Privately held Canyon Bicycles Company recently announced that sales in the first nine months of 2023 will increase by 23% year-on-year. According to a statement from the Brussels Lambert Group, which acquired Canyon in 2020, the bicycle brand's sales in the first nine months of 2023 were 621 million euros ($670.5 million at today's exchange rates), up from 2022 506 million euros in the same period.
Despite higher sales, Canyon's EBITDA growth rate fell 6% during the period. GBL said the EBITDA performance was due to higher discounts on certain bike categories and a supply shortage of high-demand bikes due to issues with one of its suppliers. According to GBL, supplier issues that affected the supply of Canyon road and gravel bikes in the third quarter have now been resolved.
Canyon recorded a loss of €1.3 million during the nine-month period (€200,000 attributable to GBL and the remainder to non-controlling investors), compared with a net profit attributable to GBL of €13.5 million in the same period last year. According to GBL, Canyon's net asset value (NAV) increased by €12 million during the period. Canyon accounted for 15% of GBL's private assets at the end of the period, up from 10% at the beginning of the year. Canyon's headcount increased from 1,400 at the end of 2022 to 1,695 at the end of the third quarter of 2023. GBL praised Canyon's U.S. operations for making a significant contribution to the overall results, noting that Canyon's U.S. rivals had engaged in heavy discounting during the period.
Canyon also issued a press release touting the success of its sponsored athletes, its new headquarters and innovation lab in Koblenz, its net-zero emissions goals and its recent success with Germany's Top Employers Award.
The press release noted that athletes on Canyon bikes won 13 gold medals at the UCI World Championships earlier this year, while also winning the Gravel World Championships, E-Enduro World Cup Finals and Ironman World Championships. This fall Canyon opened its fourth physical service center in Eindhoven, the Netherlands, and Canyon also works with nearly 300 affiliated service partners. A Canyon spokesperson told the media that the company's U.S. operations include VeloFix mobile service vans and about 17 brick-and-mortar retailers.
Finally, Canyon promoted its titanium powder 3D printing research project in cooperation with IperionX at this year's press conference.
Canyon "is working toward a successful fiscal 2023," the press release said.
