# GymBeam.com > GymBeam – EU # Annual Report 2025 Unaudited version ## Contents ## Letter from the Chief Executive Officer Letter from the Chief Executive Officer ![Dalibor Cicman, CEO of GymBeam](/annual-report/DSC_1680m edit.jpg) In 2025, GymBeam established itself as the largest European retailer of nutritional supplements, maintaining a dynamic growth rate. The Group achieved total sales of EUR 269 million including VAT (EUR 232 million excluding VAT). Consolidated EBITDA reached EUR 18.7 million, which represents a year-on-year increase of 35%. This result confirms the high efficiency of the business model and the holding's ability to scale profitability faster than turnover itself. ### Revenues and EBITDA EBITDA (mil. €) Sales revenue (mil. €) 0 50 100 150 200 250 0.05.010.015.020.025.030.0 89 148 188 232 4.8 16.5 13.8 18.7 2022202320242025 Revenues and EBITDA data 2022-2025 Year Revenue without VAT (mil. €) EBITDA (mil. €) 2022 89 4.8 2023 148 16.5 2024 188 13.8 2025 232 18.7 Figure 1: GymBeam Group Revenues and EBITDA, 2022–2025 (EUR millions). Revenue grew from EUR 89M to EUR 232M (2.6× expansion); EBITDA grew from EUR 4.8M to EUR 18.7M. ### Top 10 Largest International Sports Nutrition Brands in the EU (2025) Brand Country Founded Revenues 2025 in mil. € 1 GymBeam SK 2014 2 MyProtein UK 2004 195 3 Prozis PT 2007 166 4 BioTechUSA HU 1993 134 5 Olimp Laboratories PL 1990 115 6 Optimum Nutrition IE 1986 114 7 All Nutrition 1999 104 8 XXL Nutrition NL 100 9 HSN Nutrition ES 72 10 Scitec Nutrition 1996 67 Table 1: Top 10 international sports nutrition brands in the EU by 2025 revenue (EUR millions). GymBeam ranks #1 with EUR 232M, ahead of MyProtein (EUR 195M) and Prozis (EUR 166M). In 2025, GymBeam established itself as the largest sports nutrition brand in the EU, based on consolidated revenues from EU markets. Brand size of all ranked competitors was determined based on 2025 revenues originating from EU markets. Only international sports nutrition brands were included in the report. Brands generating 80%+ of their revenues from the RTD (Ready to drink) category or 80%+ of their revenues from a single market were excluded. ### GymBeam operates the most extensive and diversified product portfolio in the European Health & Fitness segment2 Order Company SKU count 11,499 4,399 4,139 1,869 1,590 1,398 1,067 778 533 392 Table 2: SKU portfolio comparison, 2025. GymBeam leads with 11,499 SKUs — 2.6× the second-largest brand (MyProtein, 4,399). GymBeam has successfully consolidated its position as the most comprehensive e-commerce brand within the European health and fitness sector. As illustrated by industry benchmarking, the Group operates the broadest and most diversified product ecosystem on the market, actively managing **11,499 SKUs. This extensive portfolio is more than two and a half times the size of its closest competitor, further solidifying GymBeam's undisputed market leadership in product variety.** Driven by the integration of our own AI models, we optimized headcount by **8%** despite **24%** revenue growth. The company managed to deploy a number of local models and autonomous AI agents. This shift increased revenue per employee by **33%.** The company also managed to capture the shift in customer decision-making from search engines to LLMs and cover a wide range of prompted terms very well, which significantly increased traffic from AI. This traffic was only 136,000 sessions, but achieved a conversion rate of 4.59%, representing up to a 6x increase with a very high LTV per customer. Although traffic to content pages has fallen, they are currently used primarily for indexing into LLMs and, thanks to them, we benefit from a large number of recommendations. We have strengthened our operational efficiency by deploying an **AI chatbot for customer care,** which today solves a large number of **customer inquiries** completely autonomously and without human intervention. Automation within **PIM (Product Information Management)** allows us to instantly localize content for 16+ markets. We transformed creative production by using generative AI to create product images, labels, and voiceovers, which shortened the time-to-market for innovations and reduced production costs by 68%. We consolidated our technological lead by adopting vibe coding, which accelerated our development cycle and freed up the engineering team's capacities for strategic system architecture. In the company, we managed to launch the first local models of autonomous agents based on Clawbot technology, which solve a wide range of positions such as operational purchasing, personal assistant, data analyst, data engineer, project manager for content creation, logistics manager, QA for IT, and the like. ### Robots, Robots, Robots In 2025, we purchased a wide range of robots for our logistics, which, together with AI, helped us significantly optimize the efficiency and added value of the company. We acquired a large number of AI robotic arms for picking from AutoStore, which constantly increase their speed thanks to machine learning. We have developed similar technology for inbound logistics for warehousing into AutoStore and have significantly automated production with robotic arms. We are currently working on arms for outbound and autonomous carts, which will enable us to produce and ship products without human intervention. ### Strategic investment round and strengthening of capital structure A significant milestone in 2025 was the closing of an investment round in the amount of EUR 30 million in equity financing, realized in cooperation with the consulting company Rothschild & Co. New institutional partners PortfoLion and EBRD entered the shareholder structure, while the trust in management's actions was also confirmed by the original investors from the Crowdberry platform and employees involved in the ESOP plan. As the founder, I continue to retain a majority stake of 71%, which guarantees the continuity of the company's strategic direction. We are directing the acquired capital into key areas of development: the purchase of robots, robotic arms, and AutoStore systems; the purchase of production lines in Germany and Slovakia; the strategic acquisition of a manufacturing company in Germany; and the acceleration of growth in the markets of Western Europe. ### Acquisition of German production capacities with BIO and IFS certification The acquisition of the German manufacturer **KAJA Food** provided us with direct control over the gross margin and the entire R&D cycle. This level of vertical integration allows us to eliminate inflationary pressures within the supply chain and achieve margins that are unsustainable for traditional e-commerce resellers in the long term. The sales from our own production increased by **277%,** and the innovation cycle **("Idea-to-Shelf"),** the process from the initial concept to market placement, was shortened to **10 to 12 weeks.** The speed of infrastructure execution remains our key competitive advantage. Within a record **11 months** from the first excavation, we launched the fully robotic **AutoStore** distribution hub near Milan, which serves the markets of Western and Southern Europe, including Germany and Austria. Our logistics now operates as a distributed robotic ecosystem with a single orchestration layer, allowing us to maintain **efficiency** even as order complexity increases. ### Marketplaces GMV (in ths. €) 0 2,500 5,000 7,500 10,000 188 2021 909 2022 2,569 2023 5,003 2024 9,704 2025 Marketplaces Marketplaces GMV data 2021-2025 in thousands EUR GMV (thousands €) 2021 909 2,569 5,003 9,704 Figure 2: Marketplaces GMV growth, 2021–2025 (EUR thousands). From EUR 188K to EUR 9,704K — 51× over five years, 94% YoY in 2025. ### GMV channels split - 2025 - D2C 86% - B2B 8% - Marketplaces 5% - Retail 1% GMV channels split 2025 Channel Share (%) D2C 86 B2B Marketplaces Retail Figure 3: GMV split by sales channel, 2025. D2C 86%, B2B 8%, Marketplaces 5%, Retail 1%. ### Omnichannel strategy and customer ecosystem Our omnichannel strategy is built on a strong, diversified foundation. As illustrated by our current GMV channel split, our proprietary D2C platform remains the absolute core of our business, accounting for **86%** of total GMV. This is strategically complemented by our B2B segment (8%) and a rapidly scaling presence on Marketplaces (5%). Our market presence across leading European marketplaces, including Amazon (DE, ITA), Allegro (PL, CZ), Kaufland (DE), eMag (RO, HU), Rozetka (UA) and Decathlon (CZ, PL) has proven to be a growth engine. The historical data demonstrates an exponential scaling trajectory: Marketplaces GMV surged from roughly EUR 188,000 in 2021 to over **EUR 9,704,000 in 2025.** This represents a massive **94%** year-on-year increase from 2024 alone, validating our strategy of utilizing third-party platforms for rapid brand discovery, customer acquisition, and new market penetration. We strategically complement this external reach by converting these newly acquired audiences into our own proprietary ecosystem, featuring our mobile application and a new Loyalty program. Although the traditional e-shop remains our primary sales channel, the mobile app demonstrates an impressive **83% higher conversion rate.** Owning these direct communication channels allows us to increase long-term customer retention and build a more predictable, highly profitable business model that is independent of price volatility in external advertising auctions. In 2026, we will focus on innovation and expanding our product range to include the **longevity** category. Our goal is to bring the latest trends in longevity support and regeneration directly to our customers. We view the inclusion of products such as **NMN, Resveratrol, Quercetin,** and **Coenzyme Q10** as a key step in building a comprehensive portfolio for a modern, active lifestyle. We enter 2026 with the strongest capital position and most efficient operating model in our history. I thank every member of our team for their courage to challenge established rules, and our customers for the trust that motivates us toward further growth. Dalibor Cicman CEO of GymBeam ![Signature of Dalibor Cicman, CEO of GymBeam](/annual-report/cicman.png) ## Chapter 1: About GymBeam Chapter 1: About GymBeam ![GymBeam production facility with automated robotic arms, manufacturing lines, and quality control](/annual-report/Gemini_Generated_Image_k4jvh2k4jvh2k4jv.png) ### GymBeam Group profile and strategic position Based on internal market analysis, GymBeam ranks as the largest e-commerce brand in the European sports nutrition segment and a leading regional D2C (direct-to-consumer) manufacturer. The Group's D2C platform currently serves **2.7 million active customers3,** from a total registered database of **6.2 million,** distributing a diversified portfolio of sports nutrition, healthy foods, functional apparel, and training equipment across more than **50 countries** globally. The Group's operations are supported by dedicated, localized teams across **16 European markets.** The primary growth driver and core strategic focus for the Group is the accelerated expansion into Western and Southern Europe, with strategic prioritization placed sequentially on **Germany, Italy, and Austria.** The Group's pan-European market footprint is further consolidated by the strategic relocation of its corporate headquarters (HQ) to **Vienna.** This transition directly aligns with our broader corporate strategy to elevate brand positioning and reinforce our commitment to top-tier manufacturing and quality control standards within our in-house production facilities. ### GymBeam corporate values Establishing and cultivating a strong corporate culture is a fundamental component of the GymBeam Group's long-term strategy. Our core values serve as the guiding framework for strategic decision-making, internal governance, and external stakeholder engagement. Furthermore, these principles are deeply embedded in our talent acquisition and human capital management processes. Our internal maxims **Move fast. Grow. Client first. Work hard. Be a team player. Innovate through tech** translate into the following corporate pillars: - **Rapid growth:** We grow and move fast within a dynamic environment. We set ambitious goals and strive to achieve them quickly. - **We focus on the client:** Our clients always come first. We aim for customer success and satisfaction through our internal community and external interaction with athletes and healthy lifestyle enthusiasts, utilizing the latest marketing and communication channels. - **Hard work and always going the extra mile:** We work hard and smart. We focus on productivity and dedicate extra effort whenever necessary. Our success is built on timely and flexible project delivery that meets customer expectations and provides quality outputs. - **A great team in a great work ecosystem:** Great teams are comprised of great people. Our ecosystem helps them unlock their potential and develop both their ideas and themselves. We have created the best possible foundation for individual and team-based work. - **Innovation and leadership through new technologies:** The Group invests in innovation across every area of the company. Our goal is to lead the segment through investment in new technologies, process innovation, and continuous exponential growth. ### The fundamental pillars of our success The Group currently manages a robust portfolio of **11,499 products (SKUs).** This extensive offering is the direct result of our accelerated product development capabilities and a faster time to market for new innovations. While we continuously optimize our assortment by phasing out lower-margin third-party resale products, this reduction was vastly outpaced by the rapid introduction and targeted expansion of our proprietary private label brands. The Group's sustainable growth is built upon five core pillars: - **Customer base and D2C model:** The product portfolio is developed utilizing rigorous data analytics to address the specific requirements of a diverse demographic, ranging from active recreational users to professional athletes. The core strength of the D2C platform lies in cultivating a highly engaged European customer base with strong retention rates. This direct-to-consumer relationship enables organic market share expansion while structurally optimizing customer acquisition costs (CAC). - **Capital allocation and value creation:** Capital deployment is strictly guided by the objectives of long-term market share expansion and maximizing return on investment (ROI). Strategic resources are systematically reinvested into vertical integration (such as the acquisition of manufacturing facilities near Düsseldorf), advanced logistics automation (including the new distribution hub near Milan), and continuous technological advancement to drive overall Enterprise Value. - **Human capital management:** The human resources strategy prioritizes high productivity, the automation of routine processes, and comprehensive internal training programs. This framework ensures the retention of operational agility and sustains our competitive position within the market. - **Technology and AI infrastructure:** Operating fundamentally as a technology-driven enterprise, the Group relies on proprietary IT development. Platform stability and a premium customer experience are secured through a fully scalable cloud infrastructure, bespoke ERP modules, a native mobile application, and the extensive integration of artificial intelligence across process management, marketing workflows, and customer support. - **Data-driven R&D and manufacturing standards:** The research and development pipeline is governed by predictive data analytics and the algorithmic tracking of consumer search queries. This methodology enabled the successful introduction of nearly 1,000 new SKUs in 2025. The end-to-end product development cycle, from initial trend identification to market launch, is optimized to a 10 to 12 week timeframe. Furthermore, internal manufacturing capacities in Germany ensure strict adherence to top-tier European quality and compliance standards. #### Sports nutrition 3,773 ![GymBeam sports nutrition products including proteins, creatine, amino acids](/annual-report/PackshotsSupplements.jpg) #### Healthy foods 2,156 ![GymBeam healthy foods including protein wraps, peanut butter, snacks](/annual-report/Pict_Food.jpg) #### Accessories 2,336 #### Sportswear 3,234 ![GymBeam accessories and sportswear collection with dumbbells, kettlebells, yoga mat, and apparel](/annual-report/PackshotsApparel_Accessories.jpg) ### Our team The GymBeam Group's European operational infrastructure currently employs a workforce of **650 professionals.