Good morning, everyone, and welcome to our Q1 2026 earnings call of BIKE24. Thank you for joining us today.

My name is Andrés Martin-Birner. I'm the CEO and founder of BIKE24.

On the call with me today is Sylvio Eichhorst, our CFO. We will briefly run through the highlights of the first quarter 2026 and then open the line for Q&A.

Please also note that the presentation is available on our investor relations website. Today's call is structured in three parts: we will start with a short general update on Q1, then move into the business and financial details, and finally conclude with our outlook before opening the floor for questions.

Let's start with the quarter at a glance. We had a strong start into 2026 with revenue increasing to €70.7 million in Q1, which represents growth of around 22% year-over-year.

This growth was broad-based across markets and customer groups. DACH grew to 40 point se— 400 f— €47 million, up 21%, and our localized markets again outperformed at €17.5 million, up 30%.

The demand indicators remain strong as well. Orders rose to almost 484 thousand, up 20%, supported by an active customer base of 1.18 million, up 25% over the last 12 months.

Average order value was stable at €146. At the same time, profitability improved materially with adjusted EBITDA reaching €1.8 million, up by €1.2 million versus last year.

From an operational perspective, gross margin improved slightly to 25.5%, up 0.3 percentage points, supported by strong revenue momentum. Full bikes continued to be an important growth driver with bike revenue of €12.4 million, up 27% year-over-year, driven both traditional bikes at €7.9 million, up 27%, and e-bikes at €4.5 million, up 28%.

To support demand and availability, we deliberately built inventory. Inventory increased to €80.8 million as of March, up 22% year-over-year, while keeping the inventory-to-sales ratio stable at around 27%.

With that said, let me now turn the presentation to Sylvio, who will give you some more details on our first-quarter financials.

Thank you very much, Andrés. Also from my side, a warm welcome.

Let us now move from our group revenue increase and new high in Q1 to the category split. We continue to deliver growth in our core PAC business by further expanding the contribution from full bikes.

PAC revenue increased to €58.4 million, up 21% year-over-year, driven by strong demand across parts, accessories, and clothing. Bike revenue grew even faster, reaching €12.4 million, up 27% year-over-year, taking the bike share to around 18% of total revenue.

Within bikes, both traditional bikes and e-bikes contributed, traditional bikes with €7.9 million, up 27%, and e-bikes with €4.5 million, up 28%. The key takeaway is that our assortment strategy continues to work: PAC remains the stable backbone while bikes provide an additional growth lever and strengthen customer relevance.

On the next slide, you see that the geographic picture growth was broad-based across Europe with continued momentum in our core region—Germany, Switzerland, Austria—and strong acceleration in localized markets. GSA grew to €47.0 million, up 21% year-over-year, remaining the largest contributor at roughly two-thirds of group revenue.

Localized markets increased to €17.5 million, up 30%, while recently localized markets such as Poland and Finland continue to scale even stronger, with Poland and Finland up by 76% to €2.2 million, again demonstrating the scalability of our localization playbook. Rest of Europe grew in line with the group to €5.4 million, up 22%.

Revenue outside Europe declined to euro €0.8 million, down by €0.3 million, reflecting our focus on Europe and customer economics. Overall, this confirms that our strongest growth continues to come from markets where we combine localized customer experience with high service levels and availability.

Turning to our customer KPIs, we saw strengthening demand and continued loyalty. Our active customer base grew to 1.18 million on a last 12 months basis, up 25%, showing that we're expanding our reach while retaining our existing customers.

Looking at the customer split, GSA still represents the largest share of our customer base and provides a strong repeat-driven foundation, with active customers growing by 12% while localized markets are growing from a smaller base at 19%. These KPIs confirm that our growth in particular is supported by solid customer engagement and a resilient customer experience.

In GSA as well as in localized markets, the average revenue per customer increased by 7% and 9%, respectively. Overall, average order value remained stabilized at €146, up 1%, and the return rate was broadly stable at 16.8%, up 0.2 percentage points, which supports healthy unit economics.

