Thank you very much, and good afternoon, everyone. Welcome to Brockhaus Technologies earnings call for the first nine nine months of the fiscal year 2025.

Before we begin, I would like to point out that the slides we are presenting will afterwards be published in the investors relations sections of our website, brockhaus-technologies.com. After our presentation, we will open the call to questions from your side.

To be fair to everyone, please limit yourselves to one question plus one follow-up. Thank you very much in advance.

Before we present our results, I encourage all listeners to review the legal notice on page 2 of our presentation, which explains the understanding of forward-looking statements. Additionally, please refer to note 6 of our consolidated financial statements for of 2024 on page 93 onwards of the annual report 2024 and page 13 onwards of our quarterly statements for the first nine months of 2025 for discussion on alternative performance measures as well as reconciliation of non-GAAP figures.

For information on risk factors that could cause actual results to differ materially from forward-looking statements, we kindly refer to the section on risks and opportunities in the management report 2024 starting on page 64. Turning to page 3, let me briefly summarize what we achieved in the first nine months of 2025.

Despite the continued downturn in the economic and consumer climate, we were able to hold our ground. Bikeleasing continues to invest in its long-term growth strategy, transforming from a single-product company, focus on company bike leasing, into a multi-benefit platform.

As part of its international expansion strategy, Bikeleasing has also taken a stake in the US company Ridepanda, seeing this as an opportunity to create valuable synergies and to leverage its own expertise in company bike leasing in the United States. IHSE is driving the continuous development of its technology and increased its gross profit margin in the third quarter of 2025 through an improved product mix and customer mix primarily resulting from the growing defense business.

For the current fiscal year 2025, we expect an organic revenue growth of 10% to 15%, between 20- €225 million and €235 million, despite the persistently challenging economic environment, as said before. Against the backdrop of investments in Bikeleasing's long-term growth, we expect an adjusted EBITDA of €50 million to €55 million for the fiscal year 2025.

Brockhaus Technologies generated revenue of €182 million in the first nine months of the 2025 fiscal year, corresponding to an organic growth of 3.6% compared to the prior-year period. Adjusted EBITDA and EBIT turned out to be 28% and 33% lower than last year, which is mainly driven by Bikeleasing's investments in its long-term growth strategy.

Flipping to the next side slide, let us took let us look at how revenue developed on a quarterly basis. At IHSE, on the bottom of the page, while the first quarter was below last Q last year's Q1, in the second quarter, we saw positive development and revenue exceeded prior year by 13%.

The third quarter was down by 30% compared to Q3 2024 due to project-related shifts and a general reluctancy to invest in many industries. Bikeleasing, on the top of the page, in the first quarter was up by 11% compared to Q1 2024.

In the second quarter, revenue was mostly on the same level as in the second quarter of 2024. The third quarter was up by 12% compared to Q1, Q3 2024.

A key factor for growth was the significantly increased in revenue from the sale of bikes at the end of the leasing term. In addition, the new partner participation model, which went live in the beginning of August, also had a positive effect on revenue in the third quarter of 2025.

I will now proceed to the next page for the regional sales split. First, Bikeleasing.

No surprises here, the company does business in Germany and Austria, and grow growth in revenue was 6%. Overall, IHSE revenue was below the previous year's level compared to first nine months of 2024.

In EMEA, revenue was down by 14% due to generally subdued investment activity in the market. The same applies to APAC, where revenue was down by 49%.

In contrast, revenue in Americas region rose by 17%, driven by the growing defense business. Turning to the profit and loss table.

Excuse me. In the first two columns, we see that Bikeleasing's gross profit margin was below last year's level at around 61%.

Main reason for this was the increased revenue share of resale proceeds, which generally has significantly lower gross profit margin than the segment's other revenue components. EBITDA and EBIT margins were below prior year's level in addition to the lower gross profit margin.

This is due to planned higher personnel and other operating expenses related to the long-term growth strategy of Bikeleasing aimed to transforming the business from a single-product company like Bikeleasing provider into a multi-benefit platform. Strictly prioritized growth initiatives in this regard manifested in higher marketing expenses.

The rise in expenses is primarily attributed to the acquisition of Probonio and the establishment of BikeToFuture for marketing and brokering used bicycles via B2B and B2C channels and the associated growth measures. Proceeding to the next two columns to the right, at IHSE, at 83%, the gross profit margin was significantly above the comparative period's level of 74%.

The rise in own work capitalized had a positive effect on the gross profit margin. This was primarily attributed to an increase in development investments in the new product generations comprising hardware and software from IHSE and kvm-tec.

