Demonstrating Our Steady Progress Forward

On May 10, we held our General Assembly, where we confirmed the consolidation of a business project that has doubled the number of jobs over the past four years. We now have more than 1,000 people in our team, and 80% of those jobs have been created in the Basque Country.

Once again, we have faced an extremely unstable market environment, marked by excess supply and a push for liquidity that forced many brands to implement widespread discounts, severely impacting margins and putting the sustainability of many businesses at risk.

In this context, we have remained true to our principles. We launched new products that received wide recognition from the most respected independent media in the industry, and we worked hand in hand with our distribution network to overcome a truly difficult moment for the entire sector.

Thanks to constant vigilance and close monitoring of a prudent and responsible sales strategy, we closed fiscal year 2024 with an 8% drop in revenue compared to 2023—but with minimal impact on margins. These results are in line with the average of the past four years, and we consider this an extraordinary closure.

The resources generated will allow us to confidently undertake strategic improvement projects, including expanding our manufacturing and logistics capabilities, developing new technologies, and investing in the training and development of our people. Additionally, nearly 20% of these results are allocated to our cooperative’s solidarity and social action funds.

At this Assembly, we formally established the Orbea Foundation—an organization created to generate a positive impact on society by supporting initiatives that promote change and sustainability through the transformative power of the bicycle.

We will be sharing more details about the Orbea Foundation very soon.

The year 2025 points to a shift in market trends, with the most optimistic projections anticipating some stabilization in the second half of the year. Regardless of how the market evolves, we will continue to work closely with our key partners: the distributors.

We remain committed to strengthening our global presence, collaborating with key teams such as Lotto, Orbea Fox Factory Team, and the new Orbea FMD Racing. These partnerships will allow us to continue building visibility and developing the most advanced products.