Investor strategic review · September 2026
The year we rebuilt the company.
What changed, why we changed it, and what happens next.
The last twelve months
We made Bicelo
simpler and stronger.
Not just bigger.
January–July 2026 · Actual performance
+10%
Underlying rental revenue, year on year
+3%
Fleet growth
€212.7k
Underlying rental revenue
100+
Partner hotels
Growth came from yield, not from hardware.
Total revenue €228.7k, +18% year on year, including the first €16k of hardware sales under the new financing structure. The rebuild ran alongside the business, not instead of it.
Why we rebuilt
In the old model, growth consumed capital and attention.
More hotels●More Bicelo-funded hardware●More supply-chain complexity●More capital and management time
Every bike was our own product: components produced in China, assembly in Portugal, and Bicelo coordinating supply chain, quality, inventory and logistics. The proposition also sat too close to plain bike rental, and the rider platform belonged to a third party.
Five changes. One redesign.
The question
How do we go from around a hundred hotels to several hundred without capital, operating complexity and technology cost growing at the same rate?
What we changed — and what comes next
Business model
Capex strategy
Product & supply chain
Brand & market position
Technology Next step
What we now sell
From bike rental to premium hotel mobility.
Hotel benefits
50% of rental revenue, up from the 10% most hotels receive today
Fully managed premium mobility service
VIP rides to offer selected guests
Guest benefits
Premium German Kalkhoff e-bikes
Child seats for family riding
Curated routes and local recommendations
How a fleet is now funded — and how it is now built
Previously
−€1,200
of Bicelo capital in every proprietary bike.
Proprietary Bicelo hardware
Components produced in China
Assembly in Portugal
Supply chain run by Bicelo
Now
+€350
contributed to Bicelo when a fleet goes in.
Finished premium Kalkhoff product
Financed by the hotel through Grenke
90-day Kalkhoff supplier terms
No production or assembly chain
From funding and effectively producing our own bikes, to earning on the deployment of a finished premium product.
€2,000
Bicelo buys the finished Kalkhoff e-bike, on 90-day supplier terms.
€65 · 48 months
The hotel signs the lease directly with Grenke, per e-bike.
€2,350
Grenke buys the e-bike from Bicelo — a €350 margin at deployment.
Bicelo keeps the hotel relationship, the guest experience, rentals, operations, maintenance and the residual value. Grenke is the financing partner only.
Core unit economics
One bike. Three monetisation moments.
01 · Deploy
€350/ bike
Contribution the day the fleet is installed.
02 · Rent
€570/ bike / year
Net to Bicelo after the hotel share and operating cost.
03 · Renew
~€1,000/ bike
Residual value when the fleet is replaced.
The deployment contribution is the structure operating today. The rental and replacement figures are modelled at mature utilisation, not results.
Own the layers that compound.
Today we depend on a third party for
Rider platform
Core app experience
Parts of the data layer
Today we control
Hotel relationship
Guest proposition and experience
Brand and pricing
Commercial model
Operations and know-how
This autumn we will evaluate whether Bicelo should own more of the software and data layer — for product control, data ownership and lower technology cost at scale. A decision gate, not a commitment to build.
How the network grows
Two engines, not one.
New signings
New premium hotels joining Prestige.
Conversions
Our existing hotel base is also a major conversion opportunity.
Every existing Bicelo hotel starts with an established relationship and an operating history.
Market density
Density improves both service and economics.
More bikes on the same service route means lower cost per bike and better service quality. Barcelona is where we prove it first — and we continue to pursue strong opportunities in the Canaries, southern Spain and other premium clusters.
Build density. Stay commercially opportunistic.
What is proven. What we are proving now.
Proven
100+ premium hotels across Spain
Hotel demand and guest usage
+10% rental revenue on a 3% larger fleet
Kalkhoff relationship and first deployments
The Grenke financing structure, live
First existing-hotel model conversions underway
Being proven now
Prestige adoption at scale
Hotel willingness to sign the lease structure
Conversion of the existing base to Prestige
Capital-efficient fleet growth at scale
Density economics in Barcelona
Operational leverage as the network grows
Where this architecture leads
The same network can become more profitable as it matures.
Once the hotel network and the installed fleet exist, the replacement cycle can create value on bikes that are already in place — without continually adding hotels.
Illustrative 2030 scale model
430 hotels
1,720 Kalkhoff e-bikes
Strategic optionality · not in the plan
The e-bike is the starting point. The hotel network is the strategic asset.
PON / Kalkhoff
Real-world premium e-bike experience inside hotels, as a product-discovery channel.
Guest services
Audio guides, curated experiences and destination products.
Brand partnerships
Physical distribution for premium lifestyle and mobility brands.
International
Spanish chain relationships as anchors when entering new countries.
None of this is required for the core business model to work, and none of it is included in the core financial plan.
The next twelve months
Now we prove it repeats.
Convert more hotels to Prestige.
Prove the Kalkhoff and Grenke structure at scale.
Grow the network without growing the balance sheet at the same rate.
Own the relationship. Finance the hardware. Monetise the lifecycle.
Future capital can increasingly go into scaling the network rather than financing the fleet.