Bike24 Holding AG

Investor Presentation • Mar 31, 2022

FY 2021 EARNINGS CALL PRESENTATION March 31, 2022

This document has been prepared by Bike24 Holding AG (the "Company" and, together with its subsidiaries, the "Group"). All material contained in this document and information presented is for information purposes only and must not be relied upon for any purpose. This document does not purport to be a full or complete description of the Company or the Group. This document does not, and is not intended to, constitute or form part of, and should not be construed as, an offer to sell, or a solicitation of an offer to purchase, subscribe for or otherwise acquire, any securities of the Company, nor shall it or any part of it form the basis of or be relied upon in connection with or act as any inducement or recommendation to enter into any contract or commitment or investment decision or other transaction whatsoever. This document is not directed at, or intended for distribution to or use by, any person or entity that is a citizen or resident or located in any locality, state, country or other jurisdiction where such distribution, publication, availability or use would be contrary to law or regulation or which would require any registration or licensing within such jurisdiction. Persons into whose possession this document comes should inform themselves about, and observe, any such restrictions.

No representation, warranty or undertaking, express or implied, is made by the Company or any other Group company as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or the opinions contained herein, for any purpose whatsoever. No responsibility, obligation or liability is or will be accepted by the Company, any other Group company or any of their officers, directors, employees, affiliates, agents or advisers in relation to any written or oral information provided in this document or in connection with the document. All information in this document is subject to verification, correction, completion, updating and change without notice. Neither the Company, nor any other Group company undertake any obligation to provide the recipient with access to any additional information or to update this document or any information or to correct any inaccuracies in any such information.

A significant portion of the information contained in this document, including market data and trend information, is based on estimates or expectations of the Company, and there can be no assurance that these estimates or expectations are or will prove to be accurate. Where any information and statistics are quoted from any external source, such information or statistics should not be interpreted as having been adopted or endorsed by the Company or any other person as being accurate. All statements in this document attributable to third party industry experts represent the Company's interpretation of data, research opinion or viewpoints published by such industry experts, and have not been reviewed by them. Each publication of such industry experts speaks as of its original publication date and not as of the date of this document.

Certain statements contained in this document may constitute "forward-looking statements" that involve a number of risks and uncertainties. Forward-looking statements are generally identifiable by the use of the words "may", "will", "should", "plan", "expect", "anticipate", "estimate", "believe", "intend", "project", "goal" or "target" or the negative of these words or other variations on these words or comparable terminology. Forward-looking statements are based on assumptions, forecasts, estimates, projections, opinions or plans that are inherently subject to significant risks, as well as uncertainties and contingencies that are subject to change. No representation is made or will be made by the Company that any forward-looking statement will be achieved or will prove to be correct. The actual future business, financial position, results of operations and prospects may differ materially from those projected or forecast in the forward-looking statements. Neither the Company nor any of the underwriters nor any of their respective affiliates nor any other person assume any obligation to update, and do not expect to publicly update, or publicly revise, any forward-looking statements or other information contained in this release, whether as a result of new information, future events or otherwise, except as otherwise required by law.

This document also contains certain financial measures that are not recognized under International Financial Reporting Standards ("IFRS"), including adjusted EBITDA. These non-IFRS measures are presented because the Company believes that they and similar measures are widely used in the markets in which it operates as a means of evaluating the Company's operating performance and financing structure. They may not be comparable to other similarly titled measures of other companies and are not measurements under IFRS or other generally accepted accounting principles. See [the appendix] for a reconciliation of certain of these non-lFRS measures to the most directly comparable IFRS measure.

Figures shown is in this presentation are unaudited.

General Update

Financial Update

Business Update

Q&A

Achievements Challenges

DELIVERED IN LINE WITH EXPECTIONS DESPITE DIFFICULT ENVIRONMENT

FY 2021 results within original guidance for both topand bottom line and significantly above industry average

WEBSHOP RELAUNCH EXCEEDED PLAN

Conversion rates among new customers show encouraging results

OUTSTANDING CUSTOMER KPIs CONTINUE TO INCREASE FURTHER

New customers on record-high while existing customers order more often and spend more

INCREASED FULL-BIKE BRAND PORTFOLIO DESPITE TENSED SUPPLY SITUATION

20 new full-bike brands added in 2021 and exciting pipeline for 2022 show we continue to be a preferred partner

