Brockhaus Technologies (BKHT) investor relations material

Executive summary

• Group revenue grew 10.1% year-over-year to €225M in FY 2025 despite macroeconomic challenges.

• Sale of Bikeleasing stake progressing, pending BaFin, regulatory, and shareholder approvals, with expected €240M cash inflow and €525M enterprise value, enhancing financial flexibility.

• Strategic options for sale proceeds include dividends, share buybacks, acquisitions, or a combination, with decisions to be presented by June 2026.

• Adjusted EBITDA declined 28.8% to €46.3M, impacted by higher personnel and operating expenses to support Bikeleasing's growth.

• Gross profit increased 1.6% to €138M, with margin pressure from higher material costs in bike resales.

Financial highlights

• Revenue: €225M in FY 2025, up from €204.3M in FY 2024.

• Adjusted EBITDA: €46.3M (20.6% margin), down from €65M in FY 2024.

• Gross profit margin was 61.3%; adjusted EBIT was €38M (17% margin).

• Free cash flow before taxes was €30.8M, below prior year due to higher investment expenditures.

• Net debt at year-end was €27.1M, with a leverage ratio of ~1x EBITDA, well below the 2.5x limit.

Outlook and guidance

• 2026 guidance excludes Bikeleasing; expects revenue of €30–32M (0–5% organic growth) and adjusted EBITDA of €0–2M, driven by lower fixed costs in security technologies.

• Forecast assumes no further changes in group consolidation.

• Adjusted EBITDA forecast for FY 2026: €0–2M, a significant improvement from -€3M in FY 2025.