Q3 financial report 2025

At a glance 3

Business performance 4

Revenue and earnings situation 5

Net assets and financial position 6

Forecast 8

Consolidated income statement

and statement of comprehensive income 10

Consolidated balance sheet 11

Consolidated Cash Flow Statement 12

Consolidated statement of changes in equity 13

2 BIKE24 | | Quarterly Report Q3 2025

1 Compared to September 30, 2024

2 Compared to December 31, 2024

3 Last 12 months, compared to September 30, 2024

4 The figure for the third quarter corresponds to the figure for the nine-month period

Consumer sentiment in the core market of Germany remains subdued. The GfK consumer climate index currently stands at - 22.3 points, slightly below the figure at the end of the second quarter of 2025 (- 20.0 points) and just above the previous year's figure (- 23.1 points). Consumer propensity to buy has been declining since April 2025. Despite this development, German online retail recorded moderate growth of 2.8 % in the third quarter, following

3.5 % in the first half of 2025. According to the June forecast, the bicycle market is moving at a similar level, with a slight downward to upward trend*.

BIKE24 increased its revenue by 31.7 % in the third quarter, significantly outperforming the market. Following growth of 25.4 % in the second quarter, growth increased again. The adjusted EBITDA margin improved to 6.4 % compared to 4.0 % in the same quarter of the previous year. Optimized ordering strategies further increased the availability of the product range. Revenue in the PAC (parts, accessories, clothing) product group rose by 31.5 %, while full-bikes rose by 32.5 %.

The implementation of the localization strategy contributed significantly to sales growth: localized markets recorded an increase of 31.7 %, with Poland and Finland standing out in particular with 62.9 %.

An outstanding product range, attractive prices in line with market conditions, and excellent service also won over customers in the core DACH market. Revenue here rose by 35.6 %.

At 71.0%, the proportion of orders from returning customers was slightly below the previous year's figure of 71.5%. The total number of customers rose by 30.2 %, with new customers growing even more strongly at 36.4 %. Revenue per customer was 5.8 % above the previous year's figure.

* https://bevh.org/detail/e-commerce-continues-moderate-growth-in-q3-2025-despite-weak-consumer-environment

4 BIKE24 | | Quarterly Report Q3 2025

BIKE24 generated revenue of EUR 220.9 million in the first nine months of the 2025 financial year. Compared to the same period last year, this represents an increase of 25.5 % (9M 2024: EUR 176.0 million). Due to this strong sales growth, the cost of goods sold is also significantly higher than in the previous year at 25.6 % (9M 2025: EUR 161.8 million; 9M 2024: EUR 128.8 million). At 73.3 %, the cost of goods sold ratio is slightly above the previous year's figure (9M 2024: 73.2 %). Despite the competitive market environment, the gross margin remained almost at the previous year's level at 26.7 % (9M 2024: 26.8 %) in the current reporting period.

Personnel expenses of EUR 19.6 million were below the figure for the same period of the previous year (9M 2024: EUR 20.5 million), which is primarily attributable to the optimizations of the personnel structure implemented in November 2024.

Other operating expenses rose by 15.1 % to EUR 29.4 million (9M 2024: EUR 25.5 million). The main drivers of this increase are higher distribution costs (9M 2025: EUR 18.9 million; 9M 2024: EUR 15.4 million) - in particular shipping and payment service provider costs - as a result of revenue growth, although distribution costs rose at a lower rate than revenue. It should be noted that other operating expenses, which mainly comprise administrative costs, were reduced compared to the same period of the previous year (9M 2025: EUR 7.8 million; 9M 2024: EUR 8.1 million) despite the increase in business volume. Cost discipline and higher efficiencies contributed significantly to the improvement in operating profitability in the first nine months of 2025.

Earnings before interest, taxes, depreciation and amortization (EBITDA) improved significantly by EUR 9.1 million to EUR 10.2 million (9M 2024: EUR 1.1 million). Adjusted for special items, including in particular expenses related to the extension of the syndicated loan agreement, earnings before interest, taxes, depreciation and amortization (adjusted EBITDA) amounted to EUR 11.0 million compared to EUR 3.7 million in the same period of the previous year. In relation to revenue, this corresponds to an adjusted EBITDA margin of 5.0 %, compared to 2.1 % in the previous year. This positive development is primarily attributable to revenue growth and the disproportionately low development of fixed costs.