** The Group's international market footprint is reflected in its highly diversified human capital, which is distributed across **16 countries** and integrates the expertise of **23 different nationalities.** With an average employee age of **30,** the demographic profile supports a dynamic corporate culture that is essential for maintaining high operational agility within the technology and e-commerce sector. Furthermore, in strict alignment with European diversity and Environmental, Social, and Governance (ESG) reporting standards, the Group demonstrates a strong commitment to workplace inclusion, highlighted by a **48.2% female representation** across the overall organizational structure. #### Human capital allocation and organizational structure - Logistics 33.0% - Operations 28.0% - Marketing 20.0% - IT 14.0% - Finance 5.0% Human capital allocation by department 2025 Department Allocation (%) Logistics 33 Operations 28 Marketing 20 IT 14 Finance Figure 4: Human capital allocation by department, 2025 (share of 650 employees). Logistics 33%, Operations 28%, Marketing 20%, IT 14%, Finance 5%. #### Organizational structure and human capital allocation The organizational structure of the GymBeam Group is strategically aligned with its operational requirements as a scaling European e-commerce platform. The allocation of personnel capacities is data-optimized to support vertical integration, technological development, and the management of international infrastructure: - **Logistics and in-house production (33%):** Representing the largest allocation of human capital, this segment directly ensures the operation of key physical infrastructure. This includes the management of proprietary manufacturing facilities near Düsseldorf and the operation of automated fulfillment hubs, such as the newly established warehouse near Milan. - **Operations and B2B (28%):** This division encompasses procurement, human resources, and AI-optimized customer service, alongside a growing B2B department. Furthermore, this team oversees the expansion of the regional retail network, culminating in the recent opening of a premium branch and corporate headquarters in Vienna. - **In-house marketing (20%):** A dedicated department focused on data-driven customer acquisition and retention strategies across Europe. Marketing expenditure and strategic focus are systematically prioritized toward high-value markets, specifically Germany, Italy, and Austria. - **IT and development (14%):** The internal technology team is responsible for scaling the native D2C application, managing complex cloud infrastructure, and integrating artificial intelligence and automation solutions across corporate workflows. - **Finance (5%):** This department executes strategic controlling, ESG reporting, and capital allocation. Key responsibilities include the financial integration of the recent EUR 30 million equity investment, aiming to maximize overall return on investment (ROI). #### Human capital development and technological retraining **Human capital development and technological upskilling** Sustaining operational efficiency and competitive advantage necessitates continuous investment in employee development. In 2025, the Group allocated over **EUR 382,000** toward internal training programs, accounting for a total of 5,110 hours of professional education. The strategic development of human capital is highly focused on advancing technical proficiencies and operational capabilities. A significant emphasis is placed on emerging technologies, evidenced by intensive workshops on Large Language Models (LLMs), generative AI integration, advanced data analytics (Tableau), and cloud infrastructure management (Frontend Skill Boost Academy). This technical curriculum is systematically complemented by training programs in agile project management, B2B negotiation strategies, and mandatory industry-specific education in sports nutrition and supplementation to support the Group's core commercial activities. 650 members 48.2% women 30 years old average age 23 nationalities 16 countries we operate from Note: According to GymBeam internal methodology ## Chapter 2: Strategic & operational review Chapter 2: Strategic & operational review ### Operational & logistics review The 2025 fiscal year was characterized by systematic expansion, advanced automation, the deployment of robotics, and the integration of artificial intelligence, all contributing to a robust omnichannel presence across Europe. Key strategic priorities, including B2B segment development, retail expansion, and technological innovations in logistics and customer care, translated into measurable financial results and a consolidated market position within the sports nutrition sector. ### B2B segment expansion and omnichannel strategy The B2B segment recorded a **50% year-on-year growth,** with its contribution to total consolidated revenues approaching **10%.** This performance validates the Group's channel diversification strategy and the strengthening of its physical retail footprint alongside the core digital platform. Expanded strategic partnerships with major European retail chains, including **Lidl** and **Kaufland,** have increased brand penetration and serve as a foundational pillar for a stable omnichannel distribution model. To sustain this growth trajectory, dedicated regional B2B teams were established across the DACH region, Italy, and Poland. ### Retail innovations To further optimize operational expenditures and enhance customer convenience, the retail division initiated the rollout of automated **smart dispensing lockers** and **vending machines,** ensuring **24/7 product availability** across strategic locations. ### Logistics infrastructure and manufacturing integration The year represented a milestone in the modernization of the Group's logistics infrastructure. The newly deployed **15,300 square meter AutoStore facility** near Milan, operating a fleet of **85 robots,** successfully reduced the average picking time per item to **under 10 seconds.** Furthermore, the strategic integration of newly acquired German manufacturing capacities into the central supply chain expanded the Group's total internal production footprint to **9,572 square meters,** establishing a highly scalable operating model. ### AI-Driven customer care automation Customer service operations underwent substantial optimization in 2025. The implementation of advanced AI models and autonomous agents enhanced the efficiency of query resolution. These technological integrations reduced average response times by **50%.** Currently, autonomous AI agents independently resolve approximately **10% of all incoming customer support tickets** without human intervention. Additionally, an AI-assisted collaborative model is utilized in another **15% of cases,** where algorithms proactively retrieve data and draft suggested responses for human operators. This hybrid approach improves response consistency and reallocates human capital toward complex, high-value customer interactions. ![GymBeam automated smart dispensing locker and vending machine with branded orange exterior and large G logo, deployed for 24/7 product availability](/annual-report/Vending.png) ### BOXPI commercialization and technological revenue A major technological and logistical milestone in 2025 was the successful commercialization of **BOXPI,** a comprehensive shipping and logistics platform developed entirely in-house by the Group. Originally designed to orchestrate our internal supply chain operations, BOXPI is now commercially available to external e-commerce operators across the CEE region. In its first year of commercial operation, the platform generated independent B2B revenues of **EUR 1.54 million.** The robust infrastructure successfully processed a total of **4.8 million parcels** distributed across more than **16 European countries.** While the system seamlessly managed the Group's high-volume internal fulfillment, over **410,000 of these parcels were processed exclusively for 35 newly acquired external B2B partners.** The commercialization of this platform not only optimizes internal operating expenditures but also establishes a highly scalable, independent technological revenue stream for the Group. Róbert Čižmár Chief Operating Officer 35 Partners 16+ Countries 4.8M Parcels 1.54M Revenues Boxpi 2025 key metrics Metric Value External B2B partners Countries served Parcels processed 4.8 million Independent B2B revenues EUR 1.54 million Figure 6: BOXPI key metrics, 2025. 35 partners, 16+ countries, 4.8M parcels, EUR 1.54M revenues. ![Boxpi shipping and logistics platform logo](/annual-report/boxpi-logo.svg) ![Map of Europe showing 16+ countries served by Boxpi highlighted in orange](/annual-report/Boxpi_Map.png) Figure 5: BOXPI — European delivery coverage map (16+ countries, 2025). Boxpi Parcels Delivered for external B2B partners (2025) Parcels Delivered 0 10,000 20,000 30,000 40,000 50,000 60,000 70,000 8,588 10,043 12,379 21,695 26,798 31,853 37,518 36,448 45,170 57,187 61,478 61,150 JanFebMarAprMayJunJulAugSepOctNovDec Month Boxpi parcels delivered for external B2B partners 2025 (monthly) Month Parcels Delivered Jan 8,588 Feb 10,043 Mar 12,379 Apr 21,695 May 26,798 Jun 31,853 Jul 37,518 Aug 36,448 Sep 45,170 Oct 57,187 Nov 61,478 Dec 61,150 Figure 7: BOXPI — Parcels delivered for external B2B partners, monthly (2025). From 8,588 in January to a peak of 61,478 in November (~7× growth). ### Top 10 strategic and operational events of the year #### 1\. Securing EUR 30 million in strategic equity financing In December, the Group closed a definitive agreement with international institutional investors EBRD and PortfoLion. The EUR 30 million capital injection is primarily allocated toward logistics automation, strategic acquisitions, and market share expansion across Western Europe. #### 2\. Acquisition of a manufacturing facility near Düsseldorf The Group executed the strategic acquisition of its long-standing manufacturing partner, the German company KAJA Food. This transaction added 4,000 square meters of production space and nine manufacturing lines near Düsseldorf, enhancing vertical integration and ensuring adherence to premium German manufacturing standards. #### 3\. Commissioning of an automated logistics hub near Milan A new fulfillment center exceeding 15,000 square meters commenced operations near Milan to support expansion into high-value regional markets. The integration of 85 AutoStore robots and 74,000 bins has structurally accelerated the supply chain for Western and Southern Europe, establishing Italy as a core growth market for the Group. #### 4\. Consolidation of European market footprint and HQ relocation to Vienna The Group further solidified its position as a leading e-commerce platform in the European sports nutrition sector. This strategic positioning was formally anchored by the relocation of the corporate headquarters to Vienna and the inauguration of a premium retail branch (Fitness Hub) at the prestigious Kärntner Ring. #### 5\. Expansion of in-house manufacturing and warehouse robotics The Group commissioned fully automated production lines with a capacity of 250,000 capsules per shift and initiated high-capacity powder production. Logistics operations were further optimized through the installation of AI-driven robotic picking arms, advancing the automation of the order fulfillment lifecycle. #### 6\. Launch of the proprietary D2C mobile application The Group successfully rolled out its native mobile application (iOS and Android), achieving strong market adoption. By the fiscal year-end, 7% of total orders in December were generated directly through this channel, establishing it as a critical asset for driving customer retention and optimizing acquisition costs. #### 7\. Expansion within the DACH region and launch of [GymBeam.at](http://gymbeam.at) Advancing its strategic focus on German-speaking markets, the Group launched the fully localized GymBeam.at platform. Operating as a direct technological and logistical extension of the German operations, this localized domain accelerates market penetration and revenue growth in Austria. #### 8\. Comprehensive IT infrastructure migration and AI integration The Group successfully completed the migration of its IT infrastructure to the Google Cloud Platform (GCP) and transitioned to Adobe Commerce, generating annualized cost savings of EUR 250,000. Furthermore, artificial intelligence was directly integrated into the search engine (yielding a 123% increase in search relevance) and deployed to automate workflows within the customer service department. #### 9\. Peak automated supply chain efficiency Driven by AutoStore system enhancements and the implementation of a "Zero-Downtime" deployment protocol, the Group achieved highly optimized logistics throughput. During seasonal peaks, the fulfillment infrastructure successfully processed over 24,000 orders in a single day while maintaining uninterrupted platform stability. #### 10\. Scaling of the B2B segment and omnichannel infrastructure The B2B division achieved a robust 50% year-on-year revenue growth. The Group's omnichannel strategy was further reinforced by launching new urban Fitness Hubs in prime locations, including Warsaw and Vienna, alongside the targeted rollout of automated self-service kiosks and vending machines (GymBeam Box) to capture on-the-go consumer demand in metropolitan areas. ### Marketing & brand strategy review The 2025 fiscal year was characterized by the strategic consolidation of the Group's market position within Europe. Following periods of rapid expansion, the focus shifted toward the professionalization of marketing operations, enhanced media presence, and technological advancement. The strategic objective was to establish the Group as a locally integrated, data-driven brand within the health and fitness sector. Early in the fiscal year, the Group reinforced its brand visibility in core markets, specifically the Czech Republic and Poland, through [targeted television broadcasting campaigns.](https://www.mediaguru.cz/gymbeam-ma-novy-claim-v-kampani-se-spojuje-s-enzlem) New creative initiatives featuring brand ambassador **Jakub Enžl** successfully communicated the extensive product portfolio. This initiative generated measurable increases in platform traffic, organic brand searches, and overall category sales. Concurrently, the Group significantly consolidated its market share in Italy, achieving a robust **72% year-on-year revenue growth.