EQS-News: BIKE24 continues growth path in third quarter – revenue up 31.7 % and adjusted EBITDA margin at 6.4 %

BIKE24 continues growth path in third quarter – revenue up 31.7 % and adjusted EBITDA margin at 6.4 %

• Group revenue in Q3 rises by 31.7 % to EUR 82.8 million
• Localised markets continue to grow significantly, up 31.7 % in Q3
• Core GSA market remains strong – revenue up 35.6 % in Q3
• Adjusted EBITDA margin increased to 6.4 % in Q3 (previous year: 4.0 %)
• Forecast for full year 2025 – revenue EUR 278–288 million, adjusted EBITDA EUR 12.5–13.5 million

Dresden, November 12, 2025 – Bike24 Holding AG (BIKE24) has continued its strong growth path in the third quarter of 2025. The company recorded revenue growth of 31.7 % to EUR 82.8 million in the reporting quarter (Q3 2024: EUR 62.9 million). In the first nine months, revenue rose by 25.5 % to EUR 220.9 million (9M 2024: EUR 176.0 million). Significant growth was achieved in all European markets, driven by the successful localisation strategy and a strong core market in Germany, Switzerland and Austria (GSA).

**Localisation strategy with above-average success**
The consistent implementation of the localisation strategy is contributing significantly to our growth: localised markets recorded an increase of 31.7 % in the third quarter, with Poland and Finland standing out in particular with 62.9 %. The established core market of Germany, Switzerland and Austria also grew significantly in double digits, at 35.6 %. Thanks to an outstanding product range, attractive prices and excellent service, BIKE24 was able to further expand its position as the first address for cycling enthusiasts in Europe.

**Profitability rises significantly – adjusted EBITDA margin at 6.4%**
Adjusted EBITDA improved by 111.5 % to EUR 5.3 million in the third quarter (Q3 2024: EUR 2.5 million). The adjusted EBITDA margin rose to 6.4 % after 4.0 % in the same quarter of the previous year. In the first nine months, adjusted EBITDA reached EUR 11.0 million (9M 2024: EUR 3.7 million) with a margin of 5.0 % (9M 2024: 2.1 %). This positive development is attributable to strong revenue growth and the disproportionately low development of fixed costs.

**Operational efficiency and working capital management**
In addition to the optimised personnel structure, ongoing cost discipline and improved operational processes led to below-average cost increases in the third quarter. At the same time, BIKE24 was able to further increase product availability through optimised ordering strategies, while still improving the cost of goods sold ratio to 26 % in Q3 (Q3 2024: 30 %). Free cash flow rose by 50.1 % to EUR 8.1 million in the third quarter (Q3 2024: EUR 5.4 million).

**Customer growth and increasing order frequency**
The number of active customers grew by 19.8 % to 1,087,430 in the last twelve months. The number of orders in the third quarter rose by 33.2 % to 584,272 (Q3 2024: 438,559).

** Voices from within the company**
Andrés Martin-Birner, founder and CEO of BIKE24, comments:
‘The third quarter impressively confirms our successful growth course. With sales growth of over 30 %, we are performing significantly better than the market. We are particularly proud of the success of our localisation strategy – Poland and Finland, with growth of almost 63 %, demonstrate the enormous potential of our business model.’

Sylvio Eichhorst, CFO of BIKE24, adds:
‘The figures speak for themselves: an adjusted EBITDA margin of 6.4 % in the third quarter with a 50 % increase in free cash flow underscores our operational strength. We have proven that our efficiency measures are effective and that we can grow strongly at the same time.’

**Forecast for full year 2025 raised**
In light of the very positive business development in the third quarter, BIKE24 adjusted its forecast for the full year 2025 on 21 October 2025. The company now expects revenue in the 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).

Today at 10 am CEST, the BIKE24 Q3 2025 earnings call will take place. The corresponding presentation will be available on the IR website. Please register via the following link:

https://www.appairtime.com/de/event/1b9699ec-9f43-45ba-9279-70593ef9a1f6

Condensed consolidated P&L (adjusted view)

