EQS-News: BIKE24 off to a strong start in 2026 – 21.9% revenue growth and a significant improvement in adjusted EBITDA to EUR 1.8 million

BIKE24 off to a strong start in 2026 – 21.9% revenue growth and a significant improvement in adjusted EBITDA to EUR 1.8 million

Q1 2026 Highlights

• Consolidated revenue rises by 21.9% to EUR 70.7 million (Q1 2025: EUR 58.0 million)
• Adjusted EBITDA improves by EUR 1.2 million to EUR 1.8 million
• Targeted inventory build-up (+21.9% YoY to EUR 80.8 million) to ensure product availability during the peak season
• 2026 full-year forecast confirmed: Revenue of EUR 318 million to EUR 332 million and adjusted EBITDA of EUR 16 million to EUR 20 million

Dresden, May 6, 2026 - Bike24 Holding AG (BIKE24) has started the 2026 fiscal year with strong results. In the first quarter of 2026, the company increased its consolidated revenue by 21.9% to EUR 70.7 million. Revenue growth spanned all key markets, product lines and customer segments. In parallel with this growth, adjusted EBITDA improved to EUR 1.8 million as a result of operational leverage, while working capital was reduced slightly overall despite higher inventory levels.

Business Performance Q1 2026: Growth, Profitability and Operational Progress
“The momentum of the first quarter confirms that we are on the right track. We are growing profitably across all European regions and at a disproportionately high rate in our localized markets and in the full-bike segment. The measures introduced last year for targeted product portfolio management and an attractive shopping experience are having a sustainable impact on revenue and earnings.” Andrés Martin-Birner, Founder and CEO of BIKE24

In Europe, both the core DACH market (Germany, Austria and Switzerland) and the localized markets posted clear double-digit growth rates. In addition to the localized markets, which recorded growth of 30.0%, the web shops in Poland and Finland - localized since February 2025 - deserve special mention, as they performed exceptionally well in the first quarter of 2026.

Similarly, the complete bicycle product group showed disproportionately high revenue growth of 27.2% to EUR 12.4 million in the first quarter (Q1 2025: EUR 9.7 million). The Parts, Accessories & Clothing (PAC) product group grew by 20,8% to EUR 58.4 million.

Adjusted EBITDA improved by EUR 1.2 million to EUR 1.8 million (Q1 2025: EUR 0.6 million). The improvement in earnings was primarily driven by a gross margin of 25.5% - a slight increase from the previous year - and the positive operating leverage effects in personnel and other operating expenses resulting from revenue growth.

“It is particularly encouraging that we were able to achieve a positive adjusted EBITDA of EUR 1.8 million already in the first quarter - traditionally the seasonally weakest period. We have kept our cost base disciplined while simultaneously making targeted investments in growth and product availability - this is a very good starting point for the full year.” Sylvio Eichhorst, CFO of BIKE24

In parallel with revenue growth, inventory was increased to EUR 80.8 million (+21.9% compared to March 31, 2025). This targeted inventory build-up serves to ensure high product availability during the peak season and underscores the strategy of continuing to offer bicycle enthusiasts a broad product range. At the same time, the inventory-to-sales ratio (LTM) improved to 26,8% (previous year: 28,2%).

Outlook for 2026
Against the backdrop of positive business performance in the first quarter of 2026 and despite ongoing macroeconomic uncertainties, BIKE24 is maintaining its forecast for the 2026 fiscal year. Based on stable consumer, supply chain and shipping conditions, the company expects revenue between EUR 318 million and EUR 332 million, as well as adjusted EBITDA in the range of EUR 16 million to EUR 20 million.

Q1 2026 Earnings Call
BIKE24’s Q1 2026 earnings call will take place today at 11:30 a.m. The accompanying presentation is available on the IR website.
Please register via the following link:
https://www.appairtime.com/event/65dbb7f1-8a1e-4bb4-8e91-82ee0b9491d2
 

Condensed consolidated P&L (adjusted view)
in k€	Q1 2026		Q1 2025	Delta
Revenue and other income
DACH markets		47,042	38,962	+20.7%
Localized markets		17,465	13,433	+30.0%
Rest of Europe (EEA) (previous year adjusted)		5,387	4,415	+22.0%
Rest of World		842	1,232	-31.6%
Revenue		70,736	58,042	+21.9%
Other income		188	93	+102.8%
Total income		70,924	58,135	+22.0%
COGS (Merchandise, consumables & supplies)		-52,705	-43,444	+21.3%
Gross profit		18,030	14,598	+23.5%
Gross margin		25.5%	25.2%	+0.3 pp
Performance marketing costs		-1,044	-725	+43.9%
Selling expenses¹		-6,023	-5,067	+18.9%
Personnel expenses		-6,871	-6,084	+12.9%
Miscellaneous expenses		-2,552	-2,880	-11.4%
EBITDA		1,728	-66	-
EBITDA margin		2.4%	-0.1%	+2.6 pp
Adjustments		52	631	-91.8%
Adjusted EBITDA		1,780	565	+215.1%
Adjusted EBITDA margin		2.5%	1.0%	+1.5 pp
Depreciation/ amortization (excl. goodwill-like items)		-1,828	-1,723	+6.1%
Adjusted EBIT		-48	-1,159	-
Adjusted EBIT margin		-0.1%	-2.0%	+1.9 pp
Amortization of goodwill-like items		-2,438	-2,381	+2.4%
Adjustments		-52	-631	-91.8%
Earnings before interest and taxes (EBIT)		-2,539	-4,170	-
EBIT margin		-3.6%	-7.2%	+3.6 pp
Finance expense, net		-690	-1,885	-63.4%
Result before tax		-3,228	-6,055	-
Income tax income		1,005	1,840	-45.4%
Result for the period		-2,223	-4,215	-
Rounding differences may arise.
¹Including impairment loss on trade receivables.
Customer KPIs
Active customers (LTM)		1,181,382	948,534	+24.5%
Number of orders		483,800	403,586	+19.9%
Average order value		146	144	+1.2%
Orders returning customers		71.07%	70.6%	+1.1 pp
Return rate		16.8%	16.5%	+0.2 pp

** About Bike24 Holding AG**
Bike24 Holding AG 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
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.