Bike24 Holding AG

Investor Presentation • Nov 11, 2021

Q3 2021 EARNINGS CALL PRESENTATION

11 November 2021

DISCLAIMER

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 forwardlooking 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

TOP LINE UP DOUBLE-DIGITS DESPITE TOUGH COMPARABLES

Growth significantly impacted by industry-wide supply challenges in bike segment

NEW WEBSHOP SUCCESSFULLY ROLLED OUT IN ALL MARKETS

Increasing conversion rates since launch

LOCALIZATION STRATEGY AHEAD OF PLAN

Lease contract for regional warehouse signed and webshop translations ongoing

OUTPERFORMED THE MARKET SIGNIFICANTLY

We do not experience any slowdown in demand despite very high comparables

LESS FULL BIKE INVENTORY THAN INITIALLY ORDERED DUE TO INDUSTRY-WIDE SUPPLY CHALLENGES

Bike share of total revenues down to 9% for Q3

ONGOING BIKE SHORTAGE IMPACTING TOP-LINE GROWTH ALSO IN UPCOMING QUARTERS

However, FY 2021 guidance still intact and further specified

INCREASED HQ HIRING AND PRODUCT-MIX WEIGHING ON EBITDA MARGIN

Pent-up HQ hiring and different product-mix compared to Q2 2021 and Q3 2020

Q3 AT A GLANCE

ONGOING STRONG ACTIVE CUSTOMER BASE

Almost 800k active customers (+26% YoY) at the end of September 2021, driven by loyalty of existing customers and strong new customer acquisition

RECORD-HIGH REPEAT PURCHASE RATE OF 76.2%

Up +3.9PP vs. Q3 2020 signalling that customers continue to return and cycling trend is here to stay

TOP-LINE GROWTH CONTINUES TO OUTPERFORM MARKET

Revenue grew +10% YoY in Q3 to €64.3m, on top of 54% in previous' year quarter, and significantly outperformed the cycling market

STRONG DOUBLE-DIGIT ADJ. EBITDA MARGIN SUSTAINED Adj. EBITDA margin of 11.1% in Q3 in line with expectations and despite to significant investments into HQ hiring

HIGH GROWTH MOMENTUM IN SPAIN CONTINUES

Sales grew at a triple-digit-rate (+116%) for the fourth consecutive quarter, number of new customers more than tripled compared to Q3 2020

