EQS-News: Brockhaus Technologies AG: Revenue increases by +3.6% to €182 million in the first nine months of 2025, with an adjusted EBITDA margin of 26.8% – 2025 outlook confirmed

Brockhaus Technologies AG: Revenue increases by +3.6% to €182 million in the first nine months of 2025, with an adjusted EBITDA margin of 26.8% – 2025 outlook confirmed

• Group revenue increases organically by +3.6% to €182 million, with an adjusted EBITDA margin of 26.8%
• Bikeleasing continues to invest in its long-term growth strategy; revenue of €160 million (+6.1% year-over-year) with an adjusted EBITDA margin of 31.7%
• IHSE increases its gross profit margin as business in the Government & Defense segment expands; revenue of €21 million (-12.0% year-over-year) with an adjusted EBITDA margin of 12.3%
• Net debt at the Group level remains well below the target level at 0.99x of adjusted LTM EBITDA
• Outlook for fiscal year 2025 unchanged with revenue of €225 million to €235 million and adjusted EBITDA of €50 million to €55 million

 
Founder and CEO Marco Brockhaus commented: “Despite the continued downturn in the economic and consumer climate, we were able to hold our ground well in the first nine months of 2025. Bikeleasing continues to invest in its long-term growth strategy, transforming from a single-product company focused on company bike leasing into a multi-benefit platform. As part of its international expansion strategy, Bikeleasing has also taken a stake in the U.S. company Ridepanda, seeing this as an opportunity to create valuable synergies and to bring the experience gained from Bikeleasing’s business model into the United States. IHSE is driving the continuous development of its technology and increased its gross profit margin in the third quarter of 2025 through an improved product and customer mix, primarily resulting from the growing Defense business. For the current fiscal year 2025, we expect organic revenue growth of +10% to +15% to between €225 million and €235 million, despite the persistently challenging economic environment. Against the backdrop of investments in Bikeleasing’s long-term growth, we expect an adjusted EBITDA of €50 million to €55 million for the fiscal year 2025.”

Frankfurt am Main, November 14, 2025. Brockhaus Technologies AG (BKHT, ISIN: DE000A2GSU42, hereinafter referred to as “Brockhaus Technologies” or the “Company”, ISIN: DE000A2GSU42) generated revenue of €182 million in the first nine months of the 2025 fiscal year, corresponding to organic growth of +3.6% compared to the prior-year period (9M 2024: €175 million). Adjusted EBITDA amounted to €49 million, representing an adjusted EBITDA margin of 26.8% (9M 2024: €68 million; 38.8% margin). Thus, the Group remains on track to achieve its outlook for the 2025 fiscal year, forecasting revenue growth to between €225 million and €235 million and adjusted EBITDA between €50 million and €55 million.

BKHT’s free cash flow before taxes amounted to €18 million, below the prior year’s level (9M 2024: €26 million). This decline was mainly attributable to lower operating income and an increased refinancing backlog. As of the reporting date, the total refinancing backlog amounted to €19 million, which was €5 million higher than the level as of September 30, 2024.

As of September 30, 2025, the Group’s net debt relative to adjusted EBITDA for the last twelve months stood at 0.99x, remaining at the same level as the previous quarter (H1 2025: 1.01x). The leverage thus continues to be well below the Group’s target level of 2.5x.

Bikeleasing invests in long-term growth strategy and transformation

The HR Benefit & Mobility Platform segment (Bikeleasing, Probonio & Bike2Future) continues its growth trajectory despite economic challenges. Revenue increased by +6.1% to €160 million in the first nine months of 2025 (9M 2024: €151 million). A key factor for growth was the significant increase in revenue from the sale of bikes at the end of the leasing term, which generally has a lower gross profit margin than the other revenue components of the segment. In addition, the new partner participation model had a positive effect on revenue. The adjusted EBITDA amounted to €51 million (9M 2024: €71 million), corresponding to an adjusted EBITDA margin of 31.7% (9M 2024: 46.7%). The margin was particularly affected by planned higher personnel and other operating expenses related to the long-term growth strategy aimed at transforming the business from a single-product company bike leasing provider into a multi-benefit platform.

The number of new bicycles brokered via the digital Bikeleasing platform in the first nine months of 2025 amounted to 111 thousand, representing a decline of -10.2% compared to the prior-year period (9M 2024: 123 thousand units). The market environment continues to be characterized by an oversupply of bicycles and high discounting in retail. This situation is primarily due to high inventory levels among bicycle dealers, which in turn result from insolvencies, market withdrawals, and the lingering effects of the COVID-19 pandemic.

