Bike24 Holding AG — Call Transcript 2026

Good morning or good day, ladies and gentlemen, and a warm welcome to today's Q1 2026 earnings call of the Bike24 Holding AG. I'm delighted to welcome the CEO, Andrés Martin-Birner, and CFO, Sylvio Eichhorst, who will give us an update on the results in a moment. Following their presentation, we will move on to your questions, dear participants, in our Q&A session. Having said this, Andrés, this stage is yours. Good morning, everyone, and welcome to our Q1 2026 earnings call of Bike24. Thank you for joining us today. My name is Andrés Martin-Birner. I'm the CEO and founder of Bike24. On the call with me today is Sylvio Eichhorst, our CFO. We will briefly run through the highlights of the first quarter 2026 and then open the line for Q&A. Please also note that a presentation is available on our investor relations website. Today's call is structured in three parts. We will start with a short general update on Q1, then move into the business and financial details, and finally conclude with our outlook before opening the floor for questions. Let's start with the quarter at a glance. We had a strong start into 2026, with revenue increasing to EUR 70.7 million in Q1, which represents growth of around 22% year-over-year. This growth was broad-based across markets and customer groups. DACH grew to EUR 447 million, up 21%, and our localized markets again outperformed at EUR 17.5 million, up 30%. The demand indicators remain strong as well. Orders rose to almost 484,000, up 20%, supported by an active customer base of 1.18 million, up 25% over the last twelve months. Average order value was stable at EUR 146. At the same time, profitability improved materially, with adjusted EBITDA reaching EUR 1.8 million, up by EUR 1.2 million versus last year. From an operational perspective, gross margin improved slightly to 25.5%, up 0.3 percentage points, supported by strong revenue momentum. full bikes continued to be an important growth driver, with bike revenue of EUR 12.4 million, up 27% year-over-year. Driven both traditional bikes at EUR 7.9 million, up 27%, and e-bikes at EUR 4.5 million, up 28%. To support demand and availability, we deliberately built inventory. Inventory increased to EUR 80.8 million as of March, up 22% year-over-year, by keeping the inventory to sales ratio stable at around 27%. With that said, let me now turn the presentation to Sylvio, who will give you some more details on our first quarter financials. Thank you very much, Andrés. Also from my side, a warm welcome. Let us now move from our group revenue increase and new high in Q1 to the category split. We continue to deliver growth in our core PAC business by faster expanding the contribution from full bikes. PAC revenue increased to EUR 58.4 million, up 21% year-over-year, driven by strong demand across parts, accessories, and clothing. Bike revenue grew even faster, reaching EUR 12.4 million, up 27% year-over-year, taking the bike share to around 18% of total revenue. Within bikes, both traditional bikes and e-bikes contributed. Traditional bikes with EUR 7.9 million, up 27%, and e-bikes with EUR 4.5 million, up 28%. The key takeaway is that our assortment strategy continues to work. PAC remains the stable backbone, while bikes provide an additional growth level and strengthen customer relevance. On the next slide, you see that the geographic picture growth was broad-based across Europe. We're seeing continued momentum in our core region, Germany, Switzerland, Austria, and strong acceleration in localized markets. GSA grew to EUR 47.0 million, up 21% year-over-year, remaining the largest contributor at roughly 2/3 of group revenue. Localized markets increased to EUR 17.5 million, up 30%, while recently localized markets such as Poland and Finland continue to scale even stronger. With Poland and Finland up by 76% to EUR 2.2 million, again demonstrating the scalability of our localization playbook. Rest of Europe grew in line with the group to EUR 5.4 million, up 22%. Revenue outside Europe declined to EUR 0.8 million, down by EUR 0.3 million, reflecting our focus on Europe and customer economics. Overall, this confirms that our strongest growth continues to come from markets where we combine localized customer experience with high service levels and availability. Turning to our customer KPIs, we saw strengthening demand and continued loyalty. Our active customer base grew to 1.18 million on a last twelve months basis, up 25%, showing that we are expanding our reach while retaining our existing customers. Looking at the customer split, GSA still represents the largest share of our customer base and provides a strong repeat-driven foundation, with active customers growing by 12%, while localized markets are growing from a smaller base at 19%. These KPIs confirm that our growth, in particular, are supported by solid customer engagement and a resilient customer experience. In GSA as well as in localized markets, the average revenue per customer increased by 7% and 9% respectively. Average order value remains stable at EUR 146, up 1%, and the return rate was quarterly stable at 16.8%, up 0.2 percentage points, which supports healthy unit economics. Let me briefly comment on inventory, because it is a key enabler of our customer promise and a central topic for cash discipline. Inventory increased, as Andrés already told you, to EUR 80.8 million as at the end of March, up 22% year-over-year, reflecting a high business volume and a targeted build up to secure availability ahead of peak demand. We kept the inventory to sales ratio quarterly stable at around 27%, so inventory grew in line with revenue. From a mix perspective, bike inventory increased even faster, up 35% year-over-year, taking the bike share to around 27% of inventory. Consistent with the growth in bikes and our strategy focus. Overall, we continue to aim for high availability by managing working capital tightly through more frequent and targeted replenishment. Looking at the income statement, the strong revenue growth year-over-year resulted also in a positive earnings development, with gross profit increasing by EUR 5.4 million-EUR 18 million, up 23.5%, and gross margin improving to 25.5%, up 0.3 percentage points. On operating expenses, performance marketing spends increased above the increase in revenue to EUR 1 million, up 44% year-over-year, with efficiency quarterly stable. This reflects a high paid channel share in revenue. Selling expenses increased in line with revenue scale to 6 million, up 90%. Personnel expenses rose to 6.9 million, up 13%, mainly driven by higher temporary labor in fulfillment and general wage increases. As a result, adjusted EBITDA improved to EUR 1.8 million, up EUR 1.1 million year-over-year, and adjustments were significantly lower than last year, where they were mainly related to additional refinancing costs. Below adjusted EBITDA, depreciation amortization amounted, as in prior year, to around EUR 4.2 million. Thus, reported EBIT improved from minus EUR 4.2 million, but remained negative at EUR 2.5 million, primarily due to the continued amortization of goodwill-like items of EUR 2.4 million. Net finance expense improved to EUR-0.7 million, down from EUR-1.9 million last year due to lower interest expenses and lower financing costs for the prolongation of the syndicated loan. Overall, the net results improved to EUR-2.2 million from EUR-4.2 million in Q1 last year. Looking at a different ratio as a percentage of revenue, you can see an improvement in almost all lines. Only performance marketing increased as a percentage of revenue, but it also contributed even more to our revenue growth at a high efficiency level. Adjusted EBITDA improved even over proportional, with EBITDA margin increasing from 1%-2.5%. Turning briefly to cash and the balance sheet. Cash and cash equivalents ended Q1 at EUR 18.2 million, slightly down from EUR 19 million at year-end 2025. Free cash flow amounted to EUR 0.5 million, reflecting our deliberate inventory build from EUR 64.2 million to EUR 80.8 million, and typically seasonal effects. Even with higher revenue and inventory levels, we were able to slightly reduce working capital overall, which underlines improved steering of operational balance sheet items, particularly trade accounts payable, which rose from EUR 11.2 million to EUR 29.8 million. The key message is that we are investing in availability to support growth by continuing to manage balance sheet discipline and liquidity prudently. Looking at the complete cash flow statement compared to prior year, you can see that our cash flow from operating activities before taxes declined by 79.7%, EUR 3.6 million, mainly driven by the reduction of old stocks in the previous year. On the other hand, our cash flow from finance activities is much lower, driven by lower costs for the prolongation of our syndicated loan than last year, no redemption payments, as well as lower interest costs. To summarize again, we delivered a strong start in 2026. With revenue of EUR 70.7 million up 22% year-over-year, driven by broad-based growth across regions as well as categories. We continue to improve profitability with increased operating leverage, resulting in an adjusted EBITDA of EUR 1.8 million, supported by a stable gross margin of 25.5% and disciplined cost management. We also invested consciously into availability, keeping the inventory to sales ratio stable at around 27%. Looking ahead, our priorities are to sustain growth, drive faster operating leverage, and manage working capital and liquidity prudently. With that, let me now hand over to Andrés, who will share our outlook for the quarters to come. Thank you, Sylvio. Looking ahead, we remain confident in our strategy and in the underlying demand for cycling products across Europe. Combined with rigorous operational execution on availability, an attractive assortment, secure logistic processes, and a strong focus on customer experience, we still see significant growth potential. Our focus for the coming quarters is to sustain double-digit growth while continuing to improve profitability. The figures for April 2026 already look promising and also show double-digit revenue growth. Given our strong start to 2026 and our current performance, we confirm our full year guidance for revenue in the range of EUR 318 million-EUR 332 million, as well as an improvement in adjusted EBITDA to between EUR 16 million and EUR 20 million. Please note that any guidance or forward-looking statements are subject to usual risks and uncertainties. Before we come to the Q&A, please have a short look on our main dates of our financial calendar 2026. With that, we have reached the end of our prepared remarks. Thank you for your attention. Now we are looking forward to take your questions. Yes. Thank you very much for the presentation and to all the participants. We now move on to the Q&A session, and for a dynamic conversation, we kindly ask you to place your question via the audio line. To do so, please use the Raise Your Hand button. We already received some participants, and Ingo Schmidt, you should be able to unmute yourself and place your question. Yes. Hi, this is Ingo Schmidt from Montega. First of all, congratulations on the strong start to the year. It's great to see such strong momentum. I