** A driver of this performance was the execution of a strategic partnership with influencer **Danny Lazzarin,** which enhanced localized brand credibility. Italy now contributes **5.1%** to the Group's total GMV. Our category analysis shows that the Italian market is highly specialized, with Sports Nutrition accounting for **51%** of local sales, the highest ratio in our current portfolio. Market penetration was independently validated by securing the [29th position](https://www.ecommerceitalia.info/e-commerce-ranking/settore/salute-bellezza/) out of 1,106 entities in the Italian e-commerce rankings for the "Health and Beauty" category, and the **4th position** among dedicated sports nutrition platforms. Advancing our omnichannel strategy, the Group inaugurated a new physical **Fitness Hub in Warsaw** in 2025, which generated substantial local media reach. By year-end, the Group finalized a new flagship [Fitness Hub in Vienna,](https://www.oe24.at/gesundundfit/fitness/gymbeam-eroeffnet-neuen-fitness-hotspot-in-wiener-city/661121134) which concurrently serves as the [operational base](https://www.trendingtopics.eu/gymbeam-fitness-scale-up-mit-260-mio-euro-umsatz-verlegt-hq-nach-wien/) for the localized Austrian marketing division. These physical locations are being strategically transitioned into urban q-commerce centers to facilitate rapid intra-city fulfillment. Furthermore, brand visibility across the DACH region was sustained through an ongoing strategic partnership with the **Oktagon MMA** franchise. #### GMV split per country 2025 - Czech Republic 23.5% - Slovakia 16.4% - Romania 11.2% - Hungary 10.2% - Poland 9.3% - Ukraine 6.0% - Italy 5.1% - DACH 4.8% - Greece 4.7% - Other 8.8% GymBeam Group GMV split per country 2025 Share of total GMV Czech Republic 23.5% Slovakia 16.4% Romania 11.2% Hungary 10.2% Poland 9.3% Ukraine 6% Italy 5.1% DACH 4.8% Greece 4.7% Other 8.8% Figure 8: GMV split per country, 2025. Czech Republic leads with 23.5%, ahead of Slovakia (16.4%) and Romania (11.2%). ![GymBeam Fitness Hub physical retail branch at night — illuminated branded storefront with customers and visitors at the entrance, showcasing the omnichannel retail strategy](/annual-report/DSC08790.jpg) 0% 25% 50% 75% 100% 45.28 46% 26% 10% 9% 9% CZ 32.00 44% 23% 15% 8% 10% SK 21.97 49% 28% 11% 6% 6% RO 19.86 50% 16% 14% 10% 10% HU 18.26 38% 21% 11% 14% 16% PL 8.94 51% 20% 15% 9% ITA 8.93 41% 34% 10% 7% 8% GR 10.59 44% 28% 8% 13% 7% UA 8.19 39% 23% 18% 10% 10% DACH 7.31 42% 30% 10% 9% 9% HR 5.14 38% 25% 13% 9% 15% BG 3.46 45% 23% 12% 10% 10% SI 1.77 51% 27% 10% 7% Other - Sports Nutrition - Protein powders - Healthy foods - Fitness accessories - Sportswear - Revenue (in mil. €) GMV split per category per country 2025 — percentage of local sales and total revenue in EUR millions Revenue (M€) Sports Nutrition (%) Protein powders (%) Healthy foods (%) Fitness accessories (%) Sportswear (%) CZ 45.28 46 26 32.00 44 23 15 RO 21.97 49 11 19.86 50 16 18.26 38 21 ITA 8.94 51 GR 8.93 41 34 UA 10.59 13 8.19 39 18 HR 7.31 42 30 BG 5.14 25 SI 3.46 45 12 1.77 27 Figure 9: GMV split per category per country, 2025. Sports Nutrition dominates most markets (38–51%); Italy has the highest share at 51%. #### Registrations4 - GymBeam 4656 - BioTechUSA 3924 - HSN Nutrition 1743 - Olimp Laboratories 1229 - All Nutrition 633 - Scitec Nutrition 577 - MyProtein 484 - Prozis 445 - Optimum Nutrition 155 - XXL Nutrition 71 ### Product dominance and legislative compliance In 2025, the Group achieved significant milestones in portfolio expansion. The Group successfully introduced **1,000 new SKUs,** including **450 new products** specifically within the core sports nutrition and functional food categories. The snack segment was strategically reinforced through the launch of a **20g protein bar,** alongside the expansion of the functional foods portfolio to include items such as **jerky, kombucha, and protein pasta.** Furthermore, the Group proactively adapted to emerging consumer health trends by introducing **GLP-1 complementary products** and specialized longevity supplement lines. As a prominent European manufacturer and distributor, the Group prioritizes rigorous product safety and regulatory compliance. The Group maintains one of the most extensive product registration portfolios in Europe, holding **8,974 active registrations** across European Union member states. Of these, **4,656 registrations** are verifiable through publicly accessible national registries within the European Union, which formed the basis for the comparative analysis with other monitored brands presented in this report. This extensive regulatory footprint underscores our commitment to quality assurance and ensures full compliance with strict European legislation governing sports nutrition and dietary supplements. ![Map of Europe with GymBeam revenue intensity by country, fiscal year 2025](/annual-report/Map_2026.png) Figure 10: Map — GMV split per country, 2025. ### Product performance and customer satisfaction The highest performing SKUs by sales volume in 2025 included **100% Micronized Creatine Monohydrate, Grass Fed Just Whey Protein, Chelated Magnesium, True Whey Protein,** and **Creatine Monohydrate 100% Creapure.** Customer retention and product quality are clearly reflected in aggregated consumer feedback. Across proprietary e-commerce platforms, the Group recorded an average customer rating of **4.38 out of 5** in 2025, based on a total of **92,136 verified reviews.** Performance across specific categories demonstrated upward trajectories, with the rating for protein supplements improving from **3.9 to 4.1,** and the healthy foods category rising from **4.2 to 4.4.** Furthermore, on the independent review [platform Trustpilot,](https://www.trustpilot.com/review/gymbeam.com) the Group maintained a strong score of **4.6 out of 5,** supported by nearly **26,000 reviews.** The Group's market position and commitment to quality were externally validated by several prominent industry accolades across Central Europe. Notably, the Group was awarded [Shop of the Year 2024, along with the Quality and Popularity Awards in the Sports and Fitness category by the Heureka platform.](https://heureka.group/sk-sk/o-nas/tlacove-centrum/tlacove-spravy/najlepsie-e-shopy-na-slovensku-za-rok-2024-ako-rozhodli-spotrebitelia-a-odborna-porota/) Additionally, the Group secured a prestigious quality [award in the Health and Beauty category](https://orszagboltja.hu/eredmenyek) at the Az Ország Boltja 2025 industry event. #### Reviews from GymBeam websites Category All products ★ 4.2 / 5 ★ **4.4 / 5** Protein powders ★ 3.9 / 5 ★ **4.1 / 5** Sports Nutrition ★ 4.3 / 5 Healthy foods Fitness Accessories ★ 4.1 / 5 ★ **4.2 / 5** Sportswear ★ 4.4 / 5 Table 3: Customer review ratings, 2024 vs 2025 (5-point scale). All categories improved or held; All products average rose from 4.2 to 4.4. ### Technological transformation and strategic vision 2026 In 2025, the Group's marketing operations underwent a structural transformation driven by the integration of artificial intelligence. AI capabilities were systematically embedded into daily operational workflows, ranging from rapid content localization to the automated generation of visual and video campaign assets. This technological infrastructure enables the scalable deployment of highly personalized creative content across more than **16 markets,** optimizing both operational efficiency and overall time-to-market. Looking ahead to fiscal year 2026, the Group's strategic vision centers on advanced customer personalization, targeted community engagement, and the leveraging of data analytics as a primary competitive advantage. The ultimate objective is to maintain an agile, data-driven marketing ecosystem capable of delivering authentic, highly relevant consumer experiences at scale. Beatrix Vojteková Chief Marketing Officer ![GymBeam bestseller product range — Creatine Monohydrate, True Whey Protein, Just Whey Protein, Magnesium Chelate Bisglycinate — packaged in branded GymBeam containers](/annual-report/bestsellers.png) ![GymBeam custom-built engineering hardware stack — labeled servers (Bob, Shelly, Lyra, Mya) in the in-house IT department, illustrating the Group's proprietary infrastructure approach](/annual-report/unnamed%20(5).png) ### Technology & innovation review Web speed (sec.) 1.8 1.9 2.0 2.1 2.2 2.3 2.4 2.5 2.6 2.2 2.3 2.5 2.3 1.9 FY2024Q1 2025Q2 2025Q3 2025Q4 2025 GymBeam platform web page load time by quarter (seconds) Period Web speed (sec.) FY2024 2.2 Q1 2025 2.3 Q2 2025 2.5 Q3 2025 Q4 2025 1.9 Figure 11: Web speed. Page load time improved from 2.2s (FY2024) to 1.9s (Q4 2025). Looking back at the 2025 fiscal year, the most significant milestone was the strategic repositioning of the IT division. The department successfully transitioned from functioning as a traditional technological backend to becoming a central driver of the Group's operational architecture and overall business strategy. #### Organizational structure and vertical integration The IT division is currently structured into **five highly specialized verticals: Magento, Serverless, ERP, Data,** and **Customer Journey.** The Customer Journey department is specifically designed to bridge the gap between technology and commercial growth, managing performance marketing infrastructure and marketplace integrations across all active sales channels. Throughout the year, internal efforts were heavily focused on strengthening departmental leadership and deepening the technical expertise within these cross-functional teams. #### Cross-departmental automation and customer-centric KPIs Concurrently, the Group initiated a strategic expansion of its engineering capabilities, extending technological application beyond standard IT boundaries. Engineering teams are now actively automating complex workflows across procurement, logistics, and customer support operations. Ultimately, the entire technological infrastructure is increasingly oriented toward optimizing the end-user experience, ensuring that all IT investments and initiatives are strictly evaluated through the lens of measurable customer impact and operational efficiency. #### Strategic implementations and milestones The most significant technological milestone of the year was the successful deployment of the **Astra framework.** As a result, the average page load time across all markets decreased by **14%,** improving from **2.2 seconds to 1.9 seconds.** Core Web Vitals demonstrated substantial optimization: **Largest Contentful Paint (LCP) decreased by 46%,** Time to First Byte (TTFB) by **65%,** and Cumulative Layout Shift (CLS) by **75%.** The proportion of pages achieving a "good" LCP rating increased from **69% to 85%,** and from **74% to 93%** for CLS. These improvements extend beyond internal benchmarks; they directly enhance search engine optimization (SEO) rankings and elevate the overall user experience. Additionally, the Group successfully commissioned its **second automated AutoStore facility.** Both logistics systems now operate under a unified orchestration framework, enabling real-time synchronization and eliminating operational complexity. Furthermore, the order management system was expanded with new routing scenarios, an integration executed seamlessly by the internal engineering teams. ### Artificial intelligence integration and operational impact In 2025, Artificial Intelligence was structurally integrated into daily workflows, transitioning from experimental applications to core operational tools delivering measurable impact. The engineering division has adopted **AI co-pilots** as a standard operational procedure rather than an ad-hoc testing tool. This fundamental shift in workflow has drastically accelerated delivery timelines. For instance, specific feature development that historically required **months** of resource allocation was successfully completed within **two weeks** without expanding the workforce. The Group also deployed the first autonomous AI agents within the **Quality Assurance (QA)** and **Procurement** departments. These advanced algorithmic tools independently execute complex workflows previously reliant on manual human intervention. In QA, the agents automatically execute regression tests, validate software builds, and report outcomes. Tasks that previously consumed up to **four hours** of a QA engineer's daily capacity now run autonomously in the background. In Procurement, AI agents analyze data, evaluate market trends, and prepare comprehensive decision-making documents, compressing day-long analytical tasks into just a few hours. Strategically, this technological shift reallocates human capital from routine tasks to high-value activities requiring professional judgment and experience. The objective is to optimize workforce efficiency rather than replace personnel. The Group estimates that in departments where autonomous agents are currently deployed, manual labor has been reduced by **15 to 20 hours per week,** establishing a strong foundation for further automation initiatives across the organization. ### Strategic outlook for 2026 In 2026, the Group will continue modernizing its digital platform while maintaining rigorous engineering standards. We will strategically reallocate engineering capabilities toward areas with the highest automation impact across the entire enterprise, not solely within the IT department. Our primary technological ambition is the development of a **proprietary AI infrastructure.** This dedicated hardware will be gradually integrated into all core systems. The objective is not merely scaling computing power, but internalizing AI capabilities so they become a fundamental component of the Group's operational DNA, rather than an external outsourced service. Jakub Brezovský Chief Technology Officer ![Two Apple Mac mini devices labeled 'Crytex' and 'Voldy' on a desk, used as part of GymBeam's proprietary AI infrastructure development hardware](/annual-report/image%20(1).png) ### Key Performance Indicators: 2025 operational overview Key Performance Indicator (KPI) FY2025 Gross Margin (from primary activities)5 45% 48% New customers (ths.) 1,334 1,446 Active customers (ths.) 2,223 2,681 Visits (ths.) 114,804 127,643 Headcount 703 AOV 38.71 40.04 Total Orders (ths.)6 4,281 5,146 % own production revenue / total revenue 3.56% 11.09% App % of Orders N/A Table 4: KPI snapshot FY2024 vs FY2025. Active customers grew 20.6%, orders 20.2%, gross margin expanded 3 percentage points. The Gross Margin demonstrated a robust upward trajectory, expanding from a **45% annual average in FY2024** to an optimized **48% by the end of Q4 2025.** This significant year-over-year improvement reflects the Group's increasing operational leverage. The continuous margin expansion is primarily driven by the accelerated scale-up of in-house manufacturing capabilities (which substantially lowers unit costs), enhanced supply chain efficiency, and targeted pricing optimization. To ensure maximum analytical clarity, this Gross Margin is calculated exclusively from revenues generated by primary activities. Secondary revenue streams, specifically the sale of materials and packaging, have been deliberately excluded. As these transactions operate outside the Group's core D2C e-commerce business model, their separation prevents any statistical distortion and provides a fully transparent view of the underlying profitability and unit economics of our core business. ### Consistent margin expansion Gross margin 40% 45% 50% 45% 47% 47% 48% 48% FY2024Q1 2025Q2 2025Q3 2025Q4 2025 Quarterly gross margin trajectory FY2024 - Q4 2025 Gross margin (%) 47% Figure 12: Gross margin. Expanded from 45% (FY2024) to 48% (Q4 2025), driven by in-house manufacturing scale-up. ### Traffic and customer acquisition Customer acquisition and platform engagement demonstrated strong year-over-year growth, confirming the Group's effective scaling strategy. Total platform visits increased from **114.8 million in 2024 to 127.6 million in 2025.