Bike24 (BIKE) Q4 2024 earnings summary

Executive summary

• Achieved 7% revenue growth and an Adjusted EBITDA margin of 3.2% in Q4 2024, the strongest sales growth since Q3 2022 despite a challenging market environment.

• All core and European markets saw sales growth, with Benelux up 26% and localized markets up 10% in Q4.

• Fullbike sales reached a Q4 record, growing 3% despite a 10% market decline in Germany.

• Inventory was reduced significantly, especially PAC inventory, down 16% vs. Dec 2023.

• Double-digit sales growth reported in early 2025, with a strong start to the season.

Financial highlights

• Q4 2024 group revenues rose to €50.3m, up 7% year-over-year, accelerating from 3% in Q3.

• Adjusted EBITDA margin improved from -7% to +3.2% in Q4 2024, aided by one-off effects and operational improvements.

• Gross margin improved to 28.7% in Q4 2024 from 21.2% in Q4 2023, up 2.2 percentage points operationally.

• FY 2024 group revenues were €226.3m, flat year-over-year after a Q1 decline was offset by later quarters.

• Free cash flow increased to €10.5m in FY 2024 from €2.8m in FY 2023, mainly from inventory reduction and operating results.

Outlook and guidance

• FY 2025 sales guidance: €232–242m, representing 3–7% growth, with adjusted EBITDA expected between €7M–€12.1M.

• Double-digit sales growth seen in early 2025, with Q1 expected to finish with low double-digit growth.

• Return to revenue growth anticipated for every quarter of 2025, assuming stable macroeconomic environment and consumer sentiment.

• Midterm ambition is to return to double-digit growth rates, as achieved pre-2022.