BIKE24 starts into 2024 with significantly improved profitability

EQS-News: BIKE24 Holding AG / Key word(s): Quarter Results/Quarterly /
Interim Statement
BIKE24 starts into 2024 with significantly improved profitability

02.05.2024 / 07:30 CET/CEST
The issuer is solely responsible for the content of this announcement.

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BIKE24 starts into 2024 with significantly improved profitability

  * Sales of EUR 49.3 million in the first quarter (-11% compared to Q1
    2023), adjusted EBITDA at EUR -1.5 million (Q1 2023: EUR -2.6 million)

  * Gross profit increased by 4% despite lower sales (gross margin: 25.1%
    compared to 21.6% in Q1 2023)

  * Growth in the localized markets Belgium, the Netherlands and Luxembourg
    remains strong with average sales growth of 95%

  * Return to growth with improved profitability expected for the second
    half of 2024

  * Forecast for the full year confirmed: Sales growth of between 1% and 5%
    and adjusted EBITDA margin of 0.7% to 4.2%

Dresden, May 2, 2024. BIKE24 started into a challenging year 2024 as
expected. In a persistently uncertain economic environment, the bike
e-commerce platform recorded a 11% sales decline in the first quarter to EUR
49.3 million after EUR 55.3 million in the previous year quarter. This was
due to a significant reduction in promotional activities compared to the
previous year, which in turn had a positive impact on profitability.
Management is therefore confirming its forecast for the full year 2024 with
sales growth of between 1% and 5% and an adjusted EBITDA margin of 0.7% to
4.2%.

"In the current macroeconomic environment, we have made a satisfactory start
into 2024. We have reduced promotional activities and were thus able to
significantly improve our profitability in most product segments. We are
also seeing increasing end-market prices again, particularly for parts,
accessories and clothing," reports Andrés Martin-Birner, co-founder and CEO
of BIKE24.

Cautious consumer sentiment impacts overall sales and earnings

In the first three months of 2024, BIKE24 generated sales of EUR 49.3
million. The 11% year-on-year decline (Q1 2023: EUR 55.3 million) is
primarily due to the continued subdued consumer sentiment. The DACH region
remained the largest market with a 65% sales share of EUR 32.0 million (Q1
2023: EUR 35.2 million).

While sales of parts, accessories and clothing (PAC segment) fell by 13%,
sales of full-bikes increased by 2% and now account for 19% of total sales
(Q1 2023: 16%).

The Belgian, Dutch and Luxembourg markets localized at the beginning of 2023
recorded average growth of 95% to EUR 4.2 million, with Belgium (+115%) and
the Netherlands (+104%) outperforming again. It also confirms the success of
the playbook already used for the previous localizations and promises
considerable growth potential for the future.

Despite lower sales, gross profit increased by 4% to EUR 12.4 million, which
is attributable to improved end-market prices and fewer promotional
activities. The gross margin was 25.1% compared to 21.6% in the same quarter
of the previous year, an improvement of 3.6 percentage points.

Adjusted earnings before interest, taxes, depreciation and amortization
(adj. EBITDA) improved by EUR 1.1 million to EUR -1.5 million in the first
quarter of 2024, compared to EUR -2.6 million in the same quarter of the
previous year. The adjusted EBITDA margin was therefore -3.0% (Q1 2023:
-4.7%). The one-off expenses mainly relate to the costs for the extension of
the syndicated loan agreement and the ongoing SAP implementation.

Inventories remained stable at EUR 71.0 million as at March 31, 2024,
compared to EUR 71.3 million as at December 31, 2023, despite the build-up
of seasonal merchandise which usually happens during the first quarter. The
company's forward-looking procurement policy had a positive effect on cash
and cash equivalents, which also remained stable at EUR 18.3 million as at
March 31, 2024 compared to December 31, 2023 (EUR 18.4 million).

"As previously already communicated, we are acting very cautiously about our
liquidity management. Although inventories were replenished with seasonal
goods during the first quarter, we have managed to keep our cash and cash
equivalents stable. This allows us to continue to act flexibly and to
reorder selected product categories when demand picks up," explains Timm
Armbrust, CFO of BIKE24.

Forecast for the full year 2024 confirmed

Despite ongoing macroeconomic challenges, the company is confident that
demand will recover, particularly in the second half of 2024, alongside
increased margins. The company's forecast, which assumes sales growth of
between 1% and 5% and a positive adjusted EBITDA margin of 0.7% to 4.2%,
remains unchanged.