INDUSTRY-WIDE SUPPLY CHALLENGES HINDERED FASTER TOP-LINE GROWTH

Shortages on full-bikes and certain parts expected to remain until end of 2022

PRICE PRESSURES ON APPAREL AND ACCESSORIES IMPACTED MARGINS

Promotional environment for easier available products increased

INVESTMENTS INTO GROWTH INCREASED FIXED COST BASE

Substantial team growth (2nd management level) led to higher recurring operating expenses

ONGOING STRONG ACTIVE CUSTOMER BASE

Almost 821k active customers (+18% YoY) at the end of December 2021, driven by loyalty of existing customers and strong new customer acquisition

RECORD-HIGH AVERAGE ORDER VALUE OF €150 IN Q4 2021

Up +4% vs. Q4 2020 (€140 for FY; +3%) signalling that industry-wide price increases can be passed on to the customer

TOP-LINE GROWTH CONTINUES TO OUTPERFORM MARKET

FY 2021 revenues grew +26% to €250m (€58m for Q4; +12%), on top of +45% in FY 2020, and significantly outperformed the cycling market

STRONG DOUBLE-DIGIT ADJ. EBITDA MARGIN SUSTAINED

Adj. EBITDA margin of 12.2% for FY 2021 (7.6% for Q4) in line with expectations and despite normalizing gross margins and significant investments into growth

ACCELERATED SALES GROWTH IN SPAIN ALBEIT HIGH COMPS

Sales grew at a triple-digit-rate (+121%) for the fifth consecutive quarter, with number of active customers almost tripling compared to Q4 2020

General Update

Financial Update

Business Update

Q&A

HIGHLIGHTING SUSTAINABILITY OF CYCLING TREND

• 1) Active Customer: Customer who placed at least one order during the last twelve months (LTM)
• 2) Repeat Orders: Orders that are not the first order of a customer at BIKE24

REVENUE PER ACTIVE CUSTOMER NOW ABOVE €300

1) Defined as revenue divided by number of active customers

2) Defined as revenue divided by the number of orders

CONTINUOUS OUTPERFORMANCE ACROSS ALL MARKETS AND COMPETITORS

INDUSTRY-WIDE SUPPLY CHALLENGES SIGNIFICANTLY IMPACTED QUARTERLY FULL-BIKE SALES

Bikes PAC Bikes

PAC

SPAIN CONTINUING TO OUTGROW OTHER MARKETS

REVENUE BY GEOGRAPHY

(IN EUR M)

INCREASE IN TRADE WORKING CAPITAL ALMOST SOLEY DRIVEN BY HIGHER INVENTORY

Bikes PAC

HIGH INVENTORIES ENSURING FUTURE GROWTH IN CURRENTLY UNCERTAIN SUPPLY ENVIRONMENT

FY & Q4 AT A GLANCE

in % of Revenues	FY 2021	FY 2020	Change	Q4 2021	Q4 2020	Change
Gross Margin	31.6%	30.8%	0.7PP	28.8%	31.5%	(2.7PP)	Strong customer focus on and around Black Friday period
Performance Marketing	(0.6%)	(0.2%)	(0.4PP)	(1.2%)	(0.3%)	(0.9PP)	Increase in performance marketing spending to promote
Selling Costs	(8.1%)	(8.1%)	0.1PP	(7.7%)	(7.9%)	0.2PP	webshop relaunch
Contribution Margin	22.8%	22.5%	0.4PP	19.9%	23.3%	(3.4PP)
Personnel Expenses1	(8.0%)	(7.2%)	(0.8PP)	(8.8%)	(7.4%)	(1.4PP)	Investments into future growth
Miscellaneous Expenses1	(2.6%)	(1.8%)	(0.8PP)	(3.5%)	(2.2%)	(1.3PP)	Higher operating expenses as a listed company (Supervisory Board, auditors and others)
Adj. EBITDA Margin1	12.2%	13.4%	(1.2PP)	7.6%	13.7%	(6.1PP)

¹Adjustments of €10.3m (FY 2021) and €2.9m (Q4 2021) are mainly IPO-related transaction costs and bonuses, of which €3.1m (FY) are adjusted for personnel expenses and €7.2m (FY) are adjusted for miscellaneous expenses.

Rounding differences may apply.

