BIKE24 once again grows clearly faster than the market in the third quarter of 2026 – quarterly revenue reached a record level of over EUR 100 million for the first time

BIKE24 once again grows clearly faster than the market in the third quarter of 2026 – quarterly revenue reached a record level of over EUR 100 million for the first time

Highlights for Q3 2026
 

• Quarterly revenue grew by 30.0 % year-on-year to EUR 107.7 million – localised markets rose by 53.2 %
• Adjusted EBITDA rose by 13.9 % to EUR 6.1 million
• Free cash flow improved to EUR 12.0 million in the third quarter
• Revised forecast for 2026 confirmed: revenue of EUR 345 million to EUR 360 million; adjusted EBITDA of EUR 16 million to EUR 18 million

Dresden, 12 November 2026 – Bike24 Holding AG (BIKE24) has significantly accelerated its growth trajectory in the third quarter of 2026, despite a market environment that remains challenging, and has achieved a new quarterly revenue record. For the first time, quarterly revenue exceeded the EUR 100 million mark, rising by 30.0 % year-on-year to EUR 107.7 million (Q3 2025: EUR 82.8 million). Adjusted EBITDA increased by 13.9 % to EUR 6.1 million (Q3 2025: EUR 5.3 million).

Business performance in the third quarter of 2026
“With quarterly revenue exceeding EUR 100 million for the first time, we have reached an important milestone in the third quarter. This development is particularly encouraging, as we are growing across all markets and product groups and reaching more and more customers with our attractive range and high stock availability. At the same time, we are making targeted investments in the further development of our business to ensure this growth continues sustainably,” says Andrés Martin-Birner, founder and CEO of BIKE24.

Localised markets were once again a particularly dynamic driver of growth, recording a 53.2 % increase in revenue to EUR 30.7 million compared with the same quarter last year. The localised online shops launched in Denmark and Slovenia at the end of June, as well as the shop in Ireland added in July, are expanding the company’s European offering. In the core DACH market, revenue rose by 21.5 % to EUR 69.6 million. The other European markets grew by 42.0 % to EUR 6.3 million.

At product level, both product groups contributed to growth. Revenue from parts, accessories and clothing rose by 29.0 % to EUR 83.9 million. The bicycle business grew by a total of 33.7 % to EUR 23.8 million, driven in particular by the sustained high demand for gravel and road bikes. The number of bicycles and e-bikes sold in our home market of Germany also outperformed the market significantly. It rose by 27.5 % in the third quarter of 2026 and by 27.1 % in the first half of 2026, which is well above the average increase in bicycle sales of around 5.8 % published by the German Bicycle Industry Association (ZIV) for the first half of 2026. Given its current market share, BIKE24 continues to see considerable growth potential in the bicycles product group.

Customer metrics also show a positive trend and underline the broad demand: the active customer base, based on the last twelve months, grew by 22.8 % to around 1.34 million. In the third quarter, the number of orders rose by 30.5 % to around 762 thousand. The average order value stood at EUR 138, only 1.2 % below the previous year's level. The proportion of orders from returning customers remained largely stable at 70.8 %.

BIKE24 increased its gross profit by EUR 5.5 million, or 24.3 %, to EUR 27.8 million (Q3 2025: EUR 22.3 million). The increase in gross profit in absolute terms was achieved through higher business volume, which more than offset the effects of a lower gross margin of 25.8 % (Q3 2025: 27.0 %) resulting from market prices and product mix. At the same time, BIKE24 made targeted investments in further market penetration and the operational foundations for growth, resulting in marketing and sales costs rising at a faster rate than revenue. Staff costs, by contrast, continued to rise at a slower rate than revenue. Adjusted EBITDA thus increased to EUR 6.1 million. The adjusted EBITDA margin, at 5.7 %, was below the previous year’s figure of 6.4 %.

Overall, BIKE24 continued its positive business performance in the third quarter with strong momentum. The significant growth in revenue led to an improvement in operating profit, despite the market environment remaining highly competitive. The result for the period in the third quarter of 2026 amounted to EUR 0.8 million, exceeding the reported figure for the previous year of EUR 1.7 million after deducting the one-off income from income tax of EUR 1.4 million included therein.

