Brockhaus Technologies AG: Clear growth in preliminary 2024 revenue to €205 million (+10% vs. 2023) with adjusted EBITDA of €66 million (+7% vs. 2023)

Brockhaus Technologies AG: Clear growth in preliminary 2024 revenue to €205 million (+10% vs. 2023) with adjusted EBITDA of €66 million (+7% vs. 2023)

Frankfurt am Main, March 10, 2025

Brockhaus Technologies AG (BKHT, ISIN: DE000A2GSU42, "Brockhaus Technologies") achieved revenue of €205 million in fiscal year 2024, according to preliminary figures, representing purely organic growth of +10% compared to the same period last year (2023: €187 million). Adjusted EBITDA also increased by +7% to €66 million, corresponding to an adjusted EBITDA margin of 32.4% (2023: €62 million; 33.3% margin).

Both revenue and adjusted EBITDA are below the forecast communicated in March 2024 for the fiscal year 2024. Against the backdrop of the recently significantly deteriorated economic and consumer climate in Germany, BKHT assesses the growth of key performance indicators for the fiscal year 2024 as solid.

Despite the economically challenging situation, BKHT continues to expect organic revenue growth with high profitability for fiscal year 2025. However, in light of the preliminary earnings figures for 2024, the company no longer maintains its mid-term outlook for 2025 published in June 2023. The transformation of Bikeleasing, which began in 2024 as one of the key drivers of revenue and earnings, will extend into 2025 – shifting from a single-product (corporate bicycle leasing) to an internationally expanding multi-product platform (Bikeleasing, Probonio and Bike2Future). A specific forecast for the fiscal year 2025 will be published at the end of March 2025 as part of the annual report.

„Despite the significantly deteriorated economic and consumer climate, especially in the end of 2024, we were able to deliver another consecutive year of clear organic growth at a high profitability. Also for the upcoming year of 2025, we expect to continue this growth path, although we do not maintain our self-defined, ambitious goal from June 2023”, comments Marco Brockhaus, Founder and CEO.

In the HR Benefit & Mobility Platform segment (Bikeleasing and Probonio), preliminary revenue increased by +18% to €173 million in the fiscal year 2024 (2023: €146 million). Adjusted EBITDA rose by +16% to €68 million, with an adjusted EBITDA margin of 39.1% (2023: €58 million; 39.9%). The number of newly brokered bikes through the digital Bikeleasing platform in 2024 totaled 139,000, representing a decline of -8.0% compared to the previous year (2023: 151,000 bikes). In addition to weather-related factors in May and June 2024 and a general decline in consumer spending over the course of the year, two other factors significantly contributed to the decrease in brokered bikes compared to 2023: On the one hand, economic-driven credit rating downgrades of certain corporate customers led Bikeleasing to triple the rejection rate for new contract requests from existing customers to maintain a consistently high quality of receivables. On the other hand, corporate customers (approximately 10% of the total employee base) have not yet agreed to the new contract system with a variable leasing factor.

The onboarding of new customers at Bikeleasing continues to develop positively, laying the foundation for future growth. As of December 31, 2024, the number of companies connected to the digital Bikeleasing platform totaled approximately 72,000 (+20.8% in 2024), with around 3.7 million (+12.2% in 2024) employees employed.

Despite the decline in the number of newly brokered bikes, the significant increase in revenue was primarily driven by the successful ongoing transition of existing customers (to date 90% of the employee base) to a variable leasing factor, which positively impacted earnings per newly brokered bike. Another advantage of switching to a variable leasing factor is that it nearly eliminates the interest rate risk, providing a fair and predictable foundation for both Bikeleasing and its users.

Additionally, the focus on the newly founded subsidiary, Bike2Future, in 2024 contributed to an increase in the gross margin in the resale business. However, due to initial ramp-up difficulties, which have now been resolved, this resulted in lower revenue than expected in the fourth quarter of 2024. An unexpected compensation payment for increased damage rates to the insurer of Bikeleasing also negatively impacted the result in the fourth quarter. Corresponding measures were already taken in the fourth quarter to improve the damage rates and thus avoid compensation payments going forward.

In the Security Technologies segment (IHSE), revenue in the reporting period was €32 million, which is -21% lower than the comparable period (2023: €40 million). Customer-side delivery delays led to significantly below-plan revenue and earnings in the fourth quarter of 2024. As of December 31, 2024, the order backlog remained at a high level of €12.2 million (December 31, 2023: €4.6 million). Adjusted EBITDA for the reporting period was €4 million, with an adjusted EBITDA margin of 11.8% (2023: €11 million; 27.4%). This was primarily due to the lower revenue level in the fiscal year 2024, with largely unchanged fixed costs in personnel and other operating expenses.

Regarding the definition of alternative performance indicators, please refer to pages 94ff. of our 2023 annual report and pages 15ff. of our H1 2024 half-year financial report. Additionally, the costs for the review of M&A inbounds amounting to €1.6 million have been adjusted in the fiscal year 2024.

The financial figures stated in this disclosure are preliminary and unaudited. The 2024 annual report will be released on Friday, March 28, 2025. The FY 2024 earnings call is scheduled for the same day at 4:00 PM CET. Interested parties can register for the call using the following link: https://webcast.meetyoo.de/reg/id7P2sqpkSaq

Contact:

Brockhaus Technologies – Florian Peter

Phone: +49 69 20 43 40 90

Fax: +49 69 20 43 40 971

E-Mail: ir@brockhaus-technologies.com