Brockhaus Technologies (BKHT) Q1 2026 earnings summary

Executive summary

• Q1 2026 group revenue was €47.9 million, up 13.1% year-over-year, driven by strong growth in discontinued Bikeleasing operations, while continuing operations revenue fell 13.5% to €5.6 million due to lower sales in the Americas amid geopolitical and economic headwinds.

• Adjusted EBITDA for the group was €7.6 million (15.8% margin), with continuing operations at €-1.1 million and discontinued Bikeleasing at €8.7 million.

• The Bikeleasing Group was sold in December 2025 and is now reported as a discontinued operation; closing is expected in Q2 2026.

• IHSE completed its transformation, appointing Dr. Thomas Niessen as CEO in 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 from €2.4 million.

• Gross profit from continuing operations was €4.4 million (Q1 2025: €5.3 million), with a margin of 75.5%.

• Net loss from continuing operations improved to €-2.8 million from €-3.0 million year-over-year.

• Group net debt stood at €48.6 million, with leverage at 0.94x adjusted EBITDA LTM.

• Cash and cash equivalents for the Group were €6.3 million at March 31, 2026.

Outlook and guidance

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

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

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