Even excluding capitalized own work, the segment's gross profit margin reached 74%, up well above the prior-year period when it was at 69%. The main contributing factor was an improved product and customer mix, particularly driven by IHSE growing defense business, which had a positive impact on the segment's gross profit margin.

The adjusted EBITDA amounted to €3 million with an adjusted EBITDA margin of 12%. The main reason for this decline was lower revenue, while fixed costs, particularly personnel expenses and other operating costs, remained largely in line with the prior-year period.

In the third quarter of 2025, the management had already implemented significant measures to reduce fixed cost across personnel and other operating expenses, which are expected to take effect take effect primarily in the fiscal year 2026. Moving to further columns to the right, in the central functions, expenses were lower compared to first nine months of 2024, primarily due to lower personnel and other operating expenses.

In conclusion, and summing up, on the consolidated group level, revenue was €182 million and gross profit margin was at 64%. Adjusted EBITDA margin was 27%, bringing our groups to group to an to an adjusted EBITDA of €49 million.

The group's adjusted EBIT of €43 million corresponds corresponds to a margin of 24%. Free cash flow before taxes was €18 million and below the prior-year level due to lower operating income and an increased refinancing backlog.

On the next page, I would like to run you briefly through our financial leverage structure. End of September, the debt from loans amounted to €69 million.

When subtracting cash of €38 million, we are left with a net debt from loans of €31 million. Adding €19 million from other financial liabilities and subtracting €5 million of net debt from lease refinancing brings us to €45 million in total net debt.

If you compare that to adjusted EBITDA of the last 12 months, this corresponds to a leverage ratio of around 1 times. As our limit for this KPI is some 2 and a half times, we consider our current financial position as more than conservative.

This concludes the first part of our presentation, and now hand over to Paul, who's in charge of our acquisition team. Paul?

Thank you, Marco, and good afternoon, everyone. As usual, let me start the operational update with a brief look at Bikeleasing.

Bikeleasing continued to grow its customer base throughout Q3. The number of corporate customers onboarded to Bikeleasing's digital platform now stands at around 81,000 firms, with around 3.9 million employees behind them, representing a year-over-year growth of 15% and 7% respectively.

As in the previous quarters, the growth was particularly stemming from SMEs, as you can see here. At around 111,000, the number of brokered bicycles in 9M was below the previous year's level, primarily due to extreme discounts within retail and an increasing number of blocked customers due to deteriorating credit scores in Germany.

I have already explained during our last earnings call why severe discounts are negatively affecting newly leased bicycles, but let me repeat it once again as it is not necessarily obvious at first sight. Irrationally, a lot of retailers are not discounting bicycles that go into leasing programs anymore to counteract the commissions of leasing platforms.

Consequently, if you get offered, for example, 50% discount on cash purchases compared to a 30% savings on the non-discounted price through leasing, it, of course, makes more sense to buy than lease, at least if you have the disposable income to do so. This dynamic is observable when looking at the average price of a bike financed through Bikeleasing, which has not seen a large decrease over the last months, in contrast to the overall market, meaning that heavily discounted bikes are, in fact, not being leased.

In addition, to remind you of the strong seasonality of Bikeleasing's business, the nine-month period has usually accounted for 80% plus in the last years, even increasing its weight to 89% in 2024, as you can see here on the right-hand side. Finally, the growth of corporate customers at Probonio, the company we acquired in April last year for multi-benefit management, is also continuing its positive momentum.

Since we acquired Probonio in April last year and started upselling at the end of August last year, we've grown the number of corporate customers by nearly fourfold from around 800 to now 3,100 by the end of September. Nevertheless, just looking at the number of Bikeleasing customers we have, you can see that there is clearly some significant way ahead of us.

Moving to the next page, since the acquisition of Bikeleasing in 2021, just to remind you, we kept our four strategic pillars for growth unchanged. First, increasing the number of corporate customers onboarded to our platform.

Just as a reminder, we started with 25,000 corporate customers, and we now stand at 81,000 customers. Second, increasing the usage rate within employees of already onboarded corporates.

Third, adding other non-bike benefits to the offering, meaning Probonio. Four, internationalizing the business.

After having started internationalizing with a first organic step to Austria in 2022, where Bikeleasing holds a leading market position today, we are very happy to announce the next step with our investment in Ridepanda in the United States. Ridepanda today is the leading provider of micromobility employee benefits in the US.

