BIKE24 with solid final quarter: FY 2022 sales growth with 4.5 percent at upper end of guidance range

BIKE24 with solid final quarter: FY 2022 sales growth with 4.5 percent at upper end of guidance range

• Group sales increased by 2.8 percent to EUR 60 million during Q4 2022 and by 4.5 percent to EUR 262 million during FY 2022
• European expansion strategy remains growth driver: localized markets Spain, France & Italy record triple-digit sales growth
• Adj. EBITDA margin at lower end of guidance range due to a heavily promotional environment
• Upcoming extension of syndicated loan agreement at adjusted terms and conditions

Dresden, February 17, 2023. According to unaudited results, BIKE24 achieved revenue growth of 4.5 percent to EUR 262 million during the financial year 2022 despite a challenging market environment, thus reaching the upper end of the guidance range updated in July 2022 (revenue growth of -5 to +5 percent). The positive revenue development was again based on a significant increase in the number of active customers to 954 thousand, an increase of 16 percent compared to the prior year. Due to a heavily promotional environment, the adjusted EBITDA margin is expected to be at the lower end of the guidance range (3 to 6 percent).

Demand was particularly strong in Spain, France and Italy, where BIKE24 offers its customers localized online shops with market-specific content. In these markets, revenues increased by an average of 226 percent to EUR 9.9 million for the fourth quarter and by 163 percent to EUR 28.3 million for the full year. Revenues in the core market DACH were stable despite the historically low consumer sentiment. Thanks to easing supply chain challenges and the onboarding of new brand partners, full-bike sales continue to contribute significant growth of 97 percent for the fourth quarter and 38 percent for the full year.   

Furthermore, it is planned that by March 2023, the current syndicated loan agreement shall be extended until December 31, 2024. The terms and conditions will be adjusted to the current market environment. This guarantees the Company sufficient liquidity and ensures a solid planning horizon without requiring additional capital.

Timm Armbrust, CFO of BIKE24, comments: "Our business operations picked up speed again in the second half of the year. At the same time, we have improved our liquidity position through enhanced working capital management, so that we are well equipped for the start of the year. With the opening of our new Southern European logistics center in Spain and further localizations of European markets, we will continue with our internationalization strategy."

The full set of FY 2022 results and the outlook for FY 2023 will be published on March 30, 2023. The conference call will take place at 3 p.m. CEST.
 

Press contact:

Bettina Fries
E-mail: [email protected]
+49 172 297 6243

Investor contact:

Moritz Verleger
E-Mail: [email protected]
+49 151 2414 0166

About BIKE24

BIKE24 is one of continental Europe's leading e-commerce bike platforms. The online retailer with a focus on the premium segment is the central contact point for the fast-growing community of cycling enthusiasts and thus promotes green mobility. Founded in Dresden in 2002 by CEO Andrés Martin-Birner, Falk Herrmann and Lars Witt, responsible for Legal & Own Brands, the company has quickly developed into one of continental Europe's leading cycling companies as well as a globally active online retailer in this fast-growing market. The web shop offers customers 77,000 products from more than 800 brands. This gives BIKE24 the widest range of branded products in the sector in continental Europe. The online bike platform is already present with five local web shops in Germany (bike24.de), Austria (bike24.at), Spain (bike24.es), France (bike24.fr) and Italy (bike24.it) in continental Europe. In addition, the international shop (bike24.com) serves customers all over the world.