Business performance for the first nine months of 2026

BIKE24 continued on its growth trajectory in the first nine months of 2026. Consolidated revenue rose by 24.3 % to EUR 274.5 million (9M 2025: EUR 220.9 million). At the same time, adjusted EBITDA increased to EUR 13.7 million (9M 2025: EUR 11.0 million). The adjusted EBITDA margin remained at the previous year’s level of 5.0 %. Earnings before interest and taxes (EBIT) improved from EUR –2.2 million to EUR 0.7 million, returning to positive territory. The result for the period improved to EUR –0.8 million, compared with EUR –2.2 million in the same period of the previous year. The result for the period includes amortisation of the customer base and the brand amounting to EUR 7.3 million (9M 2025: EUR 7.1 million).

High stock availability combined with efficient use of capital

BIKE24 increased its stock to EUR 92.7 million as of 30 September 2026, in line with plans, to support the increased business volume and ensure high product availability during the Black Week period. Trade working capital – i.e. inventories plus trade receivables less trade payables – increased by 14.8 % compared with the same date last year, and thus at a significantly lower rate than revenue growth. In the third quarter, BIKE24 generated free cash flow of EUR 12.0 million, an increase of 47.1 % compared with the same quarter last year. At the end of the quarter, BIKE24 held cash and cash equivalents of EUR 17.5 million.

“We are particularly pleased that in the third quarter we were able to both increase our operating profit and generate free cash flow of EUR 12.0 million. At the same time, by maintaining high stock availability, we are laying the foundations to reliably meet demand and capitalise on our growth opportunities. The positive trend in free cash flow also underlines our focus on combining profitable growth with the efficient use of capital,” says Sylvio Eichhorst, CFO of BIKE24.

Revised forecast for 2026 confirmed

Based on the positive business performance, on 16 September 2026 the Management Board raised the revenue forecast beyond the previous range and refined the expectations for adjusted EBITDA within the previous range.

BIKE24 confirms this revised forecast, assuming stable consumer spending, supply chain and shipping conditions. For the 2026 financial year, BIKE24 expects revenue of between EUR 345 million and EUR 360 million, and adjusted EBITDA of between EUR 16 million and EUR 18 million.

BIKE24’s Q3 2026 earnings call will take place today at 11.00 am. The accompanying presentation will be available on the IR website. Please register via the following link:
https://www.appairtime.com/event/072a99db-1139-42f2-884b-2079b7cf12d3


