EQS-News: BIKE24: Adjusted EBITDA rises from EUR -3 million to EUR +5 million in 2024 - profitability target fully met, changes in the Executive Board

March 7, 2025

BIKE24: Adjusted EBITDA rises from EUR -3 million to EUR +5 million in 2024 - profitability target fully met, changes in the Executive Board

• Revenue increased in the fourth quarter 2024 by 7% year-over-year / Full year 0%
• Adjusted EBITDA for the fiscal year 2024 EUR +5 million
• Implementation of the European expansion strategy in two more countries completed
• CFO Timm Armbrust leaves BIKE24 after 9 successful years at his own request

Profitability target 2024 fully met

Dresden, March 7, 2025 – BIKE24 Holding AG (the “Company”) has reaffirmed its return to growth after a strong final quarter. In the fourth quarter of 2024, the Company recorded revenue growth of 7% compared to the same period the prior year. At the same time, the profitability target for 2024 was fully met: Based on the preliminary fully-year 2024 results, adjusted EBITDA will be ca. EUR 5 million, while a loss of EUR 3 million was recorded in 2023. The revenue of one of the leading European bike and accessories e-commerce platform remained stable at EUR 226 million for the full year 2024 in a still challenging market environment.

Timm Armbrust, CFO of BIKE24, commented: "2024 was a very successful and eventful year for us, as we managed to return to profitability. This is primarily due to our excellent operational handling of the daily challenges in a market still characterized by overstock. After an operating loss in the fiscal year 2023, we were able to return to profitability with an adjusted EBITDA of EUR 5 million in 2024. This positive momentum continued in the first months of 2025. The foundation for this positive development was our consistent focus on bike enthusiasts and an adapted purchasing policy that takes into account the currently difficult market conditions. As a result, we were able to increase the gross margin by ca. 3 percentage points compared to 2023 to more than 27%.”

Andrés Martin-Birner, co-founder and CEO of BIKE24, adds: "It is great to see that BIKE24 has found its way back to consistent profitability. We were also able to record a steady improvement in top-line growth rates over the last quarters. After a revenue decline of 11% in the first quarter of 2024 compared to the previous year, revenue grew by 1% in the second quarter, by 3% in the third quarter, and finally by 7% in the fourth quarter. In January and February 2025, we were even able to generate double digit revenue growth."

BIKE24 had a great start to 2025, expanding on its strategy of localizing its e-commerce platform. The country-specific online shops in Poland and Finland went live even a few weeks earlier than planned.

The full results for the fiscal year 2024 will be published on March 26, 2025.

Changes in the Executive Board

Timm Armbrust will leave the Company at his own request after 9 years as CFO on June 30, 2025. During his tenure, Timm Armbrust played a key role in the successful development of BIKE24. His most important contributions include:

• Accompanying the Company from a revenue of approximately EUR 69 million in 2015 to EUR 226 million in 2024
• Leading role in the private equity shareholder changes in 2017 and 2019
• Successful IPO in the Prime Standard of the Frankfurt Stock Exchange in 2021, with a volume of EUR 322 million
• Steering the Company through the severe crisis in the bicycle industry over the past two and a half years

Andres Martin-Birner, founder and CEO of BIKE24, says: "Timm has accompanied BIKE24 during a crucial growth phase and with his strong commitment significantly contributed to the development of the Company. We deeply regret his departure, thank him for his outstanding work, and wish him all the best for the future."

Timm Armbrust himself comments on his departure: "After the successful return to profitability, the successful extension of the Company's financing until April 30, 2027, and a very good start to 2025, the time has come for me to take on a new challenge. I sincerely thank the entire team for all their contributions and collaboration and look back with pride on our time together."

The Supervisory Board of BIKE24 is initiating the search for a successor for the CFO position.

About BIKE24

BIKE24 is one of continental Europe's leading e-commerce bike platforms. The online retailer with a focus on the premium segment is the central contact point for the fast-growing community of bicycle enthusiasts and thus promotes green mobility. Founded in Dresden in 2002 by CEO Andrés Martin-Birner, Falk Herrmann and Lars Witt, responsible for Legal & Own Brands, the company has quickly developed into one of continental Europe's leading companies as well as a globally active online retailer in this fast-growing market. The web shop offers customers 77,000 products from more than 800 brands. This gives BIKE24 the widest range of branded products in the sector in continental Europe. The online bike platform is already present with ten local online shops in Germany (bike24.de), Austria (bike24.at), Spain (bike24.es), France (bike24.fr), Italy (bike24.it), the Netherlands (bike24.nl), Luxembourg (bike24.lu), Belgium (bike24.be), Poland (bike24.pl), and Finland (bike24.fi) in continental Europe. In addition, the international shop (bike24.com) serves customers worldwide.