Brockhaus Technologies (BKHT) Q4 2025 earnings summary

Executive summary

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

• Adjusted EBITDA reached €46.3M (20.6% margin), down 28.8% due to higher costs supporting Bikeleasing's growth.

• Completed sale of 51.96% Bikeleasing stake to DECATHLON PULSE SAS at €525M enterprise value, pending regulatory and shareholder approvals, with expected €240M cash inflow.

• Strategic options for cash deployment under review, including dividends, share buybacks, and acquisitions.

Financial highlights

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

• Adjusted EBITDA: €46.3M (20.6% margin); adjusted EBIT: €38M (17% margin).

• Free cash flow before taxes: €30.8M, below prior year due to higher investment in Bikeleasing.

• Net debt: €27.1M as of Dec 31, 2025, leverage ratio ~1x EBITDA, well below 2.5x limit.

Outlook and guidance

• FY 2026 revenue expected at €30–32M (0–5% organic growth), adjusted EBITDA €0–2M, reflecting only continuing operations (IHSE and holding company).

• Forecast assumes no further acquisitions; cost reductions in security technologies segment to drive EBITDA improvement.