have two questions about the market. First on growth drivers. You reported strong double-digit growth in Q1, even though consumer sentiment is still weak, especially in Germany. What were the main reasons for this performance? For example, did the mild weather in March help, or are you seeing a more long-term shift, like people moving from cars to bikes because of high fuel prices? Second, on the market overall, do you think the cycling market is now starting to recover this year, or is your strong performance mainly coming from gaining market share from competitors? Thank you. I think I catch these two questions. When we look to the market, especially, and I look into our numbers, I would say, especially in Q1 in March in particular, we saw a further increase in order value volumes, and mainly due to an early start to the season with dry and sunny weather. I think that we, and this was in many, many years also before, that we were well prepared for that, I think that we still benefit from that more than others. That answers your questions. I think that we gain market shares from other, and it's not only from online competitors, I think it's also from, yeah, special brick-and-mortar retailers, because I think that they are more hit by the negative things we had in the last year, the overstock issues and the cost problems and so on. The other things, of course, what you, what you said, that I think that the high petrol prices at the petrol stations, I think are also providing a positive boost. I think that's the main reasons for our Q1 numbers. On the other hand, as I mentioned that I think that we are very well prepared for this season and that is more of this answer for your questions. Yes. Thank you, and all the best for the rest of the year. Thank you. Yes, thank you for your question, Mr. Schmidt. We move on to the next participant, Mr. Specht. You should be able to unmute yourself and place your question. Mr. Specht, you have to unmute yourself. We can't hear you by now. Hello? Yes. I don't know. We can hear you. Okay. Sorry. I start with a technical one. I saw a tax payments falling despite higher EBT. For sure there's some swing always in this line, but it's a real good explanation for it. That would be good. Then on growth initiatives for the coming quarters, can you give us some more insight what you're planning on the product side or on the market side, more localization, whatever. Some hints would be helpful. Then on the liability side. you, refinance your structures, can you give us some details, how the redemption will be in 2026? Thanks a lot. May I have a question to you, a repeat question, Mr. Specht? You have asked about the taxes. You mean our tax expenses or, where? Yeah, tax expenses. P&L tax expenses. They are lower than last year, yeah? Yep. I mean, first of all, we have a better result so that at the end, we have also less to activate what we have done in the last year. We have different tax assets on losses carried forward. On the other side, I mean, the rest is mainly the release of our different tax assets or different tax liabilities that we have capitalized. That we have, yeah, recognized for our capitalized, you know, brands and customer relationship. Other than this, I cannot see any further differences. Okay. Yeah. The second question, can you repeat this? I think it's for the growth initiatives. Oh, okay. I can't really catch this. Okay It's as we also did it last year, our focus is still on growth regarding bikes. Here is that we, I think, have a very good assortment. We feel also very well-prepared and our goal is also here to grow significantly at least above 10%. I think this is also possible this year. The other points and it's parallel, it's our PAC business parts, accessories clothing, that we also will here have our focus and a good assortment. As you also know, and part of our strategy is localization. Here we will have, we will localize in the end of Q2, beginning of Q3, 2 other countries. On our list, the priorities is now Denmark and Slovenia. We will go further with localization, and the top on our list are these two countries. I take the last question, except you have something to add, Mr. Specht? Let me continue. Refinancing the redemption this year will be EUR 4 million, EUR 2 million in June and EUR 2 million in December. Last year we had EUR 5 million to repay. Okay. Thanks a lot. Very helpful. Okay, Mr. Specht, thanks for your questions. We move on to Mr. Michaels. Mr. Charles Michaels, you should be able to unmute yourself and place your question. Yes, Mr. Michaels, we should hear you. Your microphone is open. Great. Can you hear me? Yes. Perfect. Thank you. Congratulations on another great quarter, gentlemen. I have a more of a strategic question with respect to AI as there's so much discussion about AI, and two sides. How can you use AI if you today, if you are, maybe you could say how you are. What do you think the threat of AI is to your business model? We saw AI more as an opportunity, more as a chance for Bike24. We use AI, of course. We have many initiatives in the company, especially in the IT programming, content creation, service support. As I would say many companies are doing this, we use it as well. Today is the situation that we see it more as an opportunity for Bike24, especially to hold the cost base stable on a special point and also with many supports in for growth also for the coming years. This is what we see it how, AI today for Bike24. Can you hear me? Do you see any competitors using AI in a way that can impact your growth or take business away from you? No, today not. You have your meetings, and you think about the future and what you hear, do you see AI as any kind of a threat? Today I don't see this. I don't see this today. Particularly what we are focusing on is our we have logistics. We have a lot of physical processes which are not affected directly by AI. As better we manage this, as more difficult will be someone able to, you know, mirror this anyhow? I think that this gives us also a good outlook. However, when it comes to how we market our products, there might be developments which we closely monitor currently. Currently, this impact is very minor. Talking about logistics, which are difficult for the single bricks and mortar bicycle shops, are you considering working more closely with your excellent logistics systems to help such companies? Are you in the process of doing anything like that? It would be possible. I think we are focusing on our business, on our business model. I think there's a lot of potential, as I also mentioned in my first statement today, that we see high potential for growth. That's why I think it's better for Bike24 to do the things we master very well, and that's why we focus on that and not to have a focus on retailers or retail business. At the same time, just to mention it, we're also preparing ourselves for such scenarios. Yeah, it's not that we stay still. The technical, you know, presets we also setting now. Yeah. Yeah. Correct. Last question on my end. The environment you historically characterize as being very competitive, discounting, it's kept your margins lower than they would otherwise be. Has there been an improvement in the competitive environment? Yeah. We see all the time small exits from the markets. The sum of these exits, I think will support Bike24. Today, to be honest, it's still a difficult environment because of all the macroeconomic issues in the world. That's why it's a little bit too early to say what will happen. When maybe we see it in the market, when I look especially to bike margins, I would say that we see today really a lower level of excess stock and not these big discounts also in the market. This is one point where we will see, I think, or where we expect margins to rise again in the medium term. I think the situation, I think for Bike24 is getting better and better. For the whole market, I think for small players, I think the situation is not the best. Thank you. You're welcome. Yes. Thank you very much, Mr. Michaels, for placing your question. To the other participants, please feel free to place your question by raising your hand so I can allow you to place the question via the audio line or put a question in our chat box. Meanwhile, Ms. Jeannette Krause from the DZ Bank congratulates you on your positive development. That's out of our Q&A box. We are waiting for some more questions on the line. If this is not the case, we come to the end. Well, there is a question. Is there a possibility to refinance at cheaper costs? Mr. Renou is placing that question. This is a question to me. I think there is a possibility, and of course, we are monitoring this closely. However, we have one year, a very good year that we can show. We have another quarter. Banks are willing to finance us, yeah, also in this, as Andrés said, in this very insecure environment within the bicycle space goes to. It is not so easy to find a replacement. Nevertheless, we are looking this continuously up, and also we want to secure our growth, and that is also why we need to have contact with banks and try to get better, yeah, better contracts going forward. Thank you. Yes, I'm waiting for some more raised hands for the Q&A session or some questions in our Q&A box. That's the case. I'll read it out. Mr. Michael Schulz is asking, "Could you comment on the development of the gross margin? What is the mid to long-term outlook for the gross margin? Is there some operational or mix potential? As I mentioned in the earnings call before for the 2025 full year, that I said that we manage more on gross profit and not gross margins. To be honest, we look to the price levels in the markets. That's what we are looking, that we have competitive prices on one hand. On the other hand, to be honest, what we see is a product mix effect, especially also in the first quarter and also last year that we, yeah, sold a lot of accessories, especially home trainers and also electronics. Naturally, these categories have very low gross margins. We have sometimes gross margin effects. This looks negative, but for Bike24 is at a very positive effect because we gaining market shares, we gaining gross profit as well. That's why we I would say strong focus on gross margin, so we shifted a little bit more to gross profit because it's for managing Bike24, it's easier for us to scale out Bike24. That's why we do this this way today. Thank you very much. In the meantime, we have received no further questions. I'll wait a few more moments to all the participants. If you want to ask the management, please raise your hand by clicking on the button. That's not the case so far. We therefore come to the end of today's earnings call. Thank you very much to all the participants for joining this call and your interest in Bike24. Thank you to you both, Sylvio and Andrés, for the presentation and your time to took the answers. From my side, I wish you a remaining lovely day. For the final remarks, I hand back over to Andrés and Sylvio. Thank you again, yeah, for joining us today, for your continued support. We appreciate, of course, your trust in Bike24, and, yeah, we look forward to keeping you updated on our progress over the coming quarters. Until then, we wish you all the best and, yeah, have a good day. Bye-bye from Dresden.