GENERAL UPDATE FINANCIAL UPDATE BUSINESS UPDATE Q&A

ALMOST 800K ACTIVE CUSTOMERS AND A RECORD-HIGH SHARE OF REPEAT ORDERS…

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

…SHOW UNBROKEN CYCLING TREND

1) Defined as revenue divided by number of active customers

2) Defined as revenue divided by the number of orders 8 ||

GROUP REVENUE UP 31% IN 9M 2021

Q3 GROUP REVENUES

SALES IN BIKE CATEGORY LAGGING BEHIND AS INDUSTRY-WIDE SUPPLY CHALLENGES REMAIN

Bikes PAC Bikes PAC

10 ||

STRONG PERFORMANCE ACROSS MAJOR GEOGRAPHIES

UK now included in Rest of World; previous year figures were adjusted. 11 ||

WE INTENTIONALLY BUILT HIGH INVENTORIES TO AVOID SUPPLY BOTTLENECKS…

…WHICH HAD AN IMPACT ON OUR FREE CASH FLOW

FREE CASH FLOW

INCOME STATEMENT DETAILS

in % of revenue	9M 2020	9M 2021	Change	Q3 2020	Q3 2021	Change
Gross Margin	30.6%	32.4%	1.8PP	32.3%	30.6%	(1.7PP)	Different product-mix and absence of apparel summer sale in Q3 2020
Performance Marketing	(0.2%)	(0.5%)	(0.2PP)	(0.2%)	(0.6%)	(0.4PP)
Selling Costs	(8.2%)	(8.2%)	0.0PP	(8.4%)	(8.8%)	(0.4PP)	Country-mix shipping costs as a result of expansion strategy
Contribution Margin	22.1%	23.7%	1.6PP	23.7%	21.2%	(2.5PP)
Personnel Expenses	(7.1%)	(7.8%)	(0.6PP)	(6.5%)	(8.0%)	(1.5PP)	Investments in 2nd management level and necessary functions as a listed company
Miscellaneous Expenses	(1.7%)	(2.3%)	(0.6PP)	(1.5%)	(2.1%)	(0.6PP)
Adj. EBITDA Margin1	13.3%	13.6%	0.3PP	15.7%	11.1%	(4.6PP)

¹Adjustments of EUR 7.3m (9M 2021) and EUR 1.5m (Q3 2021) are mainly IPO-related transaction costs and bonuses. 14 ||

GENERAL UPDATE FINANCIAL UPDATE BUSINESS UPDATE Q&A

UPDATE ON STRATEGY

WEBSHOP LAUNCH SUCCESSFULLY COMPLETED WITH PROMISING RESULTS

NEW & CLEAN USER INTERFACE TO APPEAL SPECIFICALLY TO

SIGNIFICANT IMPROVEMENTS TO USER INTERFACE

Before Now

BEZL		Enter search terms / product			Germany, EN ~ Login CART 0 Articles 0,00 € ~
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LONG-TERM BIKE STRATEGY UNCHANGED DESPITE INDUSTRY-WIDE SUPPLY CHALLENGES

CONFIDENCE REGARDING FULL DELIVERY OF MAXIMUM ORDER VOLUME POSSIBLE FOR 2021/2022 SEASON

SIGNIFICANTLY HIGHER ASP FOR BIKES SHOWS CUSTOMERS ARE WILLING TO SPEND MORE

FIRST TESTS OF VIRTUAL BIKE SIZING SHOW ENCOURAGING RESULTS

RELAUNCH OF BMX LINE WITH MORE THAN 20 BRANDS

LOCALIZATION STRATEGY CURRENTLY IN TWO DIFFERENT STAGES

WEBSHOPS IN LOCAL LANGUAGE

• 1 st step of localization playbook to appeal to broader target group in relevant market
• Easy to roll out from HQ meaning no significant investments required
• Triple-digit growth rates for four consecutive quarters in Spain, the first localized market, shows our playbook works

• → Webshop to be available in all major European languages within next 5 years

REGIONAL FULFILMENT CENTRE NETWORK

• 5th step of localization playbook to deliver highest service quality and fast shipping to already established customer base
• WEBSITES IN LOCAL LANGUAGE REGIONAL FULFILMENT CENTER NETWORK • High set-up costs required but low risk due to existing brand awareness
  • Significant savings on shipping resulting in margin benefits

• → European fulfilment centre network to ship to all European markets in 24-48 hours at lower costs within next 5 years

LOCALIZATION

LOCALIZATION PLAYBOOK TO BE ROLLED OUT TO NEW GEOGRAPHIES

SOUTHERN EUROPEAN FULFILMENT CENTRE FULLY OPERATIONAL WITHIN NEXT 12 MONTHS

22 ||

LOCALIZATION

HIGH GROWTH MOMENTUM IN SPAIN CONTINUES DESPITE TOUGH COMPS

LOOKING FORWARD

FULL-YEAR GUIDANCE CONFIRMED AND FURTHER SPECIFIED

Confident to achieve 24-26% sales growth and 12-13% adj. EBITDA margin for FY 2021 despite ongoing industry-wide supply challenges and on top of a record year 2020

INDUSTRY-WIDE SUPPLY CHALLENGES EXPECTED TO CONTINUE UNTIL END OF 2022

No near-term normalization expected and supply situation especially for bikes will remain tough

CONTINUE TO OUTGROW THE MARKET

We do not see a slowdown in demand from our customers in the near future and continue to gain market share

GENERAL UPDATE FINANCIAL UPDATE BUSINESS UPDATE Q&A