18. July 2023

BIKE24 announces preliminary results for the second quarter of 2023, full-year guidance adjusted

EQS-News: BIKE24 Holding AG / Key word(s): Change in Forecast/Preliminary Results
BIKE24 announces preliminary results for the second quarter of 2023, full-year guidance adjusted
18.07.2023 / 14:55 CET/CEST
The issuer is solely responsible for the content of this announcement.

BIKE24 announces preliminary results for the second quarter of 2023, full-year guidance adjusted

  • Ongoing subdued consumer sentiment: recovery of e-commerce market takes longer than expected
  • Adj. EBITDA margin with 0.9 percent in Q2 above Q1 (-4.7 percent), sales down -6.1 percent versus the prior-year quarter
  • Guidance adjustment for fiscal year 2023: Expected sales growth lowered from previously 0 to +10 percent to now -10 to -5 percent and adjusted EBITDA margin lowered from previously 0 to 3.5 percent to now -1 to 1 percent
  • Various initiatives already in place to ensure ongoing profitability improvements

Dresden, July 18, 2023. Bike24 Holding AG (BIKE24), one of the leading European e-commerce platforms for everything around cycling, continues to operate in a challenging market environment. The current economic situation has changed the market environment for cycling parts & accessories as well as full-bikes significantly. A similar development is seen in the e-commerce market, which recorded a 12.2 percent decline in the second quarter of 2023, according to the German E-Commerce Association (bevh). Consumer reluctance to spend and a delayed start to the season given unfavorable weather are slowing demand, and the resulting increased promotional activities negatively impact margins. Given various initiatives to reduce costs, BIKE24 nevertheless achieved an increase in operational profitability in the second quarter compared to the first quarter of 2023.

"In recent years, we have experienced ups and downs, but not yet a comparably challenging situation like now. In less than 18 months, the cycling market has gone from supply challenges to severe overcapacities. At the same time, the consumer sentiment has fallen dramatically due to high inflation," says Andrés Martin-Birner, co-founder and CEO of BIKE24. "In order to successfully master these challenging times, we already increased our focus on operational profitability at the beginning of the year. We see the first effects of these measures in the margin improvement in the second quarter compared to the first quarter of 2023."

According to preliminary calculations, the Group generated a sales volume of EUR 62.9 million in the second quarter of 2023, which corresponds to a decline of 6.1 percent versus Q2 2022 (EUR 67.0). Operational profitability increased compared to the previous quarter (Q1 2023: -4.7 percent) with a positive adjusted EBITDA margin of 0.9 percent but decreased compared to the second quarter of the previous year (7.9 percent). Overall, both revenue and adj. EBITDA in the second quarter were weaker than expected.

The reason for the development in sales and earnings in the second quarter is the ongoing low consumer sentiment, especially in Germany. This development is also reflected in the latest report from the German E-Commerce Association (bevh): In the second quarter of 2023, online retail in Germany recorded a decline of 12.2 percent. In addition, the cycling season in the current year started unusually late due to a cold and wet spring. This is in line with the latest reports by the German Cycling Association (ZIV) for the period up to May 2023, which reported a 12 percent sales decline for e-bikes and a 20 percent decline for bio-bikes.

"In this challenging situation for the industry as a whole, we see ourselves well positioned as a company with over 20 years of experience and the diversification of our business through successful internationalization efforts," reports Andrés Martin-Birner. "In addition to cost-efficiency measures, we are driving the improvement of our operational processes forward."

As the expected improvement in market sentiment takes longer than expected, BIKE24 has adjusted its guidance for the 2023 financial year. Instead of revenue growth of 0 to +10 percent, the Group now expects a -10 to -5 percent sales decline versus the previous year. The adjusted EBITDA margin is expected to come in at between -1 and 1 percent (previously: 0 to 3.5 percent).

Management has already taken extensive steps to ensure ongoing profitability improvements. Particular attention is being paid to the areas of personnel costs, marketing, and pricing strategy.


Press Relations:
Olga de Gast
E-Mail: [email protected]
+49 151 2705 3924

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


General information:

Certain statements contained in this release may constitute "forward-looking statements" that involve a number of risks and uncertainties. Forward-looking statements can generally be identified by the use of the words "may," "will," "should," "plan," "expect," "anticipate," "estimate," "believe," "intend," "project," or "aim," or the negative of these words or other variations of these words or comparable terminology. Forward-looking statements are based on assumptions, forecasts, estimates, projections, opinions or plans that, by their nature, are subject to significant risks and uncertainties and contingencies that are subject to change. The Company does not and will not give any assurance that any forward-looking statement will be achieved or prove to be accurate. Actual future business, financial condition, results of operations and prospects may differ materially from those projected or anticipated in the forward-looking statements. Subject to applicable legal requirements, neither the Company nor any other person intends to update, review, revise or revise any forward-looking statements in this release to reflect actual events or developments, whether as a result of new information becoming available, new developments occurring in the future or otherwise, nor does it undertake any such obligation.

18.07.2023 CET/CEST Dissemination of a Corporate News, transmitted by EQS News - a service of EQS Group AG.
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