Brockhaus Technologies AG: Publication of the audited annual financial statements; revenue increases in 2024 by +9.5% to €204 million and adjusted EBITDA by +4.5% to €65 million.

• Annual financial statements for 2024 audited with an unqualified opinion by KPMG
• Group revenue grew organically by +9.5% to €204 million and adjusted EBITDA increased by +4.5% to €65 million
• Free cash flow before taxes reached €43 million close to record levels and adjusted earnings per share of €0.88
• Bikeleasing continues its growth trajectory and begins its transformation into a multi-benefit platform; revenue +18.0% and adjusted EBITDA +15.5% yoy
• IHSE concludes a challenging financial year and realigns its management; revenue -21.5% and adjusted EBITDA -73.9% yoy
• Net debt within the Group decreased from 0.87x to 0.70x of adjusted EBITDA in 2024
• Outlook for fiscal year 2025: further revenue growth expected to between €225 million and €235 million, with adjusted EBITDA in the range of €50 million to €55 million

Frankfurt am Main, August 7, 2025. Brockhaus Technologies AG ("Brockhaus Technologies" or the "Company", ISIN: DE000A2GSU42) published its audited financial statements for 2024 with an unqualified audit opinion from the auditor KPMG today.

Despite a challenging economic environment, BKHT concluded fiscal year 2024 with organic growth in both revenue and earnings. During the reporting period, the technology group generated revenue of €204 million, representing organic growth of +9.5% compared to the previous year (2023: €187 million). Adjusted EBITDA increased by +4.5% to €65 million, corresponding to an adjusted EBITDA margin of 31.8% (2023: €62 million; margin of 33.3%). The margin is particularly impacted by higher personnel and other operating expenses aimed at enabling the long-term growth of the Group companies. Adjusted EBIT rose by +3.5% to €60 million, resulting in an adjusted EBIT margin of 29.2% (2023: €58 million; margin of 30.9%).

BKHT’s free cash flow before taxes reached €43 million, close to the previous year’s record level (2023: €44 million), primarily driven by the scalable business model of Bikeleasing. The adjusted earnings per share amounted to €0.88 in 2024 (2023: €1.05).

“Despite the significantly deteriorated economic and consumer climate, we were able to hold our ground and deliver another consecutive year of solid, organic growth with high profitability. For the current fiscal year 2025, we expect organic revenue growth of +10% to +15% to €225 million to €235 million, despite the ongoing challenging economic environment. In light of the investments in the long-term growth of Bikeleasing and the still very challenging bicycle market, we expect adjusted EBITDA for fiscal year 2025 to be in the range of €50 million to €55 million,” commented founder and CEO Marco Brockhaus.

As of December 31, 2024, BKHT reported net debt of €46 million (2023: €59 million), cash and cash equivalents of €48 million (2023: €54 million) and non-dilutive financing capacity of approximately €115 million at the Group level. This financing capacity can be used for future acquisitions – as demonstrated by the acquisition of Probonio by Bikeleasing in April – or for other strategic options. During the reporting period, Bikeleasing distributed €35 million to its shareholders, of which €19 million went to BCM Erste Beteiligungs GmbH, the intermediate holding company controlled by Brockhaus Technologies AG. These funds were in turn used to further repay the subordinated acquisition loan related to the 2021 acquisition of Bikeleasing.

Group net debt in relation to adjusted EBITDA over the past twelve months was significantly reduced in 2024 from 0.87x to 0.70x. Financially, BKHT is therefore well positioned for the future, creating additional flexibility for growth opportunities.

Bikeleasing continues its growth trajectory and begins its transformation into a multi-benefit platform

The HR Benefit & Mobility Platform segment (Bikeleasing, Probonio & Bike2Future) continued its growth path despite economic challenges. Revenue increased by +18.0% to €173 million in fiscal year 2024 (2023: €146 million). Adjusted EBITDA rose by +15.5% to €67 million, with an adjusted EBITDA margin of 39.0% (2023: €58 million; margin of 39.9%). The number of new bicycles brokered via the digital Bikeleasing platform in 2024 totaled 139 thousand, representing a decline of -8.0% compared to the prior-year period (2023: 151 thousand units).

In addition to a general decline in consumer spending over the course of the year, the reduced number of bikes brokered compared to 2023 was significantly impacted by two additional factors. Firstly, credit downgrades of certain corporate customers due to the economic environment led Bikeleasing to triple its rejection rate for existing customer requests for new contracts, in order to maintain a consistently high quality of receivables. Secondly, corporate customers representing approximately 10% of the total employee base have not yet accepted the new contract system with a variable leasing factor.

In contrast, new customer onboarding at Bikeleasing continues to develop positively. As of December 31, 2024, approximately 72,000 companies were connected to Bikeleasing’s digital platform, representing a +20.8% increase in 2024, with around 3.7 million employees (+12.2% in 2024).