Let me briefly comment on inventory, because it is a key enabler of our customer promise and a central topic for cash discipline. Inventory increased, as Andrés already told you, to €80.8 million as the end of March, up 22% year-over-year, reflecting a high business volume and a targeted buildup to secure availability ahead of peak demand.

Importantly, we kept the inventory-to-sales ratio broadly stable at around 27%, inventory grew in line with revenue. From a mix perspective, bike inventory increased even faster, up 35% year-over-year, taking the bike share to around 27% of inventory, consistent with the growth in bikes and our strategy focus.

Overall, we continue to aim for high availability by managing working capital tightly through more frequent and targeted replenishments. Looking at the income statement, the strong revenue growth year-over-year resulted also in a positive earnings development, with gross profit increasing by €5.4 million to €18 million, up 23.5%, and gross margin improving to 25.5%, up 0.3 percentage points.

On operating expenses, performance marketing spend increased above the increase in revenue to €1 million, up 44% year-over-year, with efficiency broadly stable. This reflects a high-paid channel share in revenue.

Selling expenses increased in line with revenue scale to €6 million, up 90%. Personnel expenses rose to €6.9 million, up 13%, mainly driven by higher temporary labor in fulfillment and general wage increases.

As a result, adjusted EBITDA improved to €1.8 million, up €1.1 million year-over-year, and adjustments are significantly lower than last year, where they were mainly related to additional refinancing costs. Below adjusted EBITDA, depreciation and amortization amounted, as in prior year, to around €4.2 million.

Thus, reported EBIT improved from -€4.2 million, but remained negative at €2.5 million, primarily due to the continued amortization of goodwill-like items of €2.4 million. Net finance expense improved to zero to -€0.7 million, down from -€1.9 million last year, due to lower interest expenses and lower financing costs for the prolongation of the syndicated loan.

Overall, the net results improved to euro -€2.2 million from -€4.2 million in Q1 last year. Looking at the different ratio as a percentage of revenue, you can see an improvement in almost all lines.

Only performance marketing increased as a percentage of revenue, but it also contributed even more to our revenue growth at a high efficiency level. Adjusted EBITDA improved even overproportional, with EBITDA margin increasing from 1% to 2.2 2.5%.

Turning briefly to cash and the balance sheet, cash and cash equivalents ended Q1 at €18.2 million, slightly down from €19 million at year-end 2025. Free cash flow amounted to euro €0.5 million, reflecting our deliberate inventory build from euro €64.2 million to €80.8 million, and typically seasonally effects.

Even with higher revenue and inventory levels, we were able to slightly reduce working capital overall, which underlines improved steering of operational balance sheet items, particularly trade accounts payable, which rose from €11.2 million to €29.8 million. The key message is that we are investing in availability to support growth while continuing to manage balance sheet discipline and liquidity prudently.

Looking at the complete cash flow statement compared to prior year, you can see that our cash flow from operating activities before taxes declined by 79.7% or €3.6 million, mainly driven by the reduction of old stocks in the previous year. On the other hand, our cash flow from financing activities is much lower, driven by lower costs for the prolongation of our syndicated loan than last year, no redemption payments, as well as lower interest costs.

To summarize again, we delivered a strong start in 2026 with revenue of €70.7 million, up 22% year-over-year, driven by broad-based growth across regions as well as categories. We continue to improve profitability with increased operating leverage resulting in an adjusted EBITDA of euro €1.8 million, supported by a stable gross margin of 25.5% and disciplined cost management.

We also invested consciously into availability, keeping the inventory-to-sale ratio stable at around 27%. Looking ahead, our priorities are to sustain growth, drive further operating leverage, and manage working capital and liquidity prudently.

With that, let me now hand over to Andrés, who will share our outlook for the quarters to come.

Thank you, Sylvio. Looking ahead, we remain confident in our strategy and in the underlying demand for cycling products across Europe.

Combined with rigorous operational execution on availability, an attractive assortment, secure logistics processes, and a strong focus on customer experience, we still see significant growth potential. Our focus for the coming quarters is to sustain double-digit growth while continuing to improve profitability.