** This continuous influx of traffic translated directly into robust acquisition metrics, with the Group welcoming **1,446 thousand new customers** throughout the year. Ultimately, this sustained momentum resulted in a significant expansion of the Active Customer base, which scaled from **2.22 million at the end of FY2024 to 2.68 million by the end of FY2025.** ### Workforce optimization and operating leverage The 2025 fiscal year was characterized by significant workforce optimization and a structural shift toward high-efficiency operations. While the Group's overall consolidated headcount decreased year-over-year by **8% (from 703 to 650 headcount),** the company simultaneously achieved a massive increase in fulfilled orders (scaling to **5.14 million**) and margin expansion. This decoupling of operational output from headcount is a direct result of capital expenditures in logistics automation and the integration of artificial intelligence across internal processes. This strategic reduction reflects the successful deployment of robotic picking systems, warehouse automation, and autonomous AI agents, which effectively minimized the reliance on manual labor. ### In-house production scale-up The strategic focus on vertical integration is clearly reflected in the revenue mix. The annual share of revenue generated from own production grew substantially, more than tripling from **3.56% in 2024 to a robust 11.09%** for the full year 2025. This massive upward trajectory validates the successful expansion of the Group's core manufacturing infrastructure and the rapidly growing portfolio of high-margin private label products. The strategic acquisition of manufacturing capacities in Germany toward the end of the year further solidifies this foundation, enabling additional capacity increases and margin optimization in the upcoming periods. ### Mobile commerce and platform adoption Following the launch of the native mobile application, the Group witnessed rapid user adoption. For the full fiscal year 2025, orders placed directly through the app accounted for **4.7% of the total order volume.** This new proprietary direct-to-consumer channel significantly enhances customer retention, improves engagement, and structurally lowers long-term acquisition costs. ![GymBeam native mobile application shown on an iPhone 16 Pro mockup — Just Whey protein product detail page in Slovak with 93% positive rating, price 26.95 EUR per 1000g, chocolate milkshake flavor, and an orange 'Add to cart' button](/annual-report/iPhone_16_Pro_Mockup.png) ### Operational performance overview: GymBeam (2021–2025) #### Market penetration: active Customers Active customers (in ths.) Active customers 0 1,000 2,000 3,000 774 2021 1,145 2022 1,822 2023 2,223 2024 2,681 2025 Active customers in thousands by year 774 1,145 1,822 Figure 13: Active customers. Near-linear 3.4× expansion from 774k (2021) to 2,681k (2025). - The "Active customers" chart shows a consistent, near-linear expansion of the consumer base over the five-year period. - GymBeam scaled its active customer base from **774,337 in 2021** to **2,680,713 in 2025.** - This represents a **3.4× multiple** over the analyzed period. The absence of a plateau indicates that the company successfully executed its geographic expansion and customer acquisition strategies without reaching market saturation. #### Unit economics: average order value (AOV) AOV (€) AOV 30.0 32.0 34.0 36.0 38.0 40.0 42.0 35.3 2021 37.8 2022 38.3 2023 38.7 2024 40.0 2025 Average Order Value in EUR by year AOV (EUR) 35.3 37.8 38.3 38.7 40.0 Figure 14: AOV. Steady climb from EUR 35.3 (2021) to EUR 40.0 (2025) — 13.3% cumulative increase. - The "AOV (€)" chart indicates a systematic improvement in transaction value, which is a critical driver for margin optimization in e-commerce. - The Average Order Value steadily increased year-over-year, moving from **EUR 35 in 2021** to a peak of **EUR 40 in 2025.** - This positive trajectory (a 13.3% cumulative increase) suggests effective cross-selling/up-selling strategies, successful premiumization of the product mix (such as expanding higher-margin private label categories), and potentially adjusted pricing strategies that consumers absorbed without a negative impact on overall order volume. #### Operational volume: number of orders \# orders (in ths.) 0 2,000 4,000 6,000 1,442 2021 2,118 2022 3,496 2023 4,281 2024 5,146 2025 Number of orders in thousands by year Orders (ths.) 1,442 2,118 3,496 Figure 15: Number of orders. Grew from 1,442k (2021) to 5,146k (2025) — a 3.5× expansion. - The number of orders chart mirrors the growth trajectory of the active customer base, confirming the scalability of the company's fulfillment and retention mechanisms. - Order volume grew from **1,442,141 in 2021** to **5,146,239 in 2025.** - The parallel growth between the number of orders and active customers implies a stable customer retention rate and consistent purchase frequency. The infrastructure and logistics network successfully absorbed a **3.5× increase in order throughput** over four years. ### Conclusion The data from **2021 to 2025** indicates highly synchronized operational growth. GymBeam not only rapidly expanded its customer base and total order volume but simultaneously managed to extract higher value per transaction **(AOV).** This combination is highly indicative of a strong market position and improving underlying unit economics. ### Community engagement and strategic partnerships The Group strategically organizes proprietary professional conferences (such as **Logistics Night** and **Marketing Thursdays**) and community-oriented sporting events. The primary objective of these initiatives is to actively share technological and e-commerce expertise with the broader public while fostering long-term customer loyalty beyond the digital ecosystem. Furthermore, the Group consolidates its strong market position within the European sports nutrition sector through the production of educational podcast content and the execution of strategic partnerships with prominent international sports franchises, including **Oktagon MMA** and **KSW.** ![GymBeam brand ambassador and influencer with an enthusiastic crowd of fans in front of the GymBeam Fitness Hub branded storefront — community engagement event with attendees in athletic apparel](/annual-report/cz_david_luu_072023_04.jpg) ![Oktagon MMA fighter in the cage during a live event with GymBeam logo prominently displayed on the cage mat, illustrating the Group's strategic partnership with the Oktagon MMA franchise across Central Europe](/annual-report/SnapInsta-Ai_3678615705310631200.jpg) ![Speaker on stage at a GymBeam-organized professional conference (Logistics Night or Marketing Thursdays) addressing a large audience in a dimly lit venue with a presentation screen displaying business metrics](/annual-report/DSC07806.jpg) ## Chapter 3: Governance Chapter 3: Governance ![GymBeam executive C-level management group portrait in business attire — Dalibor Cicman (CEO), Róbert Čižmár (COO), Beatrix Vojteková (CMO), Jakub Brezovský (CTO), Štefan Maťovka (CFO), and Anna Spišáková (CSCO) photographed together](/annual-report/GymBeam-2024_0164_CEO_-Edit.jpg) ### Corporate bodies Stability, transparency, and the precise execution of the European growth strategy are the fundamental pillars of the Group's corporate governance. To ensure the successful scaling of international operations and the efficient allocation of institutional capital, the GymBeam Group maintains a robust governance structure. This model integrates the deep e-commerce expertise of the statutory bodies with the independent strategic oversight of an international supervisory board and the operational agility of the executive C-level management. The following section details the composition of the Group's key governing bodies for the 2025 fiscal year: Authority Function Name Statutory body of the company Executive director Executive management CEO COO CMO CTO CFO Štefan Maťovka CSCO Anna Spišáková Table 5: Corporate bodies composition, 2025 — 2 statutory directors + 6-member C-suite. ### Executive management ![Portrait of Dalibor Cicman, CEO, founder at GymBeam](/annual-report/DSC_1680m%20edit.jpg) CEO, founder Dalibor has been active in the e-commerce sector since 2006. Prior to founding GymBeam, he launched and successfully exited 14 e-commerce projects. He pursued dual studies in applied informatics and corporate finance, followed by PhD research focused on the implementation of Business Intelligence solutions within e-commerce frameworks. Since 2014, he has served as the CEO of GymBeam, scaling the company into a leading European manufacturer and distributor of sports nutrition. For his strategic leadership, he was awarded the EY Entrepreneur of the Year 2023. He further refined his executive expertise through the Stanford Leadership Program for Executives at Stanford University. ![Portrait of Róbert Čižmár, Chief Operating Officer at GymBeam](/annual-report/GymBeam-2024_0378_Robo%20%C4%8Ci%C5%BEm%C3%A1r_.png) Róbert joined GymBeam in 2016 and currently serves as Chief Operating Officer, responsible for the strategic management of the Group's operational infrastructure. He previously held the position of CTO, where he directed the IT department and the implementation of core technological solutions. He holds a degree in finance, banking, and investment from the Technical University of Košice and an MBA from the Prague University of Economics and Business, specializing in data and business analytics. Through technological innovation and process optimization, he ensures the scalability of the Group's operational capacities. ![Portrait of Jakub Brezovský, Chief Technology Officer at GymBeam](/annual-report/GymBeam-2024_0294_Jakub%20Brezovsk%C3%BD_-Edit.png) Jakub brings over 15 years of e-commerce expertise to the Group. After initially serving as Director of Magento Development, where he optimized the core platform, he was appointed Chief Technology Officer. He currently directs the Group's technological roadmap and digital infrastructure across 16+ European markets. Leading a team of nearly 100 specialists, he oversees full-stack development, cloud infrastructure, and automation. He is a primary driver of AI integration across operations and marketing, notably pioneering Generative Engine Optimization (GEO). He is a core Shoptet API Contributor and holds a degree in Business Administration from NEWTON University. ![Portrait of Beatrix Vojteková, Chief Marketing Officer at GymBeam](/annual-report/GymBeam-2024_0347_Beatrix%20Vojtekov%C3%A1_top.png) Beatrix joined GymBeam in 2018 and has been a driving force behind the Group's growth for over eight years. Currently, she oversees the Group's marketing strategy and directly manages local teams across 16 countries, ensuring consistent brand positioning and scaling its international footprint. In addition to driving global marketing initiatives, she heads the R&D department, leading the creation and development of innovative new products. Characterized by a systematic, data-driven approach, Beatrix combines her expertise in digital marketing and e-commerce with a strategic vision to deliver measurable results and fuel the Group's multi-market growth. ![Portrait of Štefan Maťovka, Chief Financial Officer at GymBeam](/annual-report/GymBeam-2024_0396_%C5%A0tevo%20Ma%C5%A5ovka%20_.jpg) Chief Financial Officer Štefan oversees the Group's financial management, strategic planning, and cost optimization. Prior to joining GymBeam, he spent six years at PwC and Deloitte as an audit project manager and senior consultant, specializing in corporate audits across diverse industries. He graduated in Finance from the Technical University of Košice and managed his own e-commerce project during his studies. He holds the prestigious international FCCA (Association of Chartered Certified Accountants) certification. ![Portrait of Anna Spišáková, Chief Supply Chain Officer at GymBeam](/annual-report/GymBeam-2025_0326_Anna%20Spisakova-Edit-2_web-size.JPG) Chief Supply Chain Officer Anna joined GymBeam in 2021 after graduating in Business Information Systems from Edinburgh Napier University and played a key role in building the Group's logistics infrastructure through product leadership in IT. Currently serving as Chief Supply Chain Officer, she oversees the operation of advanced logistical hubs in Slovakia and Italy, as well as manufacturing sites in Slovakia and Germany, and leads teams of over 200 employees. Applying her technical background, she drives automation investments exceeding EUR 30 million and leads the development of Boxpi, now a standalone logistics platform serving 35 external e-commerce clients. ### Supervisory board The Supervisory Board is the primary oversight body of the GymBeam Group, providing independent monitoring of the Group's strategic direction and executive management performance. It plays a fundamental role in safeguarding the interests of all shareholders and ensuring adherence to the highest standards of corporate governance. Role Nominating Shareholder Jenő Nieder chairman PortfoLion James Robert Hemmings member Independent expert Peter Bečár Crowdberry Tomáš Červenka Founder's representative Peter Hajduček Martin Anderko Amina Ndichi observer EBRD Jeffrey Silverberg Table 6: Supervisory Board composition, 2025 — 1 chairman + 6 members + 2 observers. ### Chairman of the board statement: **2025 was a defining year in GymBeam's development.** The company entered a new stage of scale, maturity and ambition, strengthening its position as the leading European player in sports nutrition. It was a year in which GymBeam demonstrated that strong growth, improving profitability and bold strategic execution can go hand in hand when supported by a clear vision and a disciplined management team. A major milestone during the year was the successful completion of the **EUR 30 million equity investment by PortfoLion and EBRD.