Brockhaus Technologies (BKHT) Q4 2024 earnings summary

Executive summary

• Revenue grew 10% to €204 million in 2024, led by Bikeleasing and Probonio, despite economic headwinds.

• Adjusted EBITDA was €65 million (32% margin), but declined year-over-year due to higher costs for future growth.

• Free cash flow before tax reached €43.4 million, with a 60% CAGR since 2021.

• Adjusted EPS was €0.88, down from €1.05 in 2023, mainly due to weak IHSE performance.

• Net debt reduced to €46 million, with a robust financial position and cash of €48 million.

Financial highlights

• Group revenue: €204.3 million (+10% year-over-year).

• Adjusted EBITDA: €65 million (32% margin); adjusted EBIT: €60 million (29% margin).

• Gross profit margin stable at 66.5%.

• Net debt at year-end: €46 million; leverage ratio reduced to 0.7x.

• Net loss for the period: €44.3 million after non-cash impairments.

Outlook and guidance

• 2025 revenue expected at €225–€235 million (+10% to +15% organic growth).

• Adjusted EBITDA forecasted at €50–€55 million, reflecting higher strategic growth expenses.

• Focus on organic growth, international expansion, and integration of Probonio.

• Introduction of a bicycle dealer commission to offset higher expenses.

• Group remains open to selective acquisitions and share buybacks.