Unaudited consolidated statement of profit or loss
in EUR thousands
 

	Q3 2026	Q3 2025	Change		9M 2026	9M 2025	Change
Revenue and other income
DACH	69,568	57,257	+21.5%		182,972	152,851	+19.7%
Localised markets (prior-year figures adjusted)	30,713	20,044	+53.2%		73,042	52,703	+38.6%
Rest of Europe (EEA) (prior-year figures adjusted)	6,299	4,436	+42.0%		15,723	11,896	+32.2%
Rest of the world	1,083	1,065	+1.7%		2,775	3,438	-19.3%
Revenue	107,662	82,802	+30.0%		274,513	220,887	+24.3%
Other income	165	85	+94.6%		403	296	+36.2%
Total income	107,827	82,887	+30.1%		274,915	221,183	+24.3%
Expenses for merchandise, consumables and supplies	-79,881	-60,453	+32.1%		-202,401	-161,806	+25.1%
Gross profit	27,781	22,349	+24.3%		72,112	59,081	+22.1%
Gross margin	25.8%	27.0%	-1.2 pp		26.3%	26.7%	-0.4 pp
Performance marketing costs	-1,370	-990	+38.4%		-3,830	-2,690	+42.4%
Distribution costs¹	-9,530	-7,156	+33.2%		-24,092	-18,924	+27.3%
Personnel expenses	-7,886	-6,630	+19.0%		-22,537	-19,565	+15.2%
Other expenses	-3,126	-2,435	+28.3%		-8,435	-8,017	+5.2%
EBITDA	6,035	5,223	+15.5%		13,620	10,181	+33.8%
EBITDA margin	5.6%	6.3%	-0.7 pp		5.0%	4.6%	+0.4 pp
Adjustments	50	117	-57.4%		119	798	-85.1%
Adjusted EBITDA	6,084	5,340	+13.9%		13,739	10,979	+25.1%
Adjusted EBITDA margin	5.7%	6.4%	-0.8 pp		5.0%	5.0%	+0.0 pp
Depreciation and amortisation (excluding amortisation of goodwill and similar items)	-1,893	-1,794	+5.6%		-5,571	-5,240	+6.3%
Adjusted EBIT	4,191	3,546	+18.2%		8,168	5,740	+42.3%
Adjusted EBIT margin	3.9%	4.3%	-0.4 pp		3.0%	2.6%	+0.4 pp
Amortisation of goodwill and similar items	-2,438	-2,381	+2.4%		-7,315	-7,143	+2.4%
Adjustments	-50	-117	-57.4%		-119	-798	-85.1%
Earnings before interest and taxes (EBIT)	1,703	1,048	+62.4%		735	-2,201	n.a.
EBIT margin	1.6%	1.3%	+0.3 pp		0.3%	-1.0%	+1.3 pp
Finance expense, net	-614	-660	-7.0%		-1,911	-3,216	-40.6%
Profit/Loss before tax	1,089	388	+180.5%		-1,176	-5,417	n.a.
Income tax	-321	1,358	-123.6%		362	3,198	-88.7%
Result for the period	768	1,746	-56.0%		-814	-2,220	n.a.
Rounding differences may occur.
¹Including impairment loss on trade receivables.
Consumer KPIs
Active customers (LTM)	1,335,498	1,087,430	+22.8%		1,335,498	1,087,430	+22.8%
Number of orders	762,249	584,272	+30.5%		1,950,162	1,563,657	+24.7%
Average order value	138	139	-1.2%		140	141	-0.4%
Orders from returning customers	70.8%	71.0%	-0.1 pp		71.3%	70.8%	+0.6 pp
Return rate	17.9%	19.8%	-1.9 pp		17.3%	18.5%	-1.3 pp

You can find the full quarterly report here:
https://ir.bike24.com/en/publications

About BIKE24

BIKE24 is one of Europe’s leading e-commerce platforms specialising in cycling. The company offers cycling enthusiasts a wide range of bikes, parts, accessories and clothing, and serves customers in numerous European markets via localised online shops.

Press Relations
E-Mail: presse@bike24.net 

Investor Relations Contact
Bike24 Holding AG
Breitscheidstraße 40
01237 Dresden
E-Mail: ir@bike24.net
Web: www.bike24.com/investor-relations

Notes
Certain statements contained in this announcement may constitute ‘forward-looking statements’, which involve a number of risks and uncertainties. Forward-looking statements are generally identified by the use of the words ‘may’, ‘will’, ‘should’, ‘plan’, ‘expect’, ‘anticipate’, ‘estimate’, ‘believe’, ‘intend’, ‘project’ or ‘aim’ or the negative forms of these words or other variations of these words or comparable terminology. Forward-looking statements are based on assumptions, forecasts, estimates, predictions, opinions or plans which, by their very nature, are subject to significant risks, uncertainties and contingencies that are subject to change. The Company makes no assurance, and will make no assurance, that any forward-looking statement will be achieved or will prove to be correct. The actual future business, financial and earnings position and prospects may differ materially from those projected or forecast in the forward-looking statements. Subject to applicable legal provisions, neither the Company nor any other person intends to, nor does it undertake any obligation to, update, review, revise or adjust the forward-looking statements in this announcement to reflect actual events or developments, whether as a result of new information becoming available, future developments or for any other reason.

Alternative performance measures
In addition to the financial measures prepared in accordance with IFRS, BIKE24 presents alternative performance measures, such as adjusted EBITDA, adjusted EBITDA margin, adjusted EBIT and free cash flow, which are not required by accounting standards. These measures should be regarded as a supplement to, but not as a substitute for, the information prepared in accordance with IFRS. Alternative performance measures are not subject to IFRS or any other generally accepted accounting standards. Other companies may apply different definitions to these terms.