in k€	Q3 2025	Q3 2024	Delta		9M 2025	9M 2024	Delta
Revenue and other income
GSA markets	57,260	42,237	+35.6%		152,851	118,535	+29.0%
Localized markets	18,397	13,969	+31.7%		48,416	38,367	+26.2%
Rest of Europe (EEA) (previous year adjusted)	6,076	5,164	+17.7%		16,182	14,251	+13.6%
Rest of World	1,070	1,505	-28.9%		3,439	4,818	-28.6%
Revenue	82,802	62,876	+31.7%		220,887	175,970	+25.5%
Other income	85	81	+4.6%		296	256	+15.5%
Total income	82,887	62,957	+31.7%		221,183	176,226	+25.5%
COGS (Merchandise, consumables & supplies)	-60,453	-45,668	+32.4%		-161,806	-128,838	+25.6%
Gross profit	22,349	17,208	+29.9%		59,081	47,132	+25.4%
Gross margin	27.0%	27.4%	-0.4pp		26.7%	26.8%	+0.1pp
Perfomance marketing costs	-990	-656	+50.8%		-2,690	-2,068	+30.1%
Selling expenses¹	-7,156	-5,644	+26.8%		-18,924	-15,395	+22.9%
Personnel expenses	-6,630	-6,600	+0.4%		-19,565	-20,534	-4.7%
Miscellaneous expenses	-2,435	-2,609	-6.6%		-8,017	-8,341	-3.9%
EBITDA	5,223	1,780	+193.4%		10,181	1,050	+869.5%
EBITDA margin	6.3%	2.8%	+3.5pp		4.6%	0.6%	+4.0pp
Adjustments	117	745	-84.3%		798	2,685	-70.3%
Adjusted EBITDA	5,340	2,525	+111.5%		10,979	3,735	+194.0%
Adjusted EBITDA margin	6.4%	4.0%	+2.4pp		5.0%	2.1%	+2.9pp
Depreciation/ amortization (excl. goodwill-like items)	-1,794	-1,415	+26.7%		-5,240	-5,208	+0.6%
Adjusted EBIT	3,546	1,110	+219.5%		5,740	-1,473	-
Adjusted EBIT margin	4.3%	1.8%	+2.5pp		2.6%	-0.8%	+3.4pp
Amortization of goodwill-like items	-2,381	-2,381	0.0%		-7,143	-7,140	0.0%
Adjustmens	-117	-745	-84.3%		-798	-2,685	-70.3%
Earnings before interest and taxes (EBIT)	1,048	-2,016	-		-2,201	-11,298	-
EBIT margin	1.3%	-3.2%	+4.5pp		-1.0%	-6.4%	+5.4pp
Finance expense, net	-660	-839	-21.3%		-3,216	-3,349	-4.0%
Result before tax	388	-2,856	-		-5,417	-14,647	-
Income tax income	1,358	877	+54.8%		3,198	4,558	-29.8%
Result for the period	1,746	-1,979	-		-2,220	-10,089	-
Rounding differences may arise.
¹Including impairment loss on trade receivables.
Customer KPIs
Active customers (LTM)					1,087,430	908,041	+19.8%
Number of orders	584,272	438,559	+33.2%		1,563,657	1,232,817	+26.8%
Average order value	139	142	-2.1%		141	142	-0.7%
Orders returning customers (previous year adjusted)	71.0%	71.5%	-0.5pp		70.8%	71.7%	-0.9pp
Return rate	19.8%	19.3%	+0.5pp		18.5%	17.9%	+0.6pp

**Investor Relations Contact**
Bike24 Holding AG
Breitscheidstrasse 40
01237 Dresden
E-Mail: ir@bike24.net
Web: www.bike24.com/investor-relations

**About Bike24 Holding AG**
Bike24 Holding AG is one of Europe's leading e-commerce platforms for bicycles, bicycle parts and bicycle accessories. Headquartered in Dresden, BIKE24 offers an extensive range of premium brands and serves cycling enthusiasts in numerous European countries. The company has been listed on the Prime Standard of the Frankfurt Stock Exchange since June 2021.

Forward-looking statements
This document contains forward-looking statements that relate to our future business performance and future financial performance and to future events or developments affecting Bike24 Holding AG and its subsidiaries (together "BIKE24"). These statements can be recognised by formulations such as "expect", "want", "anticipate", "intend", "plan", "believe", "aim", "estimate", "will" and "predict" or similar terms. We may also make forward-looking statements in other reports, prospectuses, presentations, documents sent to shareholders and press releases. In addition, from time to time, our representatives may make forward-looking statements verbally. Such statements are based on current expectations and certain assumptions of BIKE24 management and concern circumstances, many of which are beyond BIKE24's control. They are therefore subject to a large number of risks, uncertainties and factors which are described in publications - in particular in the chapters on the internal control and risk management system and opportunities and risks in the annual report and the corresponding chapters in the half-year financial report - but are not limited to these. If one or more of these risks or uncertainties materialise, force majeure events such as pandemics occur or underlying expectations, including future events, do not occur or occur later or assumptions are not fulfilled, the actual results, performance or achievements of BIKE24 may differ materially (either negatively or positively) from those expressed or implied in the forward-looking statements. Unless otherwise required by law, BIKE24 assumes no obligation and does not intend to update or revise these forward-looking statements in light of developments which differ from those anticipated.

Alternative performance indicators
In addition to the key figures prepared in accordance with IFRS, BIKE24 presents alternative performance measures, e.g. adjusted EBITDA, adjusted EBITDA margin, adjusted EBIT, free cash flow, which are not part of the accounting standards. These key figures should be seen as a supplement to, but not a substitute for, the disclosures prepared in accordance with IFRS. Alternative performance measures are not subject to IFRS or other generally accepted accounting principles. Other companies may use different definitions for these terms.