Brockhaus Technologies (BKHT) Q2 2025 earnings summary

Executive summary

• Consolidated group revenue reached EUR 112 million in H1 2024, up 2.6% year-over-year, with a gross profit margin of 6%.

• Adjusted EBITDA margin was 22%, totaling EUR 25 million; group adjusted EBITDA was EUR 22 million (20% margin).

• Net result for the period was EUR -5.7 million, down from EUR 1.3 million in H1 2024, mainly due to higher costs and growth investments.

• Net debt at end of June was EUR 53 million, with a leverage ratio of 1x EBITDA, well below the 2.5x KPI limit.

• Cost of materials, personnel, and other operating expenses increased significantly, reflecting business expansion and transformation initiatives.

Financial highlights

• Revenue: EUR 112 million (+2.6% year-over-year); total output: EUR 114.1 million (+4.2%).

• Adjusted EBITDA: EUR 25.1 million (22.4% margin), down from EUR 37.8 million (34.6%) in H1 2024.

• Bikeleasing's corporate customer base grew 17% year-over-year to 78,000, with 3.9 million employees (+8%).

• Number of brokered bicycles in H1 was 71,000, below last year due to retail discounts and credit issues.

• Probonio's corporate customers grew from 800 to 2,500 since April last year.

Outlook and guidance

• FY2025 revenue expected between EUR 225–235 million, representing 10–15%+ organic growth over FY2024.

• Adjusted EBITDA forecasted at EUR 50–55 million, a decline of 15–23% year-over-year due to higher strategic expenses.

• Management expects operating cash flow to be generated mainly in H2 due to seasonality.

• Market recovery in German bicycle sector remains slow; high retailer inventories and discounts expected to persist into H2 2025.

• Forecast assumes no further acquisitions or changes in consolidation scope.