11. August 2021

BIKE24 with strong half-year results after IPO: Sales increase by 44%, adjusted EBITDA improves by 83% to EUR 18.9 million

  • With an increase of 41.8% to 792,000 active customers, strong upward trajectory in new customer acquisition
  • Orders rise to 908,000 compared to 677,000 over the same period last year
  • Adjusted EBITDA margin improves from 11.7% to 14.9% during the reporting period
  • Expansion in Southern Europe is being driven forward

Dresden, Germany, 12 August 2021. All signs are once again pointing to growth for BIKE24 in the first half of 2021. The continuing high demand for equipment, spare parts, clothing and bikes meant a 44 percent increase in sales in the first six months of the year compared to the same period 2020 for the e-commerce platform. After a successful IPO, which provided Bike24 Holding AG with fresh capital, the company is now continuing to advance its expansion plans in Southern Europe. Management has made an initial preselection in the company’s search for a suitable warehouse location in Spain. In addition, the team is currently working at full speed on the relaunch of its online shop, which is scheduled to go live in autumn 2021.

"We have had an eventful and very successful first half-year behind us, which culminated in the IPO at the end of June," reports Andrés Martin-Birner, co-founder and CEO of BIKE24. "Thanks to our forward-looking procurement policy, our strengthened supplier relationships and a strong team performance, we were able to master the challenges that supply bottlenecks and delays in the supply chain pose to our industry."

Tailwinds continue for bicycle market

The desire for green mobility and a high level of interest in outdoor activities continued to drive demand for bicycles and related parts, equipment and clothing in the first half of the year. BIKE24 continued to benefit from this trend thanks to its broad product portfolio and was able to record a 44% increase in sales compared to the same period 2020. At the same time, the less price-intensive competition also had a clear positive effect on the earnings situation. The number of active customers as of the reporting date of 30 June 2021 was 792,000, an increase of 41.8% compared to the same period last year. The number of orders in the reporting period increased accordingly to 908,000 after 677,000 in 2020. The share of orders from returning customers increased once again to 74.4% (H1 2020: 72.8%), which highlights the high level of customer loyalty.

Significant increases in revenues and result

BIKE24 generated revenues of EUR 127.4 million in the first half of 2021, an increase of 44% year-on year (H1 2020: EUR 88.4 million). At the same time, cost of sales grew disproportionately lower by just by 36%, from EUR 62.4 million to EUR 85.0 million. The gross margin amounted to 33.3% after 29.4% for the same period 2020. Other expenses increased to EUR 18.3 million (H1 2020: EUR 10.1 million), partly due to higher consulting costs in connection with Bike24 Holding AG’s IPO.

Earnings before interest, taxes, depreciation and amortisation (EBITDA) nevertheless improved by 51% to EUR 13.1 million (H1 2020: EUR 8.7 million). Adjusted for extraordinary expenses, earnings before interest, taxes, depreciation and amortisation (adjusted EBITDA) amounted to EUR 18.9 million compared to EUR 10.4 million in the same period 2020. This corresponds to a 3.2 percentage point increase in the adjusted EBITDA margin to 14.9% (H1 2020: 11.7%). This resulted in an operating result (EBIT) of EUR 6.2 million after EUR 1.9 million in 2020, an increase of 230%. After deduction of interest and taxes, Bike24 Holding AG generated a net result of EUR 2.8 million after EUR -0.6 million in the first half of 2020.

Expansion in Southern Europe advanced

After the successful launch of its online shop for the Spanish market last summer, BIKE24 founded a subsidiary in Spain in May 2021. The company has now shortlisted properties for a new logistics centre, which will be built in the Barcelona area. After the opening in the coming financial year, customers in Spain and other southern European countries will be supplied from this site. BIKE24 is currently planning to set up country-specific online shops for France and Italy in the coming year.

BIKE24 is also currently preparing the relaunch of its online shop. In addition to a fresh design, customers can expect an enhanced shopping experience with new functionalities that will be successively introduced over the next couple of months. These include an even more customer-friendly check-out process as well as expanded search and filter options.

Long-term growth trends unbroken

"BIKE24 has benefited from an extraordinarily high demand for bikes and equipment in the first half of 2021. In the process, we managed to generate a disproportionate increase in profitability from the growth in sales," says BIKE24 CFO Timm Armbrust. "We are now well equipped to start the second half of the year from a very high base."

BIKE24 expects consumers to adjust their leisure and spending behaviour in the aftermath of the coronavirus pandemic, which may also have an impact on the bicycle market. At the same time, it is important to continue to successfully manage persistent supply bottlenecks, especially for complete bicycles.

For the second half of the year, Bike24 Holding AG expects a double-digit increase in sales compared to the same period 2020, albeit with a lower EBITDA margin. For the full year 2021, management expects revenue growth between 23 and 30 percent and an adjusted EBITDA margin between 12 and 13 percent.

Based on long-term megatrends such as the growing demand for green mobility, increasing health awareness and the desire for premium products in online retail, BIKE24 continues to chart a profitable growth course.

The complete half-year report including the consolidated financial statements can be found here:

BIKE24's H1 2021 earnings call will take place at 1 pm today. The following participation options are available:


Conference call dial-in: (+49) 69 247 501 895 Germany local (English)

Media contact:

Bettina Fries
+49 1722976243

About BIKE24

BIKE24 is one of continental Europe's leading e-commerce bike platforms. The online retailer with a focus on the premium segment is the central contact point for the fast-growing community of bicycle enthusiasts and thus promotes green mobility. Founded in Dresden in 2002 by CEO Andrés Martin-Birner, Falk Herrmann and Lars Witt, responsible for Legal & Own Brands, the company has quickly developed into one of continental Europe's leading companies as well as aglobally active online retailer in this fast-growing market. The online shop offers customers 77,000 products from more than 800 brands. This gives BIKE24 the widest range of branded products in the sector in continental Europe. The online bike platform is already present with three local webshops in Germany (, Austria ( and Spain ( in continental Europe. In addition, the international shop ( supplies customers all over the world.