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Bike24 (BIKE) investor relations material
Bike24 Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Achieved record quarterly revenue of €80M in Q2 2025, up 25% year-over-year, with five consecutive quarters of growth and strong performance across all European markets, especially GSA (+28%).
Adjusted EBITDA margin reached 6.3% in Q2 2025, nearly doubling from the prior year, driven by cost discipline and operational efficiency.
Active customer base surpassed 1 million, up 13% year-over-year, with both new and repeat customers contributing to growth.
Fullbike segment grew 26% despite industry-wide excess inventory, and parts/accessories segment grew 25%.
Inventory-to-sales ratio returned to 29%, a pre-pandemic healthy level, reflecting optimized purchasing.
Financial highlights
Q2 2025 revenue reached €80M, up from €63.8M in Q2 2024 (+25%), with H1 2025 revenue at €138.1M, up 22.1% year-over-year.
Adjusted EBITDA margin improved to 6.3% in Q2 and 4.1% for H1 2025, with net loss halved to €-4.0M.
Gross margin remained stable year-over-year despite heavy discounting and market challenges.
Free cash flow for H1 2025 was €2.4M, down from the prior year due to absence of one-off working capital effects.
Bank loans reduced by 13% to €30.1M as of June 30, 2025.
Outlook and guidance
2025 revenue expected between €248M and €261M, with adjusted EBITDA guidance at €7M to €12.1M, both likely at the upper end.
Double-digit sales growth continued in July and August, supporting a positive outlook.
Guidance assumes stable macroeconomic and consumer sentiment, with management remaining cautious due to uncertainties.
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