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Brockhaus Technologies
Brockhaus Technologies (BKHT) investor relations material
Brockhaus Technologies Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary14 Nov, 2025
Executive summary
Revenue for the first nine months of 2025 reached €181.6 million, up 3.6% year-over-year, mainly driven by increased bike resales at BikeLeasing and platform expansion, despite a challenging economic environment.
Adjusted EBITDA declined by 28.4% to €48.7 million, and adjusted EBIT fell by 33%, mainly due to increased investments in BikeLeasing's transformation and higher personnel and operating expenses.
BikeLeasing is transforming into a multi-benefit platform and expanded internationally with a minority stake in US-based Ridepanda.
Security Technologies (IHSE) revenue declined 12% to €21.3 million, but gross profit margin rose due to a stronger defense business, which now accounts for 45% of IHSE revenue.
Profit for the period dropped sharply to €0.7 million from €13.1 million in 9M 2024.
Financial highlights
Group gross profit margin was 64.1%, down from 68.2% in 9M 2024.
Adjusted EBITDA margin dropped to 26.8% from 38.8% in the prior year; adjusted EBIT margin fell to 23.9% from 36.6%.
Free cash flow before taxes was €17.5 million, below the prior year due to lower operating income and increased refinancing backlog.
Net debt stood at €45.0 million, with a leverage ratio of 0.99x adjusted EBITDA, well below the 2.5x internal limit.
Cash and cash equivalents at period end: €37.8 million, down from €48.4 million at year-end 2024.
Outlook and guidance
Full-year 2025 revenue expected between €225 million and €235 million, representing 10%-15% organic growth.
Adjusted EBITDA guidance for 2025 is €50–55 million, reflecting higher personnel and operating expenses for strategic growth initiatives.
Management expects to reach cash compounding mode in 2026, supported by regular distributions and loan repayments.
Impact of rising personnel & operating costs
HR segment revenue growth drivers
Bikeleasing refinancing backlog impact
What drives Bikeleasing's core OpEx increase?
IHSE non-defense revenue decline drivers?
Plans to unlock subsidiary value for shareholders?
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Next Brockhaus Technologies earnings date
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Frequently asked questions
Brockhaus Technologies AG is a technology-focused investment company that acquires and develops high-growth businesses in the fields of security, software, and industrial technology. The company focuses on scalable, innovative solutions that serve industries such as cybersecurity, digital infrastructure, automation, and engineering. The company is headquartered in Frankfurt, Germany, and its shares are listed on the XETRA.
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