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Introduction & Market Context
Bike24 Holding AG (XETRA:BIKE) presented its Q2 2025 earnings results on August 13, 2025, revealing a significant acceleration in growth and improved profitability. The company’s stock responded positively, rising 7.88% to €2.92 following the presentation, continuing its upward trajectory after gaining 4.39% following Q1 results earlier this year.
The online bicycle retailer has now posted five consecutive quarters of revenue growth, with each quarter showing stronger year-over-year performance than the last. This momentum comes as the company continues to optimize inventory management while expanding its customer base across European markets.
Quarterly Performance Highlights
Bike24 reported record quarterly sales for Q2 2025, with revenue increasing 25% year-over-year to €80.0 million, compared to €63.8 million in Q2 2024. This represents a significant acceleration from the 18% growth reported in Q1 2025, continuing the company’s trend of sequential improvement in growth rates.
As shown in the following chart of quarterly revenue growth:
The company’s adjusted EBITDA margin expanded to 6.3% in Q2 2025, up from 4.2% in the same period last year, demonstrating improved operational efficiency. This profitability improvement was achieved while maintaining performance marketing costs at just 1.2% of revenue.
Both major product categories contributed to the strong performance, with bikes representing 81% of the revenue growth and parts, accessories, and clothing (PAC) accounting for the remaining 19%. The following chart illustrates this category breakdown:
Detailed Financial Analysis
Bike24’s income statement reveals several positive trends in the first half of 2025. Gross margin improved slightly to 26.6% in H1 2025 from 26.5% in H1 2024, while adjusted EBITDA margin increased significantly to 4.1% from 1.1% in the same period.
The company achieved substantial cost efficiencies, with personnel expenses decreasing by 2.6 percentage points as a percentage of revenue in H1 2025 compared to H1 2024. Similarly, miscellaneous expenses improved by 0.4 percentage points during the same period.
The detailed income statement comparison is presented below:
Inventory management continues to be a focus area for Bike24, with the inventory-to-sales ratio improving to 29% as of June 30, 2025, compared to 32% a year earlier and 36% two years ago. This improvement was achieved despite an intentional build-up in full-bike inventory to satisfy high demand.
The following chart shows the company’s inventory optimization progress:
Free cash flow remained strong at €3.8 million in H1 2025, compared to €4.9 million in H1 2024, which had benefited from a one-off inventory reduction. The company continued to strengthen its balance sheet, reducing bank loans to €30.1 million as of June 30, 2025, from €34.7 million a year earlier.
Strategic Initiatives & Regional Performance
Bike24’s growth strategy across European markets showed strong results in Q2 2025. The company’s core GSA region (Germany, Switzerland, Austria) grew by 28% to €56.6 million, driven by a 29% increase in active customers while maintaining average revenue per customer.
The company’s localized markets also performed exceptionally well, with revenue increasing 28% to €16.6 million, supported by a 27% growth in active customers. Even the Rest of EEA region, which had previously underperformed, showed a solid 12% growth to €5.7 million.
The following chart illustrates the regional revenue breakdown:
Customer metrics showed healthy growth across all key indicators. Active customers increased by 13% to 1,022,000 on a last-twelve-months basis as of June 30, 2025, while repeat orders grew by 12% to 1,238,000 during the same period.
Forward-Looking Statements
Bike24 confirmed its full-year 2025 guidance, expecting revenue between €248-261 million and adjusted EBITDA between €7.0-12.1 million. Management indicated that results are likely to be at the upper end of these ranges, based on the strong performance in the first half of the year and continued momentum in July and August, which showed double-digit growth.
The company summarized its key achievements and outlook as follows:
CEO Andreas Martin Berner noted during the presentation that "the turnaround that started in Q2 last year has gained even more momentum," highlighting the company’s successful recovery strategy. This statement aligns with comments made during the Q1 earnings call, where Berner had expressed confidence in the company’s growth trajectory.
Bike24’s full-year guidance and assumptions are outlined below:
The company’s guidance assumes that both the macroeconomic environment and consumer sentiment do not deteriorate significantly. With the stock now trading at €2.92, up from its 52-week low of €0.95, investor confidence in Bike24’s strategy appears strong as the company continues to deliver on its promises of accelerating growth and improving profitability.
Full presentation:
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