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ER - Brockhaus Technologies AG: Revenue rises in H1 2025 by +2.6% to 112 million with adjusted EBITDA of 25 million 2025 outlook confirmed

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 News Details 

Corporate | 14 August 2025 07:00

#   

Brockhaus Technologies AG: Revenue rises in H1 2025 by +2.6% to €112 million with adjusted EBITDA of €25 million – 2025 outlook confirmed

Brockhaus Technologies AG / Key word(s): Half Year Results/Quarterly / Interim Statement  

Brockhaus Technologies AG: Revenue rises in H1 2025 by +2.6% to €112 million with adjusted EBITDA of €25 million – 2025 outlook confirmed  

  

14.08.2025 / 07:00 CET/CEST  

The issuer is solely responsible for the content of this announcement.  

  

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**Brockhaus Technologies AG: Revenue rises in H1 2025 by +2.6% to €112 million with adjusted EBITDA of €25 million – 2025 outlook confirmed**

-   Group revenue grew organically by +2.6% to €112 million, with adjusted EBITDA of €25 million
-   Bikeleasing invests in its long-term growth strategy; revenue of €97 million (+2.9%) and adjusted EBITDA of €27 million (-34.1%)
-   IHSE increases gross margin through improved product and customer mix; revenue of €14 million (+0.8%) and adjusted EBITDA of €1.5 million (+299.6%)
-   The Group’s net debt, at 1.01x of adjusted LTM EBITDA, remains well below the target level
-   Outlook for fiscal year 2025 unchanged with revenue of €225 million to €235 million and adjusted EBITDA of €50 million to €55 million

Founder and CEO Marco Brockhaus commented: *“Despite the continued subdued economic and consumer climate, we were able to hold our ground well in the first half of 2025. Bikeleasing is investing in its long-term growth strategy to transform from a single-product provider of company bike leasing into a multi-benefit platform. IHSE is driving the continuous development of its technology and increased its gross margin in the second quarter of 2025 through an improved product and customer mix, particularly resulting from the growing defense business. For the current 2025 financial year, we expect organic revenue growth of +10% to +15% to between €225 million and €235 million, despite the persistently challenging economic environment. In light of the investments in Bikeleasing’s long-term growth and the still very challenging bicycle market, we expect adjusted EBITDA for the 2025 financial year to be between €50 million and €55 million.”*

**Frankfurt am Main, August 14, 2025** . Brockhaus Technologies AG (BKHT, ISIN: DE000A2GSU42, “Brockhaus Technologies” or the “Company”) generated revenue of €112 million in the first half of the 2025 financial year, corresponding to organic growth of +2.6% compared to the prior-year period (H1 2024: €109 million). Adjusted EBITDA amounted to €25 million in the reporting period, representing an adjusted EBITDA margin of 22.4% (H1 2024: €37.8 million; 34.6% margin). The Group is therefore on track to achieve the communicated guidance for the 2025 financial year of revenue growth to between €225 million and €235 million and adjusted EBITDA of €50 million to €55 million.

Free cash flow before taxes came in at €-22.7 million, significantly below the prior-year level (H1 2024: €2.3 million), primarily due to the deferred payout of a refinancing tranche at Bikeleasing of around €23 million into the following month. As of the reporting date, the refinancing backlog (bikes already purchased by Bikeleasing but for which payment from various refinancing partners had not yet been received) stood at €34 million, well above the prior-year level (H1 2024: €20 million). Due to the seasonality in the company bike leasing business and the resulting refinancing backlog, the majority of the Group’s operating cash flow typically falls in the second half of the financial year.

The Group’s net debt in relation to the adjusted EBITDA for the last twelve months increased from 0.70x as of December 31, 2024 to 1.01x at the end of the first half of 2025. This increase is primarily attributable to a slightly higher level of loan debt as well as lower EBITDA for the last twelve months. The leverage still remains well below the Group’s target level of 2.5x.

**Bikeleasing invests in long-term growth strategy and transformation**

The **HR Benefit & Mobility Platform segment (Bikeleasing, Probonio & Bike2Future)** continued its growth trajectory despite economic challenges. Revenue in the first half of 2025 rose by +2.9% to €97 million (H1 2024: €95 million). A key growth driver was a significant increase in revenue from the resale of bikes at the end of their leasing term, which generally carries a lower gross margin than other revenue components in the segment. Adjusted EBITDA fell by -34.1% to €27 million, with an adjusted EBITDA margin of 27.5% (H1 2024: €41 million; 42.9%). The margin was particularly impacted by planned higher personnel and other operating expenses in connection with the long-term growth strategy to transform the business from a single-product company bike leasing provider into a multi-benefit platform.

The number of new bikes brokered via the digital Bikeleasing platform in H1 2025 was 71 thousand, a decline of -12.3% compared to the prior-year period (H1 2024: 81 thousand). As of March 30, 2025, the decline was still -20.3%, which was then significantly reduced in Q2. The market environment continues to be characterized by an oversupply of bicycles and high retail discounts, driven mainly by high inventory levels at bike dealers, which are partly attributable to insolvencies, market exits, and the after-effects of the COVID-19 pandemic.