Through its digital platform, Ridepanda enables its corporate customers to offer their employees the flexible subscription of bikes, e-bikes, and e-scooters. In contrast to corporate bicycle leasing in Germany, as we do it here with Bikeleasing, the US does not allow to finance the monthly rates by way of salary sacrifice, which is why Ridepanda customers sponsor the monthly rates for their employees.

Those customers you can see here on the page as well and include the likes of Amazon, Meta, Google, and also public entities like the City of Seattle. Bikeleasing acquired a minority stake of around 7% in Ridepanda and is looking to apply its expertise from the more mature German and Austrian markets now also to the US.

With this, turning over to IHSE for a similar update. As presented earlier, revenue at IHSE was down 12% year-over-year.

However, despite the revenue decrease, gross profit of IHSE was broadly stable in absolute terms, resulting from a significantly increased gross margin. You can also see that when looking at the gray part of the chart on the right-hand side here.

This gross margin increase was significantly affected by IHSE's growing share of defense revenue, which reached round about 45% in the first nine months of 2025. As you might remember, some 3 years ago, we took the strategic decision to obtain specific defense-related certifications and also invest into business development activities in that market, which now start to bear fruits.

Geographically, both EMEA and Asia Pacific were down year-over-year, but Americas, again, benefited from our decision to invest heavily into the defense vertical. This concludes my section, and handing back to Marco.

Thank you, Paul. Flipping over to the last page of today's presentation, our outlook for the fiscal year 2025.

As mentioned at the beginning, we expect revenue between €225 and €235 million, corresponding to solid organic growth of 10% to 15% compared to fiscal year 2024. For adjusted EBITDA, the group plans a range of €50 million to €55 million.

As part of the ongoing transformation of Bikeleasing from a single-product provider to a multi-benefit platform, the 2025 fiscal year is expected to include significantly higher expenses for personnel and other operating costs. These increased expenses are primarily driven by strategic growth initiatives, particularly the rollout of the digital multi-benefit platform probonio.de and the development of a used bike sales platform biketofuture.de, established in 2024.

As part of its international expansion strategy, Bikeleasing has also taken a stake in the US company Ridepanda, seeing this as an opportunity to create valuable synergies and to bring the experience gained from Bikeleasing's business model into the United States. IHSE is and will remain well-positioned for the long term due to its leading technology position in the KVM sector.

With a fully packed pipeline of new product innovations, IHSE's focus on the future, in particular the government defense segment, is currently performing well. From an eagle-eyed view, I would say our technology group continues to be well-positioned for the future.

Bikeleasing is a scalable and cash-generative business model. Thanks to regular distributions even also this year, we have been able to gradually repay acquisition loans and expect to reach cash compounding mode starting next year.

The development of the share price is disappointing and, at the same time, difficult to comprehend when comparing the current market capitalization of our company with the value of our subsidiaries. I'm convinced that despite a very challenging economic environment, specially in Germany, we have set the right course to achieve sustainable growth and create long-term value.

Please note that this forecast assumes that there will be no future change in the scope of consolidation within Brockhaus Technologies. The reason for this approach is the difficulty in predicting the nature and scope of future acquisitions.

We do not believe that any estimates in this respect are sufficiently reliable, even though we are constantly working towards finding the next hidden champion in the market. That concludes our presentation, and we are now happy to answer your questions.

For that, I would like to hand over back to the operator. Thank you.

Hi, good afternoon, and thanks for taking my questions. Marco, you mentioned the share price, and even after the goodwill write-downs, the auditor-recognized valuations of Bikeleasing and IHSE are far above the current share price, more than double, I think.

What are you planning to do to finally close this gap? Because we have this now since a few years, and yeah, how do you think about to unlock the underlying value for these two two companies for shareholders?

Thank you.

Thank you for the question. To continue drive earnings and to invest into the future of the companies, right?

As we do with Bikeleasing, as we do with IHSE. As you talk, I think, frequently, if not every week, with our investors relations manager Florian, you know well about what we do and what we plan to do in terms of what I just said, investing in the future of the companies, which we do, which we did, and which we will do.

I do not understand that market doesn't see the lack of valuation. It's pretty obvious, as you just mentioned, but what can I say to the market?

That's a good question. It is what it is.

We can't raise the share price. We can buy back shares, which we did at €22 a share a year ago or 2 years ago, and that's unfortunately did not pay out, and we most probably will rethink that situation once we allowed to do.

Thanks. We saw an M&A inbound in Q4, right?

Maybe when there's a possibility to unlock the value, maybe it would make sense to think about it. Another point.

On LinkedIn, I saw— Yeah? Please.

