EQS-News: BIKE24 continues growth trajectory in the second quarter of 2026 and strengthens its position in the European market

BIKE24 continues growth trajectory in the second quarter of 2026 and strengthens its position in the European market

Q2 2026 Highlights
 

• Group revenue increased by 20.1% to EUR 96.1 million (Q2 2025: EUR 80.0 million)
• Adjusted EBITDA grew by 15.8% to EUR 5.9 million (Q2 2025: EUR 5.1 million)
• Localised markets delivered a significantly above-average growth rate of 29.7%
• New localised online shops were launched in Denmark and Slovenia at the end of June, followed by Ireland in July
• Inventory increased to EUR 91.6 million to ensure product availability for the second half of the year
• FY 2026 guidance confirmed

Dresden, 12 August 2026 – Bike24 Holding AG (BIKE24) maintained its profitable growth trajectory in the second quarter of 2026. Despite a challenging market environment characterised by intense price competition, the Company increased Group revenue by 20.1% to EUR 96.1 million (Q2 2025: EUR 80.0 million). At the same time, adjusted EBITDA improved by 15.8% to EUR 5.9 million (Q2 2025: EUR 5.1 million). As a result, BIKE24 further strengthened its market position while continuing to grow profitably.

Business performance in the second quarter of 2026
“We further expanded our market position in the second quarter. Particularly encouraging is the disproportionately strong revenue growth generated by our localised markets, as well as the continued expansion of complete bicycle sales, especially in the gravel and road bike category. At the same time, the market environment remains characterised by intense competition and a high degree of price sensitivity among consumers. Our focus therefore remains on consistently balancing growth, operational improvements and profitability,” said Andrés Martin-Birner, Founder and Chief Executive Officer of BIKE24.

Localised markets once again served as a key growth driver. Revenue in these markets increased by 29.7% to EUR 21.5 million in the second quarter, while revenue in the GSA region grew by 17.2% to EUR 66.4 million. Other European markets also continued to demonstrate strong momentum. At the end of June 2026, BIKE24 expanded its localised offering to include Denmark and Slovenia, followed by the launch of a localised online shop in Ireland in July.

At product level, the Parts, Accessories & Clothing category delivered particularly strong performance, with revenue increasing by 22.3% to EUR 78.9 million (Q2 2025: EUR 64.5 million). Revenue from complete bicycles increased by 11.0% to EUR 17.2 million (Q2 2025: EUR 15.5 million).

The market environment remained highly promotional and price-driven in the second quarter. In this environment, BIKE24 continues to pursue a balanced approach between growth, organisational development and profitability.

Gross profit increased by 18.8% to EUR 26.3 million in the second quarter. The gross margin remained broadly stable at 27.4%, compared with 27.7% in the prior-year period. BIKE24 deliberately made additional investments in selected functional areas, including marketing and fulfilment, to further increase penetration in its localised markets. In addition, the capacity expansion required to support ongoing growth has led to temporary increases in the cost base. Overall, adjusted EBITDA continued to improve, rising to EUR 5.9 million in the second quarter (Q2 2025: EUR 5.1 million), corresponding to an adjusted EBITDA margin of 6.1% (Q2 2025: 6.3%).

BIKE24 also reported a positive net result for the period of EUR 0.6 million in the second quarter, compared with EUR 0.2 million in the prior-year quarter. EBIT improved to EUR 1.6 million (Q2 2025: EUR 0.9 million).
 
Business performance in the first half of 2026
In the first half of 2026, BIKE24 increased Group revenue to EUR 166.9 million (H1 2025: EUR 138.1 million), representing year-on-year growth of 20.8%.
Gross profit also developed positively, increasing by 20.7%, or EUR 7.6 million, to EUR 44.3 million. The gross margin remained stable at 26.6%, in line with the prior-year period.
At the same time, operating expenses increased at a lower rate than revenue growth. As a result, adjusted EBITDA rose by 35.7% to EUR 7.7 million (H1 2025: EUR 5.6 million), while the adjusted EBITDA margin improved to 4.6%, compared with 4.1% in the prior-year period.

High product availability as a competitive advantage
High product availability remained a key competitive advantage during the second quarter. BIKE24 strategically increased inventory levels to EUR 91.6 million in order to reliably meet customer demand and ensure product availability for the second half of the year. However, the inventory-to-revenue ratio remained broadly stable at 28.8%, compared with 28.7% in the prior-year period.

The integration of the Barcelona logistics hub, the expanded bicycle delivery options through Collect & Ride, and the enhanced operations network continue to support the further scalability of the business.

“We continue to invest selectively in product availability, infrastructure and international expansion. At the same time, we remain focused on maintaining a disciplined balance between organisational development and the efficient allocation of resources in order to further improve the quality of our earnings. The capacities we have established provide a strong foundation for continued development in the second half of the year,” said Sylvio Eichhorst, Chief Financial Officer of BIKE24.

Strong foundations established for a successful second half of the year
Despite ongoing macroeconomic uncertainties and a highly competitive market environment, BIKE24 believes it is well positioned for continued growth. The combination of high product availability, a growing customer base, newly localised markets and operational scaling effects provides a solid foundation for further profitable growth.

Against this backdrop, BIKE24 confirms its guidance for the 2026 financial year. The Company continues to expect revenue in the range of EUR 318 million to EUR 332 million and adjusted EBITDA in the range of EUR 16 million to EUR 20 million.

