Brockhaus Technologies AG: Revenue increases in 2025 by +10% to €225 million, with an adjusted EBITDA margin of 20.6%; sale of the Bikeleasing stake

Brockhaus Technologies AG: Revenue increases in 2025 by +10% to €225 million, with an adjusted EBITDA margin of 20.6%; sale of the Bikeleasing stake

• The consolidated and annual financial statements for 2025 were audited and issued with an unqualified audit opinion by RÖDL
• Group revenue grows organically by +10.1% to €225 million, with an adjusted EBITDA margin of 20.6%
• Free cash flow before taxes remains at a high level at €31 million and adjusted earnings per share amount to €0.17
• Forecast for the continuing operations (IHSE and holding company) for the fiscal year 2026: revenue of €30 million to €32 million and adjusted EBITDA of €0 million to €2 million

 
Frankfurt am Main, March 26, 2026. Brockhaus Technologies AG (BKHT, ISIN: DE000A2GSU42, “Brockhaus Technologies” or the “Company”) has today published its audited consolidated and annual financial statements for the fiscal year 2025, which received an unqualified audit opinion from the auditor RÖDL.

In the consolidated income statement for the fiscal year 2025, the revenue as well as the other income and expenses of the former HR Benefit & Mobility Platform segment (Bikeleasing) are presented separately as a discontinued operation due to its disposal on December 23, 2025. Accordingly, Bikeleasing’s revenue for the fiscal year 2025 is no longer included in group revenue. Bikeleasing’s result is only included in the consolidated income statement as a separately disclosed result from discontinued operations within net income. For comparability with prior years, the following group figures refer to the group including discontinued operations.

Despite a continued challenging macroeconomic environment, BKHT increased group revenue organically by +10.1% to €225 million in the fiscal year 2025 compared to the previous year (2024: €204 million). Adjusted EBITDA amounted to €46 million, corresponding to an adjusted EBITDA margin of 20.6% (2024: €65 million; 31.8%). The margin was particularly impacted by a lower gross profit margin as well as higher personnel and other operating expenses to support the long-term growth of Bikeleasing. BKHT’s free cash flow before taxes remained at a high level at €31 million (2024: €43 million). Adjusted earnings per share amounted to €0.17 (2024: €0.88). Net debt at group level, relative to adjusted EBITDA of the last twelve months, increased from 0.70x to 1.04x in 2025, primarily due to the lower adjusted EBITDA.

“Even in a continued challenging macroeconomic environment, we performed well in 2025 and delivered on our promise to strategically develop technology champions and thereby create value for our shareholders. With the sale of Bikeleasing to DECATHLON PULSE, we once again demonstrated this capability. With the expected cash inflow from the transaction of approximately €240 million, we are significantly increasing our financial flexibility. We are currently carefully, comprehensively and without bias evaluating all strategic options for the use of funds together with the Supervisory Board. This ensures that any potential measures are taken in compliance with legal requirements and in the best interests of our Company and its shareholders,” comments founder and CEO Marco Brockhaus.

Bikeleasing (former segment HR Benefit & Mobility Platform) invests in its long-term growth strategy

Despite economic challenges and a declining German bicycle market, Bikeleasing continued its growth trajectory in 2025. Revenue increased to €195 million (+12.8%) compared to the previous year. A key driver of this growth was the significant increase in revenue from the resale of bicycles at the end of the leasing term, which generally carries a lower gross profit margin than the segment’s other revenue components. In addition, the new partner participation model had a positive impact on revenue.

Adjusted EBITDA amounted to €49 million (2024: €67 million), corresponding to an adjusted EBITDA margin of 25.3% (2024: 39.0%). The margin was particularly affected by the reduced gross profit margin as well as planned higher personnel and other operating expenses related to the long-term growth strategy aimed at transforming from a single-product company bike leasing provider into a multi-benefit platform. The number of newly brokered bicycles via the digital Bikeleasing platform in 2025 totaled 125 thousand, representing a decline of -10% compared to the prior-year period. The market environment continues to be characterized by an oversupply of bicycles and high retail discounts, primarily driven by high inventory levels among bicycle dealers, resulting in part from insolvencies, market exits and the aftereffects of the COVID-19 pandemic.

IHSE (Segment Security Technologies) with continued growth in the Government & Defense business

IHSE’s revenue in 2025 amounted to €30 million (-4.7%), slightly below the prior-year level. In EMEA, revenue declined year-on-year due to overall subdued investment activity in the market. The same applies to the APAC region. In contrast, revenue in the Americas exceeded the prior-year level. This development is attributable to the growing Government & Defense business, which became IHSE’s largest end market for the first time in 2025 (approx. 43% of revenue). The gross profit margin improved to 74.7% (previous year: 72.1%), mainly driven by an improved product and customer mix resulting from higher defense-related revenue.

Adjusted EBITDA amounted to €3 million, corresponding to a margin of 10.5%, and was thus slightly above the prior-year level despite lower revenue (2024: €3 million; 9.1%). This was primarily due to the higher gross profit margin as well as lower fixed costs in personnel expenses. In the third quarter of 2025, management initiated comprehensive measures to reduce fixed costs, which are expected to be reflected in key financial figures particularly in the fiscal year 2026.

Forecast for the continuing operations (IHSE and holding company) for the fiscal year 2026: revenue of €30 million to €32 million and adjusted EBITDA of €0 million to €2 million

The revenue and earnings forecast for the fiscal year 2026 relates to the Group’s continuing operations, consisting of IHSE and the holding company. Due to the signed sale agreement regarding the stake in Bikeleasing, this business is no longer included in the forecast. Brockhaus Technologies expects revenue of €30 million to €32 million in the fiscal year 2026, corresponding to organic growth of 0% to 5%. Adjusted EBITDA is expected to range from €0 million to €2 million. This implies an increase in adjusted EBITDA of €3 million to €5 million compared to the fiscal year 2025. In addition to moderately higher revenue, this development is primarily driven by planned lower fixed costs in personnel and other operating expenses in the Security Technologies segment.

The earnings call for the fiscal year 2025 will take place in English on Thursday, March 26, 2026 at 4:00 p.m. (CET). Interested parties can register for the call using the following link: https://webcast.meetyoo.de/reg/EJ5uk4WW7mST

About Brockhaus Technologies
Based in Frankfurt am Main, Brockhaus Technologies AG (BKHT, ISIN: DE000A2GSU42) is a technology group that acquires high-margin, high-growth technology and innovations champions with B2B business models in the German Mittelstand. With a unique platform approach and a long-term horizon, Brockhaus Technologies actively and strategically supports its subsidiaries in achieving profitable long-term growth, both across industries and internationally. At the same time, Brockhaus Technologies offers a gateway into these non-listed German technology champions, which are otherwise inaccessible to capital market investors. For more information, please visit: https://www.brockhaus-technologies.com/en/

Contact:
Brockhaus Technologies – Florian Peter
Phone: +49 69 20 43 40 90
Fax: +49 69 20 43 40 971
Email: ir@brockhaus-technologies.com