Bike24 (BIKE) Q4 2025 earnings summary

Executive summary

• Revenue grew 28% year-over-year to EUR 289.1 million in 2025, driven by high product availability, improved customer experience, and expanded reach, with adjusted EBITDA up EUR 9 million to EUR 14.5 million, reflecting operational leverage and cost discipline.

• Served over 1.1 million customers in 72 countries, expanding the European footprint and launching localized sites in Poland and Finland.

• Core GSA market revenue rose 31% to EUR 196.8 million, while localized markets increased 29% to EUR 66.1 million, highlighting robust European expansion.

• Enhanced webshop functionality, improved logistics, and introduced new delivery options, boosting conversion rates and customer satisfaction.

• Inventory efficiency improved, with days inventory outstanding down 18%, supporting cash generation and balance sheet strength.

Financial highlights

• Revenue reached EUR 289.1 million, up 28% year-over-year; all quarters showed double-digit growth (Q1: 18%, Q2: 25%, Q3: 32%, Q4: 35%).

• Adjusted EBITDA increased to EUR 14.5 million (+172.7%), with margin rising to 5%.

• Gross profit grew 27% to EUR 78.2 million; gross margin remained stable at 27.1%.

• Free cash flow before taxes rose to EUR 16 million, up 52% year-over-year, with net debt reduced from EUR 16.4 million to EUR 5.4 million.

• Result after tax improved to a loss of EUR 0.6 million from a EUR 13.6 million loss in FY 2024.

Outlook and guidance

• 2026 revenue expected between EUR 318 million and EUR 332 million, representing 10–15% year-over-year growth; Adjusted EBITDA targeted at EUR 16–20 million with a margin of 5–6%.

• Continued focus on operational efficiency, product availability, and customer experience to support profitable growth.

• Margins expected to improve further, leveraging scale benefits and process efficiencies.

• Two new localized markets planned for launch in 2026.