Bike24 Holding AG

Latest Results (02.09.2026):

Bike24 Holding AG — Q2 2026 (reporting H1 2026): The company delivered strong top-line growth, reporting H1 2026 revenue of EUR 166.9 million (+20.8% YoY) and Q2 revenue of EUR 96.1 million (+20.1% YoY). Adjusted EBITDA for H1 rose to EUR 7.7 million (+35.7%) with an adjusted EBITDA margin of 4.6% (up 0.5 pp). The Group reduced its net loss to EUR –1.6 million for H1 (improved vs H1 2025), but free cash flow was negative due to a strategic inventory build-up; cash and cash equivalents stood at EUR 10.6 million at 30 June 2026. Management confirmed FY 2026 guidance (revenue EUR 318–332 million; adjusted EBITDA EUR 16–20 million).

Revenue and growth

H1 revenue EUR 166.9m (+20.8% YoY); Q2 revenue EUR 96.1m (+20.1% YoY). Growth was broad-based across markets and product groups: PAC (parts, accessories, clothing) +22.3% to EUR 78.9m and bicycles +11.0% to EUR 17.2m. Localised markets grew fastest (+29.9% to EUR 39.0m), underlining the European localisation strategy.

Profitability

Adjusted EBITDA for H1 2026 was EUR 7.7m (+35.7% YoY) with an adjusted EBITDA margin of 4.6% (up 0.5 percentage points vs H1 2025). Reported (unadjusted) EBITDA was EUR 7.6m and EBIT was EUR –1.0m (improved vs EUR –3.3m prior-year). Net loss improved to EUR –1.6m for H1.

Cash flow, liquidity and financing

Operating cash flow was negative (H1 cash outflow from ops EUR –7.1m) and free cash flow negative (H1 free cash flow circa EUR –8.1m) driven mainly by inventory build-up. Cash and cash equivalents at 30 June 2026: EUR 10.6m. BIKE24 has a EUR 32m credit facility (EUR 26m drawn as of 30 June) and drew its EUR 4m revolving facility in Q2 to support working capital.

Inventories and working capital

Inventories increased 42.7% vs 31 Dec 2025 to EUR 91.6m to secure product availability for H2. Inventory-to-revenue (LTM) remained stable (~28.8%). The inventory build-up is the main reason for the negative free cash flow in H1.

Operational/customer metrics

Active customer base (L12M) 1,244,368 (+21.7%). Number of orders H1 1,187,913 (+21.3%). Average order value ~EUR 142 (stable). Share of orders from returning customers ~71.6% (up 1.0 pp).

Balance sheet and leverage

Total assets EUR 233.0m (+7.2% vs 31 Dec 2025). Equity EUR 122.5m; equity ratio fell to 52.6% (from 57.1%). Trade payables rose to EUR 23.2m (reflecting goods receipts and inventory build-up). Non‑current assets reduced modestly; investments focused on intangible assets (in‑house software).

Guidance and outlook

Management confirmed 2026 guidance: revenue EUR 318–332m and adjusted EBITDA EUR 16–20m. Company cites market stabilisation, high product availability and operational investments as supports despite macro and geopolitical headwinds.

Risks noted by management

Key risks remain: weak consumer sentiment, price pressure in parts of the bicycle market, and geopolitical risks (Middle East) that could raise energy and transport costs. Management says covenants are expected to be met and that liquidity/financial flexibility have been strengthened to support growth.