General Update

Financial Update

Business Update

Q&A

ONLINE CURRENTLY ONLY ACCOUNTS FOR 18% OF THE EUROPEAN CYCLING MARKET

CHIEF MARKETING & DIGITAL OFFICER

FRONT- AND BACK-END SYSTEMS SIGNIFICANTLY ENHANCED

BACK-END SYSTEM WITH BETTER SCALABILITY AND INCREASED CAPACITY DURING BLACK FRIDAY PEAKS

WEBSHOP FRONT-END FURTHER OPTIMIZED AFTER LEARNINGS FROM RELAUNCH IN NOVEMBER

ENHANCED FOCUS ON BRAND BUILDING TO REACH NEW CUSTOMER GROUPS

CAMPAIGN ROLLOUT IN 4 COUNTRIES: CORE MARKET (GER) & LOCALIZED MARKETS (ES, IT & FR)

AIM TO REACH NEW CUSTOMERS IN ESTABLISHED MARKETS AND INCREASE BRAND AWARENESS IN LOCALIZED MARKETS

360° MULTI-CHANNEL APPROACH THROUGH OUT-OF-HOME, PRINT, ONLINE AND OUR FIRST VIDEO AD

DATA DRIVEN CAMPAIGN CONCEPT ENABLING PERSONALIZED TARGETING

FROM PURE E-COMMERCE TO BIKE PLATFORM

FULL-BIKE SUPPLY SITUATION IMPROVED OVER LAST COUPLE OF WEEKS

ASP FOR BIKES CONTINUES TO INCREASE, UP +36% VERSUS DEC 2020 AND ONLY PARTLY DRIVEN BY E-BIKES

MORE THAN 20 NEW FULL-BIKE BRANDS ADDED TO PORTFOLIO IN 2021, WITH EXCITING PIPELINE FOR 2022

ADDED ADDITIONAL CARGO BIKE BRANDS AND MODELS

VOTED BEST ROAD BIKE ONLINE SHOP BY GERMAN CYCLING MAGAZINE SURVEY

LOCALIZED WEBSHOPS AND BRAND CAMPAIGN OFFER GREAT OPPORTUNITIES TO EXPAND INTERNATIONALLY

FRENCH AND ITALIAN WEBSHOPS LAUNCHED AHEAD OF PLAN IN EARLY JANUARY
HIRING FOR LOCAL CUSTOMER SERVICE STAFF ONGOING

BARCELONA FULFILLMENT CENTER ON TRACK; FIRST SHIPMENTS EXPECTED IN Q3 2022

USER-FRIENDLY INTEGRATION OF NEW FC INTO EXISTING PROCESSES DUE TO IN-HOUSE DEVELOPMENT OF SOFTWARE

FIFTH CONSECUTIVE QUARTER WITH TRIPLE-DIGIT-GROWTH SHOWS GREAT BRAND MOMENTUM

REVENUE GROWTH IN SPAIN (YOY)

PROMISED & DELIVERED

EXTREMELY SUCCESSFUL 2021 IN A CHALLENGING ENVIRONMENT

Initial Public Offering in June, webshop relaunch in November and growth rates significantly above industry average throughout 2021

'PATH TO EUROPE' EXECUTION FULLY ON TRACK

Local webshops for Italy and France successfully launched and Spanish fulfillment center almost completed

CONSISTENT EXECUTION OF GROWTH STRATEGY IN 2022

Also in 2022 we will invest in key areas and functions that will allow us to continue outgrowing the market

DOUBLE-DIGIT TOP-LINE GROWTH WHILE MAINTAINING DOUBLE-DIGIT EBITDA MARGIN

• Guidance dependent on ongoing industry-wide supply challenges and potentially worsen inflationary pressures resulting from current geo-political situation, which is already partly reflected for 2022
• Continuous strong top-line growth significantly above industry average, especially once disruptions are cleared
• Only 2022 adj. EBITDA margin impacted by ongoing investments into future growth
• Outstanding long-term profitability as higher operating expenses related to listing and investments into HQhiring will normalize

	2022	2023-2026
REVENUE GROWTH (YOY)	+10-17%	+~25%
ADJ. EBITDA MARGIN	9-10%	10-12% (FROM 2023 ONWARDS)

General Update

Financial Update

Business Update

Q&A

EVENT	DATE
Q1 2022 Results	May 10, 2022
Annual General Meeting	June 21, 2022
Q2 2022 Results	August 10, 2022
Q3 2022 Results	November 10, 2022

SPAIN CONTINUING TO OUTGROW OTHER MARKETS

REVENUE BY GEOGRAPHY

(IN EUR M)