same period last year (3M 2025: EUR 4.4 million). Revenue from global shipments amounted to EUR 0.8 million, down 31.6 % from the prior-year period (3M 2025: EUR 1.2 million).

The gross margin of 25.5 % was slightly above the level of the prior-year period (Q1 2025: 25.2 %).

Personnel expenses rose by 12.9 % to EUR 6.9 million in the first quarter of 2026 compared to the same period last year (Q1 2025: EUR 6.1 million). This development is primarily attributable to the increased use of temporary staff due to the higher order volume.

Other operating expenses increased by EUR 1.0 million (Q1 2026: EUR 9.6 million, Q1 2025: EUR 8.6 million). This was primarily due to higher selling expenses driven by revenue growth (Q1 2026: EUR 6.0 million, Q1 2025: EUR 5.1 million). Selling expenses increased at a slower rate than revenue. This was primarily due to a higher average order value and a significant decline in the proportion of orders from outside the European Economic Area, which generally incur the highest shipping costs.

The result before interest, taxes, depreciation, and amortization (EBITDA) improved by EUR 1.8 million to EUR 1.7 million (3M 2025: EUR - 0.1 million). Adjusted for extraordinary items totaling EUR 0.1 million, which relate exclusively to expenses for the stock option program, earnings before interest, taxes, depreciation and amortization (adjusted EBITDA) amounted to EUR 1.8 million. In the prior-year period, adjustments of EUR 0.6 million were made, which primarily related to consulting costs in connection with the extension of the syndicated loan agreement and resulted in an adjusted EBITDA of EUR 0.6 million. The adjusted EBITDA margin thus amounted to 2.5% in the first quarter of fiscal year 2026 (Q1 2025: 1.0 %). The (unadjusted) operating result (EBIT) was EUR - 2.5 million, compared to EUR - 4.2 million in the prior-year period.

The extension of the loan agreement resulted in a one-time effect on interest expense of EUR 0.2 million. In the prior year, the amendment to the loan agreement and the resulting modification of contractual payments led to a one-time effect of EUR 1.1 million on interest expense.

After deducting interest and taxes, the BIKE24 Group reported a net loss of EUR - 2.2 million, compared to EUR - 4.2 million in the first three months of fiscal year 2025.

Net assets and financial position

Net assets

The Group's total assets increased by 6.9 % or EUR 15.1 million to EUR 232.4 million as of March 31, 2026, compared to EUR 217.3 million as of December 31, 2025.

Non-current assets decreased by 3.0 % or EUR 3.7 million to EUR 120.8 million compared to December 31, 2025 (EUR 124.5 million). Of the EUR 0.5 million in investments in non-current assets, EUR 0.4 million relates to investments in intangible assets, particularly internally developed software. These investments were offset by depreciation and amortization of EUR 4.3 million.

Current assets increased by 20.2 % or EUR 18.8 million to EUR 111.6 million compared to December 31, 2025 (EUR 92.8 million). This is due to the seasonal increase in inventory in the first quarter of 2026 by 25.8 % or EUR 16.6 million to EUR 80.8 million compared to December 31, 2025 (EUR 64.2 million). Within other assets, accounts receivable for sales tax and prepayments increased. Cash and cash equivalents decreased from EUR 19.0 million as of December 31, 2025, to EUR 18.2 million at the end of the first quarter of 2026.

Equity decreased slightly by 1.8 % or EUR 2.2 million to EUR 121.9 million compared to EUR 124.0 million as of December 31, 2025. The equity ratio fell to 52.4 % (December 31, 2025: 57.1%).

Long-term liabilities decreased by 2.6 % or EUR 1.4 million as a result of the reversal of deferred tax liabilities. Longterm liabilities to banks remained virtually unchanged. This resulted from the extension of the existing syndicated loan agreement on March 11, 2026, under unchanged terms until April 30, 2028. Regular principal payments are required. Consequently, as of March 31, 2026, EUR 4.0 million is reported as a current loan liability, while the remaining loan amount is recognized as long-term debt.

Trade payables increased by 166.1 % or EUR 18.6 million to EUR 29.8 million during the reporting period due to seasonal factors. As of December 31, 2025, payables were below normal levels as a result of the scheduled mid-month delivery halt. This level was reached again as of the balance sheet date. Given the positive business performance and the start of the cycling season, goods received in March were significantly higher than in the previous year.