True. We did very well with Palas, where we've made quite a fortune on that investment, and I think we were very happy, and I think we did very well, right?

What we invested and what we achieved with the company was amazing. We doubled sales and EBITDA within 4 years, and more than threefold the investment.

However, if there's opportunities, we will look at it, but this is for now what I can say.

On LinkedIn, I saw very interesting. In the Brockhaus holding, you have hired Alexander.

Previously, he was CFO Group Germany at Volaris, and Volaris is part of Constellation Software. Maybe you can say something, what does this addition mean for your organization?

It's

just to back up the financial manager Yannick Walter. It's just nothing does mean if you mean in terms of Constellation Group, we sold a business to Constellation Group a couple of years ago in the fund's business, but that's I wouldn't conclude any strategic shift or so by his hire, not at all.

Thanks. Maybe one operational question.

You mentioned the transition to the multi-benefit platform, and in the case it's Probonio. You now reported 3,100 corporate customers.

Maybe you can give us a number how many employees these clients represent and for the moment what is the annualized recurring revenue from these 3,100 customers?

As we don't guide on— Yeah, Paul, you can jump in, but we don't guide on each company. With 3,100 corporate customers, we did well, but we believe that the investment we just did will hopefully bring more customers to Probonio and with that more paying employees or paid employees for the software, right?

Using the software. This is where we stand, and we don't guide Probonio.

Just to add on there, and also the employee number, we don't disclose. We can think about if we want to do that in the future, but there's also a difference between employees behind those companies and activated employees, because we only earn, of course, fees on activated employees and not everyone.

Maybe a hint, if you look into our revenue splits that we have in the reports usually, there is a line called SaaS revenues, if I'm not mistaking, and there is no entity within Brockhaus earning SaaS revenues than Probonio.

I saw this, and I was surprised that this number was much lower than I would expect it. Maybe 3,100 customers times 30 employees times €40 per employees would mean 5 €4 million revenue for Probonio, annualized.

The number was quite smaller, and because of this, I'm asking so how many employees and what revenue is behind this 3,100 corporate customers?

I think we are going in circles here. The revenues you can see from our revenue splits in the reports, and if you have had a look at this, you know the revenues.

On the employee number or actually not the employee, but the activated employee number, which is the relevant one where we earn revenue on, we don't guide that.

To get it clear, are all 3,100 customers paying ones, or do some companies have kind of free plan?

There might be a couple in there from history where they are for some modules not paying something, but it's definitely the exception. The difference is that even if you have a company with 100 employees and they just offer it maybe to 25 people in the beginning, you only earn on those 25 and not the 100.

Thanks. For the moment, I will now go back into the line.

Maybe I will join later again. Thanks.

Hi, good afternoon. I would have a question on the EBITDA guidance for this year.

Just given what you've achieved in the nine months, it seems reasonably conservative, but maybe you could just help us understand the dynamics in the fourth quarter on EBITDA. The second question would be on Probonio.

Would you be willing to share the number of customers that are new customers versus which portion you've essentially up-sold from Bikeleasing? The final question is just on Ridepanda.

I guess, with the seven, I think you said 7% stake, can you give some more color on kind of how that relationship looks and what you're trying to get out of that in the future? Thank you very much.

Maybe I start with the first question, and, Paul, you can take then the other two. As first of all, I think it's conservative, yes, maybe, but many costs of Bikeleasing related to the initiatives in Probonio, BikeToFuture, and so on, in marketing are backloaded in Q4, and as Q4 and Q1 is always weaker than Q2 and Q3.

We see our guidance as it is, and we believe, yeah, that for now, this is what we see for 2025. Paul, maybe you take the other two questions.

Then

on the Probonio question, we actually don't have a split at hand for who was up-sold and who is completely new. Actually, there's also a third piece, right, where we win a customer simultaneously for both Bikeleasing and Probonio, or the other way around where we just win a Probonio customer and they are later on up-sold to Bikeleasing.

There are very different directions in which you can think, but we don't have the split at hand. The last question on Ridepanda, it's a percentage-wise small investment for us, but the market potential in the US is, of course, pretty big.

I mentioned on my slides earlier that their model is, unfortunately, not as beneficial as in Germany, you don't have the salary sacrifice option for leasing bikes or subscription bikes over there. You always need to find employers that are willing to subsidize the monthly rates for their employees, hence also the very big names who can afford doing so.

Given that the market is not as favorable as Germany or Austria, Ridepanda has done a tremendous job in onboarding those corporates over there already, and we want to support them on let's say all fronts where we can help, be it in relation to operations or be it in financing or in insurance. We have experience there quite a lot.

