BIKE24 Reports Mixed Financial Results Amid Tough Market Conditions in FY 2023

BIKE24 Holding AG experienced a notable decline in sales across its core markets during the fiscal year 2023, with group sales dropping 22% to EUR 47 million in Q4 and 13% to EUR 226 million for the full year. Despite these challenges, the company saw a silver lining with a significant sales uptick in its full-bike segment and localized markets, particularly Benelux, which surged by an impressive 41%. This growth could not fully compensate for the downturn triggered by weak consumer sentiment in its primary markets.

Moreover, the company grappled with a negative adjusted EBITDA margin of -1.3%, largely due to high inventory write-downs and a competitive promotional environment. Looking forward, BIKE24 projects a cautious recovery with a sales growth forecast between 1% and 5% and an adjusted EBITDA margin of 0.7% to 4.2% for 2024, anticipating stronger performance in the latter half of the year.

Andrés Martin-Birner, co-founder and CEO of BIKE24, acknowledged the unprecedented challenges faced by the cycling industry but remained optimistic about recovery, attributing ongoing enthusiasm for cycling across Europe and growth in the full-bike segment as key factors. The company's focus on expanding its international presence and offering a unique product range to European customers is expected to continue.