The acquisition of the digital multi-benefit platform Probonio.de significantly expands the range of services offered to corporate clients. In the future, additional salary-optimized benefits can be offered to the approximately 72,000 companies connected to the platform (as of December 31, 2024). Through a proprietary app, employers can already offer their employees more than ten different benefits – ranging from non-cash benefits and meal subsidies to corporate fitness programs and the integration of providers for company bike leasing. In the current challenging economic environment, this represents an attractive salary replacement option for companies. In addition, Bikeleasing and Probonio now present a significantly stronger proposition in new customer acquisition and clearly differentiate themselves from competitors through their combined offering.

In addition, Bikeleasing, the second-largest bicycle leasing provider in Germany, should benefit from the fact that returned leased bikes can now be resold not only through its established B2B operations but also via the newly launched B2C platform for used bikes, Bike2Future.de, founded in 2024. Both of these strategic developments are expected to unlock additional growth potential and mark the starting point of Bikeleasing’s transformation from a single-product company bike leasing provider into an internationally expanding multi-product platform.

IHSE concludes a challenging financial year and realigns its management

In the Security Technologies segment (IHSE), revenue for the reporting period amounted to €32 million, representing a decline of -21.5% compared to the prior year (2023: €40 million).
This was due not only to a challenging market environment but also to typical fluctuations in project-based business and the impact of the largest individual order in the company’s history worth over €8 million which was realized in the Americas region in the prior year and distorts year-over-year comparisons. Additionally, customer-driven delivery postponements at the end of 2024 led to significantly lower-than-expected revenue and earnings in the fourth quarter. In Americas, business was down -68% compared to the previous year, whereas in EMEA it remained largely in line with the prior year. In APAC, revenue recorded strong growth of +69%.

Adjusted EBITDA for the reporting period amounted to €3 million (-73.9%), with an adjusted EBITDA margin of 9.1% (2023: €11 million; 27.4%), which was significantly below the previous year's level. This was primarily due to the unexpectedly low revenue level in fiscal year 2024, while fixed costs particularly in personnel and other operating expenses remained largely unchanged.

Due to the misconduct of certain individuals identified during the year-end closing process, the management of IHSE was realigned. Managing Director and CEO and the commercial director have left the company. Frank Breitenfelder has been responsible for the company’s financial, operational and administrative activities in his role as commercial Managing Director since April 2025. He is supported by Dr. Enno Littmann, the former long-standing Managing Director and CEO, who will be responsible for sales and technology.

IHSE is also actively driving the continuous development of its technologies and solutions.
For example, in the Government & Defense segment (approximately 20% of IHSE’s 2024 group revenue), an important milestone was achieved in the first half of the year with NIAPC certification and the corresponding listing in the NATO product catalog. Furthermore, IHSE is working toward the launch of an entirely new generation of its product portfolio in the second half of 2025.

IHSE concludes a challenging fiscal year 2024 but is expected to benefit in the coming years from structural trends such as global digitalization and increasing connectivity particularly in application areas like autonomous driving, industrial automation and security-critical infrastructure.

Outlook for fiscal year 2025 – revenue expected to increase further to between €225 million and €235 million, with adjusted EBITDA projected at €50 million to €55 million

Brockhaus Technologies expects revenue between €225 million and €235 million for fiscal year 2025, corresponding to solid organic growth of +10% to +15% compared to fiscal year 2024.
For adjusted EBITDA, the Group plans a range of €50 million to €55 million, which represents a decline of -15% to -23% compared to the adjusted EBITDA for the 2024 reporting period.

As part of the ongoing transformation of Bikeleasing from a single-product provider to a multi-benefit platform, the 2025 fiscal year is expected to include significantly higher expenses for personnel and other operating costs. These increased expenses are primarily driven by strategic growth initiatives, particularly the rollout of the digital multi-benefit platform Probonio.de and the development of the used bike sales platform Bike2Future.de, established in 2024. Despite initial signs of recovery in the German bicycle market, the overall environment remains challenging. High inventory levels among bicycle retailers continue to lead to significant discounts in retail, which impacts not only the resale prices of used bikes but also the demand for new company bikes. The Executive Board expects this situation to persist into the second half of 2025 and this is reflected accordingly in the full-year forecast for 2025.

For the definition of alternative performance measures, please refer to pages 93 ff. of our 2024 Annual Report.

The Annual Report for fiscal year 2024 and additional company information are available at: https://ir.brockhaus-technologies.com/en/publications

The earnings call for fiscal year 2024 will take place in English on Thursday, August 7, 2025 at 4:00 p.m. (CEST). Interested parties can register for the call using the following link: https://webcast.meetyoo.de/index.html?e=1kunhXAO7Ooa


Contact information

For Investors: 
Florian Peter 
Phone:  +49 69 20 43 40 976 
Fax:  +49 69 20 43 40 971 
Email: ir@brockhaus-technologies.com