Speaker 3: Good morning or good day, ladies and gentlemen, and a warm welcome to today's Q1 2026 earnings call of the Bike24 Holding AG. I'm delighted to welcome the CEO, Andrés Martin-Birner, and CFO, Sylvio Eichhorst, who will give us an update on the results in a moment. Following their presentation, we will move on to your questions, dear participants, in our Q&A session. Having said this, Andrés, this stage is yours. Good morning or good day, ladies and gentlemen, and a warm welcome to today's Q1 2026 earnings call of the Bike24 Holding AG. good morning or good day ladies and gentlemen and a warm welcome to today's q1 2026 earnings call of the bike24 holding ag I'm delighted to welcome the CEO, Andrés Martin-Birner, and CFO, Sylvio Eichhorst, who will give us an update on the results in a moment. i'm delighted to welcome the ceo andrés martin-birner and cfo sylvio eichhorst who will give us an update on the results in a moment Following their presentation, we will move on to your questions, dear participants, in our Q&A session. following their presentation we will move on to your questions dear participants in our q&a session Having said this, Andrés, this stage is yours. having said this andrés this stage is yours

Speaker 1: Good morning, everyone, and welcome to our Q1 2026 earnings call of Bike24. Thank you for joining us today. My name is Andrés Martin-Birner. I'm the CEO and founder of Bike24. On the call with me today is Sylvio Eichhorst, our CFO. We will briefly run through the highlights of the first quarter 2026 and then open the line for Q&A. Please also note that a presentation is available on our investor relations website. Today's call is structured in three parts. We will start with a short general update on Q1, then move into the business and financial details, and finally conclude with our outlook before opening the floor for questions. Let's start with the quarter at a glance. We had a strong start into 2026, with revenue increasing to EUR 70.7 million in Q1, which represents growth of around 22% year-over-year. Good morning, everyone, and welcome to our Q1 2026 earnings call of Bike24. good morning everyone and welcome to our q1 2026 earnings call of bike24 Thank you for joining us today. thank you for joining us today My name is Andrés Martin-Birner. my name is andrés martin-birner I'm the CEO and founder of Bike24. i'm the ceo and founder of bike24 On the call with me today is Sylvio Eichhorst, our CFO. on the call with me today is sylvio eichhorst our cfo We will briefly run through the highlights of the first quarter 2026 and then open the line for Q&A. we will briefly run through the highlights of the first quarter 2026 and then open the line for q&a Please also note that a presentation is available on our investor relations website. please also note that a presentation is available on our investor relations website Today's call is structured in three parts. today's call is structured in three parts We will start with a short general update on Q1, then move into the business and financial details, and finally conclude with our outlook before opening the floor for questions. we will start with a short general update on q1 then move into the business and financial details and finally conclude with our outlook before opening the floor for questions Let's start with the quarter at a glance. let's start with the quarter at a glance We had a strong start into 2026, with revenue increasing to EUR 70.7 million in Q1, which represents growth of around 22% year-over-year. we had a strong start into 2026 with revenue increasing to eur 70.7 million in q1 which represents growth of around 22% year-over-year This growth was broad-based across markets and customer groups. DACH grew to EUR 447 million, up 21%, and our localized markets again outperformed at EUR 17.5 million, up 30%. The demand indicators remain strong as well. Orders rose to almost 484,000, up 20%, supported by an active customer base of 1.18 million, up 25% over the last twelve months. Average order value was stable at EUR 146. At the same time, profitability improved materially, with adjusted EBITDA reaching EUR 1.8 million, up by EUR 1.2 million versus last year. From an operational perspective, gross margin improved slightly to 25.5%, up 0.3 percentage points, supported by strong revenue momentum. This growth was broad-based across markets and customer groups. this growth was broad-based across markets and customer groups DACH grew to EUR 447 million, up 21%, and our localized markets again outperformed at EUR 17.5 million, up 30%. dach grew to eur 447 million up 21% and our localized markets again outperformed at eur 17.5 million up 30% The demand indicators remain strong as well. the demand indicators remain strong as well Orders rose to almost 484,000, up 20%, supported by an active customer base of 1.18 million, up 25% over the last twelve months. orders rose to almost 484,000 up 20% supported by an active customer base of 1.18 million up 25% over the last twelve months Average order value was stable at EUR 146. average order value was stable at eur 146 At the same time, profitability improved materially, with adjusted EBITDA reaching EUR 1.8 million, up by EUR 1.2 million versus last year. at the same time profitability improved materially with adjusted ebitda reaching eur 1.8 million up by eur 1.2 million versus last year From an operational perspective, gross margin improved slightly to 25.5%, up 0.3 percentage points, supported by strong revenue momentum. from an operational perspective gross margin improved slightly to 25.5% up 0.3 percentage points supported by strong revenue momentum full bikes continued to be an important growth driver, with bike revenue of EUR 12.4 million, up 27% year-over-year. Driven both traditional bikes at EUR 7.9 million, up 27%, and e-bikes at EUR 4.5 million, up 28%. To support demand and availability, we deliberately built inventory. Inventory increased to EUR 80.8 million as of March, up 22% year-over-year, by keeping the inventory to sales ratio stable at around 27%. With that said, let me now turn the presentation to Sylvio, who will give you some more details on our first quarter financials. full bikes continued to be an important growth driver, with bike revenue of EUR 12.4 million, up 27% year-over-year. full bikes continued to be an important growth driver with bike revenue of eur 12.4 million up 27% year-over-year Driven both traditional bikes at EUR 7.9 million, up 27%, and e-bikes at EUR 4.5 million, up 28%. driven both traditional bikes at eur 7.9 million up 27% and e-bikes at eur 4.5 million up 28% To support demand and availability, we deliberately built inventory. to support demand and availability we deliberately built inventory Inventory increased to EUR 80.8 million as of March, up 22% year-over-year, by keeping the inventory to sales ratio stable at around 27%. inventory increased to eur 80.8 million as of march up 22% year-over-year by keeping the inventory to sales ratio stable at around 27% With that said, let me now turn the presentation to Sylvio, who will give you some more details on our first quarter financials. with that said let me now turn the presentation to sylvio who will give you some more details on our first quarter financials

