Brockhaus Technologies (BKHT) Q1 2026 earnings summary

Executive summary

• Q1 2026 group revenue reached €47.9 million, up 13.1% year-over-year, with adjusted EBITDA of €7.6 million (15.8% margin), reflecting strong Bikeleasing growth and IHSE transformation.

• Revenue from continuing operations (IHSE) fell 13.5% year-over-year to €5.6 million, mainly due to lower sales in the Americas amid geopolitical and economic headwinds.

• The sale of the Bikeleasing stake (51.96%) to DECATHLON PULSE SAS at an enterprise value of €525 million is pending, with closing expected in H1/Q2 2026.

• More than 50% of net proceeds from the Bikeleasing sale are planned to be distributed to shareholders, with details to be presented by August 19, 2026.

• IHSE completed its transformation and appointed a new CEO and CFO in April and May 2026.

Financial highlights

• Group revenue grew to €47.9 million from €42.4 million in Q1 2025 (+13.1%), with adjusted EBITDA rising to €7.6 million (15.8% margin).

• Continuing operations (IHSE) reported revenue of €5.6 million, down 13.5% year-over-year, with adjusted EBITDA of €189 thousand (3.4% margin).

• Discontinued operations (Bikeleasing) posted revenue of €42.3 million, up 18% year-over-year, with adjusted EBITDA of €8.7 million (20.5% margin).

• Total cash and cash equivalents at end of March 2026 ranged from €6.3 million to €27 million, with net debt between €17.8 million and €49 million.

• Personnel expenses at IHSE down 16% and other operating expenses down 13% year-over-year due to cost program.

Outlook and guidance

• FY 2026 guidance for continuing operations: revenue of €30–32 million and adjusted EBITDA of €0–2 million.

• Bikeleasing is excluded from future forecasts due to the pending sale.

• Management highlights ongoing macroeconomic and geopolitical risks that could impact results.