12 May, 2026
Moving Forward
On May 9th, we held our Annual General Assembly. An important moment to look back, understand the situation we are experiencing as an industry and, above all, make decisions with the long term in mind.
A demanding context that reinforces our model
2025 was an especially complex year for the bicycle industry. Excess supply, promotional pressure and the need to generate immediate liquidity have pushed much of the sector towards strategies that have eroded margins and compromised the sustainability of many projects. In this environment, we feel our model emerges even stronger.
For years, we have defended a way of doing things built on long-term vision, value protection, close relationships with distribution partners and sustainable relationships across the entire system. Moments like these are when that vision makes the most sense. Throughout 2025, we continued investing in innovation, product development and differentiation, avoiding dynamics that could compromise the future.
As a result, we closed the financial year with a limited 2.3% decrease in turnover compared to 2024 and only a minimal impact on margins. We also maintained results aligned with the average of the last five years. Beyond the numbers, this outcome reflects the maturity and strength of a project built with conviction. We do believe the coming years will continue to be demanding, but that is precisely where we feel we compete best: in environments that require discipline, adaptability and a clear vision of where to continue building.
Differentiation through Innovation
Throughout the year, we introduced new developments and platforms recognised by some of the industry’s most respected independent media outlets. But what we truly stand for goes further than new releases: in a market where products increasingly look alike, the difference also lies in how you do things and in the connection between what you say and what you truly are. That is why we continue investing in our own capabilities, technology, manufacturing and products that reflect a distinctive way of understanding cycling.
Impact, not afterthoughts
During the Assembly, we also presented our new Impact Plan. For the cooperative, impact is not something separate from the business or a consequence that comes afterwards. It is part of how we make decisions, invest and build the future. As a cooperative, we believe creating value must go hand in hand with responsibility towards people, the territory and future generations.
We understand that, thanks to the power of cycling, we have the ability to multiply impact both through what we do and how we do it. That is why we remain committed to a model that seeks to balance value for users, sustainability for distribution and a positive impact on the environment and the communities we are part of.
Today, Orbea has more than 1,000 employees. We have doubled the employment generated over the last five years, with nearly 80% of those jobs created in the Basque Country. We also continue allocating close to 20% of our results to solidarity and social action funds because we know reinvesting is an essential part of the way we move forward.
Building a more coherent experience
2026 will be an important year for the cooperative. Alongside some of the most ambitious product projects of recent years, we are working to elevate the experience across every touchpoint. One of the most visible examples is the new Orbea website, launched on May 10th. The platform has been redesigned to give greater value to each bicycle, personalisation and to better explain who we are and what makes this cooperative unique. At the same time, we will continue developing our communications under the “Draw the Line” umbrella.
A new chapter
The Assembly also served to renew the cooperative’s governing bodies. Nagore Larrabeiti, who has been part of Orbea for more than 20 years and Financial Director since 2012, was elected as the new President of the cooperative.