BIKE24's Q1 2024 earnings call will take place today at 3:00 pm CEST. The
corresponding presentation will be available on the IR website from 1:00 pm
CEST. Please register via the following link:

https://montegaconnect.de/event/5a9dfa1w3sysmx4n4257vb6acft19945

Condensed consolidated P&L (adjusted view)

  in kEUR                                             Q1 2024  Q1 2023   Delta
  Revenue and other income
  DACH markets                                       31,984   35,242     -9%
  Localized markets (PY adjusted)                    10,454   10,851     -4%
  Rest of EEA (PY adjusted)                           5,021    6,156    -18%
  Rest of World                                       1,812    3,017    -40%
  Revenue                                            49,271   55,266    -11%
  Other income                                          102       39    160%
  Total income                                       49,373   55,305    -11%
  COGS (Merchandise, consumables & supplies)              -        -    -15%
                                                     36,962   43,373
  Gross profit                                       12,410   11,933      4%
  Gross margin                                        25.1%    21.6%   3.6pp
  Performance marketing costs                         - 681    - 740     -8%
  Selling expenses1                                 - 4,424  - 5,209    -15%
  Personnel expenses                                - 6,949  - 6,471      7%
  Miscellaneous expenses                            - 3,047  - 3,140     -3%
  EBITDA                                            - 2,691  - 3,628     26%
  EBITDA margin                                       -5.5%    -6.6%   1.1pp
  Adjustments                                         1,218    1,054     16%
  Adjusted EBITDA                                   - 1,473  - 2,573     43%
  Adjusted EBITDA margin                              -3.0%    -4.7%   1.7pp
  Depreciation/ amortization (excl. goodwill-like   - 1,879  - 1,369     37%
  items)
  Adjusted EBIT                                     - 3,352  - 3,943     15%
  Adjusted EBIT margin                                -6.8%    -7.1%   0.3pp
  Amortization of goodwill-like items               - 2,381  - 2,484     -4%
  Adjustments                                       - 1,218  - 1,054     16%
  Earnings before interest and taxes (EBIT)         - 6,952  - 7,482      7%
  EBIT margin                                        -14.1%   -13.5%  -0.6p-
                                                                           p
  Finance expense, net                              - 1,548  - 3,110    -50%
  Profit / (loss) before tax                        - 8,500        -     20%
                                                              10,592
  Income tax income / (expense)                       2,450      543    351%
  Result for the period                             - 6,050        -     40%
                                                              10,049
  Rounding differences may arise.
  1Including impairment loss on trade receivables.

Press Relations:
Olga de Gast
E-Mail: presse@bike24.net
+49 151 2705 3924

Investor Relations:
Moritz Verleger
E-Mail: ir@bike24.net
+49 151 2414 0166

About BIKE24

BIKE24 is one of the leading e-commerce cycling platforms in continental
Europe. Focusing on the premium segment, the online retailer is the one-stop
shop for the fast-growing community of bike enthusiasts, promoting green
mobility. Founded in 2002, it has become a leading e-commerce company in
continental Europe and a global player in this fast-growing market. Led by
CEO and co-founder Andrés Martin-Birner, the online store now offers
customers 77,000 items from more than 800 brands. This gives BIKE24 the
broadest range of branded products in the market in continental Europe. The
online bike platform has a presence with eight local online shops in Germany
(bike24.de), Austria (bike24.at), Spain (bike24.es), France (bike24.fr),
Italy (bike24.it), the Netherlands (bike24.nl), Belgium (bike24.be) and
Luxembourg (bike24.lu). In addition, the international shop (bike24.com)
supplies customers all over the world.

Notes

Certain statements contained in this release may constitute forward-looking
statements that involve a number of risks and uncertainties. Forward-looking
statements generally can 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 will 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, 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.


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02.05.2024 CET/CEST Dissemination of a Corporate News, transmitted by EQS
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   Language:       English
   Company:        BIKE24 Holding AG
                   Breitscheidstr. 40
                   01237 Dresden
                   Germany
   ISIN:           DE000A3CQ7F4
   WKN:            A3CQ7F
   Listed:         Regulated Market in Frankfurt (Prime Standard);
                   Regulated Unofficial Market in Berlin, Dusseldorf,
                   Hamburg, Hanover, Munich, Stuttgart, Tradegate Exchange
   EQS News ID:    1893589

End of News EQS News Service
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1893589 02.05.2024 CET/CEST