** This was far more than a financing event. It was a strong endorsement of GymBeam's business model, the quality of its management team and the scale of the opportunity ahead. Importantly, this capital has enabled the company to accelerate investments in logistics automation, in-house manufacturing, strategic acquisitions and expansion across Western Europe. From the Board's perspective, one of the most important drivers of this progress has been the fruitful and close cooperation with **Dalibor Cicman** and the entire management team. Throughout a period, management has shown not only entrepreneurial ambition, but also the ability to execute with speed, focus and accountability. Our cooperation has reinforced our conviction that GymBeam has the leadership required for the next phase of its development. I am equally pleased that GymBeam's progress in 2025 was not limited to financial and operational growth alone. The company also continued to strengthen the institutional foundations needed for long-term success, which is now further reinforced by EBRD's arrival to the cap table. Institutional best practices around governance, sustainability, reporting, international structure and operating discipline are now key priorities within GymBeam. This matters greatly from a Board perspective, because enduring value is created not only by ambition, but by building an organization capable of sustaining that ambition over time. The company is exceptionally well positioned to benefit from structural shifts in consumer health, digital commerce and European market consolidation. With a differentiated platform, a highly capable management team and a strengthened capital base, GymBeam has entered **2026 with momentum** and with a clear path toward further value creation. On behalf of the Board, I would like to thank the management team, all employees, our customers, partners and fellow shareholders for their trust, dedication and support. Chairman of the Board #### Composition and nominations The Supervisory Board consists of **seven members,** nominated in accordance with the shareholder structure and relevant investment agreements. The current composition reflects the integration of institutional capital and ensures a balanced representation of the Group's key stakeholders: #### Independent member In alignment with international best practices, the Supervisory Board includes one Independent Member, **James Robert Hemmings.** This member is nominated and approved by mutual consensus among the key shareholders (**Beam Beam s.r.o., PortfoLion, EBRD,** and **Crowdberry**). The Independent Member is a highly reputable professional with proven expertise in the e-commerce sector, providing an objective perspective and significant strategic value to the Group's governance framework. #### Observers In addition to the regular voting members, key investors maintain the right to nominate Observers to the Supervisory Board. Currently, **Amina Ndichi** represents the European Bank for Reconstruction and Development (**EBRD - Investor 2**), and **Jeffrey Silverberg** serves as an Observer representing **Crowdberry.** Observers are entitled to attend all Supervisory Board meetings and maintain full access to the Group's strategic and financial documentation. #### Meeting frequency and oversight To ensure rigorous oversight and proactive decision-making, the Supervisory Board convenes on a **monthly basis.** These frequent sessions enable the Board to closely monitor the Group's financial performance, review monthly management accounts, oversee the execution of the annual budget and business plan, and proactively address strategic opportunities or dynamic market shifts. ### Key responsibilities The Supervisory Board maintains reserved decision-making authority over critical strategic and financial matters. Its primary competencies include: - **Strategic and Financial Planning:** Approving the annual budget and business plan, as well as authorizing material deviations from the approved budget, specifically regarding marketing expenditure within expansion markets. - **M&A and Expansion:** Approving strategic acquisitions, the establishment of new subsidiaries, and any disposal of equity in Group subsidiaries. - **Capital Expenditures (CAPEX) and Financing:** Approving significant new financial liabilities, the assumption of material unbudgeted bank debt, and major capital expenditures exceeding the approved annual budget. - **Asset and IP Management:** Approving the disposal of significant fixed assets, as well as any disposal or encumbrance of intellectual property essential to the Group's core business operations. - **Related Party Transactions:** Reviewing and approving contracts with related parties to ensure they are conducted under standard arm's length conditions, maintaining strict oversight over transactions of material financial value. - **Litigation and Major Contracts:** Approving the commencement or settlement of material litigation and authorizing major operational contracts that carry exceptional market risk or represent a substantial portion of budgeted revenues. ### Directors' remuneration The Group's remuneration policy is designed to attract and retain high-caliber executives while ensuring that management incentives are strictly aligned with long-term shareholder value and the Group's financial performance. ### 1\. Cash remuneration and profit participation In 2025, the cash-based remuneration for Executive Directors and Key Management consisted of the following primary components: - **Fixed Remuneration (Base Salary):** A fixed monthly salary reflecting the scope and complexity of the executive role, benchmarked against international e-commerce industry standards. - **Extraordinary Profit Participation (EPD):** In accordance with the Shareholders' Agreement and the established Distribution Policy, the Founder and key management are entitled to an Extraordinary Permitted Dividend (EPD) based on the Group's financial results. For the 2025 fiscal year, the EPD allocation was calculated at **5.5%** of the statutory Net Profit of the parent company. - **Benefits in Kind:** Management members are entitled to standard corporate allowances, including health and wellness benefits. As the cumulative value of these benefits is immaterial, they are not separately quantified in this report. #### Remuneration table 2025 Group Number of Members Base Salary (EUR) Dividends (EUR) Total Cash Remuneration (EUR) Key Management Members 584,578 432,382 1,016,960 Note: The table above outlines the fixed and profit-participating cash remuneration accrued specifically for the 2025 fiscal year. Non-cash equity incentives (ESOP) are detailed in the subsequent section. ### 2\. Equity incentive scheme (ESOP) To foster a strong culture of ownership and align management interests directly with long-term capital growth, the Group maintains an Employee Stock Option Plan (ESOP). This scheme is structured through a dedicated entity, **GymBeam Team j.s.a.,** which holds a direct equity stake in the parent company, **GymBeam s.r.o.** This structure enables key employees and C-level management to participate in the Group's overall value creation. **During the 2025 fiscal year**, the Key Management Members were granted a total of **235 new shares** directly in the ESOP entity (GymBeam Team j.s.a.). Through the ESOP entity's proportionate holding in the parent company, this specific annual management allocation represents an indirect **0.30% share** in the fully diluted equity of GymBeam s.r.o. ### Risk & compliance Throughout the 2025 fiscal year, the Group maintained strict adherence to all regulatory and compliance standards across its **16+ active markets.** While the Group may be involved in minor administrative proceedings in the normal course of business, as of **December 31, 2025,** the Management is not aware of any pending or threatened litigation that would materially and adversely affect the Group's operational or financial stability. ### Statement of statutory body's responsibility The Statutory Body of GymBeam is responsible for the preparation of the Annual Report and the Consolidated Financial Statements of the Group for the fiscal year ended **December 31, 2025.** This responsibility includes ensuring that the financial data presented provides a true and fair view of the Group's financial position and operational results in accordance with applicable accounting standards. ## Chapter 4: Financial section Chapter 4: Financial Section ### Financial review The 2025 fiscal year confirmed GymBeam's position as a leading European manufacturer and retailer within the sports nutrition and wellness sector. The Group demonstrated its ability to combine high-growth dynamism with the operational stability of an international organization. From a financial management perspective, the year focused on three strategic pillars: establishing a robust European corporate structure, securing strategic capital, and executing substantial investments in automation and vertical integration. These initiatives resulted in record-breaking profitability metrics: - **Gross Margin expansion (primary activities):** +3.4 percentage points (an 8% relative increase). - **EBITDA Margin7 growth:** Scaled from 7.4% to 8.0%. - **Absolute EBITDA growth:** +35% year-on-year. With an EBITDA margin of **8.0%,** the Group exceeds the sector peer group median of **5.4%8.** Notably, GymBeam demonstrates superior operational efficiency when benchmarked against direct European D2C competitors, such as THG Nutrition/MyProtein **(4.5%)** and regional players like SFD **(3.34%).** This performance confirms that the Group's vertical integration and logistics automation effectively shield unit economics from the margin erosion currently impacting the broader e-commerce landscape. ### Capital structure and European corporate expansion The balance sheet was significantly fortified by a successful **EUR 30 million equity injection** from EBRD and PortfoLion, complemented by **EUR 20 million in debt financing.** This capital mix fully funded the Group's substantial CAPEX pipeline while maintaining operational liquidity. To support its position among top-tier European players, the Group implemented several structural changes: - **Strategic Relocation to Vienna:** The Group launched a project to relocate its headquarters to Austria, working with international advisors to facilitate this transition. This move will enhance access to European capital markets and anchor the Group's position as a multinational leader. - **Pan-European Entity Infrastructure:** The operating model was transformed from a legal and tax perspective. The Group now operates through two legal entities in Germany, one in Austria, and one in Italy, creating a fully localized network to serve key Western European markets. - **Strengthened Governance:** A new Supervisory Board was appointed, comprising international experts from the UK with extensive global e-commerce experience, providing strategic oversight for further European scaling. ### Germany: vertical integration and strategic acquisition Germany remains the Group's highest priority market. A central strategy for 2025 was achieving comprehensive control over the supply chain. This was pursued through organic growth, with the value of internally produced stock increasing **3.4× between January and December 2025.** To accelerate this trajectory, the Group executed the strategic acquisition of **KAJA Food.** The operational synergies from this transaction are already materializing as the Group transitions over **100 SKUs** to internal production, targeting an annual output of over **600,000 units** to drive further gross margin expansion. ### Italy: operational efficiency Significant CAPEX deployed into the Italian automation hub delivered immediate returns at the unit economy level, resulting in a **47% year-on-year reduction** in warehouse labor costs per shipped order. ### IFRS and financial excellence In 2025, the Group successfully prepared its first consolidated financial statements under **IFRS** for **12 legal entities,** aligning its financial reporting with global investor standards. Through process automation, this complex expansion and the reconfiguration of transfer pricing were managed efficiently without a disproportionate increase in administrative overhead. The 2025 results confirm that GymBeam is financially resilient, well-capitalized, and operationally prepared for the next phase of expansion. I would like to extend my gratitude to the finance team for their commitment and to our partners for their continued trust. ### Company profile GymBeam s.r.o. is a limited liability company, established on **November 29, 2011,** and entered in the Commercial Register maintained by the City Court Košice I, Section Sro, File No. **35719/V,** under its original name, BaP Partners, s.r.o. The change of the business name to GymBeam s.r.o. was recorded in the Commercial Register on **March 26, 2014.** The company's registered office is located at **Rastislavova 93, 040 01 Košice, Slovak Republic.** The Organization Identification Number (IČO) is **46 440 224,** and the company's registered capital is **EUR 114,038.** ### Consolidated entity (GymBeam Group) and Consolidation Methodology GymBeam s.r.o. acts as a parent company with direct control over its subsidiaries in Slovakia and abroad. The parent company and its subsidiaries together constitute a consolidated entity (hereinafter referred to as the "GymBeam Group" or the "Group"). Given its size, international reach, and operational structure, the Group prepares and presents consolidated financial statements. This annual report and the financial data herein are primarily presented for the entire Group on a consolidated basis in accordance with **International Financial Reporting Standards (IFRS) as adopted by the European Union.** This ensures the highest level of transparency for international institutional investors and partners. The scope of consolidation includes the parent company and its subsidiaries (including **Italy, Germany, Austria, and Ukraine**). All intercompany transactions, including sales of goods, personnel cost recharges, intra-group loans, and outstanding receivables and payables, are fully eliminated upon consolidation. ### Basis of preparation and FY2024 comparability This Annual Report represents the Group's first consolidated financial reporting prepared under **International Financial Reporting Standards (IFRS),** covering all **12 subsidiaries** of GymBeam s.r.o. on a fully consolidated basis. To ensure full year on year comparability, the FY2024 figures presented throughout this report have been prepared on the same IFRS consolidated basis. Readers should note that the previously published FY2024 **GymBeam s.r.o. Annual Report** was prepared under **Slovak Accounting Standards (SAS)** on a parent company only basis. Consequently, certain FY2024 metrics in this report (including total revenue, EBITDA, and total assets) differ from those presented in the FY2024 Annual Report. The differences arise primarily from (i) the inclusion of all subsidiaries on a line by line basis with elimination of intra-group transactions, and (ii) the application of IFRS recognition and measurement principles, in particular **IFRS 16 (Leases).** The differences do not reflect any correction of prior period errors. ![Large branded GymBeam G logo sculpture on a wall inside the company headquarters, with an employee walking past in motion blur — representing the dynamic, fast-moving corporate culture](/annual-report/Logo-1.jpg) ### Acquisition date and impact on year-on-year comparison The acquisition of **KAJA Food GmbH** was completed on **December 15, 2025.