Bike24 (BIKE) Q2 2026 earnings summary

Executive summary

• Revenue grew 20.1% year-over-year to EUR 96.1 million in Q2 2026, with adjusted EBITDA up 15.8% to EUR 5.9 million and strong growth in localized markets and PAC.

• H1 2026 revenue reached EUR 167.1 million (+20.8%), adjusted EBITDA rose 35.7% to EUR 7.7 million, and net loss narrowed to EUR -1.6 million.

• Localized markets expanded 29.7% to EUR 21.5 million, GSA region grew 17.2% to EUR 66.4 million, and full bike sales increased 11% to EUR 17.2 million with 9,100 bikes shipped.

• Strategic investments in inventory and infrastructure, including new web shops in Denmark, Slovenia, and Ireland, supported European expansion.

• PAC (Parts, Accessories & Clothing) remained the main growth driver, up 22.3% to EUR 78.9 million.

Financial highlights

• Net sales for H1 2026 increased 20.8% to EUR 167.1 million; Q2 net sales were EUR 96.1 million (+20.1%).

• Gross profit for H1 was EUR 44.3 million (+20.7%), with gross margin stable at 26.6% for H1 and 27.4% in Q2.

• Adjusted EBITDA for H1 up 35.7% to EUR 7.7 million; Q2 adjusted EBITDA at EUR 5.9 million (+15.8%).

• Free cash flow negative EUR 8.5 million in Q2, mainly due to intentional inventory buildup.

• Net debt improved from -EUR 16.7 million to -EUR 15.2 million; net leverage reduced from 2.1x to 1.1x year-over-year.

Outlook and guidance

• Full-year 2026 guidance confirmed: revenue expected between EUR 318–332 million (10–15% growth), adjusted EBITDA EUR 16–20 million (margin 5–6%).

• Outlook subject to macroeconomic and geopolitical risks and uncertainties.