In contrast, new customer onboarding at Bikeleasing continues to develop positively. As of September 30, 2025, approximately 81,000 companies were connected to Bikeleasing’s digital platform (+14.5% LTM growth) with around 3.9 million employees (+7.0% LTM growth).

Through the acquisition of the digital multi-benefit platform Probonio.de, the range of services for corporate clients has expanded significantly. As a result, the approximately 81,000 corporate customers of Bikeleasing will in the future be able to offer their employees additional salary-optimized benefits. Since the acquisition in April 2024, the number of Probonio corporate clients has almost quadrupled to around 3,100.

In addition, the second-largest company bike leasing provider in Germany, Bikeleasing, is expected to benefit from the fact that returned leased bikes are now resold not only through the established B2B channel, but also via the newly established B2C sales platform for used bikes (Bike2Future.de), launched in 2024.

Both strategic initiatives are expected to create additional growth potential and mark the starting point for Bikeleasing’s transformation from a single-product company bike leasing provider into an internationally expanding multi-product platform.

As part of its international expansion strategy, Bikeleasing acquired a minority stake in the U.S. company Ridepanda as of September 30, 2025, seeing this as an opportunity to create valuable synergies and to bring the experience gained from Bikeleasing’s business model into the United States. Ridepanda.com is a digital platform that enables employers in the U.S. to offer bicycles, e-bikes, and e-scooters to their employees as an employee benefit, making its business model a perfect fit with Bikeleasing’s strategic direction. In recent years, Ridepanda has already built an attractive customer base, including companies such as Amazon, Google, and OpenAI.

IHSE increases its gross profit margin as its Government & Defense business expands

In the Security Technologies segment (IHSE), revenue for the reporting period amounted to €21 million, around -12.0% below the previous year’s level (9M 2024: €24 million). In the EMEA region, revenue totaled €13.0 million, below the prior-year period (€15.0 million) due to generally subdued investment activity in the market. The same applies to the APAC region, where revenue reached €1.9 million (9M 2024: €3.7 million). In contrast, revenue in the Americas region rose to €6.4 million (9M 2024: €5.5 million), driven by the growing Defense business.

The gross profit margin in the first nine months of 2025 stood at 82.7%, significantly above the level of the prior-year period (9M 2024: 74.3%). This increase was driven, among other factors, by capitalized own work amounting to €1.8 million (9M 2024: €1.4 million) resulting from increased development investments in the new product generations comprising hardware and software from IHSE and kvm-tec. Even excluding capitalized own work, the segment’s gross profit margin reached 74.2%, which was still well above the prior-year period (9M 2024: 69.4%). The main contributing factor was an improved product and customer mix, particularly driven by IHSE’s growing Defense business, which had a positive impact on the segment’s gross profit margin.

The adjusted EBITDA amounted to €3 million (9M 2024: €3 million) with an adjusted EBITDA margin of 12.3% (9M 2024: 13.2%). The main reason for this decline was lower revenue, while fixed costs, particularly personnel expenses and other operating costs, remained largely in line with the prior-year period. In the third quarter of 2025, the management had already implemented significant measures to reduce fixed costs across personnel and other operating expenses, which are expected to take effect primarily in the fiscal year 2026.

IHSE is and remains well positioned for the long term thanks to its leading technological position in the KVM sector. With a fully developed pipeline of new product innovations, IHSE is looking ahead with confidence. In particular, the Government & Defense segment is currently developing positively and already accounted for around 45% of the group’s revenue in the first nine months of 2025.

Outlook for fiscal year 2025 confirmed – revenue growth to between €225 million and €235 million, with adjusted EBITDA at €50 million to €55 million expected

Brockhaus Technologies continues to expect revenue between €225 million and €235 million for the 2025 fiscal year, corresponding to solid organic growth of between +10% and +15% compared to the 2024 fiscal year. For adjusted EBITDA, the Group plans a figure between €50 million and €55 million for fiscal year 2025.

For the definition of alternative performance measures, please refer to page 93 onwards of our 2024 Annual Report and page 13 onwards of our 9M 2025 Quarterly Statement.

The 9M 2025 Quarterly Statement and further information about the company can be found at: https://ir.brockhaus-technologies.com/en/publications

The earnings call for the first nine month of 2025 will take place in English on Friday, November 14, 2025, at 4:00 p.m. (CET). Interested parties can register for the call using the following link: https://webcast.meetyoo.de/reg/vL22ms20PsKS
Contact:
Brockhaus Technologies – Florian Peter
Phone: +49 69 20 43 40 90
Fax: +49 69 20 43 40 971
Email: ir@brockhaus-technologies.com