The hybridization of magnons and excitons would combine magnetic and optical degrees of freedom in a single composite quasiparticle. Such a hybridization is however difficult to achieve, because of their inherent energy mismatch. We propose that in biased bipolar ferromagnetic electron–hole bilayers the excitons and magnons can be brought into resonance, with the exciton energy lowered through the voltage bias to match the magnon energies. We demonstrate the linear hybridization of magnons and spin-flip excitons in this regime, starting from the microscopic exchange interactions between electrons and localized magnetic moments. We show that further increasing the gate voltage softens the hybrid magnon–exciton mode and realizes a magnon–exciton condensate, which manifests in both the magnon and exciton sectors and is associated with spin-superfluid transport. Ferromagnetic electron–hole bilayers therefore provide a new platform for the study of composite magnon–exciton quasiparticles and the realization of spinful condensates and associated spin superfluidity.