The figures for April 2026 already look promising and also show double-digit revenue growth. Given our strong start to 2026 and our current performance, we confirm our full-year guidance for revenue in the range of €318 million to €332 million, as well as an improvement in adjusted EBITDA to between €16 million and €20 million.

However, please note that any guidance or forward-looking statements are subject to usual risks and uncertainties. Before we come to the Q&A, please have a short look on our main dates of our financial calendar 2026.

With that, we have reached the end of our prepared remarks. Thank you for your attention, and now we are looking forward to take your questions.

Yes, hi. This is Ingo Schmidt from Montega.

Congratulations on the strong start to the year. It's great to see such strong momentum.

I have two questions about the market: first on growth drivers. You reported strong double-digit growth in Q1, even though consumer sentiment is still weak, especially in Germany.

What were the main reasons for this performance? For example, did the mild weather in March help, or are you seeing a more long-term shift, like people moving from cars to bikes because of high fuel prices?

Second, on the market overall, do you think the cycling market is now starting to recover this year, or is your strong performance mainly coming from gaining market share from competitors? Thank you.

I think I catched these two questions. When we look to the market, especially, and I look into our numbers, I would say especially in Q1 in March in particular, we saw a further increase in order volumes, and mainly due to an early start to the season with dry and sunny weather.

I think it was in many many years also before that we were well prepared for that. I think that we saw benefit from that more than others.

That answers your questions. I think that we gain market shares from other, and it's not only from online competitors.

I think it's also from special brick-and-mortar retailers, because I think that they are more hitted by the negative things we had in the last year, the overstock issues and the cost problems and so on. The other things, of course, what you said, that I think that the high petrol prices at the petrol stations, I think are also providing a positive boost.

I think that's the main reasons for our Q1 numbers. On the other hand, as I mentioned, that I think that we are very well prepared for this season.

That is more of this answer for your questions.

Thank you, and all the best for the rest of the year.

Thank you.

Hello?

Sorry. I start with a technical one.

I saw tax payments falling despite higher EBT. For sure there's some swing always in this line, but it's a real good explanation for it that would be good.

Then on growth initiatives for the coming quarters, can you give us some more insight what you're planning on the product side or on the market side, more localization, whatever. Some hints would be helpful.

Then on the liability side, you refinanced your structures. Can you give us some details how the redemption will be in 2026?

Thanks a lot.

May I have a question to you, a repeat question, Mr. Specht?

You have asked about the taxes. You mean our tax expenses or where—

Tax expenses. P&L tax expenses.

They are lower than last year, yeah?

Yep.

We have a better result, so that at the end we have also less to activate what we have done in the last year. We have deferred tax assets on losses carried forward, yeah?

On the other hand, the rest is mainly the release of our deferred tax assets or deferred tax liabilities that we have capitalized, yeah? That we have recognized for our capitalized brands and customer relationship.

Other than that, I cannot see any vast differences, yeah.

Okay.

Yeah. The second question, can you repeat this?

I think it was growth initiatives, I catched this.

I

think as we also did it last year, our focus is still on growth in regarding bikes. Here is that we I think have a very good assortment.

We feel also very well prepared, and our goal is also here to grow significantly, at least above 10%. I think this is also possible this year.

The other points, and it's parallel, it's our PAC business, parts, accessories, clothing, that we also will here have our focus in a good assortment. As you also know, part of our strategy is localization.

Here we will localize in the end of Q2, beginning of Q3 to other countries on our list. The priorities is now Denmark and Slovenia.

We will go further with localization, and the top on our list are these two countries. Then

I take the last question, except you have something to add, Mr. Specht.

Let me continue. Refinancing, the redemption this year will be €4 million, €2 million in June and €2 million in December.

Last year we had €5 million to repay.

Thanks a lot. Very helpful.

Great. Can you hear me?

Perfect. Thank you.