Taking depreciation and amortization into account, operating profit (EBIT) amounted to EUR - 2.2 million, compared with EUR - 11.3 million in the same period of the previous year. Adjusted for special items, depreciation and amortization on customer base and brand value, adjusted EBIT increased to EUR 5.7 million, compared with EUR - 1.5 million in the previous year. After taking interest and taxes into account, net income amounted to EUR - 2.2 million, compared to EUR - 10.1 million in the first nine months of 2024.

5 BIKE24 | | Quarterly Report Q3 2025

Net Assets

Non-current assets decreased by 7.8 % to EUR 125.5 million compared to December 31, 2024 (EUR 136.2 million) due to scheduled depreciation and amortization. Of the investments in non-current assets amounting to EUR 1.3 million, EUR 0.9 million relates to investments in intangible assets, which mainly concern capitalized own work. These investments are offset by depreciation and amortization in the amount of EUR 12.4 million.

As of September 30, 2025, current assets amounted to EUR 99.4 million, up 17.7 % on the comparable figure as of December 31, 2024 (EUR 84.5 million). The main drivers of this development were the increase in cash and cash equivalents and the seasonal build-up of inventories by EUR 10.6 million to EUR 71.7 million. Trade receivables remained at the same level as on the comparable reporting date at EUR 1.0 million. Other assets increased by EUR 1.5 million. This is mainly due to higher VAT receivables. It should be noted that, despite the repayment of the loan in the amount of EUR 3.0 million, cash and cash equivalents increased by EUR 3.9 million compared to December 31, 2024 (September 30, 2025: EUR 17.8 million; December 31, 2024: EUR 13.9 million).

On February 10, 2025, the existing syndicated loan agreement was extended until April 30, 2027. Long-term liabilities to banks amounted to EUR 21.4 million as of September 30, 2025. The short-term portion of liabilities to banks relates to regular repayments and amounted to EUR 6.1 million as of September 30, 2025.

In the area of long-term liabilities, deferred tax liabilities decreased by EUR 3.5 million to a total of EUR 21.4 million as of September 30, 2025. This development is mainly due to the scheduled reversal of deferred taxes for trademark and customer realtionship, as well as the gradual reduction in the corporate income tax rate from 15 % to 10 % for the assessment periods 2028 to 2032.

In the area of current liabilities, trade payables rose by EUR 11.4 million to EUR 17.9 million, with the increase being seasonal and directly related to the build-up of inventories. Due to the lower level of goods received at the end of the year, which is customary in the industry, liabilities as of December 31, 2024, were comparatively low.

Other financial liabilities decreased slightly by 0.3% to EUR 1.9 million and relate exclusively to lease liabilities. Other liabilities, which mainly relate to provisions for personnel costs and sales tax liabilities to foreign tax authorities, increased by EUR 2.0 million to EUR 18.2 million.

Equity decreased by EUR 2.1 million to EUR 122.4 million. This decline and the growth-related increase in trade payables led to a lower equity ratio of 54.4 % at the reporting date, compared to 56.4 % on December 31, 2024.

6 BIKE24 | | Quarterly Report Q3 2025

Financial position

BIKE24 generated a positive operating cash flow of EUR 9.6 million from its ongoing business activities in the first nine months of 2025, compared to EUR 9.3 million in the same period of the previous year. The result for the period increased by EUR 7.9 million in the reporting period, which had a significant impact on the positive operating cash flow. In the same period of the previous year, the targeted reduction of excess inventory led to a significant reduction in working capital of EUR 9.5 million, which had a clearly positive impact on operating cash flow. Due to the balanced inventory situation from the outset in fiscal year 2025, the reduction in working capital was significantly lower at EUR 0.6 million and therefore had little impact on operating cash flow. Thanks to consistent management of inventories and working capital at the beginning of the year, trade working capital remained largely at the previous year's level despite the growth in sales.