Speaker 4: Thank you very much, Andrés. Also from my side, a warm welcome. Let us now move from our group revenue increase and new high in Q1 to the category split. We continue to deliver growth in our core PAC business by faster expanding the contribution from full bikes. PAC revenue increased to EUR 58.4 million, up 21% year-over-year, driven by strong demand across parts, accessories, and clothing. Bike revenue grew even faster, reaching EUR 12.4 million, up 27% year-over-year, taking the bike share to around 18% of total revenue. Within bikes, both traditional bikes and e-bikes contributed. Traditional bikes with EUR 7.9 million, up 27%, and e-bikes with EUR 4.5 million, up 28%. The key takeaway is that our assortment strategy continues to work. Thank you very much, Andrés. thank you very much andrés Also from my side, a warm welcome. also from my side a warm welcome Let us now move from our group revenue increase and new high in Q1 to the category split. let us now move from our group revenue increase and new high in q1 to the category split We continue to deliver growth in our core PAC business by faster expanding the contribution from full bikes. we continue to deliver growth in our core pac business by faster expanding the contribution from full bikes PAC revenue increased to EUR 58.4 million, up 21% year-over-year, driven by strong demand across parts, accessories, and clothing. pac revenue increased to eur 58.4 million up 21% year-over-year driven by strong demand across parts accessories and clothing Bike revenue grew even faster, reaching EUR 12.4 million, up 27% year-over-year, taking the bike share to around 18% of total revenue. bike revenue grew even faster reaching eur 12.4 million up 27% year-over-year taking the bike share to around 18% of total revenue Within bikes, both traditional bikes and e-bikes contributed. within bikes both traditional bikes and e-bikes contributed Traditional bikes with EUR 7.9 million, up 27%, and e-bikes with EUR 4.5 million, up 28%. traditional bikes with eur 7.9 million up 27% and e-bikes with eur 4.5 million up 28% The key takeaway is that our assortment strategy continues to work. the key takeaway is that our assortment strategy continues to work PAC remains the stable backbone, while bikes provide an additional growth level and strengthen customer relevance. On the next slide, you see that the geographic picture growth was broad-based across Europe. We're seeing continued momentum in our core region, Germany, Switzerland, Austria, and strong acceleration in localized markets. GSA grew to EUR 47.0 million, up 21% year-over-year, remaining the largest contributor at roughly 2/3 of group revenue. Localized markets increased to EUR 17.5 million, up 30%, while recently localized markets such as Poland and Finland continue to scale even stronger. With Poland and Finland up by 76% to EUR 2.2 million, again demonstrating the scalability of our localization playbook. Rest of Europe grew in line with the group to EUR 5.4 million, up 22%. PAC remains the stable backbone, while bikes provide an additional growth level and strengthen customer relevance. pac remains the stable backbone while bikes provide an additional growth level and strengthen customer relevance On the next slide, you see that the geographic picture growth was broad-based across Europe. on the next slide you see that the geographic picture growth was broad-based across europe We're seeing continued momentum in our core region, Germany, Switzerland, Austria, and strong acceleration in localized markets. we're seeing continued momentum in our core region germany switzerland austria and strong acceleration in localized markets GSA grew to EUR 47.0 million, up 21% year-over-year, remaining the largest contributor at roughly 2/3 of group revenue. gsa grew to eur 47.0 million up 21% year-over-year remaining the largest contributor at roughly 2/3 of group revenue Localized markets increased to EUR 17.5 million, up 30%, while recently localized markets such as Poland and Finland continue to scale even stronger. localized markets increased to eur 17.5 million up 30% while recently localized markets such as poland and finland continue to scale even stronger With Poland and Finland up by 76% to EUR 2.2 million, again demonstrating the scalability of our localization playbook. with poland and finland up by 76% to eur 2.2 million again demonstrating the scalability of our localization playbook Rest of Europe grew in line with the group to EUR 5.4 million, up 22%. rest of europe grew in line with the group to eur 5.4 million up 22% Revenue outside Europe declined to EUR 0.8 million, down by EUR 0.3 million, reflecting our focus on Europe and customer economics. Overall, this confirms that our strongest growth continues to come from markets where we combine localized customer experience with high service levels and availability. Turning to our customer KPIs, we saw strengthening demand and continued loyalty. Our active customer base grew to 1.18 million on a last twelve months basis, up 25%, showing that we are expanding our reach while retaining our existing customers. Looking at the customer split, GSA still represents the largest share of our customer base and provides a strong repeat-driven foundation, with active customers growing by 12%, while localized markets are growing from a smaller base at 19%. These KPIs confirm that our growth, in particular, are supported by solid customer engagement and a resilient customer experience. Revenue outside Europe declined to EUR 0.8 million, down by EUR 0.3 million, reflecting our focus on Europe and customer economics. revenue outside europe declined to eur 0.8 million down by eur 0.3 million reflecting our focus on europe and customer economics Overall, this confirms that our strongest growth continues to come from markets where we combine localized customer experience with high service levels and availability. overall this confirms that our strongest growth continues to come from markets where we combine localized customer experience with high service levels and availability Turning to our customer KPIs, we saw strengthening demand and continued loyalty. turning to our customer kpis we saw strengthening demand and continued loyalty Our active customer base grew to 1.18 million on a last twelve months basis, up 25%, showing that we are expanding our reach while retaining our existing customers. our active customer base grew to 1.18 million on a last twelve months basis up 25% showing that we are expanding our reach while retaining our existing customers Looking at the customer split, GSA still represents the largest share of our customer base and provides a strong repeat-driven foundation, with active customers growing by 12%, while localized markets are growing from a smaller base at 19%. looking at the customer split gsa still represents the largest share of our customer base and provides a strong repeat-driven foundation with active customers growing by 12% while localized markets are growing from a smaller base at 19% These KPIs confirm that our growth, in particular, are supported by solid customer engagement and a resilient customer experience. these kpis confirm that our growth in particular are supported by solid customer engagement and a resilient customer experience In GSA as well as in localized markets, the average revenue per customer increased by 7% and 9% respectively. Average order value remains stable at EUR 146, up 1%, and the return rate was quarterly stable at 16.8%, up 0.2 percentage points, which supports healthy unit economics. Let me briefly comment on inventory, because it is a key enabler of our customer promise and a central topic for cash discipline. Inventory increased, as Andrés already told you, to EUR 80.8 million as at the end of March, up 22% year-over-year, reflecting a high business volume and a targeted build up to secure availability ahead of peak demand. We kept the inventory to sales ratio quarterly stable at around 27%, so inventory grew in line with revenue. In GSA as well as in localized markets, the average revenue per customer increased by 7% and 9% respectively. in gsa as well as in localized markets the average revenue per customer increased by 7% and 9% respectively Average order value remains stable at EUR 146, up 1%, and the return rate was quarterly stable at 16.8%, up 0.2 percentage points, which supports healthy unit economics. average order value remains stable at eur 146 up 1% and the return rate was quarterly stable at 16.8% up 0.2 percentage points which supports healthy unit economics Let me briefly comment on inventory, because it is a key enabler of our customer promise and a central topic for cash discipline. let me briefly comment on inventory because it is a key enabler of our customer promise and a central topic for cash discipline Inventory increased, as Andrés already told you, to EUR 80.8 million as at the end of March, up 22% year-over-year, reflecting a high business volume and a targeted build up to secure availability ahead of peak demand. inventory increased as andrés already told you to eur 80.8 million as at the end of march up 22% year-over-year reflecting a high business volume and a targeted build up to secure availability ahead of peak demand We kept the inventory to sales ratio quarterly stable at around 27%, so inventory grew in line with revenue. we kept the inventory to sales ratio quarterly stable at around 27% so inventory grew in line with revenue From a mix perspective, bike inventory increased even faster, up 35% year-over-year, taking the bike share to around 27% of inventory. Consistent with the growth in bikes and our strategy focus. Overall, we continue to aim for high availability by managing working capital tightly through more frequent and targeted replenishment. Looking at the income statement, the strong revenue growth year-over-year resulted also in a positive earnings development, with gross profit increasing by EUR 5.4 million-EUR 18 million, up 23.5%, and gross margin improving to 25.5%, up 0.3 percentage points. On operating expenses, performance marketing spends increased above the increase in revenue to EUR 1 million, up 44% year-over-year, with efficiency quarterly stable. This reflects a high paid channel share in revenue. From a mix perspective, bike inventory increased even faster, up 35% year-over-year, taking the bike share to around 27% of inventory. from a mix perspective bike inventory increased even faster up 35% year-over-year taking the bike share to around 27% of inventory Consistent with the growth in bikes and our strategy focus. consistent with the growth in bikes and our strategy focus Overall, we continue to aim for high availability by managing working capital tightly through more frequent and targeted replenishment. overall we continue to aim for high availability by managing working capital tightly through more frequent and targeted replenishment Looking at the income statement, the strong revenue growth year-over-year resulted also in a positive earnings development, with gross profit increasing by EUR 5.4 million- EUR 18 million, up 23.5%, and gross margin improving to 25.5%, up 0.3 percentage points. looking at the income statement the strong revenue growth year-over-year resulted also in a positive earnings development with gross profit increasing by eur 5.4 million- eur 18 million up 23.5% and gross margin improving to 25.5% up 0.3 percentage points On operating expenses, performance marketing spends increased above the increase in revenue to EUR 1 million, up 44% year-over-year, with efficiency quarterly stable. on operating expenses performance marketing spends increased above the increase in revenue to eur 1 million up 44% year-over-year with efficiency quarterly stable This reflects a high paid channel share in revenue. this reflects a high paid channel share in revenue Selling expenses increased in line with revenue scale to 6 million, up 90%. Personnel expenses rose to 6.9 million, up 13%, mainly driven by higher temporary labor in fulfillment and general wage increases. As a result, adjusted EBITDA improved to EUR 1.8 million, up EUR 1.1 million year-over-year, and adjustments were significantly lower than last year, where they were mainly related to additional refinancing costs. Below adjusted EBITDA, depreciation amortization amounted, as in prior year, to around EUR 4.2 million. Thus, reported EBIT improved from minus EUR 4.2 million, but remained negative at EUR 2.5 million, primarily due to the continued amortization of goodwill-like items of EUR 2.4 million. Selling expenses increased in line with revenue scale to 6 million, up 90%. selling expenses increased in line with revenue scale to 6 million up 90% Personnel expenses rose to 6.9 million, up 13%, mainly driven by higher temporary labor in fulfillment and general wage increases. personnel expenses rose to 6.9 million up 13% mainly driven by higher temporary labor in fulfillment and general wage increases As a result, adjusted EBITDA improved to EUR 1.8 million, up EUR 1.1 million year-over-year, and adjustments were significantly lower than last year, where they were mainly related to additional refinancing costs. as a result adjusted ebitda improved to eur 1.8 million, up eur 1.1 million year-over-year and adjustments were significantly lower than last year where they were mainly related to additional refinancing costs Below adjusted EBITDA, depreciation amortization amounted, as in prior year, to around EUR 4.2 million. below adjusted ebitda depreciation amortization amounted as in prior year to around eur 4.2 million Thus, reported EBIT improved from minus EUR 4.2 million, but remained negative at EUR 2.5 million, primarily due to the continued amortization of goodwill-like items of EUR 2.4 million. thus reported ebit improved from minus eur 4.2 million but remained negative at eur 2.5 million primarily due to the continued amortization of goodwill-like items of eur 2.4 million Net finance expense improved to EUR-0.7 million, down from EUR-1.9 million last year due to lower interest expenses and lower financing costs for the prolongation of the syndicated loan. Overall, the net results improved to EUR-2.2 million from EUR-4.2 million in Q1 last year. Looking at a different ratio as a percentage of revenue, you can see an improvement in almost all lines. Only performance marketing increased as a percentage of revenue, but it also contributed even more to our revenue growth at a high efficiency level. Adjusted EBITDA improved even over proportional, with EBITDA margin increasing from 1%-2.5%. Turning briefly to cash and the balance sheet. Net finance expense improved to EUR - 0.7 million, down from EUR - 1.9 million last year due to lower interest expenses and lower financing costs for the prolongation of the syndicated loan. net finance expense improved to eur - 0.7 million down from eur - 1.9 million last year due to lower interest expenses and lower financing costs for the prolongation of the syndicated loan Overall, the net results improved to EUR - 2.2 million from EUR - 4.2 million in Q1 last year. overall the net results improved to eur - 2.2 million from eur - 4.2 million in q1 last year Looking at a different ratio as a percentage of revenue, you can see an improvement in almost all lines. looking at a different ratio as a percentage of revenue you can see an improvement in almost all lines Only performance marketing increased as a percentage of revenue, but it also contributed even more to our revenue growth at a high efficiency level. only performance marketing increased as a percentage of revenue but it also contributed even more to our revenue growth at a high efficiency level Adjusted EBITDA improved even over proportional, with EBITDA margin increasing from 1%- 2.5%. adjusted ebitda improved even over proportional with ebitda margin increasing from 1%- 2.5% Turning briefly to cash and the balance sheet. turning briefly to cash and the balance sheet Cash and cash equivalents ended Q1 at EUR 18.2 million, slightly down from EUR 19 million at year-end 2025. Free cash flow amounted to EUR 0.5 million, reflecting our deliberate inventory build from EUR 64.2 million to EUR 80.8 million, and typically seasonal effects. Even with higher revenue and inventory levels, we were able to slightly reduce working capital overall, which underlines improved steering of operational balance sheet items, particularly trade accounts payable, which rose from EUR 11.2 million to EUR 29.8 million. The key message is that we are investing in availability to support growth by continuing to manage balance sheet discipline and liquidity prudently. Cash and cash equivalents ended Q1 at EUR 18.2 million, slightly down from EUR 19 million at year-end 2025. cash and cash equivalents ended q1 at eur 18.2 million slightly down from eur 19 million at year-end 2025 Free cash flow amounted to EUR 0.5 million, reflecting our deliberate inventory build from EUR 64.2 million to EUR 80.8 million, and typically seasonal effects. free cash flow amounted to eur 0.5 million reflecting our deliberate inventory build from eur 64.2 million to eur 80.8 million and typically seasonal effects Even with higher revenue and inventory levels, we were able to slightly reduce working capital overall, which underlines improved steering of operational balance sheet items, particularly trade accounts payable, which rose from EUR 11.2 million to EUR 29.8 million. even with higher revenue and inventory levels we were able to slightly reduce working capital overall which underlines improved steering of operational balance sheet items particularly trade accounts payable which rose from eur 11.2 million to eur 29.8 million The key message is that we are investing in availability to support growth by continuing to manage balance sheet discipline and liquidity prudently. the key message is that we are investing in availability to support growth by continuing to manage balance sheet discipline and liquidity prudently Looking at the complete cash flow statement compared to prior year, you can see that our cash flow from operating activities before taxes declined by 79.7%, EUR 3.6 million, mainly driven by the reduction of old stocks in the previous year. On the other hand, our cash flow from finance activities is much lower, driven by lower costs for the prolongation of our syndicated loan than last year, no redemption payments, as well as lower interest costs. To summarize again, we delivered a strong start in 2026. With revenue of EUR 70.7 million up 22% year-over-year, driven by broad-based growth across regions as well as categories. We continue to improve profitability with increased operating leverage, resulting in an adjusted EBITDA of EUR 1.8 million, supported by a stable gross margin of 25.5% and disciplined cost management. Looking at the complete cash flow statement compared to prior year, you can see that our cash flow from operating activities before taxes declined by 79.7%, EUR 3.6 million, mainly driven by the reduction of old stocks in the previous year. looking at the complete cash flow statement compared to prior year you can see that our cash flow from operating activities before taxes declined by 79.7% eur 3.6 million mainly driven by the reduction of old stocks in the previous year On the other hand, our cash flow from finance activities is much lower, driven by lower costs for the prolongation of our syndicated loan than last year, no redemption payments, as well as lower interest costs. on the other hand our cash flow from finance activities is much lower driven by lower costs for the prolongation of our syndicated loan than last year no redemption payments as well as lower interest costs To summarize again, we delivered a strong start in 2026. to summarize again we delivered a strong start in 2026 With revenue of EUR 70.7 million up 22% year-over-year, driven by broad-based growth across regions as well as categories. with revenue of eur 70.7 million up 22% year-over-year driven by broad-based growth across regions as well as categories We continue to improve profitability with increased operating leverage, resulting in an adjusted EBITDA of EUR 1.8 million, supported by a stable gross margin of 25.5% and disciplined cost management. we continue to improve profitability with increased operating leverage resulting in an adjusted ebitda of eur 1.8 million supported by a stable gross margin of 25.5% and disciplined cost management We also invested consciously into availability, keeping the inventory to sales ratio stable at around 27%. Looking ahead, our priorities are to sustain growth, drive faster operating leverage, and manage working capital and liquidity prudently. With that, let me now hand over to Andrés, who will share our outlook for the quarters to come. We also invested consciously into availability, keeping the inventory to sales ratio stable at around 27%. we also invested consciously into availability keeping the inventory to sales ratio stable at around 27% Looking ahead, our priorities are to sustain growth, drive faster operating leverage, and manage working capital and liquidity prudently. looking ahead our priorities are to sustain growth drive faster operating leverage and manage working capital and liquidity prudently With that, let me now hand over to Andrés, who will share our outlook for the quarters to come. with that let me now hand over to andrés who will share our outlook for the quarters to come