Congratulations on another great quarter, gentlemen. I have a more of a strategic question with respect to AI, as there's so much discussion about AI, and two sides: how can you use AI, today if you are, maybe could say how you are, and what do you think the threat of AI is to your business model?

We saw AI more as a opportunity, more as a chance for BIKE24. We use AI, of course.

We had many initiatives in the company, especially in the IT, programming, content creation, service support. As I would say many companies are doing this, and so we use it as well.

Yes, and today is the situation that we see it more as a opportunity for BIKE24, especially to help to hold the cost base stable in a special point and also with many supports in for growth also for the coming years. This is what we see how AI today for BIKE24.

Do you see any

Can you hear me? Do you see any competitors using AI in a way that can impact your growth, take business away from you?

No, today, not. When you think of and

you have your meetings, and you think about the future and what you hear, do you see AI as any kind of a threat?

Today, I don't see this. I don't see this today.

In particular, what we are focusing on is our, we have logistics, we have a lot of physical processes, yeah, which are not affected directly by AI. As better we manage this, as more difficult will be someone able to mirror this anyhow, yeah?

I think that this gives us also a good outlook. However, when it comes to how we market our products, there might be developments which we closely monitor currently, but currently this impact is very minor, yeah.

Talking about logistics, which are difficult for the single brick-and-mortar bicycle shops, are you considering working more closely with your excellent logistic systems to help such companies? Are you in the process of doing anything like that?

It would be possible, but I think we are focusing on our business, on our business model. I think there is a lot of potential, as I also mentioned in my first statement today, that we see high potential for growth.

That's why I think it's better for BIKE24 to do the things we master very well, and that's why we focus on that and not to have a focus on retailers or retail business.

At the same time, just to mention it, we also preparing ourselves for such scenarios. That's not that we stay still.

The technical presets we also setting now, so— Correct.

Last question on my end. The environment, you historically characterized as being very competitive, discounting, it's kept your margins lower than they would otherwise be.

Has there been an improvement in the competitive environment?

We see all the time we see small exits from the markets. Some of this exits, I think, will support BIKE24.

Today, to be honest, it's still a difficult environment, because of all the macroeconomic issues in the world. That's why it's a little bit too early to say what will happen.

When maybe we see it in the market, when I look especially to bike margins, I would say that we see today really a lower level of excess stock and not these a big discounts also in the market. This is one point where we will see, I think, or where we expect margins to rise again in the medium term.

I think the situation I think for BIKE24 is getting better and better. For the whole market, I think for small players, I think the situation is not the best.

Thank you.

You're welcome.

This is a question to me. I think there is a possibility, and of course we monitoring this closely.

However, we have one year, a very good year that we can show. We have another quarter.

Banks are willing to finance us, yeah, also in this, as Andrés said, in this very unsecured environment within the bicycles, where it goes to. It's not so easy to find a replacement, but nevertheless, we looking this continuously up, and also we want to secure our growth, and that's also why we need to have contact with banks and try to get better contracts going forward.

As we as I mentioned in in in the also in the earnings call before for the 2025 full year, so that we that I said that I that we manage more on on gross profit and not gross margins. To be honest, we we look to the to the to the price levels in the in the markets.

That's what what we are looking, that we have competitive prices on on one hand. On the other hand, to be honest, what we see is a is a product mix effect, especially also in the in the first quarter and also last years last year, that we, yeah, sold a lot of accessories, especially home trainers and and also electronics.

Naturally these these categories have very low gross margins, and so we have sometimes gross margin effects. This looks negative, but for BIKE24, is it a very positive effect, because we gaining market shares, we gaining gross profit profit as well, and that's why we our our I would say strong focus on gross margin.

We shifted a little bit more to to to gross profit because it's it's for managing BIKE24, it's easier for us to scale out BIKE24. That's why we do this at this way today.

Thank you again, yeah, for joining us today, for your continued support. We appreciate, of course, your trust in BIKE24.

We look forward to keeping you updated on our progress over the coming quarters. Until then, we wish you all the best and, yeah, have a good day.

Bye-bye from Dresden. Ciao.