By this, also learn more about the market, right? Because you can, let's say, hire two or three people over there that try to fight windmills, if one says like this, and be let's say a satellite office without doing any revenue, or you support a leading player on the ground.

We decided for the second option. We are supporting the leading player in that market.

We want to learn something from that, we can support them with our expertise, and let's see how the market develops in the future, right?

Great. Thank you.

Hi, thanks. It's me again.

The average price per bike, does it remain for the moment by €4,000 gross?

Round about that level.

Okay. Thanks.

What happened to the bicycle dealers who have not yet agreed to the new partner program? Were these dealers still able to sell bikes via Bikeleasing?

Do you have a transitional phase, or were they blocked?

The transitional phase is already behind us. If you have not agreed to the new partnership model, then you can't use our platform anymore.

To also say this, this is really applying to let's say a very, very low percentage.

All right. In case of the gross profit margin, in the pure bike brokerage business, this stands at 90.7% after 92.1% in the prior year.

Given the introduction of the dealer fee, I would have expected a little increase. Could you explain why the margin declined from 92 to 90.7?

I wouldn't interpret too much into that, to be honest. I think it's not a systematic deviation, it's more a seasonal deviation.

What we, of course, have is that certain parameters fluctuate upwards or downwards on a quarterly basis. For example, the leasing factor can work for or against you on a quarterly basis because that's only adjusted on quarter-to-quarter, while refinancing rates are more short-term adjusted, there's no real big reason for it.

It's just normal fluctuations.

In the Bikeleasing segment, the OpEx, the difference between gross profit and adjusted EBITDA, increased €7 million year-over-year. In the Q3 report, you mentioned I think that €7 million relate to Probonio and BikeToFuture.

Around €10 million are relating to the core brokerage bike business, right? Why are costs rising here so much while JobRad is reducing headcount by 20% and the bike volumes are declining, too?

I couldn't follow your calculation, to be honest. You have a gross profit effect.

I'm not sure if you had that in your calculations right now. If you start with a lower gross margin, you already have, let's say, a lower basis to start from.

Then you have the additional costs, as you mentioned, from Probonio and BikeToFuture, which is an additional, I think, 6.5, round about €7 million on top of that. Bikeleasing also continues to grow and invest, right?

It's not only the new ventures, but also on Bikeleasing, we're investing a lot into our product, and this is, of course, also having an effect on the personnel basis, for example, if you hire a lot of IT people. You're absolutely right that the market leader is apparently reducing headcount, but also this is only apparently half the reality, because also on their returning bikes business, they are hiring like crazy people.

I think they have reported on one entity and not on the whole group, but it's their cup of tea. We do what we think is best for Bikeleasing, and, of course, we have also the unit numbers in mind, right?

We have the customer onboarding numbers in mind, the utilization rates in mind, the actual bikes that are ordered in mind, you can be sure we have that on our radar.

I took the difference between gross profit and adjusted EBITDA, OpEx, plus 70 €17 million year-over-year. You mentioned €7 million are going to Probonio and BikeToFuture, and then €10 million are remaining for Bikeleasing.

Maybe one to IHSE. On one side, the high defense and government revenue is good, but the business they reported a huge revenue decline, this maybe suggests problems in other verticals.

Can you do a deep dive here? Do you see this only market-driven, or are there any structural issues, and have you lost maybe market share, or is this intact?

I think there are two factors for that. One is, of course, project-related shifts that sometimes happen in a quarter and sometimes shift to a next quarter or next year.

The second thing is the market environment out there. Defense is helping quite a lot, and would we not have taken the decision a couple of years ago to go into that vertical, it would be, let's say, even worse.

If you look at everything non-defense, I think it's fair to say that it's not, let's say, very flowery times out there. If you can see that in the EMEA development especially, that we had a revenue decrease there, those two factors I would name.

How is the situation in the aviation business, for example?

We don't go on individual industries here, please, but you have air traffic control, you have broadcasting, post-production as very big verticals, if everything except for defense is not going as smoothly as in the past, that means the other markets all have their slight or more issues.

We have some other companies like Frequentis on the stock exchange, and in the aviation business looks not so bad there.

Good for them. It's one of our partners, we do business with them together, but I can't comment on how their business is developing, to be honest.

The last one, what further expenses do you expect for the ERP program? Since Q2, I think €8 million have been incurred.

How long does it go?

Hi, this is Yannick from the finance department. These expenses are expected to go down significantly in 2026.

There will be some smaller portions still remaining, but it will go down significantly. Thanks.