DGAP-News: BIKE24 continues its profitable growth course: Sales up 30.6 percent after nine months, adjusted EBITDA margin at 13.6 percent

BIKE24 continues its profitable growth course: Sales up 30.6 percent after nine months, adjusted EBITDA margin at 13.6 percent

• Number of active customers grows by 26% as of the reporting date to almost 800k
• Orders rise by 24% year-on-year
• Successful webshop relaunch boosts customer satisfaction
• Kick-off for new logistics centre in Barcelona

Dresden, 11 November 2021. Dynamic growth and high profitability continue to characterise BIKE24's performance. The European e-commerce platform has thus successfully concluded the first nine months of the 2021 financial year: With revenues of EUR 191.7 million during the reporting period, BIKE24 almost reached the level of the entire 2020 financial year after just nine months. Compared to the first nine months of 2020, this corresponds to an increase of 30.6%. Along with the strong business in the German core market, the successful development of the international online shops also made an important contribution to this development. Furthermore, BIKE24 reached two important milestones of its growth strategy by signing a lease agreement for the new Southern European logistics centre and successfully relaunching its webshop last week.

"The European online market for bicycles, parts, accessories and clothing continues its upward trend and therefore offers us excellent growth prospects, which we will exploit," says Andrés Martin-Birner, co-founder and CEO of BIKE24. "With the preparations for an additional logistics centre in Barcelona, we can now push ahead our expansion plans in Southern Europe."

Strong customer metrics drive sales growth

The number of active customers as of the reporting date 30 September 2021 was 799 thousand, an increase of 26.2% compared to the previous year's reporting date. At the same time, both the frequency and volume of orders increased: over a rolling twelve-month period, the average number of orders per active customer as of the reporting date was 2.17 (previous year: 2.09) and the average total order volume was EUR 305 (previous year: EUR 282). The share of orders from returning customers rose further to 74.8% (previous year: 73.3%), which underscores the high level of customer loyalty. As a result, the number of orders increased by 23.8% to 1.38 million during the reporting period. Thanks to a well-stocked warehouse because of a smart procurement approach, BIKE24 was able to increase its inventory by 65.7% year-on-year despite supply bottlenecks.

Strong growth plus profitability during the first nine months

During the first nine months of 2021, BIKE24 generated revenues of EUR 191.7 million. Compared to the previous year's period, this corresponds to an increase of 30.6% (9M 2020: EUR 146.8 million). In Q3, sales amounted to EUR 64.3 million, an increase of 10.1% over the previous year's quarter. Thanks to the under-proportional development of the cost of sales, the gross margin improved by 1.8 percentage points (pp) to 32.4% during the nine-month period. In the third quarter it stood at 30.6% (-1.7 pp). The decline in Q3 was largely attributable to a different product mix and the absence of the summer sales for apparel in 2020.

Earnings before interest, taxes, depreciation and amortisation (EBITDA) improved by 8.4% to EUR 18.8 million (9M 2020: EUR 17.3 million). Adjusted for extraordinary expenses of EUR 7.3 million, mainly related to transaction costs for the IPO, the adjusted EBITDA amounted to EUR 26.1 million compared to EUR 19.5 million in the prior year period (Q3: EUR 7.1 million after EUR 9.2 million). This translates into an adjusted EBITDA margin of 13.6% (9M 2020 13.3%). The (unadjusted) operating result (EBIT) was EUR 8.3 million, up 16.3% from EUR 7.1 million in 2020 (Q3: EUR 2.1 million after EUR 5.3 million). After deduction of interest and taxes, the Group posted a net result of EUR 4.2 million after EUR 2.7 million in the first nine months of 2020 (Q3: EUR 1.4 million after EUR 3.2 million).

Timm Armbrust, CFO of BIKE24 comments: "We managed to achieve double-digit growth again, despite the exceptionally strong Q3 last year with growth of over 50% and a challenging market environment with industry-wide supply challenges. This is further evidence for the sustainability of our business model."

Growth strategy execution well on track: Webshop relaunch and business expansion in Southern Europe supported by a new logistics centre

In early November, BIKE24 successfully completed its webshop relaunch. Among other aspects, an easy-to-use navigation, a simplified payment process and an optimised new infrastructure with higher order capacities and faster page loading times provide for an even more attractive shopping experience.

For the Southern European logistics centre, which is planned to be built in the Barcelona area, the company has identified a suitable location and signed the relevant lease agreements. Once fully completed in late 2022, the new logistics centre will offer additional capacity for an annual sales volume of up to EUR 180 million to serve the growing customer base in Southern Europe.

Guidance for 2021 specified

For the full year 2021, the management has further specified the targeted growth range from 23-30% to 24-26%. Consequently, growth in the fourth quarter is expected to be in the low double-digit range. The adjusted EBITDA margin remains unchanged between 12% and 13%.

The quarterly statement including the consolidated financial accounts can be found here:

https://ir.bike24.com/websites/bike24/English/3000/publications.html#interim

BIKE24's Q3 2021 Earnings Call for analysts and investors will take place today at 1pm CET. Please follow the link below to access the live webcast of the conference:

https://www.c-meeting.com/web3/join/M83CVPWDCR7BJD

The conference language is English. The corresponding presentation can be found upfront in the publications section on our corporate website.

Unaudited condensed consolidated interim P&L (adjusted view)

Media contact:
Bettina Fries
E-Mail: presse@bike24.net
+49 172 2976243

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

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 a globally 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 (BIKE24.de), Austria (BIKE24.at) and Spain (BIKE24.es) in continental Europe. In addition, the international shop (BIKE24.com) supplies customers all over the world.

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