** As the transaction occurred immediately prior to the fiscal year-end, the FY2025 financial figures remain fundamentally comparable to previous periods, with no material impact on the year-on-year financial performance comparison. **FY2026** will represent the first full fiscal year of integrated operations. No other third-party acquisitions were executed that would distort historical comparisons. The expansion of the consolidated entity list (e.g., **GymBeam Poland, Italy, and Austria**) is the result of organic geographic expansion and the establishment of new subsidiaries rather than external M&A activity. ### Principal activities and strategic scope The core business of the parent company, as registered in the Commercial Register, includes the purchase and sale of goods (retail and wholesale) and intermediary activities in trade and services. However, on a consolidated level, the Group's strategic activities extend significantly beyond standard e-commerce: - **Research, development, and in-house production (R&D):** Proprietary production of premium sports nutrition, healthy foods, and dietary supplements with a focus on high-quality standards, primarily through production capacities in Germany. - **Technological infrastructure development:** In-house development of a proprietary D2C e-commerce platform, native mobile applications, ERP, and WMS (Warehouse Management System) with integrated artificial intelligence (AI). - **Logistics services and fulfillment:** Operation of the proprietary technological and logistics platform (Boxpi), providing specialized B2B logistics services and cross-border delivery solutions. ### Company structure To successfully scale its international operations and meet the stringent requirements of institutional investors, the GymBeam Group has established a robust and transparent corporate structure. The following diagram visualizes our consolidated European network, comprising the parent company and its **12 subsidiaries and operational units.** This model includes dedicated entities within key Western markets, including **Germany, Italy, and Austria,** and confirms the strategic entry of institutional capital from the **European Bank for Reconstruction and Development (EBRD)** and **PortfoLion Capital Partners.** This advanced organizational framework enables the Group to maximize international supply chain efficiency and definitively anchors its position as a leader in the European D2C market. Founder Nutrition Partner Kft. PortfoLion fund European Bank for Reconstruction and Development EBRD CB Beam j.s.a., Crowdberry 71 % GymBeams.r.o. 100 % Gymbeam Hungary Kft. (HU) 100 % GymBeam GmbH (DE) 100 % Boxpi Team j.s.a. (SK) 100 % Boxpi j.s.a. (SK) 100 % GymBeam Poland Sp. z o.o. (PL) 100 % GymBeam Czech s.r.o. (CZ) 100 % GymBeam s.r.o. Podružnica Zagreb (HR) 100 % GymBeam LLC (UA) 100 % GymBeam Italy S.r.l. (IT) 100 % ТОВ "Джимбім Україна" (UA) 100 % GymBeam Fitness Company GmbH (AT) 100 % Kaja Food GmbH (DE) #### GymBeam Group corporate structure 2025 **Top-level shareholders of GymBeam s.r.o. (parent company):** - Founder — 71% stake - Nutrition Partner Kft. (PortfoLion fund) - European Bank for Reconstruction and Development (EBRD) - CB Beam j.s.a. (Crowdberry) **GymBeam s.r.o. owns 100% of the following 12 subsidiaries:** - Gymbeam Hungary Kft. (HU) - GymBeam GmbH (DE) - Boxpi Team j.s.a. (SK) - Boxpi j.s.a. (SK) - GymBeam Poland Sp. z o.o. (PL) - GymBeam Czech s.r.o. (CZ) - GymBeam s.r.o. Podružnica Zagreb (HR) - GymBeam LLC (UA) - GymBeam Italy S.r.l. (IT) - ТОВ "Джимбім Україна" (UA) - GymBeam Fitness Company GmbH (AT) - Kaja Food GmbH (DE) Figure 16: Company structure diagram, 2025 — parent GymBeam s.r.o. + 12 wholly-owned subsidiaries. ### Proposal for distribution of the operating result for 2025 The GymBeam Group concluded the 2025 fiscal year with a consolidated net profit of **EUR 7,385,826** (prepared in accordance with IFRS). However, from a legal perspective and in accordance with the Commercial Code of the Slovak Republic, only the individual profit of the parent company, GymBeam s.r.o., is subject to distribution. This statutory profit, determined via separate financial statements prepared under Slovak Accounting Standards (SAS), amounted to **EUR 7,881,086.** Based on this result, the Statutory Body submits a proposal for the distribution and reinvestment of the net profit to the General Meeting, with the primary objective of maximizing the long-term Enterprise Value: - **Retained Earnings and Strategic Reinvestments (EUR 7,353,704):** The majority of the generated profit will remain capitalized within the parent company. These resources are primarily allocated to financing the Group's strategic development, specifically the expansion into high-growth markets (DACH region), the scaling of internal production capacities, and the continued automation of logistics infrastructure. - **Dividend Distribution (EUR 432,382):** Capital allocated for direct distribution as profit shares to the company's partners and management. - **Human Capital Development and Social Fund (EUR 95,000):** A specific allocation directed toward the corporate social fund, intended for the systematic development of personnel infrastructure, employee benefits, and technological retraining programs. ### Overview of the economic situation for 2025 and evaluation of the company's development Indicator % change Total sales revenue 187,952 232,330 24% – Revenue from primary activities 169,501 209,117 23% – Revenue from materials and ingredients 18,451 23,213 26% Other income 5,782 14,699 154% Operating activities – Expenses 179,903 228,353 27% EBITDA 13,831 18,676 35% Depreciation 3,746 7,064 89% EBIT 10,085 11,612 15% Financial activities – Revenues 1,449 1,234 \-15% Financial activities – Expenses \-2,594 \-2,441 \-6% Financial activities – profit \-1,145 \-1,207 5% EBT 8,940 10,405 16% Income Tax \-1,789 \-3,019 69% Net Profit 7,151 7,386 3% Table 7: Income statement summary FY2024 vs FY2025 (in thousands of EUR). Revenue +24%, EBITDA +35%, Net Profit +3%. #### Commentary on the financial results for 2025 ##### Revenue growth and market leadership In 2025, the GymBeam Group achieved a robust **24% increase in sales revenue,** reaching **EUR 232,330 thousand.** This performance solidifies the Group's position as a leading entity within the European sports nutrition sector. Growth was strategically accelerated through targeted capital allocation across major European markets, prioritized in the following order: **Germany, Italy, and Austria.** ##### Other operating income The Group successfully diversified its income streams through strategic capital optimization. Other operating income recorded a significant **154% increase,** reaching **EUR 14,699 thousand.** This development was primarily driven by two strategic factors: the disposal of legacy tangible fixed assets following the successful transition to the automated AutoStore system, and the capitalization of internal labor costs (personnel wages). These wages were directly associated with the in-house development of the Group's proprietary software ecosystem and the engineering of new automated logistics hubs. ### Operational efficiency and profitability (EBITDA and EBIT) Superior operational efficiency resulted in a substantial expansion of profitability, with consolidated EBITDA increasing by **35%** to **EUR 18,676 thousand.** Operating profit (EBIT), accounting for increased depreciation related to new technological investments, recorded a solid year-on-year increase of **15%,** reaching **EUR 11,612 thousand.** This performance is a direct result of two strategic factors: - **Logistics automation (AI and robotics):** The successful implementation and stabilization of the AutoStore system, enhanced by innovative robotic arms and the launch of the Milan distribution hub, significantly reduced unit personnel and handling costs per order. - **Expansion of in-house production:** In the second half of 2025, the Group commissioned two high-capacity packaging lines and a new tableting and encapsulation line. The full activation of a powder production line in Germany, adhering to the highest European quality standards, further bolstered operational independence. ### Strategic impact of internal manufacturing The focus on expanding internal production capacities to reduce reliance on external suppliers was a primary driver of margin optimization in 2025. The total value of in-house goods stocked reached **EUR 6,452 thousand,** representing a **6% share** of the full-year consolidated Cost of Goods Sold (COGS: EUR 107,746 thousand). - **Production structure:** The tablet and capsule segment remained dominant with **EUR 5,327 thousand,** supplemented by powder production totaling **EUR 1,125 thousand.** - **Year-end acceleration:** December results confirm a dynamic increase in efficiency, with in-house production reaching a monthly peak of **EUR 1,196 thousand.** This represents a **14% share** of total December COGS (EUR 8,373 thousand). - **Margin optimization:** Increasing the proportion of internal manufacturing allowed the Group to optimize its gross margin (Contribution Margin I), which increased year-on-year from **45.08% to 48.48%.** To ensure maximum analytical clarity, this margin is calculated exclusively from revenues generated by primary activities, deliberately excluding secondary B2B material sales to provide an undistorted view of our core D2C unit economics. ### Financial result and capital optimization The consolidated financial result reflects a loss of **EUR 1,207 thousand.** However, through disciplined debt service management, the Group achieved a **6% year-on-year reduction** in financial activity costs, down to **EUR 2,441 thousand.** This decrease is significant given the massive allocation of external capital toward building European infrastructure, including the Italian AutoStore system, the Central European logistics hub expansion, and the acquisition of production assets. #### Income tax expense and effective tax rate The Group's income tax expense rose to **EUR 3,019 thousand** in 2025 (2024: EUR 1,789 thousand), implying an effective tax rate of **29.0%** (2024: 20.1%). The increase reflects the statutory increase in the Slovak corporate income tax rate from **21% to 24%** effective 2025, combined with a higher balance of non-deductible provisions representing temporary timing differences, which will reverse in future periods upon their utilization. #### Consolidated net profit The GymBeam Group concluded the 2025 fiscal year with a consolidated net profit of **EUR 7,386 thousand.** This **3% year-on-year increase** confirms the Group's ability to execute the largest capital investment (CAPEX) program in its history while maintaining robust profitability and disciplined control over operating expenses. ### Selected revenues (in thousands of EUR) Type of income Revenue from sale of goods 162,447 197,605 22% Revenue from services 7,054 11,512 63% Revenue from materials and ingredients Capitalization of Own Production / Inventory 2,439 6,815 179% Capitalization of Intangible Assets 1,040 3,542 241% Sale of Tangible Fixed Assets 0 2,567 Foreign exchange gains 1,261 1,072 Other operating income 619 1,255 103% Table 8: Selected revenues by type, FY2024 vs FY2025 (in thousands of EUR). Largest growth in Capitalization of Intangible Assets (+241%) and Own Production (+179%). ### Group synergies, development capitalization, and financing structure #### Core e-commerce performance (Revenue from sale of goods) The Group's primary growth engine remains its direct-to-consumer (D2C) e-commerce channel. Revenue from the sale of goods reached **EUR 197,605 thousand,** representing a solid **22%** year-on-year increase. This robust performance is driven by continued market penetration across key European territories, increased customer retention rates, and the successful expansion of the proprietary product portfolio. #### Revenues from materials and ingredients In addition to primary e-commerce operations, the Group generated **EUR 23,213 thousand** from the sale of materials, ingredients, and packaging, representing a **26%** year-on-year increase (compared to EUR 18,451 thousand in 2024). This secondary revenue stream effectively leverages the Group's robust supply chain infrastructure and economies of scale in procurement. As established in the margin analysis, these transactions are deliberately separated from core D2C revenues to prevent statistical distortion and ensure maximum analytical clarity regarding the Group's primary e-commerce profitability. #### Logistics platform and services Revenue from proprietary products and services recorded a year-on-year growth of **63%** in 2025, reaching **EUR 11,512 thousand** (compared to EUR 7,054 thousand in 2024). This growth momentum was primarily driven by the successful acquisition of new customers. Additionally, a minor, yet strategically significant, portion of this revenue stems from the continued commercialization of **Boxpi,** the Group's proprietary logistics and technology platform. This infrastructure comprehensively supports the Group's European expansion, including cross-border delivery, last-mile logistics, and cash-on-delivery processing. Ultimately, the Boxpi platform enables the Group to maximize operational synergies and optimize the international supply chain against external cost pressures. #### Capitalization of development and technological ecosystem Within operating income, the Group reports capitalized own work totaling **EUR 10,357 thousand.** To ensure a transparent view of operational efficiency and adherence to IFRS matching principles, this item is categorized into two distinct areas: - **Capitalization of own production and inventory (EUR 6,815 thousand):** This category, reflecting a 179% year-on-year increase, represents a standard accounting matching principle rather than a non-cash profit. It captures direct internal costs, primarily labor, incurred during the in-house manufacturing process. These costs are capitalized as inventory and subsequently released into the P&L as Cost of Goods Sold (COGS) upon sale, ensuring production expenses align with recognized revenues. - **Capitalization of intangible assets (EUR 3,542 thousand):** This portion, representing a 241% year-on-year increase, consists of internally generated long-term intangible assets meeting strict capitalization criteria. This investment is divided into two primary strategic areas: - **New product development (NPD) (approx. EUR 2.2 million):** Includes the development of high-value products, manufacturing line configurations, recipe formulation, regulatory registrations (HACCP), and custom packaging design. - **Custom software and IT infrastructure (approx. EUR 1.3 million):** Involves continuous innovation of the e-commerce platform and proprietary software modules (including WMS, Adobe Commerce backend, Tableau data models, and Odoo ERP). This internal development builds an agile infrastructure, eliminates vendor lock-in, and significantly reduces recurring operational expenses associated with external third-party agencies. #### Capital structure optimization and supply chain management A key driver of capital optimization in 2025 was the strategic financing of the Group's logistics infrastructure. Gains from the disposal of specific fixed assets reached **EUR 2,567 thousand,** generated entirely by the strategic refinancing of the AutoStore robotic system. Utilizing advanced financial tools, such as sale-and-leaseback structures, this model effectively optimizes capital allocation. It unlocks significant liquidity and accelerates the continuous modernization of European distribution hubs without impacting internal operational cash flow, all while allowing the Group to maintain full operational control over the core technology. #### Other operating income and core business stability This category recorded a year-on-year increase of **103%,** reaching **EUR 1,255 thousand.