Speaker 1: Thank you, Sylvio. Looking ahead, we remain confident in our strategy and in the underlying demand for cycling products across Europe. Combined with rigorous operational execution on availability, an attractive assortment, secure logistic processes, and a strong focus on customer experience, we still see significant growth potential. Our focus for the coming quarters is to sustain double-digit growth while continuing to improve profitability. The figures for April 2026 already look promising and also show double-digit revenue growth. Given our strong start to 2026 and our current performance, we confirm our full year guidance for revenue in the range of EUR 318 million-EUR 332 million, as well as an improvement in adjusted EBITDA to between EUR 16 million and EUR 20 million. Please note that any guidance or forward-looking statements are subject to usual risks and uncertainties. Thank you, Sylvio. thank you sylvio Looking ahead, we remain confident in our strategy and in the underlying demand for cycling products across Europe. looking ahead we remain confident in our strategy and in the underlying demand for cycling products across europe Combined with rigorous operational execution on availability, an attractive assortment, secure logistic processes, and a strong focus on customer experience, we still see significant growth potential. combined with rigorous operational execution on availability an attractive assortment secure logistic processes and a strong focus on customer experience we still see significant growth potential Our focus for the coming quarters is to sustain double-digit growth while continuing to improve profitability. our focus for the coming quarters is to sustain double-digit growth while continuing to improve profitability The figures for April 2026 already look promising and also show double-digit revenue growth. the figures for april 2026 already look promising and also show double-digit revenue growth Given our strong start to 2026 and our current performance, we confirm our full year guidance for revenue in the range of EUR 318 million-EUR 332 million, as well as an improvement in adjusted EBITDA to between EUR 16 million and EUR 20 million. given our strong start to 2026 and our current performance we confirm our full year guidance for revenue in the range of eur 318 million-eur 332 million as well as an improvement in adjusted ebitda to between eur 16 million and eur 20 million Please note that any guidance or forward-looking statements are subject to usual risks and uncertainties. please note that any guidance or forward-looking statements are subject to usual risks and uncertainties Before we come to the Q&A, please have a short look on our main dates of our financial calendar 2026. With that, we have reached the end of our prepared remarks. Thank you for your attention. Now we are looking forward to take your questions. Before we come to the Q&A, please have a short look on our main dates of our financial calendar 2026. before we come to the q&a please have a short look on our main dates of our financial calendar 2026 With that, we have reached the end of our prepared remarks. with that we have reached the end of our prepared remarks Thank you for your attention. thank you for your attention Now we are looking forward to take your questions. now we are looking forward to take your questions