By contrast, new customer onboarding at Bikeleasing remains positive. As of June 30, 2025, the number of companies connected to Bikeleasing’s digital platform was around 78 thousand (+16.6% LTM growth) with approximately 3.9 million employees (+8.4% LTM growth).

With the acquisition of the digital multi-benefit platform Probonio.de, the service offering for corporate customers has been significantly expanded. This means that the approximately 78 thousand corporate customers of Bikeleasing can be offered additional tax-optimized benefits in the future. Since its acquisition in April 2024, the number of Probonio corporate customers has more than tripled to around 2.5 thousand.

In addition, Bikeleasing, Germany’s second-largest company bike leasing provider, is expected to benefit from the fact that returned bikes can now be resold not only through its established B2B channel, but also via the B2C used bike sales platform Bike2Future.de launched in 2024.

Both strategic developments are expected to create additional growth potential and mark the starting point for Bikeleasing’s transformation from a single-product company bike leasing provider into an internationally expanding multi-product platform.

**IHSE increases gross margin through improved product and customer mix**

In the **Security Technologies segment (IHSE)** , revenue for the reporting period amounted to €14 million (+0.8%) compared to previous year (H1 2024: €14 million). In EMEA, revenue was €8.4 million, roughly in line with the prior-year period (H1 2024: €8.2 million). The same applies to the Americas region with revenue of €5.2 million (H1 2024: €5.2 million) and the APAC region with revenue of €0.8 million (H1 2024: €0.8 million).

The gross margin in the first half of 2025 was 82.0%, significantly above the prior-year period (H1 2024: 71.0%). This was primarily due to capitalized own work of €1.2 million from increased R&D investments in new matrix and extender generations at IHSE and kvm-tec. Even when excluding capitalized own work, the segment’s gross margin of 73.5% was significantly higher than in the prior-year period (H1 2024: 68.3%). This improvement was driven by a better product and customer mix, particularly from IHSE’s growing defense business, which positively impacted the segment’s gross margin.

Adjusted EBITDA was €1.5 million in the reporting period (+299.5%), with an adjusted EBITDA margin of 10.4% (H1 2024: €0.4 million; 2.6% margin), significantly above the prior-year level. This was mainly due to the much higher gross margin, while fixed costs for personnel and other operating expenses were only slightly above the prior-year period.

IHSE is also driving the continuous development of its technology and solutions. In the Government & Defense sector (approx. 20% of IHSE’s 2024 group revenue), an important milestone was reached in the first half of the year with NIAPC certification and corresponding listing in the NATO product catalog. In addition, IHSE is working toward the launch of an entirely new generation of its product portfolio in the second half of 2025.

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

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 and the development of the used bike sales platform Bike2Future, 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 Management 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 onwards of our 2024 Annual Report.

The H1 2025 Interim Financial Report and additional company information are available at: [https://ir.brockhaus-technologies.com/en/publications](https://eqs-cockpit.com/cgi-bin/fncls.ssp?fn=redirect&url=c7dcdb587ffd6c19e8eb12c0c218a84f&application_id=2183714&site_id=airport_aws~~~7cc68db1-74de-43c8-af69-2ae0a97efdc3&application_name=news)

The **earnings call for the first half of 2025** will take place in English on **Thursday, August 14, 2025** at **4:00 p.m. (CEST)** . Interested parties can register for the call using the following link: [https://webcast.meetyoo.de/reg/1w3hYqZNvcoh](https://eqs-cockpit.com/cgi-bin/fncls.ssp?fn=redirect&url=4be98e096ec2f2bdecf8e4f80cef1fc1&application_id=2183714&site_id=airport_aws~~~7cc68db1-74de-43c8-af69-2ae0a97efdc3&application_name=news)

**Contact:**  

Brockhaus Technologies – Florian Peter  

Phone: +49 69 20 43 40 90  

Fax: +49 69 20 43 40 971  

Email: ir@brockhaus-technologies.com

  

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14.08.2025 CET/CEST Dissemination of a Corporate News, transmitted by EQS News – a service of EQS Group.  

The issuer is solely responsible for the content of this announcement.  

  

The EQS Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.  

Archive at www.eqs-news.com  

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|     |     |
| --- | --- |
| Language: | English |
| Company: | Brockhaus Technologies AG |
|     | Thurn-und-Taxis-Platz 6 |
|     | 60313 Frankfurt am Main |
|     | Germany |
| Phone: | +49 (0)69 2043 409 0 |
| Fax: | +49 (0)69 2043 409 71 |
| E-mail: | info@brockhaus-technologies.com |
| Internet: | https://www.brockhaus-technologies.com/ |
| ISIN: | DE000A2GSU42 |
| WKN: | A2GSU4 |
| Listed: | Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Munich, Stuttgart, Tradegate Exchange |
| EQS News ID: | 2183714 |

  

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| --- | --- |
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| End of News | EQS News Service |

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2183714  14.08.2025 CET/CEST

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