‘Another challenging year for the bicycle industry’ – Canyon owner reports €38 million loss

Bike manufacturer Canyon suffered a net loss of €38 million (£32m/$43m) in 2024, with owner GBL reporting a 43% fall in the value of its investment from 2023 to 2024.

GBL (Groupe Bruxelles Lambert) reported in its 2024 financial statement that: “Canyon’s sales and profitability were impacted by increased discounting across the sector and quality issues in certain electric mountain bike models, forcing Canyon to temporarily suspend sales of these models. Canyon is addressing the situation with the utmost urgency and expects to resolve the issue by Q2 2025.”