Bike24 (BIKE) Q2 2025 earnings summary

Executive summary

• Achieved record quarterly revenue of €80 million in Q2 2025, up 25% year-over-year, with five consecutive quarters of growth and adjusted EBITDA margin at 6.3% driven by cost discipline and efficient processes.

• Active customer base surpassed 1 million for the first time, with strong growth in both new and repeat customers.

• Growth was broad-based across all core European markets, with GSA region as the main driver (+28%) and double-digit increases in all key regions.

• Fullbike segment grew 26% year-over-year despite industry-wide excess inventory.

• Inventory-to-sales ratio returned to a healthy 29%, pre-pandemic level, reflecting optimized purchasing.

Financial highlights

• Q2 2025 revenue reached €80 million, up 25% year-over-year, the highest quarterly revenue to date.

• Adjusted EBITDA margin improved to 6.3% in Q2 2025 from 4.2% in Q2 2024.

• Free cash flow for H1 2025 was €2.4 million, down 51% from H1 2024 due to the absence of a one-off working capital effect.

• Gross margin remained flat year-over-year at 27.7% despite heavy discounting and a challenging market.

• Bank loans reduced by 13% to €30.1 million as of June 30, 2025.

Outlook and guidance

• Full-year 2025 revenue expected between €248 million and €261 million, with adjusted EBITDA of €7 million to €12.1 million, both likely at the upper end of the range.

• Double-digit sales growth continued in July and August, supporting a positive outlook.

• Guidance assumes stable macroeconomic and consumer sentiment.

• Management anticipates results at the upper end of the forecast range.

• Cautious industry outlook due to ongoing macroeconomic uncertainties and subdued consumer sentiment.