EQS-News: Brockhaus Technologies AG: Further increase in revenue of 10-15% to €225-235 million expected for 2025; strategic transformation of Bikeleasing into a multi-benefit platform

Brockhaus Technologies AG: Further increase in revenue of 10-15% to €225-235 million expected for 2025; strategic transformation of Bikeleasing into a multi-benefit platform

• Further increasing revenue by 10-15% to €225-235 million and an adjusted EBITDA of €50-55 million expected for 2025
• Transformation of Bikeleasing into a multi-benefit platform; significantly higher personnel and other operating expenses are planned for 2025
• Reorganization of IHSE management as a consequence of the internal investigation in connection with the 2024 year-end audit
• Non-cash impairments made in the annual and consolidated financial statements as of December 31, 2024
• The date for the publication of the 2024 annual financial statements and for the Annual General Meeting will be announced as soon as possible

Frankfurt am Main, July 17, 2025. The Management Board of Brockhaus Technologies AG ("Brockhaus Technologies" or the "Company", ISIN: DE000A2GSU42) remains confident that, despite the continued challenging economic environment, it will be able to increase revenue in the fiscal year 2025 to between €225 million and €235 million, even without factoring in additional acquisitions. This corresponds to solid organic growth of between 10% and 15% compared to the preliminary revenue for the 2024 reporting period. In light of investments in the long-term growth of Bikeleasing, the group plans to achieve an adjusted EBITDA in the range of €50 million to €55 million for the fiscal year 2025. This would represent a decrease of 15% to 23% compared to the preliminary adjusted EBITDA for the 2024 reporting period.

Higher expenses at Bikeleasing due to strategic growth investments

As part of Bikeleasing’s ongoing transformation from a “single-product” to a “multi-benefit” platform, Germany’s second-largest bicycle leasing provider expects significantly higher personnel and other operating expenses in fiscal year 2025. The increased expenses are primarily attributable to strategic growth initiatives, in particular the rollout of the digital multi-benefit platform Probonio.de and the development of the used bicycle platform (Bike2Future.de), which was launched in 2024.

Despite early signs of recovery in the German bicycle market, the overall market environment remains challenging. High inventory levels among bicycle retailers continue to result in substantial retail discounts, which negatively impact not only the resale prices of used bicycles but also the demand for new company bikes. Brockhaus Technologies expects this situation to persist into the second half of 2025 and is therefore reflected in the forecast for the full year 2025. The rating agency Scope has once again affirmed the issuer rating for Bikeleasing at BB+ with a stable outlook.

Management change and technological progress at IHSE

Despite a challenging start to the year, IHSE was able to increase its revenue by the end of June 2025 and is now back at prior-year levels after the first six months of the fiscal year. As a consequence of the internal investigation related to the annual financial audit, a reorganization of IHSE's management was conducted. As part of this, a new CFO joined IHSE in April of this year and has since been supported on an interim basis by Dr. Enno Littmann, former long-standing CEO of IHSE.

Undeterred by the delays related to the annual audit, IHSE continues to drive the ongoing advancement of its technology and solutions. Notably, an important milestone was achieved in the Government & Defense division (approx. 20% of IHSE's group revenue in 2024) in the first half of the year with NIAPC certification and corresponding listing in the NATO product catalog. In addition, IHSE is working towards the launch of an entirely new generation of its product portfolio starting in Q4 2024.

Non-cash impairments in the 2024 annual and consolidated financial statements

Based on external valuation opinions by PwC, the Company has recognized non-cash impairments in its annual and consolidated financial statements as of December 31, 2024. These impairments do not significantly affect the preliminary key figures revenue and adjusted EBITDA published on March 7, 2025, and also have no impact on cash flow. However, they do reduce the consolidated result, the annual result and equity.

The shares recognized at acquisition cost as well as the goodwill of Bikeleasing remain fully recoverable. The contribution of shares to a 100% owned group subsidiary in the fiscal year 2023 resulted in the disclosure of hidden reserves and the shares were valued significantly above acquisition cost. As of December 31, 2024, the contributed shares will therefore be adjusted accordingly from €70 million by €23 million to €47 million. The new carrying amount thus remains well above the original acquisition cost of €22 million.

In the Security Technologies segment (IHSE), goodwill was remeasured in the 2024 consolidated financial statements due to an updated earnings forecast. In addition, an impairment was recognized on intangible assets identified during the initial consolidation of IHSE and kvm-tec (PPA assets). Accordingly, the carrying amount of the IHSE investment in the 2024 statutory financial statements was adjusted from €96 million by €45 million to €51 million.

Publication of the 2024 financial statements

With regard to the postponed publication of the consolidated and annual financial statements for 2024, the Company continues to work diligently, in close coordination with the auditor, to complete the remaining audit procedures. A date for the publication of the 2024 financial statements and for the Annual General Meeting will be announced as soon as possible.

 

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