** In accordance with IFRS methodology, this item accumulates secondary, non-core revenue operations, such as contractual penalties or insurance settlements. Despite the relative percentage increase, this value remains marginal at approximately **0.5% of total consolidated revenues,** confirming that the Group's growth is fundamentally driven by its core e-commerce and manufacturing activities. ### Selected costs (in thousands of EUR) Type of cost Cost of goods sold (COGS) – total 108,849 127,914 18% – Cost of goods sold (COGS) – primary activities 93,082 107,746 – Cost of goods sold (COGS) – materials and labels 15,767 20,168 28% Service expenses 41,692 59,064 42% Personnel expenses 21,050 24,915 7,065 Interest expense 1,118 59% Foreign exchange losses 1,891 1,323 \-30% Table 9: Selected costs, FY2024 vs FY2025 (in thousands of EUR). Largest growth: Depreciation (+89%), Interest expense (+59%), Service expenses (+42%); FX losses dropped 30%. ### Cost analysis and return on investment in logistics transformation #### Optimizing COGS and economies of scale The Group's most significant cost item, Cost of Goods Sold (COGS) for primary activities, increased by **16%** year-on-year in 2025 to **EUR 107,746 thousand.** Notably, the growth of these direct costs was slower than the **24%** expansion in core e-commerce revenues. This positive variance confirms the increasing economies of scale, the Group's enhanced ability to optimize purchasing terms, and the tangible financial benefits of expanding in-house production, which directly drives gross margin expansion. #### Capital allocation for European expansion Service expenses increased by **42%** year-on-year to **EUR 59,064 thousand.** This dynamic is a planned development associated with the accelerated acquisition of market share. Capital was purposefully allocated toward marketing campaigns in strategic Western European markets, specifically **Germany, Italy, and Austria.** This increase directly correlates with higher logistics volumes and transportation requirements (Last-mile delivery) necessary to service new customer cohorts in these regions. #### Personnel efficiency and logistics automation The impact of substantial capital investments in automation is clearly reflected in the structure of personnel expenses. Despite the 24% growth in revenues and a substantial increase in fulfilled order volumes, personnel expenses increased at a slower rate of **18%** to **EUR 24,915 thousand.** This performance confirms that the full deployment of the AutoStore robotic system and AI-driven optimizations enable the Group to scale operations without a linear increase in human capital. These strategic physical investments are further reflected in the **89% increase** in depreciation and amortization, totaling **EUR 7,065 thousand.** ### Financing structure and currency risk management The **59% increase** in interest expense to **EUR 1,118 thousand** is a direct consequence of the strategic utilization of external capital. These special-purpose bank loans were primarily deployed to finance key technological innovations and the expansion of the European logistics network. Regarding exposure to currency fluctuations outside the eurozone, the Group effectively utilizes natural hedging strategies. As a result, gross exchange rate losses were reduced by **30%** year-on-year to **EUR 1,323 thousand.** The net exchange rate loss for the 2025 fiscal year, after accounting for exchange rate gains, amounted to only **EUR 251 thousand.** This result confirms the high efficiency of the Group's financial management in overseeing complex international operations. ### Cost structure 2025 (% of selected costs) - (COGS) - primary activities 48.6% - Service expenses 26.7% - (COGS) - materials and labels 9.1% - Personnel expenses 11.3% - Depreciation 3.2% - Foreign exchange losses 0.6% - Interest expense 0.5% Cost structure 2025 — percentage of selected costs Cost category (COGS) - primary activities 48.6% 26.7% (COGS) - materials and labels 9.1% 11.3% 3.2% 0.6% 0.5% Figure 17: Cost structure 2025. COGS primary activities dominate at 48.6%, followed by Service expenses 26.7%. ### Asset and capital structure (in thousands of EUR) Total assets 68,952 132,343 92% Non-current assets 22,682 57,775 155% Intangible assets 6,990 13,076 87% Land, buildings and equipment 139 110 \-21% Property, plant and equipment 8,388 30,204 260% Construction in progress 0% Right-Of-Use assets 7,162 11,883 66% Non-current financial assets 2,499 Current assets 46,270 74,568 61% Inventories total 32,827 43,966 34% – Goods for resale – SK 28,310 33,060 17% – Goods for resale – ITA 3,764 – Goods for resale – Other 1,243 1,207 \-3% – Material 3,253 5,072 56% – Finished goods 863 4,010% Trade and other receivables 12,420 14,151 14% Cash and cash equivalents 1,023 16,451 1,508% Table 10: Asset and capital structure, FY2024 vs FY2025 (in thousands of EUR). Total assets nearly doubled (+92%); Property plant and equipment +260%; Cash +1,508%. ### Capital allocation 2025 (in ths. of EUR) 2024 2025 0 10,000 20,000 30,000 40,000 50,000 Property, plant and equipment Inventories Cash and cash equivalents Non-current financial assets Capital allocation 2024 vs 2025 in thousands of EUR Inventories Figure 18: Capital allocation 2025. Property plant and equipment +260%, Cash +1,508%. ### Capital allocation to strategic development and infrastructure (Non-current assets) In the 2025 fiscal year, the GymBeam Group strategically allocated resources to substantially reinforce its technological foundation and European logistics capacities. The significant year-on-year increase in non-current assets from **EUR 22,682 thousand** to **EUR 57,775 thousand** (a 155% increase) directly reflects the Group's long-term strategy: building a highly scalable, data-driven European D2C platform supported by fully automated infrastructure. #### Intangible assets and software ecosystem (EUR 13,076 thousand) The **87%** increase from **EUR 6,990 thousand** in the previous year is driven by the in-house development and implementation of advanced software solutions. Key components include: - **E-commerce infrastructure:** Successful migration to Google Cloud Platform (GCP) and Adobe Commerce cloud infrastructure. - **Proprietary WMS and mobile application:** Continued refinement of the Warehouse Management System and the native D2C application. - **Advanced analytics and AI:** Integration of Tableau for data-driven decision-making and Generative AI (Gen AI) to optimize search relevance and personalized customer journeys. #### Physical infrastructure and automation (EUR 30,204 thousand) The most significant shift in the asset structure occurred within technological equipment (Property, plant, and equipment), which saw a **260%** growth from EUR 8,388 thousand. Capital was specifically earmarked for: - **Robotics:** Significant scaling of the AutoStore system and the installation of robotic picking arms in the Central European distribution center. - **In-house production:** Installation of new high-capacity production lines for powder, tablet, and capsule forms, directly increasing manufacturing independence and "Made in Germany" output. #### Right-of-Use assets (IFRS 16) (EUR 11,883 thousand) In accordance with IFRS 16, this item reflects the capitalized value of long-term leases. The **66% year-on-year increase** is a direct consequence of expanding the international logistics and production footprint: - **Logistics and production Hubs:** Key facilities equipped with AutoStore and in-house production lines, including the primary administrative headquarters. - **International expansion:** Strategic leases for the new fully automated logistics hub near Milan, as well as international office spaces to support growing teams across Europe. ![GymBeam AutoStore automated warehouse robotic system in operation — multiple red and black robotic bots numbered 003 and 026 moving across the grid carrying inventory bins, illustrating the Group's logistics automation infrastructure](/annual-report/DSC04144.JPG) ### Strategic financial investments and M&A (EUR 2,499 thousand) The deployment of long-term financial assets reflects the Group's readiness for inorganic growth and strategic consolidation. In 2025, this new allocation was primarily demonstrated by the strategic integration and acquisition of production capacities near Düsseldorf. The recognized value predominantly represents the goodwill arising from this transaction, reflecting the strategic premium, manufacturing synergies, and the expanded market footprint generated by the acquisition. ### Current asset structure and liquidity management The Group's current assets grew from **EUR 46,270 thousand** to **EUR 74,568 thousand** (a **61%** year-on-year increase). This development reflects dynamic business operations and a targeted strengthening of financial stability and liquidity. ### Cash and cash equivalents (EUR 16,451 thousand) The **1,508% increase** in cash is the result of a successful investment round, during which the Group raised **EUR 30 million** in institutional capital from EBRD and PortfoLion Capital Partners. These resources maximize liquidity and provide strong capital flexibility for further strategic expansion and M&A activities. ### Inventory optimization and portfolio expansion (EUR 43,966 thousand) The **34%** year-on-year increase in total inventory value is a planned response to the expansion of European logistics infrastructure and the scaling of in-house production: - **Italian distribution hub (Milan):** To ensure rapid fulfillment for Southern and Western Europe, the Group allocated **EUR 3,764 thousand** in goods for resale to the newly opened Italian hub. - **Acceleration of in-house production:** The shift toward vertical integration is reflected in the growth of finished goods (from **EUR 21 thousand to EUR 863 thousand**), supported by a **56% increase** in material inventories (**EUR 5,072 thousand**). - **Core logistics hub (Slovakia):** Inventories at the central hub grew at an optimized rate of **17%,** confirming disciplined capital control. ### Trade receivables and working capital management (EUR 14,151 thousand) The value of consolidated receivables remained stable, but the internal structure confirms highly efficient working capital management: - **Improved receivables collection:** The Group successfully reduced tied-up capital, with net trade receivables decreasing from **EUR 5,554 thousand** to **EUR 4,287 thousand.** Operating advances to suppliers were also optimized (decreasing from **EUR 3,049 thousand** to **EUR 1,600 thousand**). - **Tax receivables (VAT):** This operational cash release was partially offset by an increase in VAT receivables (from **EUR 571 thousand** to **EUR 2,976 thousand**), a direct consequence of massive capital investments in infrastructure and the growing share of B2B exports. The Group's development in 2026 will be defined by the consolidation of its position as a leading European manufacturer and retailer. Regarding corporate structure, we anticipate the successful completion of the strategic relocation of our headquarters to **Vienna.** This move will further solidify our international status, enhance access to European capital markets, and, under the guidance of our international Supervisory Board, establish a robust foundation for continued scalability. ### Germany: integration and production expansion Germany remains the Group's highest priority market. Following the successful acquisition of **KAJA Food,** the primary operational focus for 2026 will be its seamless integration into the Group's framework. We will prioritize the systematic development of the facility near **Düsseldorf,** with plans to significantly expand the production of premium products under the "**Made in Germany**" seal. By installing new high-capacity manufacturing lines, we will further leverage our **BIO and IFS certifications** to meet the highest industry quality standards. ### Italy: logistics scaling and market growth The Italian market continues to demonstrate an excellent growth trajectory and significant potential for sales expansion. To support this momentum, we will continue to develop the local logistics hub near **Milan.** This facility, already equipped with the automated AutoStore system, is slated for further technological upgrades throughout 2026 to increase throughput and operational efficiency. ### Automation and profitability drivers A fundamental pillar of our future development remains the continued strengthening of automation across all warehouse and production processes. These technological investments, combined with the planned increase in manufacturing capacities, directly contribute to the optimization of our unit economics. We expect these strategic initiatives to be the primary drivers of significant **EBITDA margin improvement** and increased operational efficiency across the entire value chain in 2026. ![KAJA Food production facility near Düsseldorf, Germany — exterior view of the white industrial building with red KAJAFOOD branding, featuring a GymBeam executive in the foreground; the acquisition strengthens the Group's vertical integration and 'Made in Germany' manufacturing footprint](/annual-report/Kaja-2.webp) ### Research and development (R&D) Activities The 2025 fiscal year was characterized by intensive investments in the Group's technological infrastructure and the expansion of its proprietary product portfolio. Total R&D expenditure was primarily directed toward the following areas: #### Internal software and ecosystem development9a: - **ERP and core systems (Magento & Odoo):** EUR 1,650,080 - **Data infrastructure and analytics (Tableau & Snowflake):** EUR 477,420 - **Warehouse management system (WMS):** EUR 275,775 - **API integrations and other systems:** EUR 249,203 #### Proprietary product development9b: - **New product development (NPD):** EUR 2,858,865 These investments ensure the Group maintains its competitive advantage through a proprietary, agile, and scalable technological stack, while simultaneously expanding its high-margin private label portfolio. ### Environmental impact The Group conducts its operations in full compliance with all applicable environmental legislation and regulatory requirements. We are committed to sustainable business practices and continuously monitor the environmental impact of our logistics and production activities to ensure ongoing compliance. ### Organizational units abroad The parent company, GymBeam s.r.o., does not maintain any direct organizational units abroad. International market operations are conducted exclusively through the Group's dedicated subsidiaries. ### Acquisition of own shares and equity interests During the 2025 accounting period, the Group did not acquire any of its own shares, business interests, or temporary certificates. ![GymBeam laboratory technician in a white lab coat inspecting amber product bottles on shelving inside the Group's in-house research and development laboratory — illustrating proprietary product development and quality control processes](/annual-report/DSC00948.jpg) Throughout 2025, the e-commerce and sports nutrition sectors navigated a rapidly evolving environment characterized by intense digital competition and fluctuating acquisition costs. The following section details the principal market risks and the specific operational mitigations implemented by the Group. ### 1\. Shifts in consumer preferences and brand commoditization **Risk context:** The European sports nutrition market is highly dynamic, with an inherent risk of demand shifting toward new, influencer-backed micro-brands. Furthermore, price-based competition risks the commoditization of core products, which could depress gross margins and dilute brand loyalty. #### Management and mitigation: - **Product agility:** The Group maintains a highly segmented proprietary portfolio. With an