Speaker 3: Yes. Thank you very much for the presentation and to all the participants. We now move on to the Q&A session, and for a dynamic conversation, we kindly ask you to place your question via the audio line. To do so, please use the Raise Your Hand button. We already received some participants, and Ingo Schmidt, you should be able to unmute yourself and place your question. Yes. yes Thank you very much for the presentation and to all the participants. thank you very much for the presentation and to all the participants We now move on to the Q&A session, and for a dynamic conversation, we kindly ask you to place your question via the audio line. we now move on to the q&a session and for a dynamic conversation we kindly ask you to place your question via the audio line To do so, please use the Raise Your Hand button. to do so please use the raise your hand button We already received some participants, and Ingo Schmidt, you should be able to unmute yourself and place your question. we already received some participants and ingo schmidt you should be able to unmute yourself and place your question

Speaker 2: Yes. Hi, this is Ingo Schmidt from Montega. First of all, congratulations on the strong start to the year. It's great to see such strong momentum. I have two questions about the market. First on growth drivers. You reported strong double-digit growth in Q1, even though consumer sentiment is still weak, especially in Germany. What were the main reasons for this performance? For example, did the mild weather in March help, or are you seeing a more long-term shift, like people moving from cars to bikes because of high fuel prices? Second, on the market overall, do you think the cycling market is now starting to recover this year, or is your strong performance mainly coming from gaining market share from competitors? Thank you. Yes. yes Hi, this is Ingo Schmidt from Montega. hi this is ingo schmidt from montega First of all, congratulations on the strong start to the year. first of all congratulations on the strong start to the year It's great to see such strong momentum. it's great to see such strong momentum I have two questions about the market. i have two questions about the market First on growth drivers. first on growth drivers You reported strong double-digit growth in Q1, even though consumer sentiment is still weak, especially in Germany. you reported strong double-digit growth in q1 even though consumer sentiment is still weak especially in germany What were the main reasons for this performance? what were the main reasons for this performance For example, did the mild weather in March help, or are you seeing a more long-term shift, like people moving from cars to bikes because of high fuel prices? for example did the mild weather in march help or are you seeing a more long-term shift like people moving from cars to bikes because of high fuel prices Second, on the market overall, do you think the cycling market is now starting to recover this year, or is your strong performance mainly coming from gaining market share from competitors? second on the market overall do you think the cycling market is now starting to recover this year or is your strong performance mainly coming from gaining market share from competitors Thank you. thank you

Speaker 1: I think I catch these two questions. When we look to the market, especially, and I look into our numbers, I would say, especially in Q1 in March in particular, we saw a further increase in order value volumes, and mainly due to an early start to the season with dry and sunny weather. I think that we, and this was in many, many years also before, that we were well prepared for that, I think that we still benefit from that more than others. That answers your questions. I think I catch these two questions. i think i catch these two questions When we look to the market, especially, and I look into our numbers, I would say, especially in Q1 in March in particular, we saw a further increase in order value volumes, and mainly due to an early start to the season with dry and sunny weather. when we look to the market especially and i look into our numbers i would say especially in q1 in march in particular we saw a further increase in order value volumes and mainly due to an early start to the season with dry and sunny weather I think that we, and this was in many, many years also before, that we were well prepared for that, I think that we still benefit from that more than others. i think that we and this was in many many years also before that we were well prepared for that i think that we still benefit from that more than others That answers your questions. that answers your questions I think that we gain market shares from other, and it's not only from online competitors, I think it's also from, yeah, special brick-and-mortar retailers, because I think that they are more hit by the negative things we had in the last year, the overstock issues and the cost problems and so on. The other things, of course, what you, what you said, that I think that the high petrol prices at the petrol stations, I think are also providing a positive boost. I think that's the main reasons for our Q1 numbers. I think that we gain market shares from other, and it's not only from online competitors, I think it's also from, yeah, special brick-and-mortar retailers, because I think that they are more hit by the negative things we had in the last year, the overstock issues and the cost problems and so on. i think that we gain market shares from other and it's not only from online competitors i think it's also from yeah special brick-and-mortar retailers because i think that they are more hit by the negative things we had in the last year the overstock issues and the cost problems and so on The other things, of course, what you, what you said, that I think that the high petrol prices at the petrol stations, I think are also providing a positive boost. the other things of course what you what you said that i think that the high petrol prices at the petrol stations i think are also providing a positive boost I think that's the main reasons for our Q1 numbers. i think that's the main reasons for our q1 numbers On the other hand, as I mentioned that I think that we are very well prepared for this season and that is more of this answer for your questions. On the other hand, as I mentioned that I think that we are very well prepared for this season and that is more of this answer for your questions. on the other hand as i mentioned that i think that we are very well prepared for this season and that is more of this answer for your questions

Speaker 2: Yes. Thank you, and all the best for the rest of the year. Yes. yes Thank you, and all the best for the rest of the year. thank you and all the best for the rest of the year

Speaker 1: Thank you. Thank you. thank you

Speaker 3: Yes, thank you for your question, Mr. Schmidt. We move on to the next participant, Mr. Specht. You should be able to unmute yourself and place your question. Mr. Specht, you have to unmute yourself. We can't hear you by now. Yes, thank you for your question, Mr. Schmidt. yes thank you for your question mr schmidt We move on to the next participant, Mr. Specht. we move on to the next participant mr specht You should be able to unmute yourself and place your question. you should be able to unmute yourself and place your question Mr. Specht, you have to unmute yourself. mr specht you have to unmute yourself We can't hear you by now. we can't hear you by now

Speaker 5: Hello? Hello? hello

Speaker 3: Yes. Yes. yes

Speaker 5: I don't know. I don't know. i don't know

Speaker 3: We can hear you. We can hear you. we can hear you

Speaker 5: Okay. Sorry. I start with a technical one. I saw a tax payments falling despite higher EBT. For sure there's some swing always in this line, but it's a real good explanation for it. That would be good. Then on growth initiatives for the coming quarters, can you give us some more insight what you're planning on the product side or on the market side, more localization, whatever. Some hints would be helpful. Then on the liability side. Okay. okay Sorry. sorry I start with a technical one. i start with a technical one I saw a tax payments falling despite higher EBT. i saw a tax payments falling despite higher ebt For sure there's some swing always in this line, but it's a real good explanation for it. for sure there's some swing always in this line but it's a real good explanation for it That would be good. that would be good Then on growth initiatives for the coming quarters, can you give us some more insight what you're planning on the product side or on the market side, more localization, whatever. then on growth initiatives for the coming quarters can you give us some more insight what you're planning on the product side or on the market side more localization whatever Some hints would be helpful. some hints would be helpful Then on the liability side. then on the liability side you, refinance your structures, can you give us some details, how the redemption will be in 2026? Thanks a lot. you, refinance your structures, can you give us some details, how the redemption will be in 2026? you refinance your structures can you give us some details how the redemption will be in 2026 Thanks a lot. thanks a lot

Speaker 4: May I have a question to you, a repeat question, Mr. Specht? You have asked about the taxes. You mean our tax expenses or, where? May I have a question to you, a repeat question, Mr. Specht? may i have a question to you a repeat question mr specht You have asked about the taxes. you have asked about the taxes You mean our tax expenses or, where? you mean our tax expenses or where

Speaker 5: Yeah, tax expenses. P&L tax expenses. Yeah, tax expenses. yeah tax expenses P&L tax expenses. p&l tax expenses

Speaker 4: They are lower than last year, yeah? They are lower than last year, yeah? they are lower than last year yeah

Speaker 5: Yep. Yep. yep

Speaker 4: I mean, first of all, we have a better result so that at the end, we have also less to activate what we have done in the last year. We have different tax assets on losses carried forward. On the other side, I mean, the rest is mainly the release of our different tax assets or different tax liabilities that we have capitalized. I mean, first of all, we have a better result so that at the end, we have also less to activate what we have done in the last year. i mean first of all we have a better result so that at the end we have also less to activate what we have done in the last year We have different tax assets on losses carried forward. we have different tax assets on losses carried forward On the other side, I mean, the rest is mainly the release of our different tax assets or different tax liabilities that we have capitalized. on the other side i mean the rest is mainly the release of our different tax assets or different tax liabilities that we have capitalized That we have, yeah, recognized for our capitalized, you know, brands and customer relationship. Other than this, I cannot see any further differences. That we have, yeah, recognized for our capitalized, you know, brands and customer relationship. that we have yeah recognized for our capitalized you know brands and customer relationship Other than this, I cannot see any further differences. other than this i cannot see any further differences

Speaker 5: Okay. Okay. okay

Speaker 4: Yeah. The second question, can you repeat this? Yeah. yeah The second question, can you repeat this? the second question can you repeat this

Speaker 1: I think it's for the growth initiatives. I think it's for the growth initiatives. i think it's for the growth initiatives

Speaker 4: Oh, okay. Oh, okay. oh okay

Speaker 1: I can't really catch this. I can't really catch this. i can't really catch this