Other financial liabilities remained unchanged from the prior-year date and continued to amount to EUR 2.0 million. Other liabilities, which primarily relate to provisions for personnel expenses and value-added tax liabilities to foreign tax authorities, increased slightly by EUR 0.1 million compared to December 31, 2025, to EUR 19.1 million (December 31, 2025: EUR 19.0 million).

As of March 31, 2026, current liabilities totaled EUR 56.7 million, which was EUR 18.7 million higher than the level as of the prior-year date of December 31, 2025.

Net assets and financial position

Financial Position

From its operating activities, BIKE24 generated a positive operating cash flow of EUR 0.9 million in the first three months of 2026 (previous year: EUR 5.6 million). Despite the significantly improved earnings performance, operating cash flow was thus EUR 4.7 million below the prior-year figure. This was primarily due to the exceptionally strong reduction in aged inventory in the prior-year period, as well as inventory build-ups during the reporting period in line with positive business performance and expectations.

Cash outflow from investing activities amounted to EUR 0.5 million, slightly above the prior-year figure of EUR 0.4 million. Investments in the first three months of 2026 primarily relate to intangible assets, particularly own work capitalized.

From financing activities, BIKE24 recorded a cash outflow of EUR 1.3 million, following a cash outflow of EUR 3.2 million in the prior-year period. The cash outflow relates to the payment of interest and commissions for the extension of the loan agreement, as well as payments of lease liabilities. In the prior-year period, there was also a scheduled repayment of the loan in the amount of EUR 1.0 million.

As of the balance sheet date, cash and cash equivalents thus amounted to EUR 18.2 million, compared to EUR 19.0 million at the end of the 2025 fiscal year, ensuring sufficient liquidity. Furthermore, BIKE24 has a credit line totaling EUR 34.0 million, of which EUR 24.0 million had been utilized as of March 31, 2026; an additional EUR 1.5 million is reserved under a guarantee.

Forecast

In the first quarter of 2026, BIKE24 successfully continued its growth trend while further improving profitability. This positive performance was not driven by isolated factors but was evident across all key markets, product lines, and customer segments. This broad operational foundation underscores the effectiveness of the business model and inspires overall confidence in the company's future performance.

Nevertheless, the current economic and political environment remains characterized by heightened uncertainty. The extent to which the geopolitical tensions in the Middle East, which have escalated since February 2026, will impact the European bicycle market cannot yet be conclusively assessed. Should the conflict persist or escalate further, this could result in indirect effects on transportation costs, global supply chains, and general consumer sentiment in particular.

Against the backdrop of positive business performance and existing opportunities, BIKE24 is sticking to its original forecast despite ongoing macroeconomic uncertainties resulting from the current geopolitical conflicts. For the 2026 fiscal year, revenue of between EUR 318 million and EUR 332 million is expected, based on stable consumer, supply chain, and shipping conditions. Adjusted EBITDA is forecast to range from EUR 16 million to EUR 20 million.

Dresden, May 5, 2026

The management board

Andrés Martin-Birner Sylvio Eichhorst

Chief Executive Officer, Chief Financial Officer Chairman of the Executive Board

January 1, 2026 to March 31, 2026

In accordance with

International Financial Reporting Standards (IFRS), as adopted by the European Union

for Bike24 Holding AG

I. Consolidated statement of income

and statement of comprehensive income

in EUR fi, unaudited

Revenue and other income Revenue

Other income Total income

Operating expenses Personnel expenses

Expenses for merchandise, consumables and supplies Expenses for impairment loss on trade receivables Other expenses

Depreciation and amortization Total operating expenses

Earnings before interest and taxes (EBIT)

Finance income and expense Finance income

Finance expense Financial result

Earnings before taxes (EBT) Income taxes

Result for the period Sonstiges Ergebnis

Gesamtergebnis nach Steuern

January 1, 2025 -

March 31, 2025

58,042

93

58,135

- 6,084

- 43,444

- 104

- 8,569

- 4,104

- 62,305

- 4,170

57

- 1,942

- 1,885

- 6,055

1,840

- 4,215

-- 4,215

II. Consolidated balance sheet

III. Consolidated statement of cash flows

1 In fiscal year 2025, the statement of cash flows was adjusted in accordance with IAS 7 by allocating interest received to cash flows from investing activities and interest paid to cash flows from financing activities.

2 Defined as cash inflow from operating activities before income taxes less cash outflow from investing activities.

IV. Consolidated statement of changes in equity

Bike24 Holding AG Breitscheidstraße 40

01237 Dresden ir@bike24.net