“During the first half of the year, we established key foundations for our continued development. Our market position in Europe is stronger than ever, the newly launched localisations provide additional growth opportunities, and our high product availability supports customer satisfaction in an industry environment that continues to stabilise. We are therefore very well positioned for the second half of the year,” said Andrés Martin-Birner, Founder and Chief Executive Officer of BIKE24.

BIKE24 will host its Q2 2026 Earnings Call today at 11:00 a.m. CEST. The accompanying presentation will be available on the Company's Investor Relations website.

Please register via the following link:
https://www.appairtime.com/event/0e8d1c62-ec93-4132-ac07-d4c671216d61

Unaudited consolidated statement of profit or loss
 

in k€	Q2 2026	Q2 2025	Delta		H1 2026	H1 2025	Delta
Revenue and other income
GSA markets	66,363	56,629	+17.2%		113,405	95,591	+18.6%
Localised markets	21,518	16,586	+29.7%		38,983	30,019	+29.9%
Rest of Europe (EEA)	7,384	5,691	+29.7%		12,771	10,106	+26.4%
Rest of World	850	1,137	-25.2%		1,692	2,369	-28.6%
Revenue	96,115	80,043	+20.1%		166,851	138,085	+20.8%
Other income	49	118	-58.2%		238	211	+12.7%
Total income	96,164	80,162	+20.0%		167,088	138,296	+20.8%
COGS (Merchandise, consumables & supplies)	-69,814	-57,909	+20.6%		-122,519	-101,353	+20.9%
Gross profit	26,301	22,135	+18.8%		44,331	36,733	+20.7%
Gross margin	27.4%	27.7%	-0.3 pp		26.6%	26.6%	0.0 pp
Performance marketing costs	-1,417	-975	+45.3%		-2,461	-1,700	+44.7%
Selling expenses¹	-8,539	-6,944	+23.0%		-14,563	-12,011	+21.2%
Personnel expenses	-7,780	-6,851	+13.5%		-14,651	-12,935	+13.3%
Miscellaneous expenses	-2,757	-2,458	+12.1%		-5,309	-5,339	-0.6%
EBITDA	5,858	5,024	16.6%		7,586	4,958	+53.0%
EBITDA margin	6.1%	6.3%	-0.2 pp		4.5%	3.6%	+1.0 pp
Adjustments	17	50	-66.3%		69	681	-89.9%
Adjusted EBITDA	5,875	5,075	+15.8%		7,655	5,640	+35.7%
Adjusted EBITDA margin	6.1%	6.3%	-0.2 pp		4.6%	4.1%	+0.5 pp
Depreciation/ amortization (excl. goodwill-like items)	-1,849	-1,723	+7.3%		-3,677	-3,446	+6.7%
Adjusted EBIT	4,026	3,352	+20.1%		3,977	2,193	+81.3%
Adjusted EBIT margin	4.2%	4.2%	+0.0 pp		2.4%	1.6%	+0.8 pp
Amortization of goodwill-like items	-2,438	-2,381	+2.4%		-4,877	-4,762	+2.4%
Adjustments	-17	-50	-66.3%		-69	-681	-89.9%
Earnings before interest and taxes (EBIT)	1,570	921	70.6%		-968	-3,250	n.m.
EBIT margin	1.6%	1.2%	+0.5 pp		-0.6%	-2.4%	+1.8 pp
Finance expense, net	-607	-671	-9.5%		-1,297	-2,556	-49.3%
Result before tax	963	250	286.1%		-2,265	-5,805	n.m.
Income tax	-323	0	>+1,000%		682	1,840	-62.9%
Result for the period	641	249	157.2%		-1,582	-3,966	n.m.
Rounding differences may arise.
¹Including impairment loss on trade receivables.
Customer KPIs
Active customers (LTM)	1,244,368	1,022,389	+21.7%		1,244,368	1,022,389	+21.7%
Number of orders	704,113	575,799	+22.3%		1,187,913	979,385	+21.3%
Average order value	139	140	-0.5%		142	141	+0.2%
Orders returning customers	71.5%	70.5%	+1.0 pp		71.6%	70.6%	+1.0 pp
Return rate	17.1%	18.7%	-1.7 pp		16.9%	17.8%	-0.9 pp

The Half-Year Financial Report, including the Group's condensed interim consolidated financial statements, is available at: 
https://ir.bike24.com/en/publications

About BIKE24
BIKE24 is one of Europe’s leading e-commerce platforms for bikes, bike parts, and bike accessories. Headquartered in Dresden, BIKE24 offers an extensive selection 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.

Press Relations
E-Mail: presse@bike24.net 

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

Forward-looking statements
Certain statements contained in this announcement may constitute “forward-looking statements” that involve a number of risks and uncertainties. Forward-looking statements can generally be identified by the use of terms such as “may”, “will”, “should”, “plan”, “expect”, “anticipate”, “estimate”, “believe”, “intend”, “forecast” or “aim”, or the negative of these terms, as well as other variations of such terms or comparable terminology. Forward-looking statements are based on assumptions, forecasts, estimates, predictions, opinions or plans that, by their nature, are subject to significant risks, uncertainties and contingencies and may be subject to change. The Company does not give, and will not give, any assurance that any forward-looking statement will be achieved or will prove to be correct. The actual future business, financial position, results of operations and prospects may differ materially from those expressed or implied in the forward-looking statements. Subject to applicable legal requirements, neither the Company nor any other person intends, nor assumes any obligation, to update, review, revise or adjust any forward-looking statements contained in this announcement to reflect actual events or developments, whether as a result of new information, future developments or for any other reason.

Alternative performance measures
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 and free cash flow, which are not part of the accounting standards. These key figures should be understood 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 define these terms differently.