Speaker 4: Okay Okay okay

Speaker 1: It's as we also did it last year, our focus is still on growth regarding bikes. Here is that we, I think, have a very good assortment. We feel also very well-prepared and our goal is also here to grow significantly at least above 10%. I think this is also possible this year. The other points and it's parallel, it's our PAC business parts, accessories clothing, that we also will here have our focus and a good assortment. As you also know, and part of our strategy is localization. Here we will have, we will localize in the end of Q2, beginning of Q3, 2 other countries. It's as we also did it last year, our focus is still on growth regarding bikes. it's as we also did it last year our focus is still on growth regarding bikes Here is that we, I think, have a very good assortment. here is that we i think have a very good assortment We feel also very well-prepared and our goal is also here to grow significantly at least above 10%. we feel also very well-prepared and our goal is also here to grow significantly at least above 10% I think this is also possible this year. i think this is also possible this year The other points and it's parallel, it's our PAC business parts, accessories clothing, that we also will here have our focus and a good assortment. the other points and it's parallel it's our pac business parts accessories clothing that we also will here have our focus and a good assortment As you also know, and part of our strategy is localization. as you also know and part of our strategy is localization Here we will have, we will localize in the end of Q2, beginning of Q3, 2 other countries. here we will have we will localize in the end of q2 beginning of q3 2 other countries On our list, the priorities is now Denmark and Slovenia. We will go further with localization, and the top on our list are these two countries. On our list, the priorities is now Denmark and Slovenia. on our list the priorities is now denmark and slovenia We will go further with localization, and the top on our list are these two countries. we will go further with localization and the top on our list are these two countries

Speaker 4: I take the last question, except you have something to add, Mr. Specht? Let me continue. Refinancing the redemption this year will be EUR 4 million, EUR 2 million in June and EUR 2 million in December. Last year we had EUR 5 million to repay. I take the last question, except you have something to add, Mr. Specht? i take the last question except you have something to add mr specht Let me continue. let me continue Refinancing the redemption this year will be EUR 4 million, EUR 2 million in June and EUR 2 million in December. refinancing the redemption this year will be eur 4 million eur 2 million in june and eur 2 million in december Last year we had EUR 5 million to repay. last year we had eur 5 million to repay

Speaker 5: Okay. Thanks a lot. Very helpful. Okay. okay Thanks a lot. thanks a lot Very helpful. very helpful

Speaker 3: Okay, Mr. Specht, thanks for your questions. We move on to Mr. Michaels. Mr. Charles Michaels, you should be able to unmute yourself and place your question. Yes, Mr. Michaels, we should hear you. Your microphone is open. Okay, Mr. Specht, thanks for your questions. okay mr specht thanks for your questions We move on to Mr. Michaels. we move on to mr michaels Mr. Charles Michaels, you should be able to unmute yourself and place your question. mr charles michaels you should be able to unmute yourself and place your question Yes, Mr. Michaels, we should hear you. yes mr michaels we should hear you Your microphone is open. your microphone is open

Speaker 6: Great. Can you hear me? Great. great Can you hear me? can you hear me

Speaker 3: Yes. Yes. yes

Speaker 6: Perfect. Thank you. Congratulations on another great quarter, gentlemen. I have a more of a strategic question with respect to AI as there's so much discussion about AI, and two sides. How can you use AI if you today, if you are, maybe you could say how you are. What do you think the threat of AI is to your business model? Perfect. perfect Thank you. thank you Congratulations on another great quarter, gentlemen. congratulations on another great quarter gentlemen I have a more of a strategic question with respect to AI as there's so much discussion about AI, and two sides. i have a more of a strategic question with respect to ai as there's so much discussion about ai and two sides How can you use AI if you today, if you are, maybe you could say how you are. how can you use ai if you today if you are maybe you could say how you are What do you think the threat of AI is to your business model? what do you think the threat of ai is to your business model

Speaker 1: We saw AI more as an opportunity, more as a chance for Bike24. We use AI, of course. We have many initiatives in the company, especially in the IT programming, content creation, service support. As I would say many companies are doing this, we use it as well. Today is the situation that we see it more as an opportunity for Bike24, especially to hold the cost base stable on a special point and also with many supports in for growth also for the coming years. We saw AI more as an opportunity, more as a chance for Bike24. we saw ai more as an opportunity more as a chance for bike24 We use AI, of course. we use ai of course We have many initiatives in the company, especially in the IT programming, content creation, service support. we have many initiatives in the company especially in the it programming content creation service support As I would say many companies are doing this, we use it as well. as i would say many companies are doing this we use it as well Today is the situation that we see it more as an opportunity for Bike24, especially to hold the cost base stable on a special point and also with many supports in for growth also for the coming years. today is the situation that we see it more as an opportunity for bike24 especially to hold the cost base stable on a special point and also with many supports in for growth also for the coming years This is what we see it how, AI today for Bike24. This is what we see it how, AI today for Bike24. this is what we see it how ai today for bike24

Speaker 6: Can you hear me? Do you see any competitors using AI in a way that can impact your growth or take business away from you? Can you hear me? can you hear me Do you see any competitors using AI in a way that can impact your growth or take business away from you? do you see any competitors using ai in a way that can impact your growth or take business away from you

Speaker 1: No, today not. No, today not. no today not

Speaker 6: You have your meetings, and you think about the future and what you hear, do you see AI as any kind of a threat? You have your meetings, and you think about the future and what you hear, do you see AI as any kind of a threat? you have your meetings and you think about the future and what you hear do you see ai as any kind of a threat

Speaker 1: Today I don't see this. I don't see this today. Today I don't see this. today i don't see this I don't see this today. i don't see this today

Speaker 4: Particularly what we are focusing on is our we have logistics. We have a lot of physical processes which are not affected directly by AI. As better we manage this, as more difficult will be someone able to, you know, mirror this anyhow? I think that this gives us also a good outlook. However, when it comes to how we market our products, there might be developments which we closely monitor currently. Currently, this impact is very minor. Particularly what we are focusing on is our we have logistics. particularly what we are focusing on is our we have logistics We have a lot of physical processes which are not affected directly by AI. we have a lot of physical processes which are not affected directly by ai As better we manage this, as more difficult will be someone able to, you know, mirror this anyhow? as better we manage this as more difficult will be someone able to you know mirror this anyhow I think that this gives us also a good outlook. i think that this gives us also a good outlook However, when it comes to how we market our products, there might be developments which we closely monitor currently. however when it comes to how we market our products there might be developments which we closely monitor currently Currently, this impact is very minor. currently this impact is very minor

Speaker 6: Talking about logistics, which are difficult for the single bricks and mortar bicycle shops, are you considering working more closely with your excellent logistics systems to help such companies? Are you in the process of doing anything like that? Talking about logistics, which are difficult for the single bricks and mortar bicycle shops, are you considering working more closely with your excellent logistics systems to help such companies? talking about logistics which are difficult for the single bricks and mortar bicycle shops are you considering working more closely with your excellent logistics systems to help such companies Are you in the process of doing anything like that? are you in the process of doing anything like that

Speaker 1: It would be possible. I think we are focusing on our business, on our business model. I think there's a lot of potential, as I also mentioned in my first statement today, that we see high potential for growth. That's why I think it's better for Bike24 to do the things we master very well, and that's why we focus on that and not to have a focus on retailers or retail business. It would be possible. it would be possible I think we are focusing on our business, on our business model. i think we are focusing on our business on our business model I think there's a lot of potential, as I also mentioned in my first statement today, that we see high potential for growth. i think there's a lot of potential as i also mentioned in my first statement today that we see high potential for growth That's why I think it's better for Bike24 to do the things we master very well, and that's why we focus on that and not to have a focus on retailers or retail business. that's why i think it's better for bike24 to do the things we master very well and that's why we focus on that and not to have a focus on retailers or retail business

Speaker 4: At the same time, just to mention it, we're also preparing ourselves for such scenarios. Yeah, it's not that we stay still. The technical, you know, presets we also setting now. Yeah. At the same time, just to mention it, we're also preparing ourselves for such scenarios. at the same time just to mention it we're also preparing ourselves for such scenarios Yeah, it's not that we stay still. yeah it's not that we stay still The technical, you know, presets we also setting now. the technical you know presets we also setting now Yeah. yeah

Speaker 1: Yeah. Yeah. yeah

Speaker 4: Correct. Correct. correct

Speaker 6: Last question on my end. The environment you historically characterize as being very competitive, discounting, it's kept your margins lower than they would otherwise be. Has there been an improvement in the competitive environment? Last question on my end. last question on my end The environment you historically characterize as being very competitive, discounting, it's kept your margins lower than they would otherwise be. the environment you historically characterize as being very competitive discounting it's kept your margins lower than they would otherwise be Has there been an improvement in the competitive environment? has there been an improvement in the competitive environment

