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Extracting Maximum Value

January 11, 2026
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Extracting Maximum Value


With the model new 12 months simply out of its plastic many people are nonetheless brimming with optimism. I do know I’m! It’ll be at the very least a number of months earlier than I quit on my objectives and revert to my regular state of resignation and cynicism.

I’m happy to see that boutique bicycle maker Canyon additionally has excessive hopes for 2026 and past, and has set an bold gross sales goal of 1 billion European Social Welfare Coupons:



Apparently up till now Canyon has “misplaced course due to modifications in its tradition:”

The founder and returning chief government of German premium bike maker Canyon says he can elevate annual income by a 3rd to about €1bn inside three years, claiming that the corporate has misplaced course due to modifications in its tradition.

This supplies much-needed context for final 12 months’s Grizl broccoli bike launch. Like a hapless bikepacker, Canyon had misplaced its approach, however they’re now Jesus-carrying themselves into a wonderful and extremely worthwhile future:

Screenshot 2025 07 16 122500

Or, to place it one other approach, they’re undercutting their rivals in a determined race to the underside:

Arnold, identified for his deep data and a spotlight to element all the way down to the tiny bolts on Canyon bike handlebars, desires to chop inner purple tape as he refocuses the direct-to-consumer model on its long-standing energy of premium bikes at aggressive costs.

Quickly after his return, he reduce the worth of Canyon’s newest top-end gravel bike by €400 to €3,999. He acknowledges the hit to revenue margins however argues that decrease listing costs will lead to fewer reductions and improve buyer loyalty.

“The direct-to-consumer mannequin provides us a worth benefit, and it issues lots that Canyon is seen in that gentle,” he mentioned, including that the model will quickly launch a brand new sequence of light-weight top-end e-bikes at aggressive costs.



Presumably that €400 is simply sufficient to persuade that potential Grizl purchaser to not patronize a motorbike store, regardless that he’ll ultimately wind up paying a motorbike store to assemble it for him–although I feel Canyon have even made an finish run round that state of affairs as properly:

Screenshot 2026 01 09 082935

I feel Rivendell want to incorporate an identical possibility for his or her clients the place two technicians arrive at your property: one to carry out the ritual quill stem insertion, and the opposite to supply banjo accompaniment.

By the way in which, might somebody clarify to me the way you carry out a 35-point security inspection on a bicycle?

Screenshot 2026 01 09 083402

Are there even that many components on the bike? I assume a typical highway bike has barely that many spokes now, so perhaps it’s checking each individually after which ensuring each brakes work. In the meantime, a 35-point inspection wouldn’t even get you previous a single wheel on many Rivendells.

As for Canyon, you’ve acquired to really feel for them, as a result of they’re making many hundreds of thousands of Euros, however apparently they’re not making sufficient many hundreds of thousands of Euros:

In 2023, Canyon swung to a internet lack of €14.4mn which widened to €37.8mn in 2024 due to the prices of the e-bike recall. Over the primary six months of 2025, the model’s earnings earlier than curiosity, tax, depreciation and amortisation fell an extra 30 per cent, in line with GBL’s half-year report, which blamed “oversupply” and “aggressive discounting” in addition to one-off high quality points. The corporate informed the FT that each its ebitda adjusted for one-offs and its free money circulation topped €50mn in 2024.

As at all times, I’ll level out that I’m on no account anti-capitalist. Nonetheless, how the hell are we taking a look at numbers this massive in an article about an organization that sells bicycles? They’re not drilling for oil, or engineering superchips, or sending rockets into house. They don’t even make the bikes! But in some way this can be a firm with each a Gravel Venture Supervisor and a Highway and Gravel Model Supervisor. Couldn’t Canyon simply as simply be like 4 individuals with laptops? Make me CEO, I’ll ship revenues by way of the roof!

Talking of maximizing your income, why experience a motorbike outdoors when using one inside is far more environment friendly?

Screenshot 2026 01 09 090106

Look, I do know I complain lots about language. And sure, perhaps not utilizing the phrase “construct” for placing a motorbike collectively is slightly excessive. BUT COULD WE STOP USING “HACK” THIS WAY PLEASE? Additionally, it’s not a “health hack;” it’s exercising. That is like calling watching TV an “leisure hack,” or masturbation a “pleasure hack”…although I suppose I’d be okay with calling it “hacking off.”

However sure, using inside does internet you much more “high quality” than using outdoors:

“If we simply take a look at health, the purpose is easy; on the coach you will get extra high quality in much less time,” says Cavallin.

So why is using indoors extra time-efficient?

“Out on the highway you always have ‘lifeless time’: site visitors lights, roundabouts, lengthy descents the place you’re barely pedalling, sitting within the wheels, sections the place you must decelerate for vehicles or security,” he provides. “Indoors, an hour of coaching is a full hour of labor, with no interruptions.”

In fact I get that we’re speaking particularly about coaching right here, however isn’t all that “lifeless time” a part of what biking is? Isn’t avoiding hazards the seen brush strokes within the portray, and isn’t coasting the silence between the notes that’s simply as necessary to the symphony because the notes themselves? Should each pedal stroke actually be “productive?”

Rouvy coach Stern says he spends practically a 3rd of his outdoor rides coasting at zero watts. Whereas indoors, he says: “Each pedal stroke is productive.”

Certain, for those who’re knowledgeable athlete that is true, however guess what? In the event you’re a “time-crunched athlete juggling work and household,” your rigorous coach session is simply as unproductive:

“For time-crunched athletes juggling work and household, which is most of my shoppers, this effectivity is transformative. You’re not coaching extra, you’re coaching smarter.”

Why should a pastime be productive? If productiveness is the aim, then why actually have a household? Certainly there’s a digital possibility that doesn’t contain all of the “lifeless time” like serving to your partner and visiting with relations and caring for the youngsters once they’re sick and all that different emotional junk mileage:

Screenshot 2026 01 09 091755

Definitely as Inspector Clouseau as soon as noticed, we might do properly to embrace inconveniences resembling falling right into a fountain and catching pneumonia or sometimes having to decelerate while bicycling or cleansing up puke as a part of life’s wealthy pageant.

Nonetheless, you’ve acquired to confess, this feels like quite a lot of enjoyable:

The next instance of an endurance turbo session reveals how Stern’s indoor-outdoor time conversion stacks up. Indoors, you could possibly spend practically all of an hour experience on the proper depth stimulating the specified physiological diversifications. On the highway, it’s exhausting to spend greater than 70% of the entire time in zone 2. So that you’d need to experience about 90 minutes for a similar profit, and funds for extra pre- and post-ride faff. 

“Stimulating the specified physiological diversifications” positive feels like hacking off to me.

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