Bike24 (BIKE) Q1 2025 earnings summary

Executive summary

• Q1 2025 revenue grew 18% year-over-year to EUR 58.0 million, the strongest since Q2 2021, driven by high product availability, attractive offers, and successful localization initiatives.

• All core and localized European markets posted double-digit growth, with DACH up 22% and new markets Finland and Poland showing up to 48% growth in March.

• Inventory reduction and improved product availability contributed to higher sales and profitability, with inventory levels returning to pre-pandemic ratios.

• April 2025 saw continued double-digit sales growth, supporting a positive outlook.

• Active customers rose 4.7% year-over-year to 949,000, with a 16.8% increase quarter-over-quarter.

Financial highlights

• Q1 2025 revenue was EUR 58.0 million, up from EUR 49.3 million in Q1 2024 (+18%).

• Adjusted EBITDA margin improved to 1.0% from -3.0% in Q1 2024, with operating profit up EUR 2.1 million year-over-year.

• Gross margin slightly increased to 25.2% (Q1 2024: 25.0%).

• Free cash flow improved by 33.9% to EUR 4.1 million, used to reduce bank loans by 21% to EUR 29.7 million.

• Net loss narrowed to EUR -4.2 million from EUR -5.9 million year-over-year.

Outlook and guidance

• 2025 revenue guidance confirmed at EUR 233–242 million, with adjusted EBITDA expected at EUR 7.0–12.1 million, likely at the upper end of the range.

• Guidance assumes stable macroeconomic conditions and consumer sentiment.

• Double-digit sales growth continued in April, with cautious optimism for Q2.

• Confident in continued growth across all key markets and product ranges, despite macroeconomic and geopolitical uncertainties.