Canyon closed 2025 with full-year sales of €738m, down 7% from 2024. EBITDA fell 34%. The figures come from Groupe Bruxelles Lambert (GBL), the Belgian investment holding company that owns a 52.35% stake in Canyon and publishes the brand's financials as part of its annual results.

Bikes Had a Tough Year

The bicycle industry had a rough 2025. Oversupply built up across the sector, retailers leaned heavily on discounting to clear inventory, and consumer demand softened in key markets, particularly in Asia and the US, where tariff uncertainty added to the pressure. Europe, Canyon's largest market by far, held up comparatively well and stayed resilient throughout the year.

Canyon wasn't immune to any of this. The electric mountain bike and mountain bike categories were hit hardest, both by the broader market dynamics and by a specific issue Canyon carried into the year.

In Q4 2024, Canyon suspended sales of select e-MTB models following quality initiatives related to certain bikes. The suspension ran into 2025 and affected performance for a significant portion of the year. Canyon confirmed that those quality initiatives have now been completed.

The Parts That Held

Road and gravel bikes were a different story. Both segments held up well through the year, with demand staying solid in the categories Canyon has historically been strongest in.

Q4 2025 also came in stronger, Canyon recorded €145m in sales, up 9% compared to Q4 2024(FX-adjusted), a sharp turnaround from the full-year trend.

Zoom out further and the picture shifts again. When GBL acquired Canyon in 2021, the brand generated €408m in annual sales (FY 2020). In 2025, that number stood at €738m, an 81% increase since GBL's entry.

Ownership and Valuation

GBL values its Canyon stake at €267m as of December 31, 2025, compared to €261m at year-end 2024. The €6m increase resulted from GBL raising its ownership from 49.76% to 52.35%, primarily by buying out shares previously held through GBL Capital, rather than an increase in Canyon's underlying equity value.

Canyon's MoIC (multiple on invested capital) stands at 0.7x since GBL's initial acquisition in 2021. GBL deployed €19.8m into Canyon during 2025 and received €1.6m in proceeds.

Adapting for the Long Term

Canyon is making deliberate structural changes. In January 2026, the company announced plans to reduce its workforce by up to 320 employees, with the goal of reducing complexity and simplifying processes.

GBL's filing described Canyon as working to "strategically adapt its organizational and cost structures to ensure long-term innovation and competitiveness," sharpening the brand's core identity around sporting performance and its connection to the cycling community.

On the product side, Canyon plans to open a dedicated e-bike store at its Koblenz headquarters in 2026. The store will give customers a firsthand, in-person experience with Canyon's product range, a notable step for a brand built entirely on direct-to-consumer online sales.

2025 was a year where market pressures and internal challenges arrived at the same time. The restructuring now underway, combined with the completion of the quality initiatives, gives Canyon a cleaner operational footing going into 2026.

How Canyon Started

Founded in Koblenz in 1985 as a small bike parts operation by Roman Arnold, Canyon grew into one of the most recognized performance bike brands in the world. Its direct-to-consumer online model, selling premium, competition-level bikes directly to riders without a dealer network, became the defining pillar of its growth. Road, gravel, mountain, and e-bike categories all followed.
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In December 2020, GBL signed a definitive agreement to acquire a majority stake in Canyon. As part of the transaction, TSG Consumer Partners, which had backed Canyon since 2016, fully exited its position. Roman Arnold remained a significant shareholder and reinvested alongside GBL, continuing as chairman of the Advisory Board. At the time of the deal, Canyon's sales exceeded €400m, having grown at an average rate of ~25% per year over the previous 7 years.

Cover image credit: Canyon