Cash outflow from investing activities amounted to EUR 1.3 million, down from EUR 1.9 million in the same period of the previous year. As in the previous year, additions to intangible assets mainly relate to capitalized own work.

BIKE24 recorded a cash outflow of EUR 4.5 million from financing activities, compared to a cash outflow of EUR 7.4 million in the same period of the previous year. In addition to the repayment of the loan, the cash outflow also relates to the payment of lease liabilities.

As of the balance sheet date, cash and cash equivalents amounted to EUR 17.8 million, compared to EUR 13.9 million at the end of fiscal year 2024, ensuring sufficient solvency. Furthermore, BIKE24 has a credit line with a total volume of EUR 37.0 million, of which EUR 27.0 million had been utilized as of September 30, 2025. An additional EUR 1.5 million is reserved as part of a guarantee.

7 BIKE24 | | Quarterly Report Q3 2025

On October 21, 2025, the company adjusted its forecast for the 2025 financial year. This is due to the continuation of the positive trend from the first half of the year and the fact that growth assumptions were exceeded in the third quarter. On this basis, the company now expects revenue in a range of EUR 278 million to EUR 288 million (previously EUR 248 million to EUR 261 million) and adjusted EBITDA of EUR 12.5 million to EUR 13.5 million (previously EUR 7.0 million to EUR 12.1 million).

Dresden, November 11, 2025

The Management Board

Andrés Martin-Birner Sylvio Eichhorst

8 BIKE24 | | Quarterly Report Q3 2025

JANUARY 1 TO

SEPTEMBER 30, 2025

in accordance with International Financial Reporting Standards (IFRS), as adopted by the European Union, for Bike24 Holding AG

10 BIKE24 | | Quarterly Report Q3 2025

‌in EUR k

Assets Intangible assets

Property, plant and equipment Financial assets

Non-current assets

Inventories Other assets

Income tax assets

Trade and other receivables Cash and cash equivalents Current assets

Total assets

Equity

Subscribed capital Capital reserves Retained Loss Total Equity

Liabilities Liabilities to banks

Other financial liabilities Provisions

Deferred tax liabilities Non-current liabilities

Liabilities to banks Other financial liabilities Provisions

Other liabilities Income tax liabilities Trade payables Current liabilities

Total liabilities

Total equity and liabilities

11 BIKE24 | | Quarterly Report Q3 2025

December 31, 2024

audited

103,147

32,737

280

136,164

61,026

7,538

1,120

894

13,928

84,507

220,671

44,165

180,114

- 99,783

124,497

-14,918

286

24,946

40,150

30,266

1,928

1,200

16,155

2

6,473

56,024

96,174

220,671

‌in EUR k

Cash flows from operating activities Result for the period

Adjustments:

• Depreciation and amortization

• Losses from the disposal of fixed assets

• Write-ups on financial assets

• Finance income

• Finance expense

• Income from income taxes

• Share-based compensation expenses Result for the period after adjustments Changes in:

• Inventories

• Trade and other receivables

• Other assets

• Trade payables

• Other liabilities

• Provisions

Cash generated from operating activities Interest paid

Income tax refunded (paid)

Cash flow from operating activities

Cash flows from investing activities Acquisition of property, plant and equipment Acquisition of intangible assets

Investments in financial assets

Cash outflow from investing activities

Cash flows from financing activities Repayment of liabilities to banks Payment of lease liabilities

Cash outflow from financing activities

Increase (decrease) in cash and cash equivalents the beginning of the period Cash and cash equivalents at the beginning of the period

Cash and cash equivalents at the end of the period

12 BIKE24 | | Quarterly Report Q3 2025

January 1, 2024 -

September 30, 2024

unaudited

- 10,089

12,348

7

- 21

- 259

3,608

- 4,558

212

1,247

4,143

- 1,317

- 1,263

6,687

2,459

297

12,253

- 2,854

- 148

9,251

- 784

- 900

- 250

- 1,934

- 6,000

- 1,418

- 7,418

- 101

18,414

18,313

‌

13 BIKE24 | | Quarterly Report Q3 2025

Bike24 Holding AG Breitscheidstraße 40

01237 Dresden ir@bike24.net