Speaker 1: Yeah. We see all the time small exits from the markets. The sum of these exits, I think will support Bike24. Today, to be honest, it's still a difficult environment because of all the macroeconomic issues in the world. That's why it's a little bit too early to say what will happen. When maybe we see it in the market, when I look especially to bike margins, I would say that we see today really a lower level of excess stock and not these big discounts also in the market. Yeah. yeah We see all the time small exits from the markets. we see all the time small exits from the markets The sum of these exits, I think will support Bike24. the sum of these exits i think will support bike24 Today, to be honest, it's still a difficult environment because of all the macroeconomic issues in the world. today to be honest it's still a difficult environment because of all the macroeconomic issues in the world That's why it's a little bit too early to say what will happen. that's why it's a little bit too early to say what will happen When maybe we see it in the market, when I look especially to bike margins, I would say that we see today really a lower level of excess stock and not these big discounts also in the market. when maybe we see it in the market when i look especially to bike margins i would say that we see today really a lower level of excess stock and not these big discounts also in the market This is one point where we will see, I think, or where we expect margins to rise again in the medium term. I think the situation, I think for Bike24 is getting better and better. For the whole market, I think for small players, I think the situation is not the best. This is one point where we will see, I think, or where we expect margins to rise again in the medium term. this is one point where we will see i think or where we expect margins to rise again in the medium term I think the situation, I think for Bike24 is getting better and better. i think the situation i think for bike24 is getting better and better For the whole market, I think for small players, I think the situation is not the best. for the whole market i think for small players i think the situation is not the best

Speaker 6: Thank you. Thank you. thank you

Speaker 1: You're welcome. You're welcome. you're welcome

Speaker 3: Yes. Thank you very much, Mr. Michaels, for placing your question. To the other participants, please feel free to place your question by raising your hand so I can allow you to place the question via the audio line or put a question in our chat box. Meanwhile, Ms. Jeannette Krause from the DZ Bank congratulates you on your positive development. That's out of our Q&A box. We are waiting for some more questions on the line. If this is not the case, we come to the end. Well, there is a question. Is there a possibility to refinance at cheaper costs? Mr. Renou is placing that question. Yes. yes Thank you very much, Mr. Michaels, for placing your question. thank you very much mr michaels for placing your question To the other participants, please feel free to place your question by raising your hand so I can allow you to place the question via the audio line or put a question in our chat box. to the other participants please feel free to place your question by raising your hand so i can allow you to place the question via the audio line or put a question in our chat box Meanwhile, Ms. Jeannette Krause from the DZ Bank congratulates you on your positive development. meanwhile ms jeannette krause from the dz bank congratulates you on your positive development That's out of our Q&A box. that's out of our q&a box We are waiting for some more questions on the line. we are waiting for some more questions on the line If this is not the case, we come to the end. if this is not the case we come to the end Well, there is a question. well there is a question Is there a possibility to refinance at cheaper costs? is there a possibility to refinance at cheaper costs Mr. Renou is placing that question. mr renou is placing that question

Speaker 4: This is a question to me. I think there is a possibility, and of course, we are monitoring this closely. However, we have one year, a very good year that we can show. We have another quarter. Banks are willing to finance us, yeah, also in this, as Andrés said, in this very insecure environment within the bicycle space goes to. It is not so easy to find a replacement. Nevertheless, we are looking this continuously up, and also we want to secure our growth, and that is also why we need to have contact with banks and try to get better, yeah, better contracts going forward. This is a question to me. this is a question to me I think there is a possibility, and of course, we are monitoring this closely. i think there is a possibility and of course we are monitoring this closely However, we have one year, a very good year that we can show. however we have one year a very good year that we can show We have another quarter. we have another quarter Banks are willing to finance us, yeah, also in this, as Andrés said, in this very insecure environment within the bicycle space goes to. banks are willing to finance us yeah also in this as andrés said in this very insecure environment within the bicycle space goes to It is not so easy to find a replacement. it is not so easy to find a replacement Nevertheless, we are looking this continuously up, and also we want to secure our growth, and that is also why we need to have contact with banks and try to get better, yeah, better contracts going forward. nevertheless we are looking this continuously up and also we want to secure our growth and that is also why we need to have contact with banks and try to get better yeah better contracts going forward

Speaker 3: Thank you. Yes, I'm waiting for some more raised hands for the Q&A session or some questions in our Q&A box. That's the case. I'll read it out. Mr. Michael Schulz is asking, "Could you comment on the development of the gross margin? What is the mid to long-term outlook for the gross margin? Is there some operational or mix potential? Thank you. thank you Yes, I'm waiting for some more raised hands for the Q&A session or some questions in our Q&A box. yes i'm waiting for some more raised hands for the q&a session or some questions in our q&a box That's the case. that's the case I'll read it out. i'll read it out Mr. Michael Schulz is asking, "Could you comment on the development of the gross margin? mr michael schulz is asking "could you comment on the development of the gross margin What is the mid to long-term outlook for the gross margin? what is the mid to long-term outlook for the gross margin Is there some operational or mix potential? is there some operational or mix potential

Speaker 1: As I mentioned in the earnings call before for the 2025 full year, that I said that we manage more on gross profit and not gross margins. To be honest, we look to the price levels in the markets. That's what we are looking, that we have competitive prices on one hand. On the other hand, to be honest, what we see is a product mix effect, especially also in the first quarter and also last year that we, yeah, sold a lot of accessories, especially home trainers and also electronics. As I mentioned in the earnings call before for the 2025 full year, that I said that we manage more on gross profit and not gross margins. as i mentioned in the earnings call before for the 2025 full year that i said that we manage more on gross profit and not gross margins To be honest, we look to the price levels in the markets. to be honest we look to the price levels in the markets That's what we are looking, that we have competitive prices on one hand. that's what we are looking that we have competitive prices on one hand On the other hand, to be honest, what we see is a product mix effect, especially also in the first quarter and also last year that we, yeah, sold a lot of accessories, especially home trainers and also electronics. on the other hand to be honest what we see is a product mix effect especially also in the first quarter and also last year that we yeah sold a lot of accessories especially home trainers and also electronics Naturally, these categories have very low gross margins. We have sometimes gross margin effects. This looks negative, but for Bike24 is at a very positive effect because we gaining market shares, we gaining gross profit as well. That's why we I would say strong focus on gross margin, so we shifted a little bit more to gross profit because it's for managing Bike24, it's easier for us to scale out Bike24. That's why we do this this way today. Naturally, these categories have very low gross margins. naturally these categories have very low gross margins We have sometimes gross margin effects. we have sometimes gross margin effects This looks negative, but for Bike24 is at a very positive effect because we gaining market shares, we gaining gross profit as well. this looks negative but for bike24 is at a very positive effect because we gaining market shares we gaining gross profit as well That's why we I would say strong focus on gross margin, so we shifted a little bit more to gross profit because it's for managing Bike24, it's easier for us to scale out Bike24. that's why we i would say strong focus on gross margin so we shifted a little bit more to gross profit because it's for managing bike24 it's easier for us to scale out bike24 That's why we do this this way today. that's why we do this this way today

Speaker 3: Thank you very much. In the meantime, we have received no further questions. I'll wait a few more moments to all the participants. If you want to ask the management, please raise your hand by clicking on the button. That's not the case so far. We therefore come to the end of today's earnings call. Thank you very much to all the participants for joining this call and your interest in Bike24. Thank you to you both, Sylvio and Andrés, for the presentation and your time to took the answers. From my side, I wish you a remaining lovely day. For the final remarks, I hand back over to Andrés and Sylvio. Thank you very much. thank you very much In the meantime, we have received no further questions. in the meantime we have received no further questions I'll wait a few more moments to all the participants. i'll wait a few more moments to all the participants If you want to ask the management, please raise your hand by clicking on the button. if you want to ask the management please raise your hand by clicking on the button That's not the case so far. that's not the case so far We therefore come to the end of today's earnings call. we therefore come to the end of today's earnings call Thank you very much to all the participants for joining this call and your interest in Bike24. thank you very much to all the participants for joining this call and your interest in bike24 Thank you to you both, Sylvio and Andrés, for the presentation and your time to took the answers. thank you to you both sylvio and andrés for the presentation and your time to took the answers From my side, I wish you a remaining lovely day. from my side i wish you a remaining lovely day For the final remarks, I hand back over to Andrés and Sylvio. for the final remarks i hand back over to andrés and sylvio

Speaker 1: Thank you again, yeah, for joining us today, for your continued support. We appreciate, of course, your trust in Bike24, and, yeah, we look forward to keeping you updated on our progress over the coming quarters. Until then, we wish you all the best and, yeah, have a good day. Bye-bye from Dresden. Thank you again, yeah, for joining us today, for your continued support. thank you again yeah for joining us today for your continued support We appreciate, of course, your trust in Bike24, and, yeah, we look forward to keeping you updated on our progress over the coming quarters. we appreciate of course your trust in bike24 and yeah we look forward to keeping you updated on our progress over the coming quarters Until then, we wish you all the best and, yeah, have a good day. until then we wish you all the best and yeah have a good day Bye-bye from Dresden. bye-bye from dresden