Bike24 (BIKE) Q3 2025 earnings summary

Executive summary

• Achieved record Q3 2025 revenue of €83M, up 32% year-over-year, with YTD revenue of €221M, up 26% year-over-year, marking the strongest sales growth since Q1 2021.

• Adjusted EBITDA margin reached 6.4% in Q3 and 5.0% YTD, with Q3 adjusted EBITDA of €5.3M and YTD at €11.0M, up €7.3M year-over-year.

• Growth driven by high product availability, attractive offers, improved assortment, and strong performance in GSA and localized European markets.

• Customer base expanded by 19.8%, with new customers up 36.4% and revenue per customer up 5.8% year-over-year.

• Inventory turnover returned to pre-pandemic levels, supporting healthy growth.

Financial highlights

• Q3 2025 revenue reached €82.8M–€83M, a new quarterly record, with YTD revenue at €220.9M–€221M.

• Q3 gross profit rose 29.9% year-over-year to €22.3M; YTD gross profit up 25.4% to €59.1M.

• Adjusted EBITDA was €11.0M YTD (up 194.0%), and adjusted EBIT was €5.7M (previous year: €-1.5M).

• Free cash flow increased by 50.1% to €8.1M, with net debt reduced by 35% to €17.8M.

• Gross margin remained stable at 26.7%–27.0% in Q3 despite competitive pressures.

Outlook and guidance

• Full-year 2025 revenue guidance raised to €278–288M, with adjusted EBITDA expected at €12.5–13.5M.

• Double-digit sales growth expected to continue in Q4 and into 2026, supported by operating leverage and cost savings.

• Guidance assumes no significant deterioration in macroeconomic environment or consumer sentiment.