industry-leading development cycle, we capture emerging trends significantly faster than legacy competitors. - **Vertical integration:** The acquisition of the KAJA Food facility near Düsseldorf insulates the Group from third-party supply chain pressures, allowing for competitive pricing without sacrificing contribution margins. - **Community engagement:** A community-first approach has resulted in exceptional customer retention and market-leading satisfaction metrics across core regions. ### 2\. Inflation of digital acquisition costs (CAC) **Risk context:** As digital-native D2C brands proliferate, competition for ad inventory has intensified. Sustained increases in performance marketing costs and unpredictable algorithmic shifts threaten to increase Customer Acquisition Costs (CAC), potentially eroding operating profitability. - **Owned ecosystems:** The Group is strategically shifting sales volume to proprietary channels. The scale-up of the native GymBeam mobile app has created a highly retentive channel with significantly higher conversion rates than traditional web interfaces. - **AI-Driven analytics:** Utilizing advanced analytics, localized marketing teams optimize ad spend to deliver high returns on investment (Margin ROAS), even in competitive expansion markets. - **Proprietary influencer network:** We mitigate reliance on auction-based traffic by leveraging a robust network of local brand ambassadors, driving organic community engagement. ### 3\. Disruption by global marketplaces and online generalists **Risk context:** The expansion of global online marketplaces represents a structural shift in e-commerce. Heavy dependency on these platforms could lead to margin erosion due to commission fees and the loss of direct customer relationships. - **D2C dominance:** GymBeam's core strategy remains resolutely Direct-to-Consumer, with the vast majority of GMV generated through proprietary channels, ensuring absolute ownership of first-party customer data. - **Tactical marketplace deployment:** Marketplaces are utilized strictly as supplementary acquisition levers. The Group executes a deliberate retention strategy designed to transition marketplace buyers into loyal D2C app and web customers. ### 4\. Supply chain resilience and quick-commerce evolution **Risk Context:** Accelerating consumer expectations regarding delivery speed expose the Group to risks of logistical bottlenecks or third-party carrier failures, particularly during peak trading events. - **Robotic infrastructure:** To guarantee scalability, the Group has deployed a highly automated logistics ecosystem. The **EUR 11 million** investment in the Milan AutoStore facility utilizes advanced robotics to process orders with minimal human intervention. - **Proprietary line-haul network:** To circumvent courier bottlenecks, the Group operates an extensive proprietary network, ensuring next-day delivery across a significant majority of core markets. - **Urban hubs:** Addressing demand for instant availability, GymBeam is rolling out urban Fitness Hubs and a network of 24/7 smart lockers to bridge the gap between e-commerce and immediate offline retail. ### 5\. IT infrastructure, data privacy, and cyber security **Risk context:** As a digital-first enterprise processing millions of transactions, the Group is exposed to cyber security threats. A data breach or infrastructure failure could result in reputational damage, regulatory fines, and operational paralysis. - **Enterprise-grade cloud infrastructure:** The IT architecture has been successfully migrated to **Google Cloud Platform (GCP)** and **Adobe Commerce,** ensuring global scalability and top-tier data protection. - **In-house technology division:** GymBeam maintains a dedicated, highly skilled in-house technology team, ensuring immediate incident response and continuous deployment of security patches. - **AI-driven monitoring:** The Group utilizes proprietary autonomous AI agents (such as the **Clawbot** technology) to monitor system health and detect security anomalies in real-time. ## Glossary and Abbreviations Notes Notes ### Glossary and Abbreviations - **AOV (Average Order Value):** A metric that measures the average monetary amount spent each time a customer places an order on the Group's platform. It is calculated by dividing total revenue by the number of orders. - **CAC (Customer Acquisition Cost):** The total cost associated with acquiring a new customer, including all marketing and advertising expenditures, divided by the number of new customers acquired during a specific period. - **D2C (Direct-to-Consumer):** A business model where the Group sells its products directly to the end customer via its own e-commerce platform, bypassing traditional third-party wholesalers or retailers. - **EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization):** A measure of the Group's overall financial performance and operational profitability, excluding non-operating expenses and non-cash accounting entries. - **KPI (Key Performance Indicator):** A quantifiable measure used to evaluate the success of the Group in reaching targets for operational and strategic performance. - **LTV (Customer Lifetime Value):** An estimate of the gross profit a customer is expected to generate for the Group throughout the duration of their relationship with the brand. - **ROI (Return on Investment):** A performance measure used to evaluate the efficiency or profitability of a specific investment or capital allocation. - **SKU (Stock Keeping Unit):** A unique identifier used to track individual products within the Group's inventory and portfolio. ### Notes 1 Brand size was determined based on 2025 revenues originating from EU markets. Only international sports nutrition brands were included in the report. Brands generating 80%+ of their revenues from the RTD (Ready to drink) category or 80%+ of their revenues from a single market were excluded. **Exchange Rates Note:** For non-EUR reporting entities, revenues were converted to EUR utilizing the official European Central Bank (ECB) reference exchange rates as of December 31, 2025 **(EUR/GBP: 0.8726; EUR/USD: 1.175; EUR/PLN: 4.221).** #### Competitor Revenue Data and Sources - **GymBeam:** All revenues are stated excluding VAT. The total consolidated figure of EUR 232 million consists of revenue from primary activities (the sale of goods and services) and revenue generated from the sale of raw materials and packaging. - **MyProtein:** From the 2025 Annual Report, we identified that revenues across all regions amount to EUR 700.5M at an exchange rate of 1.15GBP/EUR. The same Annual Report states that 68% of this total is attributable to the MyProtein brand, equating to EUR 476M. It is further noted in the Annual Report that 41% of these revenues originate from the EU, corresponding to EUR 195M. - **Prozis:** The data was sourced from the eCommerce database, available at: https://ecdb.com/resources/sample-data/retailer/prozis - **BioTechUSA:** From the 2025 Annual Report, we identified that the Group's revenues in the EU amount to EUR 223M. Through expert estimation, we determined that the BioTechUSA brand accounts for 60% of these revenues. - **Optimum Nutrition:** From the 2025 Annual Report, we identified that Glanbia Europe's revenues amount to EUR 329, of which 55% originates from the EU, equating to EUR 181M. Through expert estimation, we determined that the ON (Optimum Nutrition) brand accounts for 63% of total brand revenues within the EU, equating to EUR 114M. - **Olimp Laboratories:** The data was sourced from the Polish National Business Registry (Bizraport), available at: https://www.bizraport.pl/krs/0000065402/olimp-laboratories-spolka-z-ograniczona-odpowiedzialnoscia-akcyjna - **All Nutrition (SFD S.A.):** The data was sourced from the Polish National Business Registry (Bizraport), available at: https://www.bizraport.pl/krs/0000373427/sfd-spolka-akcyjna - **XXL Nutrition:** The data was sourced from retail trade industry publications, available at: https://www.retaildetail.eu/news/food/xxl-nutrition-reaches-e100-million-in-sales/ - **HSN Nutrition:** The data was sourced from the Spanish Business Rankings Database (El Economista), available at: https://ranking-empresas.eleconomista.es/HARRISON-SPORT-NUTRITION.html - **Scitec:** Based on the 2025 Annual Report, we identified that group revenues in the EU reached EUR 223M. According to expert estimates, the Scitec brand accounts for a 30% share of these revenues. #### 2 SKU Data Source and Methodology **SKU Definition:** The data in the table represents the number of purchasable items (SKUs) offered by individual e-shops, including variants that were marked as currently out of stock at the time of data collection. Each combination of flavor and weight of the same product is considered a separate item. For sportswear, each color version is considered a separate item, while different sizes of the same color are not counted separately. Bulk packs of multiple units of the same product and combination bundles of multiple different products are counted as separate items. The data comes exclusively from publicly available sections of the individual competitors' websites and represents the state of the catalog on the day of collection. The same five-step procedure was applied to each competitor. In the first step, the technology platform on which the e-shop runs (mostly Shopify, Magento, WooCommerce, or a custom solution) was identified, as each platform exposes data differently. In the second step, the source of the complete product list was determined, most commonly the publicly available sitemap that e-shops publish for search engines. In the third step, a sample product page was examined to find where the variant data is located within its code. In the fourth step, an automated scraping tool tailored to the specific e-shop was prepared to crawl all product pages and extract the necessary data. In the fifth step, the result was verified by comparing it with selected known products to check whether the captured flavors, weights, and packaging matched what the e-shop actually sells. Depending on the platform, different collection techniques were used in the fourth step. For BioTechUSA and Optimum Nutrition, the standard interface of the Shopify platform was utilized; for Olimp Laboratories, a similar interface of the WooCommerce platform was used. For MyProtein, standardized product data intended for search engines was used. For GymBeam, HSN Nutrition, All Nutrition, XXL Nutrition, and Scitec Nutrition, custom-tailored scraping directly from the source code of the product pages was required. The Prozis e-shop is protected by technological defenses against automated access, which could not be bypassed at the time of collection; therefore, a different approach was used, a calculation based on the website's own product sitemap. The procedure used is repeatable and allows for tracking the evolution of the competitive offering over time. 3 **Active Customer:** A metric representing the total number of unique customers who have successfully placed at least one order on the Group's platform within the 12-month period immediately preceding the reporting date. 4 The data presented in this report was compiled from publicly accessible databases provided by national health and food safety authorities. It is important to note that these registries are dynamic and subject to frequent updates; therefore, the figures represent a snapshot of the market valid as of January 2026. The figures for GymBeam, as well as for all other monitored brands, were gathered from official sources, including the Spanish Agency for Food Safety and Nutrition (AESAN) in Spain, the Agricultural and Food Board (PTA) in Estonia, the Food and Veterinary Service (PVD) in Latvia, and the State Food and Veterinary Service (VMVT) in Lithuania. In Belgium, data was retrieved from the Federal Public Service Health, Food Chain Safety and Environment (FPS Health), while Polish data was sourced from the Chief Sanitary Inspectorate (GIS). For Romania, the analysis utilized the Ministry of Health Registry of Vitamins and Supplements and the National Research and Development Institute for Food Bioresources (IBA Bucharest). Additional data was sourced from the Public Health Authority of the Slovak Republic (ÚVZ SR), the National Institute of Pharmacy and Nutrition (OGYÉI) in Hungary, the Bulgarian Food Safety Agency (BFSA), and the State Inspectorate of the Republic of Croatia (DIRH). Several countries were excluded from the competitor dataset due to a lack of comparable information. In the Netherlands, Austria, and Slovenia, product registration was not mandatory during the monitored period, resulting in an absence of official registration data. Furthermore, France, Germany, Italy, Cyprus, Luxembourg, Sweden, Finland, Denmark, Greece, Portugal, Ireland, Malta, Czech Republic and certain authorities in Romania were excluded because they do not provide publicly accessible registration databases. The methodology focused exclusively on registrations filed directly by the legal entities belonging to the monitored brand groups. This included GymBeam (GymBeam s. r. o. and GymBeam Kft.), BioTechUSA (BioTechUSA Kft., JLM Powerline Kft., BioTechUSA Polska Sp. z o.o., SC BioTechUSA SRL, SC BioTech Nutrition SRL, and MLO Slovakia s. r. o.), Olimp Laboratories (Olimp Laboratories Sp. z o.o., Nutrifarm Sp. z o.o., and Olimp Laboratories Spain, S.L.), and HSN (Harrison Sport Nutrition S.L.). The analysis also covered SFD S.A. (operating the AllNutrition brand), Myprotein (represented by THG Nutrition Limited and THG Nutrition Poland Sp. z o.o.), Optimum Nutrition and BSN (under Glanbia Performance Nutrition Limited), Prozis (Onsalesit, S.A.), XXL Nutrition B.V., and Scitec Nutrition (Scitec Kft. and Lagom Life s. r. o.). To ensure the accuracy of direct brand activity, registrations submitted by third-party entities, such as independent distributors or local retailers, were not included in the final count. 5 Revenue from primary activities represents strictly net sales revenue derived from the sale of goods and services. This metric excludes any non-cash operating income, such as capitalized own work, internal production value, or disposal of assets. 6 **Total Orders Volume:** The "Total Orders" metric represents the total number of fulfilled orders across all our sales channels. This includes direct sales to customers (D2C/B2C), B2B wholesale orders, and sales from third-party marketplaces. 7 **EBITDA Margin Calculation:** The EBITDA margin is calculated as the ratio of consolidated EBITDA to net revenues (excluding VAT). 8 The sectoral EBITDA margin median (5.43%) is derived from the peer group disclosed in the consolidated revenue benchmarking analysis (see Note 1). To ensure the highest level of analytical transparency, the calculation specifically incorporates only those entities from the peer group that publicly disclose verified profitability metrics, namely: Optimum Nutrition, BioTechUSA, THG Nutrition (MyProtein), SFD S.A. (All Nutrition), and HSN Nutrition. The underlying financial data and EBITDA metrics were extracted from the same primary sources. To maintain high analytical integrity, the median was utilized instead of the arithmetic mean to mitigate the impact of extraordinary statistical outliers within the peer group. 9a,9b Total figures represent gross additions to intangible assets. For the portion recognized through the income statement (own work capitalized), see "Capitalization of Intangible Assets" on page 35